8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 23, 2020

SVB Financial Group

(Exact name of registrant as specified in its charter)

Delaware	000-15637	91-1962278
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

3003 Tasman Drive, Santa Clara, CA 95054-1191

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (408) 654-7400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.142-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol	Name of Exchange on Which Registered
Common Stock, par value $0.001 per share	SIVB	The Nasdaq Stock Market LLC
Depositary shares, each representing a 1/40th interest in a share of 5.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A	SIVBP	The Nasdaq Stock Market LLC

Item 2.02. Results of Operations and Financial Condition.

On January 23, 2020, SVB Financial Group (the “Company”) announced its financial results for the fourth quarter and year ended December 31, 2019. A copy of the release and a fourth quarter earnings letter and presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference. The information in this report shall not be treated as “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933 or the Securities Act of 1934, except as expressly stated by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits. 

Exhibit No.	Description
99.1	Release, dated January 23, 2020, announcing the Company's financial results for the fourth quarter and year ended December 31, 2019
99.2	Fourth quarter earnings letter and presentation dated January 23, 2020 of SVB Financial Group
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 23, 2020	SVB FINANCIAL GROUP
	By:	/s/ KAREN HON
	Name:	Karen Hon
	Title:	Interim Chief Accounting Officer and Principal Accounting Officer

EX-99.1

Exhibit 99.1

3003 Tasman Drive, Santa Clara, CA 95054	Contact:
www.svb.com	Meghan O'Leary
	Investor Relations
For release at 1:00 P.M. (Pacific Time)	(408) 654-6364
January 23, 2020
NASDAQ: SIVB

SVB FINANCIAL GROUP ANNOUNCES 2019 FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS

SANTA CLARA, Calif. — January 23, 2020 — SVB Financial Group (NASDAQ: SIVB) today announced financial results for the fourth quarter and year ended December 31, 2019.

Consolidated net income available to common stockholders for the fourth quarter of 2019 was $262.9 million, or $5.06 per diluted common share, compared to $267.3 million, or $5.15 per diluted common share, for the third quarter of 2019 and $266.3 million, or $4.96 per diluted common share, for the fourth quarter of 2018. Consolidated net income available to common stockholders for the year ended December 31, 2019 was $1.1 billion, or $21.73 per diluted common share, compared to $973.8 million, or $18.11 per diluted common share, for the comparable 2018 period. The fourth quarter, and full year, 2019 results included net income attributable to SVB Leerink of $1.3 million and $9.5 million, respectively, or $0.02 and $0.18 per diluted common share, respectively.

"The continued strength of our markets and robust liquidity available to our high-growth clients contributed to another quarter of outstanding growth, profitability and high credit quality -- consistent with our performance throughout the year," said Greg Becker, President and CEO of SVB Financial Group. "Our strong results reinforce our view of the current and tremendous future potential of innovation to drive growth in the global economy. With this in mind, we believe SVB’s unmatched expertise in serving innovation companies and investors, our ongoing investments in products and people to support our clients globally and our consistent ability to execute will drive our continued growth and profitability over the long-term."

Highlights of our fourth quarter 2019 results (compared to third quarter 2019, unless otherwise noted) included:

• Average loan balances of $32.0 billion, an increase of $2.2 billion (or 7.3 percent).

• Period-end loan balances of $33.2 billion, an increase of $2.1 billion (or 6.8 percent).

• Average fixed income investment securities of $26.7 billion, an increase of $1.5 billion (or 6.1 percent).

• Period-end fixed income investment securities of $27.9 billion, an increase of $0.6 billion (or 2.1 percent).

• Average total client funds (on-balance sheet deposits and off-balance sheet client investment funds) increased $6.8 billion (or 4.5 percent) to $156.8 billion.

• Period-end total client funds increased $4.9 billion (or 3.2 percent) to $161.0 billion.

• Net interest income (fully taxable equivalent basis) of $536.8 million, an increase of $13.2 million (or 2.5 percent).

• Provision for credit losses of $17.4 million, compared to $36.5 million.

• Net loan charge-offs of $14.4 million, or 18 basis points of average total gross loans (annualized), compared to $32.9 million, or 44 basis points.

• Net gains on investment securities of $28.1 million, compared to $29.8 million. Non-GAAP net gains on investment securities, net of noncontrolling interests, were $16.3 million, compared to $15.2 million. (See non-GAAP reconciliation under the section “Use of Non-GAAP Financial Measures.”)

• Net gains on equity warrant assets of $30.9 million, compared to $37.6 million.

• Noninterest income of $313.3 million, an increase of $19.3 million (or 6.6 percent). Non-GAAP core fee income increased $5.9 million (or 3.6 percent) to $168.1 million. (See non-GAAP reconciliation under the section “Use of Non-GAAP Financial Measures.”)

• Noninterest expense of $460.8 million, an increase of $69.5 million (or 17.7 percent).

• Effective tax rate of 26.4 percent compared to 28.2 percent.

• GAAP operating efficiency ratio of 54.40 percent, an increase of 636 basis points. Non-GAAP core operating efficiency ratio of 53.78 percent, an increase of 573 basis points. (See non-GAAP reconciliation under the section “Use of Non-GAAP Financial Measures.”)

• Issuance of $350.0 million in depositary shares representing an ownership interest in shares of Series A Preferred Stock.

• Early redemption of our $350.0 million 5.375% Senior Notes due September 15, 2020, resulting in an early extinguishment of debt pre-tax loss of $9.0 million included in other noninterest income, or $0.13 per diluted common share for the fourth quarter, and full-year, 2019.

Fourth Quarter and Full-Year 2019 Summary

(Dollars in millions, except share data, employees and ratios)	Three months ended															Year ended
	December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019			December 31, 2018			December 31, 2019			December 31, 2018
Income statement:
Diluted earnings per common share	$	5.06		$	5.15		$	6.08		$	5.44		$	4.96		$	21.73		$	18.11
Net income available to common stockholders	262.9			267.3			318.0			288.7			266.3			1,136.9			973.8
Net interest income	533.7			520.6			529.4			512.9			514.5			2,096.6			1,894.0
Provision for credit losses	17.4			36.5			23.9			28.6			13.6			106.4			87.9
Noninterest income	313.3			294.0			333.8			280.4			186.7			1,221.5			745.0
Noninterest expense	460.8			391.3			383.5			365.7			307.6			1,601.3			1,188.2
Non-GAAP core fee income (1)	168.1			162.2			157.3			154.2			146.0			641.8			515.9
Non-GAAP core fee income, including investment banking revenue and commissions (1)	241.8			213.0			220.5			218.1			146.0			893.4			515.9
Non-GAAP noninterest income, net of noncontrolling interests (1)	301.3			279.4			315.0			277.1			177.9			1,172.9			707.0
Non-GAAP noninterest expense, net of noncontrolling interests (1)	460.6			391.2			383.4			365.3			307.4			1,600.4			1,187.7
Fully taxable equivalent:
Net interest income (1) (2)	$	536.8		$	523.6		$	532.3		$	515.8		$	517.4		$	2,108.6		$	1,903.2
Net interest margin	3.26		%	3.34		%	3.68		%	3.81		%	3.69		%	3.51		%	3.57		%
Balance sheet:
Average total assets	$	69,139.0		$	65,327.7		$	60,700.5		$	57,528.4		$	57,592.3		$	63,211.6		$	55,229.1
Average loans, net of unearned income	32,008.9			29,822.4			29,406.6			28,388.1			27,477.0			29,916.2			25,630.5
Average available-for-sale securities	12,640.5			10,600.4			8,205.3			6,870.2			8,793.7			9,597.7			9,789.2
Average held-to-maturity securities	14,023.0			14,534.5			14,922.6			15,224.0			15,691.1			14,672.3			14,997.8
Average noninterest-bearing demand deposits	39,627.7			39,146.2			38,117.9			38,222.7			40,106.9			38,783.5			39,633.1
Average interest-bearing deposits	20,549.8			18,088.8			14,844.3			11,491.5			8,980.3			16,273.5			8,442.2
Average total deposits	60,177.5			57,235.0			52,962.2			49,714.2			49,087.2			55,057.0			48,075.3
Average short-term borrowings	18.8			22.0			189.0			353.4			1,580.0			144.5			643.9
Average long-term debt	651.7			697.1			696.8			696.6			696.3			685.4			695.9
Period-end total assets	71,004.9			68,231.2			63,773.7			60,160.3			56,928.0			71,004.9			56,928.0
Period-end loans, net of unearned income	33,164.6			31,064.0			29,209.6			28,850.4			28,338.3			33,164.6			28,338.3
Period-end available-for-sale securities	14,014.9			12,866.9			7,940.3			6,755.1			7,790.0			14,014.9			7,790.0
Period-end held-to-maturity securities	13,842.9			14,407.1			14,868.8			15,055.3			15,487.4			13,842.9			15,487.4
Period-end non-marketable and other equity securities	1,213.8			1,150.1			1,079.7			975.0			941.1			1,213.8			941.1
Period-end noninterest-bearing demand deposits	40,841.6			40,480.6			39,331.5			39,278.7			39,103.4			40,841.6			39,103.4
Period-end interest-bearing deposits	20,916.2			19,062.3			16,279.1			13,048.5			10,225.5			20,916.2			10,225.5
Period-end total deposits	61,757.8			59,542.9			55,610.5			52,327.2			49,328.9			61,757.8			49,328.9
Period-end short-term borrowings	17.4			18.9			24.3			14.5			631.4			17.4			631.4
Period-end long-term debt	348.0			697.2			697.0			696.7			696.5			348.0			696.5
Off-balance sheet:
Average client investment funds	$	96,643.2		$	92,824.9		$	89,651.8		$	87,414.3		$	85,038.8		$	91,633.5		$	75,072.2
Period-end client investment funds	99,192.6			96,472.3			91,495.4			88,181.7			85,983.8			99,192.6			85,983.8
Total unfunded credit commitments	24,163.2			22,274.4			20,952.1			20,267.5			18,913.0			24,163.2			18,913.0

Earnings ratios:
Return on average assets (annualized) (3)	1.51		%	1.62		%	2.10		%	2.04		%	1.83		%	1.80		%	1.76		%
Return on average SVBFG common stockholders’ equity (annualized) (4)	17.03			18.27			23.29			22.16			20.61			20.03			20.57
Asset quality ratios:
Allowance for loan losses as a % of total gross loans	0.91		%	0.97		%	1.03		%	1.03		%	0.99		%	0.91		%	0.99		%
Allowance for loan losses for performing loans as a % of total gross performing loans	0.78			0.81			0.85			0.83			0.86			0.78			0.86
Gross loan charge-offs as a % of average total gross loans (annualized)	0.25			0.49			0.36			0.13			0.28			0.31			0.26
Net loan charge-offs as a % of average total gross loans (annualized)	0.18			0.44			0.23			0.11			0.20			0.24			0.22
Other ratios:
GAAP operating efficiency ratio (5)	54.40		%	48.04		%	44.43		%	46.10		%	43.87		%	48.26		%	45.02		%
Non-GAAP core operating efficiency ratio (1)	53.78			48.05			45.49			44.71			45.42			48.06			48.06
Total cost of deposits (annualized) (6)	0.31			0.38			0.36			0.23			0.09			0.32			0.06
SVBFG CET 1 risk-based capital ratio	12.64			12.71			12.92			12.89			13.41			12.64			13.41
Bank CET 1 risk-based capital ratio	11.18			11.48			12.50			12.35			12.41			11.18			12.41
SVBFG total risk-based capital ratio	14.30			13.70			13.97			13.94			14.45			14.30			14.45
Bank total risk-based capital ratio	12.02			12.36			13.44			13.29			13.32			12.02			13.32
SVBFG tier 1 leverage ratio	9.06			8.64			8.82			9.10			9.06			9.06			9.06
Bank tier 1 leverage ratio	7.30			7.48			8.17			8.38			8.10			7.30			8.10
Period-end loans, net of unearned income, to deposits ratio	53.70			52.17			52.53			55.13			57.45			53.70			57.45
Average loans, net of unearned income, to average deposits ratio	53.19			52.11			55.52			57.10			55.98			54.34			53.31
Book value per common share (7)	$	125.26		$	114.26		$	107.72		$	102.11		$	97.29		$	125.26		$	97.29
Other statistics:
Average full-time equivalent ("FTE") employees	3,522			3,413			3,287			3,228			2,873			3,362			2,685
Period-end full-time equivalent ("FTE") employees	3,564			3,460			3,314			3,250			2,900			3,564			2,900

(1) To supplement our unaudited condensed consolidated financial statements presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use certain non-GAAP measures. A reconciliation of these non-GAAP measures to the most closely related GAAP measures is provided at the end of this release under the section “Use of Non-GAAP Financial Measures.”

(2) Interest income on non-taxable investments is presented on a fully taxable equivalent basis using the federal statutory income tax rate of 21.0 percent. The taxable equivalent adjustments were $3.2 million for the quarter ended December 31, 2019, $3.0 million for the quarter ended September 30, 2019, $2.9 million for the quarter ended June 30, 2019, $2.9 million for the quarter ended March 31, 2019 and $3.0 million for the quarter ended December 31, 2018. The taxable equivalent adjustments were $11.9 million and $9.2 million for the years ended December 31, 2019 and December 31, 2018, respectively.

(3) Ratio represents annualized consolidated net income available to common stockholders divided by average assets.

(4) Ratio represents annualized consolidated net income available to common stockholders divided by average SVB Financial Group ("SVBFG") common stockholders’ equity.

(5) Ratio is calculated by dividing noninterest expense by total net interest income plus noninterest income.

(6) Ratio represents annualized total cost of deposits and is calculated by dividing interest expense from deposits by average total deposits.

(7) Book value per common share is calculated by dividing total SVBFG stockholders’ equity by total outstanding common shares.

Net Interest Income and Margin

Net interest income, on a fully taxable equivalent basis, was $536.8 million for the fourth quarter of 2019, compared to $523.6 million for the third quarter of 2019. The $13.2 million increase from the third quarter of 2019 to the fourth quarter of 2019 was attributable primarily to the following:

• An increase in interest income from loans of $2.5 million to $396.7 million for the fourth quarter of 2019.The increase was due primarily to a $24.0 million increase from $2.2 billion in average loan growth and $8.0 million in higher loan fees, partially offset by a $30.2 million decrease from lower gross loan yields. Overall loan yields decreased 32 basis points to 4.92 percent, driven primarily by a 39 basis point decrease in our gross loan yields driven primarily by a 30 basis point decrease due to the full quarter impact of the two 25 basis point decreases in the Federal Funds rate during the third and fourth quarters of 2019 as well as by lower LIBOR rates. The decrease in gross loan yields was offset partially by a seven basis point increase in loan fee yields reflective of an increase in prepayments, and

2

• An increase in interest income from our fixed income investment securities of $9.5 million to $173.2 million for the fourth quarter of 2019. The increase was reflective primarily of higher average fixed income securities balances of $1.5 billion during the fourth quarter of 2019 due to deposit growth, offset partially by

• A decrease of $6.9 million in interest income from short-term investment securities reflective primarily of the decreases in Federal Funds interest rates as well as a $0.6 billion decrease in average interest-earning cash balances, and

• An $8.2 million decrease in interest expense reflective of a decrease of $13.3 million of interest paid on our interest-bearing deposits due to market rate decreases offset by an increase in interest paid as a result of growth in our average interest-bearing deposits of $2.5 billion.

Net interest margin, on a fully taxable equivalent basis, was 3.26 percent for the fourth quarter of 2019, compared to 3.34 percent for the third quarter of 2019. The decrease in our net interest margin by eight basis points was due primarily to a 10 basis point decrease attributable to the rate environment as well as a four basis point decrease from the continued compression on our loan yields due to pricing competition. These decreases were offset partially by a five basis point increase due to loan fees from an increase in prepayments.

For the fourth quarter of 2019, approximately 93 percent, or $29.8 billion, of our average gross loans were variable-rate loans that adjust at prescribed measurement dates. Of our variable-rate loans, approximately 66 percent are tied to prime-lending rates and 34 percent are tied to LIBOR.

Investment Securities

Our investment securities portfolio is comprised of: (i) our available-for-sale ("AFS") and held-to-maturity ("HTM") securities portfolios, each consisting of fixed income investments which are managed to earn an appropriate portfolio yield over the long-term while maintaining sufficient liquidity and addressing our asset/liability management objectives; and (ii) our non-marketable and other equity securities portfolio, which represents primarily investments managed as part of our funds management business as well as public equity securities held as a result of equity warrant assets exercised. Our total average fixed income investment securities portfolio increased $1.5 billion, or 6.1 percent, to $26.7 billion for the quarter ended December 31, 2019. Our total period-end fixed income investment securities portfolio increased $0.6 billion, or 2.1 percent, to $27.9 billion at December 31, 2019. The weighted-average duration of our fixed income investment securities portfolio was 3.9 years at December 31, 2019 and 3.4 years at September 30, 2019. Our period-end non-marketable and other equity securities portfolio increased $63.7 million to $1.2 billion ($1.1 billion net of noncontrolling interests) at December 31, 2019.

Available-for-Sale Securities

Average AFS securities were $12.6 billion for the fourth quarter of 2019 compared to $10.6 billion for the third quarter of 2019. Period-end AFS securities were $14.0 billion atDecember 31, 2019 compared to $12.9 billion at September 30, 2019.The increases in average and period-end AFS security balances from the third quarter of 2019 to the fourth quarter of 2019 were due to purchases of $2.0 billion of U.S. Treasury securities and agency-issued commercial mortgage backed securities, partially offset by $0.9 billion in portfolio pay downs and maturities. The weighted-average duration of our AFS securities portfolio was 3.9 years at December 31, 2019 and 3.2 years at September 30, 2019.

Held-to-Maturity Securities

Average HTM securities were $14.0 billion for the fourth quarter of 2019, compared to $14.5 billion for the third quarter of 2019. Period-end HTM securities were $13.8 billion at December 31, 2019 compared to $14.4 billion at September 30, 2019. The decreases in average and period-end HTM security balances from the third quarter of 2019 to the fourth quarter of 2019 were due primarily to $0.6 billion in portfolio pay downs and maturities. The weighted-average duration of our HTM securities portfolio was 3.9 years at December 31, 2019 and 3.6 years at September 30, 2019.

Non-Marketable and Other Equity Securities

Our non-marketable and other equity securities portfolio increased $63.7 million to $1.2 billion ($1.1 billion net of noncontrolling interests) at December 31, 2019, compared to $1.2 billion ($1.0 billion net of noncontrolling interests) at September 30, 2019. The increase was primarily attributable to net new investments within our qualified housing projects portfolio of $39.4 million and net gains on investment securities of $28.1 million, partially offset by distributions from our fund investments. Reconciliations of our non-GAAP non-marketable and other equity securities, net of noncontrolling interests, are provided under the section “Use of Non-GAAP Financial Measures."

3

Loans

Average loans (net of unearned income) increased by $2.2 billion to $32.0 billion for the fourth quarter of 2019, compared to $29.8 billion for the third quarter of 2019. Period-end loans (net of unearned income) increased by $2.1 billion to $33.2 billion at December 31, 2019, compared to $31.1 billion at September 30, 2019. Average and period-end loan growth came primarily from our private equity/venture capital portfolio as well as from our private bank and software portfolios.

Loans (individually or in the aggregate) to any single client, equal to or greater than $20 million increased to $17.8 billion or 53.4 percent of total gross loans at December 31, 2019, as compared to $16.4 billion or 52.6 percent of total gross loans at September 30, 2019. Further details are provided under the section “Loan Concentrations."

Credit Quality

The following table provides a summary of our allowance for loan losses and our allowance for unfunded credit commitments:

	Three months ended									Year ended
(Dollars in thousands, except ratios)	December 31, 2019			September 30, 2019			December 31, 2018			December 31, 2019			December 31, 2018
Allowance for loan losses, beginning balance	$	304,410		$	301,888		$	285,713		$	280,903		$	255,024
Provision for loan losses	13,229			35,985			10,204			94,183			84,292
Gross loan charge-offs	(20,348		)	(36,820		)	(19,697		)	(92,603		)	(67,917		)
Loan recoveries	5,905			3,888			5,758			21,038			11,636
Foreign currency translation adjustments	1,728			(531		)	(1,075		)	1,403			(2,132		)
Allowance for loan losses, ending balance	$	304,924		$	304,410		$	280,903		$	304,924		$	280,903
Allowance for unfunded credit commitments, beginning balance	63,108			62,664			51,808			55,183			51,770
Provision for unfunded credit commitments	4,154			551			3,440			12,233			3,578
Foreign currency translation adjustments	394			(107		)	(65		)	240			(165		)
Allowance for unfunded credit commitments, ending balance (1)	$	67,656		$	63,108		$	55,183		$	67,656		$	55,183
Ratios and other information:
Provision for loan losses as a percentage of period-end total gross loans (annualized)	0.16		%	0.46		%	0.14		%	0.28		%	0.30		%
Gross loan charge-offs as a percentage of average total gross loans (annualized)	0.25			0.49			0.28			0.31			0.26
Net loan charge-offs as a percentage of average total gross loans (annualized)	0.18			0.44			0.20			0.24			0.22
Allowance for loan losses as a percentage of period-end total gross loans	0.91			0.97			0.99			0.91			0.99
Provision for credit losses	$	17,383		$	36,536		$	13,644		$	106,416		$	87,870
Period-end total gross loans	33,327,704			31,229,003			28,511,312			33,327,704			28,511,312
Average total gross loans	32,166,620			29,979,522			27,646,940			30,077,343			25,790,949
Allowance for loan losses for nonaccrual loans	44,859			53,728			37,941			44,859			37,941
Nonaccrual loans	102,669			104,045			94,142			102,669			94,142

(1) The “allowance for unfunded credit commitments” is included as a component of “other liabilities.”

Our allowance for loan losses increased $0.5 million to $304.9 million at December 31, 2019, compared to $304.4 million at September 30, 2019, due primarily to an increase in our performing loan reserves of $9.4 million offset partially by a decrease in reserves for nonaccrual loans of $8.9 million. The increase in our performing reserves was due primarily to period-end loan growth of $2.1 billion. As a percentage of total gross loans, our allowance for loan losses decreased six basis points to 0.91 percent at December 31, 2019, compared to 0.97 percent at September 30, 2019. The six basis point decrease was driven primarily by a four basis point decrease in the reserves for nonaccrual loans as a percentage of gross loans and a two basis point decrease in the qualitative component of our performing loan reserves as a percentage of gross loans reflective of the continued shift in the mix in our loan portfolio to our large, high credit quality private equity/venture capital loans during the quarter.

4

Our provision for credit losses was $17.4 million for the fourth quarter of 2019, consisting of the following:

• A provision for loan losses of $13.2 million, driven primarily by $16.3 million in additional reserves for period-end loan growth and $12.6 million for charge-offs not specifically reserved for, offset partially by a decrease of $7.1 million for the qualitative component of our performing loans as described above and by recoveries of $5.9 million, and

• A provision for unfunded credit commitments of $4.2 million, driven primarily by growth in unfunded credit commitments of $1.9 billion.

Gross loan charge-offs were $20.3 million for the fourth quarter of 2019, of which $12.6 million was not specifically reserved for at September 30, 2019. Gross loan charge-offs were primarily driven by a $4.5 million charge-off for one early-stage hardware portfolio client, $4.6 million for twosoftware clients and $2.3 million for one later-stage life sciences/healthcare client. The remaining charge-offs came primarily from our early-stage and mid-stage clients.

Nonaccrual loans were $102.7 million at December 31, 2019, compared to $104.0 million at September 30, 2019. Our nonaccrual loan balance decreased $1.3 million primarily driven by $7.7 million in charge-offs and $15.5 million in repayments, mostly offset by $21.9 million in new nonaccrual loans. Charge-offs were primarily driven by $4.2 million for two life sciences/healthcare clients, $2.0 million for one hardware client and $1.4 million for one software/internet client. The $15.5 million in repayments were primarily driven by our early-stage clients. New nonaccrual loans were primarily driven by $7.7 million for one mid-stage software client and $5.0 million for one later-stage life sciences/healthcare client. Nonaccrual loans as a percentage of total gross loans decreased to 0.31 percent for the fourth quarter of 2019 compared to 0.34 percent for the third quarter of 2019.

The allowance for loan losses for nonaccrual loans decreased $8.9 million to $44.9 million in the fourth quarter of 2019. The decrease was due primarily to $7.7 million in charge-offs and $8.3 million in repayments, offset mostly by $7.1 million in new nonaccrual loans as noted above.

CECL Adoption

Effective January 1, 2020, we will adopt the new accounting standard update (ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments) ("ASU 2016-13" or "CECL"), which amends the incurred loss impairment methodology with a methodology that reflects a current expected credit loss measurement to estimate the allowance for credit losses over the contractual life of the financial assets.

Utilizing our loan and unfunded credit commitment portfolio composition at December 31, 2019 and the current economic environment, we currently estimate the day one combined impact of CECL on our allowance for loan losses and allowance for unfunded credit commitments to be an increase (on a pre-tax basis) of approximately $40 million to $60 million upon adoption of CECL on January 1, 2020 or approximately 11% to 16% of our total combined allowance compared to our reported amount at December 31, 2019. Additionally, based on the credit quality of our existing debt securities portfolio at December 31, 2019, we currently estimate the day one impact of CECL on our allowance for our HTM municipal bond portfolio to be approximately $0.2 million (on a pre-tax basis). The final amounts will be determined and recognized as a day one cumulative adjustment to equity on an after tax basis as of January 1, 2020.

Client Funds

Our total client funds consist of both on-balance sheet deposits and off-balance sheet client investment funds. Average total client funds were $156.8 billion for the fourth quarter of 2019, compared to $150.1 billion for the third quarter of 2019, an increase of $6.8 billion, or 4.5 percent. Period-end total client funds were $161.0 billion at December 31, 2019, compared to $156.0 billion at September 30, 2019, an increase of $4.9 billion, or 3.2 percent.

Average off-balance sheet client investment funds were $96.6 billion for the fourth quarter of 2019, compared to $92.8 billion for the third quarter of 2019. Average on-balance sheet deposits were $60.2 billion for the fourth quarter of 2019 and $57.2 billion for the third quarter of 2019. Period-end off-balance sheet client investment funds were $99.2 billion at December 31, 2019, compared to $96.5 billion at September 30, 2019. Period-end on-balance sheet deposits were $61.8 billion at December 31, 2019, compared to $59.5 billion at September 30, 2019.

The increases in our average and period-end total client funds from the third quarter of 2019 to the fourth quarter of 2019 were reflective of growth in both on-balance sheet deposits and off-balance sheet client investment funds across

5

all portfolio segments. The leading contributor was our technology client portfolio attributable primarily to a healthy equity funding environment and exit markets for our clients, as well as continued new client acquisition.

In addition, we saw a continued shift in the mix of our on-balance sheet deposits with growth in our interest-bearing deposits reflective of our deposit growth initiatives and continued strong liquidity of our clients. Average noninterest-bearing demand deposits as a percentage of total average on-balance sheet deposits decreased to 66 percent for the fourth quarter of 2019, compared to 68 percent in the third quarter of 2019, with a corresponding increase in average interest-bearing deposits to 34 percent, compared to 32 percent.

Long-term Debt

On December 20, 2019, we redeemed in full the outstanding aggregate principal amount of our $350.0 million 5.375% Senior Notes due 2020 at a redemption price of $358.4 million. The amount paid in excess of the principal amount of the Notes represented a $9.0 million premium due to holders upon early redemption and was recorded as a loss in other noninterest income. The redemption of the Notes was funded, in part, by our issuance of depositary shares representing an ownership interest in shares of Series A Preferred Stock, as described under the section “Preferred Stock” below.

Noninterest Income

Noninterest income was $313.3 million for the fourth quarter of 2019, compared to $294.0 million for the third quarter of 2019. Non-GAAP noninterest income, net of noncontrolling interests, was $301.3 million for the fourth quarter of 2019, compared to $279.4 million for the third quarter of 2019. (See reconciliations of non-GAAP measures used under the section "Use of Non-GAAP Financial Measures.")

The increase of $19.3 million ($21.9 million net of noncontrolling interests) in noninterest income from the third quarter of 2019 to the fourth quarter of 2019 was attributable primarily to higher investment banking revenue and non-GAAP core fee income, partially offset by a decrease in gains from our equity warrant assets. Items impacting noninterest income for the fourth quarter of 2019 were as follows:

Net gains on investment securities

Net gains on investment securities were $28.1 million for the fourth quarter of 2019, compared to $29.8 million for the third quarter of 2019. Net of noncontrolling interests, non-GAAP net gains on investment securities were $16.3 million for the fourth quarter of 2019, compared to net gains of $15.2 million for the third quarter of 2019. Non-GAAP net gains, net of noncontrolling interests, of $16.3 million for the fourth quarter of 2019 were driven by the following:

• Gains of $7.3 million from our managed funds of funds portfolio, related primarily to net unrealized valuation increases in the private and public company investments held by the funds in the portfolio,

• Gains of $6.8 million from our public equity securities investments, primarily driven by unrealized gains driven by increases in value of public equity securities held, and

• Gains of $2.8 million from our strategic and other investments, comprised primarily of net unrealized valuation increases in companies held in our strategic venture capital funds.

6

The following tables provide a summary of non-GAAP net gains (losses) on investment securities, net of noncontrolling interests, for the three months ended December 31, 2019 and September 30, 2019, respectively:

	Three months ended December 31, 2019
(Dollars in thousands)	Managed Funds of Funds		Managed Direct Venture Funds		Public Equity Securities		Debt  Funds		Strategic and Other Investments		SVB Leerink			Total
GAAP gains (losses) on investment securities, net	$	14,152	$	4,847	$	6,829	$	118	$	2,753	$	(604	)	$	28,095
Less: income attributable to noncontrolling interests, including carried interest allocation	6,814		4,549		—		—		—		464			11,827
Non-GAAP gains (losses) on investment securities, net of noncontrolling interests	$	7,338	$	298	$	6,829	$	118	$	2,753	$	(1,068	)	$	16,268

	Three months ended September 30, 2019
(Dollars in thousands)	Managed Funds of Funds		Managed Direct Venture Funds		Public Equity Securities			Debt  Funds		Strategic and Other Investments		SVB Leerink		Total
GAAP gains (losses) on investment securities, net	$	22,223	$	9,668	$	(11,488	)	$	187	$	8,035	$	1,224	$	29,849
Less: income attributable to noncontrolling interests, including carried interest allocation	9,676		4,138		—			—		—		826		14,640
Non-GAAP gains (losses) on investment securities, net of noncontrolling interests	$	12,547	$	5,530	$	(11,488	)	$	187	$	8,035	$	398	$	15,209

Net gains on equity warrant assets

Net gains on equity warrant assets were $30.9 million for the fourth quarter of 2019, compared to $37.6 million for the third quarter of 2019. Net gains on equity warrant assets for the fourth quarter of 2019 were attributable primarily to $18.0 million of valuation increases in our private company warrant portfolio and net gains from exercises of $13.2 million driven by healthy gains from IPO and M&A activity.

At December 31, 2019, we held warrants in 2,268 companies with a total fair value of $165.5 million. Warrants in 20 companies each had fair values greater than $1.0 million and collectively represented $57.6 million, or 34.8 percent, of the fair value of the total warrant portfolio at December 31, 2019. 

The following table provides a summary of our net gains on equity warrant assets:

	Three months ended									Year ended
(Dollars in thousands)	December 31, 2019			September 30, 2019			December 31, 2018			December 31, 2019			December 31, 2018
Equity warrant assets:
Gains on exercises, net	$	13,228		$	30,047		$	5,102		$	107,168		$	58,186
Terminations	(410		)	(481		)	(2,860		)	(3,502		)	(5,964		)
Changes in fair value, net	18,047			7,995			14,507			34,412			36,920
Total net gains on equity warrant assets	$	30,865		$	37,561		$	16,749		$	138,078		$	89,142

The gains (or losses) from investment securities from our non-marketable and other equity securities portfolio as well as our equity warrant assets resulting from changes in valuations (fair values) are currently unrealized, and the extent to which such gains (or losses) will become realized is subject to a variety of factors, including, among other things, performance of the underlying portfolio companies, investor demand for IPOs, fluctuations in the underlying valuation of these companies, levels of M&A activity and legal and contractual restrictions on our ability to sell the underlying securities.

7

Non-GAAP core fee income including investment banking revenue and commissions

Non-GAAP core fee income (client investment fees, foreign exchange fees, credit card fees, deposit service charges, lending related fees and letters of credit and standby letters of credit fees) increased $5.9 million to $168.1 million for the fourth quarter of 2019, compared to $162.2 million for the third quarter of 2019. Non-GAAP core fee income including investment banking revenue and commissions increased $28.8 million to $241.8 million for the fourth quarter of 2019, compared to $213.0 million for the third quarter of 2019.

The following table provides a summary of our non-GAAP core fee income:

	Three months ended						Year ended
(Dollars in thousands)	December 31, 2019		September 30, 2019		December 31, 2018		December 31, 2019		December 31, 2018
Non-GAAP core fee income:
Client investment fees	$	45,163	$	46,679	$	41,768	$	182,068	$	130,360
Foreign exchange fees	42,399		40,309		38,252		159,262		138,812
Credit card fees	32,288		30,158		25,333		118,719		94,072
Deposit service charges	23,704		22,482		20,016		89,200		76,097
Lending related fees	13,063		11,707		11,011		49,920		41,949
Letters of credit and standby letters of credit fees	11,464		10,842		9,662		42,669		34,600
Total Non-GAAP core fee income	$	168,081	$	162,177	$	146,042	$	641,838	$	515,890
Investment banking revenue	58,172		38,516		—		195,177		—
Commissions	15,534		12,275		—		56,346		—
Total Non-GAAP core fee income including investment banking revenue and commissions	$	241,787	$	212,968	$	146,042	$	893,361	$	515,890

Non-GAAP core fee income increased from the third quarter of 2019 to the fourth quarter of 2019 reflective of an increase across a majority of our core fee income areas led primarily by increases in credit card fees and foreign exchange fees. Credit card fees increased $2.1 million due primarily to an increase in net interchange fees. Foreign exchange fees increased $2.1 million driven by increased trade volumes due to continued increase in the number of clients actively managing currency exposures.

Non-GAAP core fee income including investment banking revenue and commissions increased from the third quarter of 2019 to the fourth quarter of 2019 primarily due to an increase in investment banking revenue attributable to an increase in the levels of exit activity in the life science/healthcare IPO market during the fourth quarter of 2019. Investment banking revenue was $58.2 million, driven by $43.9 million from public equity underwriting fees and $15.1 million from M&A transactions for the fourth quarter of 2019.

Reconciliations of our non-GAAP noninterest income, non-GAAP net gains on investment securities and non-GAAP core fee income are provided under the section “Use of Non-GAAP Financial Measures.”

Noninterest Expense

Noninterest expense was $460.8 million for the fourth quarter of 2019, compared to $391.3 million for the third quarter of 2019. The increase of $69.5 million in noninterest expense consisted primarily of an increase in our compensation and benefits expense, professional services expense and other noninterest expense in the fourth quarter of 2019 compared to the third quarter of 2019.

8

The following table provides a summary of our compensation and benefits expense:

	Three months ended						Year ended
(Dollars in thousands, except employees)	December 31, 2019		September 30, 2019		December 31, 2018		December 31, 2019		December 31, 2018
Compensation and benefits:
Salaries and wages	$	120,028	$	109,473	$	90,139	$	436,500	$	324,971
Incentive compensation plans	87,590		59,602		50,478		288,073		200,871
Employee stock ownership plan ("ESOP")	1,066		884		1,438		4,197		6,435
Other employee incentives and benefits (1)	65,977		63,881		41,727		260,964		194,703
Total compensation and benefits	$	274,661	$	233,840	$	183,782	$	989,734	$	726,980
Period-end full-time equivalent employees	3,564		3,460		2,900		3,564		2,900
Average full-time equivalent employees	3,522		3,413		2,873		3,362		2,685

(1) Other employee incentives and benefits expense includes employer payroll taxes, group health and life insurance, share-based compensation, 401(k), warrant incentive and retention plans, agency fees and other employee-related expenses.

The $40.8 million increase in total compensation and benefits expense consists primarily of the following:

• An increase of $28.0 million in incentive compensation plans expense attributable primarily to a $20.6 million increase in SVB Leerink incentive plan expense as a result of a strong fourth quarter performance as compared to the third quarter and an increase in SVB incentive plan expense reflective of our strong 2019 full year performance, and

• An increase of $10.6 million in salaries and wages due primarily to higher nonrecurring compensation costs of $9.9 million incurred during the fourth quarter, with the remaining increase reflective of the increase in average full-time equivalent employees ("FTE") by 109 to 3,522 FTEs.

The increase in professional services expense of $17.3 million, of which $3.4 million was due to nonrecurring costs related to software impairment, was reflective primarily of increased consulting fees during the fourth quarter of 2019 associated with planned increased project spend to support our global digital banking, and continued global infrastructure, initiatives.

The $13.4 million increase in other noninterest expense includes an increase of $5.8 million related to year-end corporate and employee match donations and advertising costs.

Income Tax Expense

Our effective tax rate was 26.4 percent for the fourth quarter of 2019, compared to 28.2 percent for the third quarter of 2019. Our effective tax rate is calculated by dividing income tax expense by the sum of income before income tax expense and net income attributable to noncontrolling interests. Our effective tax rate for the full year 2019 was 27.2 percent compared to 26.5 percent for the full year 2018.

The decrease in our effective tax rate for the fourth quarter of 2019 was primarily due to benefits recognized for return-to-provision adjustments on our state tax returns and an increase in excess tax benefits from share-based compensation reflective primarily of a higher number of stock options exercised during the fourth quarter.

The increase in our effective tax rate for the full year 2019 is primarily due to a decrease in excess tax benefits from share-based compensation driven by a decrease in the number of stock options exercised during 2019 due to the decline in the stock price from the record highs during 2018.

Noncontrolling Interests

Included in net income is income and expense related to noncontrolling interests. The relevant amounts allocated to investors in our consolidated subsidiaries, other than us, are reflected under “Net Income Attributable to Noncontrolling Interests” in our statements of income. The following table provides a summary of net income attributable to noncontrolling interests:

9

	Three months ended									Year ended
(Dollars in thousands)	December 31, 2019			September 30, 2019			December 31, 2018			December 31, 2019			December 31, 2018
Net interest income (1)	$	(31	)	$	(14	)	$	(1	)	$	(72	)	$	(30	)
Noninterest income (1)	(704		)	(4,910		)	(2,215		)	(20,290		)	(22,342		)
Noninterest expense (1)	143			145			173			835			522
Carried interest allocation (2)	(11,368		)	(9,658		)	(6,624		)	(28,334		)	(15,658		)
Net income attributable to noncontrolling interests	$	(11,960	)	$	(14,437	)	$	(8,667	)	$	(47,861	)	$	(37,508	)

(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.

Net income attributable to noncontrolling interests was $12.0 million for the fourth quarter of 2019, compared to $14.4 million for the third quarter of 2019. Net income attributable to noncontrolling interests of $12.0 million for the fourth quarter of 2019 was primarily a result of net gains on investment securities (including carried interest allocation) from our managed funds of funds and our managed direct venture funds portfolios, related primarily to net unrealized valuation increases for private and public company investments held by the funds in the portfolios.

SVBFG Stockholders’ Equity

Total SVBFG stockholders’ equity increased by $0.6 billion to $6.5 billion at December 31, 2019, compared to $5.9 billion at September 30, 2019, primarily due to net income of $262.9 million and an increase in capital of $340.1 million related to the issuance of preferred stock during the fourth quarter of 2019.

Preferred Stock

On December 9, 2019, SVB Financial Group issued depositary shares representing an ownership interest in 350,000 shares of Series A Preferred Stock with $0.001 par value and liquidation preference of $1,000 per share, or $25 per depositary share, with each depositary share representing a 1/40th ownership interest in a share of the preferred stock. The Series A Preferred Stock has no stated maturity and is not subject to any sinking fund or other obligation of SVB Financial Group. Dividends are approved by the Board of Directors and, if declared, are payable quarterly, in arrears, at a rate per annum equal to 5.25 percent.

As of December 31, 2019, there were 350,000 shares issued and outstanding of Series A Preferred Stock, which had a carrying value of $340.1 million and liquidation preference of $350 million.

Stock Repurchase Programs

On October 24, 2019, our Board of Directors authorized a stock repurchase program that enables us to repurchase up to $350 million of our outstanding common stock. At December 31, 2019, no shares were purchased under the stock repurchase program.

Capital Ratios

Our regulatory risk-based capital ratios and tier 1 leverage ratio increased for SVB Financial Group as of December 31, 2019, compared to the same ratios as of September 30, 2019. The increase in capital ratios is primarily a result of an increase in capital due to net income and our Series A Preferred Stock issuance. The increases were partially offset by an increase in risk-weighted assets and average assets driven primarily by robust loan growth during the fourth quarter of 2019.

Our regulatory risk-based capital ratios and tier 1 leverage ratio decreased for Silicon Valley Bank (the "Bank")as of December 31, 2019, compared to the same ratios as of September 30, 2019. The decrease in capital ratios was driven by the increase in risk-weighted assets driven by loan growth during the fourth quarter of 2019, partially offset by the increase in capital due to net income. Overall, decreases to the Bank's risk-based capital ratios were inclusive of a $100.0 million cash dividend paid by the Bank to our bank holding company, SVB Financial Group, during the fourth quarter of 2019.

All of our reported capital ratios remain above the levels considered to be “well capitalized” under applicable banking regulations. See the "SVB Financial and Bank Capital Ratios" section, at the end of this release, for details.

10

Outlook for the Year Ending December 31, 2020

Our outlook for the year ending December 31, 2020 is provided below on a GAAP basis, unless otherwise noted. We have provided our current outlook for the expected full year results of our significant forecasted activities. Except for the items noted below, we do not provide an outlook for certain items (such as gains or losses from warrants and investment securities) where the timing or financial impact are uncertain and/or subject to market or other conditions beyond our control (such as the level of IPO, M&A or general financing activity), or for potential unusual or non-recurring items. The outlook and the underlying assumptions presented below are, by their nature, forward-looking statements and are subject to substantial risks and uncertainties, which are discussed below under the section “Forward-Looking Statements.”

For the full year ending December 31, 2020, compared to our full year 2019 results, we currently expect the following outlook: (Note that the outlook below includes: (i) the expected impact of the July 31, 2019, September 18, 2019 and October 30, 2019 decreases of the target Federal Funds rate by the Federal Reserve of 25 basis points each as well as the decreases in the 1- and 3- month LIBOR rates through December 31, 2019, and no assumptions about any further Federal Funds or LIBOR rate changes during 2020, and (ii) management updates to preliminary 2020 outlook for selected items previously disclosed on October 24, 2019.)

	Current full year 2020 outlook compared to 2019 results (as of January 23, 2020)
Average loan balances	Increase at a percentage rate in the low teens
Average deposit balances	Increase at a percentage rate in the mid-teens
Net interest income (1)	Increase at a percentage rate in the low single digits
Net interest margin (1)	Between 3.10% and 3.20%
Allowance for loan losses as a percentage of total gross loans (2)	Between 0.95% and 1.05%
Net loan charge-offs	Between 0.20% and 0.40% of average total gross loans
Nonperforming loans as a percentage of total gross loans	Between 0.30% and 0.50% of total gross loans
Core fee income (client investment fees, foreign exchange fees, credit card fees, deposit service charges, lending related fees and letters of credit fees) (3)	Increase at a percentage rate in the low double digits
Core fee income (client investment fees, foreign exchange fees, credit card fees, deposit service charges, lending related fees and letters of credit fees) including investment banking revenue and commissions (3) (6)	Increase at a percentage rate in the high single digits
Noninterest expense (excluding expenses related to noncontrolling interests) including SVB Leerink's noninterest expenses (4) (5) (6)	Increase at a percentage rate in the high single digits
Effective tax rate (7)	Between 26% and 28%

(1) Our outlook for net interest income and net interest margin is based primarily on management's current forecast of average deposit and loan balances and deployment of surplus cash into investment securities. Such forecasts are subject to change, and actual results may differ, based on market conditions, actual prepayment rates and other factors described under the section "Forward-Looking Statements" below.

(2) Assumes stable economic conditions throughout the year ended December 31, 2020.

(3) Core fee income is a non-GAAP measure, which represents noninterest income, but excludes certain line items where performance is typically subject to market or other conditions beyond our control. As we are unable to quantify such line items that would be required to be included in the comparable GAAP financial measure for the future period presented without unreasonable efforts, no reconciliation for the outlook of non-GAAP core fee income to GAAP noninterest income for fiscal 2020 is included in this release, as we believe such reconciliation would imply a degree of precision that would be confusing or misleading to investors. See "Use of Non-GAAP Financial Measures" at the end of this release for further information regarding the calculation and limitations of this measure.

(4) Noninterest expense (excluding expenses related to noncontrolling interests) is a non-GAAP measure, which represents noninterest expense, but excludes expenses attributable to noncontrolling interests. As we are unable to quantify such line items that would be required to be included in the comparable GAAP financial measure for the future period presented without unreasonable efforts, no reconciliation for the outlook of non-GAAP noninterest expense (excluding expenses related to noncontrolling interests) to GAAP noninterest expense for fiscal 2020 is included in this release, as we believe such reconciliation would imply a degree of precision that would be confusing or misleading to investors. See "Use of Non-GAAP Financial Measures" at the end of this release for further information regarding the calculation and limitations of this measure.

(5) Our outlook for noninterest expense is partly based on management's current forecast of performance-based incentive compensation expenses. Such forecasts are subject to change, and actual results may differ, based on our performance relative to our internal performance targets.

(6) Investment banking revenue, commissions and noninterest expense consists of revenue and expenses attributable entirely to SVB Leerink.

11

(7) Our outlook for our effective tax rate is based on management's current assumptions with respect to, among other things, SVB Financial Group's earnings, state income tax levels, tax deductions and estimated performance-based compensation activity.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Forward-looking statements are statements that are not historical facts, such as forecasts of our future financial results and condition, expectations for our operations and business, and our underlying assumptions of such forecasts and expectations. In addition, forward-looking statements generally can be identified by the use of such words as “becoming,” “may,” “will,” “should,” “could,” “would,” “predict,” “potential,” “continue,” “anticipate,” “believe,” “estimate,” “assume,” “seek,” “expect,” “plan,” “intend,” the negative of such words or comparable terminology. In this release, including our CEO's statement and in the sections “CECL Adoption” and “Outlook for the Year Ending December 31, 2020,” we make forward-looking statements discussing management’s expectations for 2020 about, among other things, economic conditions; opportunities in the market; the outlook on our clients' performance; our financial, credit, and business performance, including potential investment gains; loan growth, loan mix and loan yields; expense levels; our expected effective tax rate; accounting impact; and financial results (and the components of such results), including the performance results of SVB Leerink for certain quarters in, and for the full year 2020.

Although we believe that the expectations reflected in our forward-looking statements are reasonable, we have based these expectations on our current beliefs as well as our assumptions, and such expectations may not prove to be correct. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside our control. Our actual results of operations and financial performance could differ significantly from those expressed in or implied by our management’s forward-looking statements. Important factors that could cause our actual results and financial condition to differ from the expectations stated in the forward-looking statements include, among others:

• market and economic conditions (including the general condition of the capital and equity markets, and IPO, M&A and financing activity levels) and the associated impact on us (including effects on client demand for our commercial and investment banking and other financial services, as well as on the valuations of our investments);

• changes in the volume and credit quality of our loans as well as volatility of our levels of nonperforming assets and charge-offs;

• the impact of changes in interest rates or market levels or factors affecting or affected by them, especially on our loan and investment portfolios;

• changes in the levels of our loans, deposits and client investment fund balances;

• changes in the performance or equity valuations of funds or companies in which we have invested or hold derivative instruments or equity warrant assets;

• variations from our expectations as to factors impacting our cost structure;

• changes in our assessment of the creditworthiness or liquidity of our clients or unanticipated effects of credit concentration risks which create or exacerbate deterioration of such creditworthiness or liquidity;

• variations from our expectations as to factors impacting the timing and level of employee share-based transactions;

• variations from our expectations as to factors impacting our estimate of our full-year effective tax rate;

• changes in applicable accounting standards and tax laws; and

• regulatory or legal changes or their impact on us.

For additional information about these and other factors, please refer to our public reports filed with the U.S. Securities and Exchange Commission, including under the caption "Risk Factors" in our most recent Annual Report filed on Form 10-K. The forward-looking statements included in this release are made only as of the date of this release. We do not intend, and undertake no obligation, to update these forward-looking statements.

Earnings Conference Call

On Thursday, January 23, 2020, we will host a conference call at 3:00 p.m. (Pacific Time) to discuss the financial results for the quarter ended December 31, 2019. The conference call can be accessed by dialing (888) 771-4371 or (847) 585-4405, and entering the confirmation number "49249172". A live webcast of the audio portion of the call can be accessed on the Investor Relations section of our website at www.svb.com. A replay of the conference call will be available beginning at approximately 5:30 p.m. (Pacific Time) on Thursday, January 23, 2020, through 9:59 p.m. (Pacific Time) onSaturday, February 22, 2020 and may be accessed by dialing (888) 843-7419 or (630) 652-3042 and entering

12

the passcode "49249172#". A replay of the audio webcast will also be available on www.svb.com for 12 months beginning on January 23, 2020.

About SVB Financial Group

For more than 35 years, SVB Financial Group (NASDAQ: SIVB) and its subsidiaries have helped innovative companies and their investors move bold ideas forward, fast. SVB Financial Group’s businesses, including Silicon Valley Bank, offer commercial, investment and private banking, asset management, private wealth management, brokerage and investment services and funds management services to companies in the technology, life science and healthcare, private equity and venture capital and premium wine industries. Headquartered in Santa Clara, California, SVB Financial Group operates in centers of innovation around the world. Learn more at www.svb.com.

SVB Financial Group is the holding company for all business units and groups © 2020 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, SVB LEERINK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group.

13

SVB FINANCIAL GROUP AND SUBSIDIARIES

INTERIM CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three months ended									Year ended
(Dollars in thousands, except share data)	December 31, 2019			September 30, 2019			December 31, 2018			December 31, 2019			December 31, 2018
Interest income:
Loans	$	396,698		$	394,246		$	378,756		$	1,599,165		$	1,358,480
Investment securities:
Taxable	158,083			149,656			137,903			568,851			541,605
Non-taxable	11,961			11,123			11,110			44,952			34,616
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities	21,993			28,867			15,128			96,440			35,208
Total interest income	588,735			583,892			542,897			2,309,408			1,969,909
Interest expense:
Deposits	47,509			55,106			10,897			177,672			29,306
Borrowings	7,558			8,142			17,540			35,135			46,615
Total interest expense	55,067			63,248			28,437			212,807			75,921
Net interest income	533,668			520,644			514,460			2,096,601			1,893,988
Provision for credit losses	17,383			36,536			13,644			106,416			87,870
Net interest income after provision for credit losses	516,285			484,108			500,816			1,990,185			1,806,118
Noninterest income:
Gains on investment securities, net	28,095			29,849			10,729			134,670			88,094
Gains on equity warrant assets, net	30,865			37,561			16,749			138,078			89,142
Client investment fees	45,163			46,679			41,768			182,068			130,360
Foreign exchange fees	42,399			40,309			38,252			159,262			138,812
Credit card fees	32,288			30,158			25,333			118,719			94,072
Deposit service charges	23,704			22,482			20,016			89,200			76,097
Lending related fees	13,063			11,707			11,011			49,920			41,949
Letters of credit and standby letters of credit fees	11,464			10,842			9,662			42,669			34,600
Investment banking revenue	58,172			38,516			—			195,177			—
Commissions	15,534			12,275			—			56,346			—
Other	12,597			13,631			13,187			55,370			51,858
Total noninterest income	313,344			294,009			186,707			1,221,479			744,984
Noninterest expense:
Compensation and benefits	274,661			233,840			183,782			989,734			726,980
Professional services	72,461			55,202			46,755			205,479			158,835
Premises and equipment	24,384			26,775			20,342			96,770			77,918
Net occupancy	19,563			16,981			14,155			69,279			54,753
Business development and travel	16,997			19,539			12,182			68,912			48,180
FDIC and state assessments	5,166			4,881			4,970			18,509			34,276
Other	47,520			34,106			25,406			152,579			87,251
Total noninterest expense	460,752			391,324			307,592			1,601,262			1,188,193
Income before income tax expense	368,877			386,793			379,931			1,610,402			1,362,909
Income tax expense	94,061			105,075			105,000			425,685			351,561
Net income before noncontrolling interests	274,816			281,718			274,931			1,184,717			1,011,348
Net income attributable to noncontrolling interests	(11,960		)	(14,437		)	(8,667		)	(47,861		)	(37,508		)
Net income available to common stockholders	$	262,856		$	267,281		$	266,264		$	1,136,856		$	973,840
Earnings per common share—basic	$	5.10		$	5.19		$	5.01		$	21.90		$	18.35
Earnings per common share—diluted	5.06			5.15			4.96			21.73			18.11
Weighted average common shares outstanding—basic	51,587,074			51,544,807			53,125,046			51,914,703			53,077,952
Weighted average common shares outstanding—diluted	51,959,250			51,858,470			53,684,512			52,310,657			53,771,457

14

SVB FINANCIAL GROUP AND SUBSIDIARIES

INTERIM CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands, except par value and share data)	December 31, 2019			September 30, 2019			December 31, 2018
Assets:
Cash and cash equivalents	$	6,781,783		$	6,946,196		$	3,571,539
Available-for-sale securities, at fair value (cost $13,894,348, $12,699,542 and $7,862,311, respectively)	14,014,919			12,866,857			7,790,043
Held-to-maturity securities, at cost (fair value $14,115,272, $14,698,802 and $15,188,236, respectively)	13,842,946			14,407,078			15,487,442
Non-marketable and other equity securities	1,213,829			1,150,094			941,104
Investment securities	29,071,694			28,424,029			24,218,589
Loans, net of unearned income	33,164,636			31,063,994			28,338,280
Allowance for loan losses	(304,924		)	(304,410		)	(280,903		)
Net loans	32,859,712			30,759,584			28,057,377
Premises and equipment, net of accumulated depreciation and amortization	161,876			146,713			129,213
Goodwill	137,823			137,823			—
Other intangible assets, net	49,417			52,288			—
Lease right-of-use assets	197,365			178,532			—
Accrued interest receivable and other assets	1,745,233			1,586,068			951,261
Total assets	$	71,004,903		$	68,231,233		$	56,927,979
Liabilities and total equity:
Liabilities:
Noninterest-bearing demand deposits	$	40,841,570		$	40,480,610		$	39,103,422
Interest-bearing deposits	20,916,237			19,062,264			10,225,478
Total deposits	61,757,807			59,542,874			49,328,900
Short-term borrowings	17,430			18,898			631,412
Lease liabilities	218,847			192,543			—
Other liabilities	2,041,752			1,731,222			1,006,359
Long-term debt	347,987			697,227			696,465
Total liabilities	64,383,823			62,182,764			51,663,136
SVBFG stockholders’ equity:
Preferred stock, $0.001 par value, 20,000,000 shares authorized; 350,000 shares issued and outstanding	340,138			—			—
Common stock, $0.001 par value, 150,000,000 shares authorized; 51,655,607 shares, 51,555,831 shares and 52,586,498 shares issued and outstanding, respectively	52			52			53
Additional paid-in capital	1,470,071			1,441,730			1,378,438
Retained earnings	4,575,601			4,312,745			3,791,838
Accumulated other comprehensive income (loss)	84,445			136,153			(54,120		)
Total SVBFG stockholders’ equity	6,470,307			5,890,680			5,116,209
Noncontrolling interests	150,773			157,789			148,634
Total equity	6,621,080			6,048,469			5,264,843
Total liabilities and total equity	$	71,004,903		$	68,231,233		$	56,927,979

15

SVB FINANCIAL GROUP AND SUBSIDIARIES

INTERIM AVERAGE BALANCES, RATES AND YIELDS

(Unaudited)

	Three months ended
	December 31, 2019								September 30, 2019								December 31, 2018
(Dollars in thousands, except yield/rate and ratios)	Average Balance			Interest Income/ Expense			Yield/ Rate		Average Balance			Interest Income/ Expense			Yield/ Rate		Average Balance			Interest Income/ Expense			Yield/ Rate
Interest-earning assets:
Federal reserve deposits, federal funds sold, securities purchased under agreements to resell and other short-term investment securities (1)	$	6,631,397		$	21,993		1.32	%	$	7,193,195		$	28,867		1.59	%	$	3,666,985		$	15,128		1.64	%
Investment securities: (2)
Available-for-sale securities:
Taxable	12,640,467			74,759			2.35		10,600,449			62,121			2.32		8,793,665			43,854			1.98
Held-to-maturity securities:
Taxable	12,256,986			83,324			2.70		12,922,438			87,535			2.69		14,114,704			94,049			2.64
Non-taxable (3)	1,766,043			15,141			3.40		1,612,067			14,080			3.47		1,576,415			14,062			3.54
Total loans, net of unearned income (4) (5)	32,008,949			396,698			4.92		29,822,426			394,246			5.24		27,476,960			378,756			5.47
Total interest-earning assets	65,303,842			591,915			3.59		62,150,575			586,849			3.74		55,628,729			545,849			3.89
Cash and due from banks	706,943								590,391								434,140
Allowance for loan losses	(317,621		)						(308,609		)						(289,573		)
Other assets (6)	3,445,826								2,895,391								1,819,019
Total assets	$	69,138,990							$	65,327,748							$	57,592,315
Funding sources:
Interest-bearing liabilities:
Interest bearing checking and savings accounts	$	519,209		$	107		0.08	%	$	470,601		$	102		0.09	%	$	598,077		$	125		0.08	%
Money market deposits	17,223,290			40,651			0.94		15,805,507			49,169			1.23		7,121,750			10,054			0.56
Money market deposits in foreign offices	231,874			21			0.04		115,590			12			0.04		148,222			16			0.04
Time deposits	161,871			481			1.18		157,218			590			1.49		71,498			39			0.22
Sweep deposits in foreign offices	2,413,564			6,249			1.03		1,539,869			5,233			1.35		1,040,761			663			0.25
Total interest-bearing deposits	20,549,808			47,509			0.92		18,088,785			55,106			1.21		8,980,308			10,897			0.48
Short-term borrowings	18,770			73			1.54		22,045			119			2.14		1,579,983			9,527			2.39
3.50% Senior Notes	347,929			3,151			3.59		347,841			3,150			3.59		347,583			3,147			3.59
5.375% Senior Notes	303,807			4,334			5.66		349,216			4,873			5.54		348,719			4,866			5.54
Total interest-bearing liabilities	21,220,314			55,067			1.03		18,807,887			63,248			1.33		11,256,593			28,437			1.00
Portion of noninterest-bearing funding sources	44,083,528								43,342,688								44,372,136
Total funding sources	65,303,842			55,067			0.33		62,150,575			63,248			0.40		55,628,729			28,437			0.20
Noninterest-bearing funding sources:
Demand deposits	39,627,690								39,146,184								40,106,861
Other liabilities	1,948,720								1,417,659								955,635
SVBFG stockholders’ equity	6,123,601								5,802,907								5,127,271
Noncontrolling interests	218,665								153,111								145,955
Portion used to fund interest-earning assets	(44,083,528		)						(43,342,688		)						(44,372,136		)
Total liabilities and total equity	$	69,138,990							$	65,327,748							$	57,592,315
Net interest income and margin				$	536,848		3.26	%				$	523,601		3.34	%				$	517,412		3.69	%
Total deposits	$	60,177,498							$	57,234,969							$	49,087,169
Average SVBFG stockholders’ equity as a percentage of average assets							8.86	%							8.88	%							8.90	%
Reconciliation to reported net interest income:
Adjustments for taxable equivalent basis				(3,180		)						(2,957		)						(2,952		)
Net interest income, as reported				$	533,668							$	520,644							$	514,460

(1) Includes average interest-earning deposits in other financial institutions of $1.0 billion, $1.1 billion and $0.6 billion; and $4.6 billion, $5.1 billion and $2.3 billion deposited at the Federal Reserve Bank, earning interest at the Federal Funds target rate, for the quarters ended December 31, 2019, September 30, 2019 and December 31, 2018, respectively.

(2) Yields on interest-earning investment securities do not give effect to changes in fair value that are reflected in other comprehensive income or loss.

(3) Interest income on non-taxable investment securities is presented on a fully taxable equivalent basis using the federal statutory tax rate of 21.0 percent for all periods presented.

(4) Nonaccrual loans are reflected in the average balances of loans.

(5) Interest income includes loan fees of $47.4 million, $39.4 million and $35.8 million for the quarters ended December 31, 2019, September 30, 2019 and December 31, 2018, respectively.

(6) Average investment securities of $1.3 billion, $1.2 billion and $0.8 billion for the quarters ended December 31, 2019, September 30, 2019 and December 31, 2018, respectively, were classified as other assets as they are noninterest-earning assets. These investments consist primarily of non-marketable and other equity securities.

16

SVB FINANCIAL GROUP AND SUBSIDIARIES

INTERIM AVERAGE BALANCES, RATES AND YIELDS

(Unaudited)

	Year ended
	December 31, 2019								December 31, 2018
(Dollars in thousands, except yield/rate and ratios)	Average Balance			Interest Income/ Expense			Yield/ Rate		Average Balance			Interest Income/ Expense			Yield/ Rate
Interest-earning assets:
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities (1)	$	5,932,146		$	96,440		1.63	%	$	2,820,883		$	35,208		1.25	%
Investment securities: (2)
Available-for-sale securities:
Taxable	9,597,712			217,650			2.27		9,789,211			185,120			1.89
Held-to-maturity securities:
Taxable	13,041,160			351,201			2.69		13,727,745			356,485			2.60
Non-taxable (3)	1,631,182			56,901			3.49		1,270,101			43,817			3.45
Total loans, net of unearned income (4) (5)	29,916,207			1,599,165			5.35		25,630,520			1,358,480			5.30
Total interest-earning assets	60,118,407			2,321,357			3.86		53,238,460			1,979,110			3.71
Cash and due from banks	592,196								480,900
Allowance for loan losses	(306,800		)						(282,489		)
Other assets (6)	2,807,827								1,792,189
Total assets	$	63,211,630							$	55,229,060
Funding sources:
Interest-bearing liabilities:
Interest bearing checking and savings accounts	$	498,606		$	424		0.09	%	$	583,295		$	463		0.08	%
Money market deposits	13,721,076			152,901			1.11		6,609,873			27,713			0.42
Money market deposits in foreign offices	164,693			64			0.04		192,128			76			0.04
Time deposits	111,806			1,271			1.14		62,570			111			0.18
Sweep deposits in foreign offices	1,777,299			23,012			1.29		994,360			943			0.09
Total interest-bearing deposits	16,273,480			177,672			1.09		8,442,226			29,306			0.35
Short-term borrowings	144,545			3,592			2.49		643,886			14,579			2.26
3.50% Senior Notes	347,799			12,598			3.62		347,458			12,586			3.62
5.375% Senior Notes	337,646			18,945			5.61		348,480			19,450			5.58
Total interest-bearing liabilities	17,103,470			212,807			1.24		9,782,050			75,921			0.78
Portion of noninterest-bearing funding sources	43,014,937								43,456,410
Total funding sources	60,118,407			212,807			0.35		53,238,460			75,921			0.14
Noninterest-bearing funding sources:
Demand deposits	38,783,470								39,633,118
Other liabilities	1,483,737								937,199
SVBFG stockholders’ equity	5,674,531								4,734,417
Noncontrolling interests	166,422								142,276
Portion used to fund interest-earning assets	(43,014,937		)						(43,456,410		)
Total liabilities and total equity	$	63,211,630							$	55,229,060
Net interest income and margin				$	2,108,550		3.51	%				$	1,903,189		3.57	%
Total deposits	$	55,056,950							$	48,075,344
Average SVBFG stockholders’ equity as a percentage of average assets							8.98	%							8.57	%
Reconciliation to reported net interest income:
Adjustments for taxable equivalent basis				(11,949		)						(9,201		)
Net interest income, as reported				$	2,096,601							$	1,893,988

(1) Includes average interest-earning deposits in other financial institutions of $0.9 billion and $0.8 billion for the years endedDecember 31, 2019 and 2018. The balance also includes $4.1 billion and $1.6 billion deposited at the Federal Reserve Bank, earning interest at the Federal Funds target rate for the years endedDecember 31, 2019 and 2018, respectively.

(2) Yields on interest-earning investment securities do not give effect to changes in fair value that are reflected in other comprehensive income or loss.

(3) Interest income on non-taxable investment securities is presented on a fully taxable equivalent basis using the federal statutory tax rate of 21.0 percent for all periods presented.

(4) Nonaccrual loans are reflected in the average balances of loans.

(5) Interest income includes loan fees of $167.6 million and $136.6 million for the years endedDecember 31, 2019 and 2018, respectively.

(6) Average investment securities of $1.1 billion and $773 million for the years endedDecember 31, 2019 and 2018, respectively, were classified as other assets as they are noninterest-earning assets. These investments consisted primarily of non-marketable and other equity securities.

17

Reconciliation of Basic and Diluted Weighted Average Common Shares Outstanding

	Three months ended			Year ended
(Shares in thousands)	December 31, 2019	September 30, 2019	December 31, 2018	December 31, 2019	December 31, 2018
Weighted average common shares outstanding—basic	51,587	51,545	53,125	51,915	53,078
Effect of dilutive securities:
Stock options and employee stock purchase plan	203	203	302	227	377
Restricted stock units	169	110	258	169	317
Total effect of dilutive securities	372	313	560	396	694
Weighted average common shares outstanding—diluted	51,959	51,858	53,685	52,311	53,772

SVB Financial and Bank Capital Ratios

	December 31, 2019		September 30, 2019		December 31, 2018
SVB Financial:
CET 1 risk-based capital ratio	12.64	%	12.71	%	13.41	%
Tier 1 risk-based capital ratio	13.50		12.86		13.58
Total risk-based capital ratio	14.30		13.70		14.45
Tier 1 leverage ratio	9.06		8.64		9.06
Tangible common equity to tangible assets ratio (1)	8.39		8.38		8.99
Tangible common equity to risk-weighted assets ratio (1)	12.82		13.04		13.28
Silicon Valley Bank:
CET 1 risk-based capital ratio	11.18	%	11.48	%	12.41	%
Tier 1 risk-based capital ratio	11.18		11.48		12.41
Total risk-based capital ratio	12.02		12.36		13.32
Tier 1 leverage ratio	7.30		7.48		8.10
Tangible common equity to tangible assets ratio (1)	7.24		7.36		8.13
Tangible common equity to risk-weighted assets ratio (1)	11.37		11.82		12.28

(1) These are non-GAAP measures. A reconciliation of non-GAAP measures to GAAP is provided at the end of this release under the section “Use of Non-GAAP Financial Measures.”

18

Loan Concentrations

(Dollars in thousands, except ratios and client data)	December 31, 2019			September 30, 2019			December 31, 2018
Loans (individually or in the aggregate) to any single client, equal to or greater than $20 million
Commercial loans:
Software/internet	$	2,417,895		$	2,320,065		$	2,255,601
Hardware	581,811			668,093			604,954
Private equity/venture capital	13,088,661			11,894,626			10,147,715
Life science/healthcare	1,081,897			1,062,852			1,065,060
Premium wine (1)	87,380			60,680			74,235
Other	33,749			56,856			70,904
Total commercial loans	17,291,393			16,063,172			14,218,469
Real estate secured loans:
Premium wine (1)	203,698			139,218			106,132
Consumer (2)	102,681			32,750			—
Other	—			—			—
Total real estate secured loans	306,379			171,968			106,132
Construction loans	48,251			44,040			—
Consumer loans (2)	156,860			148,261			165,519
Total loans individually equal to or greater than $20 million	$	17,802,883		$	16,427,441		$	14,490,120
Loans (individually or in the aggregate) to any single client, less than $20 million
Commercial loans:
Software/internet	$	3,886,283		$	3,747,602		$	3,954,377
Hardware	761,958			699,799			640,846
Private equity/venture capital	4,728,729			4,415,459			3,970,417
Life science/healthcare	1,330,716			1,384,341			1,396,016
Premium wine	180,359			174,104			175,081
Other	412,731			343,631			275,843
Total commercial loans	11,300,776			10,764,936			10,412,580
Real estate secured loans:
Premium wine	618,139			611,086			605,105
Consumer	3,180,764			2,979,296			2,609,645
Other	38,997			39,455			40,627
Total real estate secured loans	3,837,900			3,629,837			3,255,377
Construction loans	52,727			73,613			98,034
Consumer loans	333,418			333,176			255,201
Total loans individually less than $20 million	$	15,524,821		$	14,801,562		$	14,021,192
Total gross loans	$	33,327,704		$	31,229,003		$	28,511,312
Loans individually equal to or greater than $20 million as a percentage of total gross loans	53.4		%	52.6		%	50.8		%
Total clients with loans individually equal to or greater than $20 million	397			388			361
Loans individually equal to or greater than $20 million on nonaccrual status	$	37,294		$	37,294		$	27,455

(1) Premium wine clients can have loan balances included in both commercial loans and real estate secured loans, the combination of which are equal to or greater than $20 million.

(2) Consumer loan clients can have loan balances included in both real estate secured loans and other consumer loans, the combination of which are equal to or greater than $20 million.

19

Credit Quality

(Dollars in thousands, except ratios)	December 31, 2019			September 30, 2019			December 31, 2018
Gross nonaccrual, past due and restructured loans:
Nonaccrual loans	$	102,669		$	104,045		$	94,142
Loans past due 90 days or more still accruing interest	365			864			1,964
Total nonperforming loans	103,034			104,909			96,106
OREO and other foreclosed assets	—			—			—
Total nonperforming assets	$	103,034		$	104,909		$	96,106
Nonperforming loans as a percentage of total gross loans	0.31		%	0.34		%	0.34		%
Nonperforming assets as a percentage of total assets	0.15			0.15			0.17
Allowance for loan losses	$	304,924		$	304,410		$	280,903
As a percentage of total gross loans	0.91		%	0.97		%	0.99		%
As a percentage of total gross nonperforming loans	295.95			290.17			292.28
Allowance for loan losses for nonaccrual loans	$	44,859		$	53,728		$	37,941
As a percentage of total gross loans	0.13		%	0.17		%	0.13		%
As a percentage of total gross nonperforming loans	43.54			51.21			39.48
Allowance for loan losses for total gross performing loans	$	260,065		$	250,682		$	242,962
As a percentage of total gross loans	0.78		%	0.80		%	0.85		%
As a percentage of total gross performing loans	0.78			0.81			0.86
Total gross loans	$	33,327,704		$	31,229,003		$	28,511,312
Total gross performing loans	33,224,670			31,124,094			28,415,206
Allowance for unfunded credit commitments (1)	67,656			63,108			55,183
As a percentage of total unfunded credit commitments	0.28		%	0.28		%	0.29		%
Total unfunded credit commitments (2)	$	24,163,172		$	22,274,418		$	18,913,021

(1) The “allowance for unfunded credit commitments” is included as a component of “other liabilities.”

(2) Includes unfunded loan commitments and letters of credit.

Average Off-Balance Sheet Client Investment Funds (1)

	Three months ended						Year ended
(Dollars in millions)	December 31, 2019		September 30, 2019		December 31, 2018		December 31, 2019		December 31, 2018
Sweep money market funds	$	42,526	$	40,321	$	38,075	$	40,667	$	32,232
Client investment assets under management (2)	44,641		42,834		38,334		41,887		34,754
Repurchase agreements	9,476		9,670		8,630		9,079		8,086
Total average client investment funds	$	96,643	$	92,825	$	85,039	$	91,633	$	75,072

Period-end Off-Balance Sheet Client Investment Funds (1)

	Period-end balances at
(Dollars in millions)	December 31, 2019		September 30, 2019		June 30, 2019		March 31, 2019		December 31, 2018
Sweep money market funds	$	43,226	$	42,022	$	40,008	$	40,686	$	38,348
Client investment assets under management (2)	46,904		44,886		41,614		39,376		39,214
Repurchase agreements	9,062		9,564		9,873		8,120		8,422
Total period-end client investment funds	$	99,192	$	96,472	$	91,495	$	88,182	$	85,984

(1) Off-Balance sheet client investment funds are maintained at third-party financial institutions.

(2) These funds represent investments in third-party money market mutual funds and fixed income securities managed by SVB Asset Management.

Use of Non-GAAP Financial Measures

To supplement our unaudited condensed consolidated financial statements presented in accordance with GAAP, we use certain non-GAAP measures (including, but not limited to, non-GAAP core fee income, non-GAAP core fee income including investment banking revenue and commissions, non-GAAP noninterest income, non-GAAP net gains on

20

investment securities, non-GAAP non-marketable and other equity securities, non-GAAP noninterest expense and non-GAAP financial ratios) of financial performance. These supplemental performance measures may vary from, and may not be comparable to, similarly titled measures by other companies in our industry. Non-GAAP financial measures are not in accordance with, or an alternative for, GAAP. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. A non-GAAP financial measure may also be a financial metric that is not required by GAAP or other applicable requirement.

We believe that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures (as applicable), provide meaningful supplemental information regarding our performance by: (i) excluding amounts attributable to noncontrolling interests for which we effectively do not receive the economic benefit or cost of, where indicated, or (ii) providing additional information used by management that is not otherwise required by GAAP or other applicable requirements. Our management uses, and believes that investors benefit from referring to, these non-GAAP financial measures in assessing our operating results and when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate a comparison of our performance to prior periods. We believe these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. However, these non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, net income or other financial measures prepared in accordance with GAAP. In the financial tables below, we have provided a reconciliation of, where applicable, the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release, or a reconciliation of the non-GAAP calculation of the financial measure.

Additionally, from time to time, we may make reference to the non-GAAP financial metric of Core EPS in our earnings call and other investor presentations. Non-GAAP Core EPS consists of our net income available to common stockholders less gains or losses on investment securities, equity warrant assets and income and expenses related to SVB Leerink, net of tax, divided by our diluted weighted average common shares outstanding. Our management believes this measure to be a useful assessment of our performance as it relates to our core business because it excludes certain financial items where performance is typically subject to market or other conditions beyond our control. A reconciliation of Core EPS to the closest corresponding GAAP measure is not available with respect to future goals due to our inability to provide a quantitative reconciliation to such measure.

In particular, in this press release, we use certain non-GAAP measures that exclude the following from net income and certain other financial line items in certain periods:

• Income and expense attributable to noncontrolling interests — As part of our funds management business, we recognize the entire income or loss from certain funds where we own less than 100 percent. We are required under GAAP to consolidate 100 percent of the results of certain SVB Capital funds. The relevant amounts attributable to investors other than us are reflected under “Net Income Attributable to Noncontrolling Interests.” Our net income available to common stockholders/certain financial line items include only the portion of income or loss related to our ownership interest.

In addition, in this press release, we use certain non-GAAP financial ratios and measures that are not required by GAAP or exclude certain financial items from calculations that are otherwise required under GAAP, including:

• Non-GAAP core fee income including investment banking revenue and commissions — This measure represents noninterest income, but excludes certain line items where performance is typically subject to market or other conditions beyond our control. We do not provide our outlook for the expected full year results for these excluded items, which include net gains or losses on investment securities, net gains or losses on equity warrant assets and other noninterest income items.

• Non-GAAP core fee income — This measure represents noninterest income, but excludes certain line items where performance is typically subject to market or other conditions beyond our control, as well as our investment banking revenue and commissions, and includes client investment fees, foreign exchange fees, credit card fees, deposit service charges, lending related fees and letters of credit and standby letters of credit fees. We do not provide our outlook for the expected full year results for these excluded items, which include net gains or losses on investment securities, net gains or losses on equity warrant assets, investment banking revenue, commissions and other noninterest income items.

21

• Non-GAAP core operating efficiency ratio — This ratio excludes income and expenses related to SVB Leerink and certain financial items where performance is typically subject to market or other conditions beyond our control. It is calculated by dividing noninterest expense after adjusting for noninterest expense attributable to SVB Leerink by total revenue after adjusting for net interest income attributable to SVB Leerink, net gains or losses on investment securities and equity warrant assets, investment banking revenue and commissions. Additionally, noninterest expense and total revenue are adjusted for income or losses and expenses attributable to noncontrolling interests and adjustments to net interest income for a taxable equivalent basis. This ratio is used by management to evaluate the operating efficiency of our core banking business.

• Tangible common equity to tangible assets ratio; tangible common equity to risk-weighted assets ratio — These ratios are not required by GAAP or applicable bank regulatory requirements, and are used by management to evaluate the adequacy of our capital levels. Risk-based capital guidelines require a minimum level of capital as a percentage of risk-weighted assets. Risk-weighted assets are calculated by assigning assets and off-balance sheet items to broad risk categories. Our ratios are calculated by dividing total SVBFG stockholders’ equity, by total assets or total risk-weighted assets, as applicable, after reducing amounts by acquired intangibles, if any.

	Three months ended										Year ended
Non-GAAP core fee income including investment banking revenue and commissions and non-GAAP core fee income (Dollars in thousands)	December 31, 2019		September 30, 2019		June 30, 2019		March 31, 2019		December 31, 2018		December 31, 2019		December 31, 2018
GAAP noninterest income	$	313,344	$	294,009	$	333,750	$	280,376	$	186,707	$	1,221,479	$	744,984
Less: gains on investment securities, net	28,095		29,849		47,698		29,028		10,729		134,670		88,094
Less: net gains on equity warrant assets	30,865		37,561		48,347		21,305		16,749		138,078		89,142
Less: other noninterest income	12,597		13,631		17,245		11,897		13,187		55,370		51,858
Non-GAAP core fee income including investment banking revenue and commissions	$	241,787	$	212,968	$	220,460	$	218,146	$	146,042	$	893,361	$	515,890
Less: investment banking revenue	58,172		38,516		48,694		49,795		—		195,177		—
Less: commissions	15,534		12,275		14,429		14,108		—		56,346		—
Non-GAAP core fee income	$	168,081	$	162,177	$	157,337	$	154,243	$	146,042	$	641,838	$	515,890

	Three months ended										Year ended
Non-GAAP net gains on investment securities, net of noncontrolling interests (Dollars in thousands)	December 31, 2019		September 30, 2019		June 30, 2019		March 31, 2019		December 31, 2018		December 31, 2019		December 31, 2018
GAAP net gains on investment securities	$	28,095	$	29,849	$	47,698	$	29,028	$	10,729	$	134,670	$	88,094
Less: income attributable to noncontrolling interests, including carried interest allocation	11,827		14,640		18,598		3,436		8,965		48,501		38,183
Non-GAAP net gains on investment securities, net of noncontrolling interests	$	16,268	$	15,209	$	29,100	$	25,592	$	1,764	$	86,169	$	49,911

22

	Three months ended															Year ended
Non-GAAP core operating efficiency ratio (Dollars in thousands, except ratios)	December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019			December 31, 2018			December 31, 2019			December 31, 2018
GAAP noninterest expense	$	460,752		$	391,324		$	383,522		$	365,664		$	307,592		$	1,601,262		$	1,188,193
Less: expense attributable to noncontrolling interests	143			145			168			379			173			835			522
Non-GAAP noninterest expense, net of noncontrolling interests	460,609			391,179			383,354			365,285			307,419			1,600,427			1,187,671
Less: expense attributable to SVB Leerink	75,002			55,200			61,935			60,540			—			252,677			—
Non-GAAP noninterest expense, net of noncontrolling interests and SVB Leerink	$	385,607		$	335,979		$	321,419		$	304,745		$	307,419		$	1,347,750		$	1,187,671
GAAP net interest income	$	533,668		$	520,644		$	529,403		$	512,886		$	514,460		$	2,096,601		$	1,893,988
Adjustments for taxable equivalent basis	3,180			2,957			2,905			2,907			2,952			11,949			9,201
Non-GAAP taxable equivalent net interest income	536,848			523,601			532,308			515,793			517,412			2,108,550			1,903,189
Less: income attributable to noncontrolling interests	31			14			16			11			1			72			30
Non-GAAP taxable equivalent net interest income, net of noncontrolling interests	536,817			523,587			532,292			515,782			517,411			2,108,478			1,903,159
Less: net interest income attributable to SVB Leerink	291			277			242			442			—			1,252			—
Non-GAAP taxable equivalent net interest income, net of noncontrolling interests and SVB Leerink	$	536,526		$	523,310		$	532,050		$	515,340		$	517,411		$	2,107,226		$	1,903,159
GAAP noninterest income	$	313,344		$	294,009		$	333,750		$	280,376		$	186,707		$	1,221,479		$	744,984
Less: income attributable to noncontrolling interests, including carried interest allocation	12,072			14,568			18,736			3,248			8,839			48,624			38,000
Non-GAAP noninterest income, net of noncontrolling interests	301,272			279,441			315,014			277,128			177,868			1,172,855			706,984
Less: Non-GAAP net gains on investment securities, net of noncontrolling interests	16,268			15,209			29,100			25,592			1,764			86,169			49,911
Less: net gains on equity warrant assets	30,865			37,561			48,347			21,305			16,749			138,078			89,142
Less: investment banking revenue	58,172			38,516			48,694			49,795			—			195,177			—
Less: commissions	15,534			12,275			14,429			14,108			—			56,346			—
Non-GAAP noninterest income, net of noncontrolling interests and net of net gains on investment securities, net gains on equity warrant assets, investment banking revenue and commissions	$	180,433		$	175,880		$	174,444		$	166,328		$	159,355		$	697,085		$	567,931
GAAP total revenue	$	847,012		$	814,653		$	863,153		$	793,262		$	701,167		$	3,318,080		$	2,638,972
Non-GAAP taxable equivalent revenue, net of noncontrolling interests, SVB Leerink, net of net gains on investment securities, net gains on equity warrant assets, investment banking revenue and commissions	$	716,959		$	699,190		$	706,494		$	681,668		$	676,766		$	2,804,311		$	2,471,090
GAAP operating efficiency ratio	54.40		%	48.04		%	44.43		%	46.10		%	43.87		%	48.26		%	45.02		%
Non-GAAP core operating efficiency ratio	53.78			48.05			45.49			44.71			45.42			48.06			48.06

23

	Period-end balances at
Non-GAAP non-marketable and other equity securities, net of noncontrolling interests (Dollars in thousands)	December 31, 2019		September 30, 2019		June 30, 2019		March 31, 2019		December 31, 2018
GAAP non-marketable and other equity securities	$	1,213,829	$	1,150,094	$	1,079,749	$	974,979	$	941,104
Less: amounts attributable to noncontrolling interests	148,806		142,182		148,270		134,130		134,962
Non-GAAP non-marketable and other equity securities, net of noncontrolling interests	$	1,065,023	$	1,007,912	$	931,479	$	840,849	$	806,142

	Period-end balances at
SVB Financial Group tangible common equity, tangible assets and risk-weighted assets (Dollars in thousands, except ratios)	December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019			December 31, 2018
GAAP SVBFG stockholders’ equity	$	6,470,307		$	5,890,680		$	5,554,043		$	5,342,773		$	5,116,209
Less: preferred stock	340,138			—			—			—			—
Less: intangible assets	187,240			190,111			192,981			193,219			—
Tangible common equity	$	5,942,929		$	5,700,569		$	5,361,062		$	5,149,554		$	5,116,209
GAAP total assets	$	71,004,903		$	68,231,233		$	63,773,739		$	60,160,285		$	56,927,979
Less: intangible assets	187,240			190,111			192,981			193,219			—
Tangible assets	$	70,817,663		$	68,041,122		$	63,580,758		$	59,967,066		$	56,927,979
Risk-weighted assets	$	46,358,878		$	43,712,495		$	40,843,334		$	40,048,892		$	38,527,853
Tangible common equity to tangible assets	8.39		%	8.38		%	8.43		%	8.59		%	8.99		%
Tangible common equity to risk-weighted assets	12.82			13.04			13.13			12.86			13.28

	Period-end balances at
Silicon Valley Bank tangible common equity, tangible assets and risk-weighted assets (Dollars in thousands, except ratios)	December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019			December 31, 2018
Tangible common equity	$	5,034,095		$	4,918,767		$	4,936,520		$	4,696,564		$	4,554,814
Tangible assets	$	69,563,817		$	66,824,088		$	62,380,814		$	58,774,326		$	56,047,134
Risk-weighted assets	$	44,283,544		$	41,597,959		$	38,821,244		$	38,132,316		$	37,104,080
Tangible common equity to tangible assets	7.24		%	7.36		%	7.91		%	7.99		%	8.13		%
Tangible common equity to risk-weighted assets	11.37			11.82			12.72			12.32			12.28

24

EX-99.2

SVB Financial Group Q4 and Full Year 2019 Financial Highlights Exceptional growth and strong profitability to cap a record year January 23, 2020 To our Stakeholders: We are pleased to report an excellent fourth quarter with Earnings per Share of $5.06, Net Income of $263 million and Return on Equity of 17 percent. Our performance reflects the positive trends that have driven our results all year: effective execution of our strategy, robust client acquisition and continued strength in our operating environment. The quarter was marked by outstanding growth, healthy market-related gains and stable credit, as well as a positive outlook for 2020. For the full year 2019 we achieved record revenues and balance sheet growth and delivered outstanding performance across the board. Q4’19 themes: strong performance and markets, effective execution and positive outlook The following themes summarize our view of the most recent quarter and the current market environment: 1. Continued robust global market activity, strong client acquisition and client liquidity continue to fuel balance sheet growth. 2. We have returned to NII growth as our balance sheet growth offset the impact of lower interest rates. 3. Effective client engagement and product penetration are driving core fee income growth. 4. Gains on warrants and investment securities remain healthy. 5. Strong performance and continued investments in our growth and scalability drove higher costs. 6. Credit remains stable, as do underlying trends, due to the long-term improvement in our risk profile driven by growth in our loans to Private Equity, Venture Capital, and Private Bank clients. 7. Our 2020 growth outlook is positive; we expect to deliver solid performance while continuing to invest in our business. The power of SVB’s platform continues to drive robust client acquisition globally The unparalleled access, connections and insights we can provide to clients because of our unique place at the center of the global innovation ecosystem continue to differentiate us and enable us to attract new clients at a healthy pace. In the fourth quarter, we attracted more than 1,100 new clients, another strong quarterly pace that has contributed to net client growth at a nearly 16 percent compounded annual growth rate since 2015. Our reputation as the best partner for entrepreneurs has enabled us to maintain 50 percent market share of all US VC- backed technology and life science companies for many years. In 2019, 69 percent of VC-backed innovation companies that went public were our clients. Our long-term commitment to innovators and investors enables us to understand their businesses, give advice and help solve their problems to improve the probability of their success. The networks and deep relationships we’ve cultivated globally over decades allow us to make meaningful connections for our clients and provide value well beyond the capabilities of a typical bank. And we believe our continued investments in people, digital client experience, geographic expansion and diversification of our business will enable us to remain differentiated over the long term. Healthy markets provide a positive operating environment The healthy venture capital and private equity markets continue to provide support for our clients and our growth. US venture capital investment in 2019 remained robust, coming in just under 2018’s record levels at $137 billion, driven by the continued trend toward fewer and larger investments. Demand for venture capital investment was also healthy, although below 2018 levels, with $46 billion raised in 2019 by fund managers. Even with slower VC- 1 Q4 2019 Earnings Highlights

backed IPOs in the fourth quarter, VC-backed exit values in 2019 reached a staggering $256 billion, 78 percent of which came from IPOs. The post-IPO struggles of some notable companies will likely lead to additional focus on profitability by some investors, but the tremendous amount of dry powder and new liquidity available for investment, and the long investment horizons that characterize venture capital suggest to us that healthy deal activity is likely to continue in 2020. As expected, US private equity investment in 2019, at $678 billion, was extremely healthy, although it didn’t quite meet 2018’s dramatic levels. PE fundraising dollars far exceeded 2018 with $301 billion raised, reflecting a trend of larger fund sizes and fewer funds. Demand for deals from traditional LPs as well as newer entrants such as sovereign wealth funds remains healthy. This backdrop of continued fundraising, investment and exits continues to provide a healthy environment for our clients and for us, as we execute on our strategy of enhancing client experience, improving employee enablement, enhancing risk management, and driving scalable, long-term growth. Strong liquidity franchise continues to generate low-cost deposits and drive growth Our trend of outstanding client funds growth continued in the fourth quarter with quarter over quarter growth of $6.8 billion (or 4.5 percent) in average total client funds. This increase reflected strong growth in both on-balance sheet deposits (+$3.0 billion) and off-balance sheet client investment funds (+$3.8 billion). While $2.5 billion of new interest-bearing deposits accounted for the majority of on-balance sheet deposit growth, quarterly deposit costs decreased by seven basis points from the prior quarter, reflecting the lower rate environment. Eighty-eight percent of the annual growth in client funds came from our Technology and Life Science & Healthcare clients. We believe we are well positioned to drive continued balance sheet growth due to our deep client relationships, which start very early in our clients’ lives; our proven ability to drive funding onto our balance sheet; and our effectiveness at optimizing our product mix to meet client needs. Continued strong loan growth from highest-quality loan categories driving improving risk profile Average loans continued to grow at a solid pace in the fourth quarter, increasing by $2.2 billion or 7.3 percent to $32.0 billion, over Q3’19. We also saw strong growth of $2.1 billion or 6.8% in period-end balances in the quarter. We saw increases across all loan categories, with the greatest growth in private equity capital call lines of credit and private bank lending. Loan yields declined by 32 basis points during the quarter, driven primarily by lower interest rates and margin compression tied to the market environment, although this impact was somewhat offset by higher prepayment fees than in Q3. Healthy growth in fixed-income securities portfolio; yields holding steady Client funds growth contributed to a 6.1 percent increase in average fixed income securities in the fourth quarter. New purchases of $2.1 billion were deployed primarily in U.S. Treasury and Agency mortgage-backed securities at average yields of 2.08 percent (versus 2.43 percent in the third quarter), although aggregate portfolio yields held relatively steady with the past three quarters at 2.58 percent. The yield on bond maturities during the quarter was 2.24 percent (versus 2.43 percent in the prior quarter). We expect investment portfolio yields in 2020 to remain relatively stable. Outstanding balance sheet growth offset the impact of rate declines on NII Our ability to drive strong balance sheet growth along with lower deposit costs contributed to a $13 million (or 2.5 percent) increase in net interest income in the fourth quarter, despite the impact of decreases in the Fed Funds rate in September and October and a smaller impact from lower LIBOR rates on our interest earning assets. 2 Q4 2019 Earnings Highlights

We are managing net interest income sensitivity to our ~10% target We are succeeding in our efforts to manage the impact of rate decreases on our net interest income sensitivity to no more than 10% in a 100-basis point shock scenario. As of 12/31/19 our sensitivity to a 100-basis point reduction to Fed Funds was 8.5% of net interest income. Our primary strategies underlying this effort are interest rate swaps, continued extension of duration in our fixed-income securities portfolio, managing cash balances and adapting our deposit pricing to market rates. We will continue to actively manage asset sensitivity to the 10% target. Based on our expectations for the impact of our balance sheet strategies in 2020, we are forecasting a $30 to $40 million annualized, pre-tax reduction in NII for each 25 basis point Fed Funds decrease, which equates to approximately 2 percent of our expected net interest income. This estimate assumes deposit beta on lower rates of between 50 and 70 percent, and continued deposit growth, primarily in interest-bearing accounts. We have levers to drive profitable growth in a changing rate environment Our investments in growth and scalability, our ability to use products and pricing to shift liquidity on and off the balance sheet over time, and the capital accretion supported by our thriving client markets, give us significant flexibility to drive profitable growth even without help from interest rates. Strong execution, client engagement and product penetration drove strong fee income growth We continue to see strong growth in our core fee income lines as well as gains from warrants, investment securities and our investment banking business. Core fee income in the fourth quarter grew by $5.9 million, primarily due to strong execution and continued investment in our platform, which resulted in a strong quarter for our foreign exchange business, as well as improved penetration of our credit card products among early-stage clients. These increases were partially offset by a two-basis point decrease in spreads on client investment funds due to the impact of decreases in the Fed Funds rate. The continued growth in our core fee income lines provides a welcome offset to downward pressure on interest income from rates and competition. We had another good quarter for market-driven income streams – specifically, gains from warrants and investment securities (net of NCI) – which contributed $47 million in revenues in the fourth quarter and $224 million for the full year 2019, reflecting the healthy funding and exit environments for our clients. Absent a significant economic downturn, we expect our client markets to remain healthy in 2020, although gains related to market funding and exit activity will remain unpredictable and we believe they are unlikely to match 2019 levels. SVB Leerink’s revenues exceeded our expectations for 2019 and we are excited about our progress together. Income from SVB Leerink was strong in the fourth quarter. The market for SVB Leerink continues to grow and they are maintaining consistent market share. We continue to have positive expectations for SVB Leerink in 2020, assuming the markets remain healthy. Revenue-driven incentives, continued investments in growth, and non-routine items drove higher costs Higher expenses in the fourth quarter were primarily driven by higher incentive compensation costs, primarily related to strong SVB Leerink revenues as well as SVB’s overall performance, higher project spend to support our digital banking and scalability efforts, and non-routine costs related to compensation and software impairment. Our 2020 outlook for expense growth in the high single digits reflects our expectation of continued investment in our people, an enhanced digital client experience, diversification of our business and international expansion. In addition, we continue to invest in technology and process enhancements that will allow us to drive more scalability in our business operations. 3 Q4 2019 Earnings Highlights

Credit remains stable with solid underlying trends Credit quality remained solid in the fourth quarter, as did underlying credit metrics. Our credit performance reflects continued growth in high-quality loan categories, such as Private Equity and Private Bank, as well as the gradual improvement of our risk profile, including the decrease over the years of early stage loans to only five percent of our loan portfolio. Due to the high quality and short duration of our loan portfolio, we estimate the impact of CECL adoption will be a 11-16 percent ($40-$60 million) increase to our reserves for ALLL and unfunded credit commitments over prior levels, resulting in a 6-10 basis point increase in our ALLL. Once CECL is adopted, assuming stable economic conditions, we expect ALLL levels in 2020 to be between 0.95 and 1.05 percent. If economic conditions were to change, we would expect increased volatility in reserves going forward. Strong capital provides flexibility Capital remains very strong. At year-end, the Bank’s CET 1 risk-based capital ratio was 11.18%, and the Tier 1 leverage ratio – the Bank’s binding constraint – was at 7.30%, within our long-term target range of 7-8 percent. Our strong capital position and ability to accrete capital provides a long runway to support our growth and the flexibility to invest in the franchise or to return capital to shareholders. We continue to evaluate our capital structure and, in December, we issued $350.0 million of 5.25% Series A Perpetual Preferred Stock at the holding company. Proceeds from the deal were used to redeem our $350.0 million 5.375% Senior Notes due 2020. The raise allows us to secure permanent capital at an attractive coupon, and we expect to pay a preferred stock dividend of 5.25% annualized starting in the first quarter based on the $350.0 million issued. In the fourth quarter, we did not purchase any shares under our $350 million share repurchase authorization, which expires in Q4 2020. We continue to look at share buybacks as a means to optimize our capital structure. Positive 2020 outlook; expecting solid growth with continued investments in the future In 2020, we expect continued solid performance and opportunities for growth. Our outlook is based on our expectations for healthy client liquidity and activity, although likely less robust than in 2019; and stable credit, barring a significant deterioration in the economy. We made three adjustments to the preliminary 2020 outlook we provided in October: - We raised our expectations for full year average deposit growth from the low double digits to the mid- teens, due to stronger-than-expected momentum in Q4 and entering 2020. - We lowered our full year net interest margin outlook by 10 basis points consistent with our commentary regarding the potential impact of additional short-term rate decreases in 2019. This adjustment reflects the impact of October’s Fed Funds decrease. - We lowered our full year core fee income growth outlook due to better-than-forecast Q4 core fee income, which raised the baseline for growth. Our 2020 outlook assumes no changes to interest rates. Our actual results will be impacted by a variety of factors, including the mix of interest-bearing to non-interest-bearing deposits, the mix of deposits to off-balance-sheet client funds and certain market-related factors. 4 Q4 2019 Earnings Highlights

Final thoughts We are pleased with our continued strong performance and optimistic about our prospects in 2020 and beyond. We are enjoying the flexibility provided by our strong capital and liquidity positions and are confident in our diversified, high-quality balance sheet. We have the highest-quality, most liquid balance sheet in our history, as well as a client base that has demonstrated resiliency through cycles. We are effectively managing our asset sensitivity and the strategies and products we’ve put in place are designed to give us the ability to respond effectively to future changes in the rate environment. Credit is excellent and, while the potential impact of an economic downturn on credit is on many people’s minds, in this respect we believe we are better positioned than we have ever been, with fully 79 percent of our assets in high-quality loans and investments. We believe the investments we’re making in people, enhancing the digital client experience, geographic expansion, and diversification of our business, as well as in people and systems, will provide the foundation for long-term profitable growth and operating leverage. And as these investments enhance our ability to compete globally, we believe our unique access, networks and insights will continue to differentiate us with clients. In the meantime, we remain focused on being the most valuable partner to innovators and their investors, and more deeply entrenching our position as the bank of the global innovation economy. Greg Becker President and CEO 5 Q4 2019 Earnings Highlights

Q4 and Full Year 2019 Financial Highlights January 23, 2020

Contents • Q4 and Full Year 2019 Overview • Q4 2019 Key Themes • 2020 Outlook This presentation should be reviewed with our Q4 2019 earnings release and CEO letter, as well as the company’s SEC filings Q4 2019 Financial Highlights 2

FY’19: A record year of growth and profitability 2019 FINANCIAL HIGHLIGHTS EPS: Net Income: ROE: $21.73 $1.1B 20% GROWTH FY’19 (vs. FY’18) +$23.5B +$4.3B +$205M +$126M +19% AVERAGE +17% AVERAGE +11% NET +24% CORE FEE CLIENT FUNDS LOANS INTEREST INCOME INCOME* OTHER 2019 HIGHLIGHTS $224M $252M Solid & stable Warrant and investment SVB Leerink revenues Credit quality gains net of NCI* and commissions (vs. $139M in 2018) (Solid first year performance) * Non-GAAP financial measure. See “use of non-GAAP Financial Measures” in our earnings release Q4 2019 Financial Highlights 3

Q4’19: Exceptional growth and strong profitability Q4’19 FINANCIAL HIGHLIGHTS EPS: Net Income: ROE: $5.06 $263M 17% Q4’19 PERFORMANCE (vs. Q3’19) +$6.8B +$2.2B +$13.2M +4.5% AVERAGE +7.3% AVERAGE +2.5% NET INTEREST CLIENT FUNDS LOANS INCOME Solid & stable $47M +$5.9M CREDIT QUALITY WARRANT AND INVESTMENT +3.6% CORE FEE GAINS NET OF NCI* INCOME* (YOY) * Non-GAAP financial measure. See “use of non-GAAP Financial Measures” in our earnings release Q4 2019 Financial Highlights 4

Q4’19 themes: strong performance and markets, effective execution and positive outlook 1. Balance sheet growth driven by robust global market activity, client acquisition and liquidity 2. Return to NII growth as growing balance sheet offsets impact of lower rates 3. Strong core fees due to effective client engagement and product penetration 4. Healthy market-driven gains on investments and warrants 5. Higher expenses from revenue-driven incentives, investments in growth, and non-routine items 6. Continued stable credit with solid underlying trends 7. Positive 2020 growth outlook and strong momentum Q4 2019 Financial Highlights 5

What makes SVB different: Unparalleled access, connections & insights The premier financial partner for the global innovation economy Deep Sector Expertise Comprehensive Solutions Leading Market Share Investment Private Global 50% Enterprise Life Sciences Frontier Tech Banking Equity & U.S. venture-backed Commercial Software & Healthcare & Hardware (SVB Venture Banking technology and life Leerink) Capital sciences companies Fund Private 69% Energy & Consumer Management Banking & Premium U.S. venture-backed FinTech Resource Software (SVB Wealth Wine Innovation technology and Capital) Management healthcare companies with IPOs in 2019 The foundation for long-term, sustainable growth Serving Deep Sector Comprehensive Key Growth Continued Growth Expertise Solutions Markets Q4 2019 Financial Highlights 6

The power of SVB’s platform continues to drive robust client acquisition globally 1,100+ new clients in Q4’19 SVB CLIENT COUNT 35,000 30,000 25,000 20,000 Other Private Bank PE/VC 15,000 Shan-Lyn Ma (Founder and CEO, Zola) VC-Backed Silicon Valley Bank has helped Ma understand how 10,000 Zola fits in the larger context of e-commerce, and that has allowed her to develop new strategies for Pre- 5,000 VC-Backed growth. She adds, "We’ve been working with SVB for 0 a couple of years now and I have been blown away 2015 2016 2017 2018 2019 by how they anticipate our needs." Q4 2019 Financial Highlights 7

Healthy markets provide a positive operating environment US VC investment remains robust, Demand for VC investment supporting client liquidity remains robust US VC INVESTMENT FUNDS RAISED BY US VC FIRMS Billions Billions $140 $137 $58 $87 $46 $34 2017 2018 2019 2017 2018 2019 Record VC-backed exit values, exceeding PE investment activity $200B for the first time in a decade remains healthy US PE DEAL ACTIVITY US VC-BACKED EXIT VALUES Billions Billions $256 $730 $678 $130 $98 $629 2017 2018 2019 2017 2018 2019 Source: VC data - Pitchbook-NVCA 4Q 2019 Venture Monitor; PE data - Pitchbook 2019 Annual US PE Breakdown Q4 2019 Financial Highlights 8

Strong liquidity franchise continues to generate low-cost deposits and drive growth AVERAGE DEPOSITS $60.2 Billions $55.1 Q4’19 cost of deposits declined 7 bps QoQ $48.1 $42.7 $39.6 TOTAL COST OF DEPOSITS Noninterest- $38.8 $39.6 Bearing $35.2 SVB Deposits * $20.6 Top 50 US Banks Interest-bearing $16.3 0.89% 0.89% Deposits $7.5 $8.5 0.83% 2017 2018 2019 Column1 Q4'19 0.70% AVERAGE OFF-BALANCE SHEET CLIENT FUNDS $96.6 0.36% 0.38% $91.6 0.31% Billions 0.23% $75.1 $51.5 Q1'19 Q2'19 Q3'19 Q4'19 2017 2018 2019 Q4'19 Uniquely positioned to support balance sheet growth Client Relationships Flexibility New Products Technology and Life Science & Proven ability to drive funding on and Evolving product set to meet client Healthcare client liquidity drove 88% off balance sheet needs and optimize mix of client funds growth in 2019 * Source: S&P Global Market Intelligence average for the top 50 US banks by asset size, as of each quarter end; 15 of the top 50 banks have reported cost of deposits for Q4’19 as of 1/22/20 Q4 2019 Financial Highlights 9

Continued strong loan growth from highest-quality loan categories is improving our risk profile Capital call and private bank lending driving loan growth – now 65% of total average loans Commitments for technology, healthcare & life science +6% QoQ AVERAGE LOAN BALANCES TOTAL NET LOSSES SINCE INCEPTION Billions $32.0 $29.9 $25.6 Other $21.2 Wine $0 $17M Tech/HC & Life Science PRIVATE EQUITY PRIVATE BANK Private Bank CAPITAL CALL LINES LOANS PE/VC 2017 2018 2019 _ Q4'19 Q4 loan yields impacted by lower rates, market environment and mix shift 0.07%* 5.24% (0.26%) (0.04%) (0.08%) (0.01%) 4.92% Q3'19 Loan Yield Fed Fund Rate LIBOR Rate Prepayment Market Mix Shift Q4'19 Loan Yield Impact Impact Fees* Environment * $8M increase in loan prepayment fees from early-payoffs Q4 2019 Financial Highlights 10

Healthy growth in fixed-income securities portfolio; yields holding steady Growing NII and managing asset sensitivity lower while preserving capital and liquidity AVERAGE FIXED-INCOME AVERAGE CASH & EQUIVALENTS INVESTMENT SECURITIES Billions Billions $6.6 $5.9 $24.8 $26.7 $27 $22.4 $24.3 $22 $17 $3.1 $2.8 2.36% 2.58% 2.58% Tax-effected $12 1.88% Fixed-Income $7 Yield $2 ($3) 2017 2018 2019 Column2 Q4'19 2017 2018 2019 Column2 Q4'19 Target average cash balances of $3.5-$5.0B, Q4 ACTIVITY Actual balances dependent on timing of fund flows $2.1B 2.08% 3.9 years $393M -$562M NEW PURCHASES NEW PURCHASE YIELDS PORTFOLIO DURATION UNREALIZED GAIN REDUCTION US Treasuries & Agency MBS Accretive to NII +0.5 years QoQ IN AVERAGE CASH 2020 portfolio yields expected to remain relatively stable Q4 2019 Financial Highlights 11

Outstanding balance sheet growth offset the impact of rate declines on NII in Q4’19 NET INTEREST INCOME NET INTEREST MARGIN Millions $27.9 0.05% $8.0 $536.8 3.34% ($12.6) (0.08%) 0.01% $523.6 (0.04%) ($3.4) ($6.7) (0.02%) 3.26% Q3'19 Fed Funds LIBOR Prepayment Market Balance Sheet Q4'19 Q3'19 Fed Funds LIBOR Prepayment Market Balance Sheet Q4'19 NII Rate Impact Rate Impact Fees Environment Growth NII NIM Rate Impact Rate Impact Fees Environment Growth NIM LEVERS TO MITIGATE DECLINING RATES REDUCED ASSET DEPOSIT PRICING GROWTH SENSITIVTY* STRATEGY 13% 8.5% 50-70% Average interest earning asset growth Asset sensitivity Deposit beta (2019 vs. 2018) as of 12/31/19 *Our target for asset sensitivity is ~10%. Management’s sensitivity analysis is based on the expected 12-month impact of a 100 basis point rate shock on net interest income. This is an estimate and is subject to assumptions; actual results may differ. Additional information will be included in our 2019 Form 10-K report. Q4 2019 Financial Highlights 12

Strong execution, client engagement and product penetration drove strong fee income growth Q4’19 growth across most core fee products Exits and fundraising driving warrants and investment securities gains • Record quarters for FX and credit cards WARRANTS, INVESTMENT Client investment fees impacted by lower interest rates $224 • SECURITIES GAINS, NET OF NCI* Millions Add$139 CAGR $138 CORE FEE INCOME* $90 Millions $89 $47 $642 Warrants $55 $86 Investment $50 $31 Securities $35 $16 $516 $159 2017 2018 2019 Q4'19 $139 FY’19 SVB Leerink revenues $379 $119 exceeded our expectations Foreign Exchange Fees $116 $94 $182 Credit Card Fees $77 $130 $168 Add CAGR Client Investment Fees $56 $74M $252M $89 $42 $76 Deposit Service Charges $59 $32 Q4’19 FY 2019 $45 Lending Related Fees $24 LEERINK REVENUES LEERINK REVENUES LOC Fees (vs. $51M in Q3’19) 2017 2018 2019 Q4'19 * Non-GAAP financial measure. See “use of non-GAAP Financial Measures” in our earnings release for more information. Q4 2019 Financial Highlights 13

Revenue-driven incentives, continued investments for growth and non-routine items drove higher costs • Q4’19 expense increased by $69M (18%) driven NON-INTEREST EXPENSE primarily by: Billions − $28M in higher incentive compensation expense, $3.3 mostly related to strong SVB Leerink revenues Core 54.3% − $14M in increased spend to support our digital 53.8% Efficiency $2.6 banking and scalability efforts Ratio* 48.1% 48.1% $2.0 − $13M related to higher non-routine compensation Add CAGR$1.6 costs and softwareAdd impairment CAGR $1.2 $1.0 Revenue $0.8 $0.5 • Q1 2020 expenses expected to decline to $430- Expense $450M range, and to decline further in Q2 2020 without the impact of seasonal Q1 expenses 2017 2018 2019 Q4'19 • 2020 expense growth guidance of high single digits • We expect current investments will drive improved efficiency over time • We will continue to invest in the digital client experience, geographic expansion, diversification of our business, and people and systems to better meet our clients’ needs for speed, efficiency and agility • Core efficiency ratio remains below long-term target range of mid-50s% * Core efficiency ratio excludes the impact of SVB Leerink and Net gains or losses from investment securities and equity warrant assets. This is a non-GAAP measure. See “use of non-GAAP Financial Measures” in our earnings release for more information. Q4 2019 Financial Highlights 14

Credit remains stable with solid underlying trends PROVISION FOR CREDIT LOSSES • Q4’19 provision for credit losses of $17M driven primarily Millions by reserves for period-end loan growth $106M • ALLL decline to 0.91% due to improved credit quality of $92M $88M performing and non-performing portfolios • Estimated CECL Impact • Estimated increase in ALLL and unfunded credit Non-performing loans/total commitment reserves of 11% - 16% ($40-$60M pre-tax) gross loans 0.51% over current levels, which will be recorded to equity Net charge-offs/ 0.31% Average total 0.34% 0.31% ⁻ Expected increase to ALLL of 6-10 bps gross loans 0.27% $17M (annualized) 0.22% 0.24% • Estimated adoption adjustment driven by longer 0.18% forecast horizon due to longer technology and life 2017 2018 2019 Q4'19 science loan maturities, partially offset by lower risk, shorter duration of Private Equity capital call lines • Assuming stable economic conditions, we expect 2020 Growth in Private Equity capital call lines ALLL levels (post CECL adoption) to be between 0.95% and Private Bank continues to improve and 1.05% the risk profile of our loan portfolio • If economic conditions were to change, we would expect increased volatility in reserves going forward Q4 2019 Financial Highlights 15

We have levers to continue driving profitable growth in a changing rate environment Leveraging Strong Capital Leveraging Deposit Investments in and Liquidity Investments in Pricing Growth Position Scalability Continued investment in Use of products and Capital accretion Investments in geographic expansion pricing to reprice and provides optionality to people and systems shift excess deposits on invest or return capital to to enable continued Enhancement of digital or off balance sheet investors growth at lower cost experience to drive client over time acquisition and deepen relationships Diversification of business (investment banking, private banking, wealth management) We expect to deliver continued profitability and drive investment in our business in a lower rate environment Q4 2019 Financial Highlights 16

Positive 2020 outlook: expecting solid growth with continued investment in the future ASSUMPTIONS: • Continued healthy client liquidity and activity, • No changes to Fed Funds rate although not as strong as in 2019 • We would not expect our estimates for 2020 • Continued strong competition full-year NII growth or NIM to be materially • Stable credit overall impacted by the 2020 rate decrease implied by • Stable economic conditions the Forward Curve as of 1/23/20 BUSINESS DRIVER OUTLOOK (%): 2020 vs. 2019 Average loans Low teens Average deposits Mid-teens Net interest income Low single digits Net interest margin Between 3.10% – 3.20% ALLL/gross loans Between 0.95% – 1.05% 1 Net loan charge-offs Between 0.20% – 0.40% Non-performing loans/gross loans Between 0.30% – 0.50% Core fee income 2 Low double digits Non-interest expense 2,3 High single digits Core fee income 2 with investment banking High single digits Tax rate Between 26% and 28% 1. This range reflects the adoption of CECL in Q1 2020. 2. This is a non-GAAP measure. See “use of non-GAAP Financial Measures” in our earnings release for more information. 3. This excludes expenses related to NCI. Q4 2019 Financial Highlights 17

Final thoughts 1. We believe our global access, networks and insights will continue to differentiate us 2. We have strong capital and liquidity, the fuel for growth and flexibility 3. We have a diversified balance sheet, with 79% of assets* in high-quality investments and low credit loss experience lending 4. We have managed asset sensitivity to ~10% target with the ability to take further action 5. We must continue to invest to serve clients in an intensely competitive market 6. We expect continued strong growth in 2020 * Based on cash, fixed income investment portfolio and PE/VC and Private Bank loan portfolios as of 12/31/19 Q4 2019 Financial Highlights 18

Important information regarding forward-looking statements and use of non-GAAP financial measures The Company’s financial results for 2019 reflected in this presentation are unaudited. This document should be read in conjunction with the Company’s SEC filings. Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance, and are subject to known and unknown risks and uncertainties, many of which may be beyond our control. You can identify these and other forward-looking statements by the use of words such as “becoming,” “may,” “will,” “should,” "could," "would," “predict,” “potential,” “continue,” “anticipate,” “believe,” “estimate,” “seek,” “expect,” “plan,” “intend,” the negative of such words, or comparable terminology. In this presentation, we make forward-looking statements discussing management’s expectations about, among other things: economic conditions; opportunities in the market; outlook on our clients' performance; our financial, credit, and business performance, including potential investment gains, loan growth, loan mix, loan yields, credit quality, deposits, noninterest income, and expense levels; and financial results. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we have based these expectations on our current beliefs as well as our assumptions, and such expectations may prove to be incorrect. We wish to caution you that such statements are just predictions and actual events or results may differ materially, due to changes in economic, business and regulatory factors and trends. Our actual results of operations and financial performance could differ significantly from those expressed in or implied by our management’s forward-looking statements. Important factors that could cause our actual results and financial condition to differ from the expectations stated in the forward-looking statements include, among others: market and economic conditions (including the general condition of the capital and equity markets, and IPO, M&A and financing activity levels) and the associated impact on us (including effects on client demand for our commercial and investment banking and other financial services, as well as on the valuations of our investments); changes in the volume and credit quality of our loans; the impact of changes in interest rates or market levels or factors affecting or affected by them, especially on our loan and investment portfolios; changes in the levels of our loans, deposits and client investment fund balances; changes in the performance or equity valuations of funds or companies in which we have invested or hold derivative instruments or equity warrant assets; variations from our expectations as to factors impacting our cost structure; changes in our assessment of the creditworthiness or liquidity of our clients or unanticipated effects of credit concentration risks which create or exacerbate deterioration of such creditworthiness or liquidity; variations from our expectations as to factors impacting the timing and level of employee share-based transactions; variations from our expectations as to factors impacting our estimate of our full-year effective tax rate; accounting changes, as required by Generally Accepted Accounting Principles (GAAP); and regulatory, tax or legal changes or their impact on us. We refer you to the documents the Company files from time to time with the Securities and Exchange Commission, including (i) our latest Annual Report on Form 10-K; (ii) our latest Quarterly Report on Form 10-Q; and (iii) our most recent earnings release filed on Form 8-K. These documents contain and identify important risk factors that could cause the Company’s actual results to differ materially from those contained in our projections or other forward-looking statements. All forward-looking statements included in this presentation are made only as of the date of this presentation. We assume no obligation and do not intend to revise or update any forward-looking statements contained in this presentation, except as required by law. This presentation shall not constitute an offer or solicitation in connection with any securities. Use of Non-GAAP Financial Measures To supplement our financial disclosures that are presented in accordance with GAAP, we use certain non-GAAP measures of financial performance (including, but not limited to, non-GAAP core fee income, non-GAAP noninterest income, non-GAAP net gains on investment securities, non-GAAP non-marketable and other equity securities, non-GAAP noninterest expense and non- GAAP financial ratios) of financial performance. These supplemental performance measures may vary from, and may not be comparable to, similarly titled measures by other companies in our industry. Non-GAAP financial measures are not in accordance with, or an alternative for, GAAP. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. A non-GAAP financial measure may also be a financial metric that is not required by GAAP or other applicable requirement. We believe that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures (as applicable), provide meaningful supplemental information regarding our performance by: (i) excluding amounts attributable to non-controlling interests for which we effectively do not receive the economic benefit or cost of, where indicated, or (ii) providing additional information used by management that is not otherwise required by GAAP or other applicable requirements. Our management uses, and believes that investors benefit from referring to, these non-GAAP financial measures in assessing our operating results and when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate a comparison of our performance to prior periods. We believe these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. However, these non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, net income or other financial measures prepared in accordance with GAAP. Under the “Use of Non-GAAP Financial Measures” section in our latest earnings release filed as an exhibit to our Form 8-K on January 23, 2020, we have provided reconciliations of, where applicable, the most comparable GAAP financial measures to the non-GAAP financial measures used in this presentation, or a reconciliation of the non-GAAP calculation of the financial measure. Please refer to that section of the earnings release for more information. Q4 2019 Financial Highlights 19

About SVB Financial Group For more than 35 years, SVB Financial Group (NASDAQ: SIVB) and its subsidiaries have helped innovative companies and their investors move bold ideas forward, fast. SVB Financial Group’s businesses, including Silicon Valley Bank, offer commercial, investment and private banking, asset management, private wealth management, brokerage and investment services and funds management services to companies in the technology, life science and healthcare, private equity and venture capital, and premium wine industries. Headquartered in Santa Clara, California, SVB Financial Group operates in centers of innovation around the world. Learn more at www.svb.com. SVB Financial Group is the holding company for all business units and groups © 2020 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, SVB LEERINK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group. Q4 2019 Financial Highlights 20

XML

Document and Entity Information	Jan. 23, 2020
Entity Information [Line Items]
Entity Registrant Name	SVB Financial Group
Document Type	8-K
Document Period End Date	Jan. 23, 2020
Entity Incorporation, State or Country Code	DE
Entity File Number	000-15637
Entity Tax Identification Number	91-1962278
Entity Address, Address Line One	3003 Tasman Drive
Entity Address, City or Town	Santa Clara
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95054-1191
City Area Code	408
Local Phone Number	654-7400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000719739
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	SIVB
Security Exchange Name	NASDAQ
Preferred Stock, Series A
Entity Information [Line Items]
Title of 12(b) Security	Depositary shares, each representing a 1/40th interest in a share of 5.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A
Trading Symbol	SIVBP
Security Exchange Name	NASDAQ