
	Three months ended September 30,				Nine months ended September 30,
(Dollars in thousands)	2020		2019		2020		2019
Noninterest income:
Gains on investment securities, net	$	189,837	$	29,849	$	270,760	$	106,575
Gains on equity warrant assets, net	53,766		37,561		93,667		107,213
Client investment fees	31,914		46,679		107,192		136,905
Foreign exchange fees	43,881		40,309		127,642		116,863
Credit card fees	22,756		30,158		72,348		86,431
Deposit service charges	22,015		22,482		67,115		65,496
Lending related fees	13,562		11,707		37,851		36,857
Letters of credit and standby letters of credit fees	12,192		10,842		35,155		31,205
Investment banking revenue	92,181		38,516		280,551		137,005
Commissions	16,257		12,275		49,197		40,812
Other	49,222		13,631		76,887		42,773
Total noninterest income	$	547,583	$	294,009	$	1,218,365	$	908,135

Our non-marketable and other equity securities portfolio primarily represents investments in venture capital and private equity funds, our China Joint Venture, debt funds, private and public portfolio companies, which include public equity securities held as a result of exercised equity warrant assets and qualified affordable housing projects. We experience variability in the performance of our non-marketable and other equity securities from period to period, which results in net gains or losses on investment securities (both realized and unrealized). This variability is due to a number of factors, including unrealized changes in the values of our investments, changes in the amount of realized gains from distributions, changes in liquidity events and general economic and market conditions. Unrealized gains from non-marketable and other equity securities for any single period are typically driven by valuation changes.

The extent to which any unrealized gains or losses will become realized is subject to a variety of factors, including, among other things, the expiration of certain sales restrictions to which these equity securities may be subject to (e.g., lock-up agreements), changes in prevailing market prices, market conditions, the actual sales or distributions of securities, and the timing of such actual sales or distributions, which, to the extent such securities are managed by our managed funds, are subject to our funds' separate discretionary sales/distributions and governance processes.

Carried interest is comprised of preferential allocations of profits recognizable when the return on assets of our individual managed fund of funds and direct venture funds exceeds certain performance targets and is payable to us, as the general partners of the managed funds. The carried interest we earn is often shared with employees, who are also members of the general partner entities. We record carried interest on a quarterly basis by measuring fund performance to date versus the performance target. For our unconsolidated managed funds, carried interest is recorded as gains on investment securities, net. For our consolidated managed funds, it is recorded as a component of net income attributable to noncontrolling interests. Carried interest allocated to others is recorded as a component of net income attributable to noncontrolling interests. Any carried interest paid to us (or our employees) may be subject to reversal to the extent fund performance declines to a level where inception to date carried interest is lower than actual payments made by the funds. The limited partnership agreements for our funds provide that carried interest is generally not paid to the general partners until the funds have provided a full return of contributed capital to the limited partners. Accrued, but unpaid carried interest may be subject to reversal to the extent that the fund performance declines to a level where inception-to-date carried interest is less than prior amounts recognized. Carried interest income is accounted for under an ownership model based on ASC 323 — Equity Method of Accounting and ASC 810 — Consolidation.

Our available-for-sale securities portfolio is a fixed income investment portfolio that is managed with the objective of earning an appropriate portfolio yield over the long-term while maintaining sufficient liquidity and credit diversification as well as addressing our asset/liability management objectives. Though infrequent, sales of debt securities in our AFS securities portfolio may result in net gains or losses and are conducted pursuant to the guidelines of our investment policy related to the management of our liquidity position and interest rate risk.


	Three months ended September 30,				Nine months ended September 30,
(Dollars in thousands)	2020		2019		2020		2019
Gains on non-marketable and other equity securities, net	$	189,837	$	29,849	$	209,595	$	110,480
Gains (losses) on sales of available-for-sale securities, net	—		—		61,165		(3,905)
Total gains on investment securities, net	$	189,837	$	29,849	$	270,760	$	106,575

In connection with negotiating credit facilities and certain other services, we often obtain rights to acquire stock in the form of equity warrant assets in primarily private, venture-backed companies in the technology and life science/healthcare industries. Any changes in fair value from the grant date fair value of equity warrant assets will be recognized as increases or decreases to other assets on our balance sheet and as net gains or losses on equity warrant assets, in noninterest income, a component of consolidated net income. Gains on equity warrant assets are recognized outside of the scope of ASC 606 as it explicitly excludes noninterest income earned from our derivative-related activities. A summary of net gains on equity warrant assets for the three and nine months ended September 30, 2020 and 2019 is as follows:


	Three months ended September 30,				Nine months ended September 30,
(Dollars in thousands)	2020		2019		2020		2019
Equity warrant assets:
Gains on exercises, net	$	23,940	$	30,047	$	59,370	$	90,357
Terminations	(361)		(481)		(1,332)		(2,931)
Changes in fair value, net	30,187		7,995		35,629		19,787
Total net gains on equity warrant assets	$	53,766	$	37,561	$	93,667	$	107,213

Client investment fees include fees earned from discretionary investment management services for substantially all clients, managing clients’ portfolios based on their investment policies, strategies and objectives and investment advisory fees. Revenue is recognized on a monthly basis upon completion of our performance obligation and consideration is typically received in the subsequent month. Included in our sweep money market fees are Rule 12(b)-1 fees, revenue sharing and customer transactional-based fees. Rule 12(b)-1 fees and revenue sharing are recognized as earned based on client funds that are invested in the period, typically monthly. Transactional based fees are earned and recognized on fixed income securities when the transaction is executed on the clients' behalf. Amounts paid to third-party service providers are predominantly expensed, such that client investment fees are recorded gross of payments made to third parties. A summary of client investment fees by instrument type for the three and nine months ended September 30, 2020 and 2019 is as follows:


	Three months ended September 30,				Nine months ended September 30,
(Dollars in thousands)	2020		2019		2020		2019
Client investment fees by type:
Sweep money market fees	$	18,155	$	26,202	$	60,617	$	79,698
Asset management fees (1)	12,172		7,256		32,905		20,883
Repurchase agreement fees	1,587		13,221		13,670		36,324
Total client investment fees (2)	$	31,914	$	46,679	$	107,192	$	136,905

Foreign exchange fees represent the income differential between purchases and sales of foreign currency on behalf of our clients, primarily from spot contracts. Foreign exchange spot contract fees are recognized upon the completion of the single performance obligation, the execution of a spot trade in exchange for a fee. In line with customary business practice, the legal right transfers to the client upon execution of a foreign exchange contract on the trade date, and as such, we currently recognize our fees based on the trade date and the transactions are typically settled within two business days.


	Three months ended September 30,				Nine months ended September 30,
(Dollars in thousands)	2020		2019		2020		2019
Foreign exchange fees by instrument type:
Spot contract commissions	$	38,794	$	36,836	$	112,821	$	106,561
Forward contract commissions	4,613		3,371		14,004		10,144
Option premium fees	474		102		817		158
Total foreign exchange fees	$	43,881	$	40,309	$	127,642	$	116,863

Credit card fees include interchange income from credit and debit cards and fees earned from processing transactions for merchants. Interchange income is earned after satisfying our performance obligation of providing nightly settlement services to a payment network. Costs related to rewards programs are recorded when the rewards are earned by the customer and presented as a reduction to interchange fee income. Rewards programs continue to be accounted for under ASC 310 - Receivables. Our performance obligations for merchant service fees are to transmit data and funds between the merchant and the payment network. Credit card interchange and merchant service fees are earned daily upon completion of transaction settlement services.


	Three months ended September 30,				Nine months ended September 30,
(Dollars in thousands)	2020		2019		2020		2019
Credit card fees by instrument type:
Card interchange fees, net	$	18,168	$	24,560	$	55,257	$	68,808
Merchant service fees	3,670		3,943		13,727		12,763
Card service fees	918		1,655		3,364		4,860
Total credit card fees	$	22,756	$	30,158	$	72,348	$	86,431

Deposit service charges include fees earned from performing cash management activities and other deposit account services. Deposit services include, but are not limited to, the following: receivables services, which include merchant services, remote capture, lockbox, electronic deposit capture, and fraud control services. Payment and cash management products and services include wire transfer and automated clearing house payment services to enable clients to transfer funds more quickly, as well as business bill pay, business credit and debit cards, account analysis, and disbursement services. Deposit service charges are recognized over the period in which the related performance obligation is provided, generally on a monthly basis, and are presented in the "Disaggregation of revenue from contracts with customers" table below.

Unused commitment fees, minimum finance fees and unused line fees are recognized as earned on a monthly basis. Fees that qualify for syndication treatment are recognized at the completion of the syndicated loan deal for which the fees were received. Lending related fees are recognized outside of the scope of ASC 606 as it explicitly excludes noninterest income earned from our lending-related activities. A summary of lending related fees by instrument type for the three and nine months ended September 30, 2020 and 2019 is as follows:

Commercial and standby letters of credit represent conditional commitments issued by us on behalf of a client to guarantee the performance of the client to a third party when certain specified future events have occurred. Fees generated from letters of credit and standby letters of credit are deferred as a component of other liabilities and recognized in noninterest income over the commitment period using the straight-line method, based on the likelihood that the commitment being drawn down will be remote. Letters of credit and standby letters of credit fees are recognized outside of the scope of ASC 606 as it explicitly excludes noninterest income earned from our lending related activities.

The Company earns investment banking revenue from clients for providing services related to securities underwriting, private placements and advisory services on strategic matters such as mergers and acquisitions. Underwriting fees are attributable to public and private offerings of equity and debt securities and are recognized at the point in time when the offering has been deemed to be completed by the lead manager of the underwriting group. Once the offering is completed, the performance obligation has been satisfied and the Company recognizes the applicable management fee as well the underwriting fee, net of consideration payable to customers. The Company recognizes private placement fees at the point in time when the private placement is completed, which is generally when the client accepts capital from the fund raise. Advisory fees from mergers and acquisitions engagements are generally recognized at the point in time when the related transaction is completed. Expenses are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other deal-related expenses are expensed as incurred. The Company has determined that it acts as principal in the majority of these transactions and therefore presents expenses gross within other operating expenses.


	Three months ended September 30,				Nine months ended September 30,
(Dollars in thousands)	2020		2019		2020		2019
Investment banking revenue:
Underwriting fees	$	85,009	$	31,016	$	247,384	$	109,371
Advisory fees	1,761		5,200		26,170		22,789
Private placements and other	5,411		2,300		6,997		4,845
Total investment banking revenue	$	92,181	$	38,516	$	280,551	$	137,005

Commissions include commissions received from customers for the execution of agency-based brokerage transactions in listed and over-the-counter equities. The execution of each trade order represents a distinct performance obligation and the transaction price is fixed at the point in time or trade order execution. Trade execution is satisfied at the point in time that the customer has control of the asset and as such, fees are recorded on a trade date basis. Commissions are presented in the "Disaggregation of revenue from contracts with customers" table below.

Other noninterest income primarily includes income from fund management fees, gains from conversion of convertible debt options and service revenue. Fund management fees are comprised of fees charged directly to our managed funds of funds and direct venture funds. Fund management fees are based upon the contractual terms of the limited partnership agreements and are generally recognized as earned over the specified contract period, which is generally equal to the life of the individual fund. Fund management fees are calculated as a percentage of committed capital and collected in advance and are received quarterly. Fund management fees for certain of our limited partnership agreements are calculated as a percentage of distributions made by the funds and revenue is recorded only at the time of a distribution event. As distribution events are not predetermined for these certain funds, management fees are considered variable and constrained under ASC 606.

Gains from conversion of convertible debt options represent unrealized valuation gains on loan conversion derivative assets, and realized gains from the conversion of debt instruments, convertible into a third party’s common stock upon a triggering event such as an IPO. Gains from conversion of convertible debt options are recognized outside of the scope of ASC 606 as it explicitly excludes noninterest income earned from our derivative-related activities.

Other service revenue primarily consists of dividend income on FHLB/FRB stock, correspondent bank rebate income, incentive fees related to carried interest and other fee income. We recognize revenue when our performance obligations are met and record revenues on a daily/monthly, quarterly, semi-annual or annual basis. For event driven revenue sources, we recognize revenue when: (i) persuasive evidence of an arrangement exists, (ii) we have performed the service, provided we have no other remaining obligations to the customer, (iii) the fee is fixed or determinable and (iv) collectability is probable.


	Three months ended September 30,				Nine months ended September 30,
(Dollars in thousands)	2020		2019		2020		2019
Other noninterest income by instrument type:
Fund management fees	$	9,669	$	8,493	$	26,422	$	24,292
Net (losses) gains on revaluation of foreign currency instruments, net of foreign exchange forward contracts (1)	(547)		(78)		(592)		173
Gains from conversion of convertible debt options	30,018		—		30,018		—
Other service revenue	10,082		5,216		21,039		18,308
Total other noninterest income	$	49,222	$	13,631	$	76,887	$	42,773


Three months ended September 30, 2020 (Dollars in thousands)	Global Commercial Bank (2)		SVB Private Bank		SVB Capital (2)		SVB Leerink (2)		Other Items		Total
Revenue from contracts with customers:
Client investment fees	$	31,132	$	782	$	—	$	—	$	—	$	31,914
Spot contract commissions	38,546		108		—		—		140		38,794
Card interchange fees, gross	29,255		5		—		—		287		29,547
Merchant service fees	3,670		—		—		—		—		3,670
Deposit service charges	21,914		20		—		—		81		22,015
Investment banking revenue	—		—		—		92,181		—		92,181
Commissions	—		—		—		16,257		—		16,257
Fund management fees	—		—		8,239		1,430		—		9,669
Performance fees	—		—		1,613		—		—		1,613
Correspondent bank rebates	1,377		—		—		—		—		1,377
Total revenue from contracts with customers	$	125,894	$	915	$	9,852	$	109,868	$	508	$	247,037








Revenues outside the scope of ASC 606 (1)	21,700		1		50,528		3,783		224,534		300,546
Total noninterest income	$	147,594	$	916	$	60,380	$	113,651	$	225,042	$	547,583


Three months ended September 30, 2019 (Dollars in thousands)	Global Commercial Bank (2)		SVB Private Bank		SVB Capital (2)		SVB Leerink (2)		Other Items		Total
Revenue from contracts with customers:
Client investment fees	$	46,171	$	508	$	—	$	—	$	—	$	46,679
Spot contract commissions	36,644		89		—		—		103		36,836
Card interchange fees, gross	34,867		—		—		—		181		35,048
Merchant service fees	3,943		—		—		—		—		3,943
Deposit service charges	22,263		36		—		—		183		22,482
Investment banking revenue	—		—		—		38,516		—		38,516
Commissions	—		—		—		12,275		—		12,275
Fund management fees	—		—		7,063		1,430		—		8,493
Correspondent bank rebates	1,633		—		—		—		—		1,633
Total revenue from contracts with customers	$	145,521	$	633	$	7,063	$	52,221	$	467	$	205,905








Revenues outside the scope of ASC 606 (1)	15,508		1		27,892		726		43,977		88,104
Total noninterest income	$	161,029	$	634	$	34,955	$	52,947	$	44,444	$	294,009


Nine months ended September 30, 2020 (Dollars in thousands)	Global Commercial Bank (2)		SVB Private Bank		SVB Capital (2)		SVB Leerink (2)		Other Items		Total
Revenue from contracts with customers:
Client investment fees	$	105,176	$	2,016	$	—	$	—	$	—	$	107,192
Spot contract commissions	112,086		367		—		—		368		112,821
Card interchange fees, gross	90,909		17		—		—		1,144		92,070
Merchant service fees	13,727		—		—		—		—		13,727
Deposit service charges	66,612		60		—		—		443		67,115
Investment banking revenue	—		—		—		280,551		—		280,551
Commissions	—		—		—		49,197		—		49,197
Fund management fees	—		—		22,132		4,290		—		26,422
Performance fees	—		—		3,601		—		—		3,601
Correspondent bank rebates	4,151		—		—		—		—		4,151
Total revenue from contracts with customers	$	392,661	$	2,460	$	25,733	$	334,038	$	1,955	$	756,847








Revenues outside the scope of ASC 606 (1)	55,241		26		61,015		6,107		339,129		461,518
Total noninterest income	$	447,902	$	2,486	$	86,748	$	340,145	$	341,084	$	1,218,365


Nine months ended September 30, 2019 (Dollars in thousands)	Global Commercial Bank (2)		SVB Private Bank		SVB Capital (2)		SVB Leerink (2)		Other Items		Total
Revenue from contracts with customers:
Client investment fees	$	135,551	$	1,354	$	—	$	—	$	—	$	136,905
Spot contract commissions	105,877		376		—		—		308		106,561
Card interchange fees, gross	115,468		—		—		—		518		115,986
Merchant service fees	12,764		—		—		—		—		12,764
Deposit service charges	64,806		104		—		—		586		65,496
Investment banking revenue	—		—		—		137,005		—		137,005
Commissions	—		—		—		40,812		—		40,812
Fund management fees	—		—		20,050		4,242		—		24,292
Correspondent bank rebates	4,712		—		—		—		—		4,712
Total revenue from contracts with customers	$	439,178	$	1,834	$	20,050	$	182,059	$	1,412	$	644,533








Revenues outside the scope of ASC 606 (1)	32,314		(5)		79,810		6,005		145,478		263,602
Total noninterest income	$	471,492	$	1,829	$	99,860	$	188,064	$	146,890	$	908,135

The timing of revenue recognition may differ from the timing of cash settlements or invoicing to customers. We record a receivable when revenue is recognized prior to invoicing, and unearned revenue when revenue is recognized subsequent to receipt of consideration. These assets and liabilities are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period. During the three and nine months ended September 30, 2020 and 2019, changes in our contract assets, contract liabilities and receivables were not material. Additionally, revenues recognized during the three and nine months ended September 30, 2020 and 2019 that were included in the corresponding contract liability balance at the beginning of the periods were not material.