Bank Loans (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| 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, 2026 and December 31, 2025 (in thousands, except percentages):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
December 31, 2025 |
|
|
|
Balance |
|
|
Percent |
|
|
Balance |
|
|
Percent |
|
Residential real estate |
|
$ |
9,821,336 |
|
|
|
38.0 |
% |
|
$ |
9,254,939 |
|
|
|
41.9 |
% |
Fund banking |
|
|
6,719,233 |
|
|
|
26.0 |
|
|
|
4,096,649 |
|
|
|
18.6 |
|
Commercial and industrial |
|
|
4,720,505 |
|
|
|
18.2 |
|
|
|
4,135,091 |
|
|
|
18.7 |
|
Securities-based loans |
|
|
2,992,963 |
|
|
|
11.6 |
|
|
|
2,672,431 |
|
|
|
12.1 |
|
Construction and land |
|
|
926,412 |
|
|
|
3.6 |
|
|
|
1,214,450 |
|
|
|
5.5 |
|
Commercial real estate |
|
|
372,212 |
|
|
|
1.4 |
|
|
|
423,474 |
|
|
|
1.9 |
|
Home equity lines of credit |
|
|
261,243 |
|
|
|
1.0 |
|
|
|
225,196 |
|
|
|
1.0 |
|
Other |
|
|
52,129 |
|
|
|
0.2 |
|
|
|
44,533 |
|
|
|
0.3 |
|
Gross bank loans |
|
|
25,866,033 |
|
|
|
100.0 |
% |
|
|
22,066,763 |
|
|
|
100.0 |
% |
Loans in process/(unapplied loan payments), net |
|
|
(14,417 |
) |
|
|
|
|
|
(10,779 |
) |
|
|
|
Unamortized loan fees, net |
|
|
(2,640 |
) |
|
|
|
|
|
1,518 |
|
|
|
|
Allowance for credit losses on loans |
|
|
(113,147 |
) |
|
|
|
|
|
(132,245 |
) |
|
|
|
Loans held for investment, net |
|
$ |
25,735,829 |
|
|
|
|
|
$ |
21,925,257 |
|
|
|
|
|
| Activity in the Allowance for Credit Losses on Loans by Portfolio Segment |
The following tables detail activity in the allowance for credit losses on loans by portfolio segment for the three and nine months ended September 30, 2026 (in thousands).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2026 |
|
|
|
Beginning
Balance |
|
|
Provision |
|
|
Charge-offs |
|
|
Recoveries |
|
|
Ending
Balance |
|
Commercial and industrial |
|
$ |
79,053 |
|
|
$ |
12,268 |
|
|
$ |
(14,980 |
) |
|
$ |
126 |
|
|
$ |
76,467 |
|
Residential real estate |
|
|
12,389 |
|
|
|
(2,095 |
) |
|
|
— |
|
|
|
— |
|
|
|
10,294 |
|
Construction and land |
|
|
10,687 |
|
|
|
(4,137 |
) |
|
|
— |
|
|
|
— |
|
|
|
6,550 |
|
Fund banking |
|
|
8,809 |
|
|
|
1,176 |
|
|
|
— |
|
|
|
— |
|
|
|
9,985 |
|
Commercial real estate |
|
|
4,919 |
|
|
|
855 |
|
|
|
— |
|
|
|
— |
|
|
|
5,774 |
|
Securities-based loans |
|
|
3,509 |
|
|
|
(370 |
) |
|
|
— |
|
|
|
— |
|
|
|
3,139 |
|
Home equity lines of credit |
|
|
740 |
|
|
|
(428 |
) |
|
|
— |
|
|
|
— |
|
|
|
312 |
|
Other |
|
|
579 |
|
|
|
46 |
|
|
|
— |
|
|
|
1 |
|
|
|
626 |
|
Total allowance for credit losses |
|
$ |
120,685 |
|
|
$ |
7,315 |
|
|
$ |
(14,980 |
) |
|
$ |
127 |
|
|
$ |
113,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2026 |
|
|
|
Beginning
Balance |
|
|
Provision |
|
|
Charge-offs |
|
|
Recoveries |
|
|
Ending
Balance |
|
Commercial and industrial |
|
$ |
92,612 |
|
|
$ |
36,363 |
|
|
$ |
(52,634 |
) |
|
$ |
126 |
|
|
$ |
76,467 |
|
Residential real estate |
|
|
11,264 |
|
|
|
(970 |
) |
|
|
— |
|
|
|
— |
|
|
|
10,294 |
|
Construction and land |
|
|
10,567 |
|
|
|
(10,777 |
) |
|
|
— |
|
|
|
6,760 |
|
|
|
6,550 |
|
Fund banking |
|
|
8,193 |
|
|
|
1,792 |
|
|
|
— |
|
|
|
— |
|
|
|
9,985 |
|
Commercial real estate |
|
|
5,650 |
|
|
|
124 |
|
|
|
— |
|
|
|
— |
|
|
|
5,774 |
|
Securities-based loans |
|
|
3,254 |
|
|
|
(115 |
) |
|
|
— |
|
|
|
— |
|
|
|
3,139 |
|
Home equity lines of credit |
|
|
134 |
|
|
|
178 |
|
|
|
— |
|
|
|
— |
|
|
|
312 |
|
Other |
|
|
571 |
|
|
|
52 |
|
|
|
— |
|
|
|
3 |
|
|
|
626 |
|
Total allowance for credit losses |
|
$ |
132,245 |
|
|
$ |
26,647 |
|
|
$ |
(52,634 |
) |
|
$ |
6,889 |
|
|
$ |
113,147 |
|
The following tables detail activity in the allowance for credit losses on loans by portfolio segment for the three and nine months ended September 30, 2025 (in thousands).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2025 |
|
|
|
Beginning
Balance |
|
|
Provision |
|
|
Charge-offs |
|
|
Recoveries |
|
|
Ending
Balance |
|
Commercial and industrial |
|
$ |
84,981 |
|
|
$ |
11,378 |
|
|
$ |
(10,529 |
) |
|
$ |
— |
|
|
$ |
85,830 |
|
Residential real estate |
|
|
13,767 |
|
|
|
(1,258 |
) |
|
|
— |
|
|
|
— |
|
|
|
12,509 |
|
Construction and land |
|
|
12,854 |
|
|
|
(629 |
) |
|
|
— |
|
|
|
— |
|
|
|
12,225 |
|
Fund banking |
|
|
10,948 |
|
|
|
(132 |
) |
|
|
— |
|
|
|
— |
|
|
|
10,816 |
|
Commercial real estate |
|
|
8,795 |
|
|
|
(192 |
) |
|
|
— |
|
|
|
— |
|
|
|
8,603 |
|
Securities-based loans |
|
|
3,128 |
|
|
|
52 |
|
|
|
— |
|
|
|
— |
|
|
|
3,180 |
|
Home equity lines of credit |
|
|
660 |
|
|
|
(417 |
) |
|
|
— |
|
|
|
— |
|
|
|
243 |
|
Other |
|
|
601 |
|
|
|
6 |
|
|
|
— |
|
|
|
9 |
|
|
|
616 |
|
Total allowance for credit losses |
|
$ |
135,734 |
|
|
$ |
8,808 |
|
|
$ |
(10,529 |
) |
|
$ |
9 |
|
|
$ |
134,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2025 |
|
|
|
Beginning
Balance |
|
|
Provision |
|
|
Charge-offs |
|
|
Recoveries |
|
|
Ending
Balance |
|
Commercial and industrial |
|
$ |
92,698 |
|
|
$ |
27,652 |
|
|
$ |
(34,520 |
) |
|
$ |
— |
|
|
$ |
85,830 |
|
Residential real estate |
|
|
11,061 |
|
|
|
1,448 |
|
|
|
— |
|
|
|
— |
|
|
|
12,509 |
|
Construction and land |
|
|
12,866 |
|
|
|
(641 |
) |
|
|
— |
|
|
|
— |
|
|
|
12,225 |
|
Fund banking |
|
|
10,792 |
|
|
|
24 |
|
|
|
— |
|
|
|
— |
|
|
|
10,816 |
|
Commercial real estate |
|
|
8,057 |
|
|
|
546 |
|
|
|
— |
|
|
|
— |
|
|
|
8,603 |
|
Securities-based loans |
|
|
2,917 |
|
|
|
263 |
|
|
|
— |
|
|
|
— |
|
|
|
3,180 |
|
Home equity lines of credit |
|
|
317 |
|
|
|
(74 |
) |
|
|
— |
|
|
|
— |
|
|
|
243 |
|
Other |
|
|
600 |
|
|
|
(2 |
) |
|
|
— |
|
|
|
18 |
|
|
|
616 |
|
Total allowance for credit losses |
|
$ |
139,308 |
|
|
$ |
29,216 |
|
|
$ |
(34,520 |
) |
|
$ |
18 |
|
|
$ |
134,022 |
|
|
| 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, 2026 and December 31, 2025 by portfolio segment (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2026 |
|
|
|
30 – 89 Days
Past Due |
|
|
90 or More
Days Past Due * |
|
|
Total Past
Due |
|
|
Current
Balance |
|
|
Total |
|
Residential real estate |
|
$ |
27,247 |
|
|
$ |
2,412 |
|
|
$ |
29,659 |
|
|
$ |
9,791,677 |
|
|
$ |
9,821,336 |
|
Fund banking |
|
|
8,016 |
|
|
|
— |
|
|
|
8,016 |
|
|
|
6,711,217 |
|
|
|
6,719,233 |
|
Commercial and industrial |
|
|
5,380 |
|
|
|
22,711 |
|
|
|
28,091 |
|
|
|
4,692,414 |
|
|
|
4,720,505 |
|
Securities-based loans |
|
|
882 |
|
|
|
— |
|
|
|
882 |
|
|
|
2,992,081 |
|
|
|
2,992,963 |
|
Construction and land |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
926,412 |
|
|
|
926,412 |
|
Commercial real estate |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
372,212 |
|
|
|
372,212 |
|
Home equity lines of credit |
|
|
323 |
|
|
|
162 |
|
|
|
485 |
|
|
|
260,758 |
|
|
|
261,243 |
|
Other |
|
|
13 |
|
|
|
98 |
|
|
|
111 |
|
|
|
52,018 |
|
|
|
52,129 |
|
Total gross bank loans |
|
$ |
41,861 |
|
|
$ |
25,383 |
|
|
$ |
67,244 |
|
|
$ |
25,798,789 |
|
|
$ |
25,866,033 |
|
* There were no loans past due 90 days and still accruing interest at September 30, 2026.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2026 |
|
|
|
Nonperforming loans with allowance |
|
|
Nonperforming loans with no allowance |
|
|
Total |
|
Commercial and industrial |
|
$ |
68,638 |
|
|
$ |
7,623 |
|
|
$ |
76,261 |
|
Construction and land |
|
|
— |
|
|
|
46,574 |
|
|
|
46,574 |
|
Residential real estate |
|
|
2,412 |
|
|
|
— |
|
|
|
2,412 |
|
Home equity lines of credit |
|
|
162 |
|
|
|
— |
|
|
|
162 |
|
Other |
|
|
36 |
|
|
|
62 |
|
|
|
98 |
|
Total nonperforming loans |
|
$ |
71,248 |
|
|
$ |
54,259 |
|
|
$ |
125,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
|
30 – 89 Days
Past Due |
|
|
90 or More
Days Past Due * |
|
|
Total
Past Due |
|
|
Current
Balance |
|
|
Total |
|
Residential real estate |
|
$ |
16,269 |
|
|
$ |
3,488 |
|
|
$ |
19,757 |
|
|
$ |
9,235,182 |
|
|
$ |
9,254,939 |
|
Commercial and industrial |
|
|
51,000 |
|
|
|
55,236 |
|
|
|
106,236 |
|
|
|
4,028,855 |
|
|
|
4,135,091 |
|
Fund banking |
|
|
1,774 |
|
|
|
— |
|
|
|
1,774 |
|
|
|
4,094,875 |
|
|
|
4,096,649 |
|
Securities-based loans |
|
|
514 |
|
|
|
— |
|
|
|
514 |
|
|
|
2,671,917 |
|
|
|
2,672,431 |
|
Construction and land |
|
|
— |
|
|
|
45,434 |
|
|
|
45,434 |
|
|
|
1,169,016 |
|
|
|
1,214,450 |
|
Commercial real estate |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
423,474 |
|
|
|
423,474 |
|
Home equity lines of credit |
|
|
499 |
|
|
|
515 |
|
|
|
1,014 |
|
|
|
224,182 |
|
|
|
225,196 |
|
Other |
|
|
38 |
|
|
|
3 |
|
|
|
41 |
|
|
|
44,492 |
|
|
|
44,533 |
|
Total gross bank loans |
|
$ |
70,094 |
|
|
$ |
104,676 |
|
|
$ |
174,770 |
|
|
$ |
21,891,993 |
|
|
$ |
22,066,763 |
|
* There were no loans past due 90 days and still accruing interest at December 31, 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
|
Nonperforming loans with allowance |
|
|
Nonperforming loans with no allowance |
|
|
Total |
|
Commercial and industrial |
|
$ |
80,429 |
|
|
$ |
2,307 |
|
|
$ |
82,736 |
|
Construction and land |
|
|
— |
|
|
|
38,417 |
|
|
|
38,417 |
|
Residential real estate |
|
|
1,033 |
|
|
|
2,455 |
|
|
|
3,488 |
|
Home equity lines of credit |
|
|
— |
|
|
|
515 |
|
|
|
515 |
|
Other |
|
|
3 |
|
|
|
— |
|
|
|
3 |
|
Total nonperforming loans |
|
$ |
81,465 |
|
|
$ |
43,694 |
|
|
$ |
125,159 |
|
|
| 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, 2026 |
|
|
|
Pass |
|
|
Special Mention |
|
|
Substandard |
|
|
Doubtful |
|
|
Total |
|
Residential real estate |
|
$ |
9,809,610 |
|
|
$ |
9,314 |
|
|
$ |
2,412 |
|
|
$ |
— |
|
|
$ |
9,821,336 |
|
Fund banking |
|
|
6,719,233 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,719,233 |
|
Commercial and industrial |
|
|
4,417,437 |
|
|
|
70,466 |
|
|
|
156,341 |
|
|
|
76,261 |
|
|
|
4,720,505 |
|
Securities-based loans |
|
|
2,992,963 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,992,963 |
|
Construction and land |
|
|
840,137 |
|
|
|
39,701 |
|
|
|
— |
|
|
|
46,574 |
|
|
|
926,412 |
|
Commercial real estate |
|
|
289,841 |
|
|
|
58,196 |
|
|
|
24,175 |
|
|
|
— |
|
|
|
372,212 |
|
Home equity lines of credit |
|
|
261,081 |
|
|
|
— |
|
|
|
162 |
|
|
|
— |
|
|
|
261,243 |
|
Other |
|
|
52,031 |
|
|
|
36 |
|
|
|
— |
|
|
|
62 |
|
|
|
52,129 |
|
Total gross bank loans |
|
$ |
25,382,333 |
|
|
$ |
177,713 |
|
|
$ |
183,090 |
|
|
$ |
122,897 |
|
|
$ |
25,866,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
|
Pass |
|
|
Special Mention |
|
|
Substandard |
|
|
Doubtful |
|
|
Total |
|
Residential real estate |
|
$ |
9,247,024 |
|
|
$ |
4,427 |
|
|
$ |
3,488 |
|
|
$ |
— |
|
|
$ |
9,254,939 |
|
Commercial and industrial |
|
|
3,851,296 |
|
|
|
120,212 |
|
|
|
80,848 |
|
|
|
82,735 |
|
|
|
4,135,091 |
|
Fund banking |
|
|
4,096,649 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,096,649 |
|
Securities-based loans |
|
|
2,672,431 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,672,431 |
|
Construction and land |
|
|
1,110,498 |
|
|
|
20,100 |
|
|
|
45,434 |
|
|
|
38,418 |
|
|
|
1,214,450 |
|
Commercial real estate |
|
|
348,069 |
|
|
|
— |
|
|
|
75,405 |
|
|
|
— |
|
|
|
423,474 |
|
Home equity lines of credit |
|
|
224,182 |
|
|
|
499 |
|
|
|
515 |
|
|
|
— |
|
|
|
225,196 |
|
Other |
|
|
44,530 |
|
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
44,533 |
|
Total gross bank loans |
|
$ |
21,594,679 |
|
|
$ |
145,241 |
|
|
$ |
205,690 |
|
|
$ |
121,153 |
|
|
$ |
22,066,763 |
|
|
| 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, 2026 2026 2025 2024 2023 2022 Prior Revolving Loans Amortized Cost Basis Total Residential real estate: Pass $ 1,628,072 $ 1,547,681 $ 789,216 $ 722,984 $ 2,121,072 $ 3,000,585 $ — $ 9,809,610 Special Mention — — 380 — 634 8,300 — 9,314 Substandard — — — — 1,500 912 — 2,412 Doubtful — — — — — — — — Total residential real estate $ 1,628,072 $ 1,547,681 $ 789,596 $ 722,984 $ 2,123,206 $ 3,009,797 $ — $ 9,821,336 Fund banking: Pass $ 835,523 $ 6,387 $ 15,542 $ — $ 1,051 $ 300 $ 5,860,430 $ 6,719,233 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total fund banking $ 835,523 $ 6,387 $ 15,542 $ — $ 1,051 $ 300 $ 5,860,430 $ 6,719,233 Commercial and industrial: Pass $ 972,854 $ 719,311 $ 574,269 $ 243,087 $ 423,109 $ 516,579 $ 968,228 $ 4,417,437 Special Mention 4,458 14,700 15,295 — — — 36,013 70,466 Substandard 33,113 8,106 37,034 — 29,862 13,339 34,887 156,341 Doubtful — 1,566 4,877 4,754 5,010 46,999 13,055 76,261 Total commercial and industrial $ 1,010,425 $ 743,683 $ 631,475 $ 247,841 $ 457,981 $ 576,917 $ 1,052,183 $ 4,720,505 Securities-based loans: Pass $ 75,513 $ 10,476 $ 4,798 $ 9,844 $ 625 $ 85,736 $ 2,805,971 $ 2,992,963 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total securities-based loans $ 75,513 $ 10,476 $ 4,798 $ 9,844 $ 625 $ 85,736 $ 2,805,971 $ 2,992,963 Construction and land: Pass $ 14,992 $ 170,217 $ 101,226 $ 184,930 $ 311,053 $ 57,719 $ — $ 840,137 Special Mention — — — — 39,701 — — 39,701 Substandard — — — — — — — — Doubtful — — — — — 46,574 — 46,574 Total construction and land $ 14,992 $ 170,217 $ 101,226 $ 184,930 $ 350,754 $ 104,293 $ — $ 926,412 Commercial real estate: Pass $ 9,500 $ 40,997 $ - $ — $ 145,253 $ 91,091 $ 3,000 $ 289,841 Special Mention — — 13,573 — 44,623 — — 58,196 Substandard — — — — 24,175 — — 24,175 Doubtful — — — — — — — — Total commercial real estate $ 9,500 $ 40,997 $ 13,573 $ — $ 214,051 $ 91,091 $ 3,000 $ 372,212 Home equity lines of credit: Pass $ — $ — $ — $ — $ — $ — $ 261,081 $ 261,081 Special Mention — — — — — — — — Substandard — — — — — — 162 162 Doubtful — — — — — — — — Total home equity lines of credit $ — $ — $ — $ — $ — $ — $ 261,243 $ 261,243 Other: Pass $ — $ — $ — $ — $ 16,555 $ 20,000 $ 15,476 $ 52,031 Special Mention — — — — — — 36 36 Substandard — — — — — — — — Doubtful — — — — — — 62 62 Total other $ — $ — $ — $ — $ 16,555 $ 20,000 $ 15,574 $ 52,129
|