Noninterest Income (Tables)

3 Months Ended

Mar. 31, 2019

Other Income and Expenses [Abstract]

summary of noninterest income, as well as the impact of such adoption, for the three months ended March 31, 2019 and 2018:



	Three months ended March 31,
(Dollars in thousands)	2019		2018
Noninterest income:
Gains on investment securities, net	$	29,028	$	9,058
Gains on equity warrant assets, net	21,305		19,191
Foreign exchange fees	38,048		33,827
Credit card fees	27,483		21,692
Deposit service charges	20,939		17,699
Client investment fees	44,482		22,875
Lending related fees	13,937		10,735
Letters of credit and standby letters of credit fees	9,354		8,182
Investment banking revenue	49,795		—
Commissions	14,108		—
Other	11,897		12,259
Total noninterest income	$	280,376	$	155,518

Components of Gains and Losses (Realized and Unrealized) on Investment Securities

A summary of gains and losses on investment securities for the three months ended March 31, 2019 and 2018 is as follows:



	Three months ended March 31,
(Dollars in thousands)	2019			2018
Gains on non-marketable and other equity securities, net	$	32,658		$	9,058
Losses on sales of available-for-sale securities, net	(3,630		)	—
Total gains on investment securities, net	$	29,028		$	9,058

Components of Gains on Equity Warrant Assets

A summary of net gains on equity warrant assets for the three months ended March 31, 2019 and 2018 is as follows:



	Three months ended March 31,
(Dollars in thousands)	2019			2018
Equity warrant assets:
Gains on exercises, net	$	5,482		$	9,927
Terminations	(415		)	(922		)
Changes in fair value, net	16,238			10,186
Total net gains on equity warrant assets	$	21,305		$	19,191

Schedule of Investment Banking Revenue

A summary of investment banking revenue by instrument type for the three months ended March 31, 2019 and 2018 is as follows:



	Three months ended March 31,
(Dollars in thousands)	2019		2018
Investment banking revenue:
Underwriting fees	$	35,772	$	—
Advisory fees	12,273		—
Private placements and other	1,750		—
Total investment banking revenue	$	49,795	$	—

Components of Foreign Exchange Fees

A summary of foreign exchange fee income by instrument type for the three months ended March 31, 2019 and 2018 is as follows:



	Three months ended March 31,
(Dollars in thousands)	2019		2018
Foreign exchange fees by instrument type:
Spot contract commissions	$	35,029	$	31,202
Forward contract commissions	2,995		2,485
Option premium fees	24		140
Total foreign exchange fees	$	38,048	$	33,827

Components of Credit Card Fees

A summary of credit card fees by instrument type for the three months ended March 31, 2019 and 2018 is as follows:



	Three months ended March 31,
(Dollars in thousands)	2019		2018
Credit card fees by instrument type:
Card interchange fees, net	$	21,393	$	17,560
Merchant service fees	4,534		2,906
Card service fees	1,556		1,226
Total credit card fees	$	27,483	$	21,692

Components of Asset Management Fees

A summary of client investment fees by instrument type for the three months ended March 31, 2019 and 2018 is as follows:



	Three months ended March 31,
(Dollars in thousands)	2019		2018
Client investment fees by type:
Sweep money market fees	$	26,544	$	12,322
Asset management fees (1)	6,671		5,358
Repurchase agreement fees	11,267		5,195
Total client investment fees (2)	$	44,482	$	22,875


(1)	Represents fees earned from investments in third-party money market mutual funds and fixed-income securities managed by SVB Asset Management.


(2)	Represents fees earned on client investment funds which are maintained at third-party financial institutions and are not recorded on our balance sheet.

Components of Lending Related Fees

A summary of lending related fees by instrument type for the three months ended March 31, 2019 and 2018 is as follows:



	Three months ended March 31,
(Dollars in thousands)	2019		2018
Lending related fees by instrument type:
Unused commitment fees	$	9,670	$	8,757
Other	4,267		1,978
Total lending related fees	$	13,937	$	10,735

Summary of Other Noninterest Income

A summary of other noninterest income by instrument type for the three months ended March 31, 2019 and 2018 is as follows:



	Three months ended March 31,
(Dollars in thousands)	2019			2018
Other noninterest income by instrument type:
Fund management fees	$	8,041		$	5,736
Net losses on revaluation of foreign currency instruments, net of foreign exchange forward contracts (1)	(336		)	(47		)
Other service revenue	4,192			6,570
Total other noninterest income	$	11,897		$	12,259


(1)	Represents the net revaluation of client and internal foreign currency denominated financial instruments. We enter into foreign exchange forward contracts to economically reduce our foreign exchange exposure related to client and internal foreign currency denominated financial instruments.

Disaggregation of Revenue

The following tables present our revenues from contracts with customers disaggregated by revenue source and segment for the three months ended March 31, 2019 and 2018:



Three months ended March 31, 2019 (Dollars in thousands)	Global Commercial Bank		SVB Private Bank			SVB Capital		SVB Leerink		Other Income		Total
Revenue from contracts with customers:
Spot contract commissions	$	34,806	$	122		$	—	$	—	$	101	$	35,029
Card interchange fees, gross	38,715		—			—		—		147		38,862
Merchant service fees	4,534		—			—		—		—		4,534
Deposit service charges	20,793		35			—		—		111		20,939
Client investment fees	17,558		380			—		—		26,544		44,482
Investment banking revenue	—		—			—		49,795		—		49,795
Commissions	—		—			—		14,108		—		14,108
Fund management fees	—		—			6,659		1,382		—		8,041
Correspondent bank rebates	1,467		—			—		—		—		1,467
Total revenue from contracts with customers	$	117,873	$	537		$	6,659	$	65,285	$	26,903	$	217,257
Revenues outside the scope of ASC 606 (1)	8,444		(27		)	18,186		2,832		33,684		63,119
Total noninterest income	$	126,317	$	510		$	24,845	$	68,117	$	60,587	$	280,376


(1)	Amounts are accounted for under separate guidance than ASC 606.



Three months ended March 31,2018 (Dollars in thousands)	Global Commercial Bank		SVB Private Bank			SVB Capital		Other Income		Total
Revenue from contracts with customers:
Spot contract commissions	$	30,972	$	179		$	—	$	51	$	31,202
Card interchange fees, gross	29,449		—			—		99		29,548
Merchant service fees	2,906		—			—		—		2,906
Deposit service charges	17,040		28			—		631		17,699
Client investment fees	10,250		302			—		12,323		22,875
Fund management fees	—		—			5,736		—		5,736
Correspondent bank rebates	1,396		—			—		—		1,396
Total revenue from contracts with customers	$	92,013	$	509		$	5,736	$	13,104	$	111,362
Revenues outside the scope of ASC 606 (1)	6,779		(2		)	23,174		14,205		44,156
Total noninterest income	$	98,792	$	507		$	28,910	$	27,309	$	155,518


(1)	Amounts are accounted for under separate guidance than ASC 606.