x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 91-1962278 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
3003 Tasman Drive, Santa Clara, California | 95054-1191 | |
(Address of principal executive offices) | (Zip Code) |
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(Dollars in thousands, except par value and share data) | September 30, 2016 | December 31, 2015 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | 2,521,319 | $ | 1,503,257 | ||||
Available-for-sale securities, at fair value (cost of $12,514,893 and $16,375,941, respectively) | 12,665,697 | 16,380,748 | ||||||
Held-to-maturity securities, at cost (fair value of $7,885,333 and $8,758,622, respectively) | 7,791,949 | 8,790,963 | ||||||
Non-marketable and other securities | 625,178 | 674,946 | ||||||
Total investment securities | 21,082,824 | 25,846,657 | ||||||
Loans, net of unearned income | 19,112,265 | 16,742,070 | ||||||
Allowance for loan losses | (240,565 | ) | (217,613 | ) | ||||
Net loans | 18,871,700 | 16,524,457 | ||||||
Premises and equipment, net of accumulated depreciation and amortization | 115,014 | 102,625 | ||||||
Accrued interest receivable and other assets | 683,180 | 709,707 | ||||||
Total assets | $ | 43,274,037 | $ | 44,686,703 | ||||
Liabilities and total equity | ||||||||
Liabilities: | ||||||||
Noninterest-bearing demand deposits | $ | 31,028,974 | $ | 30,867,497 | ||||
Interest-bearing deposits | 7,160,442 | 8,275,279 | ||||||
Total deposits | 38,189,416 | 39,142,776 | ||||||
Short-term borrowings | 2,421 | 774,900 | ||||||
Other liabilities | 562,912 | 639,094 | ||||||
Long-term debt | 795,971 | 796,702 | ||||||
Total liabilities | 39,550,720 | 41,353,472 | ||||||
Commitments and contingencies (Note 12 and Note 15) | ||||||||
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; 52,061,435 shares and 51,610,226 shares outstanding, respectively | 52 | 52 | ||||||
Additional paid-in capital | 1,219,555 | 1,189,032 | ||||||
Retained earnings | 2,276,865 | 1,993,646 | ||||||
Accumulated other comprehensive income | 96,579 | 15,404 | ||||||
Total SVBFG stockholders’ equity | 3,593,051 | 3,198,134 | ||||||
Noncontrolling interests | 130,266 | 135,097 | ||||||
Total equity | 3,723,317 | 3,333,231 | ||||||
Total liabilities and total equity | $ | 43,274,037 | $ | 44,686,703 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands, except per share amounts) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Interest income: | ||||||||||||||||
Loans | $ | 214,227 | $ | 174,993 | $ | 617,456 | $ | 507,746 | ||||||||
Investment securities: | ||||||||||||||||
Taxable | 83,468 | 87,609 | 261,121 | 253,496 | ||||||||||||
Non-taxable | 522 | 707 | 1,693 | 2,220 | ||||||||||||
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities | 2,196 | 1,482 | 5,793 | 4,071 | ||||||||||||
Total interest income | 300,413 | 264,791 | 886,063 | 767,533 | ||||||||||||
Interest expense: | ||||||||||||||||
Deposits | 1,535 | 1,158 | 3,984 | 4,283 | ||||||||||||
Borrowings | 9,717 | 8,973 | 28,161 | 25,894 | ||||||||||||
Total interest expense | 11,252 | 10,131 | 32,145 | 30,177 | ||||||||||||
Net interest income | 289,161 | 254,660 | 853,918 | 737,356 | ||||||||||||
Provision for loan losses | 18,950 | 33,403 | 88,624 | 66,368 | ||||||||||||
Net interest income after provision for loan losses | 270,211 | 221,257 | 765,294 | 670,988 | ||||||||||||
Noninterest income: | ||||||||||||||||
Gains on investment securities, net | 23,178 | 18,768 | 41,764 | 77,006 | ||||||||||||
Gains on derivative instruments, net | 19,744 | 10,244 | 26,847 | 66,290 | ||||||||||||
Foreign exchange fees | 25,944 | 22,995 | 76,998 | 63,037 | ||||||||||||
Credit card fees | 18,295 | 14,536 | 49,226 | 40,841 | ||||||||||||
Deposit service charges | 13,356 | 12,272 | 39,142 | 34,309 | ||||||||||||
Client investment fees | 7,952 | 5,683 | 23,959 | 15,429 | ||||||||||||
Lending related fees | 8,168 | 7,561 | 23,783 | 23,746 | ||||||||||||
Letters of credit and standby letters of credit fees | 6,811 | 5,341 | 18,414 | 15,315 | ||||||||||||
Other | 20,692 | 11,077 | 42,917 | 22,315 | ||||||||||||
Total noninterest income | 144,140 | 108,477 | 343,050 | 358,288 | ||||||||||||
Noninterest expense: | ||||||||||||||||
Compensation and benefits | 136,568 | 109,345 | 374,410 | 350,030 | ||||||||||||
Professional services | 23,443 | 21,137 | 67,959 | 58,834 | ||||||||||||
Premises and equipment | 16,291 | 12,356 | 47,861 | 36,800 | ||||||||||||
Business development and travel | 8,504 | 8,028 | 30,077 | 28,904 | ||||||||||||
Net occupancy | 9,525 | 8,548 | 28,919 | 24,010 | ||||||||||||
FDIC and state assessments | 7,805 | 6,954 | 21,624 | 18,705 | ||||||||||||
Correspondent bank fees | 3,104 | 3,070 | 9,469 | 9,775 | ||||||||||||
Provision for unfunded credit commitments | 1,054 | 1,047 | 1,601 | 249 | ||||||||||||
Other | 15,533 | 14,270 | 44,292 | 42,101 | ||||||||||||
Total noninterest expense | 221,827 | 184,755 | 626,212 | 569,408 | ||||||||||||
Income before income tax expense | 192,524 | 144,979 | 482,132 | 459,868 | ||||||||||||
Income tax expense | 76,877 | 57,017 | 195,508 | 175,057 | ||||||||||||
Net income before noncontrolling interests | 115,647 | 87,962 | 286,624 | 284,811 | ||||||||||||
Net income attributable to noncontrolling interests | (4,566 | ) | (6,229 | ) | (3,405 | ) | (28,419 | ) | ||||||||
Net income available to common stockholders | $ | 111,081 | $ | 81,733 | $ | 283,219 | $ | 256,392 | ||||||||
Earnings per common share—basic | $ | 2.13 | $ | 1.59 | $ | 5.46 | $ | 5.00 | ||||||||
Earnings per common share—diluted | 2.12 | 1.57 | 5.42 | 4.94 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income before noncontrolling interests | $ | 115,647 | $ | 87,962 | $ | 286,624 | $ | 284,811 | ||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||||
Change in cumulative translation (losses) gains: | ||||||||||||||||
Foreign currency translation (losses) gains | (119 | ) | (102 | ) | (2,168 | ) | 2,588 | |||||||||
Related tax benefit (expense) | 50 | 87 | 885 | (1,054 | ) | |||||||||||
Change in unrealized (losses) gains on available-for-sale securities: | ||||||||||||||||
Unrealized holding (losses) gains | (54,204 | ) | 58,902 | 157,564 | 100,468 | |||||||||||
Related tax benefit (expense) | 21,932 | (24,200 | ) | (64,357 | ) | (41,224 | ) | |||||||||
Reclassification adjustment for losses (gains) included in net income | 15 | (13 | ) | (11,567 | ) | (2,750 | ) | |||||||||
Related tax (benefit) expense | (6 | ) | 6 | 4,707 | 1,111 | |||||||||||
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity | (1,690 | ) | (2,565 | ) | (6,507 | ) | (7,997 | ) | ||||||||
Related tax benefit | 680 | 1,032 | 2,618 | 3,218 | ||||||||||||
Other comprehensive (loss) income, net of tax | (33,342 | ) | 33,147 | 81,175 | 54,360 | |||||||||||
Comprehensive income | 82,305 | 121,109 | 367,799 | 339,171 | ||||||||||||
Comprehensive income attributable to noncontrolling interests | (4,566 | ) | (6,229 | ) | (3,405 | ) | (28,419 | ) | ||||||||
Comprehensive income attributable to SVBFG | $ | 77,739 | $ | 114,880 | $ | 364,394 | $ | 310,752 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Total SVBFG Stockholders’ Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||
(Dollars in thousands) | Shares | Amount | |||||||||||||||||||||||||||||
Balance at December 31, 2014 | 50,924,925 | $ | 51 | $ | 1,120,350 | $ | 1,649,967 | $ | 42,704 | $ | 2,813,072 | $ | 1,238,662 | $ | 4,051,734 | ||||||||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 536,635 | — | 14,712 | — | — | 14,712 | — | 14,712 | |||||||||||||||||||||||
Common stock issued under ESOP | 27,425 | — | 3,512 | — | — | 3,512 | — | 3,512 | |||||||||||||||||||||||
Income tax benefit from stock options exercised, vesting of restricted stock and other | — | — | 10,813 | — | — | 10,813 | — | 10,813 | |||||||||||||||||||||||
Deconsolidation of noncontrolling interest | — | — | — | — | — | — | (1,069,437 | ) | (1,069,437 | ) | |||||||||||||||||||||
Net income | — | — | — | 256,392 | — | 256,392 | 28,419 | 284,811 | |||||||||||||||||||||||
Capital calls and distributions, net | — | — | — | — | — | — | (58,315 | ) | (58,315 | ) | |||||||||||||||||||||
Net change in unrealized gains and losses on available-for-sale securities, net of tax | — | — | — | — | 57,605 | 57,605 | — | 57,605 | |||||||||||||||||||||||
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, net of tax | — | — | — | — | (4,779 | ) | (4,779 | ) | — | (4,779 | ) | ||||||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | 1,534 | 1,534 | — | 1,534 | |||||||||||||||||||||||
Share-based compensation, net | — | — | 22,262 | — | — | 22,262 | — | 22,262 | |||||||||||||||||||||||
Other, net | — | — | — | (224 | ) | — | (224 | ) | — | (224 | ) | ||||||||||||||||||||
Balance at September 30, 2015 | 51,488,985 | $ | 51 | $ | 1,171,649 | $ | 1,906,135 | $ | 97,064 | $ | 3,174,899 | $ | 139,329 | $ | 3,314,228 | ||||||||||||||||
Balance at December 31, 2015 | 51,610,226 | $ | 52 | $ | 1,189,032 | $ | 1,993,646 | $ | 15,404 | $ | 3,198,134 | $ | 135,097 | $ | 3,333,231 | ||||||||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 408,044 | — | 8,661 | — | — | 8,661 | — | 8,661 | |||||||||||||||||||||||
Common stock issued under ESOP | 43,165 | — | 4,328 | — | — | 4,328 | — | 4,328 | |||||||||||||||||||||||
Income tax effect from stock options exercised, vesting of restricted stock and other | — | — | (6,300 | ) | — | — | (6,300 | ) | — | (6,300 | ) | ||||||||||||||||||||
Net income | — | — | — | 283,219 | — | 283,219 | 3,405 | 286,624 | |||||||||||||||||||||||
Capital calls and distributions, net | — | — | — | — | — | — | (8,236 | ) | (8,236 | ) | |||||||||||||||||||||
Net change in unrealized gains and losses on available-for-sale securities, net of tax | — | — | — | — | 86,347 | 86,347 | — | 86,347 | |||||||||||||||||||||||
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, net of tax | — | — | — | — | (3,889 | ) | (3,889 | ) | — | (3,889 | ) | ||||||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | (1,283 | ) | (1,283 | ) | — | (1,283 | ) | ||||||||||||||||||||
Share-based compensation, net | — | — | 23,834 | — | — | 23,834 | — | 23,834 | |||||||||||||||||||||||
Balance at September 30, 2016 | 52,061,435 | $ | 52 | $ | 1,219,555 | $ | 2,276,865 | $ | 96,579 | $ | 3,593,051 | $ | 130,266 | $ | 3,723,317 |
Nine months ended September 30, | ||||||||
(Dollars in thousands) | 2016 | 2015 | ||||||
Cash flows from operating activities: | ||||||||
Net income before noncontrolling interests | $ | 286,624 | $ | 284,811 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Provision for loan losses | 88,624 | 66,368 | ||||||
Provision for unfunded credit commitments | 1,601 | 249 | ||||||
Changes in fair values of derivatives, net | (24,875 | ) | (42,295 | ) | ||||
Gains on investment securities, net | (41,764 | ) | (77,006 | ) | ||||
Depreciation and amortization | 35,114 | 28,504 | ||||||
Amortization of premiums and discounts on investment securities, net | 9,622 | 14,659 | ||||||
Amortization of share-based compensation | 22,342 | 24,174 | ||||||
Amortization of deferred loan fees | (72,807 | ) | (64,275 | ) | ||||
Pre-tax net gain on SVBIF sale transaction | — | (1,287 | ) | |||||
Deferred income tax (benefit) expense | (6,839 | ) | 3,131 | |||||
Changes in other assets and liabilities: | ||||||||
Accrued interest receivable and payable, net | 1,169 | (6,312 | ) | |||||
Accounts receivable and payable, net | (12,872 | ) | (18,285 | ) | ||||
Income tax receivable and payable, net | 13,181 | (29,398 | ) | |||||
Accrued compensation | (48,740 | ) | (7,702 | ) | ||||
Foreign exchange spot contracts, net | 1,803 | 7,522 | ||||||
Other, net | 20,821 | 71,349 | ||||||
Net cash provided by operating activities | 273,004 | 254,207 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of available-for-sale securities | — | (2,911,486 | ) | |||||
Proceeds from sales of available-for-sale securities | 2,879,409 | 7,762 | ||||||
Proceeds from maturities and pay downs of available-for-sale securities | 1,002,523 | 1,238,950 | ||||||
Purchases of held-to-maturity securities | (225,526 | ) | (2,057,030 | ) | ||||
Proceeds from maturities and pay downs of held-to-maturity securities | 1,206,367 | 1,153,363 | ||||||
Purchases of non-marketable and other securities | (41,925 | ) | (30,245 | ) | ||||
Proceeds from sales and distributions of non-marketable and other securities | 54,420 | 115,338 | ||||||
Net increase in loans | (2,373,798 | ) | (911,694 | ) | ||||
Proceeds from recoveries of charged-off loans | 8,158 | 5,119 | ||||||
Effect of deconsolidation of noncontrolling interest | — | 15,995 | ||||||
Net proceeds from SVBIF sale transaction | — | 39,284 | ||||||
Purchases of premises and equipment | (37,184 | ) | (37,465 | ) | ||||
Net cash provided by (used for) investing activities | 2,472,444 | (3,372,109 | ) | |||||
Cash flows from financing activities: | ||||||||
Net (decrease) increase in deposits | (953,360 | ) | 2,626,379 | |||||
Net decrease in short-term borrowings | (772,479 | ) | (4,025 | ) | ||||
(Distributions to noncontrolling interests), net of contributions from noncontrolling interests | (8,236 | ) | (16,789 | ) | ||||
Tax effect from stock exercises | (6,300 | ) | 10,813 | |||||
Proceeds from issuance of common stock, ESPP, and ESOP | 12,989 | 18,224 | ||||||
Proceeds from issuance of 3.50% Senior Notes | — | 346,431 | ||||||
Net cash (used for) provided by financing activities | (1,727,386 | ) | 2,981,033 | |||||
Net increase (decrease) in cash and cash equivalents | 1,018,062 | (136,869 | ) | |||||
Cash and cash equivalents at beginning of period (1) | 1,503,257 | 1,811,014 | ||||||
Cash and cash equivalents at end of period | $ | 2,521,319 | $ | 1,674,145 | ||||
Supplemental disclosures: | ||||||||
Cash paid during the period for: | ||||||||
Interest | $ | 39,317 | $ | 32,183 | ||||
Income taxes | 186,474 | 182,479 | ||||||
Noncash items during the period: | ||||||||
Changes in unrealized gains and losses on available-for-sale securities, net of tax | $ | 86,347 | $ | 57,605 | ||||
Distributions of stock from investments (2) | 750 | 64,120 |
(1) | Cash and cash equivalents at December 31, 2014 included $15.0 million recognized in assets held-for-sale in conjunction with the SVBIF sale transaction. |
(2) | For the nine months ended September 30, 2015, includes distributions to noncontrolling interests of $41.5 million. |
1. | Basis of Presentation |
2. | Stockholders’ Equity and EPS |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
(Dollars in thousands) | Income Statement Location | 2016 | 2015 | 2016 | 2015 | |||||||||||||
Reclassification adjustment for losses (gains) included in net income | Gains on investment securities, net | $ | 15 | $ | (13 | ) | $ | (11,567 | ) | $ | (2,750 | ) | ||||||
Related tax (benefit) expense | Income tax expense | (6 | ) | 6 | 4,707 | 1,111 | ||||||||||||
Total reclassification adjustment for losses (gains) included in net income, net of tax | $ | 9 | $ | (7 | ) | $ | (6,860 | ) | $ | (1,639 | ) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars and shares in thousands, except per share amounts) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Numerator: | ||||||||||||||||
Net income available to common stockholders | $ | 111,081 | $ | 81,733 | $ | 283,219 | $ | 256,392 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding-basic | 52,046 | 51,479 | 51,842 | 51,254 | ||||||||||||
Weighted average effect of dilutive securities: | ||||||||||||||||
Stock options and ESPP | 233 | 382 | 245 | 411 | ||||||||||||
Restricted stock units | 134 | 187 | 142 | 213 | ||||||||||||
Denominator for diluted calculation | 52,413 | 52,048 | 52,229 | 51,878 | ||||||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 2.13 | $ | 1.59 | $ | 5.46 | $ | 5.00 | ||||||||
Diluted | $ | 2.12 | $ | 1.57 | $ | 5.42 | $ | 4.94 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||
(Shares in thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||
Stock options | 518 | 142 | 444 | 169 | ||||||||
Restricted stock units | 120 | 1 | 9 | — | ||||||||
Total | 638 | 143 | 453 | 169 |
3. | Share-Based Compensation |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Share-based compensation expense | $ | 7,916 | $ | 8,188 | $ | 22,342 | $ | 24,174 | ||||||||
Income tax benefit related to share-based compensation expense | (2,881 | ) | (3,051 | ) | (7,461 | ) | (8,381 | ) |
(Dollars in thousands) | Unrecognized Expense | Average Expected Recognition Period - in Years | ||||
Stock options | $ | 11,150 | 2.52 | |||
Restricted stock units | 51,094 | 2.68 | ||||
Total unrecognized share-based compensation expense | $ | 62,244 |
Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life - in Years | Aggregate Intrinsic Value of In-The- Money Options | ||||||||||
Outstanding at December 31, 2015 | 1,137,228 | $ | 77.12 | ||||||||||
Granted | 177,203 | 105.11 | |||||||||||
Exercised | (141,248 | ) | 43.90 | ||||||||||
Forfeited | (19,305 | ) | 100.80 | ||||||||||
Expired | (190 | ) | 19.48 | ||||||||||
Outstanding at September 30, 2016 | 1,153,688 | 85.10 | 3.83 | $ | 31,649,669 | ||||||||
Vested and expected to vest at September 30, 2016 | 1,123,538 | 84.47 | 3.77 | 31,469,498 | |||||||||
Exercisable at September 30, 2016 | 706,677 | 72.25 | 2.81 | 27,648,800 |
Shares | Weighted Average Grant Date Fair Value | ||||||
Nonvested at December 31, 2015 | 572,038 | $ | 103.50 | ||||
Granted | 359,028 | 100.17 | |||||
Vested | (215,587 | ) | 87.67 | ||||
Forfeited | (24,508 | ) | 106.50 | ||||
Nonvested at September 30, 2016 | 690,971 | 106.61 |
4. | Variable Interest Entities |
(Dollars in thousands) | Consolidated VIEs | Unconsolidated VIEs | Maximum Exposure to Loss in Unconsolidated VIEs | |||||||||
September 30, 2016: | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | $ | 12,870 | $ | — | $ | — | ||||||
Non-marketable and other securities (1) | 195,956 | 312,693 | 312,693 | |||||||||
Accrued interest receivable and other assets | 333 | — | — | |||||||||
Total assets | $ | 209,159 | $ | 312,693 | $ | 312,693 | ||||||
Liabilities: | ||||||||||||
Accrued expenses and other liabilities (1) | 909 | 52,846 | — | |||||||||
Total liabilities | $ | 909 | $ | 52,846 | $ | — | ||||||
December 31, 2015: | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | $ | 11,811 | $ | — | $ | — | ||||||
Non-marketable and other securities (1) | 203,714 | 364,450 | 364,450 | |||||||||
Accrued interest receivable and other assets | 494 | — | — | |||||||||
Total assets | $ | 216,019 | $ | 364,450 | $ | 364,450 | ||||||
Liabilities: | ||||||||||||
Accrued expenses and other liabilities (1) | 433 | 90,978 | — | |||||||||
Total liabilities | $ | 433 | $ | 90,978 | $ | — |
(1) | Included in our unconsolidated non-marketable and other securities portfolio at September 30, 2016 and December 31, 2015 are investments in qualified affordable housing projects of $106.5 million and $154.4 million, respectively and related unfunded commitments of $52.8 million and $91.0 million, respectively. |
5. | Cash and Cash Equivalents |
(Dollars in thousands) | September 30, 2016 | December 31, 2015 | ||||||
Cash and due from banks (1) | $ | 2,352,469 | $ | 1,372,743 | ||||
Securities purchased under agreements to resell (2) | 163,719 | 125,391 | ||||||
Other short-term investment securities | 5,131 | 5,123 | ||||||
Total cash and cash equivalents | $ | 2,521,319 | $ | 1,503,257 |
(1) | At September 30, 2016 and December 31, 2015, $1.3 billion and $405 million, respectively, of our cash and due from banks was deposited at the Federal Reserve Bank and was earning interest at the Federal Funds target rate, and interest-earning deposits in other financial institutions were $724 million and $500 million, respectively. |
(2) | At September 30, 2016 and December 31, 2015, securities purchased under agreements to resell were collateralized by U.S. Treasury securities and U.S. agency securities with aggregate fair values of $167 million and $128 million, respectively. None of these securities received as collateral were sold or pledged as of September 30, 2016 or December 31, 2015. |
6. | Investment Securities |
September 30, 2016 | ||||||||||||||||
(Dollars in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Carrying Value | ||||||||||||
Available-for-sale securities, at fair value: | ||||||||||||||||
U.S. Treasury securities | $ | 8,828,906 | $ | 110,721 | $ | — | $ | 8,939,627 | ||||||||
U.S. agency debentures | 2,089,590 | 36,982 | — | 2,126,572 | ||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 1,089,956 | 4,896 | (2,563 | ) | 1,092,289 | |||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 504,134 | 839 | (486 | ) | 504,487 | |||||||||||
Equity securities | 2,307 | 637 | (222 | ) | 2,722 | |||||||||||
Total available-for-sale securities | $ | 12,514,893 | $ | 154,075 | $ | (3,271 | ) | $ | 12,665,697 |
December 31, 2015 | ||||||||||||||||
(Dollars in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Carrying Value | ||||||||||||
Available-for-sale securities, at fair value: | ||||||||||||||||
U.S. Treasury securities | $ | 11,679,450 | $ | 19,134 | $ | (20,549 | ) | $ | 11,678,035 | |||||||
U.S. agency debentures | 2,677,453 | 17,684 | (5,108 | ) | 2,690,029 | |||||||||||
Residential mortgage-backed securities: | ||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 1,408,206 | 6,591 | (15,518 | ) | 1,399,279 | |||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 604,236 | 3,709 | (9 | ) | 607,936 | |||||||||||
Equity securities | 6,596 | 460 | (1,587 | ) | 5,469 | |||||||||||
Total available-for-sale securities | $ | 16,375,941 | $ | 47,578 | $ | (42,771 | ) | $ | 16,380,748 |
September 30, 2016 | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
(Dollars in thousands) | Fair Value of Investments | Unrealized Losses | Fair Value of Investments | Unrealized Losses | Fair Value of Investments | Unrealized Losses | ||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | $ | 310,991 | $ | (469 | ) | $ | 247,100 | $ | (2,094 | ) | $ | 558,091 | $ | (2,563 | ) | |||||||||
Agency-issued collateralized mortgage obligations—variable rate | 221,818 | (486 | ) | — | — | 221,818 | (486 | ) | ||||||||||||||||
Equity securities | 932 | (222 | ) | — | — | 932 | (222 | ) | ||||||||||||||||
Total temporarily impaired securities: (1) | $ | 533,741 | $ | (1,177 | ) | $ | 247,100 | $ | (2,094 | ) | $ | 780,841 | $ | (3,271 | ) |
(1) | As of September 30, 2016, we identified a total of 103 investments that were in unrealized loss positions, of which 14 investments totaling $247.1 million with unrealized losses of $2.1 million have been in an impaired position for a period of time greater than 12 months. As of September 30, 2016, we do not intend to sell any impaired fixed income investment securities prior to recovery of our adjusted cost basis, and it is more likely than not that we will not be required to sell any of our securities prior to recovery of our adjusted cost basis. Based on our analysis as of September 30, 2016, we deem all impairments to be temporary, and therefore changes in value for our temporarily impaired securities as of the same date are included in other comprehensive income. Market valuations and impairment analyses on assets in the available-for-sale securities portfolio are reviewed and monitored on a quarterly basis. |
December 31, 2015 | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
(Dollars in thousands) | Fair Value of Investments | Unrealized Losses | Fair Value of Investments | Unrealized Losses | Fair Value of Investments | Unrealized Losses | ||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
U.S. Treasury securities | $ | 7,467,519 | $ | (20,549 | ) | $ | — | $ | — | $ | 7,467,519 | $ | (20,549 | ) | ||||||||||
U.S. agency debentures | 760,071 | (5,108 | ) | — | — | 760,071 | (5,108 | ) | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 545,404 | (4,681 | ) | 373,284 | (10,837 | ) | 918,688 | (15,518 | ) | |||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 7,776 | (9 | ) | — | — | 7,776 | (9 | ) | ||||||||||||||||
Equity securities | 2,955 | (1,587 | ) | — | — | 2,955 | (1,587 | ) | ||||||||||||||||
Total temporarily impaired securities (1): | $ | 8,783,725 | $ | (31,934 | ) | $ | 373,284 | $ | (10,837 | ) | $ | 9,157,009 | $ | (42,771 | ) |
(1) | As of December 31, 2015, we identified a total of 243 investments that were in unrealized loss positions, of which 18 investments totaling $373.3 million with unrealized losses of $10.8 million have been in an impaired position for a period of time greater than 12 months. |
September 30, 2016 | |||||||||||||||||||||||||||||||||||
Total | One Year or Less | After One Year to Five Years | After Five Years to Ten Years | After Ten Years | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying Value | Weighted- Average Yield | Carrying Value | Weighted- Average Yield | Carrying Value | Weighted- Average Yield | Carrying Value | Weighted- Average Yield | Carrying Value | Weighted- Average Yield | |||||||||||||||||||||||||
U.S. Treasury securities | $ | 8,939,627 | 1.31 | % | $ | 1,652,444 | 0.80 | % | $ | 7,287,183 | 1.43 | % | $ | — | — | % | $ | — | — | % | |||||||||||||||
U.S. agency debentures | 2,126,572 | 1.60 | 426,210 | 1.17 | 1,700,362 | 1.71 | — | — | — | — | |||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - fixed rate | 1,092,289 | 1.91 | — | — | — | — | 755,958 | 2.09 | 336,331 | 1.52 | |||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - variable rate | 504,487 | 0.71 | — | — | — | — | — | — | 504,487 | 0.71 | |||||||||||||||||||||||||
Total | $ | 12,662,975 | 1.39 | $ | 2,078,654 | 0.88 | $ | 8,987,545 | 1.48 | $ | 755,958 | 2.09 | $ | 840,818 | 1.03 |
September 30, 2016 | ||||||||||||||||
(Dollars in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
Held-to-maturity securities, at cost: | ||||||||||||||||
U.S. agency debentures (1) | $ | 622,692 | $ | 17,642 | $ | — | $ | 640,334 | ||||||||
Residential mortgage-backed securities: | ||||||||||||||||
Agency-issued mortgage-backed securities | 2,092,082 | 37,993 | (309 | ) | 2,129,766 | |||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 3,593,453 | 28,800 | (1,962 | ) | 3,620,291 | |||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 327,673 | 188 | (580 | ) | 327,281 | |||||||||||
Agency-issued commercial mortgage-backed securities | 1,101,234 | 12,837 | (311 | ) | 1,113,760 | |||||||||||
Municipal bonds and notes | 54,815 | 121 | (1,035 | ) | 53,901 | |||||||||||
Total held-to-maturity securities | $ | 7,791,949 | $ | 97,581 | $ | (4,197 | ) | $ | 7,885,333 |
(1) | Consists of pools of Small Business Investment Company debentures issued and guaranteed by the U.S. Small Business Administration, an independent agency of the United States. |
December 31, 2015 | ||||||||||||||||
(Dollars in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
Held-to-maturity securities, at cost: | ||||||||||||||||
U.S. agency debentures (1) | $ | 545,473 | $ | 8,876 | $ | — | $ | 554,349 | ||||||||
Residential mortgage-backed securities: | ||||||||||||||||
Agency-issued mortgage-backed securities | 2,366,627 | 546 | (11,698 | ) | 2,355,475 | |||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 4,225,781 | 3,054 | (32,999 | ) | 4,195,836 | |||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 370,779 | 758 | (33 | ) | 371,504 | |||||||||||
Agency-issued commercial mortgage-backed securities | 1,214,716 | 3,405 | (3,475 | ) | 1,214,646 | |||||||||||
Municipal bonds and notes | 67,587 | 55 | (830 | ) | 66,812 | |||||||||||
Total held-to-maturity securities | $ | 8,790,963 | $ | 16,694 | $ | (49,035 | ) | $ | 8,758,622 |
(1) | Consists of pools of Small Business Investment Company debentures issued and guaranteed by the U.S. Small Business Administration, an independent agency of the United States. |
September 30, 2016 | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
(Dollars in thousands) | Fair Value of Investments | Unrealized Losses | Fair Value of Investments | Unrealized Losses | Fair Value of Investments | Unrealized Losses | ||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency-issued mortgage-backed securities | $ | 8,249 | $ | (53 | ) | $ | 23,238 | $ | (256 | ) | $ | 31,487 | $ | (309 | ) | |||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 77,313 | (136 | ) | 247,706 | (1,826 | ) | 325,019 | (1,962 | ) | |||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 207,339 | (580 | ) | — | — | 207,339 | (580 | ) | ||||||||||||||||
Agency-issued commercial mortgage-backed securities | 112,586 | (157 | ) | 19,272 | (154 | ) | 131,858 | (311 | ) | |||||||||||||||
Municipal bonds and notes | 14,577 | (131 | ) | 32,995 | (904 | ) | 47,572 | (1,035 | ) | |||||||||||||||
Total temporarily impaired securities (1): | $ | 420,064 | $ | (1,057 | ) | $ | 323,211 | $ | (3,140 | ) | $ | 743,275 | $ | (4,197 | ) |
(1) | As of September 30, 2016, we identified a total of 140 investments that were in unrealized loss positions, of which 78 investments totaling $323.2 million with unrealized losses of $3.1 million have been in an impaired position for a period of time greater than 12 months. As of September 30, 2016, we do not intend to sell any impaired fixed income investment securities prior to recovery of our adjusted cost basis, and it is more likely than not that we will not be required to sell any of our securities prior to recovery of our adjusted cost basis, which is consistent with our classification of these securities. Based on our analysis as of September 30, 2016, we deem all impairments to be temporary. Market valuations and impairment analyses on assets in the held-to-maturity securities portfolio are reviewed and monitored on a quarterly basis. |
December 31, 2015 | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
(Dollars in thousands) | Fair Value of Investments | Unrealized Losses | Fair Value of Investments | Unrealized Losses | Fair Value of Investments | Unrealized Losses | ||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency-issued mortgage-backed securities | $ | 2,121,258 | $ | (10,860 | ) | $ | 22,507 | $ | (838 | ) | $ | 2,143,765 | $ | (11,698 | ) | |||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 3,153,483 | (30,230 | ) | 150,058 | (2,769 | ) | 3,303,541 | (32,999 | ) | |||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 170,350 | (33 | ) | — | — | 170,350 | (33 | ) | ||||||||||||||||
Agency-issued commercial mortgage-backed securities | 823,414 | (2,994 | ) | 40,276 | (481 | ) | 863,690 | (3,475 | ) | |||||||||||||||
Municipal bonds and notes | 34,278 | (274 | ) | 25,509 | (556 | ) | 59,787 | (830 | ) | |||||||||||||||
Total temporarily impaired securities (1): | $ | 6,302,783 | $ | (44,391 | ) | $ | 238,350 | $ | (4,644 | ) | $ | 6,541,133 | $ | (49,035 | ) |
(1) | As of December 31, 2015, we identified a total of 384 investments that were in unrealized loss positions, of which 58 investments totaling $238.4 million with unrealized losses of $4.6 million have been in an impaired position for a period of time greater than 12 months. |
September 30, 2016 | |||||||||||||||||||||||||||||||||||
Total | One Year or Less | After One Year to Five Years | After Five Years to Ten Years | After Ten Years | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Weighted- Average Yield | Amortized Cost | Weighted- Average Yield | Amortized Cost | Weighted- Average Yield | Amortized Cost | Weighted- Average Yield | Amortized Cost | Weighted- Average Yield | |||||||||||||||||||||||||
U.S. agency debentures | $ | 622,692 | 2.43 | % | $ | — | — | % | $ | 47,478 | 3.25 | % | $ | 575,214 | 2.36 | % | $ | — | — | % | |||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 2,092,082 | 2.38 | — | — | 257,766 | 2.58 | 216,197 | 1.74 | 1,618,119 | 2.44 | |||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - fixed rate | 3,593,453 | 1.73 | — | — | — | — | 22,233 | 1.75 | 3,571,220 | 1.73 | |||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - variable rate | 327,673 | 0.74 | — | — | — | — | — | — | 327,673 | 0.74 | |||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | 1,101,234 | 2.13 | — | — | — | — | — | — | 1,101,234 | 2.13 | |||||||||||||||||||||||||
Municipal bonds and notes | 54,815 | 6.07 | 4,076 | 5.76 | 23,925 | 6.02 | 24,204 | 6.13 | 2,610 | 6.46 | |||||||||||||||||||||||||
Total | $ | 7,791,949 | 2.01 | $ | 4,076 | 5.76 | $ | 329,169 | 2.93 | $ | 837,848 | 2.29 | $ | 6,620,856 | 1.92 |
(Dollars in thousands) | September 30, 2016 | December 31, 2015 | ||||||
Non-marketable and other securities: | ||||||||
Non-marketable securities (fair value accounting): | ||||||||
Venture capital and private equity fund investments (1) | $ | 141,841 | $ | 152,237 | ||||
Other venture capital investments (2) | 2,040 | 2,040 | ||||||
Other securities (fair value accounting) (3) | 579 | 548 | ||||||
Non-marketable securities (equity method accounting) (4): | ||||||||
Venture capital and private equity fund investments | 84,904 | 85,705 | ||||||
Debt funds | 18,971 | 21,970 | ||||||
Other investments | 128,422 | 118,532 | ||||||
Non-marketable securities (cost method accounting): | ||||||||
Venture capital and private equity fund investments (5) | 115,113 | 120,676 | ||||||
Other investments | 26,834 | 18,882 | ||||||
Investments in qualified affordable housing projects, net (6) | 106,474 | 154,356 | ||||||
Total non-marketable and other securities | $ | 625,178 | $ | 674,946 |
(1) | The following table shows the amounts of venture capital and private equity fund investments held by the following funds and our ownership percentage of each fund at September 30, 2016 and December 31, 2015 (fair value accounting): |
September 30, 2016 | December 31, 2015 | |||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||
SVB Strategic Investors Fund, LP | $ | 17,940 | 12.6 | % | $ | 20,794 | 12.6 | % | ||||||
SVB Capital Preferred Return Fund, LP | 57,488 | 20.0 | 60,619 | 20.0 | ||||||||||
SVB Capital—NT Growth Partners, LP | 59,692 | 33.0 | 62,983 | 33.0 | ||||||||||
Other private equity fund (i) | 6,721 | 58.2 | 7,841 | 58.2 | ||||||||||
Total venture capital and private equity fund investments | $ | 141,841 | $ | 152,237 |
(i) | At September 30, 2016, we had a direct ownership interest of 41.5 percent in the other private equity fund and an indirect ownership interest of 12.6 percent through our ownership interest of SVB Capital—NT Growth Partners, LP and an indirect ownership interest of 4.1 percent through our ownership interest of SVB Capital Preferred Return Fund, LP. |
(2) | The following table shows the amounts of other venture capital investments held by the following fund and our ownership percentage at September 30, 2016 and December 31, 2015 (fair value accounting): |
September 30, 2016 | December 31, 2015 | |||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||
Silicon Valley BancVentures, LP | $ | 2,040 | 10.7 | % | $ | 2,040 | 10.7 | % | ||||||
Total other venture capital investments | $ | 2,040 | $ | 2,040 |
(3) | Investments classified as other securities (fair value accounting) represent direct equity investments in public companies held by our consolidated funds. |
(4) | The following table shows the carrying value and our ownership percentage of each investment at September 30, 2016 and December 31, 2015 (equity method accounting): |
September 30, 2016 | December 31, 2015 | |||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||
Venture capital and private equity fund investments: | ||||||||||||||
SVB Strategic Investors Fund II, LP | $ | 9,133 | 8.6 | % | $ | 10,035 | 8.6 | % | ||||||
SVB Strategic Investors Fund III, LP | 21,369 | 5.9 | 23,926 | 5.9 | ||||||||||
SVB Strategic Investors Fund IV, LP | 25,737 | 5.0 | 26,411 | 5.0 | ||||||||||
Strategic Investors Fund V funds | 11,715 | Various | 10,470 | Various | ||||||||||
Other venture capital and private equity fund investments | 16,950 | Various | 14,863 | Various | ||||||||||
Total venture capital and private equity fund investments | $ | 84,904 | $ | 85,705 | ||||||||||
Debt funds: | ||||||||||||||
Gold Hill Capital 2008, LP (i) | $ | 15,496 | 15.5 | % | $ | 17,453 | 15.5 | % | ||||||
Other debt funds | 3,475 | Various | 4,517 | Various | ||||||||||
Total debt funds | $ | 18,971 | $ | 21,970 | ||||||||||
Other investments: | ||||||||||||||
China Joint Venture investment | $ | 77,817 | 50.0 | % | $ | 78,799 | 50.0 | % | ||||||
Other investments | 50,605 | Various | 39,733 | Various | ||||||||||
Total other investments | $ | 128,422 | $ | 118,532 |
(i) | At September 30, 2016, we had a direct ownership interest of 11.5 percent in the fund and an indirect interest in the fund through our investment in Gold Hill Capital 2008, LLC of 4.0 percent. |
(5) | Represents investments in 255 and 267 funds (primarily venture capital funds) at September 30, 2016 and December 31, 2015, respectively, where our ownership interest is typically less than 5% of the voting interests of each such fund and in which we do not have the ability to exercise significant influence over the partnerships operating activities and financial policies. The carrying value, and estimated fair value, of these venture capital and private equity fund investments (cost method accounting) was $115 million and $218 million, respectively, as of September 30, 2016. The carrying value, and estimated fair value, of these venture capital and private equity fund investments (cost method accounting) was $121 million and $233 million, respectively, as of December 31, 2015. |
(6) | The following table presents the balances of our investments in qualified affordable housing projects and related unfunded commitments at September 30, 2016 and December 31, 2015: |
(Dollars in thousands) | September 30, 2016 | December 31, 2015 | ||||||
Investments in qualified affordable housing projects, net | $ | 106,474 | $ | 154,356 | ||||
Accrued expenses and other liabilities | 52,846 | 90,978 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Tax credits and other tax benefits recognized | $ | 3,995 | $ | 4,780 | $ | 12,127 | $ | 11,207 | ||||||||
Amortization expense included in provision for income taxes (i) | 2,556 | 2,011 | 9,746 | 7,549 |
(i) | All investments are amortized using the proportional amortization method and amortization expense is included in the provision for income taxes. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Gross gains on investment securities: | ||||||||||||||||
Available-for-sale securities, at fair value (1) | $ | 84 | $ | 46 | $ | 14,238 | $ | 2,971 | ||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||||
Venture capital and private equity fund investments | 6,030 | 6,746 | 16,377 | 24,767 | ||||||||||||
Other venture capital investments | 4 | 15 | 17 | 198 | ||||||||||||
Other securities (fair value accounting) | 271 | 40 | 639 | 9,108 | ||||||||||||
Non-marketable securities (equity method accounting): | ||||||||||||||||
Venture capital and private equity fund investments | 5,679 | 6,655 | 9,351 | 19,378 | ||||||||||||
Debt funds | 295 | 379 | 1,259 | 2,067 | ||||||||||||
Other investments | 7,487 | 2,282 | 11,528 | 5,009 | ||||||||||||
Non-marketable securities (cost method accounting): | ||||||||||||||||
Venture capital and private equity fund investments | 6,328 | 5,624 | 14,180 | 21,101 | ||||||||||||
Other investments | 150 | — | 163 | 576 | ||||||||||||
Total gross gains on investment securities | 26,328 | 21,787 | 67,752 | 85,175 | ||||||||||||
Gross losses on investment securities: | ||||||||||||||||
Available-for-sale securities, at fair value (1) | (99 | ) | (33 | ) | (2,671 | ) | (221 | ) | ||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||||
Venture capital and private equity fund investments | (2,122 | ) | (1,148 | ) | (15,958 | ) | (2,695 | ) | ||||||||
Other venture capital investments | — | — | (38 | ) | (52 | ) | ||||||||||
Other securities (fair value accounting) | (100 | ) | (325 | ) | (507 | ) | (1,117 | ) | ||||||||
Non-marketable securities (equity method accounting): | ||||||||||||||||
Venture capital and private equity fund investments | (444 | ) | (472 | ) | (4,465 | ) | (909 | ) | ||||||||
Debt funds | (129 | ) | (1 | ) | (458 | ) | (589 | ) | ||||||||
Other investments | (205 | ) | (902 | ) | (1,161 | ) | (2,042 | ) | ||||||||
Non-marketable securities (cost method accounting): | ||||||||||||||||
Venture capital and private equity fund investments (2) | (51 | ) | (132 | ) | (492 | ) | (530 | ) | ||||||||
Other investments | — | (6 | ) | (238 | ) | (14 | ) | |||||||||
Total gross losses on investment securities | (3,150 | ) | (3,019 | ) | (25,988 | ) | (8,169 | ) | ||||||||
Gains on investment securities, net | $ | 23,178 | $ | 18,768 | $ | 41,764 | $ | 77,006 |
(1) | Includes realized gains (losses) on sales of available-for-sale equity securities that are recognized in the income statement. Unrealized gains (losses) on available-for-sale fixed income and equity securities are recognized in other comprehensive income. The cost basis of available-for-sale securities sold is determined on a specific identification basis. |
(2) | For the three months ended September 30, 2016 and 2015, includes OTTI losses of $0.1 million from the declines in value for 5 of the 255 investments and $0.1 million from the declines in value for 4 of the 270 investments, respectively. For the nine months ended September 30, 2016 and 2015, includes OTTI losses of $0.5 million from the declines in value for 21 of the 255 investments and $0.4 million from the declines in value for 19 of the 270 investments, respectively. We concluded that any declines in value for the remaining investments were temporary, and as such, no OTTI was required to be recognized. |
7. | Loans and Allowance for Loan Losses |
(Dollars in thousands) | September 30, 2016 | December 31, 2015 | ||||||
Commercial loans: | ||||||||
Software and internet | $ | 5,393,425 | $ | 5,437,915 | ||||
Hardware | 1,147,830 | 1,071,528 | ||||||
Private equity/venture capital | 7,412,238 | 5,467,577 | ||||||
Life science/healthcare | 1,732,917 | 1,710,642 | ||||||
Premium wine | 190,223 | 201,175 | ||||||
Other | 368,474 | 312,278 | ||||||
Total commercial loans | 16,245,107 | 14,201,115 | ||||||
Real estate secured loans: | ||||||||
Premium wine (1) | 681,808 | 646,120 | ||||||
Consumer loans (2) | 1,835,630 | 1,544,440 | ||||||
Other | 43,925 | 44,830 | ||||||
Total real estate secured loans | 2,561,363 | 2,235,390 | ||||||
Construction loans | 64,689 | 78,682 | ||||||
Consumer loans | 241,106 | 226,883 | ||||||
Total loans, net of unearned income (3) | $ | 19,112,265 | $ | 16,742,070 |
(1) | Included in our premium wine portfolio are gross construction loans of $109 million and $121 million at September 30, 2016 and December 31, 2015, respectively. |
(2) | Consumer loans secured by real estate at September 30, 2016 and December 31, 2015 were comprised of the following: |
(Dollars in thousands) | September 30, 2016 | December 31, 2015 | ||||||
Loans for personal residence | $ | 1,563,697 | $ | 1,312,818 | ||||
Loans to eligible employees | 189,593 | 156,001 | ||||||
Home equity lines of credit | 82,340 | 75,621 | ||||||
Consumer loans secured by real estate | $ | 1,835,630 | $ | 1,544,440 |
(3) | Included within our total loan portfolio are credit card loans of $201 million and $177 million at September 30, 2016 and December 31, 2015, respectively. |
(Dollars in thousands) | September 30, 2016 | December 31, 2015 | ||||||
Commercial loans: | ||||||||
Software and internet | $ | 5,393,425 | $ | 5,437,915 | ||||
Hardware | 1,147,830 | 1,071,528 | ||||||
Private equity/venture capital | 7,412,238 | 5,467,577 | ||||||
Life science/healthcare | 1,732,917 | 1,710,642 | ||||||
Premium wine | 872,031 | 847,295 | ||||||
Other | 477,088 | 435,790 | ||||||
Total commercial loans | 17,035,529 | 14,970,747 | ||||||
Consumer loans: | ||||||||
Real estate secured loans | 1,835,630 | 1,544,440 | ||||||
Other consumer loans | 241,106 | 226,883 | ||||||
Total consumer loans | 2,076,736 | 1,771,323 | ||||||
Total loans, net of unearned income | $ | 19,112,265 | $ | 16,742,070 |
(Dollars in thousands) | 30 - 59 Days Past Due | 60 - 89 Days Past Due | Greater Than 90 Days Past Due | Total Past Due | Current | Loans Past Due 90 Days or More Still Accruing Interest | ||||||||||||||||||
September 30, 2016: | ||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Software and internet | $ | 11,975 | $ | 2,715 | $ | 59 | $ | 14,749 | $ | 5,359,727 | $ | 59 | ||||||||||||
Hardware | 4,909 | 6,577 | — | 11,486 | 1,095,263 | — | ||||||||||||||||||
Private equity/venture capital | 18 | 4 | 51 | 73 | 7,465,573 | 51 | ||||||||||||||||||
Life science/healthcare | 856 | 143 | — | 999 | 1,690,070 | — | ||||||||||||||||||
Premium wine | 12,265 | — | — | 12,265 | 860,353 | — | ||||||||||||||||||
Other | 93 | 3 | 15 | 111 | 479,754 | 15 | ||||||||||||||||||
Total commercial loans | 30,116 | 9,442 | 125 | 39,683 | 16,950,740 | 125 | ||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||
Real estate secured loans | 961 | — | — | 961 | 1,831,891 | — | ||||||||||||||||||
Other consumer loans | 285 | — | — | 285 | 238,221 | — | ||||||||||||||||||
Total consumer loans | 1,246 | — | — | 1,246 | 2,070,112 | — | ||||||||||||||||||
Total gross loans excluding impaired loans | 31,362 | 9,442 | 125 | 40,929 | 19,020,852 | 125 | ||||||||||||||||||
Impaired loans | — | 2,587 | 6,918 | 9,505 | 157,642 | — | ||||||||||||||||||
Total gross loans | $ | 31,362 | $ | 12,029 | $ | 7,043 | $ | 50,434 | $ | 19,178,494 | $ | 125 | ||||||||||||
December 31, 2015: | ||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Software and internet | $ | 3,384 | $ | 6,638 | $ | — | $ | 10,022 | $ | 5,371,222 | $ | — | ||||||||||||
Hardware | 1,061 | 66 | — | 1,127 | 1,051,368 | — | ||||||||||||||||||
Private equity/venture capital | — | 17 | — | 17 | 5,511,912 | — | ||||||||||||||||||
Life science/healthcare | 853 | 6,537 | — | 7,390 | 1,665,801 | — | ||||||||||||||||||
Premium wine | 16 | 65 | — | 81 | 847,249 | — | ||||||||||||||||||
Other | 14 | 22 | — | 36 | 438,313 | — | ||||||||||||||||||
Total commercial loans | 5,328 | 13,345 | — | 18,673 | 14,885,865 | — | ||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||
Real estate secured loans | 4,911 | 865 | — | 5,776 | 1,537,421 | — | ||||||||||||||||||
Other consumer loans | 228 | 115 | — | 343 | 226,369 | — | ||||||||||||||||||
Total consumer loans | 5,139 | 980 | — | 6,119 | 1,763,790 | — | ||||||||||||||||||
Total gross loans excluding impaired loans | 10,467 | 14,325 | — | 24,792 | 16,649,655 | — | ||||||||||||||||||
Impaired loans | 333 | — | 7,221 | 7,554 | 175,130 | — | ||||||||||||||||||
Total gross loans | $ | 10,800 | $ | 14,325 | $ | 7,221 | $ | 32,346 | $ | 16,824,785 | $ | — |
(Dollars in thousands) | Impaired loans for which there is a related allowance for loan losses | Impaired loans for which there is no related allowance for loan losses | Total carrying value of impaired loans | Total unpaid principal of impaired loans | ||||||||||||
September 30, 2016: | ||||||||||||||||
Commercial loans: | ||||||||||||||||
Software and internet | $ | 57,831 | $ | — | $ | 57,831 | $ | 76,679 | ||||||||
Hardware | 48,687 | 669 | 49,356 | 49,393 | ||||||||||||
Private equity/venture capital | — | — | — | — | ||||||||||||
Life science/healthcare | 54,341 | — | 54,341 | 57,222 | ||||||||||||
Premium wine | 1,285 | — | 1,285 | 1,285 | ||||||||||||
Other | 417 | — | 417 | 417 | ||||||||||||
Total commercial loans | 162,561 | 669 | 163,230 | 184,996 | ||||||||||||
Consumer loans: | ||||||||||||||||
Real estate secured loans | 1,518 | — | 1,518 | 2,789 | ||||||||||||
Other consumer loans | 2,399 | — | 2,399 | 2,399 | ||||||||||||
Total consumer loans | 3,917 | — | 3,917 | 5,188 | ||||||||||||
Total | $ | 166,478 | $ | 669 | $ | 167,147 | $ | 190,184 | ||||||||
December 31, 2015: | ||||||||||||||||
Commercial loans: | ||||||||||||||||
Software and internet | $ | 100,866 | $ | — | $ | 100,866 | $ | 125,494 | ||||||||
Hardware | 27,736 | — | 27,736 | 27,869 | ||||||||||||
Private equity/venture capital | — | — | — | — | ||||||||||||
Life science/healthcare | 50,429 | 925 | 51,354 | 55,310 | ||||||||||||
Premium wine | 898 | 1,167 | 2,065 | 2,604 | ||||||||||||
Other | 520 | — | 520 | 520 | ||||||||||||
Total commercial loans | 180,449 | 2,092 | 182,541 | 211,797 | ||||||||||||
Consumer loans: | ||||||||||||||||
Real estate secured loans | 143 | — | 143 | 1,393 | ||||||||||||
Other consumer loans | — | — | — | — | ||||||||||||
Total consumer loans | 143 | — | 143 | 1,393 | ||||||||||||
Total | $ | 180,592 | $ | 2,092 | $ | 182,684 | $ | 213,190 |
Three months ended September 30, | Average impaired loans | Interest income on impaired loans | ||||||||||||||
(dollars in thousands) | 2016 | 2015 | 2016 | 2015 (1) | ||||||||||||
Commercial loans: | ||||||||||||||||
Software and internet | $ | 61,481 | $ | 77,156 | $ | 70 | $ | — | ||||||||
Hardware | 45,353 | 2,796 | 761 | — | ||||||||||||
Life science/healthcare | 55,558 | 17,184 | 128 | — | ||||||||||||
Premium wine | 1,291 | 1,213 | 19 | — | ||||||||||||
Other | 3,768 | 3,132 | 6 | — | ||||||||||||
Total commercial loans | 167,451 | 101,481 | 984 | — | ||||||||||||
Consumer loans: | ||||||||||||||||
Real estate secured loans | 584 | 162 | — | — | ||||||||||||
Other consumer loans | 1,324 | — | 6 | — | ||||||||||||
Total consumer loans | 1,908 | 162 | 6 | — | ||||||||||||
Total average impaired loans | $ | 169,359 | $ | 101,643 | $ | 990 | $ | — |
(1) | For the three months ended September 30, 2015 all impaired loans were nonaccrual loans and no interest income was recognized. |
Nine months ended September 30, | Average impaired loans | Interest income on impaired loans | ||||||||||||||
(dollars in thousands) | 2016 | 2015 | 2016 | 2015 (1) | ||||||||||||
Commercial loans: | ||||||||||||||||
Software and internet | $ | 84,005 | $ | 54,543 | $ | 133 | $ | — | ||||||||
Hardware | 31,000 | 1,944 | 1,467 | — | ||||||||||||
Life science/healthcare | 42,857 | 6,526 | 128 | — | ||||||||||||
Premium wine | 1,834 | 1,245 | 54 | — | ||||||||||||
Other | 4,369 | 3,498 | 21 | — | ||||||||||||
Total commercial loans | 164,065 | 67,756 | 1,803 | — | ||||||||||||
Consumer loans: | ||||||||||||||||
Real estate secured loans | 282 | 180 | — | — | ||||||||||||
Other consumer loans | 715 | 55 | 17 | — | ||||||||||||
Total consumer loans | 997 | 235 | 17 | — | ||||||||||||
Total average impaired loans | $ | 165,062 | $ | 67,991 | $ | 1,820 | $ | — |
(1) | For the nine months ended September 30, 2015 all impaired loans were nonaccrual loans and no interest income was recognized. |
Three months ended September 30, 2016 (dollars in thousands) | Beginning Balance June 30, 2016 | Charge-offs | Recoveries | Provision for (Reduction of) Loan Losses | Foreign Currency Translation Adjustments | Ending Balance September 30, 2016 | ||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Software and internet | $ | 104,229 | $ | (16,526 | ) | $ | 305 | $ | 8,591 | $ | (261 | ) | $ | 96,338 | ||||||||||
Hardware | 23,871 | (3,058 | ) | 1,080 | 11,048 | (336 | ) | 32,605 | ||||||||||||||||
Private equity/venture capital | 49,807 | — | — | 2,203 | (67 | ) | 51,943 | |||||||||||||||||
Life science/healthcare | 41,852 | (28 | ) | 361 | (5,298 | ) | 161 | 37,048 | ||||||||||||||||
Premium wine | 4,810 | — | — | 288 | (9 | ) | 5,089 | |||||||||||||||||
Other | 9,480 | (5,004 | ) | 207 | 142 | (4 | ) | 4,821 | ||||||||||||||||
Total commercial loans | 234,049 | (24,616 | ) | 1,953 | 16,974 | (516 | ) | 227,844 | ||||||||||||||||
Consumer loans | 10,674 | — | 131 | 1,976 | (60 | ) | 12,721 | |||||||||||||||||
Total allowance for loan losses | $ | 244,723 | $ | (24,616 | ) | $ | 2,084 | $ | 18,950 | $ | (576 | ) | $ | 240,565 |
Three months ended September 30, 2015 (dollars in thousands) | Beginning Balance June 30, 2015 | Charge-offs | Recoveries | Provision for (Reduction of) Loan Losses | Foreign Currency Translation Adjustments (1) | Ending Balance September 30, 2015 | ||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Software and internet | $ | 106,728 | $ | (24,815 | ) | $ | 195 | $ | 5,965 | $ | (7 | ) | $ | 88,066 | ||||||||||
Hardware | 20,472 | — | 240 | (70 | ) | — | 20,642 | |||||||||||||||||
Private equity/venture capital | 29,276 | — | — | 3,170 | (4 | ) | 32,442 | |||||||||||||||||
Life science/healthcare | 17,233 | (117 | ) | 50 | 19,815 | (22 | ) | 36,959 | ||||||||||||||||
Premium wine | 4,409 | — | — | 253 | — | 4,662 | ||||||||||||||||||
Other | 5,894 | (4,186 | ) | 173 | 2,941 | (49 | ) | 4,773 | ||||||||||||||||
Total commercial loans | 184,012 | (29,118 | ) | 658 | 32,074 | (82 | ) | 187,544 | ||||||||||||||||
Consumer loans | 8,632 | — | 4 | 1,329 | (2 | ) | 9,963 | |||||||||||||||||
Total allowance for loan losses | $ | 192,644 | $ | (29,118 | ) | $ | 662 | $ | 33,403 | $ | (84 | ) | $ | 197,507 |
(1) | Reflects foreign currency translation adjustments within the allowance for loan losses. Prior period amounts were previously reported with loan recoveries and have been revised to conform to current period presentation. |
Nine months ended September 30, 2016 (dollars in thousands) | Beginning Balance December 31, 2015 | Charge-offs | Recoveries | Provision for (Reduction of) Loan Losses | Foreign Currency Translation Adjustments | Ending Balance September 30, 2016 | ||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Software and internet | $ | 103,045 | $ | (56,742 | ) | $ | 4,525 | $ | 46,438 | $ | (928 | ) | $ | 96,338 | ||||||||||
Hardware | 23,085 | (6,559 | ) | 1,502 | 15,010 | (433 | ) | 32,605 | ||||||||||||||||
Private equity/venture capital | 35,282 | — | — | 17,008 | (347 | ) | 51,943 | |||||||||||||||||
Life science/healthcare | 36,576 | (3,029 | ) | 1,037 | 3,252 | (788 | ) | 37,048 | ||||||||||||||||
Premium wine | 5,205 | — | — | (138 | ) | 22 | 5,089 | |||||||||||||||||
Other | 4,252 | (5,034 | ) | 880 | 4,573 | 150 | 4,821 | |||||||||||||||||
Total commercial loans | 207,445 | (71,364 | ) | 7,944 | 86,143 | (2,324 | ) | 227,844 | ||||||||||||||||
Consumer loans | 10,168 | (102 | ) | 214 | 2,481 | (40 | ) | 12,721 | ||||||||||||||||
Total allowance for loan losses | $ | 217,613 | $ | (71,466 | ) | $ | 8,158 | $ | 88,624 | $ | (2,364 | ) | $ | 240,565 |
Nine months ended September 30, 2015 (dollars in thousands) | Beginning Balance December 31, 2014 | Charge-offs | Recoveries | Provision for (Reduction of) Loan Losses | Foreign Currency Translation Adjustments (1) | Ending Balance September 30, 2015 | ||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Software and internet | $ | 80,981 | $ | (26,980 | ) | $ | 1,239 | $ | 32,834 | $ | (8 | ) | $ | 88,066 | ||||||||||
Hardware | 25,860 | (4,049 | ) | 3,049 | (4,291 | ) | 73 | 20,642 | ||||||||||||||||
Private equity/venture capital | 27,997 | — | — | 4,551 | (106 | ) | 32,442 | |||||||||||||||||
Life science/healthcare | 15,208 | (3,336 | ) | 129 | 24,976 | (18 | ) | 36,959 | ||||||||||||||||
Premium wine | 4,473 | — | 7 | 182 | — | 4,662 | ||||||||||||||||||
Other | 3,253 | (4,974 | ) | 729 | 5,874 | (109 | ) | 4,773 | ||||||||||||||||
Total commercial loans | 157,772 | (39,339 | ) | 5,153 | 64,126 | (168 | ) | 187,544 | ||||||||||||||||
Consumer loans | 7,587 | — | 136 | 2,242 | (2 | ) | 9,963 | |||||||||||||||||
Total allowance for loan losses | $ | 165,359 | $ | (39,339 | ) | $ | 5,289 | $ | 66,368 | $ | (170 | ) | $ | 197,507 |
(1) | Reflects foreign currency translation adjustments within the allowance for loan losses. Prior period amounts were previously reported with loan recoveries and have been revised to conform to current period presentation. |
September 30, 2016 | December 31, 2015 | |||||||||||||||||||||||||||||||
Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | |||||||||||||||||||||||||||||
(Dollars in thousands) | Allowance for loan losses | Recorded investment in loans | Allowance for loan losses | Recorded investment in loans | Allowance for loan losses | Recorded investment in loans | Allowance for loan losses | Recorded investment in loans | ||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||
Software and internet | $ | 24,815 | $ | 57,831 | $ | 71,523 | $ | 5,335,594 | $ | 34,098 | $ | 100,866 | $ | 68,947 | $ | 5,337,049 | ||||||||||||||||
Hardware | 6,041 | 49,356 | 26,564 | 1,098,474 | 3,160 | 27,736 | 19,925 | 1,043,792 | ||||||||||||||||||||||||
Private equity/venture capital | — | — | 51,943 | 7,412,238 | — | — | 35,282 | 5,467,577 | ||||||||||||||||||||||||
Life science/healthcare | 18,206 | 54,341 | 18,842 | 1,678,576 | 20,230 | 51,354 | 16,346 | 1,659,288 | ||||||||||||||||||||||||
Premium wine | 128 | 1,285 | 4,961 | 870,746 | 90 | 2,065 | 5,115 | 845,230 | ||||||||||||||||||||||||
Other | 42 | 417 | 4,779 | 476,671 | 52 | 520 | 4,200 | 435,270 | ||||||||||||||||||||||||
Total commercial loans | 49,232 | 163,230 | 178,612 | 16,872,299 | 57,630 | 182,541 | 149,815 | 14,788,206 | ||||||||||||||||||||||||
Consumer loans | 1,141 | 3,917 | 11,580 | 2,072,819 | 143 | 143 | 10,025 | 1,771,180 | ||||||||||||||||||||||||
Total | $ | 50,373 | $ | 167,147 | $ | 190,192 | $ | 18,945,118 | $ | 57,773 | $ | 182,684 | $ | 159,840 | $ | 16,559,386 |
(Dollars in thousands) | Pass | Performing (Criticized) | Performing Impaired (Criticized) | Nonperforming Impaired (Nonaccrual) | Total | |||||||||||||||
September 30, 2016: | ||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||
Software and internet | $ | 4,752,376 | $ | 622,100 | $ | 5,012 | $ | 52,819 | $ | 5,432,307 | ||||||||||
Hardware | 937,383 | 169,366 | 46,849 | 2,507 | 1,156,105 | |||||||||||||||
Private equity/venture capital | 7,465,003 | 643 | — | — | 7,465,646 | |||||||||||||||
Life science/healthcare | 1,549,334 | 141,735 | 6,581 | 47,760 | 1,745,410 | |||||||||||||||
Premium wine | 855,731 | 16,887 | 1,285 | — | 873,903 | |||||||||||||||
Other | 471,320 | 8,545 | 417 | — | 480,282 | |||||||||||||||
Total commercial loans | 16,031,147 | 959,276 | 60,144 | 103,086 | 17,153,653 | |||||||||||||||
Consumer loans: | ||||||||||||||||||||
Real estate secured loans | 1,831,054 | 1,798 | — | 1,518 | 1,834,370 | |||||||||||||||
Other consumer loans | 238,506 | — | 787 | 1,612 | 240,905 | |||||||||||||||
Total consumer loans | 2,069,560 | 1,798 | 787 | 3,130 | 2,075,275 | |||||||||||||||
Total gross loans | $ | 18,100,707 | $ | 961,074 | $ | 60,931 | $ | 106,216 | $ | 19,228,928 | ||||||||||
December 31, 2015: | ||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||
Software and internet | $ | 4,933,179 | $ | 448,065 | $ | 23,321 | $ | 77,545 | $ | 5,482,110 | ||||||||||
Hardware | 955,675 | 96,820 | 27,306 | 430 | 1,080,231 | |||||||||||||||
Private equity/venture capital | 5,474,929 | 37,000 | — | — | 5,511,929 | |||||||||||||||
Life science/healthcare | 1,544,555 | 128,636 | 7,247 | 44,107 | 1,724,545 | |||||||||||||||
Premium wine | 825,058 | 22,272 | 898 | 1,167 | 849,395 | |||||||||||||||
Other | 429,481 | 8,868 | 520 | — | 438,869 | |||||||||||||||
Total commercial loans | 14,162,877 | 741,661 | 59,292 | 123,249 | 15,087,079 | |||||||||||||||
Consumer loans: | ||||||||||||||||||||
Real estate secured loans | 1,539,468 | 3,729 | — | 143 | 1,543,340 | |||||||||||||||
Other consumer loans | 224,601 | 2,111 | — | — | 226,712 | |||||||||||||||
Total consumer loans | 1,764,069 | 5,840 | — | 143 | 1,770,052 | |||||||||||||||
Total gross loans | $ | 15,926,946 | $ | 747,501 | $ | 59,292 | $ | 123,392 | $ | 16,857,131 |
(Dollars in thousands) | September 30, 2016 | December 31, 2015 | ||||||
Loans modified in TDRs: | ||||||||
Commercial loans: | ||||||||
Software and internet | $ | 36,517 | $ | 56,790 | ||||
Hardware | 10,333 | 473 | ||||||
Life science/healthcare | 25,029 | 51,878 | ||||||
Premium wine | 2,962 | 2,065 | ||||||
Other | 417 | 519 | ||||||
Total commercial loans | 75,258 | 111,725 | ||||||
Consumer loans: | ||||||||
Other consumer loans | 786 | — | ||||||
Total consumer loans | 786 | — | ||||||
Total | $ | 76,044 | $ | 111,725 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Loans modified in TDRs during the period: | ||||||||||||||||
Commercial loans: | ||||||||||||||||
Software and internet | $ | 78 | $ | 51,749 | $ | 4,569 | $ | 57,766 | ||||||||
Hardware | 10,329 | — | 10,329 | 2,031 | ||||||||||||
Life science/healthcare | 1,714 | 29,530 | 1,714 | 29,530 | ||||||||||||
Premium wine | — | — | 495 | — | ||||||||||||
Other | — | 518 | — | 518 | ||||||||||||
Total commercial loans | 12,121 | 81,797 | 17,107 | 89,845 | ||||||||||||
Consumer loans: | ||||||||||||||||
Other consumer loans | — | — | 786 | — | ||||||||||||
Total loans modified in TDRs during the period (1) | $ | 12,121 | $ | 81,797 | $ | 17,893 | $ | 89,845 |
(1) | There were $0.7 million and $3.5 million of partial charge-offs during the three and nine months ended September 30, 2016 and $22.4 million of partial charge-offs for loans classified as TDRs in our software and internet loan portfolio during the three and nine months ended September 30, 2015. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
TDRs modified within the previous 12 months that defaulted during the period: | ||||||||||||||||
Commercial loans: | ||||||||||||||||
Software and internet | $ | — | $ | 11,107 | $ | 584 | $ | 17,124 | ||||||||
Hardware | — | 2,031 | — | 2,031 | ||||||||||||
Life science/healthcare | — | 958 | — | 958 | ||||||||||||
Premium wine | 790 | — | 790 | — | ||||||||||||
Total TDRs modified within the previous 12 months that defaulted in the period | $ | 790 | $ | 14,096 | $ | 1,374 | $ | 20,113 |
8. | Short-Term Borrowings and Long-Term Debt |
Carrying Value | ||||||||||||||
(Dollars in thousands) | Maturity | Principal value at September 30, 2016 | September 30, 2016 | December 31, 2015 | ||||||||||
Short-term borrowings: | ||||||||||||||
Short-term FHLB advances | $ | — | $ | — | $ | 638,000 | ||||||||
Federal funds purchased | — | — | 135,000 | |||||||||||
Other short-term borrowings | (1) | 2,421 | 2,421 | 1,900 | ||||||||||
Total short-term borrowings | $ | 2,421 | $ | 774,900 | ||||||||||
Long-term debt: | ||||||||||||||
3.50% Senior Notes | January 29, 2025 | $ | 350,000 | $ | 346,900 | $ | 346,667 | |||||||
5.375% Senior Notes | September 15, 2020 | 350,000 | 347,440 | 347,016 | ||||||||||
6.05% Subordinated Notes (2) | June 1, 2017 | 45,964 | 47,094 | 48,350 | ||||||||||
7.0% Junior Subordinated Debentures | October 15, 2033 | 50,000 | 54,537 | 54,669 | ||||||||||
Total long-term debt | $ | 795,971 | $ | 796,702 |
(1) | Represents cash collateral received from certain counterparties in relation to market value exposures of derivative contracts in our favor. |
(2) | At September 30, 2016 and December 31, 2015, included in the carrying value of our 6.05% Subordinated Notes was an interest rate swap valued at $1.3 million and $2.8 million, respectively, related to hedge accounting associated with the notes. |
9. | Derivative Financial Instruments |
September 30, 2016 | December 31, 2015 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Balance Sheet Location | Notional or Contractual Amount | Fair Value | Collateral (1) | Net Exposure (2) | Notional or Contractual Amount | Fair Value | Collateral (1) | Net Exposure (2) | |||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||
Interest rate risks: | ||||||||||||||||||||||||||||||||||
Interest rate swaps | Other assets | $ | 45,964 | $ | 1,324 | $ | — | $ | 1,324 | $ | 45,964 | $ | 2,768 | $ | — | $ | 2,768 | |||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||
Currency exchange risks: | ||||||||||||||||||||||||||||||||||
Foreign exchange forwards | Other assets | 138,796 | 1,676 | — | 1,676 | 49,287 | 809 | — | 809 | |||||||||||||||||||||||||
Foreign exchange forwards | Other liabilities | 53,051 | (576 | ) | — | (576 | ) | 6,586 | (669 | ) | — | (669 | ) | |||||||||||||||||||||
Net exposure | 1,100 | — | 1,100 | 140 | — | 140 | ||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||
Equity warrant assets | Other assets | 212,802 | 145,340 | — | 145,340 | 210,102 | 137,105 | — | 137,105 | |||||||||||||||||||||||||
Other derivatives: | ||||||||||||||||||||||||||||||||||
Client foreign exchange forwards | Other assets | 1,056,821 | 44,636 | 2,421 | 42,215 | 935,514 | 29,722 | 1,900 | 27,822 | |||||||||||||||||||||||||
Client foreign exchange forwards | Other liabilities | 869,914 | (36,188 | ) | — | (36,188 | ) | 841,182 | (24,978 | ) | — | (24,978 | ) | |||||||||||||||||||||
Client foreign currency options | Other assets | 243,860 | 2,750 | — | 2,750 | 46,625 | 706 | — | 706 | |||||||||||||||||||||||||
Client foreign currency options | Other liabilities | 243,860 | (2,750 | ) | — | (2,750 | ) | 46,625 | (706 | ) | — | (706 | ) | |||||||||||||||||||||
Client interest rate derivatives | Other assets | 520,081 | 8,759 | — | 8,759 | 422,741 | 3,973 | — | 3,973 | |||||||||||||||||||||||||
Client interest rate derivatives | Other liabilities | 558,962 | (9,324 | ) | — | (9,324 | ) | 422,741 | (4,384 | ) | — | (4,384 | ) | |||||||||||||||||||||
Net exposure | 7,883 | 2,421 | 5,462 | 4,333 | 1,900 | 2,433 | ||||||||||||||||||||||||||||
Net | $ | 155,647 | $ | 2,421 | $ | 153,226 | $ | 144,346 | $ | 1,900 | $ | 142,446 |
(1) | Cash collateral received from our counterparties in relation to market value exposures of derivative contracts in our favor is recorded as a component of “short-term borrowings” on our consolidated balance sheets. |
(2) | Net exposure for contracts in a gain position reflects the replacement cost in the event of nonperformance by all such counterparties. The credit ratings of our institutional counterparties as of September 30, 2016 remain at investment grade or higher and there were no material changes in their credit ratings during the three and nine months ended September 30, 2016. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
(Dollars in thousands) | Statement of income location | 2016 | 2015 | 2016 | 2015 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Interest rate risks: | ||||||||||||||||||
Net cash benefit associated with interest rate swaps | Interest expense—borrowings | $ | 580 | $ | 631 | $ | 1,778 | $ | 1,903 | |||||||||
Changes in fair value of interest rate swaps | Gains on derivative instruments, net | (3 | ) | (8 | ) | (33 | ) | (22 | ) | |||||||||
Net gains associated with interest rate risk derivatives | $ | 577 | $ | 623 | $ | 1,745 | $ | 1,881 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||
Currency exchange risks: | ||||||||||||||||||
(Losses) gains on revaluations of internal foreign currency instruments, net | Other noninterest income | $ | (1,406 | ) | $ | 186 | $ | (4,222 | ) | $ | (11,667 | ) | ||||||
Gains (losses) on internal foreign exchange forward contracts, net | Gains on derivative instruments, net | 1,352 | (218 | ) | 3,067 | 11,626 | ||||||||||||
Net losses associated with internal currency risk | $ | (54 | ) | $ | (32 | ) | $ | (1,155 | ) | $ | (41 | ) | ||||||
Other derivative instruments: | ||||||||||||||||||
Gains (losses) on revaluations of client foreign currency instruments, net | Other noninterest income | $ | 3,488 | 2 | $ | 7,009 | (177 | ) | ||||||||||
(Losses) gains on client foreign exchange forward contracts, net | Gains on derivative instruments, net | (3,194 | ) | 179 | (8,780 | ) | 459 | |||||||||||
Net gains (losses) associated with client currency risk | $ | 294 | $ | 181 | $ | (1,771 | ) | $ | 282 | |||||||||
Net gains on equity warrant assets | Gains on derivative instruments, net | $ | 21,558 | $ | 10,685 | $ | 33,252 | $ | 54,579 | |||||||||
Net gains (losses) on other derivatives | Gains on derivative instruments, net | $ | 31 | $ | (394 | ) | $ | (659 | ) | $ | (352 | ) |
Gross Amounts Not Offset in the Statement of Financial Position But Subject to Master Netting Arrangements | ||||||||||||||||||||||||
(Dollars in thousands) | Gross Amounts of Recognized Assets | Gross Amounts offset in the Statement of Financial Position | Net Amounts of Assets Presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||
Derivative Assets: | ||||||||||||||||||||||||
Interest rate swaps | $ | 1,324 | $ | — | $ | 1,324 | $ | (1,324 | ) | $ | — | $ | — | |||||||||||
Foreign exchange forwards | 46,312 | — | 46,312 | (19,377 | ) | (2,421 | ) | 24,514 | ||||||||||||||||
Foreign currency options | 2,750 | — | 2,750 | (1,246 | ) | — | 1,504 | |||||||||||||||||
Client interest rate derivatives | 8,759 | — | 8,759 | (8,719 | ) | — | 40 | |||||||||||||||||
Total derivative assets: | 59,145 | — | 59,145 | (30,666 | ) | (2,421 | ) | 26,058 | ||||||||||||||||
Reverse repurchase, securities borrowing, and similar arrangements | 163,719 | — | 163,719 | (163,719 | ) | — | — | |||||||||||||||||
Total | $ | 222,864 | $ | — | $ | 222,864 | $ | (194,385 | ) | $ | (2,421 | ) | $ | 26,058 | ||||||||||
December 31, 2015 | ||||||||||||||||||||||||
Derivative Assets: | ||||||||||||||||||||||||
Interest rate swaps | $ | 2,768 | $ | — | $ | 2,768 | $ | (2,768 | ) | $ | — | $ | — | |||||||||||
Foreign exchange forwards | 30,531 | — | 30,531 | (18,141 | ) | (1,900 | ) | 10,490 | ||||||||||||||||
Foreign currency options | 711 | (5 | ) | 706 | (706 | ) | — | — | ||||||||||||||||
Client interest rate derivatives | 3,973 | — | 3,973 | (3,973 | ) | — | — | |||||||||||||||||
Total derivative assets: | 37,983 | (5 | ) | 37,978 | (25,588 | ) | (1,900 | ) | 10,490 | |||||||||||||||
Reverse repurchase, securities borrowing, and similar arrangements | 125,391 | — | 125,391 | (125,391 | ) | — | — | |||||||||||||||||
Total | $ | 163,374 | $ | (5 | ) | $ | 163,369 | $ | (150,979 | ) | $ | (1,900 | ) | $ | 10,490 |
Gross Amounts Not Offset in the Statement of Financial Position But Subject to Master Netting Arrangements | ||||||||||||||||||||||||
(Dollars in thousands) | Gross Amounts of Recognized Liabilities | Gross Amounts offset in the Statement of Financial Position | Net Amounts of Liabilities Presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Pledged | Net Amount | ||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||
Derivative Liabilities: | ||||||||||||||||||||||||
Foreign exchange forwards | $ | 36,764 | $ | — | $ | 36,764 | $ | (17,675 | ) | $ | — | $ | 19,089 | |||||||||||
Foreign currency options | 2,750 | — | 2,750 | (1,925 | ) | — | 825 | |||||||||||||||||
Client interest rate derivatives | 9,324 | — | 9,324 | (9,324 | ) | — | — | |||||||||||||||||
Total derivative liabilities: | 48,838 | — | 48,838 | (28,924 | ) | — | 19,914 | |||||||||||||||||
Repurchase, securities lending, and similar arrangements | — | — | — | — | — | — | ||||||||||||||||||
Total | $ | 48,838 | $ | — | $ | 48,838 | $ | (28,924 | ) | $ | — | $ | 19,914 | |||||||||||
December 31, 2015 | ||||||||||||||||||||||||
Derivative Liabilities: | ||||||||||||||||||||||||
Foreign exchange forwards | $ | 25,647 | $ | — | $ | 25,647 | $ | (10,818 | ) | $ | — | $ | 14,829 | |||||||||||
Foreign currency options | 711 | (5 | ) | 706 | — | — | 706 | |||||||||||||||||
Client interest rate derivatives | 4,384 | — | 4,384 | (4,384 | ) | — | — | |||||||||||||||||
Total derivative liabilities: | 30,742 | (5 | ) | 30,737 | (15,202 | ) | — | 15,535 | ||||||||||||||||
Repurchase, securities lending, and similar arrangements | — | — | — | — | — | — | ||||||||||||||||||
Total | $ | 30,742 | $ | (5 | ) | $ | 30,737 | $ | (15,202 | ) | $ | — | $ | 15,535 |
10. | Other Noninterest Income and Other Noninterest Expense |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Fund management fees | $ | 5,231 | $ | 4,074 | $ | 14,149 | $ | 11,657 | ||||||||
Service-based fee income | 2,029 | 1,931 | 6,270 | 6,450 | ||||||||||||
Gains (losses) on revaluation of client foreign currency instruments, net (1) | 3,488 | 2 | 7,009 | (177 | ) | |||||||||||
(Losses) gains on revaluation of internal foreign currency instruments, net (2) | (1,406 | ) | 186 | (4,222 | ) | (11,667 | ) | |||||||||
Other (3) | 11,350 | 4,884 | 19,711 | 16,052 | ||||||||||||
Total other noninterest income | $ | 20,692 | $ | 11,077 | $ | 42,917 | $ | 22,315 |
(1) | Represents the net revaluation of client foreign currency denominated financial instruments. We enter into client foreign exchange forward contracts to economically reduce our foreign exchange exposure related to client foreign currency denominated financial instruments. The changes in the fair value of client foreign exchange forward contracts are included within noninterest income in the line item "Gains on derivative instruments, net". |
(2) | Represents the net revaluation of foreign currency denominated financial instruments issued and held by us, primarily loans, deposits and cash. We enter into internal foreign exchange forward contracts to economically reduce our foreign exchange exposure related to these foreign currency denominated financial instruments issued and held by us. The changes in the fair value of internal foreign exchange forward contracts are included within noninterest income in the line item "Gains on derivative instruments, net". |
(3) | Includes dividends on FHLB/FRB stock, correspondent bank rebate income, incentive fees related to carried interest and other fee income. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Lending and other client related processing costs | $ | 5,885 | $ | 3,608 | $ | 13,721 | $ | 10,861 | ||||||||
Telephone | 2,460 | 2,224 | 7,109 | 6,727 | ||||||||||||
Data processing services | 2,137 | 2,083 | 6,353 | 5,274 | ||||||||||||
Dues and publications | 809 | 521 | 2,258 | 1,803 | ||||||||||||
Postage and supplies | 598 | 728 | 2,172 | 2,220 | ||||||||||||
Other | 3,644 | 5,106 | 12,679 | 15,216 | ||||||||||||
Total other noninterest expense | $ | 15,533 | $ | 14,270 | $ | 44,292 | $ | 42,101 |
11. | Segment Reporting |
• | Global Commercial Bank is comprised of results from the following: |
◦ | Our Commercial Bank products and services are provided by the Bank and its subsidiaries to commercial clients in the technology, life science/healthcare and private equity/venture capital industries. The Bank provides solutions to the financial needs of commercial clients, through credit, global treasury management, foreign exchange, global trade finance, and other services. It serves clients within the United States, as well as non-U.S. clients in key international innovation markets. In addition, the Bank and its subsidiaries offer a variety of investment services and solutions to its clients that enable them to effectively manage their assets. |
◦ | Our Private Equity Division provides banking products and services primarily to our private equity and venture capital clients. |
◦ | Our Wine practice provides banking products and services to our premium wine industry clients, including vineyard development loans. |
◦ | SVB Analytics provides equity valuation services to companies and private equity/venture capital firms. |
◦ | Debt Fund Investments is comprised of our investments in certain debt funds in which we are a strategic investor. |
• | SVB Private Bank is the private banking division of the Bank, which provides a range of personal financial solutions for consumers. Our clients are primarily private equity/venture capital professionals and executive leaders of the innovation companies they support. We offer a customized suite of private banking services, including mortgages, home equity lines of credit, restricted stock purchase loans, capital call lines of credit and other secured and unsecured lending, as well as cash and wealth management services. |
• | SVB Capital is the venture capital investment arm of SVBFG, which focuses primarily on funds management. SVB Capital manages funds (primarily venture capital funds) on behalf of third party limited partners and, on a more limited basis, SVB Financial Group. The SVB Capital family of funds is comprised of direct venture funds that invest in companies and funds of funds that invest in other venture capital funds. SVB Capital generates income for the Company primarily from investment returns (including carried interest) and management fees. |
(Dollars in thousands) | Global Commercial Bank (1) | SVB Private Bank | SVB Capital (1) | Other Items (2) | Total | |||||||||||||||
Three months ended September 30, 2016 | ||||||||||||||||||||
Net interest income | $ | 262,484 | $ | 13,298 | $ | 1 | $ | 13,378 | $ | 289,161 | ||||||||||
Provision for loan losses | (16,974 | ) | (1,976 | ) | — | — | (18,950 | ) | ||||||||||||
Noninterest income | 79,226 | 664 | 30,619 | 33,631 | 144,140 | |||||||||||||||
Noninterest expense (3) | (159,429 | ) | (3,122 | ) | (3,924 | ) | (55,352 | ) | (221,827 | ) | ||||||||||
Income (loss) before income tax expense (4) | $ | 165,307 | $ | 8,864 | $ | 26,696 | $ | (8,343 | ) | $ | 192,524 | |||||||||
Total average loans, net of unearned income | $ | 16,357,099 | $ | 2,074,982 | $ | — | $ | 215,113 | $ | 18,647,194 | ||||||||||
Total average assets (5) | 40,829,515 | 2,091,244 | 325,321 | 205,249 | 43,451,329 | |||||||||||||||
Total average deposits | 36,484,125 | 1,115,446 | — | 310,183 | 37,909,754 | |||||||||||||||
Three months ended September 30, 2015 | ||||||||||||||||||||
Net interest income | $ | 217,932 | $ | 11,667 | $ | 1 | $ | 25,060 | $ | 254,660 | ||||||||||
Provision for loan losses | (32,074 | ) | (1,329 | ) | — | — | (33,403 | ) | ||||||||||||
Noninterest income | 68,517 | 506 | 17,332 | 22,122 | 108,477 | |||||||||||||||
Noninterest expense (3) | (137,637 | ) | (2,761 | ) | (3,745 | ) | (40,612 | ) | (184,755 | ) | ||||||||||
Income before income tax expense (4) | $ | 116,738 | $ | 8,083 | $ | 13,588 | $ | 6,570 | $ | 144,979 | ||||||||||
Total average loans, net of unearned income | $ | 13,047,507 | $ | 1,669,858 | $ | — | $ | 199,287 | $ | 14,916,652 | ||||||||||
Total average assets (5) | 39,688,677 | 1,664,602 | 334,045 | 326,896 | 42,014,220 | |||||||||||||||
Total average deposits | 36,151,235 | 1,041,773 | — | 190,059 | 37,383,067 | |||||||||||||||
Nine months ended September 30, 2016 | ||||||||||||||||||||
Net interest income (expense) | $ | 773,342 | $ | 40,508 | $ | (51 | ) | $ | 40,119 | $ | 853,918 | |||||||||
Provision for loan losses | (86,143 | ) | (2,481 | ) | — | — | (88,624 | ) | ||||||||||||
Noninterest income | 231,295 | 2,053 | 44,492 | 65,210 | 343,050 | |||||||||||||||
Noninterest expense (3) | (461,058 | ) | (9,481 | ) | (11,521 | ) | (144,152 | ) | (626,212 | ) | ||||||||||
Income (loss) before income tax expense (4) | $ | 457,436 | $ | 30,599 | $ | 32,920 | $ | (38,823 | ) | $ | 482,132 | |||||||||
Total average loans, net of unearned income | $ | 15,769,964 | $ | 1,978,175 | $ | — | $ | 207,358 | $ | 17,955,497 | ||||||||||
Total average assets (5) | 41,021,311 | 1,986,215 | 334,328 | 327,862 | 43,669,716 | |||||||||||||||
Total average deposits | 37,002,027 | 1,120,575 | — | 321,388 | 38,443,990 | |||||||||||||||
Nine months ended September 30, 2015 | ||||||||||||||||||||
Net interest income | $ | 625,611 | $ | 32,499 | $ | 3 | $ | 79,243 | $ | 737,356 | ||||||||||
Provision for loan losses | (64,126 | ) | (2,242 | ) | — | — | (66,368 | ) | ||||||||||||
Noninterest income | 197,740 | 1,498 | 57,919 | 101,131 | 358,288 | |||||||||||||||
Noninterest expense (3) | (421,425 | ) | (8,869 | ) | (10,935 | ) | (128,179 | ) | (569,408 | ) | ||||||||||
Income before income tax expense (4) | $ | 337,800 | $ | 22,886 | $ | 46,987 | $ | 52,195 | $ | 459,868 | ||||||||||
Total average loans, net of unearned income | $ | 12,721,972 | $ | 1,529,095 | $ | — | $ | 180,718 | $ | 14,431,785 | ||||||||||
Total average assets (5) | 37,449,533 | 1,527,339 | 335,136 | 594,681 | 39,906,689 | |||||||||||||||
Total average deposits | 34,124,748 | 1,125,345 | — | 163,260 | 35,413,353 |
(1) | Global Commercial Bank’s and SVB Capital’s components of net interest income, noninterest income, noninterest expense and total average assets are shown net of noncontrolling interests for all periods presented. Noncontrolling interest is included within "Other Items". |
(2) | The "Other Items" column reflects the adjustments necessary to reconcile the results of the operating segments to the consolidated financial statements prepared in conformity with GAAP. Net interest income consists primarily of interest earned from our fixed income investment portfolio, net of FTP. Noninterest income consists primarily of gains on equity warrant assets and gains on the sale of fixed income securities. Noninterest expense consists primarily of expenses associated with corporate support functions such as finance, human resources, marketing, legal and other expenses. |
(3) | The Global Commercial Bank segment includes direct depreciation and amortization of $6.4 million and $4.9 million for the three months ended September 30, 2016 and 2015, respectively, and $18.3 million and $14.9 million for the nine months ended September 30, 2016 and 2015, respectively. |
(4) | The internal reporting model used by management to assess segment performance does not calculate income tax expense by segment. Our effective tax rate is a reasonable approximation of the segment rates. |
(5) | Total average assets equal the greater of total average assets or the sum of total average liabilities and total average stockholders’ equity for each segment to reconcile the results to the consolidated financial statements prepared in conformity with GAAP. |
12. | Off-Balance Sheet Arrangements, Guarantees and Other Commitments |
(Dollars in thousands) | September 30, 2016 | December 31, 2015 | ||||||
Loan commitments available for funding: (1) | ||||||||
Fixed interest rate commitments | $ | 1,377,647 | $ | 1,312,734 | ||||
Variable interest rate commitments | 13,262,927 | 12,822,461 | ||||||
Total loan commitments available for funding | 14,640,574 | 14,135,195 | ||||||
Commercial and standby letters of credit (2) | 1,656,512 | 1,479,164 | ||||||
Total unfunded credit commitments | $ | 16,297,086 | $ | 15,614,359 | ||||
Commitments unavailable for funding (3) | $ | 2,008,689 | $ | 2,026,532 | ||||
Maximum lending limits for accounts receivable factoring arrangements (4) | 856,096 | 1,006,404 | ||||||
Reserve for unfunded credit commitments (5) | 35,924 | 34,415 |
(1) | Represents commitments which are available for funding, due to clients meeting all collateral, compliance and financial covenants required under loan commitment agreements. |
(2) | See below for additional information on our commercial and standby letters of credit. |
(3) | Represents commitments which are currently unavailable for funding, due to clients failing to meet all collateral, compliance and financial covenants under loan commitment agreements. |
(4) | We extend credit under accounts receivable factoring arrangements when our clients’ sales invoices are deemed creditworthy under existing underwriting practices. |
(5) | Our reserve for unfunded credit commitments includes an allowance for both our unfunded loan commitments and our letters of credit. |
(Dollars in thousands) | Expires In One Year or Less | Expires After One Year | Total Amount Outstanding | Maximum Amount of Future Payments | ||||||||||||
Financial standby letters of credit | $ | 1,489,185 | $ | 49,744 | $ | 1,538,929 | $ | 1,538,929 | ||||||||
Performance standby letters of credit | 94,872 | 14,601 | 109,473 | 109,473 | ||||||||||||
Commercial letters of credit | 8,110 | — | 8,110 | 8,110 | ||||||||||||
Total | $ | 1,592,167 | $ | 64,345 | $ | 1,656,512 | $ | 1,656,512 |
Our Ownership in Venture Capital and Private Equity Funds (Dollars in thousands) | SVBFG Capital Commitments | SVBFG Unfunded Commitments | SVBFG Ownership of each Fund (4) | ||||||||
Silicon Valley BancVentures, LP | $ | 6,000 | $ | 270 | 10.7 | % | |||||
SVB Capital Partners II, LP (1) | 1,200 | 162 | 5.1 | ||||||||
SVB Capital Shanghai Yangpu Venture Capital Fund | 874 | — | 6.8 | ||||||||
SVB Strategic Investors Fund, LP | 15,300 | 688 | 12.6 | ||||||||
SVB Strategic Investors Fund II, LP | 15,000 | 1,050 | 8.6 | ||||||||
SVB Strategic Investors Fund III, LP | 15,000 | 1,275 | 5.9 | ||||||||
SVB Strategic Investors Fund IV, LP | 12,239 | 2,325 | 5.0 | ||||||||
Strategic Investors Fund V funds | 515 | 142 | Various | ||||||||
SVB Capital Preferred Return Fund, LP | 12,688 | — | 20.0 | ||||||||
SVB Capital—NT Growth Partners, LP | 24,670 | 1,340 | 33.0 | ||||||||
Other private equity fund (2) | 9,338 | — | 58.2 | ||||||||
Debt funds | 58,493 | — | Various | ||||||||
Other fund investments (3) | 298,937 | 12,114 | Various | ||||||||
Total | $ | 470,254 | $ | 19,366 |
(1) | Our ownership includes direct ownership of 1.3 percent and indirect ownership interest of 3.8 percent through our investment in SVB Strategic Investors Fund II, LP. |
(2) | Our ownership includes direct ownership of 41.5 percent and indirect ownership interests of 12.6 percent and 4.1 percent in the fund through our ownership interest of SVB Capital - NT Growth Partners, LP and SVB Capital Preferred Return Fund, LP, respectively. |
(3) | Represents commitments to 265 funds (primarily venture capital funds) where our ownership interest is generally less than 5 percent of the voting interests of each such fund. |
(4) | We are subject to the Volcker Rule, which restricts or limits us from sponsoring or having ownership interests in “covered” funds including venture capital and private equity funds. See “Business - Supervision and Regulation” under Item 1 of Part I of our 2015 Form 10-K. |
Limited Partnership (Dollars in thousands) | Unfunded Commitments | |||
SVB Strategic Investors Fund, LP | $ | 1,338 | ||
SVB Capital Preferred Return Fund, LP | 2,006 | |||
SVB Capital—NT Growth Partners, LP | 1,965 | |||
Total | $ | 5,309 |
13. | Income Taxes |
14. | Fair Value of Financial Instruments |
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Balance at September 30, 2016 | ||||||||||||
Assets | ||||||||||||||||
Available-for-sale securities: | ||||||||||||||||
U.S. Treasury securities | $ | 8,939,627 | $ | — | $ | — | $ | 8,939,627 | ||||||||
U.S. agency debentures | — | 2,126,572 | — | 2,126,572 | ||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||
Agency-issued collateralized mortgage obligations - fixed rate | — | 1,092,289 | — | 1,092,289 | ||||||||||||
Agency-issued collateralized mortgage obligations - variable rate | — | 504,487 | — | 504,487 | ||||||||||||
Equity securities | 381 | 2,341 | — | 2,722 | ||||||||||||
Total available-for-sale securities | 8,940,008 | 3,725,689 | — | 12,665,697 | ||||||||||||
Non-marketable and other securities (fair value accounting): | ||||||||||||||||
Non-marketable securities: | ||||||||||||||||
Venture capital and private equity fund investments measured at net asset value (1) | — | — | — | 141,841 | ||||||||||||
Other venture capital investments (2) | — | — | 2,040 | 2,040 | ||||||||||||
Other securities (2) | 579 | — | — | 579 | ||||||||||||
Total non-marketable and other securities (fair value accounting) | 579 | — | 2,040 | 144,460 | ||||||||||||
Other assets: | ||||||||||||||||
Interest rate swaps | — | 1,324 | — | 1,324 | ||||||||||||
Foreign exchange forward and option contracts | — | 49,062 | — | 49,062 | ||||||||||||
Equity warrant assets | — | 2,120 | 143,220 | 145,340 | ||||||||||||
Client interest rate derivatives | — | 8,759 | — | 8,759 | ||||||||||||
Total assets | $ | 8,940,587 | $ | 3,786,954 | $ | 145,260 | $ | 13,014,642 | ||||||||
Liabilities | ||||||||||||||||
Foreign exchange forward and option contracts | $ | — | $ | 39,514 | $ | — | $ | 39,514 | ||||||||
Client interest rate derivatives | — | 9,324 | — | 9,324 | ||||||||||||
Total liabilities | $ | — | $ | 48,838 | $ | — | $ | 48,838 |
(1) | In accordance with the accounting standard (ASU 2015-07, Fair Value Measurement (Topic 820)), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. |
(2) | Included in Level 1 and Level 3 assets are $0.5 million and $1.8 million, respectively, attributable to noncontrolling interests calculated based on the ownership percentages of the noncontrolling interests. |
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2015 | ||||||||||||
Assets | ||||||||||||||||
Available-for-sale securities: | ||||||||||||||||
U.S. Treasury securities | $ | 11,678,035 | $ | — | $ | — | $ | 11,678,035 | ||||||||
U.S. agency debentures | — | 2,690,029 | — | 2,690,029 | ||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||
Agency-issued collateralized mortgage obligations - fixed rate | — | 1,399,279 | — | 1,399,279 | ||||||||||||
Agency-issued collateralized mortgage obligations - variable rate | — | 607,936 | — | 607,936 | ||||||||||||
Equity securities | 4,517 | 952 | — | 5,469 | ||||||||||||
Total available-for-sale securities | 11,682,552 | 4,698,196 | — | 16,380,748 | ||||||||||||
Non-marketable and other securities (fair value accounting): | ||||||||||||||||
Non-marketable securities: | ||||||||||||||||
Venture capital and private equity fund investments measured at net asset value (1) | — | — | — | 152,237 | ||||||||||||
Other venture capital investments (2) | — | — | 2,040 | 2,040 | ||||||||||||
Other securities (2) | 548 | — | — | 548 | ||||||||||||
Total non-marketable and other securities (fair value accounting) | 548 | — | 2,040 | 154,825 | ||||||||||||
Other assets: | ||||||||||||||||
Interest rate swaps | — | 2,768 | — | 2,768 | ||||||||||||
Foreign exchange forward and option contracts | — | 31,237 | — | 31,237 | ||||||||||||
Equity warrant assets | — | 1,937 | 135,168 | 137,105 | ||||||||||||
Client interest rate derivatives | — | 3,973 | — | 3,973 | ||||||||||||
Total assets | $ | 11,683,100 | $ | 4,738,111 | $ | 137,208 | $ | 16,710,656 | ||||||||
Liabilities | ||||||||||||||||
Foreign exchange forward and option contracts | $ | — | $ | 26,353 | $ | — | $ | 26,353 | ||||||||
Client interest rate derivatives | — | 4,384 | — | 4,384 | ||||||||||||
Total liabilities | $ | — | $ | 30,737 | $ | — | $ | 30,737 |
(1) | In accordance with the accounting standard (ASU 2015-07, Fair Value Measurement (Topic 820)), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. |
(2) | Included in Level 1 and Level 3 assets are $0.4 million and $1.8 million, respectively, attributable to noncontrolling interests calculated based on the ownership percentages of the noncontrolling interests. |
(Dollars in thousands) | Beginning Balance | Total Realized and Unrealized Gains (Losses) Included in Income | Sales | Issuances | Distributions and Other Settlements | Transfers Out of Level 3 | Ending Balance | |||||||||||||||||||||
Three months ended September 30, 2016 | ||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | ||||||||||||||||||||||||||||
Other venture capital investments (1) | $ | 2,040 | $ | 4 | $ | (4 | ) | $ | — | $ | — | $ | — | $ | 2,040 | |||||||||||||
Other assets: | ||||||||||||||||||||||||||||
Equity warrant assets (2) | 127,811 | 21,092 | (10,682 | ) | 5,251 | — | (252 | ) | 143,220 | |||||||||||||||||||
Total assets | $ | 129,851 | $ | 21,096 | $ | (10,686 | ) | $ | 5,251 | $ | — | $ | (252 | ) | $ | 145,260 | ||||||||||||
Three months ended September 30, 2015 | ||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | ||||||||||||||||||||||||||||
Other venture capital investments (1) | $ | 3,390 | $ | 15 | $ | — | $ | — | $ | (15 | ) | $ | — | $ | 3,390 | |||||||||||||
Other assets: | ||||||||||||||||||||||||||||
Equity warrant assets (2) | 120,037 | 11,551 | (6,215 | ) | 3,556 | — | (486 | ) | 128,443 | |||||||||||||||||||
Total assets | $ | 123,427 | $ | 11,566 | $ | (6,215 | ) | $ | 3,556 | $ | (15 | ) | $ | (486 | ) | $ | 131,833 | |||||||||||
Nine months ended September 30, 2016 | ||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | ||||||||||||||||||||||||||||
Other venture capital investments (1) | $ | 2,040 | $ | (21 | ) | $ | (4 | ) | $ | — | $ | 25 | $ | — | $ | 2,040 | ||||||||||||
Other assets: | ||||||||||||||||||||||||||||
Equity warrant assets (2) | 135,168 | 33,115 | (34,276 | ) | 9,842 | — | (629 | ) | 143,220 | |||||||||||||||||||
Total assets | $ | 137,208 | $ | 33,094 | $ | (34,280 | ) | $ | 9,842 | $ | 25 | $ | (629 | ) | $ | 145,260 | ||||||||||||
Nine months ended September 30, 2015 | ||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | ||||||||||||||||||||||||||||
Other venture capital investments (1) | $ | 3,291 | $ | 146 | $ | (32 | ) | $ | — | $ | (15 | ) | $ | — | $ | 3,390 | ||||||||||||
Other assets: | ||||||||||||||||||||||||||||
Equity warrant assets (2) | 114,698 | 54,884 | (48,374 | ) | 8,856 | — | (1,621 | ) | 128,443 | |||||||||||||||||||
Total assets | $ | 117,989 | $ | 55,030 | $ | (48,406 | ) | $ | 8,856 | $ | (15 | ) | $ | (1,621 | ) | $ | 131,833 |
(1) | Realized and unrealized gains (losses) are recorded in the line item “Gains on investment securities, net”, a component of noninterest income. |
(2) | Realized and unrealized gains (losses) are recorded in the line item “Gains on derivative instruments, net”, a component of noninterest income. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Non-marketable and other securities (fair value accounting): | ||||||||||||||||
Other venture capital investments (1) | $ | — | $ | — | $ | — | $ | 158 | ||||||||
Other assets: | ||||||||||||||||
Equity warrant assets (2) | 15,785 | 9,115 | 23,144 | 21,597 | ||||||||||||
Total unrealized gains, net | $ | 15,785 | $ | 9,115 | $ | 23,144 | $ | 21,755 | ||||||||
Unrealized gains attributable to noncontrolling interests | $ | — | $ | — | $ | — | $ | 141 |
(1) | Unrealized gains (losses) are recorded in the line item “Gains on investment securities, net”, a component of noninterest income. |
(2) | Unrealized gains (losses) are recorded in the line item “Gains on derivative instruments, net”, a component of noninterest income. |
(Dollars in thousands) | Fair value | Valuation Technique | Significant Unobservable Inputs | Weighted Average | |||||||
September 30, 2016: | |||||||||||
Other venture capital investments (fair value accounting) | $ | 2,040 | Private company equity pricing | (1) | (1 | ) | |||||
Equity warrant assets (public portfolio) | 19,367 | Modified Black-Scholes option pricing model | Volatility | 36.1 | % | ||||||
Risk-Free interest rate | 1.2 | % | |||||||||
Sales restrictions discount (2) | 11.7 | % | |||||||||
Equity warrant assets (private portfolio) | 123,853 | Modified Black-Scholes option pricing model | Volatility | 36.6 | % | ||||||
Risk-Free interest rate | 0.8 | % | |||||||||
Marketability discount (3) | 17.5 | % | |||||||||
Remaining life assumption (4) | 45.0 | % | |||||||||
December 31, 2015: | |||||||||||
Other venture capital investments (fair value accounting) | $ | 2,040 | Private company equity pricing | (1) | (1 | ) | |||||
Equity warrant assets (public portfolio) | 1,786 | Modified Black-Scholes option pricing model | Volatility | 38.1 | % | ||||||
Risk-Free interest rate | 2.1 | % | |||||||||
Sales restrictions discount (2) | 18.0 | % | |||||||||
Equity warrant assets (private portfolio) | 133,382 | Modified Black-Scholes option pricing model | Volatility | 36.0 | % | ||||||
Risk-Free interest rate | 1.1 | % | |||||||||
Marketability discount (3) | 16.6 | % | |||||||||
Remaining life assumption (4) | 45.0 | % |
(1) | In determining the fair value of our other venture capital investment portfolio, we evaluate a variety of factors related to each underlying private portfolio company including, but not limited to, actual and forecasted results, cash position, recent or planned transactions and market comparable companies. Additionally, we have ongoing communication with the portfolio companies and venture capital fund managers, to determine whether there is a material change in fair value. These factors are specific to each portfolio company and a weighted average or range of values of the unobservable inputs is not meaningful. |
(2) | We adjust quoted market prices of public companies, which are subject to certain sales restrictions. Sales restriction discounts generally range from 10% to 20% depending on the duration of the sales restrictions, which typically range from 3 to 6 months. |
(3) | Our marketability discount is applied to all private company warrants to account for a general lack of liquidity due to the private nature of the associated underlying company. The quantitative measure used is based upon various option-pricing models. On a quarterly basis, a sensitivity analysis is performed on our marketability discount. |
(4) | We adjust the contractual remaining term of private company warrants based on our estimate of the actual remaining life, which we determine by utilizing historical data on cancellations and exercises. At September 30, 2016, the weighted average contractual remaining term was 5.9 years, compared to our estimated remaining life of 2.7 years. On a quarterly basis, a sensitivity analysis is performed on our remaining life assumption. |
Estimated Fair Value | ||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
September 30, 2016: | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 2,521,319 | $ | 2,521,319 | $ | 2,521,319 | $ | — | $ | — | ||||||||||
Held-to-maturity securities | 7,791,949 | 7,885,333 | — | 7,885,333 | — | |||||||||||||||
Non-marketable securities (cost and equity method accounting) not measured at net asset value | 124,955 | 134,174 | — | — | 134,174 | |||||||||||||||
Non-marketable securities (cost and equity method accounting) measured at net asset value (1) | 249,289 | 353,606 | — | — | — | |||||||||||||||
Net commercial loans | 16,807,685 | 17,089,586 | — | — | 17,089,586 | |||||||||||||||
Net consumer loans | 2,064,015 | 2,102,435 | — | — | 2,102,435 | |||||||||||||||
FHLB and Federal Reserve Bank stock | 57,466 | 57,466 | — | — | 57,466 | |||||||||||||||
Accrued interest receivable | 99,263 | 99,263 | — | 99,263 | — | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Other short-term borrowings | 2,421 | 2,421 | 2,421 | — | — | |||||||||||||||
Non-maturity deposits (2) | 38,137,660 | 38,137,660 | 38,137,660 | — | — | |||||||||||||||
Time deposits | 51,756 | 51,654 | — | 51,654 | — | |||||||||||||||
3.50% Senior Notes | 346,900 | 355,681 | — | 355,681 | — | |||||||||||||||
5.375% Senior Notes | 347,440 | 390,313 | — | 390,313 | — | |||||||||||||||
6.05% Subordinated Notes (3) | 47,094 | 48,534 | — | 48,534 | — | |||||||||||||||
7.0% Junior Subordinated Debentures | 54,537 | 53,608 | — | 53,608 | — | |||||||||||||||
Accrued interest payable | 4,886 | 4,886 | — | 4,886 | — | |||||||||||||||
Off-balance sheet financial assets: | ||||||||||||||||||||
Commitments to extend credit | — | 21,232 | — | — | 21,232 | |||||||||||||||
December 31, 2015: | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,503,257 | $ | 1,503,257 | $ | 1,503,257 | $ | — | $ | — | ||||||||||
Held-to-maturity securities | 8,790,963 | 8,758,622 | — | 8,758,622 | — | |||||||||||||||
Non-marketable securities (cost and equity method accounting) not measured at net asset value | 114,795 | 117,172 | — | — | 117,172 | |||||||||||||||
Non-marketable securities (cost and equity method accounting) measured at net asset value (1) | 250,970 | 364,799 | — | — | — | |||||||||||||||
Net commercial loans | 14,763,302 | 14,811,588 | — | — | 14,811,588 | |||||||||||||||
Net consumer loans | 1,761,155 | 1,737,960 | — | — | 1,737,960 | |||||||||||||||
FHLB and Federal Reserve Bank stock | 56,991 | 56,991 | — | — | 56,991 | |||||||||||||||
Accrued interest receivable | 107,604 | 107,604 | — | 107,604 | — | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Short-term FHLB advances | 638,000 | 638,000 | 638,000 | — | — | |||||||||||||||
Federal funds purchased | 135,000 | 135,000 | 135,000 | — | — | |||||||||||||||
Other short-term borrowings | 1,900 | 1,900 | 1,900 | — | — | |||||||||||||||
Non-maturity deposits (2) | 39,072,297 | 39,072,297 | 39,072,297 | — | — | |||||||||||||||
Time deposits | 70,479 | 70,347 | — | 70,347 | — | |||||||||||||||
3.50% Senior Notes | 346,667 | 333,648 | — | 333,648 | — | |||||||||||||||
5.375% Senior Notes | 347,016 | 384,216 | — | 384,216 | — | |||||||||||||||
6.05% Subordinated Notes (3) | 48,350 | 49,820 | — | 49,820 | — | |||||||||||||||
7.0% Junior Subordinated Debentures | 54,669 | 52,905 | — | 52,905 | — | |||||||||||||||
Accrued interest payable | 12,058 | 12,058 | — | 12,058 | — | |||||||||||||||
Off-balance sheet financial assets: | ||||||||||||||||||||
Commitments to extend credit | — | 26,483 | — | — | 26,483 |
(1) | In accordance with the accounting standard (ASU 2015-07, Fair Value Measurement (Topic 820)), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. |
(2) | Includes noninterest-bearing demand deposits, interest-bearing checking accounts, money market accounts and interest-bearing sweep deposits. |
(3) | At September 30, 2016 and December 31, 2015, included in the carrying value and estimated fair value of our 6.05% Subordinated Notes was an interest rate swap valued at $1.3 million and $2.8 million, respectively, related to hedge accounting associated with the notes. |
(Dollars in thousands) | Carrying Amount | Fair Value | Unfunded Commitments | |||||||||
Non-marketable securities (fair value accounting): | ||||||||||||
Venture capital and private equity fund investments (1) | $ | 141,841 | $ | 141,841 | $ | 5,309 | ||||||
Non-marketable securities (equity method accounting): | ||||||||||||
Venture capital and private equity fund investments (2) | 84,904 | 84,904 | 4,954 | |||||||||
Debt funds (2) | 18,971 | 20,217 | — | |||||||||
Other investments (2) | 30,301 | 30,297 | 886 | |||||||||
Non-marketable securities (cost method accounting): | ||||||||||||
Venture capital and private equity fund investments (2) | 115,113 | 218,188 | 11,306 | |||||||||
Total | $ | 391,130 | $ | 495,447 | $ | 22,455 |
(1) | Venture capital and private equity fund investments within non-marketable securities (fair value accounting) include investments made by our managed funds of funds and one of our direct venture funds. These investments represent investments in venture capital and private equity funds that invest primarily in U.S. and global technology and life science/healthcare companies. Included in the fair value and unfunded commitments of fund investments under fair value accounting are $101 million and $4 million, respectively, attributable to noncontrolling interests. It is estimated that we will receive distributions from the fund investments over the next 10 to 13 years, depending on the age of the funds and any potential extensions of terms of the funds. |
(2) | Venture capital and private equity fund investments, debt funds, and other fund investments within non-marketable securities (equity and cost method accounting) include funds that invest in or lend money to primarily U.S. and global technology and life science/healthcare companies. It is estimated that we will receive distributions from the funds over the next 10 to 13 years, depending on the age of the funds and any potential extensions of the terms of the funds. |
15. | Legal Matters |
16. | Related Parties |
• | Projections of our net interest income, noninterest income, earnings per share, noninterest expenses (including professional services, compliance, compensation and other costs), cash flows, balance sheet positions, capital expenditures, liquidity and capitalization or other financial items |
• | Descriptions of our strategic initiatives, plans or objectives for future operations, including pending sales or acquisitions |
• | Forecasts of private equity/venture capital funding and investment levels |
• | Forecasts of future interest rates, economic performance, and income from investments |
• | Forecasts of expected levels of provisions for loan losses, nonperforming loans, loan growth and client funds |
• | Descriptions of assumptions underlying or relating to any of the foregoing |
• | Market and economic conditions, including the interest rate environment, and the associated impact on us |
• | The credit profile and credit quality of our loan portfolio and volatility of our levels of nonperforming assets and charge-offs |
• | The adequacy of our allowance for loan losses and the need to make provisions for loan losses for any period |
• | The borrowing needs of our clients |
• | The sufficiency of our capital and liquidity positions |
• | The levels of loans, deposits and client investment fund balances |
• | The performance of our portfolio investments; the general condition of the public and private equity and mergers and acquisitions markets and their impact on our investments, including equity warrant assets, venture capital and private equity funds and direct equity investments |
• | Our overall investment plans and strategies; the realization, timing, valuation and performance of our equity or other investments |
• | The levels of public offerings, mergers and acquisitions and venture capital investment activity of our clients that may impact the borrowing needs of our clients |
• | The occurrence of fraudulent activity, including breaches of our information security or cyber security-related incidents |
• | Business disruptions and interruptions due to natural disasters and other external events |
• | The impact on our reputation and business from our interactions with business partners, counterparties, service providers and other third parties |
• | Expansion of our business internationally, and the impact of international market and economic events on us, such as "Brexit" |
• | The impact of legal requirements and regulations limiting or restricting our activities or resulting in higher costs, including the Dodd-Frank Act, the Volcker Rule and Federal Reserve and other regulatory requirements |
• | The impact of lawsuits and claims |
• | Changes in accounting standards and tax laws |
• | The levels of equity capital available to our client or portfolio companies |
• | The effectiveness of our risk management framework and quantitative models |
• | The sale of impaired assets |
• | Our ability to maintain or increase our market share, including through successfully implementing our business strategy and undertaking new business initiatives |
• | Other factors as discussed in “Risk Factors” under Part I, Item 1A in our 2015 Form 10-K |
BALANCE SHEET | EARNINGS | |
Assets. $43.5 billion in average total assets (up 3.4%). $43.3 billion in period-end total assets (up 3.7%). Investments. $20.7 billion in average investment securities (down 9.5%). $21.1 billion in period-end investments securities (down 13.1%). Loans. $18.6 billion in average total loan balances, net of unearned income (up 25.0%). $19.1 billion in period-end total loan balances, net of unearned income (up 24.8%). Deposits. $37.9 billion in average total deposit balances (up 1.4%). $38.2 billion in period-end total deposit balances (up 3.1%). Off-Balance Sheet Client Investment Funds. $43.1 billion in total average client investment fund balances (up 2.7%). $43.3 billion in total period-end client investment fund balances (down 0.5%). | EPS. Earnings per diluted share of $2.12 (up 35.0%). Net Income. Consolidated net income available to common stockholders of $111.1 million (up 35.9%). - Net interest income of $289.2 million (up 13.5%). - Net interest margin of 2.75% (up 25 bps). - Noninterest income of $144.1 million (up 32.9%), with non-GAAP core fee income+ of $80.5 million (up 17.7%). - Noninterest expense of $221.8 million (up 20.1%) ROE. Return on average equity (annualized) (“ROE”) performance of 12.32%. | |
CAPITAL | CREDIT QUALITY | |
Capital/Liquidity. Continued strong capital and liquidity levels, with all capital ratios considered "well-capitalized" under banking regulations. SVBFG and SVB Capital ratios, respectively, were: - CET 1 risk-based capital ratio of 12.75% and 12.77%. - Tier 1 risk-based capital ratio of 13.21% and 12.77%. - Total risk-based capital ratio of 14.22% and 13.83%. - Tier 1 leverage ratio of 8.35% and 7.74%. | Credit Quality. Continued disciplined underwriting. - Allowance for loan losses of 1.25% as a percentage of period-end total gross loans. - Provision for loan losses of 0.39% as a percentage of period-end total gross loans (annualized). - Net loan charge-offs of 0.48% as a percentage of average total gross loans (annualized). |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
(Dollars in thousands, except per share data, employees and ratios) | 2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||||
Diluted earnings per common share | $ | 2.12 | $ | 1.57 | 35.0 | % | $ | 5.42 | $ | 4.94 | 9.7 | % | ||||||||||||
Net income available to common stockholders | 111,081 | 81,733 | 35.9 | 283,219 | 256,392 | 10.5 | ||||||||||||||||||
Net interest income | 289,161 | 254,660 | 13.5 | 853,918 | 737,356 | 15.8 | ||||||||||||||||||
Net interest margin | 2.75 | % | 2.50 | % | 25 | bps | 2.72 | % | 2.57 | % | 15 | bps | ||||||||||||
Provision for loan losses | $ | 18,950 | $ | 33,403 | (43.3 | ) | % | $ | 88,624 | $ | 66,368 | 33.5 | % | |||||||||||
Noninterest income | 144,140 | 108,477 | 32.9 | 343,050 | 358,288 | (4.3 | ) | |||||||||||||||||
Noninterest expense | 221,827 | 184,755 | 20.1 | 626,212 | 569,408 | 10.0 | ||||||||||||||||||
Non-GAAP core fee income (1) | 80,526 | 68,388 | 17.7 | 231,522 | 192,677 | 20.2 | ||||||||||||||||||
Non-GAAP noninterest income, net of noncontrolling interests (1) | 139,461 | 102,134 | 36.5 | 339,423 | 329,225 | 3.1 | ||||||||||||||||||
Non-GAAP noninterest expense, net of noncontrolling interests (2) | 221,710 | 184,639 | 20.1 | 625,928 | 568,758 | 10.1 | ||||||||||||||||||
Balance Sheet: | ||||||||||||||||||||||||
Average available-for-sale securities | $ | 12,743,715 | $ | 15,035,114 | (15.2 | ) | % | $ | 13,608,722 | $ | 14,140,044 | (3.8 | ) | % | ||||||||||
Average held-to-maturity securities | 8,003,825 | 7,878,963 | 1.6 | 8,347,190 | 7,697,302 | 8.4 | ||||||||||||||||||
Average loans, net of unearned income | 18,647,194 | 14,916,652 | 25.0 | 17,955,497 | 14,431,785 | 24.4 | ||||||||||||||||||
Average noninterest-bearing demand deposits | 30,522,314 | 28,791,728 | 6.0 | 30,694,119 | 26,909,422 | 14.1 | ||||||||||||||||||
Average interest-bearing deposits | 7,387,440 | 8,591,339 | (14.0 | ) | 7,749,871 | 8,503,931 | (8.9 | ) | ||||||||||||||||
Average total deposits | 37,909,754 | 37,383,067 | 1.4 | 38,443,990 | 35,413,353 | 8.6 | ||||||||||||||||||
Earnings Ratios: | ||||||||||||||||||||||||
Return on average assets (annualized) (3) | 1.02 | % | 0.77 | % | 32.5 | % | 0.87 | % | 0.86 | % | 1.2 | % | ||||||||||||
Return on average SVBFG stockholders’ equity (annualized) (4) | 12.32 | 10.35 | 19.0 | 10.95 | 11.34 | (3.4 | ) | |||||||||||||||||
Asset Quality Ratios: | ||||||||||||||||||||||||
Allowance for loan losses as a % of total period-end gross loans | 1.25 | % | 1.28 | % | (3 | ) | bps | 1.25 | % | 1.28 | % | (3 | ) | bps | ||||||||||
Allowance for loan losses for performing loans as a % of total gross performing loans | 1.03 | 0.99 | 4 | 1.03 | 0.99 | 4 | ||||||||||||||||||
Gross loan charge-offs as a % of average total gross loans (annualized) | 0.52 | 0.77 | (25 | ) | 0.53 | 0.36 | 17 | |||||||||||||||||
Net loan charge-offs as a % of average total gross loans (annualized) | 0.48 | 0.75 | (27 | ) | 0.47 | 0.31 | 16 | |||||||||||||||||
Capital Ratios: | ||||||||||||||||||||||||
CET 1 risk-based capital ratio | 12.75 | % | 12.48 | % | 27 | bps | 12.75 | % | 12.48 | % | 27 | bps | ||||||||||||
Tier 1 risk-based capital ratio | 13.21 | 13.07 | 14 | 13.21 | 13.07 | 14 | ||||||||||||||||||
Total risk-based capital ratio | 14.22 | 14.05 | 17 | 14.22 | 14.05 | 17 | ||||||||||||||||||
Tier 1 leverage ratio | 8.35 | 7.67 | 68 | 8.35 | 7.67 | 68 | ||||||||||||||||||
Tangible common equity to tangible assets (5) | 8.30 | 7.61 | 69 | 8.30 | 7.61 | 69 | ||||||||||||||||||
Tangible common equity to risk-weighted assets (5) | 13.11 | 12.87 | 24 | 13.11 | 12.87 | 24 | ||||||||||||||||||
Bank CET 1 risk-based capital ratio | 12.77 | 12.79 | (2 | ) | 12.77 | 12.79 | (2 | ) | ||||||||||||||||
Bank tier 1 risk-based capital ratio | 12.77 | 12.79 | (2 | ) | 12.77 | 12.79 | (2 | ) | ||||||||||||||||
Bank total risk-based capital ratio | 13.83 | 13.85 | (2 | ) | 13.83 | 13.85 | (2 | ) | ||||||||||||||||
Bank tier 1 leverage ratio | 7.74 | 7.13 | 61 | 7.74 | 7.13 | 61 | ||||||||||||||||||
Bank tangible common equity to tangible assets (5) | 7.98 | 7.42 | 56 | 7.98 | 7.42 | 56 | ||||||||||||||||||
Bank tangible common equity to risk-weighted assets (5) | 13.14 | 13.21 | (7 | ) | 13.14 | 13.21 | (7 | ) | ||||||||||||||||
Other Ratios: | ||||||||||||||||||||||||
GAAP operating efficiency ratio (6) | 51.19 | % | 50.88 | % | 0.6 | % | 52.32 | % | 51.97 | % | 0.7 | % | ||||||||||||
Non-GAAP operating efficiency ratio (2) | 51.69 | 51.69 | — | 52.41 | 53.27 | (1.6 | ) | |||||||||||||||||
Book value per common share (7) | $ | 69.02 | $ | 61.66 | 11.9 | $ | 69.02 | $ | 61.66 | 11.9 | ||||||||||||||
Other Statistics: | ||||||||||||||||||||||||
Average full-time equivalent employees | 2,255 | 2,030 | 11.1 | % | 2,199 | 1,981 | 11.0 | % | ||||||||||||||||
Period-end full-time equivalent employees | 2,280 | 2,054 | 11.0 | 2,280 | 2,054 | 11.0 |
(1) | See “Results of Operations–Noninterest Income” for a description and reconciliation of non-GAAP core fee income and noninterest income. |
(2) | See “Results of Operations–Noninterest Expense” for a description and reconciliation of non-GAAP noninterest expense and non-GAAP operating efficiency ratio. |
(3) | Ratio represents annualized consolidated net income available to common stockholders divided by quarterly and year-to-date average assets. |
(4) | Ratio represents annualized consolidated net income available to common stockholders divided by quarterly and year-to-date average SVBFG stockholders’ equity. |
(5) | See “Capital Resources–Capital Ratios” for a reconciliation of non-GAAP tangible common equity to tangible assets and tangible common equity to risk-weighted assets. |
(6) | The operating efficiency ratio is calculated by dividing total noninterest expense by total taxable-equivalent net interest income plus noninterest income. |
(7) | Book value per common share is calculated by dividing total SVBFG stockholders’ equity by total outstanding common shares at period-end. |
2016 Compared to 2015 | 2016 Compared to 2015 | |||||||||||||||||||||||
Three months ended September 30, increase (decrease) due to change in | Nine months ended September 30, increase (decrease) due to change in | |||||||||||||||||||||||
(Dollars in thousands) | Volume | Rate | Total | Volume | Rate | Total | ||||||||||||||||||
Interest income: | ||||||||||||||||||||||||
Federal Reserve deposits, federal funds sold, securities purchased under agreements to resell, trade receivables purchased and other short-term investment securities | $ | (198 | ) | $ | 912 | $ | 714 | $ | 69 | $ | 1,653 | $ | 1,722 | |||||||||||
Fixed income investment portfolio (taxable) | (8,344 | ) | 4,203 | (4,141 | ) | (136 | ) | 7,761 | 7,625 | |||||||||||||||
Fixed income investment portfolio (non-taxable) | (287 | ) | 3 | (284 | ) | (847 | ) | 36 | (811 | ) | ||||||||||||||
Loans, net of unearned income | 42,429 | (3,195 | ) | 39,234 | 121,580 | (11,870 | ) | 109,710 | ||||||||||||||||
Increase (decrease) in interest income, net | 33,600 | 1,923 | 35,523 | 120,666 | (2,420 | ) | 118,246 | |||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Interest bearing checking and savings accounts | 6 | (1 | ) | 5 | 34 | (81 | ) | (47 | ) | |||||||||||||||
Money market deposits | (118 | ) | 568 | 450 | (73 | ) | 64 | (9 | ) | |||||||||||||||
Money market deposits in foreign offices | — | — | — | (14 | ) | 6 | (8 | ) | ||||||||||||||||
Time deposits | (4 | ) | (12 | ) | (16 | ) | (28 | ) | (47 | ) | (75 | ) | ||||||||||||
Sweep deposits in foreign offices | (74 | ) | 12 | (62 | ) | (181 | ) | 21 | (160 | ) | ||||||||||||||
Total (decrease) increase in deposits expense | (190 | ) | 567 | 377 | (262 | ) | (37 | ) | (299 | ) | ||||||||||||||
Short-term borrowings | 654 | 6 | 660 | 970 | 67 | 1,037 | ||||||||||||||||||
3.50% Senior Notes | 1 | 2 | 3 | 977 | 43 | 1,020 | ||||||||||||||||||
5.375% Senior Notes | 4 | 4 | 8 | 33 | (10 | ) | 23 | |||||||||||||||||
Junior Subordinated Debentures | — | (1 | ) | (1 | ) | (2 | ) | (1 | ) | (3 | ) | |||||||||||||
6.05% Subordinated Notes | (9 | ) | 83 | 74 | (24 | ) | 214 | 190 | ||||||||||||||||
Total increase in borrowings expense | 650 | 94 | 744 | 1,954 | 313 | 2,267 | ||||||||||||||||||
Increase in interest expense, net | 460 | 661 | 1,121 | 1,692 | 276 | 1,968 | ||||||||||||||||||
Increase (decrease) in net interest income | $ | 33,140 | $ | 1,262 | $ | 34,402 | $ | 118,974 | $ | (2,696 | ) | $ | 116,278 |
• | Interest income for the three months ended September 30, 2016 increased by $35.5 million due primarily to: |
◦ | A $39.2 million increase in interest income on loans to $214.2 million for the three months ended September 30, 2016, compared to $175.0 million for the comparable 2015 period. The increase was reflective of an increase in average loan balances of $3.7 billion, partially offset by a decrease in both gross loan yields and loan fee yields. Gross loan yields, excluding loan interest recoveries and loan fees, decreased to 3.93 percent from 3.99 percent, reflective of a shift in the mix of our overall loan portfolio from the third quarter of 2015, partially offset by the 25 basis point increase in the target federal funds rate by the Federal Reserve in December 2015. The shift in the mix of loans primarily reflects growth in private equity/venture capital and SVB Private Bank loans, which tend to be higher credit quality, lower yielding loans. Loan fee yields decreased five basis points to 61 basis points, from 66 basis points in the comparable 2015 period. This decrease was a result of lower amortizing fee income as a percentage of our overall loan portfolio, primarily reflective of the growth of our private equity/venture capital and SVB Private Bank loans which tend to have lower fees. |
◦ | A $4.4 million decrease in interest income on fixed income investment securities to $84.3 million for the three months ended September 30, 2016, compared to $88.7 million for the comparable 2015 period. The decrease was reflective primarily of a decrease in average fixed income investment securities of $2.2 billion from the third quarter of 2015, as a result of our $2.9 billion sales of investment securities during the first and second |
• | Interest income for the nine months ended September 30, 2016 increased by $118.2 million due primarily to: |
◦ | A $109.7 million increase in interest income on loans to $617.5 million for the nine months ended September 30, 2016, compared to $507.7 million for the comparable 2015 period. The increase was reflective of an increase in average loan balances of $3.5 billion, partially offset by a decrease in both gross loan yields and loan fee yields. Gross loan yields, excluding loan interest recoveries and loan fees, decreased to 3.99 percent from 4.03 percent, reflective of a shift in the mix of our overall loan portfolio since the nine months ended September 30, 2015, partially offset by the 25 basis point increase in the target federal funds rate by the Federal Reserve in December 2015. The shift in the mix of loans primarily reflects growth in private equity/venture capital and SVB Private Bank loans, which tend to be higher credit quality, lower yielding loans. Loan fee yields decreased eight basis points to 58 basis points, from 66 basis points in the comparable 2015 period. This decrease was a result of lower amortizing fee income as a percentage of our overall loan portfolio, primarily reflective of the growth of our private equity/venture capital and SVB Private Bank loans which tend to have lower fees. |
◦ | A $6.8 million increase in interest income on fixed income investment securities to $263.7 million for the nine months ended September 30, 2016, compared to $256.9 million for the comparable 2015 period. The increase was driven primarily by a $5.0 million decrease in premium amortization expense, as well as a higher yield on our U.S. Treasury portfolio, both reflective of higher market interest rates. |
• | Interest expense for the nine months ended September 30, 2016 increased by $2.0 million primarily due to: |
◦ | An increase in long-term debt interest expense of $1.2 million, reflective of the $350.0 million issuance of our 3.50% Senior Notes on January 29, 2015. |
◦ | An increase in short-term borrowings interest expense of $1.0 million, due primarily to borrowings from our available line of credit with the Federal Home Loan Bank ("FHLB") in 2016 in order to support loan growth and the liquidity needs of the Bank. |
• | Our net interest margin increased by 25 basis points to 2.75 percent for the three months ended September 30, 2016, compared to 2.50 percent for the comparable 2015 period. The higher margin during the third quarter of 2016 was reflective primarily of a shift in the mix of our average interest-earning assets towards our loan portfolio. The shift was reflective of the utilization of fixed income investment securities to fund loan growth in 2016 as a result of the tempered growth in average deposits. Average loans represented 45 percent of interest earning assets for the third quarter of 2016 compared to 37 percent for the comparable 2015 period. |
• | Our net interest margin increased by 15 basis points to 2.72 percent for the nine months ended September 30, 2016, compared to 2.57 percent for the comparable 2015 period. The higher margin during the nine months ended September 30, 2016 was reflective primarily of a shift in the mix of our average interest-earning assets towards our loan portfolio. The shift was reflective of the utilization of fixed income investment securities to fund loan growth in 2016 as a result of the tempered growth in average deposits. Average loans represented 43 percent of interest earning assets for the nine months ended September 30, 2016 compared to 38 percent for the comparable 2015 period |
Three months ended September 30, | ||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||
(Dollars in thousands) | 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) | $ | 2,404,006 | $ | 2,196 | 0.36 | % | $ | 2,618,582 | $ | 1,482 | 0.22 | % | ||||||||||
Investment securities: (2) | ||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||
Taxable | 12,743,715 | 44,741 | 1.40 | 15,035,114 | 49,027 | 1.29 | ||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||
Taxable | 7,947,983 | 38,727 | 1.94 | 7,803,045 | 38,582 | 1.96 | ||||||||||||||||
Non-taxable (3) | 55,842 | 803 | 5.72 | 75,918 | 1,087 | 5.68 | ||||||||||||||||
Total loans, net of unearned income (4) (5) | 18,647,194 | 214,227 | 4.57 | 14,916,652 | 174,993 | 4.65 | ||||||||||||||||
Total interest-earning assets | 41,798,740 | 300,694 | 2.86 | 40,449,311 | 265,171 | 2.60 | ||||||||||||||||
Cash and due from banks | 317,044 | 349,072 | ||||||||||||||||||||
Allowance for loan losses | (247,657 | ) | (200,683 | ) | ||||||||||||||||||
Other assets (6) | 1,583,202 | 1,416,520 | ||||||||||||||||||||
Total assets | $ | 43,451,329 | $ | 42,014,220 | ||||||||||||||||||
Funding sources: | ||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||
Interest bearing checking and savings accounts | $ | 308,345 | $ | 60 | 0.08 | % | $ | 276,221 | $ | 55 | 0.08 | % | ||||||||||
Money market deposits | 5,592,603 | 1,316 | 0.09 | 6,090,936 | 866 | 0.06 | ||||||||||||||||
Money market deposits in foreign offices | 199,539 | 20 | 0.04 | 192,859 | 20 | 0.04 | ||||||||||||||||
Time deposits | 50,351 | 12 | 0.09 | 68,875 | 28 | 0.16 | ||||||||||||||||
Sweep deposits in foreign offices | 1,236,602 | 127 | 0.04 | 1,962,448 | 189 | 0.04 | ||||||||||||||||
Total interest-bearing deposits | 7,387,440 | 1,535 | 0.08 | 8,591,339 | 1,158 | 0.05 | ||||||||||||||||
Short-term borrowings | 513,446 | 663 | 0.51 | 6,956 | 3 | 0.17 | ||||||||||||||||
3.50% Senior Notes | 346,848 | 3,141 | 3.60 | 346,541 | 3,138 | 3.59 | ||||||||||||||||
5.375% Senior Notes | 347,345 | 4,847 | 5.55 | 346,788 | 4,839 | 5.54 | ||||||||||||||||
Junior Subordinated Debentures | 54,566 | 830 | 6.05 | 54,650 | 831 | 6.03 | ||||||||||||||||
6.05% Subordinated Notes | 47,421 | 236 | 1.98 | 49,298 | 162 | 1.30 | ||||||||||||||||
Total interest-bearing liabilities | 8,697,066 | 11,252 | 0.51 | 9,395,572 | 10,131 | 0.43 | ||||||||||||||||
Portion of noninterest-bearing funding sources | 33,101,674 | 31,053,739 | ||||||||||||||||||||
Total funding sources | 41,798,740 | 11,252 | 0.11 | 40,449,311 | 10,131 | 0.10 | ||||||||||||||||
Noninterest-bearing funding sources: | ||||||||||||||||||||||
Demand deposits | 30,522,314 | 28,791,728 | ||||||||||||||||||||
Other liabilities | 517,066 | 556,935 | ||||||||||||||||||||
SVBFG stockholders’ equity | 3,586,196 | 3,131,687 | ||||||||||||||||||||
Noncontrolling interests | 128,687 | 138,298 | ||||||||||||||||||||
Portion used to fund interest-earning assets | (33,101,674 | ) | (31,053,739 | ) | ||||||||||||||||||
Total liabilities, noncontrolling interest, and SVBFG stockholders’ equity | $ | 43,451,329 | $ | 42,014,220 | ||||||||||||||||||
Net interest income and margin | $ | 289,442 | 2.75 | % | $ | 255,040 | 2.50 | % | ||||||||||||||
Total deposits | $ | 37,909,754 | $ | 37,383,067 | ||||||||||||||||||
Reconciliation to reported net interest income: | ||||||||||||||||||||||
Adjustments for taxable equivalent basis | (281 | ) | (380 | ) | ||||||||||||||||||
Net interest income, as reported | $ | 289,161 | $ | 254,660 |
(1) | Includes average interest-earning deposits in other financial institutions of $760 million and $446 million for the three months ended September 30, 2016 and 2015, respectively. For the three months ended September 30, 2016 and 2015, balances also include $1.6 billion and $2.1 billion, respectively, deposited at the FRB, earning interest at the Federal Funds target rate. |
(2) | Yields on interest-earning investment securities do not give effect to changes in fair value that are reflected in other comprehensive income. |
(3) | Interest income on non-taxable investment securities are presented on a fully taxable-equivalent basis using the federal statutory income tax rate of 35.0 percent for all periods presented. |
(4) | Nonaccrual loans are reflected in the average balances of loans. |
(5) | Interest income includes loan fees of $28.4 million and $24.7 million for the three months ended September 30, 2016 and 2015, respectively. |
(6) | Average investment securities of $804 million and $739 million for the three months ended September 30, 2016 and 2015, respectively, were classified as other assets as they were noninterest-earning assets. These investments consisted primarily of non-marketable and other securities. |
Nine months ended September 30, | ||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||
(Dollars in thousands) | 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) | $ | 2,111,619 | $ | 5,793 | 0.37 | % | $ | 2,086,409 | $ | 4,071 | 0.26 | % | ||||||||||
Investment securities: (2) | ||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||
Taxable | 13,608,722 | 140,932 | 1.38 | 14,140,044 | 139,734 | 1.32 | ||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||
Taxable | 8,287,043 | 120,189 | 1.94 | 7,617,112 | 113,762 | 2.00 | ||||||||||||||||
Non-taxable (3) | 60,147 | 2,605 | 5.79 | 80,190 | 3,416 | 5.70 | ||||||||||||||||
Total loans, net of unearned income (4) (5) | 17,955,497 | 617,456 | 4.59 | 14,431,785 | 507,746 | 4.70 | ||||||||||||||||
Total interest-earning assets | 42,023,028 | 886,975 | 2.82 | 38,355,540 | 768,729 | 2.68 | ||||||||||||||||
Cash and due from banks | 326,144 | 302,251 | ||||||||||||||||||||
Allowance for loan losses | (237,613 | ) | (184,119 | ) | ||||||||||||||||||
Other assets (6) | 1,558,157 | 1,433,017 | ||||||||||||||||||||
Total assets | $ | 43,669,716 | $ | 39,906,689 | ||||||||||||||||||
Funding sources: | ||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||
Interest bearing checking and savings accounts | $ | 310,505 | $ | 181 | 0.08 | % | $ | 251,605 | $ | 228 | 0.12 | % | ||||||||||
Money market deposits | 5,887,627 | 3,297 | 0.07 | 6,021,622 | 3,306 | 0.07 | ||||||||||||||||
Money market deposits in foreign offices | 153,593 | 50 | 0.04 | 196,200 | 58 | 0.04 | ||||||||||||||||
Time deposits | 59,069 | 51 | 0.12 | 90,939 | 126 | 0.19 | ||||||||||||||||
Sweep deposits in foreign offices | 1,339,077 | 405 | 0.04 | 1,943,565 | 565 | 0.04 | ||||||||||||||||
Total interest-bearing deposits | 7,749,871 | 3,984 | 0.07 | 8,503,931 | 4,283 | 0.07 | ||||||||||||||||
Short-term borrowings | 287,735 | 1,065 | 0.49 | 25,505 | 28 | 0.15 | ||||||||||||||||
3.5% Senior Notes | 346,771 | 9,421 | 3.63 | 310,956 | 8,401 | 3.61 | ||||||||||||||||
5.375% Senior Notes | 347,205 | 14,534 | 5.59 | 346,656 | 14,511 | 5.60 | ||||||||||||||||
Junior Subordinated Debentures | 54,610 | 2,493 | 6.10 | 54,786 | 2,496 | 6.09 | ||||||||||||||||
6.05% Subordinated Notes | 47,859 | 648 | 1.81 | 49,621 | 458 | 1.23 | ||||||||||||||||
Total interest-bearing liabilities | 8,834,051 | 32,145 | 0.49 | 9,291,455 | 30,177 | 0.43 | ||||||||||||||||
Portion of noninterest-bearing funding sources | 33,188,977 | 29,064,085 | ||||||||||||||||||||
Total funding sources | 42,023,028 | 32,145 | 0.10 | 38,355,540 | 30,177 | 0.11 | ||||||||||||||||
Noninterest-bearing funding sources: | ||||||||||||||||||||||
Demand deposits | 30,694,119 | 26,909,422 | ||||||||||||||||||||
Other liabilities | 556,568 | 539,787 | ||||||||||||||||||||
SVBFG stockholders’ equity | 3,453,904 | 3,022,086 | ||||||||||||||||||||
Noncontrolling interests | 131,074 | 143,939 | ||||||||||||||||||||
Portion used to fund interest-earning assets | (33,188,977 | ) | (29,064,085 | ) | ||||||||||||||||||
Total liabilities, noncontrolling interest, and SVBFG stockholders’ equity | $ | 43,669,716 | $ | 39,906,689 | ||||||||||||||||||
Net interest income and margin | $ | 854,830 | 2.72 | % | $ | 738,552 | 2.57 | % | ||||||||||||||
Total deposits | $ | 38,443,990 | $ | 35,413,353 | ||||||||||||||||||
Reconciliation to reported net interest income: | ||||||||||||||||||||||
Adjustments for taxable equivalent basis | (912 | ) | (1,196 | ) | ||||||||||||||||||
Net interest income, as reported | $ | 853,918 | $ | 737,356 |
(1) | Includes average interest-earning deposits in other financial institutions of $653 million and $467 million for the nine months ended September 30, 2016 and 2015, respectively. The balance also includes $1.4 billion and $1.5 billion deposited at the FRB, earning interest at the Federal Funds target rate for the nine months ended September 30, 2016 and 2015, respectively. |
(2) | Yields on interest-earning investment securities do not give effect to changes in fair value that are reflected in other comprehensive income. |
(3) | Interest income on non-taxable available-for-sale securities is presented on a fully taxable-equivalent basis using the federal statutory income tax rate of 35.0 percent for all periods presented. |
(4) | Nonaccrual loans are reflected in the average balances of loans. |
(5) | Interest income includes loan fees of $78.1 million and $71.4 million for the nine months ended September 30, 2016 and 2015, respectively. |
(6) | Average investment securities of $803 million and $761 million for the nine months ended September 30, 2016 and 2015, respectively, were classified as other assets as they were noninterest-earning assets. These investments consisted primarily of non-marketable securities. |
Three months ended | Nine months ended | |||||||||||||||
(Dollars in thousands, except ratios) | September 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | ||||||||||||
Allowance for loan losses, beginning balance | $ | 244,723 | $ | 192,644 | $ | 217,613 | $ | 165,359 | ||||||||
Provision for loan losses | 18,950 | 33,403 | 88,624 | 66,368 | ||||||||||||
Gross loan charge-offs | (24,616 | ) | (29,118 | ) | (71,466 | ) | (39,339 | ) | ||||||||
Loan recoveries | 2,084 | 662 | 8,158 | 5,289 | ||||||||||||
Foreign currency translation adjustments (1) | (576 | ) | (84 | ) | (2,364 | ) | (170 | ) | ||||||||
Allowance for loan losses, ending balance | $ | 240,565 | $ | 197,507 | $ | 240,565 | $ | 197,507 | ||||||||
Provision for loan losses as a percentage of period-end total gross loans (annualized) | 0.39 | % | 0.86 | % | 0.62 | % | 0.58 | % | ||||||||
Gross loan charge-offs as a percentage of average total gross loans (annualized) | 0.52 | 0.77 | 0.53 | 0.36 | ||||||||||||
Net loan charge-offs as a percentage of average total gross loans (annualized) | 0.48 | 0.75 | 0.47 | 0.31 | ||||||||||||
Allowance for loan losses as a percentage of period-end total gross loans | 1.25 | 1.28 | 1.25 | 1.28 | ||||||||||||
Period-end total gross loans | $ | 19,228,928 | $ | 15,429,941 | $ | 19,228,928 | $ | 15,429,941 | ||||||||
Average total gross loans | 18,762,144 | 15,026,206 | 18,067,893 | 14,537,874 |
(1) | Reflects foreign currency translation adjustments within the allowance for loan losses. Prior period amounts were previously reported with loan recoveries and have been revised to conform to current period presentation. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||
GAAP noninterest income | $ | 144,140 | $ | 108,477 | 32.9 | % | $ | 343,050 | $ | 358,288 | (4.3 | )% | ||||||||||
Less: income attributable to noncontrolling interests, including carried interest | 4,679 | 6,343 | (26.2 | ) | 3,627 | 29,063 | (87.5 | ) | ||||||||||||||
Non-GAAP noninterest income, net of noncontrolling interests | $ | 139,461 | $ | 102,134 | 36.5 | $ | 339,423 | $ | 329,225 | 3.1 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||
GAAP noninterest income | $ | 144,140 | $ | 108,477 | 32.9 | % | $ | 343,050 | $ | 358,288 | (4.3 | )% | ||||||||||
Less: gains on investment securities, net | 23,178 | 18,768 | 23.5 | 41,764 | 77,006 | (45.8 | ) | |||||||||||||||
Less: gains on derivative instruments, net | 19,744 | 10,244 | 92.7 | 26,847 | 66,290 | (59.5 | ) | |||||||||||||||
Less: other noninterest income | 20,692 | 11,077 | 86.8 | 42,917 | 22,315 | 92.3 | ||||||||||||||||
Non-GAAP core fee income (1) | $ | 80,526 | $ | 68,388 | 17.7 | $ | 231,522 | $ | 192,677 | 20.2 |
(1) | Non-GAAP core fee income represents noninterest income, but excludes certain line items where performance is typically subject to market or other conditions beyond our control and includes foreign exchange fees, credit card fees, deposit service charges, lending related fees, client investment fees and letters of credit fees. |
• | Gains of $13.7 million from our strategic and other investments portfolio, comprised of gains of $7.2 million from valuation increases for one of our equity method fund investments as well as higher distributions from our strategic venture capital fund investments, and |
• | Gains of $4.3 million from our managed funds of funds portfolio, related primarily to net unrealized valuation increases due to M&A and IPO activity of investments held by the funds in the portfolio. |
• | Gains of $24.0 million from our strategic and other investments portfolio, attributable primarily to distribution gains from our strategic venture capital funds investments and net unrealized valuation increases in one of our equity method fund investments, |
• | Gains of $11.6 million from our available-for-sale securities portfolio, primarily reflective of $13.8 million of net gains on the sale of approximately $2.9 billion in U.S. Treasury securities, partially offset by $2.2 million of net losses on sales of shares from exercised warrants in public companies upon expiration of lock-up periods during 2016, and |
• | Gains of $2.2 million from our managed funds of funds portfolio, related primarily to net unrealized valuation increases due to M&A and IPO activity of investments held by the funds in the portfolio. |
(Dollars in thousands) | Managed Funds of Funds | Managed Direct Venture Funds | Debt Funds | Available- For-Sale Securities | Strategic and Other Investments | Total | ||||||||||||||||||
Three months ended September 30, 2016 | ||||||||||||||||||||||||
Total gains (losses) on investment securities, net | $ | 8,931 | $ | 390 | $ | 166 | $ | (15 | ) | $ | 13,706 | $ | 23,178 | |||||||||||
Less: income attributable to noncontrolling interests, including carried interest | 4,615 | 130 | — | — | — | 4,745 | ||||||||||||||||||
Non-GAAP net gains (losses) on investment securities, net of noncontrolling interests | $ | 4,316 | $ | 260 | $ | 166 | $ | (15 | ) | $ | 13,706 | $ | 18,433 | |||||||||||
Three months ended September 30, 2015 | ||||||||||||||||||||||||
Total gains (losses) on investment securities, net | $ | 11,786 | $ | (186 | ) | $ | 378 | $ | 13 | $ | 6,777 | $ | 18,768 | |||||||||||
Less: income attributable to noncontrolling interests, including carried interest | 5,816 | 286 | — | — | — | 6,102 | ||||||||||||||||||
Non-GAAP net gains (losses) on investment securities, net of noncontrolling interests | $ | 5,970 | $ | (472 | ) | $ | 378 | $ | 13 | $ | 6,777 | $ | 12,666 | |||||||||||
Nine months ended September 30, 2016 | ||||||||||||||||||||||||
Total gains (losses) on investment securities, net | $ | 5,830 | $ | (411 | ) | $ | 801 | $ | 11,567 | $ | 23,977 | $ | 41,764 | |||||||||||
Less: income (losses) attributable to noncontrolling interests, including carried interest | 3,668 | (17 | ) | — | — | — | 3,651 | |||||||||||||||||
Non-GAAP net gains (losses) on investment securities, net of noncontrolling interests | $ | 2,162 | $ | (394 | ) | $ | 801 | $ | 11,567 | $ | 23,977 | $ | 38,113 | |||||||||||
Nine months ended September 30, 2015 | ||||||||||||||||||||||||
Total gains on investment securities, net | $ | 36,726 | $ | 12,352 | $ | 1,478 | $ | 2,750 | $ | 23,700 | $ | 77,006 | ||||||||||||
Less: income attributable to noncontrolling interests, including carried interest | 21,868 | 7,441 | — | — | — | 29,309 | ||||||||||||||||||
Non-GAAP net gains on investment securities, net of noncontrolling interests | $ | 14,858 | $ | 4,911 | $ | 1,478 | $ | 2,750 | $ | 23,700 | $ | 47,697 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||
Equity warrant assets (1) | ||||||||||||||||||||||
Gains on exercises, net | $ | 5,931 | $ | 2,173 | 172.9 | % | $ | 13,808 | $ | 26,363 | (47.6 | )% | ||||||||||
Cancellations and expirations | (1,161 | ) | (412 | ) | 181.8 | (2,545 | ) | (818 | ) | NM | ||||||||||||
Changes in fair value | 16,788 | 8,924 | 88.1 | 21,989 | 29,034 | (24.3 | ) | |||||||||||||||
Net gains on equity warrant assets | 21,558 | 10,685 | 101.8 | 33,252 | 54,579 | (39.1 | ) | |||||||||||||||
(Losses) gains on foreign exchange forward contracts, net: | ||||||||||||||||||||||
(Losses) gains on client foreign exchange forward contracts, net (2) | (3,194 | ) | 179 | NM | (8,780 | ) | 459 | NM | ||||||||||||||
Gains (losses) on internal foreign exchange forward contracts, net (3) | 1,352 | (218 | ) | NM | 3,067 | 11,626 | (73.6 | ) | ||||||||||||||
Total (losses) gains on foreign exchange forward contracts, net | (1,842 | ) | (39 | ) | NM | (5,713 | ) | 12,085 | (147.3 | ) | ||||||||||||
Changes in fair value of interest rate swaps | (3 | ) | (8 | ) | (62.5 | ) | (33 | ) | (22 | ) | 50.0 | |||||||||||
Net gains (losses) on other derivatives | 31 | (394 | ) | (107.9 | ) | (659 | ) | (352 | ) | 87.2 | ||||||||||||
Gains on derivative instruments, net | $ | 19,744 | $ | 10,244 | 92.7 | $ | 26,847 | $ | 66,290 | (59.5 | ) |
(1) | At September 30, 2016, we held warrants in 1,719 companies, compared to 1,625 companies at September 30, 2015. The total value of our warrant portfolio was $145 million at September 30, 2016 and $130 million at September 30, 2015. Warrants in 18 companies each had values greater than $1.0 million and collectively represented 36 percent of the fair value of the total warrant portfolio at September 30, 2016. |
(2) | Represents the change in the fair value of foreign exchange forward contracts executed on behalf of clients, excluding any spread or fees earned in connection with these trades. The change in fair value of our client foreign exchange contracts is offset by the net gains (losses) on revaluation of client foreign currency denominated financial instruments, which is included within noninterest income in the line item "Other". Refer to the discussion of "Other noninterest income" related to gains (losses) on revaluation of client foreign currency instruments, net for more information. |
(3) | Represents the change in the fair value of foreign exchange forward contracts used to economically reduce our foreign exchange exposure related to certain foreign currency denominated instruments, issued and held by us. The change in fair value of our internal foreign exchange contracts is offset by the net gains (losses) on revaluation of internal foreign currency denominated financial instruments, issued and held by us, which is included within noninterest income in the line item "Other". Refer to the discussion of "Other noninterest income" related to gains (losses) on revaluation of internal foreign currency instruments, net for more information. |
• | Net gains on equity warrant assets of $21.6 million, which consisted of: |
◦ | Net gains of $16.8 million from changes in warrant valuations for the three months ended September 30, 2016, compared to $8.9 million for the comparable 2015 period, primarily reflective of a $10.3 million increase in the valuation of one public company as well as warrant valuation gains in our private company warrant portfolio, and |
◦ | Net gains of $5.9 million from the exercise of equity warrant assets during the three months ended September 30, 2016, compared to net gains $2.2 million for the comparable 2015 period, primarily reflective of increased IPO and M&A activity in the portfolio. |
• | Net losses of $3.2 million on client foreign exchange forward contracts used to economically reduce our foreign exchange exposure to foreign currency denominated financial instruments for the three months ended September 30, 2016, compared to net gains of $0.2 million for the comparable 2015 period. The net losses of $3.2 million were offset by net gains of $3.5 million from the revaluation of client foreign currency denominated instruments that are included in the line item "Other" within noninterest income below. |
• | Net gains of $1.4 million on internal foreign exchange forward contracts used to economically reduce our foreign exchange exposure to foreign currency denominated financial instruments for the three months ended September 30, 2016, compared to net losses of $0.2 million for the comparable 2015 period. The net gains of $1.4 million were driven by the continued strengthening of the U.S. dollar against various foreign currencies, during the third quarter of 2016 and were offset by net losses of $1.4 million from the revaluation of internal foreign currency denominated instruments that are included in the line item "Other" within noninterest income below. |
• | Net gains on equity warrant assets of $33.3 million for the nine months ended September 30, 2016, compared to $54.6 million for the comparable 2015 period, which consisted of the following: |
◦ | Net gains of $22.0 million from changes in warrant valuations for the nine months ended September 30, 2016, compared to $29.0 million for the comparable 2015 period, primarily reflective of a $15.0 million increase in the valuation of one public company as well as warrant valuation gains in our private company warrant portfolio, due to IPO and M&A activity in the portfolio, and |
◦ | Net gains of $13.8 million from the exercise of equity warrant assets for the nine months ended September 30, 2016, compared to $26.4 million for the comparable 2015 period, reflective primarily of M&A activity. |
• | Net losses of $8.8 million on client foreign exchange forward contracts for the nine months ended September 30, 2016, compared to net gains of $0.5 million for the comparable 2015 period. The net losses of $8.8 million were partially offset by net gains of $7.0 million from the revaluation of client foreign currency denominated financial instruments that are included in the line item "Other" within noninterest income. Also contributing to the loss is a reclassification of $2.8 million in unrealized gains on forward contracts to foreign exchange fee income (included in non-GAAP core fee income above) reflecting fees earned on forward contracts executed on behalf of our clients, which were previously recorded in the line item "Gains on derivative instruments, net." |
• | Net gains of $3.1 million on internal foreign exchange forward contracts hedging certain of our foreign currency denominated instruments for the nine months ended September 30, 2016, compared to net gains of $11.6 million for the comparable 2015 period. The net gains recognized for the nine months ended September 30, 2016 were primarily attributable to the strengthening of the U.S. Dollar against various foreign currencies. The net gains of $3.1 million and $11.6 million were offset by net losses of $4.2 million and $11.7 million, respectively, from the revaluation of internal foreign currency denominated instruments that are included in the line item "Other" within noninterest income as noted below. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||
Non-GAAP core fee income (1): | ||||||||||||||||||||||
Foreign exchange fees | $ | 25,944 | $ | 22,995 | 12.8 | % | $ | 76,998 | $ | 63,037 | 22.1 | % | ||||||||||
Credit card fees | 18,295 | 14,536 | 25.9 | 49,226 | 40,841 | 20.5 | ||||||||||||||||
Deposit service charges | 13,356 | 12,272 | 8.8 | 39,142 | 34,309 | 14.1 | ||||||||||||||||
Client investment fees | 7,952 | 5,683 | 39.9 | 23,959 | 15,429 | 55.3 | ||||||||||||||||
Lending related fees | 8,168 | 7,561 | 8.0 | 23,783 | 23,746 | 0.2 | ||||||||||||||||
Letters of credit and standby letters of credit fees | 6,811 | 5,341 | 27.5 | 18,414 | 15,315 | 20.2 | ||||||||||||||||
Total non-GAAP core fee income (1) | $ | 80,526 | $ | 68,388 | 17.7 | $ | 231,522 | $ | 192,677 | 20.2 |
(1) | This non-GAAP measure represents noninterest income, but excludes certain line items where performance is typically subject to market or other conditions beyond our control. See "Use of Non-GAAP Measures" above. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in millions) | 2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||
Client directed investment assets (1) | $ | 6,846 | $ | 8,392 | (18.4 | )% | $ | 7,137 | $ | 7,752 | (7.9 | )% | ||||||||||
Client investment assets under management (2) | 20,692 | 20,943 | (1.2 | ) | 21,215 | 19,305 | 9.9 | |||||||||||||||
Sweep money market funds | 15,567 | 12,638 | 23.2 | 14,468 | 10,765 | 34.4 | ||||||||||||||||
Total average client investment funds (3) | $ | 43,105 | $ | 41,973 | 2.7 | $ | 42,820 | $ | 37,822 | 13.2 |
(1) | Comprised of mutual funds and Repurchase Agreement Program assets. |
(2) | These funds represent investments in third party money market mutual funds and fixed-income securities managed by SVB Asset Management. |
(3) | Client investment funds are maintained at third party financial institutions and are not recorded on our balance sheet. |
(Dollars in millions) | September 30, 2016 | December 31, 2015 | % Change | ||||||||
Client directed investment assets (1) | $ | 6,262 | $ | 7,527 | (16.8 | )% | |||||
Client investment assets under management (2) | 20,819 | 22,454 | (7.3 | ) | |||||||
Sweep money market funds | 16,263 | 14,011 | 16.1 | ||||||||
Total period-end client investment funds (3) | $ | 43,344 | $ | 43,992 | (1.5 | ) |
(1) | Comprised of mutual funds and Repurchase Agreement Program assets. |
(2) | These funds represent investments in third party money market mutual funds and fixed-income securities managed by SVB Asset Management. |
(3) | Client investment funds are maintained at third party financial institutions and are not recorded on our balance sheet. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||
Fund management fees | $ | 5,231 | $ | 4,074 | 28.4 | % | $ | 14,149 | $ | 11,657 | 21.4 | % | ||||||||||
Service-based fee income | 2,029 | 1,931 | 5.1 | 6,270 | 6,450 | (2.8 | ) | |||||||||||||||
Gains (losses) on revaluation of client foreign currency instruments, net (1) | 3,488 | 2 | NM | 7,009 | (177 | ) | NM | |||||||||||||||
(Losses) gains on revaluation of internal foreign currency instruments, net (2) | (1,406 | ) | 186 | NM | (4,222 | ) | (11,667 | ) | (63.8 | ) | ||||||||||||
Other (3) | 11,350 | 4,884 | 132.4 | 19,711 | 16,052 | 22.8 | ||||||||||||||||
Total other noninterest income | $ | 20,692 | $ | 11,077 | 86.8 | $ | 42,917 | $ | 22,315 | 92.3 |
(1) | Represents the net revaluation of client foreign currency denominated financial instruments. We enter into client foreign exchange forward contracts to economically reduce our foreign exchange exposure related to client foreign currency denominated financial instruments. The changes in the fair value of client foreign exchange forward contracts are included within noninterest income in the line item "Gains on derivative instruments, net". |
(2) | Represents the net revaluation of foreign currency denominated financial instruments issued and held by us, primarily loans, deposits and cash. We enter into internal foreign exchange forward contracts to economically reduce our foreign exchange exposure related to these foreign currency denominated financial instruments issued and held by us. The changes in the fair value of internal foreign exchange forward contracts are included within noninterest income in the line item "Gains on derivative instruments, net". |
(3) | Includes dividends on FHLB/FRB stock, correspondent bank rebate income, incentive fees related to carried interest and other fee income. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||
Compensation and benefits | $ | 136,568 | $ | 109,345 | 24.9 | % | $ | 374,410 | $ | 350,030 | 7.0 | % | ||||||||||
Professional services | 23,443 | 21,137 | 10.9 | 67,959 | 58,834 | 15.5 | ||||||||||||||||
Premises and equipment | 16,291 | 12,356 | 31.8 | 47,861 | 36,800 | 30.1 | ||||||||||||||||
Business development and travel | 8,504 | 8,028 | 5.9 | 30,077 | 28,904 | 4.1 | ||||||||||||||||
Net occupancy | 9,525 | 8,548 | 11.4 | 28,919 | 24,010 | 20.4 | ||||||||||||||||
FDIC and state assessments | 7,805 | 6,954 | 12.2 | 21,624 | 18,705 | 15.6 | ||||||||||||||||
Correspondent bank fees | 3,104 | 3,070 | 1.1 | 9,469 | 9,775 | (3.1 | ) | |||||||||||||||
Provision for unfunded credit commitments | 1,054 | 1,047 | 0.7 | 1,601 | 249 | NM | ||||||||||||||||
Other | 15,533 | 14,270 | 8.9 | 44,292 | 42,101 | 5.2 | ||||||||||||||||
Total noninterest expense | $ | 221,827 | $ | 184,755 | 20.1 | $ | 626,212 | $ | 569,408 | 10.0 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands, except ratios) | 2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||
GAAP noninterest expense | $ | 221,827 | $ | 184,755 | 20.1 | % | $ | 626,212 | $ | 569,408 | 10.0 | % | ||||||||||
Less: amounts attributable to noncontrolling interests | 117 | 116 | 0.9 | 284 | 650 | (56.3 | ) | |||||||||||||||
Non-GAAP noninterest expense, net of noncontrolling interests | $ | 221,710 | $ | 184,639 | 20.1 | $ | 625,928 | $ | 568,758 | 10.1 | ||||||||||||
GAAP net interest income | $ | 289,161 | $ | 254,660 | 13.5 | $ | 853,918 | $ | 737,356 | 15.8 | ||||||||||||
Adjustments for taxable equivalent basis | 281 | 380 | (26.1 | ) | 912 | 1,196 | (23.7 | ) | ||||||||||||||
Non-GAAP taxable equivalent net interest income | $ | 289,442 | $ | 255,040 | 13.5 | $ | 854,830 | $ | 738,552 | 15.7 | ||||||||||||
Less: income attributable to noncontrolling interests | 4 | 2 | 100.0 | 62 | 6 | NM | ||||||||||||||||
Non-GAAP taxable equivalent net interest income, net of noncontrolling interests | $ | 289,438 | $ | 255,038 | 13.5 | $ | 854,768 | $ | 738,546 | 15.7 | ||||||||||||
GAAP noninterest income | $ | 144,140 | $ | 108,477 | 32.9 | $ | 343,050 | $ | 358,288 | (4.3 | ) | |||||||||||
Non-GAAP noninterest income, net of noncontrolling interests | 139,461 | 102,134 | 36.5 | 339,423 | 329,225 | 3.1 | ||||||||||||||||
GAAP total revenue | $ | 433,301 | $ | 363,137 | 19.3 | $ | 1,196,968 | $ | 1,095,644 | 9.2 | ||||||||||||
Non-GAAP taxable equivalent revenue, net of noncontrolling interests | $ | 428,899 | $ | 357,172 | 20.1 | $ | 1,194,191 | $ | 1,067,771 | 11.8 | ||||||||||||
GAAP operating efficiency ratio | 51.19 | % | 50.88 | % | 0.6 | 52.32 | % | 51.97 | % | 0.7 | ||||||||||||
Non-GAAP operating efficiency ratio (1) | 51.69 | 51.69 | — | 52.41 | % | 53.27 | % | (1.6 | ) |
(1) | The non-GAAP operating efficiency ratio is calculated by dividing non-GAAP noninterest expense, net of noncontrolling interests, by non-GAAP taxable-equivalent revenue, net of noncontrolling interests. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands, except employees) | 2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||
Compensation and benefits: | ||||||||||||||||||||||
Salaries and wages | $ | 62,636 | $ | 55,383 | 13.1 | % | $ | 182,375 | $ | 158,456 | 15.1 | % | ||||||||||
Incentive compensation & ESOP | 38,255 | 25,449 | 50.3 | 87,162 | 93,861 | (7.1 | ) | |||||||||||||||
Other employee incentives and benefits (1) | 35,677 | 28,513 | 25.1 | 104,873 | 97,713 | 7.3 | ||||||||||||||||
Total compensation and benefits | $ | 136,568 | $ | 109,345 | 24.9 | $ | 374,410 | $ | 350,030 | 7.0 | ||||||||||||
Period-end full-time equivalent employees | 2,280 | 2,054 | 11.0 | 2,280 | 2,054 | 11.0 | ||||||||||||||||
Average full-time equivalent employees | 2,255 | 2,030 | 11.1 | 2,199 | 1,981 | 11.0 |
(1) | Other employee incentives and benefits includes employer payroll taxes, group health and life insurance, share-based compensation, 401(k), warrant and retention program plans, agency fees and other employee related expenses. |
• | An increase of $12.8 million in expenses related to incentive compensation plans and ESOP, reflective of our current expectations for our updated internal performance targets for 2016. |
• | An increase of $7.3 million in salaries and wages, primarily due to an increase in the number of average full-time employees ("FTE"). Average FTEs increased by 225 to 2,255 FTEs for the three months ended September 30, 2016, compared to 2,030 FTEs for the comparable 2015 period. |
• | An increase of $7.2 million in total other employee incentives and benefits, primarily related to increased market valuations in the underlying investments associated with our deferred compensation plan and increased warrant incentive compensation expenses attributable to large gains from two warrants. |
• | An increase of $23.9 million in salaries and wages, due primarily to an increase in the number of average FTEs, which increased by 218 to 2,199 average FTEs in the nine months ended September 30, 2016, compared to 1,981 average FTEs for the comparable 2015 period. |
• | An increase of $7.2 million in total other employee incentives and benefits, primarily due to higher group health and life insurance expenses, agency fees and 401(k) expenses in the nine months ended September 30, 2016. |
• | A decrease of $6.7 million in expenses related to incentive compensation plans and ESOP, reflective primarily of current expectations for our updated internal performance estimates for 2016. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||
Lending and other client related processing costs | $ | 5,885 | $ | 3,608 | 63.1 | % | $ | 13,721 | $ | 10,861 | 26.3 | % | ||||||||||
Telephone | 2,460 | 2,224 | 10.6 | 7,109 | 6,727 | 5.7 | ||||||||||||||||
Data processing services | 2,137 | 2,083 | 2.6 | 6,353 | 5,274 | 20.5 | ||||||||||||||||
Dues and publications | 809 | 521 | 55.3 | 2,258 | 1,803 | 25.2 | ||||||||||||||||
Postage and supplies | 598 | 728 | (17.9 | ) | 2,172 | 2,220 | (2.2 | ) | ||||||||||||||
Other | 3,644 | 5,106 | (28.6 | ) | 12,679 | 15,216 | (16.7 | ) | ||||||||||||||
Total other noninterest expense | $ | 15,533 | $ | 14,270 | 8.9 | $ | 44,292 | $ | 42,101 | 5.2 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||
Net interest income (1) | $ | (4 | ) | $ | (2 | ) | 100.0 | % | $ | (62 | ) | $ | (6 | ) | NM | |||||||
Noninterest income (1) | (3,721 | ) | (4,608 | ) | (19.2 | ) | (1,144 | ) | (26,043 | ) | (95.6 | ) | ||||||||||
Noninterest expense (1) | 117 | 116 | 0.9 | 284 | 650 | (56.3 | ) | |||||||||||||||
Carried interest allocation (2) | (958 | ) | (1,735 | ) | (44.8 | ) | (2,483 | ) | (3,020 | ) | (17.8 | ) | ||||||||||
Net income attributable to noncontrolling interests | $ | (4,566 | ) | $ | (6,229 | ) | (26.7 | ) | $ | (3,405 | ) | $ | (28,419 | ) | (88.0 | ) |
(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. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||
Net interest income | $ | 262,484 | $ | 217,932 | 20.4 | % | $ | 773,342 | $ | 625,611 | 23.6 | % | ||||||||||
Provision for loan losses | (16,974 | ) | (32,074 | ) | (47.1 | ) | (86,143 | ) | (64,126 | ) | 34.3 | |||||||||||
Noninterest income | 79,226 | 68,517 | 15.6 | 231,295 | 197,740 | 17.0 | ||||||||||||||||
Noninterest expense | (159,429 | ) | (137,637 | ) | 15.8 | (461,058 | ) | (421,425 | ) | 9.4 | ||||||||||||
Income before income tax expense | $ | 165,307 | $ | 116,738 | 41.6 | $ | 457,436 | $ | 337,800 | 35.4 | ||||||||||||
Total average loans, net of unearned income | $ | 16,357,099 | $ | 13,047,507 | 25.4 | $ | 15,769,964 | $ | 12,721,972 | 24.0 | ||||||||||||
Total average assets | 40,829,515 | 39,688,677 | 2.9 | 41,021,311 | 37,449,533 | 9.5 | ||||||||||||||||
Total average deposits | 36,484,125 | 36,151,235 | 0.9 | 37,002,027 | 34,124,748 | 8.4 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||
Net interest income | $ | 13,298 | $ | 11,667 | 14.0 | % | $ | 40,508 | $ | 32,499 | 24.6 | % | ||||||||||
Provision for loan losses | (1,976 | ) | (1,329 | ) | 48.7 | (2,481 | ) | (2,242 | ) | 10.7 | ||||||||||||
Noninterest income | 664 | 506 | 31.2 | 2,053 | 1,498 | 37.0 | ||||||||||||||||
Noninterest expense | (3,122 | ) | (2,761 | ) | 13.1 | (9,481 | ) | (8,869 | ) | 6.9 | ||||||||||||
Income before income tax expense | $ | 8,864 | $ | 8,083 | 9.7 | $ | 30,599 | $ | 22,886 | 33.7 | ||||||||||||
Total average loans, net of unearned income | $ | 2,074,982 | $ | 1,669,858 | 24.3 | $ | 1,978,175 | $ | 1,529,095 | 29.4 | ||||||||||||
Total average assets | 2,091,244 | 1,664,602 | 25.6 | 1,986,215 | 1,527,339 | 30.0 | ||||||||||||||||
Total average deposits | 1,115,446 | 1,041,773 | 7.1 | 1,120,575 | 1,125,345 | (0.4 | ) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||
Net interest (loss) income | $ | 1 | $ | 1 | — | $ | (51 | ) | $ | 3 | NM | |||||||||||
Noninterest income | 30,619 | 17,332 | 76.7 | % | 44,492 | 57,919 | (23.2 | )% | ||||||||||||||
Noninterest expense | (3,924 | ) | (3,745 | ) | 4.8 | (11,521 | ) | (10,935 | ) | 5.4 | ||||||||||||
Income before income tax expense | $ | 26,696 | $ | 13,588 | 96.5 | $ | 32,920 | $ | 46,987 | (29.9 | ) | |||||||||||
Total average assets | $ | 325,321 | $ | 334,045 | (2.6 | ) | $ | 334,328 | $ | 335,136 | (0.2 | ) |
• | Net gains on investment securities of $18.2 million for the three months ended September 30, 2016, compared to net gains of $12.2 million for the comparable 2015 period. The gains on investment securities of $18.2 million for the three months ended September 30, 2016 were comprised of gains of $7.2 million from valuation increases for one of our equity method fund investments as well as distributions from our strategic venture capital fund investments and net unrealized valuation increases from our managed funds of funds, |
• | $6.7 million in carried interest related to the equity method fund that drove the $7.2 million of gains previously mentioned, and |
• | Fund management fees of $5.2 million compared to $4.1 million for the comparable 2015 period. The increase was due primarily to the addition of new managed funds at SVB Capital. |
• | Net gains on investment securities of $23.0 million for the nine months ended September 30, 2016, compared to net gains of $42.8 million for the comparable 2015 period. The net gains on investment securities of $23.0 million for the nine months ended September 30, 2016 were comprised of distributions from our strategic venture capital fund investments as well as gains from valuation increases for one of our equity method fund investments and net unrealized valuation increases from our managed funds of funds. |
• | $6.7 million in additional other noninterest income related to carried interest for one of our equity method fund investments that drove the gains mentioned above. |
• | Fund management fees of $14.1 million compared to $11.7 million for the comparable 2015 period. The increase was due primarily to the addition of new managed funds at SVB Capital. |
September 30, 2016 | December 31, 2015 | |||||||||||||||
(Dollars in thousands) | Carrying value (as reported) | Amount attributable to SVBFG | Carrying value (as reported) | Amount attributable to SVBFG | ||||||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||||
Venture capital and private equity fund investments (1) | $ | 141,841 | $ | 41,236 | $ | 152,237 | $ | 44,485 | ||||||||
Other venture capital investments (2) | 2,040 | 218 | 2,040 | 218 | ||||||||||||
Other securities (fair value accounting) (3) | 579 | 126 | 548 | 124 | ||||||||||||
Non-marketable securities (equity method accounting): | ||||||||||||||||
Venture capital and private equity fund investments | 84,904 | 66,387 | 85,705 | 69,314 | ||||||||||||
Debt funds | 18,971 | 18,971 | 21,970 | 21,970 | ||||||||||||
Other investments (4) | 128,422 | 128,422 | 118,532 | 118,532 | ||||||||||||
Non-marketable securities (cost method accounting): | ||||||||||||||||
Venture capital and private equity fund investments | 115,113 | 115,113 | 120,676 | 120,676 | ||||||||||||
Other investments | 26,834 | 26,834 | 18,882 | 18,882 | ||||||||||||
Investments in qualified affordable housing projects, net | 106,474 | 106,474 | 154,356 | 154,356 | ||||||||||||
Total non-marketable and other securities | $ | 625,178 | $ | 503,781 | $ | 674,946 | $ | 548,557 |
(1) | The following table shows the amounts of venture capital and private equity fund investments held by the following funds and amounts attributable to SVBFG for each fund at September 30, 2016 and December 31, 2015: |
September 30, 2016 | December 31, 2015 | |||||||||||||||
(Dollars in thousands) | Carrying value (as reported) | Amount attributable to SVBFG | Carrying value (as reported) | Amount attributable to SVBFG | ||||||||||||
SVB Strategic Investors Fund, LP | $ | 17,940 | $ | 2,253 | $ | 20,794 | $ | 2,612 | ||||||||
SVB Capital Preferred Return Fund, LP | 57,488 | 12,390 | 60,619 | 13,064 | ||||||||||||
SVB Capital—NT Growth Partners, LP | 59,692 | 19,872 | 62,983 | 20,967 | ||||||||||||
Other private equity fund | 6,721 | 6,721 | 7,841 | 7,842 | ||||||||||||
Total venture capital and private equity fund investments | $ | 141,841 | $ | 41,236 | $ | 152,237 | $ | 44,485 |
(2) | The following table shows the amounts of other venture capital investments held by the following funds and amounts attributable to SVBFG for each fund at September 30, 2016 and December 31, 2015: |
September 30, 2016 | December 31, 2015 | |||||||||||||||
(Dollars in thousands) | Carrying value (as reported) | Amount attributable to SVBFG | Carrying value (as reported) | Amount attributable to SVBFG | ||||||||||||
Silicon Valley BancVentures, LP | $ | 2,040 | $ | 218 | $ | 2,040 | $ | 218 | ||||||||
Total other venture capital investments | $ | 2,040 | $ | 218 | $ | 2,040 | $ | 218 |
(3) | Investments classified as other securities (fair value accounting) represent direct equity investments in public companies held by our consolidated funds. |
(4) | The following table shows the amounts of our other investments (equity method accounting) at September 30, 2016 and December 31, 2015: |
September 30, 2016 | December 31, 2015 | |||||||||||||||
(Dollars in thousands) | Carrying value (as reported) | Amount attributable to SVBFG | Carrying value (as reported) | Amount attributable to SVBFG | ||||||||||||
Other investments: | ||||||||||||||||
China Joint Venture investment | $ | 77,817 | $ | 77,817 | $ | 78,799 | $ | 78,799 | ||||||||
Other investments | 50,605 | 50,605 | 39,733 | 39,733 | ||||||||||||
Total other investments | $ | 128,422 | $ | 128,422 | $ | 118,532 | $ | 118,532 |
September 30, 2016 | December 31, 2015 | |||||||||||||
(Dollars in thousands) | Amount | Percentage | Amount | Percentage | ||||||||||
Commercial loans: | ||||||||||||||
Software and internet | $ | 5,432,307 | 28.3 | % | $ | 5,482,110 | 32.5 | % | ||||||
Hardware | 1,156,105 | 6.0 | 1,080,231 | 6.4 | ||||||||||
Private equity/venture capital | 7,465,646 | 38.8 | 5,511,929 | 32.7 | ||||||||||
Life science/healthcare | 1,745,410 | 9.1 | 1,724,545 | 10.2 | ||||||||||
Premium wine | 191,591 | 1.0 | 202,808 | 1.2 | ||||||||||
Other | 371,130 | 1.9 | 314,813 | 1.9 | ||||||||||
Total commercial loans | 16,362,189 | 85.1 | 14,316,436 | 84.9 | ||||||||||
Real estate secured loans: | ||||||||||||||
Premium wine | 682,312 | 3.5 | 646,587 | 3.8 | ||||||||||
Consumer | 1,834,370 | 9.5 | 1,543,340 | 9.2 | ||||||||||
Other | 44,241 | 0.3 | 45,194 | 0.3 | ||||||||||
Total real estate secured loans | 2,560,923 | 13.3 | 2,235,121 | 13.3 | ||||||||||
Construction loans | 64,911 | 0.3 | 78,862 | 0.5 | ||||||||||
Consumer loans | 240,905 | 1.3 | 226,712 | 1.3 | ||||||||||
Total gross loans | $ | 19,228,928 | 100.0 | $ | 16,857,131 | 100.0 |
September 30, 2016 | ||||||||||||||||||||||||
(Dollars in thousands) | Less than Five Million | Five to Ten Million | Ten to Twenty Million | Twenty to Thirty Million | Thirty Million or More | Total | ||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Software and internet | $ | 1,271,238 | $ | 926,011 | $ | 1,378,604 | $ | 909,990 | $ | 946,464 | $ | 5,432,307 | ||||||||||||
Hardware | 249,799 | 205,960 | 247,443 | 189,443 | 263,460 | 1,156,105 | ||||||||||||||||||
Private equity/venture capital | 627,776 | 663,399 | 1,026,388 | 1,053,087 | 4,094,996 | 7,465,646 | ||||||||||||||||||
Life science/healthcare | 327,339 | 362,776 | 391,254 | 475,425 | 188,616 | 1,745,410 | ||||||||||||||||||
Premium wine | 72,148 | 44,002 | 57,346 | 18,095 | — | 191,591 | ||||||||||||||||||
Other | 105,360 | 29,066 | 75,715 | 48,555 | 112,434 | 371,130 | ||||||||||||||||||
Commercial loans | 2,653,660 | 2,231,214 | 3,176,750 | 2,694,595 | 5,605,970 | 16,362,189 | ||||||||||||||||||
Real estate secured loans: | ||||||||||||||||||||||||
Premium wine | 157,383 | 177,965 | 241,872 | 105,092 | — | 682,312 | ||||||||||||||||||
Consumer | 1,590,449 | 194,336 | 49,585 | — | — | 1,834,370 | ||||||||||||||||||
Other | 8,076 | — | 14,832 | 21,333 | — | 44,241 | ||||||||||||||||||
Real estate secured loans | 1,755,908 | 372,301 | 306,289 | 126,425 | — | 2,560,923 | ||||||||||||||||||
Construction loans | 18,573 | 18,677 | 27,661 | — | — | 64,911 | ||||||||||||||||||
Consumer loans | 90,450 | 25,539 | 23,524 | — | 101,392 | 240,905 | ||||||||||||||||||
Total gross loans | $ | 4,518,591 | $ | 2,647,731 | $ | 3,534,224 | $ | 2,821,020 | $ | 5,707,362 | $ | 19,228,928 |
December 31, 2015 | ||||||||||||||||||||||||
(Dollars in thousands) | Less than Five Million | Five to Ten Million | Ten to Twenty Million | Twenty to Thirty Million | Thirty Million or More | Total | ||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Software and internet | $ | 1,365,460 | $ | 974,946 | $ | 1,250,192 | $ | 844,092 | $ | 1,047,420 | $ | 5,482,110 | ||||||||||||
Hardware | 225,688 | 206,124 | 256,339 | 216,943 | 175,137 | 1,080,231 | ||||||||||||||||||
Private equity/venture capital | 498,606 | 582,871 | 830,350 | 820,379 | 2,779,723 | 5,511,929 | ||||||||||||||||||
Life science/healthcare | 309,877 | 426,619 | 367,879 | 410,281 | 209,889 | 1,724,545 | ||||||||||||||||||
Premium wine | 76,372 | 29,823 | 74,319 | 22,294 | — | 202,808 | ||||||||||||||||||
Other | 115,618 | 43,203 | 45,837 | 27,678 | 82,477 | 314,813 | ||||||||||||||||||
Commercial loans | 2,591,621 | 2,263,586 | 2,824,916 | 2,341,667 | 4,294,646 | 14,316,436 | ||||||||||||||||||
Real estate secured loans: | ||||||||||||||||||||||||
Premium wine | 156,754 | 170,155 | 237,373 | 82,305 | — | 646,587 | ||||||||||||||||||
Consumer loans | 1,340,750 | 175,750 | 26,840 | — | — | 1,543,340 | ||||||||||||||||||
Other | 8,261 | — | 15,000 | 21,933 | — | 45,194 | ||||||||||||||||||
Real estate secured loans | 1,505,765 | 345,905 | 279,213 | 104,238 | — | 2,235,121 | ||||||||||||||||||
Construction loans | 9,728 | 37,924 | 31,210 | — | — | 78,862 | ||||||||||||||||||
Consumer loans | 87,324 | 35,748 | — | 29,140 | 74,500 | 226,712 | ||||||||||||||||||
Total gross loans | $ | 4,194,438 | $ | 2,683,163 | $ | 3,135,339 | $ | 2,475,045 | $ | 4,369,146 | $ | 16,857,131 |
(Dollars in thousands) | September 30, 2016 | December 31, 2015 | ||||||
Gross nonaccrual, past due, and restructured loans: | ||||||||
Nonaccrual loans | $ | 106,216 | $ | 123,392 | ||||
Loans past due 90 days or more still accruing interest | 125 | — | ||||||
Total nonperforming loans | 106,341 | 123,392 | ||||||
OREO and other foreclosed assets | — | — | ||||||
Total nonperforming assets | $ | 106,341 | $ | 123,392 | ||||
Performing TDRs | $ | 14,503 | $ | 10,635 | ||||
Nonperforming loans as a percentage of total gross loans | 0.55 | % | 0.73 | % | ||||
Nonperforming assets as a percentage of total assets | 0.25 | 0.28 | ||||||
Allowance for loan losses | $ | 240,565 | $ | 217,613 | ||||
As a percentage of total gross loans | 1.25 | % | 1.29 | % | ||||
As a percentage of total gross nonperforming loans | 226.22 | 176.36 | ||||||
Allowance for loan losses for nonaccrual loans | $ | 44,348 | $ | 51,844 | ||||
As a percentage of total gross loans | 0.23 | % | 0.31 | % | ||||
As a percentage of total gross nonperforming loans | 41.70 | 42.02 | ||||||
Allowance for loan losses for total gross performing loans | $ | 196,217 | $ | 165,769 | ||||
As a percentage of total gross loans | 1.02 | % | 0.98 | % | ||||
As a percentage of total gross performing loans | 1.03 | 0.99 | ||||||
Total gross loans | $ | 19,228,928 | $ | 16,857,131 | ||||
Total gross performing loans | 19,122,587 | 16,733,739 | ||||||
Reserve for unfunded credit commitments (1) | 35,924 | 34,415 | ||||||
As a percentage of total unfunded credit commitments | 0.22 | % | 0.22 | % | ||||
Total unfunded credit commitments (2) | $ | 16,297,086 | $ | 15,614,359 |
(1) | The “Reserve for unfunded credit commitments” is included as a component of other liabilities. See “Provision for Unfunded Credit Commitments” above for a discussion of the changes to the reserve. |
(2) | Includes unfunded loan commitments and letters of credit. |
(Dollars in thousands) | September 30, 2016 | December 31, 2015 | % Change | ||||||||
Derivative assets, gross (1) | $ | 204,485 | $ | 175,083 | 16.8 | % | |||||
Foreign exchange spot contract assets, gross | 104,524 | 142,832 | (26.8 | ) | |||||||
Accrued interest receivable | 99,263 | 107,604 | (7.8 | ) | |||||||
FHLB and Federal Reserve Bank stock | 57,466 | 56,991 | 0.8 | ||||||||
Accounts receivable | 95,049 | 48,662 | 95.3 | ||||||||
Net deferred tax assets | 24,676 | 73,941 | (66.6 | ) | |||||||
Other assets | 97,717 | 104,594 | (6.6 | ) | |||||||
Total accrued interest receivable and other assets | $ | 683,180 | $ | 709,707 | (3.7 | ) |
(1) | See “Derivatives” section below. |
(Dollars in thousands) | September 30, 2016 | December 31, 2015 | % Change | ||||||||
Assets: | |||||||||||
Equity warrant assets | $ | 145,340 | $ | 137,105 | 6.0 | % | |||||
Foreign exchange forward and option contracts | 49,062 | 31,237 | 57.1 | ||||||||
Interest rate swaps | 1,324 | 2,768 | (52.2 | ) | |||||||
Client interest rate derivatives | 8,759 | 3,973 | 120.5 | ||||||||
Total derivative assets | $ | 204,485 | $ | 175,083 | 16.8 | ||||||
Liabilities: | |||||||||||
Foreign exchange forward and option contracts | $ | (39,514 | ) | $ | (26,353 | ) | 49.9 | ||||
Client interest rate derivatives | (9,324 | ) | (4,384 | ) | 112.7 | ||||||
Total derivative liabilities | $ | (48,838 | ) | $ | (30,737 | ) | 58.9 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Balance, beginning of period | $ | 129,800 | $ | 122,504 | $ | 137,105 | $ | 116,604 | ||||||||
New equity warrant assets | 5,251 | 3,544 | 9,857 | 8,877 | ||||||||||||
Non-cash increases in fair value | 16,788 | 8,924 | 21,989 | 29,034 | ||||||||||||
Exercised equity warrant assets | (5,338 | ) | (4,469 | ) | (21,066 | ) | (23,606 | ) | ||||||||
Terminated equity warrant assets | (1,161 | ) | (412 | ) | (2,545 | ) | (818 | ) | ||||||||
Balance, end of period | $ | 145,340 | $ | 130,091 | $ | 145,340 | $ | 130,091 |
(Dollars in thousands) | September 30, 2016 | December 31, 2015 | % Change | ||||||||
Foreign exchange spot contract liabilities, gross | $ | 118,194 | $ | 154,699 | (23.6 | )% | |||||
Accrued compensation | 102,394 | 151,134 | (32.2 | ) | |||||||
Reserve for unfunded credit commitments | 35,924 | 34,415 | 4.4 | ||||||||
Derivative liabilities, gross (1) | 48,838 | 30,737 | 58.9 | ||||||||
Other | 257,562 | 268,109 | (3.9 | ) | |||||||
Total other liabilities | $ | 562,912 | $ | 639,094 | (11.9 | ) |
(1) | See “Derivatives” section above. |
September 30, 2016 | December 31, 2015 | |||||||||||||||
(Dollars in thousands) | Total Balance | Level 3 | Total Balance | Level 3 | ||||||||||||
Assets carried at fair value | $ | 13,014,642 | $ | 145,260 | $ | 16,710,656 | $ | 137,208 | ||||||||
As a percentage of total assets | 30.1 | % | 0.3 | % | 37.4 | % | 0.3 | % | ||||||||
Liabilities carried at fair value | $ | 48,838 | $ | — | $ | 30,737 | $ | — | ||||||||
As a percentage of total liabilities | 0.1 | % | — | % | 0.1 | % | — | % | ||||||||
As a percentage of assets carried at fair value | 1.1 | % | 0.8 | % |
Minimum Ratios under Applicable Regulatory Capital Adequacy Requirements | ||||||||||||
September 30, 2016 | December 31, 2015 | "Well Capitalized” | “Adequately Capitalized” | |||||||||
SVB Financial: | ||||||||||||
CET 1 risk-based capital ratio | 12.75 | % | 12.28 | % | 6.5 | % | 4.5 | % | ||||
Tier 1 risk-based capital ratio | 13.21 | 12.83 | 8.0 | 6.0 | ||||||||
Total risk-based capital ratio | 14.22 | 13.84 | 10.0 | 8.0 | ||||||||
Tier 1 leverage ratio | 8.35 | 7.63 | N/A | 4.0 | ||||||||
Tangible common equity to tangible assets ratio (1) | 8.30 | 7.16 | N/A | N/A | ||||||||
Tangible common equity to risk-weighted assets ratio (1) | 13.11 | 12.34 | N/A | N/A | ||||||||
Bank: | ||||||||||||
CET 1 risk-based capital ratio | 12.77 | % | 12.52 | % | 6.5 | % | 4.5 | % | ||||
Tier 1 risk-based capital ratio | 12.77 | 12.52 | 8.0 | 6.0 | ||||||||
Total risk-based capital ratio | 13.83 | 13.60 | 10.0 | 8.0 | ||||||||
Tier 1 leverage ratio | 7.74 | 7.09 | 5.0 | 4.0 | ||||||||
Tangible common equity to tangible assets ratio (1) | 7.98 | 6.95 | N/A | N/A | ||||||||
Tangible common equity to risk-weighted assets ratio (1) | 13.14 | 12.59 | N/A | N/A |
(1) | See below for a reconciliation of non-GAAP tangible common equity to tangible assets and tangible common equity to risk-weighted assets. |
SVB Financial | Bank | |||||||||||||||
Non-GAAP tangible common equity and tangible assets (dollars in thousands, except ratios) | September 30, 2016 | December 31, 2015 | September 30, 2016 | December 31, 2015 | ||||||||||||
GAAP SVBFG stockholders’ equity | $ | 3,593,051 | $ | 3,198,134 | $ | 3,405,028 | $ | 3,059,045 | ||||||||
Tangible common equity | $ | 3,593,051 | $ | 3,198,134 | $ | 3,405,028 | $ | 3,059,045 | ||||||||
GAAP Total assets | $ | 43,274,037 | $ | 44,686,703 | $ | 42,651,702 | $ | 44,045,967 | ||||||||
Tangible assets | $ | 43,274,037 | $ | 44,686,703 | $ | 42,651,702 | $ | 44,045,967 | ||||||||
Risk-weighted assets | $ | 27,407,756 | $ | 25,919,594 | $ | 25,909,301 | $ | 24,301,043 | ||||||||
Tangible common equity to tangible assets | 8.30 | % | 7.16 | % | 7.98 | % | 6.95 | % | ||||||||
Tangible common equity to risk-weighted assets | 13.11 | 12.34 | 13.14 | 12.59 |
Nine months ended September 30, | ||||||||
(Dollars in thousands) | 2016 | 2015 | ||||||
Average cash and cash equivalents | $ | 2,437,763 | $ | 2,388,660 | ||||
Percentage of total average assets | 5.6 | % | 6.0 | % | ||||
Net cash provided by operating activities | $ | 273,004 | $ | 254,207 | ||||
Net cash provided by (used for) investing activities | 2,472,444 | (3,372,109 | ) | |||||
Net cash (used for) provided by financing activities | (1,727,386 | ) | 2,981,033 | |||||
Net increase (decrease) in cash and cash equivalents | $ | 1,018,062 | $ | (136,869 | ) |
Change in interest rates (basis points) (Dollars in thousands) | Estimated | Estimated Increase/(Decrease) In EVE | Estimated | Estimated Increase/ (Decrease) In NII | ||||||||||||||||||
EVE | Amount | Percent | NII | Amount | Percent | |||||||||||||||||
September 30, 2016: (New Assumptions) | ||||||||||||||||||||||
200 | $ | 6,013,687 | $ | 1,782,164 | 42.1 | % | $ | 1,548,731 | $ | 367,393 | 31.1 | % | ||||||||||
100 | 4,934,132 | 702,609 | 16.6 | 1,364,926 | 183,588 | 15.5 | ||||||||||||||||
— | 4,231,523 | — | — | 1,181,338 | — | — | ||||||||||||||||
-100 | 4,829,973 | 598,450 | 14.1 | 1,117,248 | (64,090 | ) | (5.4 | ) | ||||||||||||||
-200 | 4,826,240 | 594,717 | 14.1 | 1,102,758 | (78,580 | ) | (6.7 | ) | ||||||||||||||
September 30, 2016: (Old Assumptions) | ||||||||||||||||||||||
200 | $ | 5,721,750 | $ | 1,792,829 | 45.6 | % | $ | 1,552,804 | $ | 367,414 | 31.0 | % | ||||||||||
100 | 4,635,267 | 706,346 | 18.0 | 1,368,988 | 183,598 | 15.5 | ||||||||||||||||
— | 3,928,921 | — | — | 1,185,390 | — | — | ||||||||||||||||
-100 | 4,512,935 | 584,014 | 14.9 | 1,121,284 | (64,106 | ) | (5.4 | ) | ||||||||||||||
-200 | 4,506,188 | 577,267 | 14.7 | 1,106,768 | (78,622 | ) | (6.6 | ) | ||||||||||||||
December 31, 2015: | ||||||||||||||||||||||
200 | $ | 6,007,061 | $ | 1,783,649 | 42.2 | % | $ | 1,454,889 | $ | 268,242 | 22.6 | % | ||||||||||
100 | 5,166,410 | 942,998 | 22.3 | 1,318,584 | 131,937 | 11.1 | ||||||||||||||||
— | 4,223,412 | — | — | 1,186,647 | — | — | ||||||||||||||||
-100 | 4,350,421 | 127,009 | 3.0 | 1,127,223 | (59,424 | ) | (5.0 | ) | ||||||||||||||
-200 | 4,548,417 | 325,005 | 7.7 | 1,095,854 | (90,793 | ) | (7.7 | ) |
SVB Financial Group | ||
Date: November 8, 2016 | /s/ MICHAEL DESCHENEAUX | |
Michael Descheneaux | ||
Chief Financial Officer | ||
(Principal Financial Officer) | ||
SVB Financial Group | ||
Date: November 8, 2016 | /s/ KAMRAN HUSAIN | |
Kamran Husain | ||
Chief Accounting Officer | ||
(Principal Accounting Officer) |
Exhibit Number | Exhibit Description | Incorporated by Reference | Filed Herewith | |||||||||
Form | File No. | Exhibit | Filing Date | |||||||||
31.1 | Rule 13a-14(a) / 15(d)-14(a) Certification of Principal Executive Officer | X | ||||||||||
31.2 | Rule 13a-14(a) / 15(d)-14(a) Certification of Principal Financial Officer | X | ||||||||||
32.1 | Section 1350 Certifications | X | ||||||||||
101.INS | XBRL Instance Document | X | ||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | X | ||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | X | ||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | X | ||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | X | ||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | X |
1. | I have reviewed this quarterly report on Form 10-Q of SVB Financial Group; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: November 8, 2016 | /s/ GREG BECKER | |
Greg Becker | ||
President and Chief Executive Officer | ||
(Principal Executive Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of SVB Financial Group; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: November 8, 2016 | /s/ MICHAEL DESCHENEAUX | |
Michael Descheneaux | ||
Chief Financial Officer | ||
(Principal Financial Officer) |
Date: November 8, 2016 | /s/ GREG BECKER | |
Greg Becker | ||
President and Chief Executive Officer | ||
(Principal Executive Officer) |
Date: November 8, 2016 | /s/ MICHAEL DESCHENEAUX | |
Michael Descheneaux | ||
Chief Financial Officer | ||
(Principal Financial Officer) |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Oct. 31, 2016 |
|
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | SIVB | |
Entity Registrant Name | SVB FINANCIAL GROUP | |
Entity Central Index Key | 0000719739 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 52,088,461 |
Interim Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Available-for-sale securities, cost | $ 12,514,893 | $ 16,375,941 |
Held-to-maturity securities | $ 7,885,333 | $ 8,758,622 |
Preferred stock, par value, in usd per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value, in usd per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares outstanding | 52,061,435 | 51,610,226 |
Interim Consolidated Statements of Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Interest income: | ||||
Loans | $ 214,227 | $ 174,993 | $ 617,456 | $ 507,746 |
Investment securities: | ||||
Taxable | 83,468 | 87,609 | 261,121 | 253,496 |
Non-taxable | 522 | 707 | 1,693 | 2,220 |
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities | 2,196 | 1,482 | 5,793 | 4,071 |
Total interest income | 300,413 | 264,791 | 886,063 | 767,533 |
Interest expense: | ||||
Deposits | 1,535 | 1,158 | 3,984 | 4,283 |
Borrowings | 9,717 | 8,973 | 28,161 | 25,894 |
Total interest expense | 11,252 | 10,131 | 32,145 | 30,177 |
Net interest income | 289,161 | 254,660 | 853,918 | 737,356 |
Provision for loan losses | 18,950 | 33,403 | 88,624 | 66,368 |
Net interest income after provision for loan losses | 270,211 | 221,257 | 765,294 | 670,988 |
Noninterest income: | ||||
Gains on investment securities, net | 23,178 | 18,768 | 41,764 | 77,006 |
Gains on derivative instruments, net | 19,744 | 10,244 | 26,847 | 66,290 |
Foreign exchange fees | 25,944 | 22,995 | 76,998 | 63,037 |
Credit card fees | 18,295 | 14,536 | 49,226 | 40,841 |
Deposit service charges | 13,356 | 12,272 | 39,142 | 34,309 |
Client investment fees | 7,952 | 5,683 | 23,959 | 15,429 |
Lending related fees | 8,168 | 7,561 | 23,783 | 23,746 |
Letters of credit and standby letters of credit fees | 6,811 | 5,341 | 18,414 | 15,315 |
Other | 20,692 | 11,077 | 42,917 | 22,315 |
Total noninterest income | 144,140 | 108,477 | 343,050 | 358,288 |
Noninterest expense: | ||||
Compensation and benefits | 136,568 | 109,345 | 374,410 | 350,030 |
Professional services | 23,443 | 21,137 | 67,959 | 58,834 |
Premises and equipment | 16,291 | 12,356 | 47,861 | 36,800 |
Business development and travel | 8,504 | 8,028 | 30,077 | 28,904 |
Net occupancy | 9,525 | 8,548 | 28,919 | 24,010 |
FDIC and state assessments | 7,805 | 6,954 | 21,624 | 18,705 |
Correspondent bank fees | 3,104 | 3,070 | 9,469 | 9,775 |
Provision for unfunded credit commitments | 1,054 | 1,047 | 1,601 | 249 |
Other | 15,533 | 14,270 | 44,292 | 42,101 |
Total noninterest expense | 221,827 | 184,755 | 626,212 | 569,408 |
Income before income tax expense | 192,524 | 144,979 | 482,132 | 459,868 |
Income tax expense | 76,877 | 57,017 | 195,508 | 175,057 |
Net income before noncontrolling interests | 115,647 | 87,962 | 286,624 | 284,811 |
Net income attributable to noncontrolling interests | (4,566) | (6,229) | (3,405) | (28,419) |
Net income available to common stockholders | $ 111,081 | $ 81,733 | $ 283,219 | $ 256,392 |
Earnings per common share—basic (dollars per share) | $ 2.13 | $ 1.59 | $ 5.46 | $ 5.00 |
Earnings per common share—diluted (dollars per share) | $ 2.12 | $ 1.57 | $ 5.42 | $ 4.94 |
Interim Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands |
9 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2015 |
Dec. 31, 2014 |
||||
Cash and cash equivalents, including discontinued operations | $ 1,674,145 | $ 1,811,014 | [1] | ||
Noncash or Part Non-Cash, Distributions of Stock from Investments to NCI | $ 41,500 | ||||
Other assets | |||||
Cash and cash equivalents, including discontinued operations | $ 15,000 | ||||
|
Basis of Presentation |
9 Months Ended |
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Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation SVB Financial Group is a diversified financial services company, as well as a bank holding company and financial holding company. SVB Financial was incorporated in the state of Delaware in March 1999. Through our various subsidiaries and divisions, we offer a variety of banking and financial products and services to support our clients of all sizes and stages throughout their life cycles. In these notes to our consolidated financial statements, when we refer to “SVB Financial Group,” “SVBFG”, the “Company,” “we,” “our,” “us” or use similar words, we mean SVB Financial Group and all of its subsidiaries collectively, including Silicon Valley Bank (the “Bank”), unless the context requires otherwise. When we refer to “SVB Financial” or the “Parent” we are referring only to the parent company, SVB Financial Group, unless the context requires otherwise. The accompanying unaudited interim consolidated financial statements reflect all adjustments of a normal and recurring nature that are, in the opinion of management, necessary to fairly present our financial position, results of operations and cash flows in accordance with GAAP. Such unaudited interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The results of operations for the three and nine months ended September 30, 2016 are not necessarily indicative of results to be expected for any future periods. These unaudited interim consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2015 (“2015 Form 10-K”). The accompanying unaudited interim consolidated financial statements have been prepared on a consistent basis with the accounting policies described in Consolidated Financial Statements and Supplementary Data—Note 2—“Summary of Significant Accounting Policies” under Part II, Item 8 of our 2015 Form 10-K. The preparation of unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates may change as new information is obtained. Significant items that are subject to such estimates include measurements of fair value, the valuation of non-marketable securities, the valuation of equity warrant assets, the adequacy of the allowance for loan losses and reserve for unfunded credit commitments, and the recognition and measurement of income tax assets and liabilities. Principles of Consolidation and Presentation Prior to April 1, 2015, the Company’s consolidated financial statements included the accounts of SVB Financial Group and entities in which we had a controlling interest. The determination of whether we had controlling interest was based on consolidation principles prescribed by ASC Topic 810 and whether the controlling interest in an entity was a voting interest entity or a variable interest entity (“VIE”). However, during the three months ended June 30, 2015, we early adopted the provisions of ASU 2015-02, Amendments to the Consolidation Analysis (ASU 2015-02), which simplifies consolidation accounting by reducing the number of consolidation models and changing various aspects of current GAAP, including certain consolidation criteria for variable interest entities. The new guidance eliminates the presumption that a general partner of a limited partnership arrangement should consolidate a limited partnership. The amendments to ASC Topic 810 in ASU 2015-02 modify the evaluation of whether limited partnerships and similar entities are VIEs or voting entities. With these changes, we determined that the majority of our investments in limited partnership arrangements are VIEs under the new guidance while these entities were typically voting interest entities under the prior guidance. ASU 2015-02 provided a single model for evaluating VIE entities for consolidation. VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or equity investors, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity, or (c) the right to receive the expected returns of the entity. We assess VIEs to determine if we are the primary beneficiary of a VIE. A primary beneficiary is defined as a variable interest holder that has a controlling financial interest. A controlling financial interest requires both: (a) power to direct the activities that most significantly impact the VIE’s economic performance, and (b) obligation to absorb losses or receive benefits of a VIE that could potentially be significant to a VIE. Under this analysis, we evaluate kick-out rights and other participating rights which could provide us a controlling financial interest. The primary beneficiary of a VIE is required to consolidate the VIE. ASU 2015-02 also changed how we evaluate fees paid to managers of our limited partnership investments. Under the new guidance, we exclude those fee arrangements that are not deemed to be variable interests from the analysis of our interests in our investments in VIEs and the determination of a primary beneficiary, if any. Our consolidated financial statements include the accounts of SVB Financial Group and consolidated entities. We consolidate voting entities in which we have control through voting interests. We determine whether we have a controlling financial interest in a VIE by determining if we have the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and whether we have significant variable interests. Generally, we have significant variable interests if our commitments to a limited partnership investment represent a significant amount of the total commitments to the entity. We also evaluate the impact of related parties on our determination of variable interests in our consolidation conclusions. We consolidate VIEs in which we are the primary beneficiary based on a controlling financial interest. If we are not the primary beneficiary of a VIE, we record our pro-rata interests or our cost basis in the VIE, as appropriate, based on other accounting guidance within GAAP. All significant intercompany accounts and transactions with consolidated entities have been eliminated. We have not provided financial or other support during the periods presented to any VIE that we were not previously contractually required to provide. Recent Accounting Pronouncements In May 2014, the FASB issued a new accounting standard update (ASU 2014-09, Revenue from Contracts with Customers (Topic 606)), which provides revenue recognition guidance that is intended to create greater consistency with respect to how and when revenue from contracts with customers is shown in the income statement. This guidance will be effective January 1, 2018, either on a full retrospective approach or a modified retrospective approach, with early adoption permitted, but not before January 1, 2017. We are currently evaluating the impact this guidance will have on our financial position, results of operation and stockholders’ equity. In January 2016, the FASB issued a new accounting standard update (ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825)), which will significantly change the income statement impact of equity investments, and the recognition of changes in fair value of financial liabilities. This guidance will be effective on January 1, 2018, on a prospective basis with a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. We are currently evaluating the impact this guidance will have on our financial position, results of operation and stockholders’ equity. In February 2016, the FASB issued a new accounting standard update (ASU 2016-02, Leases (Topic 842)), which will require for all operating leases the recognition of a right-of-use asset and a lease liability, in the statement of financial position. The lease cost will be allocated over the lease term on a straight-line basis. This guidance will be effective on January 1, 2019, on a modified retrospective basis, with early adoption permitted. We are currently evaluating the impact this guidance will have on our financial position, results of operation and stockholders’ equity. In March 2016, the FASB issued a new accounting standard update (ASU 2016-07, Investments—Equity Method and Joint Ventures (Topic 323)), which eliminates the requirement that when an investment qualifies for use of the equity method due to an increase in level of ownership or influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by step basis as if the equity method had been in effect during all previous periods that the investment had been held. This guidance will be effective January 1, 2017, on a prospective basis, with early adoption permitted. We are currently evaluating the impact this guidance will have on our financial position, results of operation and stockholders’ equity. In March 2016, the FASB issued a new accounting standard update (ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)), which is intended to improve the operability and understandability of the implementation guidance by clarifying the following: how an entity should identify the unit of accounting for the principal versus agent evaluation; how the control principle applies to transactions, such as service arrangements; reframes the indicators to focus on a principal rather than an agent, removes the credit risk and commission indicators and clarifies the relationship between the control principle and the indicators; and revises the existing illustrative examples and adds new illustrative examples. This guidance will be effective January 1, 2018, either on a full retrospective approach or a modified retrospective approach, with early adoption permitted, but not before January 1, 2017. We are currently evaluating the impact this guidance will have on our financial position, results of operation and stockholders’ equity. In March 2016, the FASB issued a new accounting standard update (ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718)), which includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. Under the ASU, an entity recognizes all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement in the period when the awards vest or are settled. The guidance also permits an entity to make an accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. This guidance will be effective January 1, 2017. Early adoption is permitted, but all of the guidance must be adopted in the same period. We plan to adopt the share-based payment guidance in the first quarter of 2017. Currently, we record excess tax benefits and tax deficiencies to APIC at the time of vesting and or settlement, however, upon adoption of this standard, the excess tax benefits and tax deficiencies will be recorded to the income statement as income tax expense or benefit. We do not expect the guidance to have a material impact on our annual earnings; however, the impact will vary period to period depending on the volatility of the Company's stock price and the actual timing of settlement of awards. We would expect the most significant impact to occur during our second quarter as the majority of awards vest during that period. In April 2016, the FASB issued a new accounting standard update (ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing), which amends the new revenue recognition guidance on accounting for licenses of intellectual property and identifying performance obligations. The amendments clarify how an entity should evaluate the nature of its promise in granting a license of intellectual property, which will determine whether it recognizes revenue over time or a point in time. The amendments also clarify when a promised good or service is separately identifiable, that is distinct within the context of the contract, and allow entities to disregard items that are immaterial in the context of a contract. The effective date and transition requirements for this update are the same as those of the new standard. This guidance is effective January 1, 2018, on either a full retrospective approach or a modified retrospective approach, with early adoption permitted, but not before January 1, 2017. We are currently evaluating the impact this guidance will have on our financial position, results of operation and stockholders’ equity. In June 2016, the FASB issued a new accounting standard update (ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments), which amends the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This guidance will be effective January 1, 2020, on a modified retrospective approach, with early adoption permitted, but not before January 1, 2020. We are currently evaluating the impact this guidance will have on our financial position, results of operation and stockholders’ equity. In August 2016, the FASB issued a new accounting standard update (ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments), which clarifies the guidance on eight specific cash flow issues. This guidance will be effective January 1, 2018 on a full retrospective approach, with early adoption permitted. We are currently evaluating the impact this guidance will have on our statement of cash flows. Reclassifications Certain prior period amounts have been reclassified to conform to current period presentations. |
Stockholders' Equity and EPS |
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Equity and Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity and EPS | Stockholders’ Equity and EPS Accumulated Other Comprehensive Income The following table summarizes the items reclassified out of accumulated other comprehensive income into the Consolidated Statements of Income (unaudited) for the three and nine months ended September 30, 2016 and 2015:
EPS Basic EPS is the amount of earnings available to each share of common stock outstanding during the reporting period. Diluted EPS is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental shares issued for stock options and restricted stock units outstanding under our equity incentive plans and our ESPP. Potentially dilutive common shares are excluded from the computation of dilutive EPS in periods in which the effect would be antidilutive. The following is a reconciliation of basic EPS to diluted EPS for the three and nine months ended September 30, 2016 and 2015:
The following table summarizes the weighted-average common shares excluded from the diluted EPS calculation due to the antidilutive effect for the three and nine months ended September 30, 2016 and 2015:
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Share-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation For the three and nine months ended September 30, 2016 and 2015, we recorded share-based compensation and related tax benefits as follows:
Unrecognized Compensation Expense As of September 30, 2016, unrecognized share-based compensation expense was as follows:
Share-Based Payment Award Activity The table below provides stock option information related to the 2006 Equity Incentive Plan for the nine months ended September 30, 2016:
The aggregate intrinsic value of outstanding options shown in the table above represents the pre-tax intrinsic value based on our closing stock price of $110.54 as of September 30, 2016. The total intrinsic value of options exercised during the three and nine months ended September 30, 2016 was $1.5 million and $8.2 million, respectively, compared to $2.2 million and $24.0 million for the comparable 2015 periods. The table below provides information for restricted stock units under the 2006 Equity Incentive Plan for the nine months ended September 30, 2016:
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Variable Interest Entities |
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Investments In Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | Variable Interest Entities Our involvement with VIEs includes our investments in venture capital and private equity funds, debt funds, private and public portfolio companies and our investments in qualified affordable housing projects. The following table presents the carrying amounts and classification of significant variable interests in consolidated and unconsolidated VIEs as of September 30, 2016 and December 31, 2015:
Non-marketable and other securities Our non-marketable and other securities portfolio primarily represents investments in venture capital and private equity funds, debt funds, private and public portfolio companies and investments in qualified affordable housing projects. A majority of these investments are through third party funds held by SVB Financial in which we do not have controlling or significant variable interests. These investments represent our unconsolidated VIEs in the table above. Our non-marketable and other securities portfolio also includes investments from SVB Capital. SVB Capital is the venture capital investment arm of SVB Financial, which focuses primarily on funds management. The SVB Capital family of funds is comprised of direct venture funds that invest in companies and funds of funds that invest in other venture capital funds. We have a controlling and significant variable interest in five of these SVB Capital funds and consolidate these funds for financial reporting purposes. All investments are generally nonredeemable and distributions are expected to be received through the liquidation of the underlying investments throughout the life of the investment fund. Investments may be sold or transferred subject to the notice and approval provisions of the underlying investment agreement. Subject to applicable regulatory requirements, including the Volcker Rule, we also make commitments to invest in venture capital and private equity funds, but are not obligated to fund commitments beyond our initial investment. For additional details, see Note 12—"Off-Balance Sheet Arrangements, Guarantees, and Other Commitments" of the "Notes to Interim Consolidated Financial Statements (unaudited)" under Part I, Item 1 of this report. The Bank also has variable interests in low income housing tax credit funds, in connection with fulfilling its responsibilities under the Community Reinvestment Act ("CRA"), that are designed to generate a return primarily through the realization of federal tax credits. These investments are typically limited partnerships in which the general partner, other than the Bank, holds the power over significant activities of the VIE; therefore, these investments are not consolidated. For additional information on our investments in qualified affordable housing projects see Note 6—“Investment Securities" of the "Notes to Interim Consolidated Financial Statements (unaudited)" under Part I, Item 1 of this report. As of September 30, 2016, our exposure to loss with respect to the consolidated VIEs is limited to our net assets of $208.3 million and our exposure to loss for our unconsolidated VIEs is equal to our investment in these assets of $312.7 million. |
Cash and Cash Equivalents |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents The following table details our cash and cash equivalents at September 30, 2016 and December 31, 2015:
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities Our investment securities portfolio consists of: (i) an available-for-sale securities portfolio and a held-to-maturity securities portfolio, both of which represent interest-earning investment securities, and, (ii) a non-marketable and other securities portfolio, which primarily represents investments managed as part of our funds management business. Available-for-Sale Securities The components of our available-for-sale investment securities portfolio at September 30, 2016 and December 31, 2015 are as follows:
The following table summarizes our unrealized losses on our available-for-sale securities portfolio into categories of less than 12 months and 12 months or longer as of September 30, 2016:
The following table summarizes our unrealized losses on our available-for-sale securities portfolio into categories of less than 12 months and 12 months or longer as of December 31, 2015:
The following table summarizes the remaining contractual principal maturities and fully taxable equivalent yields on fixed income investment securities classified as available-for-sale as of September 30, 2016. The weighted average yield is computed using the amortized cost of fixed income investment securities, which are reported at fair value. For U.S. Treasury securities and U.S. agency debentures, the expected maturity is the actual contractual maturity of the notes. Expected maturities for mortgage-backed securities may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. Mortgage-backed securities classified as available-for-sale typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower rate environments. The weighted average yield on mortgage-backed securities is based on prepayment assumptions at the purchase date. Actual yields earned may differ significantly based upon actual prepayments.
Held-to-Maturity Securities The components of our held-to-maturity investment securities portfolio at September 30, 2016 and December 31, 2015 are as follows:
The following table summarizes our unrealized losses on our held-to-maturity securities portfolio into categories of less than 12 months and 12 months or longer as of September 30, 2016:
The following table summarizes our unrealized losses on our held-to-maturity securities portfolio into categories of less than 12 months and 12 months or longer as of December 31, 2015:
The following table summarizes the remaining contractual principal maturities and fully taxable equivalent yields on fixed income investment securities classified as held-to-maturity as of September 30, 2016. Interest income on certain municipal bonds and notes (non-taxable investments) are presented on a fully taxable equivalent basis using the federal statutory tax rate of 35 percent. The weighted average yield is computed using the amortized cost of fixed income investment securities. For U.S. agency debentures, the expected maturity is the actual contractual maturity of the notes. Expected maturities for mortgage-backed securities may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. Mortgage-backed securities classified as held-to-maturity typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower rate environments. The weighted average yield on mortgage-backed securities is based on prepayment assumptions at the purchase date. Actual yields earned may differ significantly based upon actual prepayments.
Non-marketable and Other Securities The components of our non-marketable and other investment securities portfolio at September 30, 2016 and December 31, 2015 are as follows:
The following table presents other information relating to our investments in qualified affordable housing projects for the three and nine months ended September 30, 2016 and 2015:
The following table presents the components of gains and losses (realized and unrealized) on investment securities for the three and nine months ended September 30, 2016 and 2015:
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Loans and Allowance for Loan Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | Loans and Allowance for Loan Losses We serve a variety of commercial clients in the technology, life science/healthcare, private equity/venture capital and premium wine industries. Our technology clients generally tend to be in the industries of hardware (semiconductors, communications and electronics), software and related services, and energy and resource innovation ("ERI"). Because of the diverse nature of ERI products and services, for our loan-related reporting purposes, ERI-related loans are reported under our hardware, software and internet, life science/healthcare and other commercial loan categories, as applicable. Our life science/healthcare clients primarily tend to be in the industries of biotechnology, medical devices, healthcare information technology and healthcare services. Loans made to private equity/venture capital firm clients typically enable them to fund investments prior to their receipt of funds from capital calls. Loans to the premium wine industry focus on vineyards and wineries that produce grapes and wines of high quality. In addition to commercial loans, we make consumer loans through SVB Private Bank and provide real estate secured loans to eligible employees through our EHOP. Our private banking clients are primarily private equity/venture capital professionals and executive leaders in the innovation companies they support. These products and services include real estate secured home equity lines of credit, which may be used to finance real estate investments and loans used to purchase, renovate or refinance personal residences. These products and services also include restricted stock purchase loans and capital call lines of credit. We also provide community development loans made as part of our responsibilities under the Community Reinvestment Act. These loans are included within “Construction loans” below and are primarily secured by real estate. The composition of loans, net of unearned income of $117 million and $115 million at September 30, 2016 and December 31, 2015, respectively, is presented in the following table:
Credit Quality The composition of loans, net of unearned income of $117 million and $115 million at September 30, 2016 and December 31, 2015, respectively, broken out by portfolio segment and class of financing receivable, is as follows:
The following table summarizes the aging of our gross loans, broken out by portfolio segment and class of financing receivable as of September 30, 2016 and December 31, 2015:
The following table summarizes our impaired loans as they relate to our allowance for loan losses, broken out by portfolio segment and class of financing receivable as of September 30, 2016 and December 31, 2015:
The following table summarizes our average impaired loans, broken out by portfolio segment and class of financing receivable for the three and nine months ended September 30, 2016 and 2015:
The following tables summarize the activity relating to our allowance for loan losses for the three and nine months ended September 30, 2016 and 2015, broken out by portfolio segment:
The following table summarizes the allowance for loan losses individually and collectively evaluated for impairment as of September 30, 2016 and December 31, 2015, broken out by portfolio segment:
Credit Quality Indicators For each individual client, we establish an internal credit risk rating for that loan, which is used for assessing and monitoring credit risk as well as performance of the loan and the overall portfolio. Our internal credit risk ratings are also used to summarize the risk of loss due to failure by an individual borrower to repay the loan. For our internal credit risk ratings, each individual loan is given a risk rating of 1 through 10. Loans risk-rated 1 through 4 are performing loans and translate to an internal rating of “Pass”, with loans risk-rated 1 being cash secured. Loans risk-rated 5 through 7 are performing loans, however, we consider them as demonstrating higher risk, which requires more frequent review of the individual exposures; these translate to an internal rating of “Performing (Criticized)”. When a significant payment delay occurs on a criticized loan, the loan is impaired. The loan is also considered for nonaccrual status if full repayment is determined to be improbable. All of our nonaccrual loans are risk-rated 8 or 9 and are classified under the nonperforming impaired category. (For further description of nonaccrual loans, refer to Note 2—“Summary of Significant Accounting Policies” under Part II, Item 8 of our 2015 Form 10-K). Loans rated 10 are charged-off and are not included as part of our loan portfolio balance. We review our credit quality indicators for performance and appropriateness of risk ratings as part of our evaluation process for our allowance for loan losses. The following table summarizes the credit quality indicators, broken out by portfolio segment and class of financing receivables as of September 30, 2016 and December 31, 2015:
TDRs As of September 30, 2016 we had 19 TDRs with a total carrying value of $76.0 million where concessions have been granted to borrowers experiencing financial difficulties, in an attempt to maximize collection. There were $4.7 million of unfunded commitments available for funding to the clients associated with these TDRs as of September 30, 2016. The following table summarizes our loans modified in TDRs, broken out by portfolio segment and class of financing receivables at September 30, 2016 and December 31, 2015:
The following table summarizes the recorded investment in loans modified in TDRs, broken out by portfolio segment and class of financing receivable, for modifications made during the three and nine months ended September 30, 2016 and 2015:
During the three and nine months ended September 30, 2016, new TDRs of $12.0 million and $17.6 million, respectively, were modified through payment deferrals granted to our clients. During the three and nine months ended September 30, 2016, new TDRs of $0.1 million and $0.3 million, respectively, were modified through partial forgiveness of principal. During the three and nine months ended September 30, 2015, new TDRs of $81.8 million and $89.8 million, respectively, were modified through payment deferrals granted to our clients. The related allowance for loan losses for the majority of our TDRs is determined on an individual basis by comparing the carrying value of the loan to the present value of the estimated future cash flows, discounted at the pre-modification contractual interest rate. For certain TDRs, the related allowance for loan losses is determined based on the fair value of the collateral if the loan is collateral dependent. The following table summarizes the recorded investment in loans modified in TDRs within the previous 12 months that subsequently defaulted during the three and nine months ended September 30, 2016 and 2015:
Charge-offs and defaults on previously restructured loans are evaluated to determine the impact to the allowance for loan losses, if any. The evaluation of these defaults may impact the assumptions used in calculating the reserve on other TDRs and impaired loans as well as management’s overall outlook of macroeconomic factors that affect the reserve on the loan portfolio as a whole. After evaluating the charge-offs and defaults experienced on our TDRs we determined that no change to our reserving methodology was necessary to determine the allowance for loan losses as of September 30, 2016. |
Short-Term Borrowings and Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings and Long-Term Debt | Short-Term Borrowings and Long-Term Debt The following table represents outstanding short-term borrowings and long-term debt at September 30, 2016 and December 31, 2015:
Interest expense related to short-term borrowings and long-term debt was $9.7 million and $28.2 million for the three and nine months ended September 30, 2016, respectively, and $9.0 million and $25.9 million for the three and nine months ended September 30, 2015, respectively. Interest expense is net of the hedge accounting impact from our interest rate swap agreement related to our 6.05% Subordinated Notes. The weighted average interest rate associated with our short-term borrowings as of September 30, 2016 and December 31, 2015 was 0.40 percent and 0.32 percent, respectively. Available Lines of Credit We have certain facilities in place to enable us to access short-term borrowings on a secured (using high-quality fixed income securities as collateral) and an unsecured basis. These include repurchase agreements and uncommitted federal funds lines with various financial institutions. As of September 30, 2016, we did not borrow against our uncommitted federal funds lines. We also pledge securities to the FHLB of San Francisco and the discount window at the Federal Reserve Bank. The market value of collateral pledged to the FHLB of San Francisco (comprised primarily of U.S. Treasury securities) at September 30, 2016 totaled $1.8 billion, all of which was unused and available to support additional borrowings. The market value of collateral pledged at the discount window of the Federal Reserve Bank at September 30, 2016 totaled $0.8 billion, all of which was also unused and available to support additional borrowings. |
Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments We primarily use derivative financial instruments to manage interest rate risk, currency exchange rate risk, and to assist customers with their risk management objectives. Also, in connection with negotiating credit facilities and certain other services, we often obtain equity warrant assets giving us the right to acquire stock in private, venture-backed companies in the technology and life science/healthcare industries. Interest Rate Risk Interest rate risk is our primary market risk and can result from timing and volume differences in the repricing of our interest rate sensitive assets and liabilities and changes in market interest rates. To manage interest rate risk for our 6.05% Subordinated Notes, we entered into a fixed-for-floating interest rate swap agreement at the time of debt issuance based upon LIBOR with matched-terms. The net cash benefit associated with our interest rate swap is recorded as a reduction in “Interest expense—Borrowings,” a component of net interest income. The fair value of our interest rate swaps is calculated using a discounted cash flow method and adjusted for credit valuation associated with counterparty risk. Changes in fair value of the interest rate swaps are reflected in either other assets (for swaps in an asset position) or other liabilities (for swaps in a liability position). We assess hedge effectiveness under ASC 815, Derivatives and Hedging, using the long-haul method. Any differences associated with our interest rate swap that arise as a result of hedge ineffectiveness are recorded through net gains on derivative instruments, in noninterest income, a component of consolidated net income. Currency Exchange Risk We enter into foreign exchange forward contracts to economically reduce our foreign exchange exposure risk associated with the net difference between foreign currency denominated assets and liabilities. We do not designate any foreign exchange forward contracts as derivative instruments that qualify for hedge accounting. Gains or losses from changes in currency rates on foreign currency denominated instruments are included in other noninterest income, a component of noninterest income. We may experience ineffectiveness in the economic hedging relationship, because the instruments are revalued based upon changes in the currency’s spot rate on the principal value, while the forwards are revalued on a discounted cash flow basis. We record forward agreements in gain positions in other assets and loss positions in other liabilities, while net changes in fair value are recorded through net gains on derivative instruments, in noninterest income, a component of consolidated net income. Other Derivative Instruments Also included in our derivative instruments are equity warrant assets and client forward and option contracts, and client interest rate contracts. For further description of these other derivative instruments, refer to Note 2-“Summary of Significant Accounting Policies" under Part II, Item 8 of our 2015 Form 10-K. Counterparty Credit Risk We are exposed to credit risk if counterparties to our derivative contracts do not perform as expected. We mitigate counterparty credit risk through credit approvals, limits, monitoring procedures and obtaining collateral, as appropriate. With respect to measuring counterparty credit risk for derivative instruments, we measure the fair value of a group of financial assets and financial liabilities on a net risk basis by counterparty portfolio. The total notional or contractual amounts, fair value, collateral and net exposure of our derivative financial instruments at September 30, 2016 and December 31, 2015 were as follows:
A summary of our derivative activity and the related impact on our consolidated statements of income for the three and nine months ended September 30, 2016 and 2015 is as follows:
Balance Sheet Offsetting Certain of our derivative and other financial instruments are subject to enforceable master netting arrangements with our counterparties. These agreements provide for the net settlement of multiple contracts with a single counterparty through a single payment, in a single currency, in the event of default on or termination of any one contract. The following table summarizes our assets subject to enforceable master netting arrangements as of September 30, 2016 and December 31, 2015:
The following table summarizes our liabilities subject to enforceable master netting arrangements as of September 30, 2016 and December 31, 2015:
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Other Noninterest Income and Other Noninterest Expense |
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Other Noninterest Income and Other Noninterest Expense | Other Noninterest Income and Other Noninterest Expense A summary of other noninterest income for the three and nine months ended September 30, 2016 and 2015 is as follows:
A summary of other noninterest expense for the three and nine months ended September 30, 2016 and 2015 is as follows:
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting We have three reportable segments for management reporting purposes: Global Commercial Bank, SVB Private Bank and SVB Capital. The results of our operating segments are based on our internal management reporting process. Our Global Commercial Bank and SVB Private Bank segments' primary source of revenue is from net interest income, which is primarily the difference between interest earned on loans, net of funds transfer pricing (“FTP”), and interest paid on deposits, net of FTP. Accordingly, these segments are reported using net interest income, net of FTP. FTP is an internal measurement framework designed to assess the financial impact of a financial institution’s sources and uses of funds. It is the mechanism by which a funding credit is given for deposits raised, and a funding charge is made for loans funded. FTP is calculated at an instrument level based on account characteristics. We also evaluate performance based on provision for loan losses, noninterest income and noninterest expense, which are presented as components of segment operating profit or loss. In calculating each operating segment’s noninterest expense, we consider the direct costs incurred by the operating segment as well as certain allocated direct costs. As part of this review, we allocate certain corporate overhead costs to a corporate account. We do not allocate income taxes to our segments. Additionally, our management reporting model is predicated on average asset balances; therefore, period-end asset balances are not presented for segment reporting purposes. Changes in an individual client’s primary relationship designation have resulted, and in the future may result, in the inclusion of certain clients in different segments in different periods. Unlike financial reporting, which benefits from the comprehensive structure provided by GAAP, our internal management reporting process is highly subjective, as there is no comprehensive, authoritative guidance for management reporting. Our management reporting process measures the performance of our operating segments based on our internal operating structure, which is subject to change from time to time, and is not necessarily comparable with similar information for other financial services companies. For reporting purposes, SVB Financial Group has three operating segments for which we report our financial information:
The summary financial results of our operating segments are presented along with a reconciliation to our consolidated interim results. Our segment information for the three and nine months ended September 30, 2016 and 2015 is as follows:
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Off-Balance Sheet Arrangements, Guarantees and Other Commitments |
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Disclosure Off Balance Sheet Arrangements Guarantees And Other Commitments Additional Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Off-Balance Sheet Arrangements, Guarantees and Other Commitments | Off-Balance Sheet Arrangements, Guarantees and Other Commitments In the normal course of business we use financial instruments with off-balance sheet risk to meet the financing needs of our customers. These financial instruments include commitments to extend credit, commercial and standby letters of credit and commitments to invest in venture capital and private equity fund investments. These instruments involve credit risk to varying degrees. Credit risk is defined as the possibility of sustaining a loss because other parties to the financial instrument fail to perform in accordance with the terms of the contract. Commitments to Extend Credit The following table summarizes information related to our commitments to extend credit at September 30, 2016 and December 31, 2015:
Commercial and Standby Letters of Credit The table below summarizes our commercial and standby letters of credit at September 30, 2016. The maximum potential amount of future payments represents the amount that could be remitted under letters of credit if there were a total default by the guaranteed parties, without consideration of possible recoveries under recourse provisions or from the collateral held or pledged.
Deferred fees related to financial and performance standby letters of credit were $10 million at both September 30, 2016 and December 31, 2015. At September 30, 2016, collateral in the form of cash of $747 million was available to us to reimburse losses, if any, under financial and performance standby letters of credit. Commitments to Invest in Venture Capital and Private Equity Funds Subject to applicable regulatory requirements, including the Volcker Rule, we make commitments to invest in venture capital and private equity funds, which in turn make investments generally in, or in some cases make loans to, privately-held companies. Commitments to invest in these funds are generally made for a 10-year period from the inception of the fund. Although the limited partnership agreements governing these investments typically do not restrict the general partners from calling 100% of committed capital in one year, it is customary for these funds to generally call most of the capital commitments over 5 to 7 years; however in certain cases, the funds may not call 100% of committed capital over the life of the fund. The actual timing of future cash requirements to fund these commitments is generally dependent upon the investment cycle, overall market conditions, and the nature and type of industry in which the privately held companies operate. The following table details our total capital commitments, unfunded capital commitments, and our ownership percentage in each fund at September 30, 2016:
The following table details the amounts of remaining unfunded commitments to venture capital and private equity funds by our consolidated managed funds of funds (including our interest and the noncontrolling interests) at September 30, 2016:
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Income Taxes |
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Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We are subject to income tax in the U.S. federal jurisdiction and various state and foreign jurisdictions and have identified our federal tax return and tax returns in California and Massachusetts as major tax filings. Our U.S. federal tax returns for 2013 and subsequent years remain open to full examination. Our California and Massachusetts tax returns for 2011 and subsequent tax years remain open to full examination. At September 30, 2016, our unrecognized tax benefit was $3.1 million, the recognition of which would reduce our income tax expense by $2.0 million. We do not expect that our unrecognized tax benefit will materially change in the next 12 months. We recognize interest and penalties related to income tax matters as part of income before income taxes. Interest and penalties were not material for the three and nine months ended September 30, 2016. |
Fair Value of Financial Instruments |
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Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair Value Measurements Our available-for-sale securities, derivative instruments and certain non-marketable and other securities are financial instruments recorded at fair value on a recurring basis. We make estimates regarding valuation of assets and liabilities measured at fair value in preparing our interim consolidated financial statements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (the “exit price”) in an orderly transaction between market participants at the measurement date. There is a three-level hierarchy for disclosure of assets and liabilities recorded at fair value. The classification of assets and liabilities within the hierarchy is based on whether the inputs to the valuation methodology used for measurement are observable or unobservable and the significance of those inputs in the fair value measurement. Observable inputs reflect market-derived or market-based information obtained from independent sources, while unobservable inputs reflect our estimates about market data and views of market participants. The three levels for measuring fair value are based on the reliability of inputs and are as follows: Level 1 Fair value measurements based on quoted prices in active markets for identical assets or liabilities that we have the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment. Assets utilizing Level 1 inputs include U.S. Treasury securities, exchange-traded equity securities and certain marketable securities accounted for under fair value accounting. Level 2 Fair value measurements based on quoted prices in markets that are not active or for which all significant inputs are observable, directly or indirectly. Valuations for the available-for-sale securities are provided by independent external pricing service providers who have experience in valuing these securities and by comparison to and/or average of quoted market prices obtained from independent external brokers. We perform a monthly analysis on the values received from third parties to ensure that the prices represent a reasonable estimate of the fair value. The procedures include, but are not limited to, initial and ongoing review of third party pricing methodologies, review of pricing trends and monitoring of trading volumes. Additional corroboration, such as obtaining a non-binding price from a broker, may be obtained depending on the frequency of trades of the security and the level of liquidity or depth of the market. We ensure prices received from independent brokers represent a reasonable estimate of the fair value through the use of observable market inputs including comparable trades, yield curve, spreads and, when available, market indices. As a result of this analysis, if the Company determines that there is a more appropriate fair value based upon the available market data, the price received from the third party is adjusted accordingly. Below is a summary of the significant inputs used for each class of Level 2 assets and liabilities: U.S. agency debentures: Fair value measurements of U.S. agency debentures are based on the characteristics specific to bonds held, such as issuer name, coupon rate, maturity date and any applicable issuer call option features. Valuations are based on market spreads relative to similar term benchmark market interest rates, generally U.S. Treasury securities. Agency-issued mortgage-backed securities: Agency-issued mortgage-backed securities are pools of individual conventional mortgage loans underwritten to U.S. agency standards with similar coupon rates, tenor, and other attributes such as geographic location, loan size and origination vintage. Fair value measurements of these securities are based on observable price adjustments relative to benchmark market interest rates taking into consideration estimated loan prepayment speeds. Agency-issued collateralized mortgage obligations: Agency-issued collateralized mortgage obligations are structured into classes or tranches with defined cash flow characteristics and are collateralized by U.S. agency-issued mortgage pass-through securities. Fair value measurements of these securities incorporate similar characteristics of mortgage pass-through securities such as coupon rate, tenor, geographic location, loan size and origination vintage, in addition to incorporating the effect of estimated prepayment speeds on the cash flow structure of the class or tranche. These measurements incorporate observable market spreads over an estimated average life after considering the inputs listed above. Agency-issued commercial mortgage-backed securities: Fair value measurements of these securities are based on spreads to benchmark market interest rates (usually U.S. Treasury rates or rates observable in the swaps market), prepayment speeds, loan default rate assumptions and loan loss severity assumptions on underlying loans. Municipal bonds and notes: Bonds issued by municipal governments generally have stated coupon rates, final maturity dates and are subject to being called ahead of the final maturity date at the option of the issuer. Fair value measurements of these securities are priced based on spreads to other municipal benchmark bonds with similar characteristics; or, relative to market rates on U.S. Treasury bonds of similar maturity. Interest rate derivative assets and liabilities: Fair value measurements of interest rate derivatives are priced considering the coupon rate of the fixed leg of the contract and the variable coupon on the floating leg of the contract. Valuation is based on both spot and forward rates on the swap yield curve and the credit worthiness of the contract counterparty. Foreign exchange forward and option contract assets and liabilities: Fair value measurements of these assets and liabilities are priced based on spot and forward foreign currency rates and option volatility assumptions. Equity warrant assets (public portfolio): Fair value measurements of equity warrant assets of publicly-traded portfolio companies are valued based on the Black-Scholes option pricing model. The model uses the price of publicly-traded companies (underlying stock price), stated strike prices, warrant expiration dates, the risk-free interest rate and market-observable option volatility assumptions. Level 3 The fair value measurement is derived from valuation techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions we believe market participants would use in pricing the asset. Below is a summary of the valuation techniques used for each class of Level 3 assets: Other venture capital investments: Fair value measurements are based on consideration of a range of factors including, but not limited to, the price at which the investment was acquired, the term and nature of the investment, local market conditions, values for comparable securities, and as it relates to the private company, the current and projected operating performance, exit strategies and financing transactions subsequent to the acquisition of the investment. The significant unobservable inputs used in the fair value measurement include the information about each portfolio company, including actual and forecasted results, cash position, recent or planned transactions and market comparable companies. Significant changes to any one of these inputs in isolation could result in a significant change in the fair value measurement, however, we generally consider all factors available through ongoing communication with the portfolio companies and venture capital fund managers to determine whether there are changes to the portfolio company or the environment that indicate a change in the fair value measurement. Other securities: Fair value measurements of equity securities of public companies are priced based on quoted market prices less a discount if the securities are subject to certain sales restrictions. Marketability discounts generally range from 10% to 20% depending on the duration of the sale restrictions which typically range from 3 to 6 months. Equity warrant assets (public portfolio): Fair value measurements of equity warrant assets of publicly-traded portfolio companies are valued based on the Black-Scholes option pricing model. The model uses the price of publicly-traded companies (underlying stock price), stated strike prices, warrant expiration dates, the risk-free interest rate and market-observable option volatility assumptions. Modeled asset values are further adjusted by applying a discount of up to 20% for certain warrants that have lock-up restrictions or other features that indicate a discount to fair value is warranted. As a lock-up term nears, and other sale restrictions are lifted, discounts are adjusted downward to zero percent once all restrictions expire or are removed. Equity warrant assets (private portfolio): Fair value measurements of equity warrant assets of private portfolio companies are priced based on a modified Black-Scholes option pricing model to estimate the asset value by using stated strike prices, option expiration dates, risk-free interest rates and option volatility assumptions. Option volatility assumptions used in the modified Black-Scholes model are based on public market indices whose members operate in similar industries as companies in our private company portfolio. Option expiration dates are modified to account for estimates to actual life relative to stated expiration. Overall model asset values are further adjusted for a general lack of liquidity due to the private nature of the associated underlying company. There is a direct correlation between changes in the volatility and remaining life assumptions in isolation and the fair value measurement while there is an inverse correlation between changes in the liquidity discount assumption and the fair value measurement. It is our policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements. When available, we use quoted market prices to measure fair value. If market prices are not available, fair value measurement is based upon valuation techniques that use primarily market-based or independently-sourced market parameters, including interest rate yield curves, prepayment speeds, option volatilities and currency rates. Substantially all of our financial instruments use the foregoing methodologies, and are categorized as a Level 1 or Level 2 measurement in the fair value hierarchy. However, in certain cases, when market observable inputs for our valuation techniques may not be readily available, we are required to make judgments about assumptions we believe market participants would use in estimating the fair value of the financial instrument, and based on the significance of those judgments, the measurement may be determined to be a Level 3 fair value measurement. The degree of management judgment involved in determining the fair value of a financial instrument is dependent upon the availability of quoted market prices or observable market parameters. For financial instruments that trade actively and have quoted market prices or observable market parameters, there is minimal subjectivity involved in measuring fair value. When observable market prices and parameters are not fully available, management judgment is necessary to estimate fair value. For inactive markets, there is little information, if any, to evaluate if individual transactions are orderly. Accordingly, we are required to estimate, based upon all available facts and circumstances, the degree to which orderly transactions are occurring and provide more weighting to price quotes that are based upon orderly transactions. In addition, changes in the market conditions may reduce the availability of quoted prices or observable data. For example, reduced liquidity in the capital markets or changes in secondary market activities could result in observable market inputs becoming unavailable. Therefore, when market data is not available, we use valuation techniques requiring more management judgment to estimate the appropriate fair value measurement. Accordingly, the degree of judgment exercised by management in determining fair value is greater for financial assets and liabilities categorized as Level 3. The following fair value hierarchy table presents information about our assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2016:
The following fair value hierarchy table presents information about our assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2015:
The following table presents additional information about Level 3 assets measured at fair value on a recurring basis for the three and nine months ended September 30, 2016 and 2015, respectively:
The following table presents the amount of net unrealized gains and losses included in earnings (which is inclusive of noncontrolling interest) attributable to Level 3 assets still held at September 30, 2016 and 2015, respectively:
The extent to which any unrealized gains or losses will become realized is subject to a variety of factors, including, among other things, the expiration of current sales restrictions to which these securities are subject, the actual sales of securities and the timing of such actual sales. The following table presents quantitative information about the significant unobservable inputs used for certain of our Level 3 fair value measurements at September 30, 2016 and December 31, 2015. We have not included in this table our venture capital and private equity fund investments (fair value accounting) as we use net asset value per share (as obtained from the general partners of the investments) as a practical expedient to determine fair value.
For the three and nine months ended September 30, 2016 and 2015, we did not have any transfers between Level 2 and Level 1 or transfers between Level 3 and Level 1. Transfers from Level 3 to Level 2 for the three and nine months ended September 30, 2016 were due primarily due to the expiration of lock-up, and other sales restrictions on certain of our public warrant positions. Transfers from Level 3 to Level 2 for the three and nine months ended September 30, 2015 were due to the transfer of equity warrant assets from our private portfolio to our public portfolio (see our Level 3 reconciliation above). All amounts reported as transfers represent the fair value as of the date of the change in circumstances that caused the transfer. Financial Instruments not Carried at Fair Value FASB guidance over financial instruments requires that we disclose estimated fair values for our financial instruments not carried at fair value. Fair value estimates, methods and assumptions, set forth below for our financial instruments, are made solely to comply with these requirements. Fair values are based on estimates or calculations at the transaction level using present value techniques in instances where quoted market prices are not available. As broadly traded markets do not exist for many of our financial instruments, the fair value calculations attempt to incorporate the effect of current market conditions at a specific time. The aggregation of the fair value calculations presented herein does not represent, and should not be construed to represent, the underlying value of the Company. The following describes the methods and assumptions used in estimating the fair values of financial instruments for which carrying value approximates fair value and estimated fair values of financial instruments not recorded at fair value on a recurring basis and excludes financial instruments and assets and liabilities already recorded at fair value as described above. Financial Instruments for which Carrying Value Approximates Fair Value Certain financial instruments that are not carried at fair value on the Consolidated Balance Sheets are carried at amounts that approximate fair value, due to their short-term nature and generally negligible credit risk. These instruments include cash and cash equivalents; FHLB and FRB stock; accrued interest receivable; short-term borrowings; short-term time deposits; and accrued interest payable. In addition, U.S. GAAP requires that the fair value of deposit liabilities with no stated maturity (i.e., demand, savings and certain money market deposits) be equal to their carrying value; recognition of the inherent funding value of these instruments is not permitted. Estimated Fair Values of Financial Instruments Not Recorded at Fair Value on a Recurring Basis Held-to-Maturity Securities Held-to-maturity securities include similar investments held in our available-for-sale securities portfolio and are valued using the same methodologies. All securities included in our held-to-maturity securities portfolio are valued using Level 2 inputs. Refer to Level 2 fair value measurements above for significant inputs used in the valuation of our held-to-maturity investment securities. Non-Marketable Securities (Cost and Equity Method Accounting) Non-marketable securities includes other investments (equity method accounting), venture capital and private equity fund investments (cost method accounting), and other venture capital investments (cost method accounting). Other investments (equity method accounting) includes our investment in SPD-SVB, our joint venture bank in China. At this time, the carrying value of our investment in SPD-SVB is a reasonable estimate of fair value. The fair value of the remaining other investments (equity method accounting) and the fair value of venture capital and private equity fund investments (cost method accounting) and other venture capital investments (cost method accounting) is based on financial information obtained from the investee or obtained from the fund investments’ or debt fund investments’ respective general partners. For private company investments, estimated fair value is based on consideration of a range of factors including, but not limited to, the price at which the investment was acquired, the term and nature of the investment, local market conditions, values for comparable securities, current and projected operating performance, exit strategies, and financing transactions subsequent to the acquisition of the investment. For our fund investments, we utilize the net asset value per share as obtained from the general partners of the investments. We adjust the net asset value per share for differences between our measurement date and the date of the fund investment’s net asset value by using the most recently available financial information from the investee general partner, for example June 30th, for our September 30th consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period. Loans The fair value of fixed and variable rate loans is estimated by discounting contractual cash flows using rates that reflect current pricing for similar loans and the projected forward yield curve. This method is not based on the exit price concept of fair value required under ASC 820, Fair Value Measurements and Disclosures. Long-Term Deposits The fair value of long-term time deposits is estimated by discounting the cash flows using our cost of borrowings and the projected forward yield curve over their remaining contractual term. Long-Term Debt The fair value of long-term debt is generally based on quoted market prices, when available, or is estimated based on calculations utilizing third-party pricing services and current market spread, price indications from reputable dealers or observable market prices of the underlying instrument(s), whichever is deemed more reliable. Also included in the estimated fair value of our 6.05% Subordinated Notes are amounts related to hedge accounting associated with the notes. Off-Balance Sheet Financial Instruments The fair value of net available commitments to extend credit is estimated based on the average amount we would receive or pay to execute a new agreement with identical terms and pricing, while taking into account the counterparties’ credit standing. Letters of credit are carried at their fair value, which was equivalent to the residual premium or fee at September 30, 2016 and December 31, 2015. Commitments to extend credit and letters of credit typically result in loans with a market interest rate if funded. The following fair value hierarchy table presents the estimated fair values of our financial instruments that are not carried at fair value at September 30, 2016 and December 31, 2015:
Investments in Entities that Calculate Net Asset Value Per Share FASB guidance over certain fund investments requires that we disclose the fair value of funds, significant investment strategies of the investees, redemption features of the investees, restrictions on the ability to sell investments, estimate of the period of time over which the underlying assets are expected to be liquidated by the investee, and unfunded commitments related to the investments. Our investments in debt funds and venture capital and private equity fund investments generally cannot be redeemed. Alternatively, we expect distributions, if any, to be received primarily through IPO and M&A activity of the underlying assets of the fund. Subject to applicable requirements under the Volcker Rule, we do not have any plans to sell any of these fund investments. If we decide to sell these investments in the future, the investee fund’s management must approve of the buyer before the sale of the investments can be completed. The fair values of the fund investments have been estimated using the net asset value per share of the investments, adjusted for any differences between our measurement date and the date of the fund investment’s net asset value by using the most recently available financial information from the investee general partner, for example June 30th, for our September 30th consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period. The following table is a summary of the estimated fair values of these investments and remaining unfunded commitments for each major category of these investments as of September 30, 2016:
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Legal Matters |
9 Months Ended |
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Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters | Legal Matters Certain lawsuits and claims arising in the ordinary course of business have been filed or are pending against us or our affiliates. In accordance with applicable accounting guidance, we establish accruals for all lawsuits, claims and expected settlements when we believe it is probable that a loss has been incurred and the amount of the loss is reasonably estimable. When a loss contingency is not both probable and estimable, we do not establish an accrual. Any such loss estimates are inherently uncertain, based on currently available information and are subject to management’s judgment and various assumptions. Due to the inherent subjectivity of these estimates and unpredictability of outcomes of legal proceedings, any amounts accrued may not represent the ultimate resolution of such matters. To the extent we believe any potential loss relating to such lawsuits and claims may have a material impact on our liquidity, consolidated financial position, results of operations, and/or our business as a whole and is reasonably possible but not probable, we disclose information relating to any such potential loss, whether in excess of any established accruals or where there is no established accrual. We also disclose information relating to any material potential loss that is probable but not reasonably estimable. Where reasonably practicable, we will provide an estimate of loss or range of potential loss. No disclosures are generally made for any loss contingencies that are deemed to be remote. Based upon information available to us, our review of lawsuits and claims filed or pending against us to date and consultation with our outside legal counsel, we have not recognized a material accrual liability for these matters, nor do we currently expect it is reasonably possible that these matters will result in a material liability to the Company. However, the outcome of litigation and other legal and regulatory matters is inherently uncertain, and it is possible that one or more of such matters currently pending or threatened could have an unanticipated material adverse effect on our liquidity, consolidated financial position, results of operations, and/or our business as a whole, in the future. |
Related Parties |
9 Months Ended |
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Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties During the nine months ended September 30, 2016, the Bank made loans to related parties, including certain companies in which certain of our directors or their affiliated venture funds are beneficial owners of ten percent or more of the equity securities of such companies. Such loans: (a) were made in the ordinary course of business; (b) were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other non-related persons; and (c) did not involve more than the normal risk of collectability or present other unfavorable features. Additionally, we also provide real estate secured loans to eligible employees through our EHOP. |
Basis of Presentation (Policies) |
9 Months Ended |
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Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation and Presentation | Principles of Consolidation and Presentation Prior to April 1, 2015, the Company’s consolidated financial statements included the accounts of SVB Financial Group and entities in which we had a controlling interest. The determination of whether we had controlling interest was based on consolidation principles prescribed by ASC Topic 810 and whether the controlling interest in an entity was a voting interest entity or a variable interest entity (“VIE”). However, during the three months ended June 30, 2015, we early adopted the provisions of ASU 2015-02, Amendments to the Consolidation Analysis (ASU 2015-02), which simplifies consolidation accounting by reducing the number of consolidation models and changing various aspects of current GAAP, including certain consolidation criteria for variable interest entities. The new guidance eliminates the presumption that a general partner of a limited partnership arrangement should consolidate a limited partnership. The amendments to ASC Topic 810 in ASU 2015-02 modify the evaluation of whether limited partnerships and similar entities are VIEs or voting entities. With these changes, we determined that the majority of our investments in limited partnership arrangements are VIEs under the new guidance while these entities were typically voting interest entities under the prior guidance. ASU 2015-02 provided a single model for evaluating VIE entities for consolidation. VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or equity investors, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity, or (c) the right to receive the expected returns of the entity. We assess VIEs to determine if we are the primary beneficiary of a VIE. A primary beneficiary is defined as a variable interest holder that has a controlling financial interest. A controlling financial interest requires both: (a) power to direct the activities that most significantly impact the VIE’s economic performance, and (b) obligation to absorb losses or receive benefits of a VIE that could potentially be significant to a VIE. Under this analysis, we evaluate kick-out rights and other participating rights which could provide us a controlling financial interest. The primary beneficiary of a VIE is required to consolidate the VIE. ASU 2015-02 also changed how we evaluate fees paid to managers of our limited partnership investments. Under the new guidance, we exclude those fee arrangements that are not deemed to be variable interests from the analysis of our interests in our investments in VIEs and the determination of a primary beneficiary, if any. Our consolidated financial statements include the accounts of SVB Financial Group and consolidated entities. We consolidate voting entities in which we have control through voting interests. We determine whether we have a controlling financial interest in a VIE by determining if we have the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and whether we have significant variable interests. Generally, we have significant variable interests if our commitments to a limited partnership investment represent a significant amount of the total commitments to the entity. We also evaluate the impact of related parties on our determination of variable interests in our consolidation conclusions. We consolidate VIEs in which we are the primary beneficiary based on a controlling financial interest. If we are not the primary beneficiary of a VIE, we record our pro-rata interests or our cost basis in the VIE, as appropriate, based on other accounting guidance within GAAP. All significant intercompany accounts and transactions with consolidated entities have been eliminated. We have not provided financial or other support during the periods presented to any VIE that we were not previously contractually required to provide. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued a new accounting standard update (ASU 2014-09, Revenue from Contracts with Customers (Topic 606)), which provides revenue recognition guidance that is intended to create greater consistency with respect to how and when revenue from contracts with customers is shown in the income statement. This guidance will be effective January 1, 2018, either on a full retrospective approach or a modified retrospective approach, with early adoption permitted, but not before January 1, 2017. We are currently evaluating the impact this guidance will have on our financial position, results of operation and stockholders’ equity. In January 2016, the FASB issued a new accounting standard update (ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825)), which will significantly change the income statement impact of equity investments, and the recognition of changes in fair value of financial liabilities. This guidance will be effective on January 1, 2018, on a prospective basis with a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. We are currently evaluating the impact this guidance will have on our financial position, results of operation and stockholders’ equity. In February 2016, the FASB issued a new accounting standard update (ASU 2016-02, Leases (Topic 842)), which will require for all operating leases the recognition of a right-of-use asset and a lease liability, in the statement of financial position. The lease cost will be allocated over the lease term on a straight-line basis. This guidance will be effective on January 1, 2019, on a modified retrospective basis, with early adoption permitted. We are currently evaluating the impact this guidance will have on our financial position, results of operation and stockholders’ equity. In March 2016, the FASB issued a new accounting standard update (ASU 2016-07, Investments—Equity Method and Joint Ventures (Topic 323)), which eliminates the requirement that when an investment qualifies for use of the equity method due to an increase in level of ownership or influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by step basis as if the equity method had been in effect during all previous periods that the investment had been held. This guidance will be effective January 1, 2017, on a prospective basis, with early adoption permitted. We are currently evaluating the impact this guidance will have on our financial position, results of operation and stockholders’ equity. In March 2016, the FASB issued a new accounting standard update (ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)), which is intended to improve the operability and understandability of the implementation guidance by clarifying the following: how an entity should identify the unit of accounting for the principal versus agent evaluation; how the control principle applies to transactions, such as service arrangements; reframes the indicators to focus on a principal rather than an agent, removes the credit risk and commission indicators and clarifies the relationship between the control principle and the indicators; and revises the existing illustrative examples and adds new illustrative examples. This guidance will be effective January 1, 2018, either on a full retrospective approach or a modified retrospective approach, with early adoption permitted, but not before January 1, 2017. We are currently evaluating the impact this guidance will have on our financial position, results of operation and stockholders’ equity. In March 2016, the FASB issued a new accounting standard update (ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718)), which includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. Under the ASU, an entity recognizes all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement in the period when the awards vest or are settled. The guidance also permits an entity to make an accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. This guidance will be effective January 1, 2017. Early adoption is permitted, but all of the guidance must be adopted in the same period. We plan to adopt the share-based payment guidance in the first quarter of 2017. Currently, we record excess tax benefits and tax deficiencies to APIC at the time of vesting and or settlement, however, upon adoption of this standard, the excess tax benefits and tax deficiencies will be recorded to the income statement as income tax expense or benefit. We do not expect the guidance to have a material impact on our annual earnings; however, the impact will vary period to period depending on the volatility of the Company's stock price and the actual timing of settlement of awards. We would expect the most significant impact to occur during our second quarter as the majority of awards vest during that period. In April 2016, the FASB issued a new accounting standard update (ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing), which amends the new revenue recognition guidance on accounting for licenses of intellectual property and identifying performance obligations. The amendments clarify how an entity should evaluate the nature of its promise in granting a license of intellectual property, which will determine whether it recognizes revenue over time or a point in time. The amendments also clarify when a promised good or service is separately identifiable, that is distinct within the context of the contract, and allow entities to disregard items that are immaterial in the context of a contract. The effective date and transition requirements for this update are the same as those of the new standard. This guidance is effective January 1, 2018, on either a full retrospective approach or a modified retrospective approach, with early adoption permitted, but not before January 1, 2017. We are currently evaluating the impact this guidance will have on our financial position, results of operation and stockholders’ equity. In June 2016, the FASB issued a new accounting standard update (ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments), which amends the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This guidance will be effective January 1, 2020, on a modified retrospective approach, with early adoption permitted, but not before January 1, 2020. We are currently evaluating the impact this guidance will have on our financial position, results of operation and stockholders’ equity. In August 2016, the FASB issued a new accounting standard update (ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments), which clarifies the guidance on eight specific cash flow issues. This guidance will be effective January 1, 2018 on a full retrospective approach, with early adoption permitted. We are currently evaluating the impact this guidance will have on our statement of cash flows. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to current period presentations. |
Stockholders' Equity and EPS (Tables) |
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Equity and Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications out of AOCI | The following table summarizes the items reclassified out of accumulated other comprehensive income into the Consolidated Statements of Income (unaudited) for the three and nine months ended September 30, 2016 and 2015:
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Reconciliation of Basic EPS to Diluted EPS | The following is a reconciliation of basic EPS to diluted EPS for the three and nine months ended September 30, 2016 and 2015:
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table summarizes the weighted-average common shares excluded from the diluted EPS calculation due to the antidilutive effect for the three and nine months ended September 30, 2016 and 2015:
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Share-Based Compensation (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Based Compensation and Related Benefits | For the three and nine months ended September 30, 2016 and 2015, we recorded share-based compensation and related tax benefits as follows:
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Unrecognized Share Based Compensation Expense | As of September 30, 2016, unrecognized share-based compensation expense was as follows:
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Stock Option Information Related to Equity Incentive Plan | The table below provides stock option information related to the 2006 Equity Incentive Plan for the nine months ended September 30, 2016:
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Information for Restricted Stock Units under Equity Incentive Plan | The table below provides information for restricted stock units under the 2006 Equity Incentive Plan for the nine months ended September 30, 2016:
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Variable Interest Entities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments In Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The following table presents the carrying amounts and classification of significant variable interests in consolidated and unconsolidated VIEs as of September 30, 2016 and December 31, 2015:
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Cash and Cash Equivalents (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | The following table details our cash and cash equivalents at September 30, 2016 and December 31, 2015:
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Investment Securities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Major Components of Investment Securities Portfolio | The components of our available-for-sale investment securities portfolio at September 30, 2016 and December 31, 2015 are as follows:
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Summary of Unrealized Losses on Available for Sale Securities | The following table summarizes our unrealized losses on our available-for-sale securities portfolio into categories of less than 12 months and 12 months or longer as of September 30, 2016:
The following table summarizes our unrealized losses on our available-for-sale securities portfolio into categories of less than 12 months and 12 months or longer as of December 31, 2015:
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Summary of Remaining Contractual Principal Maturities and Fully Taxable Equivalent Yields on Securities | The following table summarizes the remaining contractual principal maturities and fully taxable equivalent yields on fixed income investment securities classified as available-for-sale as of September 30, 2016. The weighted average yield is computed using the amortized cost of fixed income investment securities, which are reported at fair value. For U.S. Treasury securities and U.S. agency debentures, the expected maturity is the actual contractual maturity of the notes. Expected maturities for mortgage-backed securities may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. Mortgage-backed securities classified as available-for-sale typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower rate environments. The weighted average yield on mortgage-backed securities is based on prepayment assumptions at the purchase date. Actual yields earned may differ significantly based upon actual prepayments.
The following table summarizes the remaining contractual principal maturities and fully taxable equivalent yields on fixed income investment securities classified as held-to-maturity as of September 30, 2016. Interest income on certain municipal bonds and notes (non-taxable investments) are presented on a fully taxable equivalent basis using the federal statutory tax rate of 35 percent. The weighted average yield is computed using the amortized cost of fixed income investment securities. For U.S. agency debentures, the expected maturity is the actual contractual maturity of the notes. Expected maturities for mortgage-backed securities may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. Mortgage-backed securities classified as held-to-maturity typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower rate environments. The weighted average yield on mortgage-backed securities is based on prepayment assumptions at the purchase date. Actual yields earned may differ significantly based upon actual prepayments.
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Held-to-maturity Securities | The components of our held-to-maturity investment securities portfolio at September 30, 2016 and December 31, 2015 are as follows:
The following table summarizes our unrealized losses on our held-to-maturity securities portfolio into categories of less than 12 months and 12 months or longer as of September 30, 2016:
The following table summarizes our unrealized losses on our held-to-maturity securities portfolio into categories of less than 12 months and 12 months or longer as of December 31, 2015:
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Schedule of Nonmarketable and Other Securities | The components of our non-marketable and other investment securities portfolio at September 30, 2016 and December 31, 2015 are as follows:
The following table presents other information relating to our investments in qualified affordable housing projects for the three and nine months ended September 30, 2016 and 2015:
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Schedule Of Investments In Qualified Affordable Housing Projects And Related Unfunded Commitments | The following table presents the balances of our investments in qualified affordable housing projects and related unfunded commitments at September 30, 2016 and December 31, 2015:
The following table presents other information relating to our investments in qualified affordable housing projects for the three and nine months ended September 30, 2016 and 2015:
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Gain Loss On Investment Securities | The following table presents the components of gains and losses (realized and unrealized) on investment securities for the three and nine months ended September 30, 2016 and 2015:
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Loans and Allowance for Loan Losses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | The composition of loans, net of unearned income of $117 million and $115 million at September 30, 2016 and December 31, 2015, respectively, is presented in the following table:
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Composition of Loans, Net of Unearned Income, Broken Out by Portfolio Segment and Class of Financing Receivable | The composition of loans, net of unearned income of $117 million and $115 million at September 30, 2016 and December 31, 2015, respectively, broken out by portfolio segment and class of financing receivable, is as follows:
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Aging of Gross Loans, Broken out by Portfolio Segment and Class of Financing Receivable | The following table summarizes the aging of our gross loans, broken out by portfolio segment and class of financing receivable as of September 30, 2016 and December 31, 2015:
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Impaired Loans and Allowance for Loan Losses, Broken out by Portfolio Segment and Class of Financing Receivable | The following table summarizes our impaired loans as they relate to our allowance for loan losses, broken out by portfolio segment and class of financing receivable as of September 30, 2016 and December 31, 2015:
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Average Impaired Loans, Broken out by Portfolio Segment and Class of Financing Receivable | The following table summarizes our average impaired loans, broken out by portfolio segment and class of financing receivable for the three and nine months ended September 30, 2016 and 2015:
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Activity in Allowance for Loan Losses Broken out by Portfolio Segment | The following tables summarize the activity relating to our allowance for loan losses for the three and nine months ended September 30, 2016 and 2015, broken out by portfolio segment:
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Allowance for Loan Losses Individually and Collectively Evaluated for Impairment | The following table summarizes the allowance for loan losses individually and collectively evaluated for impairment as of September 30, 2016 and December 31, 2015, broken out by portfolio segment:
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Credit Quality Indicators, Broken out by Portfolio Segment and Class of Financing Receivables | The following table summarizes the credit quality indicators, broken out by portfolio segment and class of financing receivables as of September 30, 2016 and December 31, 2015:
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Summary of Loans Modified in Troubled Debt Restructurings ("TDRs") by Portfolio Segment and Class of Financing Receivables | The following table summarizes our loans modified in TDRs, broken out by portfolio segment and class of financing receivables at September 30, 2016 and December 31, 2015:
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Recorded Investment in Loans Modified in TDRs | The following table summarizes the recorded investment in loans modified in TDRs, broken out by portfolio segment and class of financing receivable, for modifications made during the three and nine months ended September 30, 2016 and 2015:
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Troubled Debt Restructurings On Financing Receivables Subsequently Defaulted Table | The following table summarizes the recorded investment in loans modified in TDRs within the previous 12 months that subsequently defaulted during the three and nine months ended September 30, 2016 and 2015:
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Short-Term Borrowings and Long-Term Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Short Term Borrowings and Long Term Debt | The following table represents outstanding short-term borrowings and long-term debt at September 30, 2016 and December 31, 2015:
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Derivative Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Notional or Contractual Amounts, Fair Value, Collateral and Net Exposure of Derivative Financial Instruments | The total notional or contractual amounts, fair value, collateral and net exposure of our derivative financial instruments at September 30, 2016 and December 31, 2015 were as follows:
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Summary of Derivative Activity and Related Impact on Consolidated Statements of Income | A summary of our derivative activity and the related impact on our consolidated statements of income for the three and nine months ended September 30, 2016 and 2015 is as follows:
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Offsetting Assets | The following table summarizes our assets subject to enforceable master netting arrangements as of September 30, 2016 and December 31, 2015:
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Offsetting Liabilities | The following table summarizes our liabilities subject to enforceable master netting arrangements as of September 30, 2016 and December 31, 2015:
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Other Noninterest Income and Other Noninterest Expense (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Other Noninterest Income | A summary of other noninterest income for the three and nine months ended September 30, 2016 and 2015 is as follows:
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Summary of Other Noninterest Expense | A summary of other noninterest expense for the three and nine months ended September 30, 2016 and 2015 is as follows:
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Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Our segment information for the three and nine months ended September 30, 2016 and 2015 is as follows:
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Off-Balance Sheet Arrangements, Guarantees and Other Commitments (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Off Balance Sheet Arrangements Guarantees And Other Commitments Additional Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Information Related to Commitments to Extend Credit (Excluding Letters of Credit) | The following table summarizes information related to our commitments to extend credit at September 30, 2016 and December 31, 2015:
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Summary of Commercial and Standby Letters of Credit | The table below summarizes our commercial and standby letters of credit at September 30, 2016. The maximum potential amount of future payments represents the amount that could be remitted under letters of credit if there were a total default by the guaranteed parties, without consideration of possible recoveries under recourse provisions or from the collateral held or pledged.
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Total Capital Commitments, Unfunded Capital Commitments, and Ownership in Each Fund | The following table details our total capital commitments, unfunded capital commitments, and our ownership percentage in each fund at September 30, 2016:
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Remaining Unfunded Commitments to Venture Capital or Private Equity Funds by Consolidated Managed Funds | The following table details the amounts of remaining unfunded commitments to venture capital and private equity funds by our consolidated managed funds of funds (including our interest and the noncontrolling interests) at September 30, 2016:
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Fair Value of Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy Tables Present Information about Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following fair value hierarchy table presents information about our assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2016:
The following fair value hierarchy table presents information about our assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2015:
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Additional Information about Level 3 Assets Measured at Fair Value on a Recurring Basis | The following table presents additional information about Level 3 assets measured at fair value on a recurring basis for the three and nine months ended September 30, 2016 and 2015, respectively:
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Unrealized Gains Included in Earnings Attributable to Level 3 Assets Held | The following table presents the amount of net unrealized gains and losses included in earnings (which is inclusive of noncontrolling interest) attributable to Level 3 assets still held at September 30, 2016 and 2015, respectively:
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Quantitative Information About Significant Unobservable Inputs | The following table presents quantitative information about the significant unobservable inputs used for certain of our Level 3 fair value measurements at September 30, 2016 and December 31, 2015. We have not included in this table our venture capital and private equity fund investments (fair value accounting) as we use net asset value per share (as obtained from the general partners of the investments) as a practical expedient to determine fair value.
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Summary of Estimated Fair Values of Financial Instruments Not Carried at Fair Value | The following fair value hierarchy table presents the estimated fair values of our financial instruments that are not carried at fair value at September 30, 2016 and December 31, 2015:
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Summary of Estimated Fair Values of Investments and Remaining Unfunded Commitments for Each Major Category of Investments | The following table is a summary of the estimated fair values of these investments and remaining unfunded commitments for each major category of these investments as of September 30, 2016:
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Stockholders' Equity and EPS - Reclassifications out of AOCI (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
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Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Related tax (benefit) expense | $ (76,877) | $ (57,017) | $ (195,508) | $ (175,057) |
Net income available to common stockholders | 111,081 | 81,733 | 283,219 | 256,392 |
Reclassification out of Accumulated Other Comprehensive Income | Gains on investment securities, net | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification adjustment for losses (gains) included in net income | 15 | (13) | (11,567) | (2,750) |
Related tax (benefit) expense | (6) | 6 | 4,707 | 1,111 |
Net income available to common stockholders | $ 9 | $ (7) | $ (6,860) | $ (1,639) |
Stockholders' Equity and EPS - Reconciliation of Basic EPS to Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
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Numerator: | ||||
Net income available to common stockholders | $ 111,081 | $ 81,733 | $ 283,219 | $ 256,392 |
Denominator: | ||||
Weighted average common shares outstanding-basic (in shares) | 52,046 | 51,479 | 51,842 | 51,254 |
Denominator for diluted calculation (in shares) | 52,413 | 52,048 | 52,229 | 51,878 |
Earnings per common share: | ||||
Basic (dollars per share) | $ 2.13 | $ 1.59 | $ 5.46 | $ 5.00 |
Diluted (dollars per share) | $ 2.12 | $ 1.57 | $ 5.42 | $ 4.94 |
Stock options and ESPP | ||||
Denominator: | ||||
Weighted average effect of dilutive securities (in shares) | 233 | 382 | 245 | 411 |
Restricted stock units | ||||
Denominator: | ||||
Weighted average effect of dilutive securities (in shares) | 134 | 187 | 142 | 213 |
Stockholders' Equity and EPS - Common Shares Excluded from Diluted EPS Calculation as They Were Deemed to be Anti-Dilutive (Detail) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
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Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from diluted earnings per share calculation | 638 | 143 | 453 | 169 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from diluted earnings per share calculation | 518 | 142 | 444 | 169 |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from diluted earnings per share calculation | 120 | 1 | 9 | 0 |
Share-Based Compensation - Share Based Compensation and Related Tax Benefits (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Share-based compensation expense | $ 7,916 | $ 8,188 | $ 22,342 | $ 24,174 |
Income tax benefit related to share-based compensation expense | $ (2,881) | $ (3,051) | $ (7,461) | $ (8,381) |
Share-Based Compensation - Unrecognized Compensation Expense (Detail) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Unrecognized Share Based Compensation Expense [Line Items] | |
Unrecognized Expense | $ 62,244 |
Stock options | |
Unrecognized Share Based Compensation Expense [Line Items] | |
Unrecognized Expense | $ 11,150 |
Average Expected Recognition Period - in Years | 2 years 6 months 7 days |
Restricted stock units | |
Unrecognized Share Based Compensation Expense [Line Items] | |
Unrecognized Expense | $ 51,094 |
Average Expected Recognition Period - in Years | 2 years 8 months 5 days |
Share-Based Compensation - Share-Based Payment Award Activity (Detail) |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
$ / shares
shares
| |
Options | |
Outstanding, beginning of period, in shares | shares | 1,137,228.000 |
Granted, in shares | shares | 177,203 |
Exercised, in shares | shares | (141,248) |
Forfeited, in shares | shares | (19,305) |
Expired, in shares | shares | (190) |
Outstanding, end of period, in shares | shares | 1,153,688 |
Vested and expected to vest, end of period, in shares | shares | 1,123,538 |
Exercisable, end of period, in shares | shares | 706,677 |
Weighted Average Exercise Price | |
Outstanding, beginning of period, in usd per share | $ / shares | $ 77.12 |
Granted, in usd per share | $ / shares | 105.11 |
Exercised, in usd per share | $ / shares | 43.90 |
Forfeited, in usd per share | $ / shares | 100.80 |
Expired, in usd per share | $ / shares | 19.48 |
Outstanding, end of period, in usd per share | $ / shares | 85.10 |
Vested and expected to vest, end of period, in usd per share | $ / shares | 84.47 |
Exercisable, end of period, in usd per share | $ / shares | $ 72.25 |
Weighted Average Remaining Contractual Life - in Years | |
Outstanding, end of period | 3 years 9 months 29 days |
Vested and expected to vest, end of period | 3 years 9 months 7 days |
Exercisable, end of period | 2 years 9 months 22 days |
Aggregate Intrinsic Value of In-The-Money Options | |
Outstanding, end of period | $ | $ 31,649,669 |
Vested and expected to vest, end of period | $ | 31,469,498 |
Exercisable, end of period | $ | $ 27,648,800 |
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Closing stock price | $ 110.54 | $ 110.54 | ||
Total intrinsic value of options exercised | $ 1.5 | $ 2.2 | $ 8.2 | $ 24.0 |
Share-Based Compensation - Information for Restricted Stock Units under Equity Incentive Plan (Detail) - Restricted stock units |
9 Months Ended |
---|---|
Sep. 30, 2016
$ / shares
shares
| |
Shares | |
Nonvested, beginning of period, in shares | shares | 572,038 |
Granted, in shares | shares | 359,028 |
Vested, in shares | shares | (215,587) |
Forfeited, in shares | shares | (24,508) |
Nonvested, end of period, in shares | shares | 690,971 |
Weighted Average Grant Date Fair Value | |
Nonvested, beginning of period, in usd per share | $ / shares | $ 103.50 |
Granted, in usd per share | $ / shares | 100.17 |
Vested, in usd per share | $ / shares | 87.67 |
Forfeited, in usd per share | $ / shares | 106.50 |
Nonvested, end of period, in usd per share | $ / shares | $ 106.61 |
Variable Interest Entities - Carrying Amounts and Classification of Significant Variable Interests (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Cash and cash equivalents | $ 2,521,319 | $ 1,503,257 |
Non-marketable and other securities | 625,178 | 674,946 |
Accrued interest receivable and other assets | 683,180 | 709,707 |
Total assets | 43,274,037 | 44,686,703 |
Total liabilities | 39,550,720 | 41,353,472 |
Maximum exposure to loss in unconsolidated VIEs | 312,693 | 364,450 |
Consolidated | ||
Variable Interest Entity [Line Items] | ||
Cash and cash equivalents | 12,870 | 11,811 |
Non-marketable and other securities | 195,956 | 203,714 |
Accrued interest receivable and other assets | 333 | 494 |
Total assets | 209,159 | 216,019 |
Accrued expenses and other liabilities | 909 | 433 |
Total liabilities | 909 | 433 |
Maximum exposure to loss in unconsolidated VIEs | 208,300 | |
Unconsolidated | ||
Variable Interest Entity [Line Items] | ||
Non-marketable and other securities | 312,693 | 364,450 |
Total assets | 312,693 | 364,450 |
Accrued expenses and other liabilities | 52,846 | 90,978 |
Total liabilities | 52,846 | 90,978 |
Low income housing tax credit funds | Unconsolidated | ||
Variable Interest Entity [Line Items] | ||
Non-marketable and other securities | 106,500 | 154,400 |
Unfunded commitments | ||
Variable Interest Entity [Line Items] | ||
Accrued expenses and other liabilities | 52,846 | 90,978 |
Unfunded commitments | Unconsolidated | ||
Variable Interest Entity [Line Items] | ||
Non-marketable and other securities | $ 52,800 | $ 91,000 |
Variable Interest Entities - Additional Information (Details) $ in Thousands |
Sep. 30, 2016
USD ($)
entity
|
Dec. 31, 2015
USD ($)
|
---|---|---|
Variable Interest Entity [Line Items] | ||
Number of consolidated entities | entity | 5 | |
Maximum exposure to loss in unconsolidated VIEs | $ 312,693 | $ 364,450 |
Consolidated | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss in unconsolidated VIEs | $ 208,300 |
Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Cash and Cash Equivalents [Abstract] | ||
Cash and due from banks | $ 2,352,469 | $ 1,372,743 |
Securities purchased under agreements to resell | 163,719 | 125,391 |
Other short-term investment securities | 5,131 | 5,123 |
Total cash and cash equivalents | $ 2,521,319 | $ 1,503,257 |
Cash and Cash Equivalents (Additional Information) (Detail) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Cash and Cash Equivalents [Abstract] | ||
Deposits at the Federal Reserve Bank earning interest at the Federal Funds target rate | $ 1,300 | $ 405 |
Interest-earning deposits in other financial institutions | 724 | 500 |
Fair value of securities purchased under agreements to resell | $ 167 | $ 128 |
Investment Securities - Major Components of Investment Securities Portfolio (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Investment Holdings [Line Items] | ||
Amortized Cost | $ 12,514,893 | $ 16,375,941 |
Unrealized Gains | 154,075 | 47,578 |
Unrealized Losses | (3,271) | (42,771) |
Carrying Value | 12,665,697 | 16,380,748 |
U.S. treasury securities | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 8,828,906 | 11,679,450 |
Unrealized Gains | 110,721 | 19,134 |
Unrealized Losses | 0 | (20,549) |
Carrying Value | 8,939,627 | 11,678,035 |
U.S. agency debentures | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 2,089,590 | 2,677,453 |
Unrealized Gains | 36,982 | 17,684 |
Unrealized Losses | 0 | (5,108) |
Carrying Value | 2,126,572 | 2,690,029 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Fixed rate | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 1,089,956 | 1,408,206 |
Unrealized Gains | 4,896 | 6,591 |
Unrealized Losses | (2,563) | (15,518) |
Carrying Value | 1,092,289 | 1,399,279 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 504,134 | 604,236 |
Unrealized Gains | 839 | 3,709 |
Unrealized Losses | (486) | (9) |
Carrying Value | 504,487 | 607,936 |
Equity securities | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 2,307 | 6,596 |
Unrealized Gains | 637 | 460 |
Unrealized Losses | (222) | (1,587) |
Carrying Value | $ 2,722 | $ 5,469 |
Investment Securities - Summary of Unrealized Losses on Available for Sale Securities (Detail) $ in Thousands |
Sep. 30, 2016
USD ($)
Investment
|
Dec. 31, 2015
USD ($)
Investment
|
---|---|---|
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 months - Fair Value of Investments | $ 533,741 | $ 8,783,725 |
Less than 12 months - Unrealized Losses | (1,177) | (31,934) |
12 months or longer - Fair Value of Investments | 247,100 | 373,284 |
12 months or longer - Unrealized Losses | (2,094) | (10,837) |
Fair Value of Investments | 780,841 | 9,157,009 |
Unrealized Losses | $ (3,271) | $ (42,771) |
Number of investments in unrealized loss position | Investment | 103 | 243 |
Number of investments with unrealized losses greater than 12 months | Investment | 14 | 18 |
U.S. treasury securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 months - Fair Value of Investments | $ 7,467,519 | |
Less than 12 months - Unrealized Losses | (20,549) | |
12 months or longer - Fair Value of Investments | 0 | |
12 months or longer - Unrealized Losses | 0 | |
Fair Value of Investments | 7,467,519 | |
Unrealized Losses | (20,549) | |
U.S. agency debentures | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 months - Fair Value of Investments | 760,071 | |
Less than 12 months - Unrealized Losses | (5,108) | |
12 months or longer - Fair Value of Investments | 0 | |
12 months or longer - Unrealized Losses | 0 | |
Fair Value of Investments | 760,071 | |
Unrealized Losses | (5,108) | |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Fixed rate | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 months - Fair Value of Investments | $ 310,991 | 545,404 |
Less than 12 months - Unrealized Losses | (469) | (4,681) |
12 months or longer - Fair Value of Investments | 247,100 | 373,284 |
12 months or longer - Unrealized Losses | (2,094) | (10,837) |
Fair Value of Investments | 558,091 | 918,688 |
Unrealized Losses | (2,563) | (15,518) |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 months - Fair Value of Investments | 221,818 | 7,776 |
Less than 12 months - Unrealized Losses | (486) | (9) |
12 months or longer - Fair Value of Investments | 0 | 0 |
12 months or longer - Unrealized Losses | 0 | 0 |
Fair Value of Investments | 221,818 | 7,776 |
Unrealized Losses | (486) | (9) |
Equity securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 months - Fair Value of Investments | 932 | 2,955 |
Less than 12 months - Unrealized Losses | (222) | (1,587) |
12 months or longer - Fair Value of Investments | 0 | 0 |
12 months or longer - Unrealized Losses | 0 | 0 |
Fair Value of Investments | 932 | 2,955 |
Unrealized Losses | $ (222) | $ (1,587) |
Investment Securities - Summary of Remaining Contractual Principal Maturities and Fully Taxable Equivalent Yields on Debt Securities Classified as Available for Sale (Detail) - Available-for-sale Securities $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Investments Classified by Contractual Maturity Date [Line Items] | |
Available-for-sale Securities, Debt Securities | $ 12,662,975 |
Weighted- Average Yield | 1.39% |
One Year or Less - Carrying Value | $ 2,078,654 |
One Year or Less - Weighted- Average Yield | 0.88% |
After One Year to Five Years - Carrying Value | $ 8,987,545 |
After One Year to Five Years - Weighted- Average Yield | 1.48% |
After Five Years to Ten Years - Carrying Value | $ 755,958 |
After Five Years to Ten Years - Weighted- Average Yield | 2.09% |
After Ten Years - Carrying Value | $ 840,818 |
After Ten Years - Weighted- Average Yield | 1.03% |
U.S. treasury securities | |
Investments Classified by Contractual Maturity Date [Line Items] | |
Available-for-sale Securities, Debt Securities | $ 8,939,627 |
Weighted- Average Yield | 1.31% |
One Year or Less - Carrying Value | $ 1,652,444 |
One Year or Less - Weighted- Average Yield | 0.80% |
After One Year to Five Years - Carrying Value | $ 7,287,183 |
After One Year to Five Years - Weighted- Average Yield | 1.43% |
After Five Years to Ten Years - Carrying Value | $ 0 |
After Five Years to Ten Years - Weighted- Average Yield | 0.00% |
After Ten Years - Carrying Value | $ 0 |
After Ten Years - Weighted- Average Yield | 0.00% |
U.S. agency debentures | |
Investments Classified by Contractual Maturity Date [Line Items] | |
Available-for-sale Securities, Debt Securities | $ 2,126,572 |
Weighted- Average Yield | 1.60% |
One Year or Less - Carrying Value | $ 426,210 |
One Year or Less - Weighted- Average Yield | 1.17% |
After One Year to Five Years - Carrying Value | $ 1,700,362 |
After One Year to Five Years - Weighted- Average Yield | 1.71% |
After Five Years to Ten Years - Carrying Value | $ 0 |
After Five Years to Ten Years - Weighted- Average Yield | 0.00% |
After Ten Years - Carrying Value | $ 0 |
After Ten Years - Weighted- Average Yield | 0.00% |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Fixed rate | |
Investments Classified by Contractual Maturity Date [Line Items] | |
Available-for-sale Securities, Debt Securities | $ 1,092,289 |
Weighted- Average Yield | 1.91% |
One Year or Less - Carrying Value | $ 0 |
One Year or Less - Weighted- Average Yield | 0.00% |
After One Year to Five Years - Carrying Value | $ 0 |
After One Year to Five Years - Weighted- Average Yield | 0.00% |
After Five Years to Ten Years - Carrying Value | $ 755,958 |
After Five Years to Ten Years - Weighted- Average Yield | 2.09% |
After Ten Years - Carrying Value | $ 336,331 |
After Ten Years - Weighted- Average Yield | 1.52% |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | |
Investments Classified by Contractual Maturity Date [Line Items] | |
Available-for-sale Securities, Debt Securities | $ 504,487 |
Weighted- Average Yield | 0.71% |
One Year or Less - Carrying Value | $ 0 |
One Year or Less - Weighted- Average Yield | 0.00% |
After One Year to Five Years - Carrying Value | $ 0 |
After One Year to Five Years - Weighted- Average Yield | 0.00% |
After Five Years to Ten Years - Carrying Value | $ 0 |
After Five Years to Ten Years - Weighted- Average Yield | 0.00% |
After Ten Years - Carrying Value | $ 504,487 |
After Ten Years - Weighted- Average Yield | 0.71% |
Lower Limit | |
Investments Classified by Contractual Maturity Date [Line Items] | |
Mortgage-backed securities contractual maturities (in years) | 10 years |
Upper Limit | |
Investments Classified by Contractual Maturity Date [Line Items] | |
Mortgage-backed securities contractual maturities (in years) | 30 years |
Investment Securities - Summary of Unrealized Losses on Held to Maturity Securities (Details) $ in Thousands |
Sep. 30, 2016
USD ($)
Investment
|
Dec. 31, 2015
USD ($)
Investment
|
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 7,791,949 | $ 8,790,963 |
Unrealized Gains | 97,581 | 16,694 |
Unrealized Losses | (4,197) | (49,035) |
Fair Value | 7,885,333 | 8,758,622 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | 420,064 | 6,302,783 |
Unrealized Losses, Less than 12 months | (1,057) | (44,391) |
Fair Value of Investments, 12 months or longer | 323,211 | 238,350 |
Unrealized Losses, 12 months or longer | (3,140) | (4,644) |
Fair Value of Investments | 743,275 | 6,541,133 |
Unrealized Losses | $ (4,197) | $ (49,035) |
Number of held-to-maturity investments with unrealized loss | Investment | 140 | 384 |
Number of held-to-maturity investments in continuous loss more than 12 months | Investment | 78 | 58 |
U.S. agency debentures | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 622,692 | $ 545,473 |
Unrealized Gains | 17,642 | 8,876 |
Unrealized Losses | 0 | 0 |
Fair Value | 640,334 | 554,349 |
Agency-issued mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,092,082 | 2,366,627 |
Unrealized Gains | 37,993 | 546 |
Unrealized Losses | (309) | (11,698) |
Fair Value | 2,129,766 | 2,355,475 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | 8,249 | 2,121,258 |
Unrealized Losses, Less than 12 months | (53) | (10,860) |
Fair Value of Investments, 12 months or longer | 23,238 | 22,507 |
Unrealized Losses, 12 months or longer | (256) | (838) |
Fair Value of Investments | 31,487 | 2,143,765 |
Unrealized Losses | (309) | (11,698) |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Fixed rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3,593,453 | 4,225,781 |
Unrealized Gains | 28,800 | 3,054 |
Unrealized Losses | (1,962) | (32,999) |
Fair Value | 3,620,291 | 4,195,836 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | 77,313 | 3,153,483 |
Unrealized Losses, Less than 12 months | (136) | (30,230) |
Fair Value of Investments, 12 months or longer | 247,706 | 150,058 |
Unrealized Losses, 12 months or longer | (1,826) | (2,769) |
Fair Value of Investments | 325,019 | 3,303,541 |
Unrealized Losses | (1,962) | (32,999) |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 327,673 | 370,779 |
Unrealized Gains | 188 | 758 |
Unrealized Losses | (580) | (33) |
Fair Value | 327,281 | 371,504 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | 207,339 | 170,350 |
Unrealized Losses, Less than 12 months | (580) | (33) |
Fair Value of Investments, 12 months or longer | 0 | 0 |
Unrealized Losses, 12 months or longer | 0 | 0 |
Fair Value of Investments | 207,339 | 170,350 |
Unrealized Losses | (580) | (33) |
Agency-issued commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,101,234 | 1,214,716 |
Unrealized Gains | 12,837 | 3,405 |
Unrealized Losses | (311) | (3,475) |
Fair Value | 1,113,760 | 1,214,646 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | 112,586 | 823,414 |
Unrealized Losses, Less than 12 months | (157) | (2,994) |
Fair Value of Investments, 12 months or longer | 19,272 | 40,276 |
Unrealized Losses, 12 months or longer | (154) | (481) |
Fair Value of Investments | 131,858 | 863,690 |
Unrealized Losses | (311) | (3,475) |
Municipal bonds and notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 54,815 | 67,587 |
Unrealized Gains | 121 | 55 |
Unrealized Losses | (1,035) | (830) |
Fair Value | 53,901 | 66,812 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | 14,577 | 34,278 |
Unrealized Losses, Less than 12 months | (131) | (274) |
Fair Value of Investments, 12 months or longer | 32,995 | 25,509 |
Unrealized Losses, 12 months or longer | (904) | (556) |
Fair Value of Investments | 47,572 | 59,787 |
Unrealized Losses | $ (1,035) | $ (830) |
Investment Securities - Summary of Remaining Contractual Principal Maturities and Fully Taxable Equivalent Yields on Debt Securities Classified as Held to Maturity (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Schedule of Held-to-maturity Securities [Line Items] | ||
Federal statutory tax rate | 35.00% | |
Amortized Cost | $ 7,791,949 | $ 8,790,963 |
Held-to-maturity securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 7,791,949 | |
Weighted- Average Yield | 2.01% | |
One Year or Less - Amortized Cost | $ 4,076 | |
One Year or Less - Weighted- Average Yield | 5.76% | |
After One Year to Five Years - Amortized Cost | $ 329,169 | |
After One Year to Five Years - Weighted- Average Yield | 2.93% | |
After Five Years to Ten Years - Amortized Cost | $ 837,848 | |
After Five Years to Ten Years - Weighted- Average Yield | 2.29% | |
After Ten Years - Amortized Cost | $ 6,620,856 | |
After Ten Years - Weighted- Average Yield | 1.92% | |
Held-to-maturity securities | U.S. agency debentures | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 622,692 | |
Weighted- Average Yield | 2.43% | |
One Year or Less - Amortized Cost | $ 0 | |
One Year or Less - Weighted- Average Yield | 0.00% | |
After One Year to Five Years - Amortized Cost | $ 47,478 | |
After One Year to Five Years - Weighted- Average Yield | 3.25% | |
After Five Years to Ten Years - Amortized Cost | $ 575,214 | |
After Five Years to Ten Years - Weighted- Average Yield | 2.36% | |
After Ten Years - Amortized Cost | $ 0 | |
After Ten Years - Weighted- Average Yield | 0.00% | |
Held-to-maturity securities | Agency-issued mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 2,092,082 | |
Weighted- Average Yield | 2.38% | |
One Year or Less - Amortized Cost | $ 0 | |
One Year or Less - Weighted- Average Yield | 0.00% | |
After One Year to Five Years - Amortized Cost | $ 257,766 | |
After One Year to Five Years - Weighted- Average Yield | 2.58% | |
After Five Years to Ten Years - Amortized Cost | $ 216,197 | |
After Five Years to Ten Years - Weighted- Average Yield | 1.74% | |
After Ten Years - Amortized Cost | $ 1,618,119 | |
After Ten Years - Weighted- Average Yield | 2.44% | |
Held-to-maturity securities | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Fixed rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 3,593,453 | |
Weighted- Average Yield | 1.73% | |
One Year or Less - Amortized Cost | $ 0 | |
One Year or Less - Weighted- Average Yield | 0.00% | |
After One Year to Five Years - Amortized Cost | $ 0 | |
After One Year to Five Years - Weighted- Average Yield | 0.00% | |
After Five Years to Ten Years - Amortized Cost | $ 22,233 | |
After Five Years to Ten Years - Weighted- Average Yield | 1.75% | |
After Ten Years - Amortized Cost | $ 3,571,220 | |
After Ten Years - Weighted- Average Yield | 1.73% | |
Held-to-maturity securities | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 327,673 | |
Weighted- Average Yield | 0.74% | |
One Year or Less - Amortized Cost | $ 0 | |
One Year or Less - Weighted- Average Yield | 0.00% | |
After One Year to Five Years - Amortized Cost | $ 0 | |
After One Year to Five Years - Weighted- Average Yield | 0.00% | |
After Five Years to Ten Years - Amortized Cost | $ 0 | |
After Five Years to Ten Years - Weighted- Average Yield | 0.00% | |
After Ten Years - Amortized Cost | $ 327,673 | |
After Ten Years - Weighted- Average Yield | 0.74% | |
Held-to-maturity securities | Agency-issued commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 1,101,234 | |
Weighted- Average Yield | 2.13% | |
One Year or Less - Amortized Cost | $ 0 | |
One Year or Less - Weighted- Average Yield | 0.00% | |
After One Year to Five Years - Amortized Cost | $ 0 | |
After One Year to Five Years - Weighted- Average Yield | 0.00% | |
After Five Years to Ten Years - Amortized Cost | $ 0 | |
After Five Years to Ten Years - Weighted- Average Yield | 0.00% | |
After Ten Years - Amortized Cost | $ 1,101,234 | |
After Ten Years - Weighted- Average Yield | 2.13% | |
Held-to-maturity securities | Municipal bonds and notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 54,815 | |
Weighted- Average Yield | 6.07% | |
One Year or Less - Amortized Cost | $ 4,076 | |
One Year or Less - Weighted- Average Yield | 5.76% | |
After One Year to Five Years - Amortized Cost | $ 23,925 | |
After One Year to Five Years - Weighted- Average Yield | 6.02% | |
After Five Years to Ten Years - Amortized Cost | $ 24,204 | |
After Five Years to Ten Years - Weighted- Average Yield | 6.13% | |
After Ten Years - Amortized Cost | $ 2,610 | |
After Ten Years - Weighted- Average Yield | 6.46% | |
Lower Limit | Held-to-maturity securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Mortgage-backed securities contractual maturities (in years) | 10 years | |
Upper Limit | Held-to-maturity securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Mortgage-backed securities contractual maturities (in years) | 30 years |
Investment Securities - Non-marketable and Other Securities (Detail) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
Investment
|
Sep. 30, 2015
USD ($)
Investment
|
Sep. 30, 2016
USD ($)
Investment
|
Sep. 30, 2015
USD ($)
Investment
|
Dec. 31, 2015
USD ($)
Investment
|
|
Investment Holdings [Line Items] | |||||
Total non-marketable and other securities | $ 625,178 | $ 625,178 | $ 674,946 | ||
Upper Limit | |||||
Investment Holdings [Line Items] | |||||
Equity method investment voting ownership percentage | 5.00% | 5.00% | 5.00% | ||
Fair value accounting | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities, fair value accounting | 579 | 579 | $ 548 | ||
Venture capital and private equity fund investments | Fair value accounting | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities, fair value accounting | 141,841 | 141,841 | 152,237 | ||
Non-marketable securities, equity method accounting | 84,904 | 84,904 | 85,705 | ||
Non-marketable securities, cost method accounting | 218,000 | 218,000 | 233,000 | ||
Venture capital and private equity fund investments | Fair value accounting | SVB Strategic Investors Fund, LP | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities, fair value accounting | 17,940 | $ 17,940 | $ 20,794 | ||
Percentage of ownership | 12.60% | 12.60% | |||
Venture capital and private equity fund investments | Fair value accounting | SVB Strategic Investors Fund II, LP | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities, equity method accounting | 9,133 | $ 9,133 | $ 10,035 | ||
Percentage of ownership | 8.60% | 8.60% | |||
Venture capital and private equity fund investments | Fair value accounting | SVB Strategic Investors Fund III, LP | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities, equity method accounting | 21,369 | $ 21,369 | $ 23,926 | ||
Percentage of ownership | 5.90% | 5.90% | |||
Venture capital and private equity fund investments | Fair value accounting | SVB Strategic Investors Fund IV, LP | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities, equity method accounting | 25,737 | $ 25,737 | $ 26,411 | ||
Percentage of ownership | 5.00% | 5.00% | |||
Venture capital and private equity fund investments | Fair value accounting | Strategic Investors Fund V Funds | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities, equity method accounting | 11,715 | $ 11,715 | $ 10,470 | ||
Venture capital and private equity fund investments | Fair value accounting | SVB Capital Preferred Return Fund, LP | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities, fair value accounting | 57,488 | $ 57,488 | $ 60,619 | ||
Percentage of ownership | 20.00% | 20.00% | |||
Venture capital and private equity fund investments | Fair value accounting | SVB Capital—NT Growth Partners, LP | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities, fair value accounting | 59,692 | $ 59,692 | $ 62,983 | ||
Percentage of ownership | 33.00% | 33.00% | |||
Venture capital and private equity fund investments | Fair value accounting | Other private equity fund | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities, fair value accounting | 6,721 | $ 6,721 | $ 7,841 | ||
Percentage of ownership | 58.20% | 58.20% | |||
Venture capital and private equity fund investments | Fair value accounting | Other private equity fund | Direct ownership interest | |||||
Investment Holdings [Line Items] | |||||
Percentage of ownership | 41.50% | ||||
Venture capital and private equity fund investments | Fair value accounting | Other investments | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities, equity method accounting | 16,950 | $ 16,950 | $ 14,863 | ||
Venture capital and private equity fund investments | Equity method accounting | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities, equity method accounting | 84,904 | 84,904 | 85,705 | ||
Venture capital and private equity fund investments | Cost method accounting | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities, cost method accounting | $ 115,113 | $ 115,113 | $ 120,676 | ||
Number of investments | Investment | 255 | 270 | 255 | 270 | 267 |
Other venture capital investments | Fair value accounting | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities, fair value accounting | $ 2,040 | $ 2,040 | $ 2,040 | ||
Other venture capital investments | Fair value accounting | Silicon Valley BancVentures, LP | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities, fair value accounting | 2,040 | $ 2,040 | $ 2,040 | ||
Percentage of ownership | 10.70% | 10.70% | |||
Debt funds | Equity method accounting | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities, equity method accounting | 18,971 | $ 18,971 | $ 21,970 | ||
Debt funds | Equity method accounting | Gold Hill Capital 2008, LP | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities, equity method accounting | 15,496 | $ 15,496 | $ 17,453 | ||
Percentage of ownership | 15.50% | 15.50% | |||
Debt funds | Equity method accounting | Other investments | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities, equity method accounting | 3,475 | $ 3,475 | $ 4,517 | ||
Other investments | Fair value accounting | SVB Capital Preferred Return Fund, LP | Indirect ownership interest | |||||
Investment Holdings [Line Items] | |||||
Percentage of ownership | 4.10% | ||||
Other investments | Fair value accounting | SVB Capital—NT Growth Partners, LP | Indirect ownership interest | |||||
Investment Holdings [Line Items] | |||||
Percentage of ownership | 12.60% | ||||
Other investments | Fair value accounting | Other private equity fund | Direct ownership interest | |||||
Investment Holdings [Line Items] | |||||
Percentage of ownership | 41.50% | ||||
Other investments | Equity method accounting | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities, equity method accounting | 128,422 | $ 128,422 | 118,532 | ||
Other investments | Equity method accounting | Gold Hill Capital 2008, LP | Direct ownership interest | |||||
Investment Holdings [Line Items] | |||||
Percentage of ownership | 11.50% | ||||
Other investments | Equity method accounting | Gold Hill Capital 2008, LP | Indirect ownership interest | |||||
Investment Holdings [Line Items] | |||||
Percentage of ownership | 4.00% | ||||
Other investments | Equity method accounting | China Joint Venture investment | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities, equity method accounting | 77,817 | $ 77,817 | $ 78,799 | ||
Percentage of ownership | 50.00% | 50.00% | |||
Other investments | Equity method accounting | Other investments | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities, equity method accounting | 50,605 | $ 50,605 | $ 39,733 | ||
Other investments | Cost method accounting | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities, cost method accounting | 26,834 | 26,834 | 18,882 | ||
Low income housing tax credit funds | |||||
Investment Holdings [Line Items] | |||||
Nonmarketable securities, other | 106,474 | 106,474 | 154,356 | ||
Tax credits and other tax benefits recognized | 3,995 | $ 4,780 | 12,127 | $ 11,207 | |
Amortization expense included in provision for income taxes | 2,556 | $ 2,011 | 9,746 | $ 7,549 | |
Unfunded commitments | |||||
Investment Holdings [Line Items] | |||||
Accrued expenses and other liabilities | $ 52,846 | $ 52,846 | $ 90,978 |
Investment Securities - Components of Gains and Losses (Realized and Unrealized) on Investment Securities (Detail) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
Investment
|
Sep. 30, 2015
USD ($)
Investment
|
Sep. 30, 2016
USD ($)
Investment
|
Sep. 30, 2015
USD ($)
Investment
|
Dec. 31, 2015
Investment
|
|
Gain (Loss) on Investments [Line Items] | |||||
Gross gains on investment securities | $ 26,328 | $ 21,787 | $ 67,752 | $ 85,175 | |
Gross losses on investment securities | (3,150) | (3,019) | (25,988) | (8,169) | |
Gains on investment securities, net | 23,178 | 18,768 | 41,764 | 77,006 | |
Cost method accounting | Venture capital and private equity fund investments | |||||
Gain (Loss) on Investments [Line Items] | |||||
Recognized other-than-temporary impairment (OTTI) losses | $ 100 | $ 100 | $ 500 | $ 400 | |
Number of other-than-temporary impaired investments | Investment | 5 | 4 | 21 | 19 | |
Number of investments | Investment | 255 | 270 | 255 | 270 | 267 |
Available-for-sale Securities | |||||
Gain (Loss) on Investments [Line Items] | |||||
Gross gains on investment securities | $ 84 | $ 46 | $ 14,238 | $ 2,971 | |
Gross losses on investment securities | (99) | (33) | (2,671) | (221) | |
Non-marketable securities | Fair value accounting | Venture capital and private equity fund investments | |||||
Gain (Loss) on Investments [Line Items] | |||||
Gross gains on investment securities | 6,030 | 6,746 | 16,377 | 24,767 | |
Gross losses on investment securities | (2,122) | (1,148) | (15,958) | (2,695) | |
Non-marketable securities | Fair value accounting | Other venture capital investments | |||||
Gain (Loss) on Investments [Line Items] | |||||
Gross gains on investment securities | 4 | 15 | 17 | 198 | |
Gross losses on investment securities | 0 | 0 | (38) | (52) | |
Non-marketable securities | Fair value accounting | Other securities | |||||
Gain (Loss) on Investments [Line Items] | |||||
Gross gains on investment securities | 271 | 40 | 639 | 9,108 | |
Gross losses on investment securities | (100) | (325) | (507) | (1,117) | |
Non-marketable securities | Equity method accounting | Venture capital and private equity fund investments | |||||
Gain (Loss) on Investments [Line Items] | |||||
Gross gains on investment securities | 5,679 | 6,655 | 9,351 | 19,378 | |
Gross losses on investment securities | (444) | (472) | (4,465) | (909) | |
Non-marketable securities | Equity method accounting | Debt funds | |||||
Gain (Loss) on Investments [Line Items] | |||||
Gross gains on investment securities | 295 | 379 | 1,259 | 2,067 | |
Gross losses on investment securities | (129) | (1) | (458) | (589) | |
Non-marketable securities | Equity method accounting | Other investments | |||||
Gain (Loss) on Investments [Line Items] | |||||
Gross gains on investment securities | 7,487 | 2,282 | 11,528 | 5,009 | |
Gross losses on investment securities | (205) | (902) | (1,161) | (2,042) | |
Non-marketable securities | Cost method accounting | Venture capital and private equity fund investments | |||||
Gain (Loss) on Investments [Line Items] | |||||
Gross gains on investment securities | 6,328 | 5,624 | 14,180 | 21,101 | |
Gross losses on investment securities | (51) | (132) | (492) | (530) | |
Non-marketable securities | Cost method accounting | Other investments | |||||
Gain (Loss) on Investments [Line Items] | |||||
Gross gains on investment securities | 150 | 0 | 163 | 576 | |
Gross losses on investment securities | $ 0 | $ (6) | $ (238) | $ (14) |
Loans and Allowance for Loan Losses - Composition of Loans, Net of Unearned Income (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unearned income on loans | $ 117,000 | $ 115,000 |
Loans, net of unearned income | 19,112,265 | 16,742,070 |
Commercial Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 16,245,107 | 14,201,115 |
Commercial Portfolio Segment | Software and internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 5,393,425 | 5,437,915 |
Commercial Portfolio Segment | Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 1,147,830 | 1,071,528 |
Commercial Portfolio Segment | Private equity/venture capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 7,412,238 | 5,467,577 |
Commercial Portfolio Segment | Life science/healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 1,732,917 | 1,710,642 |
Commercial Portfolio Segment | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 872,031 | 847,295 |
Commercial Portfolio Segment | Premium wine | Non-real estate secured commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 190,223 | 201,175 |
Commercial Portfolio Segment | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 368,474 | 312,278 |
Commercial Portfolio Segment | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 477,088 | 435,790 |
Commercial Real Estate Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 2,561,363 | 2,235,390 |
Commercial Real Estate Portfolio Segment | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 681,808 | 646,120 |
Commercial Real Estate Portfolio Segment | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 1,835,630 | 1,544,440 |
Commercial Real Estate Portfolio Segment | Other real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 43,925 | 44,830 |
Construction Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 64,689 | 78,682 |
Consumer Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 2,076,736 | 1,771,323 |
Consumer Portfolio Segment | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 1,835,630 | 1,544,440 |
Consumer Portfolio Segment | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 241,106 | $ 226,883 |
Loans and Allowance for Loan Losses - Composition of Loans, Net of Unearned income (Additional Information) (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 19,112,265 | $ 16,742,070 |
Credit card loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loan portfolio | 201,000 | 177,000 |
Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross construction loans | 109,000 | 121,000 |
Consumer Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 2,076,736 | 1,771,323 |
Consumer Portfolio Segment | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 1,835,630 | 1,544,440 |
Consumer Portfolio Segment | Real estate secured loans | Loans for personal residence | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 1,563,697 | 1,312,818 |
Consumer Portfolio Segment | Real estate secured loans | Loans to eligible employees | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 189,593 | 156,001 |
Consumer Portfolio Segment | Real estate secured loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 82,340 | $ 75,621 |
Loans and Allowance for Loan Losses - Composition of Loans, Net of Unearned Income, Broken Out by Portfolio Segment and Class of Financing Receivable (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Unearned income on loans | $ 117,000 | $ 115,000 |
Loans, net of unearned income | 19,112,265 | 16,742,070 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 16,245,107 | 14,201,115 |
Commercial Portfolio Segment | Software and internet | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 5,393,425 | 5,437,915 |
Commercial Portfolio Segment | Hardware | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 1,147,830 | 1,071,528 |
Commercial Portfolio Segment | Private equity/venture capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 7,412,238 | 5,467,577 |
Commercial Portfolio Segment | Life science/healthcare | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 1,732,917 | 1,710,642 |
Commercial Portfolio Segment | Premium wine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 872,031 | 847,295 |
Commercial Portfolio Segment | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 477,088 | 435,790 |
Commercial and Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 17,035,529 | 14,970,747 |
Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 2,076,736 | 1,771,323 |
Consumer Portfolio Segment | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 241,106 | 226,883 |
Consumer Portfolio Segment | Real estate secured loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | $ 1,835,630 | $ 1,544,440 |
Loans and Allowance for Loan Losses - Aging of Gross Loans, Broken out by Portfolio Segment and Class of Financing Receivable (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 50,434 | $ 32,346 |
Current | 19,178,494 | 16,824,785 |
Loans Past Due 90 Days or More Still Accruing Interest | 125 | 0 |
Total gross loans excluding impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 40,929 | 24,792 |
Current | 19,020,852 | 16,649,655 |
Loans Past Due 90 Days or More Still Accruing Interest | 125 | 0 |
Impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 9,505 | 7,554 |
Current | 157,642 | 175,130 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
30 - 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 31,362 | 10,800 |
30 - 59 Days Past Due | Total gross loans excluding impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 31,362 | 10,467 |
30 - 59 Days Past Due | Impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 333 |
60 - 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 12,029 | 14,325 |
60 - 89 Days Past Due | Total gross loans excluding impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 9,442 | 14,325 |
60 - 89 Days Past Due | Impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,587 | 0 |
Greater Than 90 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 7,043 | 7,221 |
Greater Than 90 Days Past Due | Total gross loans excluding impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 125 | 0 |
Greater Than 90 Days Past Due | Impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 6,918 | 7,221 |
Commercial Portfolio Segment | Software and internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 14,749 | 10,022 |
Current | 5,359,727 | 5,371,222 |
Loans Past Due 90 Days or More Still Accruing Interest | 59 | 0 |
Commercial Portfolio Segment | Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 11,486 | 1,127 |
Current | 1,095,263 | 1,051,368 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Commercial Portfolio Segment | Private equity/venture capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 73 | 17 |
Current | 7,465,573 | 5,511,912 |
Loans Past Due 90 Days or More Still Accruing Interest | 51 | 0 |
Commercial Portfolio Segment | Life science/healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 999 | 7,390 |
Current | 1,690,070 | 1,665,801 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Commercial Portfolio Segment | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 12,265 | 81 |
Current | 860,353 | 847,249 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Commercial Portfolio Segment | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 111 | 36 |
Current | 479,754 | 438,313 |
Loans Past Due 90 Days or More Still Accruing Interest | 15 | 0 |
Commercial Portfolio Segment | Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 39,683 | 18,673 |
Current | 16,950,740 | 14,885,865 |
Loans Past Due 90 Days or More Still Accruing Interest | 125 | 0 |
Commercial Portfolio Segment | 30 - 59 Days Past Due | Software and internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 11,975 | 3,384 |
Commercial Portfolio Segment | 30 - 59 Days Past Due | Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 4,909 | 1,061 |
Commercial Portfolio Segment | 30 - 59 Days Past Due | Private equity/venture capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 18 | 0 |
Commercial Portfolio Segment | 30 - 59 Days Past Due | Life science/healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 856 | 853 |
Commercial Portfolio Segment | 30 - 59 Days Past Due | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 12,265 | 16 |
Commercial Portfolio Segment | 30 - 59 Days Past Due | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 93 | 14 |
Commercial Portfolio Segment | 30 - 59 Days Past Due | Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 30,116 | 5,328 |
Commercial Portfolio Segment | 60 - 89 Days Past Due | Software and internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,715 | 6,638 |
Commercial Portfolio Segment | 60 - 89 Days Past Due | Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 6,577 | 66 |
Commercial Portfolio Segment | 60 - 89 Days Past Due | Private equity/venture capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 4 | 17 |
Commercial Portfolio Segment | 60 - 89 Days Past Due | Life science/healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 143 | 6,537 |
Commercial Portfolio Segment | 60 - 89 Days Past Due | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 65 |
Commercial Portfolio Segment | 60 - 89 Days Past Due | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 3 | 22 |
Commercial Portfolio Segment | 60 - 89 Days Past Due | Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 9,442 | 13,345 |
Commercial Portfolio Segment | Greater Than 90 Days Past Due | Software and internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 59 | 0 |
Commercial Portfolio Segment | Greater Than 90 Days Past Due | Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Portfolio Segment | Greater Than 90 Days Past Due | Private equity/venture capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 51 | 0 |
Commercial Portfolio Segment | Greater Than 90 Days Past Due | Life science/healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Portfolio Segment | Greater Than 90 Days Past Due | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Portfolio Segment | Greater Than 90 Days Past Due | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 15 | 0 |
Commercial Portfolio Segment | Greater Than 90 Days Past Due | Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 125 | 0 |
Consumer Portfolio Segment | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 961 | 5,776 |
Current | 1,831,891 | 1,537,421 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Consumer Portfolio Segment | Other consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 285 | 343 |
Current | 238,221 | 226,369 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Consumer Portfolio Segment | Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,246 | 6,119 |
Current | 2,070,112 | 1,763,790 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Consumer Portfolio Segment | 30 - 59 Days Past Due | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 961 | 4,911 |
Consumer Portfolio Segment | 30 - 59 Days Past Due | Other consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 285 | 228 |
Consumer Portfolio Segment | 30 - 59 Days Past Due | Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,246 | 5,139 |
Consumer Portfolio Segment | 60 - 89 Days Past Due | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 865 |
Consumer Portfolio Segment | 60 - 89 Days Past Due | Other consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 115 |
Consumer Portfolio Segment | 60 - 89 Days Past Due | Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 980 |
Consumer Portfolio Segment | Greater Than 90 Days Past Due | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer Portfolio Segment | Greater Than 90 Days Past Due | Other consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer Portfolio Segment | Greater Than 90 Days Past Due | Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 0 | $ 0 |
Loans and Allowance for Loan Losses - Impaired Loans and Allowance for Loan Losses, Broken out by Portfolio Segment and Class of Financing Receivable (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | $ 167,147 | $ 182,684 |
Total unpaid principal of impaired loans | 190,184 | 213,190 |
Impaired loans for which there is a related allowance for loan losses | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 166,478 | 180,592 |
Impaired loans for which there is no related allowance for loan losses | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 669 | 2,092 |
Commercial Portfolio Segment | Software and internet | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 57,831 | 100,866 |
Total unpaid principal of impaired loans | 76,679 | 125,494 |
Commercial Portfolio Segment | Hardware | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 49,356 | 27,736 |
Total unpaid principal of impaired loans | 49,393 | 27,869 |
Commercial Portfolio Segment | Private equity/venture capital | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 0 | 0 |
Total unpaid principal of impaired loans | 0 | 0 |
Commercial Portfolio Segment | Life science/healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 54,341 | 51,354 |
Total unpaid principal of impaired loans | 57,222 | 55,310 |
Commercial Portfolio Segment | Premium wine | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 1,285 | 2,065 |
Total unpaid principal of impaired loans | 1,285 | 2,604 |
Commercial Portfolio Segment | Other | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 417 | 520 |
Total unpaid principal of impaired loans | 417 | 520 |
Commercial Portfolio Segment | Commercial loans | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 163,230 | 182,541 |
Total unpaid principal of impaired loans | 184,996 | 211,797 |
Commercial Portfolio Segment | Impaired loans for which there is a related allowance for loan losses | Software and internet | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 57,831 | 100,866 |
Commercial Portfolio Segment | Impaired loans for which there is a related allowance for loan losses | Hardware | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 48,687 | 27,736 |
Commercial Portfolio Segment | Impaired loans for which there is a related allowance for loan losses | Private equity/venture capital | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 0 | 0 |
Commercial Portfolio Segment | Impaired loans for which there is a related allowance for loan losses | Life science/healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 54,341 | 50,429 |
Commercial Portfolio Segment | Impaired loans for which there is a related allowance for loan losses | Premium wine | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 1,285 | 898 |
Commercial Portfolio Segment | Impaired loans for which there is a related allowance for loan losses | Other | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 417 | 520 |
Commercial Portfolio Segment | Impaired loans for which there is a related allowance for loan losses | Commercial loans | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 162,561 | 180,449 |
Commercial Portfolio Segment | Impaired loans for which there is no related allowance for loan losses | Software and internet | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 0 | 0 |
Commercial Portfolio Segment | Impaired loans for which there is no related allowance for loan losses | Hardware | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 669 | 0 |
Commercial Portfolio Segment | Impaired loans for which there is no related allowance for loan losses | Private equity/venture capital | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 0 | 0 |
Commercial Portfolio Segment | Impaired loans for which there is no related allowance for loan losses | Life science/healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 0 | 925 |
Commercial Portfolio Segment | Impaired loans for which there is no related allowance for loan losses | Premium wine | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 0 | 1,167 |
Commercial Portfolio Segment | Impaired loans for which there is no related allowance for loan losses | Other | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 0 | 0 |
Commercial Portfolio Segment | Impaired loans for which there is no related allowance for loan losses | Commercial loans | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 669 | 2,092 |
Consumer Portfolio Segment | Real estate secured loans | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 1,518 | 143 |
Total unpaid principal of impaired loans | 2,789 | 1,393 |
Consumer Portfolio Segment | Other consumer loans | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 2,399 | 0 |
Total unpaid principal of impaired loans | 2,399 | 0 |
Consumer Portfolio Segment | Consumer loans | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 3,917 | 143 |
Total unpaid principal of impaired loans | 5,188 | 1,393 |
Consumer Portfolio Segment | Impaired loans for which there is a related allowance for loan losses | Real estate secured loans | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 1,518 | 143 |
Consumer Portfolio Segment | Impaired loans for which there is a related allowance for loan losses | Other consumer loans | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 2,399 | 0 |
Consumer Portfolio Segment | Impaired loans for which there is a related allowance for loan losses | Consumer loans | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 3,917 | 143 |
Consumer Portfolio Segment | Impaired loans for which there is no related allowance for loan losses | Real estate secured loans | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 0 | 0 |
Consumer Portfolio Segment | Impaired loans for which there is no related allowance for loan losses | Other consumer loans | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | 0 | 0 |
Consumer Portfolio Segment | Impaired loans for which there is no related allowance for loan losses | Consumer loans | ||
Financing Receivable, Impaired [Line Items] | ||
Carrying value of impaired loans | $ 0 | $ 0 |
Loans and Allowance for Loan Losses - Average Impaired Loans, Broken out by Portfolio Segment and Class of Financing Receivable (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | $ 169,359 | $ 101,643 | $ 165,062 | $ 67,991 |
Interest income on impaired loans | 990 | 0 | 1,820 | 0 |
Commercial Portfolio Segment | Software and internet | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 61,481 | 77,156 | 84,005 | 54,543 |
Interest income on impaired loans | 70 | 0 | 133 | 0 |
Commercial Portfolio Segment | Hardware | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 45,353 | 2,796 | 31,000 | 1,944 |
Interest income on impaired loans | 761 | 0 | 1,467 | 0 |
Commercial Portfolio Segment | Life science/healthcare | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 55,558 | 17,184 | 42,857 | 6,526 |
Interest income on impaired loans | 128 | 0 | 128 | 0 |
Commercial Portfolio Segment | Premium wine | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 1,291 | 1,213 | 1,834 | 1,245 |
Interest income on impaired loans | 19 | 0 | 54 | 0 |
Commercial Portfolio Segment | Other | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 3,768 | 3,132 | 4,369 | 3,498 |
Interest income on impaired loans | 6 | 0 | 21 | 0 |
Commercial Portfolio Segment | Commercial loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 167,451 | 101,481 | 164,065 | 67,756 |
Interest income on impaired loans | 984 | 0 | 1,803 | 0 |
Consumer Portfolio Segment | Real estate secured loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 584 | 162 | 282 | 180 |
Interest income on impaired loans | 0 | 0 | 0 | 0 |
Consumer Portfolio Segment | Other consumer loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 1,324 | 0 | 715 | 55 |
Interest income on impaired loans | 6 | 0 | 17 | 0 |
Consumer Portfolio Segment | Consumer loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 1,908 | 162 | 997 | 235 |
Interest income on impaired loans | $ 6 | $ 0 | $ 17 | $ 0 |
Loans and Allowance for Loan Losses - Activity in Allowance for Loan Losses Broken out by Portfolio Segment (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | $ 244,723 | $ 192,644 | $ 217,613 | $ 165,359 |
Charge-offs | (24,616) | (29,118) | (71,466) | (39,339) |
Recoveries | 2,084 | 662 | 8,158 | 5,289 |
Provision for loan losses | 18,950 | 33,403 | 88,624 | 66,368 |
Foreign Currency Translation Adjustments | (576) | (84) | (2,364) | (170) |
Ending Balance | 240,565 | 197,507 | 240,565 | 197,507 |
Commercial Portfolio Segment | Software and internet | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 104,229 | 106,728 | 103,045 | 80,981 |
Charge-offs | (16,526) | (24,815) | (56,742) | (26,980) |
Recoveries | 305 | 195 | 4,525 | 1,239 |
Provision for loan losses | 8,591 | 5,965 | 46,438 | 32,834 |
Foreign Currency Translation Adjustments | (261) | (7) | (928) | (8) |
Ending Balance | 96,338 | 88,066 | 96,338 | 88,066 |
Commercial Portfolio Segment | Hardware | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 23,871 | 20,472 | 23,085 | 25,860 |
Charge-offs | (3,058) | 0 | (6,559) | (4,049) |
Recoveries | 1,080 | 240 | 1,502 | 3,049 |
Provision for loan losses | 11,048 | (70) | 15,010 | (4,291) |
Foreign Currency Translation Adjustments | (336) | 0 | (433) | 73 |
Ending Balance | 32,605 | 20,642 | 32,605 | 20,642 |
Commercial Portfolio Segment | Private equity/venture capital | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 49,807 | 29,276 | 35,282 | 27,997 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for loan losses | 2,203 | 3,170 | 17,008 | 4,551 |
Foreign Currency Translation Adjustments | (67) | (4) | (347) | (106) |
Ending Balance | 51,943 | 32,442 | 51,943 | 32,442 |
Commercial Portfolio Segment | Life science/healthcare | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 41,852 | 17,233 | 36,576 | 15,208 |
Charge-offs | (28) | (117) | (3,029) | (3,336) |
Recoveries | 361 | 50 | 1,037 | 129 |
Provision for loan losses | (5,298) | 19,815 | 3,252 | 24,976 |
Foreign Currency Translation Adjustments | 161 | (22) | (788) | (18) |
Ending Balance | 37,048 | 36,959 | 37,048 | 36,959 |
Commercial Portfolio Segment | Premium wine | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 4,810 | 4,409 | 5,205 | 4,473 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 7 |
Provision for loan losses | 288 | 253 | (138) | 182 |
Foreign Currency Translation Adjustments | (9) | 0 | 22 | 0 |
Ending Balance | 5,089 | 4,662 | 5,089 | 4,662 |
Commercial Portfolio Segment | Other | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 9,480 | 5,894 | 4,252 | 3,253 |
Charge-offs | (5,004) | (4,186) | (5,034) | (4,974) |
Recoveries | 207 | 173 | 880 | 729 |
Provision for loan losses | 142 | 2,941 | 4,573 | 5,874 |
Foreign Currency Translation Adjustments | (4) | (49) | 150 | (109) |
Ending Balance | 4,821 | 4,773 | 4,821 | 4,773 |
Commercial Portfolio Segment | Commercial loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 234,049 | 184,012 | 207,445 | 157,772 |
Charge-offs | (24,616) | (29,118) | (71,364) | (39,339) |
Recoveries | 1,953 | 658 | 7,944 | 5,153 |
Provision for loan losses | 16,974 | 32,074 | 86,143 | 64,126 |
Foreign Currency Translation Adjustments | (516) | (82) | (2,324) | (168) |
Ending Balance | 227,844 | 187,544 | 227,844 | 187,544 |
Consumer Portfolio Segment | Consumer loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 10,674 | 8,632 | 10,168 | 7,587 |
Charge-offs | 0 | 0 | (102) | 0 |
Recoveries | 131 | 4 | 214 | 136 |
Provision for loan losses | 1,976 | 1,329 | 2,481 | 2,242 |
Foreign Currency Translation Adjustments | (60) | (2) | (40) | (2) |
Ending Balance | $ 12,721 | $ 9,963 | $ 12,721 | $ 9,963 |
Loans and Allowance for Loan Losses - Allowance for Loan Losses Individually and Collectively Evaluated for Impairment (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | $ 50,373 | $ 57,773 |
Individually evaluated for impairment, recorded investment in loans | 167,147 | 182,684 |
Collectively evaluated for impairment, allowance for loan losses | 190,192 | 159,840 |
Collectively evaluated for impairment, allowance for loan losses | 18,945,118 | 16,559,386 |
Commercial Portfolio Segment | Software and internet | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 24,815 | 34,098 |
Individually evaluated for impairment, recorded investment in loans | 57,831 | 100,866 |
Collectively evaluated for impairment, allowance for loan losses | 71,523 | 68,947 |
Collectively evaluated for impairment, allowance for loan losses | 5,335,594 | 5,337,049 |
Commercial Portfolio Segment | Hardware | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 6,041 | 3,160 |
Individually evaluated for impairment, recorded investment in loans | 49,356 | 27,736 |
Collectively evaluated for impairment, allowance for loan losses | 26,564 | 19,925 |
Collectively evaluated for impairment, allowance for loan losses | 1,098,474 | 1,043,792 |
Commercial Portfolio Segment | Private equity/venture capital | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 0 | 0 |
Individually evaluated for impairment, recorded investment in loans | 0 | 0 |
Collectively evaluated for impairment, allowance for loan losses | 51,943 | 35,282 |
Collectively evaluated for impairment, allowance for loan losses | 7,412,238 | 5,467,577 |
Commercial Portfolio Segment | Life science/healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 18,206 | 20,230 |
Individually evaluated for impairment, recorded investment in loans | 54,341 | 51,354 |
Collectively evaluated for impairment, allowance for loan losses | 18,842 | 16,346 |
Collectively evaluated for impairment, allowance for loan losses | 1,678,576 | 1,659,288 |
Commercial Portfolio Segment | Premium wine | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 128 | 90 |
Individually evaluated for impairment, recorded investment in loans | 1,285 | 2,065 |
Collectively evaluated for impairment, allowance for loan losses | 4,961 | 5,115 |
Collectively evaluated for impairment, allowance for loan losses | 870,746 | 845,230 |
Commercial Portfolio Segment | Other | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 42 | 52 |
Individually evaluated for impairment, recorded investment in loans | 417 | 520 |
Collectively evaluated for impairment, allowance for loan losses | 4,779 | 4,200 |
Collectively evaluated for impairment, allowance for loan losses | 476,671 | 435,270 |
Commercial Portfolio Segment | Commercial loans | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 49,232 | 57,630 |
Individually evaluated for impairment, recorded investment in loans | 163,230 | 182,541 |
Collectively evaluated for impairment, allowance for loan losses | 178,612 | 149,815 |
Collectively evaluated for impairment, allowance for loan losses | 16,872,299 | 14,788,206 |
Consumer Portfolio Segment | Consumer loans | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 1,141 | 143 |
Individually evaluated for impairment, recorded investment in loans | 3,917 | 143 |
Collectively evaluated for impairment, allowance for loan losses | 11,580 | 10,025 |
Collectively evaluated for impairment, allowance for loan losses | $ 2,072,819 | $ 1,771,180 |
Loans and Allowance for Loan Losses - Credit Quality Indicators, Broken out by Portfolio Segment and Class of Financing Receivables (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | $ 19,228,928 | $ 16,857,131 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 18,100,707 | 15,926,946 |
Performing (Criticized) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 961,074 | 747,501 |
Performing Impaired (Criticized) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 60,931 | 59,292 |
Nonperforming Impaired (Nonaccrual) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 106,216 | 123,392 |
Commercial Portfolio Segment | Software and internet | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 5,432,307 | 5,482,110 |
Commercial Portfolio Segment | Hardware | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,156,105 | 1,080,231 |
Commercial Portfolio Segment | Private equity/venture capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 7,465,646 | 5,511,929 |
Commercial Portfolio Segment | Life science/healthcare | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,745,410 | 1,724,545 |
Commercial Portfolio Segment | Premium wine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 873,903 | 849,395 |
Commercial Portfolio Segment | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 480,282 | 438,869 |
Commercial Portfolio Segment | Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 17,153,653 | 15,087,079 |
Commercial Portfolio Segment | Pass | Software and internet | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 4,752,376 | 4,933,179 |
Commercial Portfolio Segment | Pass | Hardware | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 937,383 | 955,675 |
Commercial Portfolio Segment | Pass | Private equity/venture capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 7,465,003 | 5,474,929 |
Commercial Portfolio Segment | Pass | Life science/healthcare | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,549,334 | 1,544,555 |
Commercial Portfolio Segment | Pass | Premium wine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 855,731 | 825,058 |
Commercial Portfolio Segment | Pass | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 471,320 | 429,481 |
Commercial Portfolio Segment | Pass | Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 16,031,147 | 14,162,877 |
Commercial Portfolio Segment | Performing (Criticized) | Software and internet | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 622,100 | 448,065 |
Commercial Portfolio Segment | Performing (Criticized) | Hardware | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 169,366 | 96,820 |
Commercial Portfolio Segment | Performing (Criticized) | Private equity/venture capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 643 | 37,000 |
Commercial Portfolio Segment | Performing (Criticized) | Life science/healthcare | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 141,735 | 128,636 |
Commercial Portfolio Segment | Performing (Criticized) | Premium wine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 16,887 | 22,272 |
Commercial Portfolio Segment | Performing (Criticized) | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 8,545 | 8,868 |
Commercial Portfolio Segment | Performing (Criticized) | Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 959,276 | 741,661 |
Commercial Portfolio Segment | Performing Impaired (Criticized) | Software and internet | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 5,012 | 23,321 |
Commercial Portfolio Segment | Performing Impaired (Criticized) | Hardware | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 46,849 | 27,306 |
Commercial Portfolio Segment | Performing Impaired (Criticized) | Private equity/venture capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 0 | 0 |
Commercial Portfolio Segment | Performing Impaired (Criticized) | Life science/healthcare | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 6,581 | 7,247 |
Commercial Portfolio Segment | Performing Impaired (Criticized) | Premium wine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,285 | 898 |
Commercial Portfolio Segment | Performing Impaired (Criticized) | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 417 | 520 |
Commercial Portfolio Segment | Performing Impaired (Criticized) | Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 60,144 | 59,292 |
Commercial Portfolio Segment | Nonperforming Impaired (Nonaccrual) | Software and internet | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 52,819 | 77,545 |
Commercial Portfolio Segment | Nonperforming Impaired (Nonaccrual) | Hardware | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 2,507 | 430 |
Commercial Portfolio Segment | Nonperforming Impaired (Nonaccrual) | Private equity/venture capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 0 | 0 |
Commercial Portfolio Segment | Nonperforming Impaired (Nonaccrual) | Life science/healthcare | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 47,760 | 44,107 |
Commercial Portfolio Segment | Nonperforming Impaired (Nonaccrual) | Premium wine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 0 | 1,167 |
Commercial Portfolio Segment | Nonperforming Impaired (Nonaccrual) | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 0 | 0 |
Commercial Portfolio Segment | Nonperforming Impaired (Nonaccrual) | Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 103,086 | 123,249 |
Consumer Portfolio Segment | Real estate secured loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,834,370 | 1,543,340 |
Consumer Portfolio Segment | Other consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 240,905 | 226,712 |
Consumer Portfolio Segment | Consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 2,075,275 | 1,770,052 |
Consumer Portfolio Segment | Pass | Real estate secured loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,831,054 | 1,539,468 |
Consumer Portfolio Segment | Pass | Other consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 238,506 | 224,601 |
Consumer Portfolio Segment | Pass | Consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 2,069,560 | 1,764,069 |
Consumer Portfolio Segment | Performing (Criticized) | Real estate secured loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,798 | 3,729 |
Consumer Portfolio Segment | Performing (Criticized) | Other consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 0 | 2,111 |
Consumer Portfolio Segment | Performing (Criticized) | Consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,798 | 5,840 |
Consumer Portfolio Segment | Performing Impaired (Criticized) | Real estate secured loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 0 | 0 |
Consumer Portfolio Segment | Performing Impaired (Criticized) | Other consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 787 | 0 |
Consumer Portfolio Segment | Performing Impaired (Criticized) | Consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 787 | 0 |
Consumer Portfolio Segment | Nonperforming Impaired (Nonaccrual) | Real estate secured loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,518 | 143 |
Consumer Portfolio Segment | Nonperforming Impaired (Nonaccrual) | Other consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,612 | 0 |
Consumer Portfolio Segment | Nonperforming Impaired (Nonaccrual) | Consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | $ 3,130 | $ 143 |
Loans and Allowance for Loan Losses - Summary of Loans Modified in Troubled Debt Restructurings ("TDRs") by Portfolio Segment and Class of Financing Receivables (Detail) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
troubled_debt_restructuring
|
Dec. 31, 2015
USD ($)
|
|
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | troubled_debt_restructuring | 19 | ||||
Loans modified in TDRs | $ 76,044 | $ 76,044 | $ 111,725 | ||
Modifications, Unfunded Commitments Available For Funding | 4,700 | 4,700 | |||
Loans classified as TDRs, charge-offs | 700 | $ 22,400 | 3,500 | $ 22,400 | |
Financing receivable modifications recorded investment modified during period | 12,121 | 81,797 | 17,893 | 89,845 | |
Software and internet | Commercial Portfolio Segment | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans modified in TDRs | 36,517 | 36,517 | 56,790 | ||
Financing receivable modifications recorded investment modified during period | 78 | 51,749 | 4,569 | 57,766 | |
Hardware | Commercial Portfolio Segment | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans modified in TDRs | 10,333 | 10,333 | 473 | ||
Financing receivable modifications recorded investment modified during period | 10,329 | 0 | 10,329 | 2,031 | |
Life science/healthcare | Commercial Portfolio Segment | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans modified in TDRs | 25,029 | 25,029 | 51,878 | ||
Financing receivable modifications recorded investment modified during period | 1,714 | 29,530 | 1,714 | 29,530 | |
Premium wine | Commercial Portfolio Segment | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans modified in TDRs | 2,962 | 2,962 | 2,065 | ||
Financing receivable modifications recorded investment modified during period | 0 | 0 | 495 | 0 | |
Other | Commercial Portfolio Segment | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans modified in TDRs | 417 | 417 | 519 | ||
Financing receivable modifications recorded investment modified during period | 0 | 518 | 0 | 518 | |
Other | Consumer Portfolio Segment | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans modified in TDRs | 786 | 786 | 0 | ||
Financing receivable modifications recorded investment modified during period | 0 | 0 | 786 | 0 | |
Commercial loans | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing receivable modifications recorded investment modified during period | 12,121 | 81,797 | 17,107 | 89,845 | |
Commercial loans | Commercial Portfolio Segment | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans modified in TDRs | 75,258 | 75,258 | 111,725 | ||
Consumer loans | Consumer Portfolio Segment | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans modified in TDRs | 786 | 786 | $ 0 | ||
Payment deferrals granted | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing receivable modifications recorded investment modified during period | 12,000 | $ 81,800 | 17,600 | $ 89,800 | |
Principal Forgiveness [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing receivable modifications recorded investment modified during period | $ 100 | $ 300 |
Loans and Allowance for Loan Losses - Recorded Investment in Loans Modified in TDRs (Detail) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
troubled_debt_restructuring
|
|
Financing Receivable, Modifications [Line Items] | ||||
Modifications, Unfunded Commitments Available For Funding | $ 4,700 | $ 4,700 | ||
Financing Receivable, Modifications, Number of Contracts | troubled_debt_restructuring | 19 | |||
Financing receivable modifications recorded investment modified during period | 12,121 | $ 81,797 | 17,893 | $ 89,845 |
Loans classified as TDRs, charge-offs | 700 | 22,400 | 3,500 | 22,400 |
Financing receivable modifications recorded investment subsequently defaulted | 790 | 14,096 | 1,374 | 20,113 |
Commercial loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | 12,121 | 81,797 | 17,107 | 89,845 |
Commercial Portfolio Segment | Software and internet | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | 78 | 51,749 | 4,569 | 57,766 |
Financing receivable modifications recorded investment subsequently defaulted | 0 | 11,107 | 584 | 17,124 |
Commercial Portfolio Segment | Hardware | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | 10,329 | 0 | 10,329 | 2,031 |
Financing receivable modifications recorded investment subsequently defaulted | 0 | 2,031 | 0 | 2,031 |
Commercial Portfolio Segment | Life science/healthcare | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | 1,714 | 29,530 | 1,714 | 29,530 |
Financing receivable modifications recorded investment subsequently defaulted | 0 | 958 | 0 | 958 |
Commercial Portfolio Segment | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | 0 | 518 | 0 | 518 |
Consumer Portfolio Segment | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | 0 | 0 | 786 | 0 |
Payment deferrals granted | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | $ 12,000 | $ 81,800 | $ 17,600 | $ 89,800 |
Loans and Allowance for Loan Losses Recorded Investment in Loans Modified in TDRs within Previous 12 months Subsequently Defaulted (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable modifications recorded investment subsequently defaulted | $ 790 | $ 14,096 | $ 1,374 | $ 20,113 |
Premium wine | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable modifications recorded investment subsequently defaulted | 0 | |||
Commercial Portfolio Segment | Software and internet | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable modifications recorded investment subsequently defaulted | 0 | 11,107 | 584 | 17,124 |
Commercial Portfolio Segment | Hardware | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable modifications recorded investment subsequently defaulted | 0 | 2,031 | 0 | 2,031 |
Commercial Portfolio Segment | Life science/healthcare | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable modifications recorded investment subsequently defaulted | 0 | 958 | 0 | $ 958 |
Commercial Portfolio Segment | Premium wine | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable modifications recorded investment subsequently defaulted | $ 790 | $ 0 | $ 790 |
Short-Term Borrowings and Long-Term Debt - Outstanding Short Term Borrowings and Long Term Debt (Detail) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Debt Outstanding [Line Items] | ||
Short-term borrowings | $ 2,421,000 | $ 774,900,000 |
Total long-term debt | 795,971,000 | 796,702,000 |
Short-term FHLB advances | ||
Debt Outstanding [Line Items] | ||
Short-term FHLB advances | $ 0 | 638,000,000 |
Maturity | ||
Principal value at period end | $ 0 | |
Federal funds purchased | ||
Debt Outstanding [Line Items] | ||
Other short-term borrowings | 0 | 135,000,000 |
Principal value at period end | 0 | |
Other short-term borrowings | ||
Debt Outstanding [Line Items] | ||
Other short-term borrowings | 2,421,000 | 1,900,000 |
Principal value at period end | $ 2,421,000 | |
3.50% Senior Notes | ||
Debt Outstanding [Line Items] | ||
Maturity | Jan. 29, 2025 | |
Principal value at period end | $ 350,000,000 | |
Senior notes | $ 346,900,000 | 346,667,000 |
5.375% Senior Notes | ||
Debt Outstanding [Line Items] | ||
Maturity | Sep. 15, 2020 | |
Principal value at period end | $ 350,000,000 | |
Senior notes | $ 347,440,000 | 347,016,000 |
6.05% Subordinated Notes | ||
Debt Outstanding [Line Items] | ||
Maturity | Jun. 01, 2017 | |
Principal value at period end | $ 45,964,000 | |
Subordinated notes | $ 47,094,000 | 48,350,000 |
7.0% Junior Subordinated Debentures | ||
Debt Outstanding [Line Items] | ||
Maturity | Oct. 15, 2033 | |
Principal value at period end | $ 50,000,000 | |
Junior subordinated debentures | $ 54,537,000 | $ 54,669,000 |
Short-Term Borrowings and Long-Term Debt - Outstanding Short Term Borrowings and Long Term Debt (Additional Information) (Detail) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
3.50% Senior Notes | ||
Debt Outstanding [Line Items] | ||
Interest rate on debt | 3.50% | 3.50% |
5.375% Senior Notes | ||
Debt Outstanding [Line Items] | ||
Interest rate on debt | 5.375% | 5.375% |
6.05% Subordinated Notes | ||
Debt Outstanding [Line Items] | ||
Interest rate on debt | 6.05% | 6.05% |
Fair value of the interest rate swap associated with the notes | $ 1.3 | $ 2.8 |
7.0% Junior Subordinated Debentures | ||
Debt Outstanding [Line Items] | ||
Interest rate on debt | 7.00% | 7.00% |
Interest rate swaps | 6.05% Subordinated Notes | ||
Debt Outstanding [Line Items] | ||
Fair value of the interest rate swap associated with the notes | $ 1.3 | $ 2.8 |
Short-Term Borrowings and Long-Term Debt - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Debt Disclosure [Line Items] | |||||
Interest expense on debt | $ 9.7 | $ 9.0 | $ 28.2 | $ 25.9 | |
Short-term debt, weighted average interest rate | 0.40% | 0.40% | 0.32% | ||
Short-term FHLB advances | |||||
Debt Disclosure [Line Items] | |||||
Market value of collateral pledged | $ 1,800.0 | $ 1,800.0 | |||
Federal Reserve Bank Advances | |||||
Debt Disclosure [Line Items] | |||||
Market value of collateral pledged | $ 800.0 | $ 800.0 |
Derivative Financial Instruments - Total Notional or Contractual Amounts, Fair Value, Collateral and Net Exposure of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Derivative [Line Items] | ||
Fair Value, Net Total | $ 155,647 | $ 144,346 |
Collateral | 2,421 | 1,900 |
Net Exposure, Net | 153,226 | 142,446 |
Derivatives designated as hedging instruments | Interest rate risks | Other assets | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional or Contractual Amount | 45,964 | 45,964 |
Fair value, Assets | 1,324 | 2,768 |
Collateral | 0 | 0 |
Net Exposure, Assets | 1,324 | 2,768 |
Derivatives not designated as hedging instruments | Currency exchange risks | ||
Derivative [Line Items] | ||
Fair Value, Net exposure | 1,100 | 140 |
Collateral | 0 | 0 |
Net Exposure, Net | 1,100 | 140 |
Derivatives not designated as hedging instruments | Currency exchange risks | Other assets | Foreign exchange forwards | ||
Derivative [Line Items] | ||
Notional or Contractual Amount | 138,796 | 49,287 |
Fair value, Assets | 1,676 | 809 |
Collateral | 0 | 0 |
Net Exposure, Assets | 1,676 | 809 |
Derivatives not designated as hedging instruments | Currency exchange risks | Other liability | Foreign exchange forwards | ||
Derivative [Line Items] | ||
Notional or Contractual Amount | 53,051 | 6,586 |
Fair value, Liabilities | (576) | (669) |
Collateral | 0 | 0 |
Net Exposure, Liabilities | (576) | (669) |
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivative contracts | ||
Derivative [Line Items] | ||
Fair Value, Net exposure | 7,883 | 4,333 |
Collateral | 2,421 | 1,900 |
Net Exposure, Net | 5,462 | 2,433 |
Derivatives not designated as hedging instruments | Other derivative instruments | Other assets | Equity warrant assets | ||
Derivative [Line Items] | ||
Notional or Contractual Amount | 212,802 | 210,102 |
Fair value, Assets | 145,340 | 137,105 |
Collateral | 0 | 0 |
Net Exposure, Assets | 145,340 | 137,105 |
Derivatives not designated as hedging instruments | Other derivative instruments | Other assets | Other derivative contracts | Foreign exchange forwards | ||
Derivative [Line Items] | ||
Notional or Contractual Amount | 1,056,821 | 935,514 |
Fair value, Assets | 44,636 | 29,722 |
Collateral | 2,421 | 1,900 |
Net Exposure, Assets | 42,215 | 27,822 |
Derivatives not designated as hedging instruments | Other derivative instruments | Other assets | Other derivative contracts | Client foreign currency options | ||
Derivative [Line Items] | ||
Notional or Contractual Amount | 243,860 | 46,625 |
Fair value, Assets | 2,750 | 706 |
Collateral | 0 | 0 |
Net Exposure, Assets | 2,750 | 706 |
Derivatives not designated as hedging instruments | Other derivative instruments | Other assets | Other derivative contracts | Client interest rate derivatives | ||
Derivative [Line Items] | ||
Notional or Contractual Amount | 520,081 | 422,741 |
Fair value, Assets | 8,759 | 3,973 |
Collateral | 0 | 0 |
Net Exposure, Assets | 8,759 | 3,973 |
Derivatives not designated as hedging instruments | Other derivative instruments | Other liability | Other derivative contracts | Foreign exchange forwards | ||
Derivative [Line Items] | ||
Notional or Contractual Amount | 869,914 | 841,182 |
Fair value, Liabilities | (36,188) | (24,978) |
Collateral | 0 | 0 |
Net Exposure, Liabilities | (36,188) | (24,978) |
Derivatives not designated as hedging instruments | Other derivative instruments | Other liability | Other derivative contracts | Client foreign currency options | ||
Derivative [Line Items] | ||
Notional or Contractual Amount | 243,860 | 46,625 |
Fair value, Liabilities | (2,750) | (706) |
Collateral | 0 | 0 |
Net Exposure, Liabilities | (2,750) | (706) |
Derivatives not designated as hedging instruments | Other derivative instruments | Other liability | Other derivative contracts | Client interest rate derivatives | ||
Derivative [Line Items] | ||
Notional or Contractual Amount | 558,962 | 422,741 |
Fair value, Liabilities | (9,324) | (4,384) |
Collateral | 0 | 0 |
Net Exposure, Liabilities | $ (9,324) | $ (4,384) |
Derivative Financial Instruments - Summary of Derivative Activity and Related Impact on Consolidated Statements of Income (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gain (loss) on derivatives | $ 24,875 | $ 42,295 | ||
Derivatives designated as hedging instruments | Interest rate risks | Interest rate swaps | Interest expense—borrowings | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gain (loss) on derivatives | $ 580 | $ 631 | 1,778 | 1,903 |
Derivatives designated as hedging instruments | Interest rate risks | Interest rate swaps | Gains on derivative instruments, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gain (loss) on derivatives | (3) | (8) | (33) | (22) |
Derivatives designated as hedging instruments | Interest rate risks | Interest rate risk | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gain (loss) on derivatives | 577 | 623 | 1,745 | 1,881 |
Derivatives not designated as hedging instruments | Currency exchange risks | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gain (loss) on derivatives | (54) | (32) | (1,155) | (41) |
Derivatives not designated as hedging instruments | Currency exchange risks | Loans | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gain (loss) on derivatives | (1,406) | 186 | (4,222) | (11,667) |
Derivatives not designated as hedging instruments | Currency exchange risks | Foreign exchange forwards | Gains on derivative instruments, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gain (loss) on derivatives | 1,352 | (218) | 3,067 | 11,626 |
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivative contracts | Gains on derivative instruments, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gain (loss) on derivatives | 31 | (394) | (659) | (352) |
Derivatives not designated as hedging instruments | Other derivative instruments | Foreign exchange forwards | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gain (loss) on derivatives | 294 | 181 | (1,771) | 282 |
Derivatives not designated as hedging instruments | Other derivative instruments | Foreign exchange forwards | Gains on derivative instruments, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gain (loss) on derivatives | (3,194) | 179 | (8,780) | 459 |
Derivatives not designated as hedging instruments | Other derivative instruments | Foreign exchange forwards | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gain (loss) on derivatives | 3,488 | 2 | 7,009 | (177) |
Derivatives not designated as hedging instruments | Other derivative instruments | Equity warrant assets | Gains on derivative instruments, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gain (loss) on derivatives | $ 21,558 | $ 10,685 | $ 33,252 | $ 54,579 |
Derivative Financial Instruments - Master Netting Arrangements (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Assets and Liabilities Subject to Master Netting Arrangements [Line Items] | ||
Gross Amounts of Recognized Assets | $ 222,864 | $ 163,374 |
Gross Amounts offset in the Statement of Financial Position | 0 | (5) |
Net Amounts of Assets Presented in the Statement of Financial Position | 222,864 | 163,369 |
Gross Assets Subject To Master Netting Arrangement Not Offset | (194,385) | (150,979) |
Cash Collateral Received Subject to Master Netting Arrangements | (2,421) | (1,900) |
Net Assets After Deducting Amounts Subject to Master Netting Arrangements | 26,058 | 10,490 |
Gross Amounts of Recognized Liabilities | 48,838 | 30,742 |
Gross Amounts offset in the Statement of Financial Position | 0 | (5) |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 48,838 | 30,737 |
Gross Liabilities Subject To Master Netting Arrangement Not Offset | (28,924) | (15,202) |
Cash Collateral Pledged Subject to Master Netting Arrangements | 0 | 0 |
Net Liabilities After Deducting Amounts Subject to Master Netting Arrangements | 19,914 | 15,535 |
Derivative | ||
Assets and Liabilities Subject to Master Netting Arrangements [Line Items] | ||
Gross Amounts of Recognized Assets | 59,145 | 37,983 |
Gross Amounts offset in the Statement of Financial Position | 0 | (5) |
Net Amounts of Assets Presented in the Statement of Financial Position | 59,145 | 37,978 |
Gross Assets Subject To Master Netting Arrangement Not Offset | (30,666) | (25,588) |
Cash Collateral Received Subject to Master Netting Arrangements | (2,421) | (1,900) |
Net Assets After Deducting Amounts Subject to Master Netting Arrangements | 26,058 | 10,490 |
Gross Amounts of Recognized Liabilities | 48,838 | 30,742 |
Gross Amounts offset in the Statement of Financial Position | 0 | (5) |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 48,838 | 30,737 |
Gross Liabilities Subject To Master Netting Arrangement Not Offset | (28,924) | (15,202) |
Cash Collateral Pledged Subject to Master Netting Arrangements | 0 | 0 |
Net Liabilities After Deducting Amounts Subject to Master Netting Arrangements | 19,914 | 15,535 |
Derivative | Interest rate swaps | ||
Assets and Liabilities Subject to Master Netting Arrangements [Line Items] | ||
Gross Amounts of Recognized Assets | 1,324 | 2,768 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 1,324 | 2,768 |
Gross Assets Subject To Master Netting Arrangement Not Offset | (1,324) | (2,768) |
Cash Collateral Received Subject to Master Netting Arrangements | 0 | 0 |
Net Assets After Deducting Amounts Subject to Master Netting Arrangements | 0 | 0 |
Derivative | Foreign exchange forwards | ||
Assets and Liabilities Subject to Master Netting Arrangements [Line Items] | ||
Gross Amounts of Recognized Assets | 46,312 | 30,531 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 46,312 | 30,531 |
Gross Assets Subject To Master Netting Arrangement Not Offset | (19,377) | (18,141) |
Cash Collateral Received Subject to Master Netting Arrangements | (2,421) | (1,900) |
Net Assets After Deducting Amounts Subject to Master Netting Arrangements | 24,514 | 10,490 |
Gross Amounts of Recognized Liabilities | 36,764 | 25,647 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 36,764 | 25,647 |
Gross Liabilities Subject To Master Netting Arrangement Not Offset | (17,675) | (10,818) |
Cash Collateral Pledged Subject to Master Netting Arrangements | 0 | 0 |
Net Liabilities After Deducting Amounts Subject to Master Netting Arrangements | 19,089 | 14,829 |
Derivative | Client foreign currency options | ||
Assets and Liabilities Subject to Master Netting Arrangements [Line Items] | ||
Gross Amounts of Recognized Assets | 2,750 | 711 |
Gross Amounts offset in the Statement of Financial Position | 0 | (5) |
Net Amounts of Assets Presented in the Statement of Financial Position | 2,750 | 706 |
Gross Assets Subject To Master Netting Arrangement Not Offset | (1,246) | (706) |
Cash Collateral Received Subject to Master Netting Arrangements | 0 | 0 |
Net Assets After Deducting Amounts Subject to Master Netting Arrangements | 1,504 | 0 |
Gross Amounts of Recognized Liabilities | 2,750 | 711 |
Gross Amounts offset in the Statement of Financial Position | 0 | (5) |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 2,750 | 706 |
Gross Liabilities Subject To Master Netting Arrangement Not Offset | (1,925) | 0 |
Cash Collateral Pledged Subject to Master Netting Arrangements | 0 | 0 |
Net Liabilities After Deducting Amounts Subject to Master Netting Arrangements | 825 | 706 |
Derivative | Client interest rate derivatives | ||
Assets and Liabilities Subject to Master Netting Arrangements [Line Items] | ||
Gross Amounts of Recognized Assets | 8,759 | 3,973 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 8,759 | 3,973 |
Gross Assets Subject To Master Netting Arrangement Not Offset | (8,719) | (3,973) |
Cash Collateral Received Subject to Master Netting Arrangements | 0 | 0 |
Net Assets After Deducting Amounts Subject to Master Netting Arrangements | 40 | 0 |
Gross Amounts of Recognized Liabilities | 9,324 | 4,384 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 9,324 | 4,384 |
Gross Liabilities Subject To Master Netting Arrangement Not Offset | (9,324) | (4,384) |
Cash Collateral Pledged Subject to Master Netting Arrangements | 0 | 0 |
Net Liabilities After Deducting Amounts Subject to Master Netting Arrangements | 0 | 0 |
Reverse Repurchase Securities Borrowing And Similar Arrangements | ||
Assets and Liabilities Subject to Master Netting Arrangements [Line Items] | ||
Gross Amounts of Recognized Assets | 163,719 | 125,391 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 163,719 | 125,391 |
Gross Assets Subject To Master Netting Arrangement Not Offset | (163,719) | (125,391) |
Cash Collateral Received Subject to Master Netting Arrangements | 0 | 0 |
Net Assets After Deducting Amounts Subject to Master Netting Arrangements | 0 | 0 |
Gross Amounts of Recognized Liabilities | 0 | 0 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 0 | 0 |
Gross Liabilities Subject To Master Netting Arrangement Not Offset | 0 | 0 |
Cash Collateral Pledged Subject to Master Netting Arrangements | 0 | 0 |
Net Liabilities After Deducting Amounts Subject to Master Netting Arrangements | $ 0 | $ 0 |
Other Noninterest Income and Other Noninterest Expense - Summary of Other Noninterest Income (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Other Noninterest Income [Line Items] | ||||
Fund management fees | $ 5,231 | $ 4,074 | $ 14,149 | $ 11,657 |
Service-based fee income | 2,029 | 1,931 | 6,270 | 6,450 |
Other (3) | 11,350 | 4,884 | 19,711 | 16,052 |
Total other noninterest income | 20,692 | 11,077 | 42,917 | 22,315 |
Client Instruments | ||||
Other Noninterest Income [Line Items] | ||||
(Losses) gains on revaluation of internal foreign currency instruments, net (2) | 3,488 | 2 | 7,009 | (177) |
Internal Instruments | ||||
Other Noninterest Income [Line Items] | ||||
(Losses) gains on revaluation of internal foreign currency instruments, net (2) | $ (1,406) | $ 186 | $ (4,222) | $ (11,667) |
Other Noninterest Income and Other Noninterest Expense - Summary of Other Noninterest Expense (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Other Income and Expenses [Abstract] | ||||
Lending and other client related processing costs | $ 5,885 | $ 3,608 | $ 13,721 | $ 10,861 |
Telephone | 2,460 | 2,224 | 7,109 | 6,727 |
Data processing services | 2,137 | 2,083 | 6,353 | 5,274 |
Dues and publications | 809 | 521 | 2,258 | 1,803 |
Postage and supplies | 598 | 728 | 2,172 | 2,220 |
Other | 3,644 | 5,106 | 12,679 | 15,216 |
Total other noninterest expense | $ 15,533 | $ 14,270 | $ 44,292 | $ 42,101 |
Segment Reporting - Additional Information (Detail) |
9 Months Ended |
---|---|
Sep. 30, 2016
Segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Reporting - Segment Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Segment Reporting Information [Line Items] | ||||
Net interest income | $ 289,161 | $ 254,660 | $ 853,918 | $ 737,356 |
Provision for loan losses | (18,950) | (33,403) | (88,624) | (66,368) |
Noninterest income | 144,140 | 108,477 | 343,050 | 358,288 |
Noninterest expense | (221,827) | (184,755) | (626,212) | (569,408) |
Income before income tax expense | 192,524 | 144,979 | 482,132 | 459,868 |
Total average loans, net of unearned income | 18,647,194 | 14,916,652 | 17,955,497 | 14,431,785 |
Total average assets | 43,451,329 | 42,014,220 | 43,669,716 | 39,906,689 |
Total average deposits | 37,909,754 | 37,383,067 | 38,443,990 | 35,413,353 |
Global Commercial Bank | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 262,484 | 217,932 | 773,342 | 625,611 |
Provision for loan losses | (16,974) | (32,074) | (86,143) | (64,126) |
Noninterest income | 79,226 | 68,517 | 231,295 | 197,740 |
Noninterest expense | (159,429) | (137,637) | (461,058) | (421,425) |
Income before income tax expense | 165,307 | 116,738 | 457,436 | 337,800 |
Total average loans, net of unearned income | 16,357,099 | 13,047,507 | 15,769,964 | 12,721,972 |
Total average assets | 40,829,515 | 39,688,677 | 41,021,311 | 37,449,533 |
Total average deposits | 36,484,125 | 36,151,235 | 37,002,027 | 34,124,748 |
SVB Private Bank | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 13,298 | 11,667 | 40,508 | 32,499 |
Provision for loan losses | (1,976) | (1,329) | (2,481) | (2,242) |
Noninterest income | 664 | 506 | 2,053 | 1,498 |
Noninterest expense | (3,122) | (2,761) | (9,481) | (8,869) |
Income before income tax expense | 8,864 | 8,083 | 30,599 | 22,886 |
Total average loans, net of unearned income | 2,074,982 | 1,669,858 | 1,978,175 | 1,529,095 |
Total average assets | 2,091,244 | 1,664,602 | 1,986,215 | 1,527,339 |
Total average deposits | 1,115,446 | 1,041,773 | 1,120,575 | 1,125,345 |
SVB Capital | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 1 | 1 | (51) | 3 |
Provision for loan losses | 0 | 0 | 0 | 0 |
Noninterest income | 30,619 | 17,332 | 44,492 | 57,919 |
Noninterest expense | (3,924) | (3,745) | (11,521) | (10,935) |
Income before income tax expense | 26,696 | 13,588 | 32,920 | 46,987 |
Total average loans, net of unearned income | 0 | 0 | 0 | 0 |
Total average assets | 325,321 | 334,045 | 334,328 | 335,136 |
Total average deposits | 0 | 0 | 0 | 0 |
Other Items | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 13,378 | 25,060 | 40,119 | 79,243 |
Provision for loan losses | 0 | 0 | 0 | 0 |
Noninterest income | 33,631 | 22,122 | 65,210 | 101,131 |
Noninterest expense | (55,352) | (40,612) | (144,152) | (128,179) |
Income before income tax expense | (8,343) | 6,570 | (38,823) | 52,195 |
Total average loans, net of unearned income | 215,113 | 199,287 | 207,358 | 180,718 |
Total average assets | 205,249 | 326,896 | 327,862 | 594,681 |
Total average deposits | $ 310,183 | $ 190,059 | $ 321,388 | $ 163,260 |
Segment Reporting - Segment Information (Additional Information) (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Global Commercial Bank | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 6.4 | $ 4.9 | $ 18.3 | $ 14.9 |
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Summary Information Related to Commitments to Extend Credit (Excluding Letters of Credit) (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Disclosure Off Balance Sheet Arrangements Guarantees And Other Commitments Additional Information [Abstract] | ||
Fixed interest rate commitments | $ 1,377,647 | $ 1,312,734 |
Variable interest rate commitments | 13,262,927 | 12,822,461 |
Total loan commitments available for funding | 14,640,574 | 14,135,195 |
Commercial and standby letters of credit | 1,656,512 | 1,479,164 |
Total unfunded credit commitments | 16,297,086 | 15,614,359 |
Commitments unavailable for funding | 2,008,689 | 2,026,532 |
Maximum lending limits for accounts receivable factoring arrangements | 856,096 | 1,006,404 |
Reserve for unfunded credit commitments | $ 35,924 | $ 34,415 |
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Summary of Commercial and Standby Letters of Credit (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Guarantor Obligations [Line Items] | ||
Expires In One Year or Less | $ 1,592,167 | |
Expires After One Year | 64,345 | |
Total Amount Outstanding | 1,656,512 | $ 1,479,164 |
Maximum Amount of Future Payments | 1,656,512 | |
Financial standby letters of credit | ||
Guarantor Obligations [Line Items] | ||
Expires In One Year or Less | 1,489,185 | |
Expires After One Year | 49,744 | |
Total Amount Outstanding | 1,538,929 | |
Maximum Amount of Future Payments | 1,538,929 | |
Performance standby letters of credit | ||
Guarantor Obligations [Line Items] | ||
Expires In One Year or Less | 94,872 | |
Expires After One Year | 14,601 | |
Total Amount Outstanding | 109,473 | |
Maximum Amount of Future Payments | 109,473 | |
Commercial letters of credit | ||
Guarantor Obligations [Line Items] | ||
Expires In One Year or Less | 8,110 | |
Expires After One Year | 0 | |
Total Amount Outstanding | 8,110 | |
Maximum Amount of Future Payments | $ 8,110 |
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Summary of Commercial and Standby Letters of Credit (Additional Information) (Detail) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Venture capital and private equity fund investments | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments to invest, period from the inception of the fund | 10 years | |
Call unrestricted, percentage of committed capital | 100.00% | |
Venture capital and private equity fund investments | Lower Limit | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Expected commitment period to invest in venture capital and private equity funds (in years) | 5 years | |
Venture capital and private equity fund investments | Upper Limit | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Expected commitment period to invest in venture capital and private equity funds (in years) | 7 years | |
Standby Letter of Credit | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Deferred fees | $ 10 | $ 10 |
Collateral in the form of cash | $ 747 |
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Total Capital Commitments, Unfunded Capital Commitments, and Our Ownership in Each Fund (Detail) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Unfunded Commitments | $ 5,309 |
SVB Strategic Investors Fund, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Unfunded Commitments | 1,338 |
SVB Capital Preferred Return Fund, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Unfunded Commitments | 2,006 |
SVB Capital—NT Growth Partners, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Unfunded Commitments | 1,965 |
Parent Company | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | 470,254 |
SVBFG Unfunded Commitments | 19,366 |
Parent Company | Silicon Valley BancVentures, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | 6,000 |
SVBFG Unfunded Commitments | $ 270 |
SVBFG Ownership of each Fund | 10.70% |
Parent Company | SVB Capital Partners II, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 1,200 |
SVBFG Unfunded Commitments | $ 162 |
SVBFG Ownership of each Fund | 5.10% |
Parent Company | SVB Capital Shanghai Yangpu Venture Capital Fund | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 874 |
SVBFG Unfunded Commitments | $ 0 |
SVBFG Ownership of each Fund | 6.80% |
Parent Company | SVB Strategic Investors Fund, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 15,300 |
SVBFG Unfunded Commitments | $ 688 |
SVBFG Ownership of each Fund | 12.60% |
Parent Company | SVB Strategic Investors Fund II, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 15,000 |
SVBFG Unfunded Commitments | $ 1,050 |
SVBFG Ownership of each Fund | 8.60% |
Parent Company | SVB Strategic Investors Fund III, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 15,000 |
SVBFG Unfunded Commitments | $ 1,275 |
SVBFG Ownership of each Fund | 5.90% |
Parent Company | SVB Strategic Investors Fund IV, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 12,239 |
SVBFG Unfunded Commitments | $ 2,325 |
SVBFG Ownership of each Fund | 5.00% |
Parent Company | Strategic Investors Fund V Funds | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 515 |
SVBFG Unfunded Commitments | 142 |
Parent Company | SVB Capital Preferred Return Fund, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | 12,688 |
SVBFG Unfunded Commitments | $ 0 |
SVBFG Ownership of each Fund | 20.00% |
Parent Company | SVB Capital—NT Growth Partners, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 24,670 |
SVBFG Unfunded Commitments | $ 1,340 |
SVBFG Ownership of each Fund | 33.00% |
Parent Company | Other private equity fund | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 9,338 |
SVBFG Unfunded Commitments | $ 0 |
SVBFG Ownership of each Fund | 58.20% |
Parent Company | Debt funds | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 58,493 |
SVBFG Unfunded Commitments | 0 |
Parent Company | Other fund investments | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | 298,937 |
SVBFG Unfunded Commitments | $ 12,114 |
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Total Capital Commitments, Unfunded Capital Commitments, and Our Ownership in Each Fund (Additional Information) (Detail) - Venture capital and private equity fund investments - Investment |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Other fund investments | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Number of other funds with investment commitments | 265 | |
Other fund investments | Upper Limit | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Percentage of ownership | 5.00% | |
Fair value accounting | Other private equity fund | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Percentage of ownership | 58.20% | 58.20% |
Fair value accounting | Direct ownership interest | SVB Capital Partners II, LP | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Percentage of ownership | 1.30% | |
Fair value accounting | Direct ownership interest | Other private equity fund | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Percentage of ownership | 41.50% | |
Fair value accounting | Indirect ownership interest | SVB Capital Partners II, LP | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Percentage of ownership | 3.80% | |
Fair value accounting | Indirect ownership interest | Other private equity fund | SVB Capital Preferred Return Fund, LP | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Percentage of ownership | 4.10% | |
Fair value accounting | Indirect ownership interest | Other private equity fund | SVB Capital—NT Growth Partners, LP | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Percentage of ownership | 12.60% |
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Remaining Unfunded Commitments to Venture Capital or Private Equity Funds by our Consolidated Managed Funds (Detail) $ in Thousands |
Sep. 30, 2016
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Line Items] | |
SVBFG Unfunded Commitments | $ 5,309 |
SVB Strategic Investors Fund, LP | |
Commitments and Contingencies Disclosure [Line Items] | |
SVBFG Unfunded Commitments | 1,338 |
SVB Capital Preferred Return Fund, LP | |
Commitments and Contingencies Disclosure [Line Items] | |
SVBFG Unfunded Commitments | 2,006 |
SVB Capital—NT Growth Partners, LP | |
Commitments and Contingencies Disclosure [Line Items] | |
SVBFG Unfunded Commitments | $ 1,965 |
Income Taxes (Detail) $ in Millions |
Sep. 30, 2016
USD ($)
|
---|---|
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits | $ 3.1 |
Income tax reduction from recognized tax benefit | $ 2.0 |
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 12,665,697 | $ 16,380,748 |
Derivatives designated as hedging instruments | Interest rate risks | Interest rate swaps | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Assets | 1,324 | 2,768 |
Derivatives not designated as hedging instruments | Other derivative instruments | Equity warrant assets | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Assets | 145,340 | 137,105 |
Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 579 | 548 |
Fair value accounting | Venture capital and private equity fund investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 141,841 | 152,237 |
Fair value accounting | Other venture capital investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 2,040 | 2,040 |
U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 8,939,627 | 11,678,035 |
U.S. agency debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 2,126,572 | 2,690,029 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Fixed rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 1,092,289 | 1,399,279 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 504,487 | 607,936 |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 2,722 | $ 5,469 |
Level 3 | Equity warrant asset, public portfolio | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Sales restrictions discount rate | 11.70% | 18.00% |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 12,665,697 | $ 16,380,748 |
Total assets | 13,014,642 | 16,710,656 |
Total liabilities | 48,838 | 30,737 |
Fair Value, Measurements, Recurring | Derivatives designated as hedging instruments | Interest rate risks | Interest rate swaps | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Assets | 1,324 | 2,768 |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Currency exchange risks | Other liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Liabilities | 39,514 | 26,353 |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Currency exchange risks | Foreign exchange forward and option contracts [Domain] | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Assets | 49,062 | 31,237 |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Other derivative instruments | Equity warrant assets | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Assets | 145,340 | 137,105 |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Other derivative instruments | Client interest rate derivatives | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Assets | 8,759 | 3,973 |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Other derivative instruments | Client interest rate derivatives | Other liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Liabilities | 9,324 | 4,384 |
Fair Value, Measurements, Recurring | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 144,460 | 154,825 |
Fair Value, Measurements, Recurring | Fair value accounting | Venture capital and private equity fund investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 141,841 | 152,237 |
Fair Value, Measurements, Recurring | Fair value accounting | Other venture capital investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 2,040 | 2,040 |
Fair Value, Measurements, Recurring | Fair value accounting | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 579 | 548 |
Fair Value, Measurements, Recurring | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 8,939,627 | 11,678,035 |
Fair Value, Measurements, Recurring | U.S. agency debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 2,126,572 | 2,690,029 |
Fair Value, Measurements, Recurring | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Fixed rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 1,092,289 | 1,399,279 |
Fair Value, Measurements, Recurring | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 504,487 | 607,936 |
Fair Value, Measurements, Recurring | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 2,722 | 5,469 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 8,940,008 | 11,682,552 |
Total assets | 8,940,587 | 11,683,100 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Noncontrolling Interests | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 500 | 400 |
Fair Value, Measurements, Recurring | Level 1 | Derivatives designated as hedging instruments | Interest rate risks | Interest rate swaps | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Derivatives not designated as hedging instruments | Currency exchange risks | Other liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Derivatives not designated as hedging instruments | Currency exchange risks | Foreign exchange forward and option contracts [Domain] | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Derivatives not designated as hedging instruments | Other derivative instruments | Equity warrant assets | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Derivatives not designated as hedging instruments | Other derivative instruments | Client interest rate derivatives | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Derivatives not designated as hedging instruments | Other derivative instruments | Client interest rate derivatives | Other liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 579 | 548 |
Fair Value, Measurements, Recurring | Level 1 | Fair value accounting | Other venture capital investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Fair value accounting | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 579 | 548 |
Fair Value, Measurements, Recurring | Level 1 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 8,939,627 | 11,678,035 |
Fair Value, Measurements, Recurring | Level 1 | U.S. agency debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Fixed rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 381 | 4,517 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 3,725,689 | 4,698,196 |
Total assets | 3,786,954 | 4,738,111 |
Total liabilities | 48,838 | 30,737 |
Fair Value, Measurements, Recurring | Level 2 | Derivatives designated as hedging instruments | Interest rate risks | Interest rate swaps | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Assets | 1,324 | 2,768 |
Fair Value, Measurements, Recurring | Level 2 | Derivatives not designated as hedging instruments | Currency exchange risks | Other liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Liabilities | 39,514 | 26,353 |
Fair Value, Measurements, Recurring | Level 2 | Derivatives not designated as hedging instruments | Currency exchange risks | Foreign exchange forward and option contracts [Domain] | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Assets | 49,062 | 31,237 |
Fair Value, Measurements, Recurring | Level 2 | Derivatives not designated as hedging instruments | Other derivative instruments | Equity warrant assets | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Assets | 2,120 | 1,937 |
Fair Value, Measurements, Recurring | Level 2 | Derivatives not designated as hedging instruments | Other derivative instruments | Client interest rate derivatives | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Assets | 8,759 | 3,973 |
Fair Value, Measurements, Recurring | Level 2 | Derivatives not designated as hedging instruments | Other derivative instruments | Client interest rate derivatives | Other liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Liabilities | 9,324 | 4,384 |
Fair Value, Measurements, Recurring | Level 2 | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Fair value accounting | Other venture capital investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Fair value accounting | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | U.S. agency debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 2,126,572 | 2,690,029 |
Fair Value, Measurements, Recurring | Level 2 | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Fixed rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 1,092,289 | 1,399,279 |
Fair Value, Measurements, Recurring | Level 2 | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 504,487 | 607,936 |
Fair Value, Measurements, Recurring | Level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 2,341 | 952 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Total assets | 145,260 | 137,208 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Noncontrolling Interests | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,800 | 1,800 |
Fair Value, Measurements, Recurring | Level 3 | Derivatives designated as hedging instruments | Interest rate risks | Interest rate swaps | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Derivatives not designated as hedging instruments | Currency exchange risks | Other liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Derivatives not designated as hedging instruments | Currency exchange risks | Foreign exchange forward and option contracts [Domain] | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Derivatives not designated as hedging instruments | Other derivative instruments | Equity warrant assets | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Assets | 143,220 | 135,168 |
Fair Value, Measurements, Recurring | Level 3 | Derivatives not designated as hedging instruments | Other derivative instruments | Client interest rate derivatives | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Derivatives not designated as hedging instruments | Other derivative instruments | Client interest rate derivatives | Other liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 2,040 | 2,040 |
Fair Value, Measurements, Recurring | Level 3 | Fair value accounting | Other venture capital investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 2,040 | 2,040 |
Fair Value, Measurements, Recurring | Level 3 | Fair value accounting | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | U.S. agency debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Fixed rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 0 | $ 0 |
Lower Limit | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Sales restrictions discount rate | 10.00% | |
Lower Limit | Level 3 | Equity warrant asset, public portfolio | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Sales restrictions discount rate | 10.00% | |
Upper Limit | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Sales restrictions discount rate | 20.00% | |
Upper Limit | Level 3 | Equity warrant asset, public portfolio | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Sales restrictions discount rate | 20.00% |
Fair Value of Financial Instruments - Additional Information about Level 3 Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | $ 129,851 | $ 123,427 | $ 137,208 | $ 117,989 |
Total Realized and Unrealized Gains (Losses) Included in Income | 21,096 | 11,566 | 33,094 | 55,030 |
Sales | (10,686) | (6,215) | (34,280) | (48,406) |
Issuances | 5,251 | 3,556 | 9,842 | 8,856 |
Distributions and Other Settlements | 0 | (15) | 25 | (15) |
Transfers Out of Level 3 | (252) | (486) | (629) | (1,621) |
Ending Balance | 145,260 | 131,833 | 145,260 | 131,833 |
Equity warrant assets | Other assets | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 127,811 | 120,037 | 135,168 | 114,698 |
Total Realized and Unrealized Gains (Losses) Included in Income | 21,092 | 11,551 | 33,115 | 54,884 |
Sales | (10,682) | (6,215) | (34,276) | (48,374) |
Issuances | 5,251 | 3,556 | 9,842 | 8,856 |
Distributions and Other Settlements | 0 | 0 | 0 | 0 |
Transfers Out of Level 3 | (252) | (486) | (629) | (1,621) |
Ending Balance | 143,220 | 128,443 | 143,220 | 128,443 |
Non-marketable securities | Fair value accounting | Other venture capital investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 2,040 | 3,390 | 2,040 | 3,291 |
Total Realized and Unrealized Gains (Losses) Included in Income | 4 | 15 | (21) | 146 |
Sales | (4) | 0 | (4) | (32) |
Issuances | 0 | 0 | 0 | 0 |
Distributions and Other Settlements | 0 | (15) | 25 | (15) |
Transfers Out of Level 3 | 0 | 0 | 0 | 0 |
Ending Balance | $ 2,040 | $ 3,390 | $ 2,040 | $ 3,390 |
Fair Value of Financial Instruments - Unrealized Gains Included in Earnings Attributable to Level 3 Assets Held (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Unrealized Gains (Losses) [Line Items] | ||||
Unrealized gains included in earnings attributable to Level 3 assets still held | $ 15,785 | $ 9,115 | $ 23,144 | $ 21,755 |
Unrealized gains attributable to noncontrolling interests | 0 | 0 | 0 | 141 |
Equity warrant assets | Other assets | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Unrealized Gains (Losses) [Line Items] | ||||
Unrealized gains included in earnings attributable to Level 3 assets still held | 15,785 | 9,115 | 23,144 | 21,597 |
Non-marketable securities | Fair value accounting | Other venture capital investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Unrealized Gains (Losses) [Line Items] | ||||
Unrealized gains included in earnings attributable to Level 3 assets still held | $ 0 | $ 0 | $ 0 | $ 158 |
Fair Value of Financial Instruments - Quantitative Information About Significant Unobservable Inputs (Detail) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Dec. 31, 2014 |
|
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair value | $ 145,260 | $ 137,208 | $ 129,851 | $ 131,833 | $ 123,427 | $ 117,989 |
Level 3 | Other venture capital investments | Fair value accounting | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair value | $ 2,040 | $ 2,040 | ||||
Valuation Technique | Private company equity pricing | Private company equity pricing | ||||
Level 3 | Equity warrant asset, public portfolio | Other assets | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair value | $ 19,367 | $ 1,786 | ||||
Valuation Technique | Modified Black-Scholes option pricing model | Modified Black-Scholes option pricing model | ||||
Sales restrictions discount rate | 11.70% | 18.00% | ||||
Volatility | 36.10% | 38.10% | ||||
Risk-Free interest rate | 1.20% | 2.10% | ||||
Level 3 | Equity warrant assets, private portfolio | Other assets | ||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||
Fair value | $ 123,853 | $ 133,382 | ||||
Valuation Technique | Modified Black-Scholes option pricing model | Modified Black-Scholes option pricing model | ||||
Volatility | 36.60% | 36.00% | ||||
Risk-Free interest rate | 0.80% | 1.10% | ||||
Marketability discount | 17.50% | 16.60% | ||||
Remaining life assumption | 45.00% | 45.00% |
Fair Value of Financial Instruments - Quantitative Information About Significant Unobservable Inputs (Additional Information) (Detail) |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Equity warrant assets, private portfolio | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Weighted average contractual remaining term | 5 years 11 months 6 days |
Estimated remaining life | 2 years 8 months 1 day |
Lower Limit | Level 3 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Sales restrictions discount rate | 10.00% |
Fair value inputs, sales restriction, period | 3 months |
Lower Limit | Level 3 | Equity warrant asset, public portfolio | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Sales restrictions discount rate | 10.00% |
Fair value inputs, sales restriction, period | 3 months |
Upper Limit | Level 3 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Sales restrictions discount rate | 20.00% |
Fair value inputs, sales restriction, period | 6 months |
Upper Limit | Level 3 | Equity warrant asset, public portfolio | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Sales restrictions discount rate | 20.00% |
Fair value inputs, sales restriction, period | 6 months |
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Debt Disclosure [Line Items] | ||||
Investments transferred out of Level 3 | $ 252 | $ 486 | $ 629 | $ 1,621 |
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Financial Instruments not Carried at Fair Value (Detail) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | $ 7,885,333 | $ 8,758,622 |
Short-term FHLB advances | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term FHLB advances | 0 | 638,000 |
Federal funds purchased | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other short-term borrowings | 0 | 135,000 |
Other short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other short-term borrowings | 2,421 | 1,900 |
3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 346,900 | 346,667 |
5.375% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 347,440 | 347,016 |
6.05% Subordinated Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Subordinated notes | 47,094 | 48,350 |
7.0% Junior Subordinated Debentures | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Junior subordinated debentures | 54,537 | 54,669 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 2,521,319 | 1,503,257 |
Held-to-maturity securities | 7,791,949 | 8,790,963 |
Non-marketable securities (cost and equity method accounting) not measured at net asset value | 124,955 | 114,795 |
Non-marketable securities (cost and equity method accounting) measured at net asset value (1) | 249,289 | 250,970 |
Net commercial loans | 16,807,685 | 14,763,302 |
Net consumer loans | 2,064,015 | 1,761,155 |
FHLB and Federal Reserve Bank stock | 57,466 | 56,991 |
Accrued interest receivable | 99,263 | 107,604 |
Non-maturity deposits (2) | 38,137,660 | 39,072,297 |
Time deposits | 51,756 | 70,479 |
Accrued interest payable | 4,886 | 12,058 |
Commitments to extend credit | 0 | 0 |
Carrying Amount | Short-term FHLB advances | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term FHLB advances | 638,000 | |
Carrying Amount | Federal funds purchased | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other short-term borrowings | 135,000 | |
Carrying Amount | Other short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other short-term borrowings | 2,421 | 1,900 |
Carrying Amount | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 346,900 | 346,667 |
Carrying Amount | 5.375% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 347,440 | 347,016 |
Carrying Amount | 6.05% Subordinated Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Subordinated notes | 47,094 | 48,350 |
Carrying Amount | 7.0% Junior Subordinated Debentures | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Junior subordinated debentures | 54,537 | 54,669 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 2,521,319 | 1,503,257 |
Held-to-maturity securities | 7,885,333 | 8,758,622 |
Non-marketable securities (cost and equity method accounting) not measured at net asset value | 134,174 | 117,172 |
Non-marketable securities (cost and equity method accounting) measured at net asset value (1) | 353,606 | 364,799 |
Net commercial loans | 17,089,586 | 14,811,588 |
Net consumer loans | 2,102,435 | 1,737,960 |
FHLB and Federal Reserve Bank stock | 57,466 | 56,991 |
Accrued interest receivable | 99,263 | 107,604 |
Non-maturity deposits (2) | 38,137,660 | 39,072,297 |
Time deposits | 51,654 | 70,347 |
Accrued interest payable | 4,886 | 12,058 |
Commitments to extend credit | 21,232 | 26,483 |
Estimated Fair Value | Short-term FHLB advances | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term FHLB advances | 638,000 | |
Estimated Fair Value | Federal funds purchased | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other short-term borrowings | 135,000 | |
Estimated Fair Value | Other short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other short-term borrowings | 2,421 | 1,900 |
Estimated Fair Value | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 355,681 | 333,648 |
Estimated Fair Value | 5.375% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 390,313 | 384,216 |
Estimated Fair Value | 6.05% Subordinated Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Subordinated notes | 48,534 | 49,820 |
Estimated Fair Value | 7.0% Junior Subordinated Debentures | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Junior subordinated debentures | 53,608 | 52,905 |
Estimated Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 2,521,319 | 1,503,257 |
Held-to-maturity securities | 0 | 0 |
Non-marketable securities (cost and equity method accounting) not measured at net asset value | 0 | 0 |
Net commercial loans | 0 | 0 |
Net consumer loans | 0 | 0 |
FHLB and Federal Reserve Bank stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Non-maturity deposits (2) | 38,137,660 | 39,072,297 |
Time deposits | 0 | 0 |
Accrued interest payable | 0 | 0 |
Commitments to extend credit | 0 | 0 |
Estimated Fair Value | Level 1 | Short-term FHLB advances | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term FHLB advances | 638,000 | |
Estimated Fair Value | Level 1 | Federal funds purchased | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other short-term borrowings | 135,000 | |
Estimated Fair Value | Level 1 | Other short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other short-term borrowings | 2,421 | 1,900 |
Estimated Fair Value | Level 1 | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 0 | |
Estimated Fair Value | Level 1 | 5.375% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 0 | 0 |
Estimated Fair Value | Level 1 | 6.05% Subordinated Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Subordinated notes | 0 | 0 |
Estimated Fair Value | Level 1 | 7.0% Junior Subordinated Debentures | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Junior subordinated debentures | 0 | 0 |
Estimated Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Held-to-maturity securities | 7,885,333 | 8,758,622 |
Non-marketable securities (cost and equity method accounting) not measured at net asset value | 0 | 0 |
Net commercial loans | 0 | 0 |
Net consumer loans | 0 | 0 |
FHLB and Federal Reserve Bank stock | 0 | 0 |
Accrued interest receivable | 99,263 | 107,604 |
Non-maturity deposits (2) | 0 | 0 |
Time deposits | 51,654 | 70,347 |
Accrued interest payable | 4,886 | 12,058 |
Commitments to extend credit | 0 | 0 |
Estimated Fair Value | Level 2 | Short-term FHLB advances | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term FHLB advances | 0 | |
Estimated Fair Value | Level 2 | Federal funds purchased | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other short-term borrowings | 0 | |
Estimated Fair Value | Level 2 | Other short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other short-term borrowings | 0 | 0 |
Estimated Fair Value | Level 2 | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 355,681 | 333,648 |
Estimated Fair Value | Level 2 | 5.375% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 390,313 | 384,216 |
Estimated Fair Value | Level 2 | 6.05% Subordinated Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Subordinated notes | 48,534 | 49,820 |
Estimated Fair Value | Level 2 | 7.0% Junior Subordinated Debentures | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Junior subordinated debentures | 53,608 | 52,905 |
Estimated Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Held-to-maturity securities | 0 | 0 |
Non-marketable securities (cost and equity method accounting) not measured at net asset value | 134,174 | 117,172 |
Net commercial loans | 17,089,586 | 14,811,588 |
Net consumer loans | 2,102,435 | 1,737,960 |
FHLB and Federal Reserve Bank stock | 57,466 | 56,991 |
Accrued interest receivable | 0 | 0 |
Non-maturity deposits (2) | 0 | 0 |
Time deposits | 0 | 0 |
Accrued interest payable | 0 | 0 |
Commitments to extend credit | 21,232 | 26,483 |
Estimated Fair Value | Level 3 | Short-term FHLB advances | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term FHLB advances | 0 | |
Estimated Fair Value | Level 3 | Federal funds purchased | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other short-term borrowings | 0 | |
Estimated Fair Value | Level 3 | Other short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other short-term borrowings | 0 | 0 |
Estimated Fair Value | Level 3 | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 0 | |
Estimated Fair Value | Level 3 | 5.375% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 0 | 0 |
Estimated Fair Value | Level 3 | 6.05% Subordinated Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Subordinated notes | 0 | 0 |
Estimated Fair Value | Level 3 | 7.0% Junior Subordinated Debentures | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Junior subordinated debentures | $ 0 | $ 0 |
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Financial Instruments not Carried at Fair Value (Additional Information) (Detail) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
6.05% Subordinated Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of the interest rate swap associated with the notes | $ 1.3 | $ 2.8 |
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Investments and Remaining Unfunded Commitments for Each Major Category of Investments (Detail) $ in Thousands |
Sep. 30, 2016
USD ($)
|
---|---|
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | $ 391,130 |
Fair Value | 495,447 |
Unfunded Commitments | 22,455 |
Non-marketable securities | Fair value accounting | Venture capital and private equity fund investments | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 141,841 |
Fair Value | 141,841 |
Unfunded Commitments | 5,309 |
Non-marketable securities | Equity method accounting | Venture capital and private equity fund investments | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 84,904 |
Fair Value | 84,904 |
Unfunded Commitments | 4,954 |
Non-marketable securities | Equity method accounting | Debt funds | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 18,971 |
Fair Value | 20,217 |
Unfunded Commitments | 0 |
Non-marketable securities | Equity method accounting | Other investments | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 30,301 |
Fair Value | 30,297 |
Unfunded Commitments | 886 |
Non-marketable securities | Cost method accounting | Venture capital and private equity fund investments | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 115,113 |
Fair Value | 218,188 |
Unfunded Commitments | $ 11,306 |
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Investments and Remaining Unfunded Commitments for Each Major Category of Investments (Textual) (Detail) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | $ 495,447 |
Unfunded Commitments | 22,455 |
Non-marketable securities | Fair value accounting | Venture capital and private equity fund investments | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | 141,841 |
Unfunded Commitments | $ 5,309 |
Non-marketable securities | Fair value accounting | Venture capital and private equity fund investments | Lower Limit | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Period distributions from fund investments to be received | 10 years |
Non-marketable securities | Fair value accounting | Venture capital and private equity fund investments | Upper Limit | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Period distributions from fund investments to be received | 13 years |
Non-marketable securities | Fair value accounting | Venture capital and private equity fund investments | Noncontrolling Interests | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | $ 101,000 |
Unfunded Commitments | 4,000 |
Non-marketable securities | Equity method accounting | Venture capital and private equity fund investments | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | 84,904 |
Unfunded Commitments | $ 4,954 |
Non-marketable securities | Equity method accounting | Venture capital and private equity fund investments | Lower Limit | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Period distributions from fund investments to be received | 10 years |
Non-marketable securities | Equity method accounting | Venture capital and private equity fund investments | Upper Limit | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Period distributions from fund investments to be received | 13 years |
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