Bank Loans (Tables)

12 Months Ended

Dec. 31, 2024

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 December 31, 2024 and 2023 (in thousands, except percentages):


	December 31, 2024						December 31, 2023
	Balance			Percent			Balance			Percent
Residential real estate	$	8,565,193			41.0	%	$	8,047,647			41.4	%
Commercial and industrial		4,062,029			19.5			3,566,987			18.3
Fund banking		3,854,222			18.5			3,633,126			18.7
Securities-based loans		2,389,593			11.4			2,306,455			11.9
Construction and land		1,242,002			5.9			1,034,370			5.3
Commercial real estate		518,923			2.5			660,631			3.4
Home equity lines of credit		193,850			0.9			136,270			0.7
Other		53,933			0.3			55,981			0.3
Gross bank loans		20,879,745			100.0	%		19,441,467			100.0	%
Loans in process/(unapplied loan payments), net		(2,885	)					1,108
Unamortized loan fees, net		(5,756	)					(8,478	)
Allowance for loan losses		(139,308	)					(128,292	)
Loans held for investment, net	$	20,731,796					$	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 years ended December 31, 2024 and 2023 (in thousands).


	Year Ended December 31, 2024
	Beginning Balance		Provision			Charge- offs			Recoveries		Ending Balance
Commercial and industrial	$	67,077	$	35,369		$	(10,688	)	$	940	$	92,698
Commercial real estate		21,386		(13,329	)		(1,690	)		1,690		8,057
Residential real estate		13,855		(2,794	)		—			—		11,061
Construction and land		11,817		7,809			(6,760	)		—		12,866
Fund banking		10,173		619			—			—		10,792
Securities-based loans		3,035		(118	)		—			—		2,917
Home equity lines of credit		371		(54	)		—			—		317
Other		578		177			(159	)		4		600
	$	128,292	$	27,679		$	(19,297	)	$	2,634	$	139,308


	Year Ended December 31, 2023
	Beginning Balance		Provision			Charge- offs			Recoveries		Ending Balance
Commercial and industrial	$	54,143	$	21,881		$	(9,100	)	$	153	$	67,077
Commercial real estate		12,897		8,489			—			—		21,386
Residential real estate		20,441		(6,586	)		—			—		13,855
Construction and land		8,568		3,249			—			—		11,817
Fund banking		11,711		(1,538	)		—			—		10,173
Securities-based loans		3,157		(122	)		—			—		3,035
Home equity lines of credit		364		7			—			—		371
Other		372		206			—			—		578
	$	111,653	$	25,586		$	(9,100	)	$	153	$	128,292

Aging of the Recorded Investment in Past Due Loans

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


	December 31, 2024
	30-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current Balance		Total
Residential real estate	$	12,057	$	4,273	$	16,330	$	8,548,863	$	8,565,193
Commercial and industrial		59,396		27,190		86,586		3,975,443		4,062,029
Fund banking		—		—		—		3,854,222		3,854,222
Securities-based loans		—		—		—		2,389,593		2,389,593
Construction and land		—		—		—		1,242,002		1,242,002
Commercial real estate		—		—		—		518,923		518,923
Home equity lines of credit		640		315		955		192,895		193,850
Other		7		78		85		53,848		53,933
Total	$	72,100	$	31,856	$	103,956	$	20,775,789	$	20,879,745


	December 31, 2024 *
	Nonaccrual		Nonperforming loans with no allowance		Total
Commercial and industrial	$	76,254	$	13,504	$	89,758
Construction and land		—		41,412		41,412
Commercial real estate		—		25,441		25,441
Residential real estate		1,433		2,463		3,896
Home equity lines of credit		201		114		315
Securities-based loans		—		—		—
Other		78		—		78
Total	$	77,966	$	82,934	$	160,900

*There were no loans past due 90 days and still accruing interest at December 31, 2024.


	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


	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):


	December 31, 2024
	Pass		Special Mention		Substandard		Doubtful		Total
Residential real estate	$	8,557,320	$	3,600	$	4,273	$	—	$	8,565,193
Commercial and industrial		3,662,866		169,637		152,515		77,011		4,062,029
Fund banking		3,854,222		—		—		—		3,854,222
Securities-based loans		2,389,593		—		—		—		2,389,593
Construction and land		1,200,590		—		—		41,412		1,242,002
Commercial real estate		437,062		—		56,420		25,441		518,923
Home equity lines of credit		193,535		—		315		—		193,850
Other		53,855		—		—		78		53,933
Total	$	20,349,043	$	173,237	$	213,523	$	143,942	$	20,879,745


	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 – December 31, 2024
	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Total
Residential real estate:
Pass	$	1,224,441	$	1,045,311	$	2,460,371	$	2,151,013	$	841,193	$	834,991	$	—	$	8,557,320
Special Mention		—		—		571		1,259		—		1,770		—		3,600
Substandard		—		—		3,113		—		—		1,160		—		4,273
Doubtful		—		—		—		—		—		—		—		—
	$	1,224,441	$	1,045,311	$	2,464,055	$	2,152,272	$	841,193	$	837,921	$	—	$	8,565,193
Commercial and industrial:
Pass	$	829,461	$	517,003	$	757,778	$	604,932	$	60,698	$	100,820	$	792,174	$	3,662,866
Special Mention		31,293		3,926		28,187		27,610		12,988		—		65,633		169,637
Substandard		—		6,081		43,953		31,593		722		—		70,166		152,515
Doubtful		2,211		—		21,683		43,949		—		3,200		5,968		77,011
	$	862,965	$	527,010	$	851,601	$	708,084	$	74,408	$	104,020	$	933,941	$	4,062,029
Fund banking:
Pass	$	29,000	$	790	$	41,664	$	—	$	473	$	—	$	3,782,295	$	3,854,222
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
	$	29,000	$	790	$	41,664	$	—	$	473	$	—	$	3,782,295	$	3,854,222
Securities-based loans:
Pass	$	7,124	$	14,535	$	2,145	$	2,123	$	34,021	$	36,572	$	2,293,073	$	2,389,593
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
	$	7,124	$	14,535	$	2,145	$	2,123	$	34,021	$	36,572	$	2,293,073	$	2,389,593
Commercial real estate:
Pass	$	4,768	$	34,459	$	248,632	$	65,052	$	29,156	$	54,995	$	—	$	437,062
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		56,420		—		—		—		—		56,420
Doubtful		—		—		—		25,441		—		—		—		25,441
	$	4,768	$	34,459	$	305,052	$	90,493	$	29,156	$	54,995	$	—	$	518,923
Construction and land:
Pass	$	11,476	$	250,836	$	569,482	$	197,971	$	157,685	$	13,140	$	—	$	1,200,590
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		41,412		—		41,412
	$	11,476	$	250,836	$	569,482	$	197,971	$	157,685	$	54,552	$	—	$	1,242,002
Home equity lines of credit:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	193,535	$	193,535
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		315		315
Doubtful		—		—		—		—		—		—		—		—
	$	—	$	—	$	—	$	—	$	—	$	—	$	193,850	$	193,850
Other:
Pass	$	2,587	$	—	$	3,990	$	—	$	10,000	$	24,953	$	12,325	$	53,855
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		78		78
	$	2,587	$	—	$	3,990	$	—	$	10,000	$	24,953	$	12,403	$	53,933