|
|
|
|
|
|
|
|
|
Delaware
|
|
000-15637
|
|
91-1962278
|
(State or other jurisdiction
of incorporation)
|
|
(Commission
File Number)
|
|
(I.R.S. Employer
Identification No.)
|
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.142-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of Each Class
|
|
Trading Symbol
|
|
Name of Exchange on Which Registered
|
Common Stock, par value $0.001 per share
|
|
SIVB
|
|
NASDAQ Global Select Market
|
Item 2.02.
|
Results of Operations and Financial Condition.
|
Item 8.01.
|
Other Events.
|
Item 9.01.
|
Financial Statements and Exhibits.
|
Date: October 24, 2019
|
|
|
|
SVB FINANCIAL GROUP
|
||
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|
|||
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|
By:
|
|
/s/ KAREN HON
|
|
|
|
|
Name:
|
|
Karen Hon
|
|
|
|
|
Title:
|
|
Interim Chief Accounting Officer and Principal Accounting Officer
|
3003 Tasman Drive, Santa Clara, CA 95054
|
|
|
|
|
|
|
|
Contact:
|
www.svb.com
|
|
|
|
|
|
|
|
Meghan O'Leary
|
|
|
|
|
|
|
|
|
Investor Relations
|
For release at 1:00 P.M. (Pacific Time)
|
|
|
|
|
|
(408) 654-6364
|
||
October 24, 2019
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
NASDAQ: SIVB
|
|
|
|
|
|
|
|
|
•
|
Average loan balances of $29.8 billion, an increase of $0.4 billion (or 1.4 percent).
|
•
|
Period-end loan balances of $31.1 billion, an increase of $1.9 billion (or 6.3 percent).
|
•
|
Average fixed income investment securities of $25.1 billion, an increase of $2.0 billion (or 8.7 percent).
|
•
|
Period-end fixed income investment securities of $27.3 billion, an increase of $4.5 billion (or 19.6 percent).
|
•
|
Average total client funds (on-balance sheet deposits and off-balance sheet client investment funds) increased $7.4 billion (or 5.2 percent) to $150.1 billion.
|
•
|
Period-end total client funds increased $8.9 billion (or 6.1 percent) to $156.0 billion.
|
•
|
Net interest income (fully taxable equivalent basis) of $523.6 million, a decrease of $8.7 million (or 1.6 percent).
|
•
|
Provision for credit losses of $36.5 million, compared to $23.9 million.
|
•
|
Net loan charge-offs of $32.9 million, or 44 basis points of average total gross loans (annualized), compared to $16.6 million, or 23 basis points.
|
•
|
Net gains on investment securities of $29.8 million, compared to $47.7 million. Non-GAAP net gains on investment securities, net of noncontrolling interests, were $15.2 million, compared to $29.1 million. (See non-GAAP reconciliation under the section “Use of Non-GAAP Financial Measures.”)
|
•
|
Net gains on equity warrant assets of $37.6 million, compared to $48.3 million.
|
•
|
Noninterest income of $294.0 million, a decrease of $39.7 million (or 11.9 percent). Non-GAAP core fee income increased $4.8 million (or 3.1 percent) to $162.2 million. (See non-GAAP reconciliation under the section “Use of Non-GAAP Financial Measures.”)
|
•
|
Noninterest expense of $391.3 million, an increase of $7.8 million (or 2.0 percent).
|
•
|
Effective tax rate of 28.2 percent compared to 27.3 percent.
|
•
|
GAAP operating efficiency ratio of 48.04 percent, an increase of 361 basis points. Non-GAAP core operating efficiency ratio of 48.05 percent, an increase of 256 basis points. (See non-GAAP reconciliation under the section “Use of Non-GAAP Financial Measures.”)
|
(Dollars in millions, except share data, employees and ratios)
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||||||||||||||
September 30,
2019 |
|
June 30,
2019 |
|
March 31,
2019 |
|
December 31,
2018 |
|
September 30,
2018 |
|
September 30,
2019 |
|
September 30,
2018 |
||||||||||||||||
Income statement:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted earnings per common share
|
|
$
|
5.15
|
|
|
$
|
6.08
|
|
|
$
|
5.44
|
|
|
$
|
4.96
|
|
|
$
|
5.10
|
|
|
$
|
16.67
|
|
|
$
|
13.15
|
|
Net income available to common stockholders
|
|
267.3
|
|
|
318.0
|
|
|
288.7
|
|
|
266.3
|
|
|
274.8
|
|
|
874.0
|
|
|
707.6
|
|
|||||||
Net interest income
|
|
520.6
|
|
|
529.4
|
|
|
512.9
|
|
|
514.5
|
|
|
493.2
|
|
|
1,562.9
|
|
|
1,379.5
|
|
|||||||
Provision for credit losses
|
|
36.5
|
|
|
23.9
|
|
|
28.6
|
|
|
13.6
|
|
|
17.2
|
|
|
89.0
|
|
|
74.2
|
|
|||||||
Noninterest income
|
|
294.0
|
|
|
333.8
|
|
|
280.4
|
|
|
186.7
|
|
|
210.1
|
|
|
908.1
|
|
|
558.3
|
|
|||||||
Noninterest expense
|
|
391.3
|
|
|
383.5
|
|
|
365.7
|
|
|
307.6
|
|
|
309.4
|
|
|
1,140.5
|
|
|
880.6
|
|
|||||||
Non-GAAP core fee income (1)
|
|
162.2
|
|
|
157.3
|
|
|
154.2
|
|
|
146.0
|
|
|
131.7
|
|
|
473.8
|
|
|
369.8
|
|
|||||||
Non-GAAP core fee income, including investment banking revenue and commissions (1)
|
|
213.0
|
|
|
220.5
|
|
|
218.1
|
|
|
146.0
|
|
|
131.7
|
|
|
651.6
|
|
|
369.8
|
|
|||||||
Non-GAAP noninterest income, net of noncontrolling interests (1)
|
|
279.4
|
|
|
315.0
|
|
|
277.1
|
|
|
177.9
|
|
|
203.4
|
|
|
871.6
|
|
|
529.1
|
|
|||||||
Non-GAAP noninterest expense, net of noncontrolling interests (1)
|
|
391.2
|
|
|
383.4
|
|
|
365.3
|
|
|
307.4
|
|
|
309.3
|
|
|
1,139.8
|
|
|
880.3
|
|
|||||||
Fully taxable equivalent:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net interest income (1) (2)
|
|
$
|
523.6
|
|
|
$
|
532.3
|
|
|
$
|
515.8
|
|
|
$
|
517.4
|
|
|
$
|
496.1
|
|
|
$
|
1,571.7
|
|
|
$
|
1,385.8
|
|
Net interest margin
|
|
3.34
|
%
|
|
3.68
|
%
|
|
3.81
|
%
|
|
3.69
|
%
|
|
3.62
|
%
|
|
3.60
|
%
|
|
3.53
|
%
|
|||||||
Balance sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average total assets
|
|
$
|
65,327.7
|
|
|
$
|
60,700.5
|
|
|
$
|
57,528.4
|
|
|
$
|
57,592.3
|
|
|
$
|
56,465.0
|
|
|
$
|
61,214.1
|
|
|
$
|
54,432.7
|
|
Average loans, net of unearned income
|
|
29,822.4
|
|
|
29,406.6
|
|
|
28,388.1
|
|
|
27,477.0
|
|
|
26,331.4
|
|
|
29,211.0
|
|
|
25,008.3
|
|
|||||||
Average available-for-sale securities
|
|
10,600.4
|
|
|
8,205.3
|
|
|
6,870.2
|
|
|
8,793.7
|
|
|
9,589.9
|
|
|
8,572.3
|
|
|
10,124.7
|
|
|||||||
Average held-to-maturity securities
|
|
14,534.5
|
|
|
14,922.6
|
|
|
15,224.0
|
|
|
15,691.1
|
|
|
15,916.7
|
|
|
14,891.2
|
|
|
14,764.2
|
|
|||||||
Average noninterest-bearing demand deposits
|
|
39,146.2
|
|
|
38,117.9
|
|
|
38,222.7
|
|
|
40,106.9
|
|
|
40,625.8
|
|
|
38,499.0
|
|
|
39,473.5
|
|
|||||||
Average interest-bearing deposits
|
|
18,088.8
|
|
|
14,844.3
|
|
|
11,491.5
|
|
|
8,980.3
|
|
|
8,466.5
|
|
|
14,832.4
|
|
|
8,260.9
|
|
|||||||
Average total deposits
|
|
57,235.0
|
|
|
52,962.2
|
|
|
49,714.2
|
|
|
49,087.2
|
|
|
49,092.2
|
|
|
53,331.3
|
|
|
47,734.4
|
|
|||||||
Average short-term borrowings
|
|
22.0
|
|
|
189.0
|
|
|
353.4
|
|
|
1,580.0
|
|
|
745.2
|
|
|
186.9
|
|
|
328.4
|
|
|||||||
Average long-term debt
|
|
697.1
|
|
|
696.8
|
|
|
696.6
|
|
|
696.3
|
|
|
696.1
|
|
|
696.8
|
|
|
695.8
|
|
|||||||
Period-end total assets
|
|
68,231.2
|
|
|
63,773.7
|
|
|
60,160.3
|
|
|
56,928.0
|
|
|
58,139.7
|
|
|
68,231.2
|
|
|
58,139.7
|
|
|||||||
Period-end loans, net of unearned income
|
|
31,064.0
|
|
|
29,209.6
|
|
|
28,850.4
|
|
|
28,338.3
|
|
|
27,494.9
|
|
|
31,064.0
|
|
|
27,494.9
|
|
|||||||
Period-end available-for-sale securities
|
|
12,866.9
|
|
|
7,940.3
|
|
|
6,755.1
|
|
|
7,790.0
|
|
|
9,087.6
|
|
|
12,866.9
|
|
|
9,087.6
|
|
|||||||
Period-end held-to-maturity securities
|
|
14,407.1
|
|
|
14,868.8
|
|
|
15,055.3
|
|
|
15,487.4
|
|
|
15,899.7
|
|
|
14,407.1
|
|
|
15,899.7
|
|
|||||||
Period-end non-marketable and other equity securities
|
|
1,150.1
|
|
|
1,079.7
|
|
|
975.0
|
|
|
941.1
|
|
|
896.2
|
|
|
1,150.1
|
|
|
896.2
|
|
|||||||
Period-end noninterest-bearing demand deposits
|
|
40,480.6
|
|
|
39,331.5
|
|
|
39,278.7
|
|
|
39,103.4
|
|
|
40,473.8
|
|
|
40,480.6
|
|
|
40,473.8
|
|
|||||||
Period-end interest-bearing deposits
|
|
19,062.3
|
|
|
16,279.1
|
|
|
13,048.5
|
|
|
10,225.5
|
|
|
8,122.3
|
|
|
19,062.3
|
|
|
8,122.3
|
|
|||||||
Period-end total deposits
|
|
59,542.9
|
|
|
55,610.5
|
|
|
52,327.2
|
|
|
49,328.9
|
|
|
48,596.1
|
|
|
59,542.9
|
|
|
48,596.1
|
|
|||||||
Period-end short-term borrowings
|
|
18.9
|
|
|
24.3
|
|
|
14.5
|
|
|
631.4
|
|
|
2,631.3
|
|
|
18.9
|
|
|
2,631.3
|
|
|||||||
Period-end long-term debt
|
|
697.2
|
|
|
697.0
|
|
|
696.7
|
|
|
696.5
|
|
|
696.2
|
|
|
697.2
|
|
|
696.2
|
|
|||||||
Off-balance sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average client investment funds
|
|
$
|
92,824.9
|
|
|
$
|
89,651.8
|
|
|
$
|
87,414.3
|
|
|
$
|
85,038.8
|
|
|
$
|
79,560.8
|
|
|
$
|
89,963.6
|
|
|
$
|
71,750.0
|
|
Period-end client investment funds
|
|
96,472.3
|
|
|
91,495.4
|
|
|
88,181.7
|
|
|
85,983.8
|
|
|
82,085.0
|
|
|
96,472.3
|
|
|
82,085.0
|
|
|||||||
Total unfunded credit commitments
|
|
22,274.4
|
|
|
20,952.1
|
|
|
20,267.5
|
|
|
18,913.0
|
|
|
18,539.5
|
|
|
22,274.4
|
|
|
18,539.5
|
|
|||||||
Earnings ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Return on average assets (annualized) (3)
|
|
1.62
|
%
|
|
2.10
|
%
|
|
2.04
|
%
|
|
1.83
|
%
|
|
1.93
|
%
|
|
1.91
|
%
|
|
1.74
|
%
|
|||||||
Return on average SVBFG stockholders’ equity (annualized) (4)
|
|
18.27
|
|
|
23.29
|
|
|
22.16
|
|
|
20.61
|
|
|
22.46
|
|
|
21.16
|
|
|
20.56
|
|
|||||||
Asset quality ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Allowance for loan losses as a % of total gross loans
|
|
0.97
|
%
|
|
1.03
|
%
|
|
1.03
|
%
|
|
0.99
|
%
|
|
1.03
|
%
|
|
0.97
|
%
|
|
1.03
|
%
|
|||||||
Allowance for loan losses for performing loans as a % of total gross performing loans
|
|
0.81
|
|
|
0.85
|
|
|
0.83
|
|
|
0.86
|
|
|
0.86
|
|
|
0.81
|
|
|
0.86
|
|
Gross loan charge-offs as a % of average total gross loans (annualized)
|
|
0.49
|
|
|
0.36
|
|
|
0.13
|
|
|
0.28
|
|
|
0.33
|
|
|
0.33
|
|
|
0.26
|
|
|||||||
Net loan charge-offs as a % of average total gross loans (annualized)
|
|
0.44
|
|
|
0.23
|
|
|
0.11
|
|
|
0.20
|
|
|
0.30
|
|
|
0.26
|
|
|
0.22
|
|
|||||||
Other ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
GAAP operating efficiency ratio (5)
|
|
48.04
|
%
|
|
44.43
|
%
|
|
46.10
|
%
|
|
43.87
|
%
|
|
44.00
|
%
|
|
46.15
|
%
|
|
45.44
|
%
|
|||||||
Non-GAAP core operating efficiency ratio (1)
|
|
48.05
|
|
|
45.49
|
|
|
44.71
|
|
|
45.42
|
|
|
48.35
|
|
|
46.09
|
|
|
49.06
|
|
|||||||
Total cost of deposits (annualized) (6)
|
|
0.38
|
|
|
0.36
|
|
|
0.23
|
|
|
0.09
|
|
|
0.06
|
|
|
0.33
|
|
|
0.05
|
|
|||||||
SVBFG CET 1 risk-based capital ratio
|
|
12.71
|
|
|
12.92
|
|
|
12.89
|
|
|
13.41
|
|
|
13.28
|
|
|
12.71
|
|
|
13.28
|
|
|||||||
Bank CET 1 risk-based capital ratio
|
|
11.48
|
|
|
12.50
|
|
|
12.35
|
|
|
12.41
|
|
|
11.98
|
|
|
11.48
|
|
|
11.98
|
|
|||||||
SVBFG total risk-based capital ratio
|
|
13.70
|
|
|
13.97
|
|
|
13.94
|
|
|
14.45
|
|
|
14.34
|
|
|
13.70
|
|
|
14.34
|
|
|||||||
Bank total risk-based capital ratio
|
|
12.36
|
|
|
13.44
|
|
|
13.29
|
|
|
13.32
|
|
|
12.91
|
|
|
12.36
|
|
|
12.91
|
|
|||||||
SVBFG tier 1 leverage ratio
|
|
8.64
|
|
|
8.82
|
|
|
9.10
|
|
|
9.06
|
|
|
8.99
|
|
|
8.64
|
|
|
8.99
|
|
|||||||
Bank tier 1 leverage ratio
|
|
7.48
|
|
|
8.17
|
|
|
8.38
|
|
|
8.10
|
|
|
7.82
|
|
|
7.48
|
|
|
7.82
|
|
|||||||
Period-end loans, net of unearned income, to deposits ratio
|
|
52.17
|
|
|
52.53
|
|
|
55.13
|
|
|
57.45
|
|
|
56.58
|
|
|
52.17
|
|
|
56.58
|
|
|||||||
Average loans, net of unearned income, to average deposits ratio
|
|
52.11
|
|
|
55.52
|
|
|
57.10
|
|
|
55.98
|
|
|
53.64
|
|
|
54.77
|
|
|
52.39
|
|
|||||||
Book value per common share (7)
|
|
$
|
114.26
|
|
|
$
|
107.72
|
|
|
$
|
102.11
|
|
|
$
|
97.29
|
|
|
$
|
92.48
|
|
|
$
|
114.26
|
|
|
$
|
92.48
|
|
Other statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average full-time equivalent ("FTE") employees
|
|
3,413
|
|
|
3,287
|
|
|
3,228
|
|
|
2,873
|
|
|
2,778
|
|
|
3,309
|
|
|
2,623
|
|
|||||||
Period-end full-time equivalent ("FTE") employees
|
|
3,460
|
|
|
3,314
|
|
|
3,250
|
|
|
2,900
|
|
|
2,836
|
|
|
3,460
|
|
|
2,836
|
|
|
(1)
|
To supplement our unaudited condensed consolidated financial statements presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use certain non-GAAP measures. A reconciliation of these non-GAAP measures to the most closely related GAAP measures is provided at the end of this release under the section “Use of Non-GAAP Financial Measures.”
|
(2)
|
Interest income on non-taxable investments is presented on a fully taxable equivalent basis using the federal statutory income tax rate of 21.0 percent. The taxable equivalent adjustments were $3.0 million for the quarter ended September 30, 2019, $2.9 million for the quarter ended June 30, 2019, $2.9 million for the quarter ended March 31, 2019, $3.0 million for the quarter ended December 31, 2018 and $2.9 million for the quarter ended September 30, 2018. The taxable equivalent adjustments were $8.8 million and $6.2 million for the nine months ended September 30, 2019 and September 30, 2018, respectively.
|
(3)
|
Ratio represents annualized consolidated net income available to common stockholders divided by average assets.
|
(4)
|
Ratio represents annualized consolidated net income available to common stockholders divided by average SVB Financial Group ("SVBFG") stockholders’ equity.
|
(5)
|
Ratio is calculated by dividing noninterest expense by total net interest income plus noninterest income.
|
(6)
|
Ratio represents annualized total cost of deposits and is calculated by dividing interest expense from deposits by average total deposits.
|
(7)
|
Book value per common share is calculated by dividing total SVBFG stockholders’ equity by total outstanding common shares.
|
•
|
A decrease in interest income from loans of $19.8 million to $394.2 million for the third quarter of 2019. The decrease was reflective primarily of $21.7 million in lower interest income earned on gross loans and $4.7 million related to lower loan fees, partially offset by a $4.9 million increase related to $0.4 billion in average loan growth. Overall loan yields decreased 41 basis points to 5.24 percent, driven primarily by an 18 basis point decrease in our gross loan yields reflective primarily of the two 25 basis point decreases in the Federal Funds rate during the third quarter of 2019 as well as by lower LIBOR rates, an 11 basis point decrease due to the continued shift in the mix of our total loan portfolio into our lower yielding private equity/venture capital loans, a six basis point decrease due to a decrease in the level of loan prepayments and a six basis point decrease from the continued compression on our loan yields due to pricing competition,
|
•
|
An $8.0 million increase in interest paid on our interest-bearing deposits due to a $3.2 billion increase in average interest-bearing deposits partially offset by decreases in market rates through the third quarter of 2019, partially offset by
|
•
|
An increase in interest income from our fixed income investment securities of $15.5 million to $163.7 million for the third quarter of 2019. The increase was reflective primarily of higher average fixed income securities of $2.0 billion during the third quarter of 2019 due to deposit growth, and
|
•
|
An increase of $2.5 million in interest income from short-term investment securities reflective primarily of a $1.8 billion increase in average interest-earning cash balances, partially offset by decreases in Federal Funds interest rates.
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||||||
(Dollars in thousands, except ratios)
|
|
September 30,
2019 |
|
June 30,
2019 |
|
September 30,
2018 |
|
September 30,
2019 |
|
September 30,
2018 |
||||||||||
Allowance for loan losses, beginning balance
|
|
$
|
301,888
|
|
|
$
|
300,151
|
|
|
$
|
286,709
|
|
|
$
|
280,903
|
|
|
$
|
255,024
|
|
Provision for loan losses
|
|
35,985
|
|
|
19,148
|
|
|
19,436
|
|
|
80,954
|
|
|
74,088
|
|
|||||
Gross loan charge-offs
|
|
(36,820
|
)
|
|
(26,435
|
)
|
|
(22,205
|
)
|
|
(72,255
|
)
|
|
(48,220
|
)
|
|||||
Loan recoveries
|
|
3,888
|
|
|
9,820
|
|
|
2,164
|
|
|
15,133
|
|
|
5,878
|
|
|||||
Foreign currency translation adjustments
|
|
(531
|
)
|
|
(796
|
)
|
|
(391
|
)
|
|
(325
|
)
|
|
(1,057
|
)
|
|||||
Allowance for loan losses, ending balance
|
|
$
|
304,410
|
|
|
$
|
301,888
|
|
|
$
|
285,713
|
|
|
$
|
304,410
|
|
|
$
|
285,713
|
|
Allowance for unfunded credit commitments, beginning balance
|
|
62,664
|
|
|
57,970
|
|
|
54,104
|
|
|
55,183
|
|
|
51,770
|
|
|||||
Provision for (reduction of) unfunded credit commitments
|
|
551
|
|
|
4,798
|
|
|
(2,262
|
)
|
|
8,079
|
|
|
138
|
|
|||||
Foreign currency translation adjustments
|
|
(107
|
)
|
|
(104
|
)
|
|
(34
|
)
|
|
(154
|
)
|
|
(100
|
)
|
|||||
Allowance for unfunded credit commitments, ending balance (1)
|
|
$
|
63,108
|
|
|
$
|
62,664
|
|
|
$
|
51,808
|
|
|
$
|
63,108
|
|
|
$
|
51,808
|
|
Ratios and other information:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Provision for loan losses as a percentage of period-end total gross loans (annualized)
|
|
0.46
|
%
|
|
0.26
|
%
|
|
0.28
|
%
|
|
0.35
|
%
|
|
0.36
|
%
|
|||||
Gross loan charge-offs as a percentage of average total gross loans (annualized)
|
|
0.49
|
|
|
0.36
|
|
|
0.33
|
|
|
0.33
|
|
|
0.26
|
|
|||||
Net loan charge-offs as a percentage of average total gross loans (annualized)
|
|
0.44
|
|
|
0.23
|
|
|
0.30
|
|
|
0.26
|
|
|
0.22
|
|
|||||
Allowance for loan losses as a percentage of period-end total gross loans
|
|
0.97
|
|
|
1.03
|
|
|
1.03
|
|
|
0.97
|
|
|
1.03
|
|
|||||
Provision for credit losses
|
|
$
|
36,536
|
|
|
$
|
23,946
|
|
|
$
|
17,174
|
|
|
$
|
89,033
|
|
|
$
|
74,226
|
|
Period-end total gross loans
|
|
31,229,003
|
|
|
29,370,403
|
|
|
27,668,829
|
|
|
31,229,003
|
|
|
27,668,829
|
|
|||||
Average total gross loans
|
|
29,979,522
|
|
|
29,568,968
|
|
|
26,497,171
|
|
|
29,373,264
|
|
|
25,165,486
|
|
|||||
Allowance for loan losses for nonaccrual loans
|
|
53,728
|
|
|
53,067
|
|
|
49,992
|
|
|
53,728
|
|
|
49,992
|
|
|||||
Nonaccrual loans
|
|
104,045
|
|
|
96,641
|
|
|
115,162
|
|
|
104,045
|
|
|
115,162
|
|
|
(1)
|
The “allowance for unfunded credit commitments” is included as a component of “other liabilities.”
|
•
|
A provision for loan losses of $36.0 million, driven primarily by $19.1 million for net new nonaccrual loans, $18.3 million for charge-offs not specifically reserved for and $15.2 million in additional reserves for period-end loan growth, partially offset by a decrease of $13.0 million for the qualitative component of our performing loans as described above and by recoveries of $3.9 million, and
|
•
|
A provision for unfunded credit commitments of $0.5 million, driven primarily by growth in unfunded credit commitments of $1.3 billion, offset mostly by a decrease related to the continued shift in the mix of our unfunded credit facilities to our large, high credit quality private equity/venture capital clients.
|
•
|
Gains of $12.5 million from managed funds of funds portfolio, related primarily to net unrealized valuation increases in the private and public company investments held by the funds in the portfolio,
|
•
|
Gains of $8.0 million from our strategic and other investments, comprised primarily of net unrealized valuation increases in private companies held in our strategic venture capital funds, and
|
•
|
Gains of $5.5 million from our managed direct venture funds, related primarily to net unrealized valuation increases in investments held by the funds in the portfolio, partially offset by
|
•
|
Losses of $11.5 million from our public equity securities investments, primarily driven by unrealized losses driven by a decline in value of public equity securities held.
|
|
|
Three months ended September 30, 2019
|
||||||||||||||||||||||||||||||
(Dollars in thousands)
|
|
Managed
Funds of Funds |
|
Managed Direct Venture Funds
|
|
Public Equity Securities
|
|
Sales of AFS Debt Securities
|
|
Debt
Funds
|
|
Strategic
and Other
Investments
|
|
SVB Leerink
|
|
Total
|
||||||||||||||||
GAAP gains (losses) on investment securities, net
|
|
$
|
22,223
|
|
|
$
|
9,668
|
|
|
$
|
(11,488
|
)
|
|
$
|
—
|
|
|
$
|
187
|
|
|
$
|
8,035
|
|
|
$
|
1,224
|
|
|
$
|
29,849
|
|
Less: income attributable to noncontrolling interests, including carried interest allocation
|
|
9,676
|
|
|
4,138
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
826
|
|
|
14,640
|
|
||||||||
Non-GAAP gains (losses) on investment securities, net of noncontrolling interests
|
|
$
|
12,547
|
|
|
$
|
5,530
|
|
|
$
|
(11,488
|
)
|
|
$
|
—
|
|
|
$
|
187
|
|
|
$
|
8,035
|
|
|
$
|
398
|
|
|
$
|
15,209
|
|
|
|
Three months ended June 30, 2019
|
||||||||||||||||||||||||||||||
(Dollars in thousands)
|
|
Managed
Funds of Funds
|
|
Managed Direct Venture Funds
|
|
Public Equity Securities
|
|
Sales of AFS Debt Securities
|
|
Debt
Funds
|
|
Strategic
and Other
Investments
|
|
SVB Leerink
|
|
Total
|
||||||||||||||||
GAAP gains (losses) on investment securities, net
|
|
$
|
32,335
|
|
|
$
|
4,101
|
|
|
$
|
444
|
|
|
$
|
(275
|
)
|
|
$
|
1,342
|
|
|
$
|
7,311
|
|
|
$
|
2,440
|
|
|
$
|
47,698
|
|
Less: income attributable to noncontrolling interests, including carried interest allocation
|
|
16,852
|
|
|
1,711
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
18,598
|
|
||||||||
Non-GAAP gains (losses) on investment securities, net of noncontrolling interests
|
|
$
|
15,483
|
|
|
$
|
2,390
|
|
|
$
|
444
|
|
|
$
|
(275
|
)
|
|
$
|
1,342
|
|
|
$
|
7,311
|
|
|
$
|
2,405
|
|
|
$
|
29,100
|
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||||||
(Dollars in thousands)
|
|
September 30,
2019 |
|
June 30,
2019 |
|
September 30,
2018 |
|
September 30,
2019 |
|
September 30,
2018 |
||||||||||
Equity warrant assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gains on exercises, net
|
|
$
|
30,047
|
|
|
$
|
40,226
|
|
|
$
|
18,287
|
|
|
$
|
90,357
|
|
|
$
|
42,808
|
|
Terminations
|
|
(481
|
)
|
|
(1,045
|
)
|
|
(1,432
|
)
|
|
(2,931
|
)
|
|
(3,158
|
)
|
|||||
Changes in fair value, net
|
|
7,995
|
|
|
9,166
|
|
|
17,286
|
|
|
19,787
|
|
|
32,743
|
|
|||||
Total net gains on equity warrant assets
|
|
$
|
37,561
|
|
|
$
|
48,347
|
|
|
$
|
34,141
|
|
|
$
|
107,213
|
|
|
$
|
72,393
|
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||||||
(Dollars in thousands)
|
|
September 30,
2019 |
|
June 30,
2019 |
|
September 30,
2018 |
|
September 30,
2019 |
|
September 30,
2018 |
||||||||||
Non-GAAP core fee income:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Client investment fees
|
|
$
|
46,679
|
|
|
$
|
45,744
|
|
|
$
|
36,265
|
|
|
$
|
136,905
|
|
|
$
|
88,592
|
|
Foreign exchange fees
|
|
40,309
|
|
|
38,506
|
|
|
32,656
|
|
|
116,863
|
|
|
100,560
|
|
|||||
Credit card fees
|
|
30,158
|
|
|
28,790
|
|
|
24,121
|
|
|
86,431
|
|
|
68,739
|
|
|||||
Deposit service charges
|
|
22,482
|
|
|
22,075
|
|
|
19,588
|
|
|
65,496
|
|
|
56,081
|
|
|||||
Lending related fees
|
|
11,707
|
|
|
11,213
|
|
|
10,675
|
|
|
36,857
|
|
|
30,938
|
|
|||||
Letters of credit and standby letters of credit fees
|
|
10,842
|
|
|
11,009
|
|
|
8,409
|
|
|
31,205
|
|
|
24,938
|
|
|||||
Total Non-GAAP core fee income
|
|
$
|
162,177
|
|
|
$
|
157,337
|
|
|
$
|
131,714
|
|
|
$
|
473,757
|
|
|
$
|
369,848
|
|
Investment banking revenue
|
|
38,516
|
|
|
48,694
|
|
|
—
|
|
|
137,005
|
|
|
—
|
|
|||||
Commissions
|
|
12,275
|
|
|
14,429
|
|
|
—
|
|
|
40,812
|
|
|
—
|
|
|||||
Total Non-GAAP core fee income including investment banking revenue and commissions
|
|
$
|
212,968
|
|
|
$
|
220,460
|
|
|
$
|
131,714
|
|
|
$
|
651,574
|
|
|
$
|
369,848
|
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||||||
(Dollars in thousands, except employees)
|
|
September 30,
2019 |
|
June 30,
2019 |
|
September 30,
2018 |
|
September 30,
2019 |
|
September 30,
2018 |
||||||||||
Compensation and benefits:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Salaries and wages
|
|
$
|
109,473
|
|
|
$
|
105,799
|
|
|
$
|
84,962
|
|
|
$
|
316,472
|
|
|
$
|
234,832
|
|
Incentive compensation plans
|
|
59,602
|
|
|
71,492
|
|
|
55,531
|
|
|
200,483
|
|
|
150,393
|
|
|||||
Employee stock ownership plan ("ESOP")
|
|
884
|
|
|
1,084
|
|
|
1,844
|
|
|
3,131
|
|
|
4,997
|
|
|||||
Other employee incentives and benefits (1)
|
|
63,881
|
|
|
64,797
|
|
|
53,100
|
|
|
194,987
|
|
|
152,976
|
|
|||||
Total compensation and benefits
|
|
$
|
233,840
|
|
|
$
|
243,172
|
|
|
$
|
195,437
|
|
|
$
|
715,073
|
|
|
$
|
543,198
|
|
Period-end full-time equivalent employees
|
|
3,460
|
|
|
3,314
|
|
|
2,836
|
|
|
3,460
|
|
|
2,836
|
|
|||||
Average full-time equivalent employees
|
|
3,413
|
|
|
3,287
|
|
|
2,778
|
|
|
3,309
|
|
|
2,623
|
|
|
(1)
|
Other employee incentives and benefits expense includes employer payroll taxes, group health and life insurance, share-based compensation, 401(k), warrant incentive and retention plans, agency fees and other employee-related expenses.
|
•
|
A decrease of $11.9 million in incentive compensation plans expense attributable primarily to a decrease in our incentive accruals as a result of our 2019 full-year projected financial performance, partially offset by
|
•
|
An increase of $3.7 million in salaries and wages, reflective primarily of an increase in the number of average full-time equivalent employees ("FTE") by 126 to 3,413 FTEs as well as one additional working day of the third quarter of 2019 as compared to the second quarter of 2019.
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||||||
(Dollars in thousands)
|
|
September 30,
2019 |
|
June 30,
2019 |
|
September 30,
2018 |
|
September 30,
2019 |
|
September 30,
2018 |
||||||||||
Net interest income (1)
|
|
$
|
(14
|
)
|
|
$
|
(16
|
)
|
|
$
|
(10
|
)
|
|
$
|
(41
|
)
|
|
$
|
(29
|
)
|
Noninterest income (1)
|
|
(4,910
|
)
|
|
(12,406
|
)
|
|
(2,749
|
)
|
|
(19,586
|
)
|
|
(20,127
|
)
|
|||||
Noninterest expense (1)
|
|
145
|
|
|
168
|
|
|
154
|
|
|
692
|
|
|
349
|
|
|||||
Carried interest allocation (2)
|
|
(9,658
|
)
|
|
(6,330
|
)
|
|
(3,943
|
)
|
|
(16,966
|
)
|
|
(9,034
|
)
|
|||||
Net income attributable to noncontrolling interests
|
|
$
|
(14,437
|
)
|
|
$
|
(18,584
|
)
|
|
$
|
(6,548
|
)
|
|
$
|
(35,901
|
)
|
|
$
|
(28,841
|
)
|
|
(1)
|
Represents noncontrolling interests’ share in net interest income, noninterest income and noninterest expense.
|
(2)
|
Represents the preferred allocation of income (or change in income) earned by us as the general partner of certain consolidated funds.
|
|
Current full year 2019 outlook compared to 2018 results (as of October 24, 2019)
|
Change in outlook compared to outlook reported as of July 25, 2019
|
Average loan balances
|
Increase at a percentage rate in the
mid-teens
|
No change from previous outlook
|
Average deposit balances
|
Increase at a percentage rate in the
low teens
|
Outlook increased to low teens from previous outlook of low double digits
|
Net interest income (1)
|
Increase at a percentage rate in the
low double digits
|
Outlook decreased to low double digits from previous outlook of low teens
|
Net interest margin (1)
|
Between 3.50% and 3.60%
|
Outlook decreased to between 3.50% and 3.60% from previous outlook of between 3.60% and 3.70%
|
Allowance for loan losses for total gross performing loans as a percentage of total gross performing loans
|
Comparable to 2018 levels
|
No change from previous outlook
|
Net loan charge-offs
|
Between 0.20% and 0.40%
of average total gross loans
|
No change from previous outlook
|
Nonperforming loans as a percentage of total gross loans
|
Between 0.30% and 0.50%
of total gross loans
|
No change from previous outlook
|
Core fee income (client investment fees, foreign exchange fees, credit card fees, deposit service charges, lending related fees and letters of credit fees) (2)
|
Increase at a percentage rate in the
low twenties
|
No change from previous outlook
|
Noninterest expense (excluding expenses related to noncontrolling interests) (3) (4)
|
Increase at a percentage rate in the
low teens
|
No change from previous outlook
|
Effective tax rate (5)
|
Between 26.0% and 28.0%
|
No change from previous outlook
|
|
Current full year 2019 outlook compared to 2018 results, including expected results of SVB Leerink reflective of the completed acquisition on January 4, 2019
|
Change in outlook compared to outlook reported as of July 25, 2019
|
Core fee income (client investment fees, foreign exchange fees, credit card fees, deposit service charges, lending related fees and letters of credit fees) including investment banking revenue and commissions (2) (6)
|
Increase at a percentage rate in the high sixties
|
Outlook decreased to high sixties from previous outlook of low seventies
|
Noninterest expense (excluding expenses related to noncontrolling interests) including SVB Leerink's noninterest expenses (3) (4) (6)
|
Increase at a percentage rate in the mid-thirties
|
No change from previous outlook
|
◦
|
noninterest expense(3)(4) (excluding expenses related to noncontrolling interests) growth in the high single digits, and
|
|
(1)
|
Our outlook for net interest income and net interest margin is based primarily on management's current forecast of average deposit and loan balances and deployment of surplus cash into investment securities. Such forecasts are subject to change, and actual results may differ, based on market conditions, actual prepayment rates and other factors described under the section "Forward-Looking Statements" below.
|
(2)
|
Core fee income is a non-GAAP measure, which represents noninterest income, but excludes certain line items where performance is typically subject to market or other conditions beyond our control. As we are unable to quantify such line items that would be required to be included in the comparable GAAP financial measure for the future period presented without unreasonable efforts, no reconciliation for the outlook of non-GAAP core fee income to GAAP noninterest income for fiscal 2019 is included in this release, as we believe such reconciliation would imply a degree of precision that would be confusing or misleading to investors. See "Use of Non-GAAP Financial Measures" at the end of this release for further information regarding the calculation and limitations of this measure.
|
(3)
|
Noninterest expense (excluding expenses related to noncontrolling interests) is a non-GAAP measure, which represents noninterest expense, but excludes expenses attributable to noncontrolling interests. As we are unable to quantify such line items that would be required to be included in the comparable GAAP financial measure for the future period presented without unreasonable efforts, no reconciliation for the outlook of non-GAAP noninterest expense (excluding expenses related to noncontrolling interests) to GAAP noninterest expense for fiscal 2019 is included in this release, as we believe such reconciliation would imply a degree of precision that would be confusing or misleading to investors. See "Use of Non-GAAP Financial Measures" at the end of this release for further information regarding the calculation and limitations of this measure.
|
(4)
|
Our outlook for noninterest expense is partly based on management's current forecast of performance-based incentive compensation expenses. Such forecasts are subject to change, and actual results may differ, based on our performance relative to our internal performance targets.
|
(5)
|
Our outlook for our effective tax rate is based on management's current assumptions with respect to, among other things, the Company's earnings, state income tax levels, tax deductions and estimated performance-based compensation activity.
|
(6)
|
Investment banking revenue, commissions, and noninterest expense consists of revenue and expenses attributable entirely to SVB Leerink.
|
•
|
market and economic conditions (including the general condition of the capital and equity markets, and IPO, M&A and financing activity levels) and the associated impact on us (including effects on client demand for our commercial and investment banking and other financial services, as well as on the valuations of our investments);
|
•
|
changes in the volume and credit quality of our loans as well as volatility of our levels of nonperforming assets and charge-offs;
|
•
|
the impact of changes in interest rates or market levels or factors affecting or affected by them, especially on our loan and investment portfolios;
|
•
|
changes in the levels of our loans, deposits and client investment fund balances;
|
•
|
changes in the performance or equity valuations of funds or companies in which we have invested or hold derivative instruments or equity warrant assets;
|
•
|
variations from our expectations as to factors impacting our cost structure;
|
•
|
changes in our assessment of the creditworthiness or liquidity of our clients or unanticipated effects of credit concentration risks which create or exacerbate deterioration of such creditworthiness or liquidity;
|
•
|
variations from our expectations as to factors impacting the timing and level of employee share-based transactions;
|
•
|
variations from our expectations as to factors impacting our estimate of our full-year effective tax rate;
|
•
|
changes in applicable accounting standards and tax laws; and
|
•
|
regulatory or legal changes or their impact on us.
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||||||
(Dollars in thousands, except share data)
|
|
September 30,
2019 |
|
June 30,
2019 |
|
September 30,
2018 |
|
September 30,
2019 |
|
September 30,
2018 |
||||||||||
Interest income:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
|
|
$
|
394,246
|
|
|
$
|
414,077
|
|
|
$
|
352,353
|
|
|
$
|
1,202,467
|
|
|
$
|
979,724
|
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
|
|
149,656
|
|
|
134,395
|
|
|
142,075
|
|
|
410,768
|
|
|
403,702
|
|
|||||
Non-taxable
|
|
11,123
|
|
|
10,931
|
|
|
10,748
|
|
|
32,991
|
|
|
23,506
|
|
|||||
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities
|
|
28,867
|
|
|
26,364
|
|
|
8,137
|
|
|
74,447
|
|
|
20,080
|
|
|||||
Total interest income
|
|
583,892
|
|
|
585,767
|
|
|
513,313
|
|
|
1,720,673
|
|
|
1,427,012
|
|
|||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
|
55,106
|
|
|
47,150
|
|
|
8,042
|
|
|
130,163
|
|
|
18,409
|
|
|||||
Borrowings
|
|
8,142
|
|
|
9,214
|
|
|
12,049
|
|
|
27,577
|
|
|
29,075
|
|
|||||
Total interest expense
|
|
63,248
|
|
|
56,364
|
|
|
20,091
|
|
|
157,740
|
|
|
47,484
|
|
|||||
Net interest income
|
|
520,644
|
|
|
529,403
|
|
|
493,222
|
|
|
1,562,933
|
|
|
1,379,528
|
|
|||||
Provision for credit losses
|
|
36,536
|
|
|
23,946
|
|
|
17,174
|
|
|
89,033
|
|
|
74,226
|
|
|||||
Net interest income after provision for credit losses
|
|
484,108
|
|
|
505,457
|
|
|
476,048
|
|
|
1,473,900
|
|
|
1,305,302
|
|
|||||
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gains on investment securities, net
|
|
29,849
|
|
|
47,698
|
|
|
32,193
|
|
|
106,575
|
|
|
77,365
|
|
|||||
Gains on equity warrant assets, net
|
|
37,561
|
|
|
48,347
|
|
|
34,141
|
|
|
107,213
|
|
|
72,393
|
|
|||||
Client investment fees
|
|
46,679
|
|
|
45,744
|
|
|
36,265
|
|
|
136,905
|
|
|
88,592
|
|
|||||
Foreign exchange fees
|
|
40,309
|
|
|
38,506
|
|
|
32,656
|
|
|
116,863
|
|
|
100,560
|
|
|||||
Credit card fees
|
|
30,158
|
|
|
28,790
|
|
|
24,121
|
|
|
86,431
|
|
|
68,739
|
|
|||||
Deposit service charges
|
|
22,482
|
|
|
22,075
|
|
|
19,588
|
|
|
65,496
|
|
|
56,081
|
|
|||||
Lending related fees
|
|
11,707
|
|
|
11,213
|
|
|
10,675
|
|
|
36,857
|
|
|
30,938
|
|
|||||
Letters of credit and standby letters of credit fees
|
|
10,842
|
|
|
11,009
|
|
|
8,409
|
|
|
31,205
|
|
|
24,938
|
|
|||||
Investment banking revenue
|
|
38,516
|
|
|
48,694
|
|
|
—
|
|
|
137,005
|
|
|
—
|
|
|||||
Commissions
|
|
12,275
|
|
|
14,429
|
|
|
—
|
|
|
40,812
|
|
|
—
|
|
|||||
Other
|
|
13,631
|
|
|
17,245
|
|
|
12,022
|
|
|
42,773
|
|
|
38,671
|
|
|||||
Total noninterest income
|
|
294,009
|
|
|
333,750
|
|
|
210,070
|
|
|
908,135
|
|
|
558,277
|
|
|||||
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Compensation and benefits
|
|
233,840
|
|
|
243,172
|
|
|
195,437
|
|
|
715,073
|
|
|
543,198
|
|
|||||
Professional services
|
|
55,202
|
|
|
40,830
|
|
|
36,542
|
|
|
133,018
|
|
|
112,080
|
|
|||||
Premises and equipment
|
|
26,775
|
|
|
23,911
|
|
|
19,858
|
|
|
72,386
|
|
|
57,576
|
|
|||||
Net occupancy
|
|
16,981
|
|
|
16,687
|
|
|
13,694
|
|
|
49,716
|
|
|
40,598
|
|
|||||
Business development and travel
|
|
19,539
|
|
|
17,022
|
|
|
12,712
|
|
|
51,915
|
|
|
35,998
|
|
|||||
FDIC and state assessments
|
|
4,881
|
|
|
4,483
|
|
|
9,550
|
|
|
13,343
|
|
|
29,306
|
|
|||||
Other
|
|
34,106
|
|
|
37,417
|
|
|
21,652
|
|
|
105,059
|
|
|
61,845
|
|
|||||
Total noninterest expense
|
|
391,324
|
|
|
383,522
|
|
|
309,445
|
|
|
1,140,510
|
|
|
880,601
|
|
|||||
Income before income tax expense
|
|
386,793
|
|
|
455,685
|
|
|
376,673
|
|
|
1,241,525
|
|
|
982,978
|
|
|||||
Income tax expense
|
|
105,075
|
|
|
119,114
|
|
|
95,308
|
|
|
331,624
|
|
|
246,561
|
|
|||||
Net income before noncontrolling interests
|
|
281,718
|
|
|
336,571
|
|
|
281,365
|
|
|
909,901
|
|
|
736,417
|
|
|||||
Net income attributable to noncontrolling interests
|
|
(14,437
|
)
|
|
(18,584
|
)
|
|
(6,548
|
)
|
|
(35,901
|
)
|
|
(28,841
|
)
|
|||||
Net income available to common stockholders
|
|
$
|
267,281
|
|
|
$
|
317,987
|
|
|
$
|
274,817
|
|
|
$
|
874,000
|
|
|
$
|
707,576
|
|
Earnings per common share—basic
|
|
$
|
5.19
|
|
|
$
|
6.12
|
|
|
$
|
5.16
|
|
|
$
|
16.80
|
|
|
$
|
13.33
|
|
Earnings per common share—diluted
|
|
5.15
|
|
|
6.08
|
|
|
5.10
|
|
|
16.67
|
|
|
13.15
|
|
|||||
Weighted average common shares outstanding—basic
|
|
51,544,807
|
|
|
51,954,761
|
|
|
53,235,090
|
|
|
52,025,112
|
|
|
53,062,082
|
|
|||||
Weighted average common shares outstanding—diluted
|
|
51,858,470
|
|
|
52,336,178
|
|
|
53,918,973
|
|
|
52,430,806
|
|
|
53,799,827
|
|
(Dollars in thousands, except par value and share data)
|
|
September 30,
2019 |
|
June 30,
2019 |
|
September 30,
2018 |
||||||
Assets:
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
|
$
|
6,946,196
|
|
|
$
|
9,020,925
|
|
|
$
|
3,819,141
|
|
Available-for-sale securities, at fair value (cost $12,699,542, $7,842,667 and $9,236,301, respectively)
|
|
12,866,857
|
|
|
7,940,322
|
|
|
9,087,609
|
|
|||
Held-to-maturity securities, at cost (fair value $14,698,802, $15,064,962 and $15,372,238, respectively)
|
|
14,407,078
|
|
|
14,868,761
|
|
|
15,899,726
|
|
|||
Non-marketable and other equity securities
|
|
1,150,094
|
|
|
1,079,749
|
|
|
896,249
|
|
|||
Investment securities
|
|
28,424,029
|
|
|
23,888,832
|
|
|
25,883,584
|
|
|||
Loans, net of unearned income
|
|
31,063,994
|
|
|
29,209,573
|
|
|
27,494,915
|
|
|||
Allowance for loan losses
|
|
(304,410
|
)
|
|
(301,888
|
)
|
|
(285,713
|
)
|
|||
Net loans
|
|
30,759,584
|
|
|
28,907,685
|
|
|
27,209,202
|
|
|||
Premises and equipment, net of accumulated depreciation and amortization
|
|
146,713
|
|
|
141,888
|
|
|
121,890
|
|
|||
Goodwill
|
|
137,823
|
|
|
137,823
|
|
|
—
|
|
|||
Other intangible assets, net
|
|
52,288
|
|
|
55,158
|
|
|
—
|
|
|||
Lease right-of-use assets
|
|
178,532
|
|
|
156,347
|
|
|
—
|
|
|||
Accrued interest receivable and other assets
|
|
1,586,068
|
|
|
1,465,081
|
|
|
1,105,917
|
|
|||
Total assets
|
|
$
|
68,231,233
|
|
|
$
|
63,773,739
|
|
|
$
|
58,139,734
|
|
Liabilities and total equity:
|
|
|
|
|
|
|
||||||
Liabilities:
|
|
|
|
|
|
|
||||||
Noninterest-bearing demand deposits
|
|
$
|
40,480,610
|
|
|
$
|
39,331,489
|
|
|
$
|
40,473,774
|
|
Interest-bearing deposits
|
|
19,062,264
|
|
|
16,279,051
|
|
|
8,122,337
|
|
|||
Total deposits
|
|
59,542,874
|
|
|
55,610,540
|
|
|
48,596,111
|
|
|||
Short-term borrowings
|
|
18,898
|
|
|
24,252
|
|
|
2,631,252
|
|
|||
Lease liabilities
|
|
192,543
|
|
|
195,326
|
|
|
—
|
|
|||
Other liabilities
|
|
1,731,222
|
|
|
1,540,476
|
|
|
1,146,109
|
|
|||
Long-term debt
|
|
697,227
|
|
|
696,970
|
|
|
696,217
|
|
|||
Total liabilities
|
|
62,182,764
|
|
|
58,067,564
|
|
|
53,069,689
|
|
|||
SVBFG stockholders’ equity:
|
|
|
|
|
|
|
||||||
Preferred stock, $0.001 par value, 20,000,000 shares authorized; no shares issued and outstanding
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Common stock, $0.001 par value, 150,000,000 shares authorized; 51,555,831 shares, 51,561,719 shares and 53,250,255 shares issued and outstanding, respectively
|
|
52
|
|
|
52
|
|
|
53
|
|
|||
Additional paid-in capital
|
|
1,441,730
|
|
|
1,421,565
|
|
|
1,360,030
|
|
|||
Retained earnings
|
|
4,312,745
|
|
|
4,051,194
|
|
|
3,672,696
|
|
|||
Accumulated other comprehensive income (loss)
|
|
136,153
|
|
|
81,232
|
|
|
(108,410
|
)
|
|||
Total SVBFG stockholders’ equity
|
|
5,890,680
|
|
|
5,554,043
|
|
|
4,924,369
|
|
|||
Noncontrolling interests
|
|
157,789
|
|
|
152,132
|
|
|
145,676
|
|
|||
Total equity
|
|
6,048,469
|
|
|
5,706,175
|
|
|
5,070,045
|
|
|||
Total liabilities and total equity
|
|
$
|
68,231,233
|
|
|
$
|
63,773,739
|
|
|
$
|
58,139,734
|
|
|
|
Three months ended
|
|||||||||||||||||||||||||||||||
|
|
September 30, 2019
|
|
June 30, 2019
|
|
September 30, 2018
|
|||||||||||||||||||||||||||
(Dollars in thousands, except yield/rate and ratios)
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
|
Average
Balance |
|
Interest
Income/ Expense |
|
Yield/
Rate |
|
Average
Balance |
|
Interest
Income/ Expense |
|
Yield/
Rate |
|||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Federal reserve deposits, federal funds sold, securities purchased under agreements to resell and other short-term investment securities (1)
|
|
$
|
7,193,195
|
|
|
$
|
28,867
|
|
|
1.59
|
%
|
|
$
|
5,405,899
|
|
|
$
|
26,364
|
|
|
1.96
|
%
|
|
$
|
2,548,271
|
|
|
$
|
8,137
|
|
|
1.27
|
%
|
Investment securities: (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Taxable
|
|
10,600,449
|
|
|
62,121
|
|
|
2.32
|
|
|
8,205,333
|
|
|
45,347
|
|
|
2.22
|
|
|
9,589,917
|
|
|
46,684
|
|
|
1.93
|
|
||||||
Held-to-maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Taxable
|
|
12,922,438
|
|
|
87,535
|
|
|
2.69
|
|
|
13,350,533
|
|
|
89,048
|
|
|
2.68
|
|
|
14,385,027
|
|
|
95,391
|
|
|
2.63
|
|
||||||
Non-taxable (3)
|
|
1,612,067
|
|
|
14,080
|
|
|
3.47
|
|
|
1,572,056
|
|
|
13,836
|
|
|
3.53
|
|
|
1,531,663
|
|
|
13,606
|
|
|
3.52
|
|
||||||
Total loans, net of unearned income (4) (5)
|
|
29,822,426
|
|
|
394,246
|
|
|
5.24
|
|
|
29,406,620
|
|
|
414,077
|
|
|
5.65
|
|
|
26,331,377
|
|
|
352,353
|
|
|
5.31
|
|
||||||
Total interest-earning assets
|
|
62,150,575
|
|
|
586,849
|
|
|
3.74
|
|
|
57,940,441
|
|
|
588,672
|
|
|
4.07
|
|
|
54,386,255
|
|
|
516,171
|
|
|
3.77
|
|
||||||
Cash and due from banks
|
|
590,391
|
|
|
|
|
|
|
542,345
|
|
|
|
|
|
|
553,132
|
|
|
|
|
|
||||||||||||
Allowance for loan losses
|
|
(308,609
|
)
|
|
|
|
|
|
(311,709
|
)
|
|
|
|
|
|
(296,177
|
)
|
|
|
|
|
||||||||||||
Other assets (6)
|
|
2,895,391
|
|
|
|
|
|
|
2,529,409
|
|
|
|
|
|
|
1,821,827
|
|
|
|
|
|
||||||||||||
Total assets
|
|
$
|
65,327,748
|
|
|
|
|
|
|
$
|
60,700,486
|
|
|
|
|
|
|
$
|
56,465,037
|
|
|
|
|
|
|||||||||
Funding sources:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest bearing checking and savings accounts
|
|
$
|
470,601
|
|
|
$
|
102
|
|
|
0.09
|
%
|
|
$
|
459,972
|
|
|
$
|
100
|
|
|
0.09
|
%
|
|
$
|
572,242
|
|
|
$
|
116
|
|
|
0.08
|
%
|
Money market deposits
|
|
15,805,507
|
|
|
49,169
|
|
|
1.23
|
|
|
12,669,422
|
|
|
41,249
|
|
|
1.31
|
|
|
6,704,337
|
|
|
7,782
|
|
|
0.46
|
|
||||||
Money market deposits in foreign offices
|
|
115,590
|
|
|
12
|
|
|
0.04
|
|
|
162,586
|
|
|
16
|
|
|
0.04
|
|
|
218,734
|
|
|
22
|
|
|
0.04
|
|
||||||
Time deposits
|
|
157,218
|
|
|
590
|
|
|
1.49
|
|
|
75,721
|
|
|
171
|
|
|
0.91
|
|
|
74,597
|
|
|
35
|
|
|
0.19
|
|
||||||
Sweep deposits in foreign offices
|
|
1,539,869
|
|
|
5,233
|
|
|
1.35
|
|
|
1,476,614
|
|
|
5,614
|
|
|
1.52
|
|
|
896,558
|
|
|
87
|
|
|
0.04
|
|
||||||
Total interest-bearing deposits
|
|
18,088,785
|
|
|
55,106
|
|
|
1.21
|
|
|
14,844,315
|
|
|
47,150
|
|
|
1.27
|
|
|
8,466,468
|
|
|
8,042
|
|
|
0.38
|
|
||||||
Short-term borrowings
|
|
22,045
|
|
|
119
|
|
|
2.14
|
|
|
188,998
|
|
|
1,195
|
|
|
2.54
|
|
|
745,156
|
|
|
4,039
|
|
|
2.15
|
|
||||||
3.50% Senior Notes
|
|
347,841
|
|
|
3,150
|
|
|
3.59
|
|
|
347,755
|
|
|
3,149
|
|
|
3.63
|
|
|
347,499
|
|
|
3,147
|
|
|
3.59
|
|
||||||
5.375% Senior Notes
|
|
349,216
|
|
|
4,873
|
|
|
5.54
|
|
|
349,048
|
|
|
4,870
|
|
|
5.60
|
|
|
348,557
|
|
|
4,863
|
|
|
5.54
|
|
||||||
Total interest-bearing liabilities
|
|
18,807,887
|
|
|
63,248
|
|
|
1.33
|
|
|
15,730,116
|
|
|
56,364
|
|
|
1.44
|
|
|
9,907,680
|
|
|
20,091
|
|
|
0.80
|
|
||||||
Portion of noninterest-bearing funding sources
|
|
43,342,688
|
|
|
|
|
|
|
42,210,325
|
|
|
|
|
|
|
44,478,575
|
|
|
|
|
|
||||||||||||
Total funding sources
|
|
62,150,575
|
|
|
63,248
|
|
|
0.40
|
|
|
57,940,441
|
|
|
56,364
|
|
|
0.39
|
|
|
54,386,255
|
|
|
20,091
|
|
|
0.15
|
|
||||||
Noninterest-bearing funding sources:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Demand deposits
|
|
39,146,184
|
|
|
|
|
|
|
38,117,893
|
|
|
|
|
|
|
40,625,772
|
|
|
|
|
|
||||||||||||
Other liabilities
|
|
1,417,659
|
|
|
|
|
|
|
1,232,464
|
|
|
|
|
|
|
932,544
|
|
|
|
|
|
||||||||||||
SVBFG stockholders’ equity
|
|
5,802,907
|
|
|
|
|
|
|
5,477,148
|
|
|
|
|
|
|
4,854,440
|
|
|
|
|
|
||||||||||||
Noncontrolling interests
|
|
153,111
|
|
|
|
|
|
|
142,865
|
|
|
|
|
|
|
144,601
|
|
|
|
|
|
||||||||||||
Portion used to fund interest-earning assets
|
|
(43,342,688
|
)
|
|
|
|
|
|
(42,210,325
|
)
|
|
|
|
|
|
(44,478,575
|
)
|
|
|
|
|
||||||||||||
Total liabilities and total equity
|
|
$
|
65,327,748
|
|
|
|
|
|
|
$
|
60,700,486
|
|
|
|
|
|
|
$
|
56,465,037
|
|
|
|
|
|
|||||||||
Net interest income and margin
|
|
|
|
$
|
523,601
|
|
|
3.34
|
%
|
|
|
|
$
|
532,308
|
|
|
3.68
|
%
|
|
|
|
$
|
496,080
|
|
|
3.62
|
%
|
||||||
Total deposits
|
|
$
|
57,234,969
|
|
|
|
|
|
|
$
|
52,962,208
|
|
|
|
|
|
|
$
|
49,092,240
|
|
|
|
|
|
|||||||||
Average SVBFG stockholders’ equity as a percentage of average assets
|
|
|
|
|
|
8.88
|
%
|
|
|
|
|
|
9.02
|
%
|
|
|
|
|
|
8.60
|
%
|
||||||||||||
Reconciliation to reported net interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Adjustments for taxable equivalent basis
|
|
|
|
(2,957
|
)
|
|
|
|
|
|
(2,905
|
)
|
|
|
|
|
|
(2,858
|
)
|
|
|
||||||||||||
Net interest income, as reported
|
|
|
|
$
|
520,644
|
|
|
|
|
|
|
$
|
529,403
|
|
|
|
|
|
|
$
|
493,222
|
|
|
|
|
(1)
|
Includes average interest-earning deposits in other financial institutions of $1.1 billion, $0.9 billion and $0.7 billion; and $5.1 billion, $3.7 billion and $1.4 billion deposited at the Federal Reserve Bank, earning interest at the Federal Funds target rate, for the quarters ended September 30, 2019, June 30, 2019 and September 30, 2018, respectively.
|
(2)
|
Yields on interest-earning investment securities do not give effect to changes in fair value that are reflected in other comprehensive income or loss.
|
(3)
|
Interest income on non-taxable investment securities is presented on a fully taxable equivalent basis using the federal statutory tax rate of 21.0 percent for all periods presented.
|
(4)
|
Nonaccrual loans are reflected in the average balances of loans.
|
(5)
|
Interest income includes loan fees of $39.4 million, $44.1 million and $33.1 million for the quarters ended September 30, 2019, June 30, 2019 and September 30, 2018, respectively.
|
(6)
|
Average investment securities of $1.2 billion, $1.0 billion and $761 million for the quarters ended September 30, 2019, June 30, 2019 and September 30, 2018, respectively, were classified as other assets as they are noninterest-earning assets. These investments consist primarily of non-marketable and other equity securities.
|
|
|
Nine months ended
|
||||||||||||||||||||
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||||||||||||
(Dollars in thousands, except yield/rate and ratios)
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities (1)
|
|
$
|
5,696,501
|
|
|
$
|
74,447
|
|
|
1.75
|
%
|
|
$
|
2,535,749
|
|
|
$
|
20,080
|
|
|
1.06
|
%
|
Investment securities: (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
|
|
8,572,314
|
|
|
142,891
|
|
|
2.23
|
|
|
10,124,707
|
|
|
141,266
|
|
|
1.87
|
|
||||
Held-to-maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
|
|
13,305,424
|
|
|
267,877
|
|
|
2.69
|
|
|
13,597,340
|
|
|
262,436
|
|
|
2.58
|
|
||||
Non-taxable (3)
|
|
1,585,734
|
|
|
41,760
|
|
|
3.52
|
|
|
1,166,875
|
|
|
29,755
|
|
|
3.41
|
|
||||
Total loans, net of unearned income (4) (5)
|
|
29,210,960
|
|
|
1,202,467
|
|
|
5.50
|
|
|
25,008,277
|
|
|
979,724
|
|
|
5.24
|
|
||||
Total interest-earning assets
|
|
58,370,933
|
|
|
1,729,442
|
|
|
3.96
|
|
|
52,432,948
|
|
|
1,433,261
|
|
|
3.65
|
|
||||
Cash and due from banks
|
|
553,523
|
|
|
|
|
|
|
496,658
|
|
|
|
|
|
||||||||
Allowance for loan losses
|
|
(303,154
|
)
|
|
|
|
|
|
(280,102
|
)
|
|
|
|
|
||||||||
Other assets (6)
|
|
2,592,830
|
|
|
|
|
|
|
1,783,148
|
|
|
|
|
|
||||||||
Total assets
|
|
$
|
61,214,132
|
|
|
|
|
|
|
$
|
54,432,652
|
|
|
|
|
|
||||||
Funding sources:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest bearing checking and savings accounts
|
|
$
|
491,663
|
|
|
$
|
318
|
|
|
0.09
|
%
|
|
$
|
578,313
|
|
|
$
|
338
|
|
|
0.08
|
%
|
Money market deposits
|
|
12,540,843
|
|
|
112,249
|
|
|
1.20
|
|
|
6,437,372
|
|
|
17,658
|
|
|
0.37
|
|
||||
Money market deposits in foreign offices
|
|
142,053
|
|
|
43
|
|
|
0.04
|
|
|
206,924
|
|
|
61
|
|
|
0.04
|
|
||||
Time deposits
|
|
94,934
|
|
|
790
|
|
|
1.11
|
|
|
59,561
|
|
|
71
|
|
|
0.16
|
|
||||
Sweep deposits in foreign offices
|
|
1,562,880
|
|
|
16,763
|
|
|
1.43
|
|
|
978,724
|
|
|
281
|
|
|
0.04
|
|
||||
Total interest-bearing deposits
|
|
14,832,373
|
|
|
130,163
|
|
|
1.17
|
|
|
8,260,894
|
|
|
18,409
|
|
|
0.30
|
|
||||
Short-term borrowings
|
|
186,930
|
|
|
3,519
|
|
|
2.52
|
|
|
328,425
|
|
|
5,053
|
|
|
2.06
|
|
||||
3.50% Senior Notes
|
|
347,756
|
|
|
9,447
|
|
|
3.63
|
|
|
347,416
|
|
|
9,438
|
|
|
3.63
|
|
||||
5.375% Senior Notes
|
|
349,050
|
|
|
14,611
|
|
|
5.60
|
|
|
348,400
|
|
|
14,584
|
|
|
5.60
|
|
||||
Total interest-bearing liabilities
|
|
15,716,109
|
|
|
157,740
|
|
|
1.34
|
|
|
9,285,135
|
|
|
47,484
|
|
|
0.68
|
|
||||
Portion of noninterest-bearing funding sources
|
|
42,654,824
|
|
|
|
|
|
|
43,147,813
|
|
|
|
|
|
||||||||
Total funding sources
|
|
58,370,933
|
|
|
157,740
|
|
|
0.36
|
|
|
52,432,948
|
|
|
47,484
|
|
|
0.12
|
|
||||
Noninterest-bearing funding sources:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand deposits
|
|
38,498,971
|
|
|
|
|
|
|
39,473,468
|
|
|
|
|
|
||||||||
Other liabilities
|
|
1,327,040
|
|
|
|
|
|
|
930,985
|
|
|
|
|
|
||||||||
SVBFG stockholders’ equity
|
|
5,523,196
|
|
|
|
|
|
|
4,602,027
|
|
|
|
|
|
||||||||
Noncontrolling interests
|
|
148,816
|
|
|
|
|
|
|
141,037
|
|
|
|
|
|
||||||||
Portion used to fund interest-earning assets
|
|
(42,654,824
|
)
|
|
|
|
|
|
(43,147,813
|
)
|
|
|
|
|
||||||||
Total liabilities and total equity
|
|
$
|
61,214,132
|
|
|
|
|
|
|
$
|
54,432,652
|
|
|
|
|
|
||||||
Net interest income and margin
|
|
|
|
$
|
1,571,702
|
|
|
3.60
|
%
|
|
|
|
$
|
1,385,777
|
|
|
3.53
|
%
|
||||
Total deposits
|
|
$
|
53,331,344
|
|
|
|
|
|
|
$
|
47,734,362
|
|
|
|
|
|
||||||
Average SVBFG stockholders’ equity as a percentage of average assets
|
|
|
|
|
|
9.02
|
%
|
|
|
|
|
|
8.45
|
%
|
||||||||
Reconciliation to reported net interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjustments for taxable equivalent basis
|
|
|
|
(8,769
|
)
|
|
|
|
|
|
(6,249
|
)
|
|
|
||||||||
Net interest income, as reported
|
|
|
|
$
|
1,562,933
|
|
|
|
|
|
|
$
|
1,379,528
|
|
|
|
|
(1)
|
Includes average interest-earning deposits in other financial institutions of $0.9 billion for both the nine months ended September 30, 2019 and 2018. The balance also includes $3.9 billion and $1.4 billion deposited at the Federal Reserve Bank, earning interest at the Federal Funds target rate for the nine months ended September 30, 2019 and 2018, respectively.
|
(2)
|
Yields on interest-earning investment securities do not give effect to changes in fair value that are reflected in other comprehensive income or loss.
|
(3)
|
Interest income on non-taxable investment securities is presented on a fully taxable equivalent basis using the federal statutory tax rate of 21.0 percent for all periods presented.
|
(4)
|
Nonaccrual loans are reflected in the average balances of loans.
|
(5)
|
Interest income includes loan fees of $120.2 million and $100.8 million for the nine months ended September 30, 2019 and 2018, respectively.
|
(6)
|
Average investment securities of $1.1 billion and $774 million for the nine months ended September 30, 2019 and 2018, respectively, were classified as other assets as they are noninterest-earning assets. These investments consisted primarily of non-marketable and other equity securities.
|
|
|
Three months ended
|
|
Nine months ended
|
|||||||||||
(Shares in thousands)
|
|
September 30,
2019 |
|
June 30,
2019 |
|
September 30,
2018 |
|
September 30,
2019 |
|
September 30,
2018 |
|||||
Weighted average common shares outstanding—basic
|
|
51,545
|
|
|
51,955
|
|
|
53,235
|
|
|
52,025
|
|
|
53,062
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|||||
Stock options and employee stock purchase plan
|
|
203
|
|
|
235
|
|
|
383
|
|
|
238
|
|
|
404
|
|
Restricted stock units
|
|
110
|
|
|
146
|
|
|
301
|
|
|
168
|
|
|
334
|
|
Total effect of dilutive securities
|
|
313
|
|
|
381
|
|
|
684
|
|
|
406
|
|
|
738
|
|
Weighted average common shares outstanding—diluted
|
|
51,858
|
|
|
52,336
|
|
|
53,919
|
|
|
52,431
|
|
|
53,800
|
|
|
|
September 30,
2019 |
|
June 30,
2019 |
|
September 30,
2018 |
|||
SVB Financial:
|
|
|
|
|
|
|
|||
CET 1 risk-based capital ratio
|
|
12.71
|
%
|
|
12.92
|
%
|
|
13.28
|
%
|
Tier 1 risk-based capital ratio
|
|
12.86
|
|
|
13.08
|
|
|
13.45
|
|
Total risk-based capital ratio
|
|
13.70
|
|
|
13.97
|
|
|
14.34
|
|
Tier 1 leverage ratio
|
|
8.64
|
|
|
8.82
|
|
|
8.99
|
|
Tangible common equity to tangible assets ratio (1)
|
|
8.38
|
|
|
8.43
|
|
|
8.47
|
|
Tangible common equity to risk-weighted assets ratio (1)
|
|
13.04
|
|
|
13.13
|
|
|
13.00
|
|
Silicon Valley Bank:
|
|
|
|
|
|
|
|||
CET 1 risk-based capital ratio
|
|
11.48
|
%
|
|
12.50
|
%
|
|
11.98
|
%
|
Tier 1 risk-based capital ratio
|
|
11.48
|
|
|
12.50
|
|
|
11.98
|
|
Total risk-based capital ratio
|
|
12.36
|
|
|
13.44
|
|
|
12.91
|
|
Tier 1 leverage ratio
|
|
7.48
|
|
|
8.17
|
|
|
7.82
|
|
Tangible common equity to tangible assets ratio (1)
|
|
7.36
|
|
|
7.91
|
|
|
7.44
|
|
Tangible common equity to risk-weighted assets ratio (1)
|
|
11.82
|
|
|
12.72
|
|
|
11.70
|
|
|
(1)
|
These are non-GAAP measures. A reconciliation of non-GAAP measures to GAAP is provided at the end of this release under the section “Use of Non-GAAP Financial Measures.”
|
(Dollars in thousands, except ratios and client data)
|
|
September 30,
2019 |
|
June 30,
2019 |
|
September 30,
2018 |
||||||
Loans (individually or in the aggregate) to any single client, equal to or greater than $20 million
|
|
|
|
|
|
|
||||||
Commercial loans:
|
|
|
|
|
|
|
||||||
Software/internet
|
|
$
|
2,320,065
|
|
|
$
|
2,137,296
|
|
|
$
|
2,337,757
|
|
Hardware
|
|
668,093
|
|
|
707,571
|
|
|
671,773
|
|
|||
Private equity/venture capital
|
|
11,894,626
|
|
|
10,528,120
|
|
|
9,528,896
|
|
|||
Life science/healthcare
|
|
1,062,852
|
|
|
994,340
|
|
|
932,958
|
|
|||
Premium wine (1)
|
|
60,680
|
|
|
79,474
|
|
|
88,019
|
|
|||
Other
|
|
56,856
|
|
|
48,285
|
|
|
55,986
|
|
|||
Total commercial loans
|
|
16,063,172
|
|
|
14,495,086
|
|
|
13,615,389
|
|
|||
Real estate secured loans:
|
|
|
|
|
|
|
||||||
Premium wine (1)
|
|
139,218
|
|
|
151,695
|
|
|
106,136
|
|
|||
Consumer (2)
|
|
32,750
|
|
|
—
|
|
|
—
|
|
|||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total real estate secured loans
|
|
171,968
|
|
|
151,695
|
|
|
106,136
|
|
|||
Construction loans
|
|
44,040
|
|
|
21,145
|
|
|
—
|
|
|||
Consumer loans (2)
|
|
148,261
|
|
|
166,133
|
|
|
207,016
|
|
|||
Total loans individually equal to or greater than $20 million
|
|
$
|
16,427,441
|
|
|
$
|
14,834,059
|
|
|
$
|
13,928,541
|
|
Loans (individually or in the aggregate) to any single client, less than $20 million
|
|
|
|
|
|
|
||||||
Commercial loans:
|
|
|
|
|
|
|
||||||
Software/internet
|
|
$
|
3,747,602
|
|
|
$
|
3,907,054
|
|
|
$
|
3,979,558
|
|
Hardware
|
|
699,799
|
|
|
629,627
|
|
|
646,712
|
|
|||
Private equity/venture capital
|
|
4,415,459
|
|
|
4,160,218
|
|
|
3,840,139
|
|
|||
Life science/healthcare
|
|
1,384,341
|
|
|
1,453,423
|
|
|
1,444,512
|
|
|||
Premium wine
|
|
174,104
|
|
|
156,654
|
|
|
139,480
|
|
|||
Other
|
|
343,631
|
|
|
390,952
|
|
|
221,949
|
|
|||
Total commercial loans
|
|
10,764,936
|
|
|
10,697,928
|
|
|
10,272,350
|
|
|||
Real estate secured loans:
|
|
|
|
|
|
|
||||||
Premium wine
|
|
611,086
|
|
|
602,316
|
|
|
580,631
|
|
|||
Consumer
|
|
2,979,296
|
|
|
2,805,321
|
|
|
2,553,651
|
|
|||
Other
|
|
39,455
|
|
|
39,816
|
|
|
41,076
|
|
|||
Total real estate secured loans
|
|
3,629,837
|
|
|
3,447,453
|
|
|
3,175,358
|
|
|||
Construction loans
|
|
73,613
|
|
|
92,855
|
|
|
81,903
|
|
|||
Consumer loans
|
|
333,176
|
|
|
298,108
|
|
|
210,677
|
|
|||
Total loans individually less than $20 million
|
|
$
|
14,801,562
|
|
|
$
|
14,536,344
|
|
|
$
|
13,740,288
|
|
Total gross loans
|
|
$
|
31,229,003
|
|
|
$
|
29,370,403
|
|
|
$
|
27,668,829
|
|
Loans individually equal to or greater than $20 million as a percentage of total gross loans
|
|
52.6
|
%
|
|
50.5
|
%
|
|
50.3
|
%
|
|||
Total clients with loans individually equal to or greater than $20 million
|
|
388
|
|
|
362
|
|
|
347
|
|
|||
Loans individually equal to or greater than $20 million on nonaccrual status
|
|
$
|
37,294
|
|
|
$
|
—
|
|
|
$
|
27,872
|
|
|
(1)
|
Premium wine clients can have loan balances included in both commercial loans and real estate secured loans, the combination of which are equal to or greater than $20 million.
|
(2)
|
Consumer loan clients can have loan balances included in both real estate secured loans and other consumer loans, the combination of which are equal to or greater than $20 million.
|
(Dollars in thousands, except ratios)
|
|
September 30,
2019 |
|
June 30,
2019 |
|
September 30,
2018 |
||||||
Gross nonaccrual, past due, and restructured loans:
|
|
|
|
|
|
|
||||||
Nonaccrual loans
|
|
$
|
104,045
|
|
|
$
|
96,641
|
|
|
$
|
115,162
|
|
Loans past due 90 days or more still accruing interest
|
|
864
|
|
|
111
|
|
|
163
|
|
|||
Total nonperforming loans
|
|
104,909
|
|
|
96,752
|
|
|
115,325
|
|
|||
OREO and other foreclosed assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total nonperforming assets
|
|
$
|
104,909
|
|
|
$
|
96,752
|
|
|
$
|
115,325
|
|
Nonperforming loans as a percentage of total gross loans
|
|
0.34
|
%
|
|
0.33
|
%
|
|
0.42
|
%
|
|||
Nonperforming assets as a percentage of total assets
|
|
0.15
|
|
|
0.15
|
|
|
0.20
|
|
|||
Allowance for loan losses
|
|
$
|
304,410
|
|
|
$
|
301,888
|
|
|
$
|
285,713
|
|
As a percentage of total gross loans
|
|
0.97
|
%
|
|
1.03
|
%
|
|
1.03
|
%
|
|||
As a percentage of total gross nonperforming loans
|
|
290.17
|
|
|
312.02
|
|
|
247.75
|
|
|||
Allowance for loan losses for nonaccrual loans
|
|
$
|
53,728
|
|
|
$
|
53,067
|
|
|
$
|
49,992
|
|
As a percentage of total gross loans
|
|
0.17
|
%
|
|
0.18
|
%
|
|
0.18
|
%
|
|||
As a percentage of total gross nonperforming loans
|
|
51.21
|
|
|
54.85
|
|
|
43.35
|
|
|||
Allowance for loan losses for total gross performing loans
|
|
$
|
250,682
|
|
|
$
|
248,821
|
|
|
$
|
235,721
|
|
As a percentage of total gross loans
|
|
0.80
|
%
|
|
0.85
|
%
|
|
0.85
|
%
|
|||
As a percentage of total gross performing loans
|
|
0.81
|
|
|
0.85
|
|
|
0.86
|
|
|||
Total gross loans
|
|
$
|
31,229,003
|
|
|
$
|
29,370,403
|
|
|
$
|
27,668,829
|
|
Total gross performing loans
|
|
31,124,094
|
|
|
29,273,651
|
|
|
27,553,504
|
|
|||
Allowance for unfunded credit commitments (1)
|
|
63,108
|
|
|
62,664
|
|
|
51,808
|
|
|||
As a percentage of total unfunded credit commitments
|
|
0.28
|
%
|
|
0.30
|
%
|
|
0.28
|
%
|
|||
Total unfunded credit commitments (2)
|
|
$
|
22,274,418
|
|
|
$
|
20,952,069
|
|
|
$
|
18,539,514
|
|
|
(1)
|
The “allowance for unfunded credit commitments” is included as a component of “other liabilities.”
|
(2)
|
Includes unfunded loan commitments and letters of credit.
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||||||
(Dollars in millions)
|
|
September 30,
2019 |
|
June 30,
2019 |
|
September 30,
2018 |
|
September 30,
2019 |
|
September 30,
2018 |
||||||||||
Sweep money market funds
|
|
$
|
40,321
|
|
|
$
|
40,017
|
|
|
$
|
34,556
|
|
|
$
|
40,048
|
|
|
$
|
30,284
|
|
Client investment assets under management (2)
|
|
42,834
|
|
|
40,825
|
|
|
36,541
|
|
|
40,969
|
|
|
33,561
|
|
|||||
Repurchase agreements
|
|
9,670
|
|
|
8,810
|
|
|
8,464
|
|
|
8,947
|
|
|
7,905
|
|
|||||
Total average client investment funds
|
|
$
|
92,825
|
|
|
$
|
89,652
|
|
|
$
|
79,561
|
|
|
$
|
89,964
|
|
|
$
|
71,750
|
|
|
|
Period-end balances at
|
||||||||||||||||||
(Dollars in millions)
|
|
September 30,
2019 |
|
June 30,
2019 |
|
March 31,
2019 |
|
December 31,
2018 |
|
September 30,
2018 |
||||||||||
Sweep money market funds
|
|
$
|
42,022
|
|
|
$
|
40,008
|
|
|
$
|
40,686
|
|
|
$
|
38,348
|
|
|
$
|
36,067
|
|
Client investment assets under management (2)
|
|
44,886
|
|
|
41,614
|
|
|
39,376
|
|
|
39,214
|
|
|
37,649
|
|
|||||
Repurchase agreements
|
|
9,564
|
|
|
9,873
|
|
|
8,120
|
|
|
8,422
|
|
|
8,369
|
|
|||||
Total period-end client investment funds
|
|
$
|
96,472
|
|
|
$
|
91,495
|
|
|
$
|
88,182
|
|
|
$
|
85,984
|
|
|
$
|
82,085
|
|
|
(1)
|
Off-Balance sheet client investment funds are maintained at third-party financial institutions.
|
(2)
|
These funds represent investments in third-party money market mutual funds and fixed income securities managed by SVB Asset Management.
|
•
|
Income and expense attributable to noncontrolling interests — As part of our funds management business, we recognize the entire income or loss from certain funds where we own less than 100 percent. We are required under GAAP to consolidate 100 percent of the results of certain SVB Capital funds. The relevant amounts attributable to investors other than us are reflected under “Net Income Attributable to Noncontrolling Interests.” Our net income available to common stockholders/certain financial line items include only the portion of income or loss related to our ownership interest.
|
•
|
Non-GAAP core fee income including investment banking revenue and commissions — This measure represents noninterest income, but excludes certain line items where performance is typically subject to market or other conditions beyond our control. We do not provide our outlook for the expected full year results for these excluded items, which include net gains or losses on investment securities, net gains or losses on equity warrant assets and other noninterest income items.
|
•
|
Non-GAAP core fee income — This measure represents noninterest income, but excludes certain line items where performance is typically subject to market or other conditions beyond our control, as well as our investment banking revenue and commissions, and includes client investment fees, foreign exchange fees, credit card fees, deposit service charges, lending related fees and letters of credit and standby letters of credit fees. We do not provide our outlook for the expected full year results for these excluded items, which include net gains or losses on investment securities, net gains or losses on equity warrant assets, investment banking revenue, commissions and other noninterest income items.
|
•
|
Non-GAAP core operating efficiency ratio — This ratio excludes income and expenses related to SVB Leerink and certain financial items where performance is typically subject to market or other conditions beyond our control. It is calculated by dividing noninterest expense after adjusting for noninterest expense attributable to SVB Leerink by total revenue after adjusting for net interest income attributable to SVB Leerink, net gains or losses on investment securities and equity warrant assets, investment banking revenue and commissions. Additionally, noninterest expense and total revenue are adjusted for income or losses and expenses attributable to noncontrolling interests and adjustments to net interest income for a taxable equivalent basis. This ratio is used by management to evaluate the operating efficiency of our core banking business.
|
•
|
Tangible common equity to tangible assets ratio; tangible common equity to risk-weighted assets ratio — These ratios are not required by GAAP or applicable bank regulatory requirements, and are used by management to evaluate the adequacy of our capital levels. Risk-based capital guidelines require a minimum level of capital as a percentage of risk-weighted assets. Risk-weighted assets are calculated by assigning assets and off-balance sheet items to broad risk categories. Our ratios are calculated by dividing total SVBFG stockholders’ equity, by total assets or total risk-weighted assets, as applicable, after reducing amounts by acquired intangibles, if any.
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||||||||||||||
Non-GAAP core fee income including investment banking revenue and commissions and non-GAAP core fee income (Dollars in thousands)
|
|
September 30, 2019
|
|
June 30, 2019
|
|
March 31, 2019
|
|
December 31, 2018
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||||||||
GAAP noninterest income
|
|
$
|
294,009
|
|
|
$
|
333,750
|
|
|
$
|
280,376
|
|
|
$
|
186,707
|
|
|
$
|
210,070
|
|
|
$
|
908,135
|
|
|
$
|
558,277
|
|
Less: gains on investment securities, net
|
|
29,849
|
|
|
47,698
|
|
|
29,028
|
|
|
10,729
|
|
|
32,193
|
|
|
106,575
|
|
|
77,365
|
|
|||||||
Less: net gains on equity warrant assets
|
|
37,561
|
|
|
48,347
|
|
|
21,305
|
|
|
16,749
|
|
|
34,141
|
|
|
107,213
|
|
|
72,393
|
|
|||||||
Less: other noninterest income
|
|
13,631
|
|
|
17,245
|
|
|
11,897
|
|
|
13,187
|
|
|
12,022
|
|
|
42,773
|
|
|
38,671
|
|
|||||||
Non-GAAP core fee income including investment banking revenue and commissions
|
|
$
|
212,968
|
|
|
$
|
220,460
|
|
|
$
|
218,146
|
|
|
$
|
146,042
|
|
|
$
|
131,714
|
|
|
$
|
651,574
|
|
|
$
|
369,848
|
|
Less: investment banking revenue
|
|
38,516
|
|
|
48,694
|
|
|
49,795
|
|
|
—
|
|
|
—
|
|
|
137,005
|
|
|
—
|
|
|||||||
Less: commissions
|
|
12,275
|
|
|
14,429
|
|
|
14,108
|
|
|
—
|
|
|
—
|
|
|
40,812
|
|
|
—
|
|
|||||||
Non-GAAP core fee income
|
|
$
|
162,177
|
|
|
$
|
157,337
|
|
|
$
|
154,243
|
|
|
$
|
146,042
|
|
|
$
|
131,714
|
|
|
$
|
473,757
|
|
|
$
|
369,848
|
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||||||||||||||
Non-GAAP net gains on investment securities, net of noncontrolling interests (Dollars in thousands)
|
September 30, 2019
|
|
June 30, 2019
|
|
March 31, 2019
|
|
December 31, 2018
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
|||||||||||||||
GAAP net gains on investment securities
|
|
$
|
29,849
|
|
|
$
|
47,698
|
|
|
$
|
29,028
|
|
|
$
|
10,729
|
|
|
$
|
32,193
|
|
|
$
|
106,575
|
|
|
$
|
77,365
|
|
Less: income attributable to noncontrolling interests, including carried interest allocation
|
|
14,640
|
|
|
18,598
|
|
|
3,436
|
|
|
8,965
|
|
|
6,641
|
|
|
36,674
|
|
|
29,218
|
|
|||||||
Non-GAAP net gains on investment securities, net of noncontrolling interests
|
|
$
|
15,209
|
|
|
$
|
29,100
|
|
|
$
|
25,592
|
|
|
$
|
1,764
|
|
|
$
|
25,552
|
|
|
$
|
69,901
|
|
|
$
|
48,147
|
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||||||||||||||
Non-GAAP core operating efficiency ratio (Dollars in thousands, except ratios)
|
|
September 30, 2019
|
|
June 30, 2019
|
|
March 31, 2019
|
|
December 31, 2018
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||||||||
GAAP noninterest expense
|
|
$
|
391,324
|
|
|
$
|
383,522
|
|
|
$
|
365,664
|
|
|
$
|
307,592
|
|
|
$
|
309,445
|
|
|
$
|
1,140,510
|
|
|
$
|
880,601
|
|
Less: expense attributable to noncontrolling interests
|
|
145
|
|
|
168
|
|
|
379
|
|
|
173
|
|
|
154
|
|
|
692
|
|
|
349
|
|
|||||||
Non-GAAP noninterest expense, net of noncontrolling interests
|
|
391,179
|
|
|
383,354
|
|
|
365,285
|
|
|
307,419
|
|
|
309,291
|
|
|
1,139,818
|
|
|
880,252
|
|
|||||||
Less: expense attributable to SVB Leerink
|
|
55,200
|
|
|
61,935
|
|
|
60,540
|
|
|
—
|
|
|
—
|
|
|
177,675
|
|
|
—
|
|
|||||||
Non-GAAP noninterest expense, net of noncontrolling interests and SVB Leerink
|
|
$
|
335,979
|
|
|
$
|
321,419
|
|
|
$
|
304,745
|
|
|
$
|
307,419
|
|
|
$
|
309,291
|
|
|
$
|
962,143
|
|
|
$
|
880,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
GAAP net interest income
|
|
$
|
520,644
|
|
|
$
|
529,403
|
|
|
$
|
512,886
|
|
|
$
|
514,460
|
|
|
$
|
493,222
|
|
|
$
|
1,562,933
|
|
|
$
|
1,379,528
|
|
Adjustments for taxable equivalent basis
|
|
2,957
|
|
|
2,905
|
|
|
2,907
|
|
|
2,952
|
|
|
2,858
|
|
|
8,769
|
|
|
6,249
|
|
|||||||
Non-GAAP taxable equivalent net interest income
|
|
523,601
|
|
|
532,308
|
|
|
515,793
|
|
|
517,412
|
|
|
496,080
|
|
|
1,571,702
|
|
|
1,385,777
|
|
|||||||
Less: income attributable to noncontrolling interests
|
|
14
|
|
|
16
|
|
|
11
|
|
|
1
|
|
|
10
|
|
|
41
|
|
|
29
|
|
|||||||
Non-GAAP taxable equivalent net interest income, net of noncontrolling interests
|
|
523,587
|
|
|
532,292
|
|
|
515,782
|
|
|
517,411
|
|
|
496,070
|
|
|
1,571,661
|
|
|
1,385,748
|
|
|||||||
Less: net interest income attributable to SVB Leerink
|
|
277
|
|
|
242
|
|
|
442
|
|
|
—
|
|
|
—
|
|
|
961
|
|
|
—
|
|
|||||||
Non-GAAP taxable equivalent net interest income, net of noncontrolling interests and SVB Leerink
|
|
$
|
523,310
|
|
|
$
|
532,050
|
|
|
$
|
515,340
|
|
|
$
|
517,411
|
|
|
$
|
496,070
|
|
|
$
|
1,570,700
|
|
|
$
|
1,385,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
GAAP noninterest income
|
|
$
|
294,009
|
|
|
$
|
333,750
|
|
|
$
|
280,376
|
|
|
$
|
186,707
|
|
|
$
|
210,070
|
|
|
$
|
908,135
|
|
|
$
|
558,277
|
|
Less: income attributable to noncontrolling interests, including carried interest allocation
|
|
14,568
|
|
|
18,736
|
|
|
3,248
|
|
|
8,839
|
|
|
6,692
|
|
|
36,552
|
|
|
29,161
|
|
|||||||
Non-GAAP noninterest income, net of noncontrolling interests
|
|
279,441
|
|
|
315,014
|
|
|
277,128
|
|
|
177,868
|
|
|
203,378
|
|
|
871,583
|
|
|
529,116
|
|
|||||||
Less: Non-GAAP net gains on investment securities, net of noncontrolling interests
|
|
15,209
|
|
|
29,100
|
|
|
25,592
|
|
|
1,764
|
|
|
25,552
|
|
|
69,901
|
|
|
48,147
|
|
|||||||
Less: net gains on equity warrant assets
|
|
37,561
|
|
|
48,347
|
|
|
21,305
|
|
|
16,749
|
|
|
34,141
|
|
|
107,213
|
|
|
72,393
|
|
|||||||
Less: investment banking revenue
|
|
38,516
|
|
|
48,694
|
|
|
49,795
|
|
|
—
|
|
|
—
|
|
|
137,005
|
|
|
—
|
|
|||||||
Less: commissions
|
|
12,275
|
|
|
14,429
|
|
|
14,108
|
|
|
—
|
|
|
—
|
|
|
40,812
|
|
|
—
|
|
|||||||
Non-GAAP noninterest income, net of noncontrolling interests and net of net gains on investment securities, net gains on equity warrant assets, investment banking revenue and commissions
|
|
$
|
175,880
|
|
|
$
|
174,444
|
|
|
$
|
166,328
|
|
|
$
|
159,355
|
|
|
$
|
143,685
|
|
|
$
|
516,652
|
|
|
$
|
408,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
GAAP total revenue
|
|
$
|
814,653
|
|
|
$
|
863,153
|
|
|
$
|
793,262
|
|
|
$
|
701,167
|
|
|
$
|
703,292
|
|
|
$
|
2,471,068
|
|
|
$
|
1,937,805
|
|
Non-GAAP taxable equivalent revenue, net of noncontrolling interests, SVB Leerink, net of net gains on investment securities, net gains on equity warrant assets, investment banking revenue and commissions
|
|
$
|
699,190
|
|
|
$
|
706,494
|
|
|
$
|
681,668
|
|
|
$
|
676,766
|
|
|
$
|
639,755
|
|
|
$
|
2,087,352
|
|
|
$
|
1,794,324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
GAAP operating efficiency ratio
|
|
48.04
|
%
|
|
44.43
|
%
|
|
46.10
|
%
|
|
43.87
|
%
|
|
44.00
|
%
|
|
46.15
|
%
|
|
45.44
|
%
|
|||||||
Non-GAAP core operating efficiency ratio
|
|
48.05
|
|
|
45.49
|
|
|
44.71
|
|
|
45.42
|
|
|
48.35
|
|
|
46.09
|
|
|
49.06
|
|
|
|
Period-end balances at
|
||||||||||||||||||
Non-GAAP non-marketable and other equity securities, net of noncontrolling interests (Dollars in thousands)
|
|
September 30, 2019
|
|
June 30, 2019
|
|
March 31, 2019
|
|
December 31, 2018
|
|
September 30, 2018
|
||||||||||
GAAP non-marketable and other equity securities
|
|
$
|
1,150,094
|
|
|
$
|
1,079,749
|
|
|
$
|
974,979
|
|
|
$
|
941,104
|
|
|
$
|
896,249
|
|
Less: amounts attributable to noncontrolling interests
|
|
142,182
|
|
|
148,270
|
|
|
134,130
|
|
|
134,962
|
|
|
130,995
|
|
|||||
Non-GAAP non-marketable and other equity securities, net of noncontrolling interests
|
|
$
|
1,007,912
|
|
|
$
|
931,479
|
|
|
$
|
840,849
|
|
|
$
|
806,142
|
|
|
$
|
765,254
|
|
|
|
Period-end balances at
|
||||||||||||||||||
SVB Financial Group tangible common equity, tangible assets and risk-weighted assets (Dollars in thousands, except ratios)
|
|
September 30, 2019
|
|
June 30, 2019
|
|
March 31, 2019
|
|
December 31, 2018
|
|
September 30, 2018
|
||||||||||
GAAP SVBFG stockholders’ equity
|
|
$
|
5,890,680
|
|
|
$
|
5,554,043
|
|
|
$
|
5,342,773
|
|
|
$
|
5,116,209
|
|
|
$
|
4,924,369
|
|
Less: intangible assets
|
|
190,111
|
|
|
192,981
|
|
|
193,219
|
|
|
—
|
|
|
—
|
|
|||||
Tangible common equity
|
|
$
|
5,700,569
|
|
|
$
|
5,361,062
|
|
|
$
|
5,149,554
|
|
|
$
|
5,116,209
|
|
|
$
|
4,924,369
|
|
GAAP total assets
|
|
$
|
68,231,233
|
|
|
$
|
63,773,739
|
|
|
$
|
60,160,285
|
|
|
$
|
56,927,979
|
|
|
$
|
58,139,734
|
|
Less: intangible assets
|
|
190,111
|
|
|
192,981
|
|
|
193,219
|
|
|
—
|
|
|
—
|
|
|||||
Tangible assets
|
|
$
|
68,041,122
|
|
|
$
|
63,580,758
|
|
|
$
|
59,967,066
|
|
|
$
|
56,927,979
|
|
|
$
|
58,139,734
|
|
Risk-weighted assets
|
|
$
|
43,712,495
|
|
|
$
|
40,843,334
|
|
|
$
|
40,048,892
|
|
|
$
|
38,527,853
|
|
|
$
|
37,889,139
|
|
Tangible common equity to tangible assets
|
|
8.38
|
%
|
|
8.43
|
%
|
|
8.59
|
%
|
|
8.99
|
%
|
|
8.47
|
%
|
|||||
Tangible common equity to risk-weighted assets
|
|
13.04
|
|
|
13.13
|
|
|
12.86
|
|
|
13.28
|
|
|
13.00
|
|
|
|
Period-end balances at
|
||||||||||||||||||
Silicon Valley Bank tangible common equity, tangible assets and risk-weighted assets (Dollars in thousands, except ratios)
|
|
September 30, 2019
|
|
June 30, 2019
|
|
March 31, 2019
|
|
December 31, 2018
|
|
September 30, 2018
|
||||||||||
Tangible common equity
|
|
$
|
4,918,767
|
|
|
$
|
4,936,520
|
|
|
$
|
4,696,564
|
|
|
$
|
4,554,814
|
|
|
$
|
4,260,685
|
|
Tangible assets
|
|
$
|
66,824,088
|
|
|
$
|
62,380,814
|
|
|
$
|
58,774,326
|
|
|
$
|
56,047,134
|
|
|
$
|
57,245,029
|
|
Risk-weighted assets
|
|
$
|
41,597,959
|
|
|
$
|
38,821,244
|
|
|
$
|
38,132,316
|
|
|
$
|
37,104,080
|
|
|
$
|
36,424,091
|
|
Tangible common equity to tangible assets
|
|
7.36
|
%
|
|
7.91
|
%
|
|
7.99
|
%
|
|
8.13
|
%
|
|
7.44
|
%
|
|||||
Tangible common equity to risk-weighted assets
|
|
11.82
|
|
|
12.72
|
|
|
12.32
|
|
|
12.28
|
|
|
11.70
|
|