XML 51 R44.htm IDEA: XBRL DOCUMENT v3.24.3
Bank Loans (Tables)
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Schedule of Balance and Associated Percentage of Each Major Loan Category in Bank Loan Portfolio

The following table presents the balance and associated percentage of each major loan category in our bank loan portfolio at September 30, 2024 and December 31, 2023 (in thousands, except percentages):

 

 

September 30, 2024

 

 

December 31, 2023

 

 

 

Balance

 

 

Percent

 

 

Balance

 

 

Percent

 

Residential real estate

 

$

8,406,932

 

 

 

41.3

%

 

$

8,047,647

 

 

 

41.4

%

Commercial and industrial

 

 

3,896,824

 

 

 

19.1

 

 

 

3,566,987

 

 

 

18.3

 

Fund banking

 

 

3,762,960

 

 

 

18.5

 

 

 

3,633,126

 

 

 

18.7

 

Securities-based loans

 

 

2,273,246

 

 

 

11.2

 

 

 

2,306,455

 

 

 

11.9

 

Construction and land

 

 

1,219,787

 

 

 

6.0

 

 

 

1,034,370

 

 

 

5.3

 

Commercial real estate

 

 

565,686

 

 

 

2.8

 

 

 

660,631

 

 

 

3.4

 

Home equity lines of credit

 

 

170,732

 

 

 

0.8

 

 

 

136,270

 

 

 

0.7

 

Other

 

 

53,414

 

 

 

0.3

 

 

 

55,981

 

 

 

0.3

 

Gross bank loans

 

 

20,349,581

 

 

 

100.0

%

 

 

19,441,467

 

 

 

100.0

%

Loans in process/(unapplied loan payments), net

 

 

(38,825

)

 

 

 

 

 

1,108

 

 

 

 

Unamortized loan fees, net

 

 

(5,720

)

 

 

 

 

 

(8,478

)

 

 

 

Allowance for loan losses

 

 

(137,350

)

 

 

 

 

 

(128,292

)

 

 

 

Loans held for investment, net

 

$

20,167,686

 

 

 

 

 

$

19,305,805

 

 

 

 

 
Activity in the Allowance for Loan Losses by Portfolio Segment

The following tables detail activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2024 (in thousands).

 

 

Three Months Ended September 30, 2024

 

 

 

Beginning
Balance

 

 

Provision

 

 

Charge-offs

 

 

Recoveries

 

 

Ending
Balance

 

Commercial and industrial

 

$

76,354

 

 

$

10,321

 

 

$

(6,813

)

 

$

—

 

 

$

79,862

 

Construction and land

 

 

16,379

 

 

 

3,396

 

 

 

—

 

 

 

—

 

 

 

19,775

 

Commercial real estate

 

 

15,312

 

 

 

(2,997

)

 

 

—

 

 

 

—

 

 

 

12,315

 

Fund banking

 

 

12,179

 

 

 

(1,642

)

 

 

—

 

 

 

—

 

 

 

10,537

 

Residential real estate

 

 

11,242

 

 

 

28

 

 

 

—

 

 

 

—

 

 

 

11,270

 

Securities-based loans

 

 

2,813

 

 

 

40

 

 

 

—

 

 

 

—

 

 

 

2,853

 

Home equity lines of credit

 

 

362

 

 

 

(143

)

 

 

—

 

 

 

—

 

 

 

219

 

Other

 

 

473

 

 

 

205

 

 

 

(159

)

 

 

—

 

 

 

519

 

 

 

$

135,114

 

 

$

9,208

 

 

$

(6,972

)

 

$

—

 

 

$

137,350

 

 

 

Nine Months Ended September 30, 2024

 

 

 

Beginning
Balance

 

 

Provision

 

 

Charge-offs

 

 

Recoveries

 

 

Ending
Balance

 

Commercial and industrial

 

$

67,077

 

 

$

22,476

 

 

$

(10,624

)

 

$

933

 

 

$

79,862

 

Construction and land

 

 

11,817

 

 

 

7,958

 

 

 

—

 

 

 

—

 

 

 

19,775

 

Commercial real estate

 

 

21,386

 

 

 

(7,381

)

 

 

(1,690

)

 

 

—

 

 

 

12,315

 

Fund banking

 

 

10,173

 

 

 

364

 

 

 

—

 

 

 

—

 

 

 

10,537

 

Residential real estate

 

 

13,855

 

 

 

(2,585

)

 

 

—

 

 

 

—

 

 

 

11,270

 

Securities-based loans

 

 

3,035

 

 

 

(182

)

 

 

—

 

 

 

—

 

 

 

2,853

 

Home equity lines of credit

 

 

371

 

 

 

(152

)

 

 

—

 

 

 

—

 

 

 

219

 

Other

 

 

578

 

 

 

100

 

 

 

(159

)

 

 

—

 

 

 

519

 

 

 

$

128,292

 

 

$

20,598

 

 

$

(12,473

)

 

$

933

 

 

$

137,350

 

The following tables detail activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2023 (in thousands).

 

 

Three Months Ended September 30, 2023

 

 

 

Beginning
Balance

 

 

Provision

 

 

Charge-offs

 

 

Recoveries

 

 

Ending
Balance

 

Commercial and industrial

 

$

66,377

 

 

$

8,584

 

 

$

(302

)

 

$

—

 

 

$

74,659

 

Commercial real estate

 

 

13,429

 

 

 

6,437

 

 

 

—

 

 

 

—

 

 

 

19,866

 

Residential real estate

 

 

14,413

 

 

 

194

 

 

 

—

 

 

 

—

 

 

 

14,607

 

Fund banking

 

 

12,178

 

 

 

(660

)

 

 

—

 

 

 

—

 

 

 

11,518

 

Construction and land

 

 

12,645

 

 

 

(1,145

)

 

 

—

 

 

 

—

 

 

 

11,500

 

Securities-based loans

 

 

3,086

 

 

 

(68

)

 

 

—

 

 

 

—

 

 

 

3,018

 

Home equity lines of credit

 

 

168

 

 

 

27

 

 

 

—

 

 

 

—

 

 

 

195

 

Other

 

 

385

 

 

 

49

 

 

 

—

 

 

 

—

 

 

 

434

 

 

 

$

122,681

 

 

$

13,418

 

 

$

(302

)

 

$

—

 

 

$

135,797

 

 

 

 

Nine Months Ended September 30, 2023

 

 

 

Beginning
Balance

 

 

Provision

 

 

Charge-offs

 

 

Recoveries

 

 

Ending
Balance

 

Commercial and industrial

 

$

54,143

 

 

$

21,283

 

 

$

(920

)

 

$

153

 

 

$

74,659

 

Commercial real estate

 

 

12,897

 

 

 

6,969

 

 

 

—

 

 

 

—

 

 

 

19,866

 

Residential real estate

 

 

20,441

 

 

 

(5,834

)

 

 

—

 

 

 

—

 

 

 

14,607

 

Fund banking

 

 

11,711

 

 

 

(193

)

 

 

—

 

 

 

—

 

 

 

11,518

 

Construction and land

 

 

8,568

 

 

 

2,932

 

 

 

—

 

 

 

—

 

 

 

11,500

 

Securities-based loans

 

 

3,157

 

 

 

(139

)

 

 

—

 

 

 

—

 

 

 

3,018

 

Home equity lines of credit

 

 

364

 

 

 

(169

)

 

 

—

 

 

 

—

 

 

 

195

 

Other

 

 

372

 

 

 

62

 

 

 

—

 

 

 

—

 

 

 

434

 

 

 

$

111,653

 

 

$

24,911

 

 

$

(920

)

 

$

153

 

 

$

135,797

 

 
Aging of the Recorded Investment in Past Due Loans

The following tables present the aging of the recorded investment in past due loans at September 30, 2024 and December 31, 2023 by portfolio segment (in thousands):

 

 

As of September 30, 2024

 

 

 

30 – 89 Days
Past Due

 

 

90 or More
Days Past Due

 

 

Total Past
Due

 

 

Current
Balance

 

 

Total

 

Residential real estate

 

$

12,597

 

 

$

3,226

 

 

$

15,823

 

 

$

8,391,109

 

 

$

8,406,932

 

Commercial and industrial

 

 

60,901

 

 

 

—

 

 

 

60,901

 

 

 

3,835,923

 

 

 

3,896,824

 

Fund banking

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,762,960

 

 

 

3,762,960

 

Securities-based loans

 

 

—

 

 

 

850

 

 

 

850

 

 

 

2,272,396

 

 

 

2,273,246

 

Construction and land

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,219,787

 

 

 

1,219,787

 

Commercial real estate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

565,686

 

 

 

565,686

 

Home equity lines of credit

 

 

305

 

 

 

568

 

 

 

873

 

 

 

169,859

 

 

 

170,732

 

Other

 

 

58

 

 

 

51

 

 

 

109

 

 

 

53,305

 

 

 

53,414

 

Total

 

$

73,861

 

 

$

4,695

 

 

$

78,556

 

 

$

20,271,025

 

 

$

20,349,581

 

 

 

 

As of September 30, 2024*

 

 

 

Nonaccrual

 

 

Nonperforming loans with no allowance

 

 

Total

 

Commercial and industrial

 

$

43,742

 

 

$

13,833

 

 

$

57,575

 

Construction and land

 

 

48,349

 

 

 

—

 

 

 

48,349

 

Commercial real estate

 

 

34,813

 

 

 

—

 

 

 

34,813

 

Residential real estate

 

 

1,251

 

 

 

1,705

 

 

 

2,956

 

Home equity lines of credit

 

 

378

 

 

 

—

 

 

 

378

 

Other

 

 

51

 

 

 

—

 

 

 

51

 

Total

 

$

128,584

 

 

$

15,538

 

 

$

144,122

 

* There were no loans past due 90 days and still accruing interest at September 30, 2024.

 

 

As of December 31, 2023

 

 

 

30 – 89 Days
Past Due

 

 

90 or More
Days Past Due

 

 

Total
Past Due

 

 

Current
Balance

 

 

Total

 

Residential real estate

 

$

15,312

 

 

$

3,945

 

 

$

19,257

 

 

$

8,028,390

 

 

$

8,047,647

 

Fund banking

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,633,126

 

 

 

3,633,126

 

Commercial and industrial

 

 

—

 

 

 

2,022

 

 

 

2,022

 

 

 

3,564,965

 

 

 

3,566,987

 

Securities-based loans

 

 

—

 

 

 

3

 

 

 

3

 

 

 

2,306,452

 

 

 

2,306,455

 

Construction and land

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,034,370

 

 

 

1,034,370

 

Commercial real estate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

660,631

 

 

 

660,631

 

Home equity lines of credit

 

 

570

 

 

 

87

 

 

 

657

 

 

 

135,613

 

 

 

136,270

 

Other

 

 

45

 

 

 

59

 

 

 

104

 

 

 

55,877

 

 

 

55,981

 

Total

 

$

15,927

 

 

$

6,116

 

 

$

22,043

 

 

$

19,419,424

 

 

$

19,441,467

 

 

 

 

As of December 31, 2023*

 

 

 

Nonaccrual

 

 

Nonperforming loans with no allowance

 

 

Total

 

Commercial real estate

 

$

39,195

 

 

$

—

 

 

$

39,195

 

Residential real estate

 

 

3,090

 

 

 

1,000

 

 

 

4,090

 

Commercial and industrial

 

 

—

 

 

 

2,022

 

 

 

2,022

 

Securities-based loans

 

 

—

 

 

 

3

 

 

 

3

 

Home equity lines of credit

 

 

22

 

 

 

65

 

 

 

87

 

Other

 

 

59

 

 

 

—

 

 

 

59

 

Total

 

$

42,366

 

 

$

3,090

 

 

$

45,456

 

* There were no loans past due 90 days and still accruing interest at December 31, 2023.
Risk Category of Loan Portfolio

Based on the most recent analysis performed, the risk category of our loan portfolio was as follows (in thousands):

 

 

As of September 30, 2024

 

 

 

Pass

 

 

Special Mention

 

 

Substandard

 

 

Doubtful

 

 

Total

 

Residential real estate

 

$

8,401,700

 

 

$

2,006

 

 

$

3,226

 

 

$

—

 

 

$

8,406,932

 

Commercial and industrial

 

 

3,526,625

 

 

 

140,345

 

 

 

185,342

 

 

 

44,512

 

 

 

3,896,824

 

Fund banking

 

 

3,762,960

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,762,960

 

Securities-based loans

 

 

2,273,246

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,273,246

 

Construction and land

 

 

1,171,438

 

 

 

—

 

 

 

—

 

 

 

48,349

 

 

 

1,219,787

 

Commercial real estate

 

 

462,443

 

 

 

11,980

 

 

 

56,450

 

 

 

34,813

 

 

 

565,686

 

Home equity lines of credit

 

 

170,070

 

 

 

94

 

 

 

568

 

 

 

—

 

 

 

170,732

 

Other

 

 

53,338

 

 

 

76

 

 

 

—

 

 

 

—

 

 

 

53,414

 

Total

 

$

19,821,820

 

 

$

154,501

 

 

$

245,586

 

 

$

127,674

 

 

$

20,349,581

 

 

 

 

As of December 31, 2023

 

 

 

Pass

 

 

Special Mention

 

 

Substandard

 

 

Doubtful

 

 

Total

 

Residential real estate

 

$

8,042,246

 

 

$

1,456

 

 

$

3,945

 

 

$

—

 

 

$

8,047,647

 

Fund banking

 

 

3,633,126

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,633,126

 

Commercial and industrial

 

 

3,294,891

 

 

 

89,302

 

 

 

180,772

 

 

 

2,022

 

 

 

3,566,987

 

Securities-based loans

 

 

2,306,452

 

 

 

—

 

 

 

—

 

 

 

3

 

 

 

2,306,455

 

Construction and land

 

 

963,083

 

 

 

71,287

 

 

 

—

 

 

 

—

 

 

 

1,034,370

 

Commercial real estate

 

 

512,171

 

 

 

49,264

 

 

 

99,196

 

 

 

—

 

 

 

660,631

 

Home equity lines of credit

 

 

135,806

 

 

 

377

 

 

 

87

 

 

 

—

 

 

 

136,270

 

Other

 

 

55,922

 

 

 

—

 

 

 

—

 

 

 

59

 

 

 

55,981

 

Total

 

$

18,943,697

 

 

$

211,686

 

 

$

284,000

 

 

$

2,084

 

 

$

19,441,467

 
Schedule of Term Loans Amortized Cost Basis by Origination Year and Revolving Cost Amortized Cost Basis

 

 

Term Loans Amortized Cost Basis by Origination Year – September 30, 2024

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Revolving Loans Amortized Cost Basis

 

 

Total

 

Residential real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

872,201

 

 

$

1,105,958

 

 

$

2,505,122

 

 

$

2,192,501

 

 

$

859,573

 

 

$

866,345

 

 

$

—

 

 

$

8,401,700

 

Special Mention

 

 

—

 

 

 

—

 

 

 

574

 

 

 

1,432

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,006

 

Substandard

 

 

—

 

 

 

—

 

 

 

2,355

 

 

 

88

 

 

 

—

 

 

 

783

 

 

 

—

 

 

 

3,226

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

$

872,201

 

 

$

1,105,958

 

 

$

2,508,051

 

 

$

2,194,021

 

 

$

859,573

 

 

$

867,128

 

 

$

—

 

 

$

8,406,932

 

Commercial and industrial:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

646,852

 

 

$

585,845

 

 

$

799,469

 

 

$

652,190

 

 

$

65,669

 

 

$

123,823

 

 

$

652,777

 

 

$

3,526,625

 

Special Mention

 

 

1,421

 

 

 

10,148

 

 

 

29,331

 

 

 

27,867

 

 

 

14,258

 

 

 

—

 

 

 

57,320

 

 

 

140,345

 

Substandard

 

 

—

 

 

 

—

 

 

 

55,406

 

 

 

49,249

 

 

 

—

 

 

 

—

 

 

 

80,687

 

 

 

185,342

 

Doubtful

 

 

—

 

 

 

—

 

 

 

5,132

 

 

 

27,190

 

 

 

—

 

 

 

3,254

 

 

 

8,936

 

 

 

44,512

 

 

 

$

648,273

 

 

$

595,993

 

 

$

889,338

 

 

$

756,496

 

 

$

79,927

 

 

$

127,077

 

 

$

799,720

 

 

$

3,896,824

 

Fund banking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

1,200

 

 

$

790

 

 

$

41,544

 

 

$

—

 

 

$

334

 

 

$

—

 

 

$

3,719,092

 

 

$

3,762,960

 

Special Mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

$

1,200

 

 

$

790

 

 

$

41,544

 

 

$

—

 

 

$

334

 

 

$

—

 

 

$

3,719,092

 

 

$

3,762,960

 

Securities-based loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

8,115

 

 

$

14,491

 

 

$

2,147

 

 

$

2,123

 

 

$

51,807

 

 

$

36,572

 

 

$

2,157,991

 

 

$

2,273,246

 

Special Mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

$

8,115

 

 

$

14,491

 

 

$

2,147

 

 

$

2,123

 

 

$

51,807

 

 

$

36,572

 

 

$

2,157,991

 

 

$

2,273,246

 

Construction and land:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

4,224

 

 

$

208,373

 

 

$

596,763

 

 

$

197,077

 

 

$

151,861

 

 

$

13,140

 

 

$

—

 

 

$

1,171,438

 

Special Mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

48,349

 

 

 

—

 

 

 

48,349

 

 

 

$

4,224

 

 

$

208,373

 

 

$

596,763

 

 

$

197,077

 

 

$

151,861

 

 

$

61,489

 

 

$

—

 

 

$

1,219,787

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

—

 

 

$

33,736

 

 

$

260,279

 

 

$

64,881

 

 

$

29,991

 

 

$

73,556

 

 

$

—

 

 

$

462,443

 

Special Mention

 

 

—

 

 

 

—

 

 

 

11,980

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11,980

 

Substandard

 

 

—

 

 

 

—

 

 

 

56,450

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

56,450

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

34,813

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

34,813

 

 

 

$

—

 

 

$

33,736

 

 

$

328,709

 

 

$

99,694

 

 

$

29,991

 

 

$

73,556

 

 

$

—

 

 

$

565,686

 

Home equity lines of credit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

170,070

 

 

$

170,070

 

Special Mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

94

 

 

 

94

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

568

 

 

 

568

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

170,732

 

 

$

170,732

 

Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

3,492

 

 

$

—

 

 

$

3,991

 

 

$

—

 

 

$

10,000

 

 

$

24,954

 

 

$

10,901

 

 

$

53,338

 

Special Mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

76

 

 

 

76

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

$

3,492

 

 

$

—

 

 

$

3,991

 

 

$

—

 

 

$

10,000

 

 

$

24,954

 

 

$

10,977

 

 

$

53,414