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): April 22, 2021

SVB Financial Group

(Exact name of registrant as specified in its charter)

Delaware	001-39154	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 April 22, 2021, SVB Financial Group (the “Company”) announced its financial results for the first quarter ended March 31, 2021. A copy of the release and a first quarter CEO letter and earnings slides 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 8.01. Other Events.

On April 22, 2021, the Company's Board of Directors declared a quarterly cash dividend of $13.125 per share (representing $0.328125 per depositary share) on the Series A Preferred Stock. The dividend is payable on May 17, 2021 to holders of record at the close of business on May 3, 2021.

On April 22, 2021, the Company's Board of Directors declared a quarterly cash dividend of $1,173.056 per share (representing $11.730556 per depositary share) on the Series B Preferred Stock. The dividend is payable on May 17, 2021 to holders of record at the close of business on May 3, 2021.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits. 

Exhibit No.	Description
99.1	Earnings Release, dated April 22, 2021, announcing the Company's financial results for the first quarter ended March 31, 2021
99.2	Q1 2021 CEO Letter and Earnings Slides
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: April 22, 2021	SVB FINANCIAL GROUP
	By:	/s/ KAREN HON
	Name:	Karen Hon
	Title:	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
April 22, 2021
NASDAQ: SIVB

SVB FINANCIAL GROUP ANNOUNCES 2021 FIRST QUARTER FINANCIAL RESULTS

Board of Directors declared a quarterly dividend on Series A and Series B Preferred Stock

SANTA CLARA, Calif. — April 22, 2021 — SVB Financial Group (NASDAQ: SIVB) today announced financial results for the first quarter ended March 31, 2021.

Consolidated net income available to common stockholders for the first quarter of 2021 was $532.2 million, or $10.03 per diluted common share, compared to $388.3 million, or $7.40 per diluted common share, for the fourth quarter of 2020 and $132.3 million, or $2.55 per diluted common share, for the first quarter of 2020.

"We delivered our best quarter ever with exceptional balance sheet growth, earnings and profitability against a backdrop of continued robust liquidity for our clients and an improving economic outlook," said Greg Becker, President and CEO of SVB Financial Group. "As a result of our strong performance, effective execution and remarkable momentum, we have substantially increased our growth expectations for 2021 and are leveraging the capital markets to support our momentum and continued investment in our business."

Highlights of our first quarter 2021 results (compared to fourth quarter 2020, unless otherwise noted) included:

•Average loans of $46.3 billion, an increase of $4.8 billion (or 11.5 percent).

•Period-end loans of $47.7 billion, an increase of $2.5 billion (or 5.5 percent).

•Average fixed income investment securities of $53.5 billion, an increase of $12.1 billion (or 29.3 percent).

•Period-end fixed income investment securities of $67.2 billion, an increase of $19.6 billion (or 41.4 percent).

•Average total client funds (on-balance sheet deposits and off-balance sheet client investment funds) increased $36.6 billion (or 16.2 percent) to $262.2 billion, which includes an increase in average on-balance sheet deposits of $18.2 billion (or 19.7 percent).

•Period-end total client funds increased $45.0 billion (or 18.5 percent) to $288.0 billion, which includes an increase in period-end on-balance sheet deposits of $22.2 billion (or 21.7 percent).

•Issuance of $500.0 million of 1.800% Senior Notes due February 2031.

•Issuance of $750.0 million in depositary shares representing an ownership interest in shares of Series B Preferred Stock.

•Issuance and sale of 2,000,000 shares of common stock at an offering price of $500.00 per share, which resulted in net proceeds of $972.0 million, with an additional issuance of 300,000 shares on April 14, 2021 resulting in net proceeds of approximately $146.0 million.

•Net interest income (fully taxable equivalent basis) of $665.1 million, an increase of $68.6 million (or 11.5 percent).

•Provision for credit losses was $18.7 million, compared to a net reduction of $38.4 million.

•Net loan charge-offs of $90.2 million, or 79 basis points of average total loans (annualized), which includes an $80.0 million pre-tax charge-off related to potentially fraudulent activity perpetrated by a Global Fund Banking client, in connection with a loan transaction funded in early February 2021, compared to $9.7 million, or 9 basis points.

•Net gains on investment securities of $167.1 million compared to $150.0 million. Non-GAAP net gains on investment securities, net of noncontrolling interests, were $142.0 million,compared to $104.1 million. (See non-GAAP reconciliation under the section “Use of Non-GAAP Financial Measures.”)

•Net gains on equity warrant assets of $221.7 million, compared to $143.8 million.

•Noninterest income of $744.2 million, an increase of $122.4 million (or 19.7 percent). Non-GAAP core fee income increased $3.0 million (or 1.9 percent) to $158.9 million. Non-GAAP SVB Leerink revenue increased $15.9 million (or 10.5 percent) to $166.7 million. (See non-GAAP reconciliation under the section “Use of Non-GAAP Financial Measures.”)

•Noninterest expense of $636.0 million, a decrease of $28.8 million (or 4.3 percent).

•GAAP operating efficiency ratio of 45.31 percent, compared to 54.79 percent. Non-GAAP core operating efficiency ratio of 58.52 percent, compared to 62.67 percent. (See non-GAAP reconciliation under the section “Use of Non-GAAP Financial Measures.”) GAAP operating efficiency ratio decreased primarily as a result of a total of $49.3 million in non-recurring expenses related to real estate and donation expenses as well as higher SVB Leerink expenses as a percentage of SVB Leerink revenue in the fourth quarter of 2020. Non-GAAP core operating efficiency ratio decreased due primarily to the overall decrease in expenses related to our core business as a percentage of revenue attributable primarily to a decrease in SVB Leerink incentive compensation expense reflective of higher expenses in the fourth quarter of 2020 as a result of SVB Leerink's strong 2020 full year financial performance.

•Entered into pay-fixed, receive-floating interest rate swap fair value hedge contracts on agency-issued commercial and residential mortgage-backed securities in our available-for-sale portfolio with a notional balance of $10.0 billion and re-designated $2.9 billion of certain available-for-sale securities to held-to-maturity securities to hedge against exposure to decreases in the fair value of our available-for-sale fixed income securities resulting from increases in interest rates.

Coronavirus Disease 2019 ("COVID-19") Pandemic Update

During the first quarter of 2021, we increased our 2021 outlook as business activity and the economic environment improved with vaccine distributions and reopenings and our overall credit trends remained stable. Throughout the pandemic, our business and clients have demonstrated remarkable resilience and growth even while most of our employees and partners continue to work from home.We continue to carefully monitor the trajectory of the economic recovery, which could be impacted by the emergence of new variants and continued spread of COVID-19, delays in vaccination programs and potential government lockdowns.

We continue to support our clients, employees and communities. During the first quarter of 2021, we participated in the second round of the Paycheck Protection Program ("PPP"), originating approximately $0.4 billion PPP loans.

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First Quarter 2021 Summary

(Dollars in millions, except share data, employees and ratios)	Three months ended
	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Income statement:
Diluted earnings per common share	$	10.03		$	7.40		$	8.47		$	4.42		$	2.55
Net income available to common stockholders	532.2			388.3			441.7			228.9			132.3
Net interest income	659.6			591.5			527.7			512.9			524.1
Provision (reduction) for credit losses (1)	18.7			(38.4)			(52.0)			66.5			243.5
Noninterest income	744.2			621.8			547.6			368.8			301.9
Noninterest expense	636.0			664.8			491.0			479.6			399.6
Non-GAAP core fee income (2)	158.9			155.9			146.3			132.5			168.5
Non-GAAP core fee income plus SVB Leerink revenue (2)	325.6			306.8			254.8			290.9			231.3
Non-GAAP SVB Leerink revenue (2)	166.7			150.9			108.4			158.4			62.9
Non-GAAP noninterest income, net of noncontrolling interests (2)	719.1			575.8			519.7			354.5			303.8
Non-GAAP noninterest expense, net of noncontrolling interests (2)	635.9			664.7			490.9			479.5			399.4
Fully taxable equivalent:
Net interest income (2) (3)	$	665.1		$	596.5		$	531.7		$	516.8		$	527.5
Net interest margin	2.29		%	2.40		%	2.53		%	2.80		%	3.12		%
Balance sheet:
Average total assets	$	124,814.6		$	103,753.6		$	88,348.4		$	78,432.0		$	72,407.2
Average loans, amortized cost	46,281.5			41,525.0			37,318.6			36,512.2			33,660.7
Average available-for-sale securities	28,247.4			28,114.2			20,026.9			12,784.3			13,565.9
Average held-to-maturity securities	25,295.2			13,288.7			12,553.2			13,039.4			13,576.1
Average noninterest-bearing demand deposits	73,233.2			61,662.8			51,543.9			46,086.9			41,336.0
Average interest-bearing deposits	37,375.2			30,773.5			26,136.1			21,829.4			20,472.2
Average total deposits	110,608.4			92,436.4			77,680.0			67,916.4			61,808.2
Average short-term borrowings	12.1			9.8			15.3			618.1			969.9
Average long-term debt	1,162.3			843.5			843.3			489.6			348.0
Period-end total assets	142,346.6			115,511.0			96,916.8			85,731.0			75,009.6
Period-end loans, amortized cost	47,675.2			45,181.5			38,413.9			36,727.2			35,968.1
Period-end available-for-sale securities	25,986.5			30,912.4			25,904.3			18,451.9			12,648.1
Period-end held-to-maturity securities	41,164.6			16,592.2			12,982.2			12,858.8			13,574.3
Period-end non-marketable and other equity securities	1,857.8			1,802.2			1,547.4			1,270.6			1,200.6
Period-end noninterest-bearing demand deposits	84,440.0			66,519.2			57,508.2			49,160.9			42,902.2
Period-end interest-bearing deposits	39,710.1			35,462.6			27,264.8			25,344.9			19,009.8
Period-end total deposits	124,150.1			101,981.8			84,773.0			74,505.8			61,912.0
Period-end short-term borrowings	38.4			20.6			19.1			50.9			3,138.2
Period-end long-term debt	1,338.2			843.6			843.4			843.2			348.1
Off-balance sheet:
Average client investment funds	$	151,578.8		$	133,105.4		$	123,563.6		$	109,259.4		$	103,590.8
Period-end client investment funds	163,881.7			141,053.1			126,780.9			115,921.0			106,951.7
Total unfunded credit commitments	33,986.6			31,982.3			30,329.8			28,127.2			24,668.3
Earnings ratios:
Return on average assets (annualized) (4)	1.73		%	1.49		%	1.99		%	1.17		%	0.73		%
Return on average SVBFG common stockholders’ equity (annualized) (5)	27.04			20.23			24.19			13.36			8.17
Asset quality ratios:
Allowance for credit losses for loans as a % of total loans	0.82		%	0.99		%	1.34		%	1.61		%	1.53		%
Allowance for credit losses for performing loans as a % of total performing loans	0.74			0.87			1.17			1.46			1.43
Gross loan charge-offs as a % of average total loans (annualized) (1)	0.83			0.22			0.30			0.17			0.44
Net loan charge-offs as a % of average total loans (annualized) (1)	0.79			0.09			0.26			0.12			0.35
Other ratios:
Operating efficiency ratio (6)	45.31		%	54.79		%	45.66		%	54.39		%	48.37		%
Non-GAAP core operating efficiency ratio (2)	58.52			62.67			56.86			55.70			47.71
Total cost of deposits (annualized) (7)	0.04			0.04			0.04			0.03			0.24
SVBFG CET 1 risk-based capital ratio	12.19			11.04			12.31			12.63			12.35
Bank CET 1 risk-based capital ratio	12.94			10.70			10.75			11.08			10.90
SVBFG tier 1 risk-based capital ratio	14.02			11.89			13.25			13.62			13.35
Bank tier 1 risk-based capital ratio	12.94			10.70			10.75			11.08			10.90
SVBFG total risk-based capital ratio	14.63			12.64			14.19			14.77			14.45
Bank total risk-based capital ratio	13.58			11.49			11.75			12.28			12.04

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SVBFG tier 1 leverage ratio	8.01		7.45		8.26		8.68		9.00
Bank tier 1 leverage ratio	7.20		6.43		6.45		6.91		7.21
Period-end loans, amortized cost, to deposits ratio	38.40		44.30		45.31		49.29		58.10
Average loans, amortized cost, to average deposits ratio	41.84		44.92		48.04		53.76		54.46
Book value per common share (8)	$	163.25	$	151.86	$	143.91	$	134.89	$	130.02
Tangible book value per common share (2) (9)	159.50		147.92		140.37		131.32		126.41
Other statistics:
Average full-time equivalent ("FTE") employees	4,601		4,419		4,216		3,855		3,672
Period-end full-time equivalent ("FTE") employees	4,656		4,461		4,336		3,984		3,710

(1)This metric for the quarter ended March 31, 2021 includes the impact of an $80.0 million charge-off related to potentially fraudulent activity as noted above.

(2)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.”

(3)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 $5.6 million for the quarter ended March 31, 2021, $5.0 million for the quarter ended December 31, 2020, $4.0 million for the quarter ended September 30, 2020, $3.8 million for the quarter ended June 30, 2020 and $3.4 million for the quarter ended March 31, 2020.

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

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

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

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

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

(9)Tangible book value per common share is calculated by dividing tangible common equity by total outstanding common shares. Tangible common equity is a non-GAAP measure defined under the section “Use of Non-GAAP Financial Measures.”

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 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 $12.1 billion, or 29.3 percent, to $53.5 billion for the quarter ended March 31, 2021. Our total period-end fixed income investment securities portfolio increased $19.6 billion, or 41.4 percent, to $67.2 billion at March 31, 2021. Our period-end non-marketable and other equity securities portfolio increased $0.1 billion to $1.9 billion ($1.6 billion net of noncontrolling interests) at March 31, 2021.

The weighted-average duration of our total fixed income securities portfolio was 4.8 years at March 31, 2021 and 3.7 years at December 31, 2020. The extension in the weighted-average duration of our fixed income securities portfolio is reflective primarily of the slowdown in prepayment estimates, partially offset by shorter duration purchases during the first quarter of 2021. In March 2021, we entered into interest rate swap contracts to hedge against our exposure to decreases in the fair value of agency-issued commercial and residential mortgage-backed securities in our AFS securities resulting from increases in interest rates. As of March 31, 2021, the notional balance of our interest rate swap contracts was $10.0 billion. The weighted-average duration of our total fixed income securities portfolio including the impact of our fair value swaps was 4.3 years at March 31, 2021.

AFS Securities

Average AFS securities were $28.2 billion for the first quarter of 2021 compared to $28.1 billion for the fourth quarter of 2020. Period-end AFS securities were $26.0 billion at March 31, 2021 compared to $30.9 billion at December 31, 2020. The slight increase in average AFS securities from the fourth quarter of 2020 to the first quarter of 2021 was driven by purchases late in the fourth quarter of 2020, partially offset by a re-designation of AFS securities to HTM securities late in the first quarter of 2021. The decrease in period-end AFS securities was driven by a $2.9 billion re-designation of AFS securities to HTM securities, paydowns and maturities of $1.7 billion, and a decrease in fair value of $0.8 billion due to the increase in interest rates, partially offset by purchases of $0.5 billion during the quarter. The weighted-average duration of our AFS securities portfolio was 5.1 years at March 31, 2021 and 3.7 years at December 31, 2020. The weighted-average duration of our AFS securities portfolio including the impact of our fair value swaps was 3.7 years at March 31, 2021.

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HTM Securities

Average HTM securities were $25.3 billion for the first quarter of 2021, compared to $13.3 billion for the fourth quarter of 2020. Period-end HTM securities were $41.2 billion at March 31, 2021compared to $16.6 billion at December 31, 2020. The increases in average and period-end HTM securities from the fourth quarter of 2020 to the first quarter of 2021 were driven by purchases of $23.5 billion and the re-designation of $2.9 billion as mentioned above, partially offset by $1.8 billion in paydowns and maturities during the quarter. The weighted-average duration of our HTM securities portfolio was 4.6 years at March 31, 2021 and 3.7 years at December 31, 2020.

Non-Marketable and Other Equity Securities

Our non-marketable and other equity securities portfolio increased $0.1 billion to $1.9 billion ($1.6 billion net of noncontrolling interests) at March 31, 2021, compared to $1.8 billion ($1.6 billion net of noncontrolling interests) at December 31, 2020. 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."

Loans

Average loans increased by $4.8 billion to $46.3 billion for the first quarter of 2021, compared to $41.5 billion for the fourth quarter of 2020. Period-end loansincreased $2.5 billion to $47.7 billion at March 31, 2021, compared to $45.2 billion at December 31, 2020. Average and period-end loan growth came primarily from our Global Fund Banking and Technology and Life Science/Healthcare portfolios as well as Private Bank.

The following table provides a summary of our loans at amortized cost basis broken out by risk-based segment:

(Dollars in thousands)	March 31, 2021		December 31, 2020		March 31, 2020
Global fund banking	$	27,306,926	$	25,543,198	$	18,868,875
Investor dependent
Early stage	1,523,208		1,485,866		1,806,011
Mid stage	1,588,185		1,564,870		1,399,209
Later stage	2,055,676		1,921,082		2,031,490
Total investor dependent	5,167,069		4,971,818		5,236,710
Cash flow dependent
Sponsor led buyout	1,984,567		1,989,173		2,121,007
Other	2,959,609		2,945,360		2,756,295
Total cash flow dependent	4,944,176		4,934,533		4,877,302
Private bank (1)	5,063,827		4,901,056		3,669,295
Balance sheet dependent	2,501,524		2,191,023		1,850,941
Premium wine (1)	1,040,223		1,052,643		1,056,927
Other (1)	45,688		27,687		408,035
SBA loans	1,605,733		1,559,530		—
Total loans	$	47,675,166	$	45,181,488	$	35,968,085

(1)As of March 31, 2021 and December 31, 2020, as a result of enhanced portfolio characteristic definitions for our risk-based segments, loans in the amounts of $492.9 million and $80.1 million and $426.6 million and $52.5 million, respectively, that would have been reported in Other under historical definitions, are now being reported in our Private Bank and Premium Wine risk-based segments, respectively.

Net Interest Income and Margin

Net interest income, on a fully taxable equivalent basis, was $665.1 million for the first quarter of 2021, compared to $596.5 million for the fourth quarter of 2020. The $68.6 million increase from the fourth quarter of 2020 to the first quarter of 2021 was attributable primarily to the following:

•An increase of $44.2 million in interest income from our fixed income investment securities reflective primarily of a $12.1 billion increase in average fixed income securities, partially offset by lower yields.

◦Overall we had a decrease in fixed income investment securities yields of nine basis points due primarily to lower purchase yields reflective of the continued low market rate environment as well as a reduction in discount accretion due to slowing prepayments in the first quarter of 2021 reflective of rising interest rates. In addition, we saw higher yields in the fourth quarter of 2020 due to an

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acceleration of discount accretion reflective of higher than estimated prepayments for our fixed-rate commercial mortgage-backed securities in our held-to-maturity portfolio for the 2020 year end.

•An increase in interest income from loans of $27.1 million to $430.4 million for the first quarter of 2021 was due primarily to a $39.0 million increase in loan interest reflective of $4.8 billion in average loan growth, partially offset by a $7.2 million decrease from lower gross loan yields and a $6.9 million decrease due to the impact of two less business days in the first quarter of 2021.

◦Overall loan yields decreased nine basis points to 3.77 percent, reflective primarily of lower gross loan yields due to growth in our higher credit quality Global Fund Banking portfolio as well as a decrease in loan fee yields due primarily to a decrease in early payoffs in the first quarter of 2021 as compared to the fourth quarter of 2020.

Net interest margin, on a fully taxable equivalent basis, was 2.29 percent for the first quarter of 2021, compared to 2.40 percent for the fourth quarter of 2020. The 11 basis point decrease in our net interest margin was due primarily to overall balance sheet growth resulting in a shift in the mix of interest earning assets from higher yielding loans to lower yielding cash and investments as a percentage of total interest earning assets.

For the first quarter of 2021, approximately 92 percent, or $42.6 billion, of our average loans were variable-rate loans that adjust at prescribed measurement dates. Of our variable-rate loans, approximately 65 percent are tied to prime-lending rates and 35 percent are tied to LIBOR. As a result of the discontinuation of LIBOR at the end of 2021, we are preparing for the transition to an alternate reference rate and expect the percent of LIBOR loans to decrease over time.

Credit Quality

Potential Fraudulent Client Activity

During the three months ended March 31, 2021, we became aware of potentially fraudulent activity conducted by JES Global Capital, Inc., a client of Silicon Valley Bank, our principal banking subsidiary, and certain of its affiliates, in connection with a loan transaction funded in early February 2021. Our investigation into this incident to determine the potential credit exposure resulted in a pre-tax charge-off of $80.0 million, or $59.2 million net of tax, relating to a Global Fund Banking capital call line of credit.

We are working with the appropriate law enforcement authorities in connection with this matter and intend to pursue all available sources of recovery and other measures to mitigate the extent of the loss.

Based on our review of the potentially fraudulent activity, as well as our risk assessment review of the Global Fund Banking loan portfolio conducted in light of the incident, we currently believe this incident to be an isolated occurrence involving a single business relationship.

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The following table provides a summary of our allowance for credit losses for loans, unfunded credit commitments and HTM securities:

	Three months ended
(Dollars in thousands, except ratios)	March 31, 2021			December 31, 2020			March 31, 2020
Allowance for credit losses for loans, beginning balance	$	447,765		$	512,958		$	304,924
Day one impact of adopting CECL	—			—			25,464
Provision (reduction) for loans	34,026			(57,468)			248,901
Gross loan charge-offs (1)	(95,005)			(22,504)			(36,896)
Loan recoveries	4,853			12,836			7,755
Foreign currency translation adjustments	112			1,943			(1,185)
Allowance for credit losses for loans, ending balance	$	391,751		$	447,765		$	548,963
Allowance for credit losses for unfunded credit commitments, beginning balance	120,796			101,515			67,656
Day one impact of adopting CECL	—			—			22,826
(Reduction) provision for unfunded credit commitments	(16,067)			18,934			(5,477)
Foreign currency translation adjustments	21			347			(315)
Allowance for credit losses for unfunded credit commitments, ending balance (2)	$	104,750		$	120,796		$	84,690
Allowance for credit losses for HTM securities, beginning balance	392			291			—
Day one impact of adopting CECL	—			—			174
Provision for HTM securities	720			101			56
Allowance for credit losses for HTM securities, ending balance (3)	$	1,112		$	392		$	230
Ratios and other information:
Provision (reduction) for loans as a percentage of period-end total loans (annualized)	0.29		%	(0.51)		%	2.78		%
Gross loan charge-offs as a percentage of average total loans (annualized)	0.83			0.22			0.44
Net loan charge-offs as a percentage of average total loans (annualized)	0.79			0.09			0.35
Allowance for credit losses for loans as a percentage of period-end total loans	0.82			0.99			1.53
Provision (reduction) for credit losses	$	18,679		$	(38,433)		$	243,480
Period-end total loans	47,675,166			45,181,488			35,968,085
Average total loans	46,281,476			41,525,036			33,660,728
Allowance for credit losses for nonaccrual loans	41,851			54,029			34,876
Nonaccrual loans	90,247			104,244			50,607

(1)Gross loan charge-offs for the quarter ended March 31, 2021 includes the impact of an $80.0 million charge-off related to potentially fraudulent activity as noted above.

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

(3)The "allowance for credit losses for HTM securities" is included as a component of HTM securities and presented net in our consolidated financial statements.

Our allowance for credit losses for loans decreased $56.0 million to $391.8 million at March 31, 2021, compared to $447.8 million at December 31, 2020.The $56.0 million decrease was driven primarily by a decrease of $61.7 million related to the reduction of expected credit losses for our performing loans reflective of improved economic scenarios in our forecast modelsand a $12.2 million decrease in reserves for nonaccrual loans, partially offset by a $17.9 million increase in our performing reserves for loan growth. As a percentage of total loans, our allowance for credit losses for loansdecreased 17 basis points to 0.82 percent atMarch 31, 2021, compared to 0.99 percent at December 31, 2020. The 17 basis point decrease, due primarily to the factors described above, was driven by a 14 basis point decrease for our performing loans reserve as a percentage of total loans and a 3 basis point decrease for our nonaccrual individually assessed loans.

The provision for credit losses was $18.7 million for the first quarter of 2021, consisting primarily of the following:

•A provision for credit loss for loans of $34.0 million, driven primarily by $85.8 million in charge-offs not specifically reserved for atDecember 31, 2020, of which $80.0 million was related to the potentially fraudulent activity discussed above, and a $17.9 million increase for loan growth, partially offset by a $61.7 million reduction in performing reserves and $4.9 million of recoveries; and

•A reduction of our credit loss estimate for unfunded credit commitments of $16.1 million, driven primarily by improved economic scenarios in our forecast models, partially offset by changes in the unfunded credit commitments' composition within our portfolio segments.

Gross loan charge-offs were $95.0 million for the first quarter of 2021, of which $80.0 million relates to the potentially fraudulent Global Fund Banking activity discussed above, and an additional $5.8 million that was not

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specifically reserved for at December 31, 2020. The remaining $15.0 million gross loan charge-offs were driven primarily by our Investor Dependent loan portfolio.

Nonaccrual loans were $90.2 million at March 31, 2021, compared to $104.2 million at December 31, 2020. Our nonaccrual loan balance decreased $14.0 million driven primarily by $9.5 million in repayments and $10.1 million in charge-offs, partially offset by new nonaccrual loans of $5.6 million. Repayments were driven primarily by clients in our Investor Dependent loan portfolio. New nonaccrual loans were driven primarily by $2.9 million for one Private Bank client. Nonaccrual loans as a percentage of total loans decreased to 0.20 percent for the first quarter of 2021 compared to 0.23 percent for the fourth quarter of 2020.

The allowance for credit losses for nonaccrual loans decreased $12.2 million to $41.9 million in the first quarter of 2021. The decrease was due primarily to $8.2 million in repayments and $9.1 million in charge-offs, partially offset by $5.1 million in reserves for new nonaccrual loans as noted above. Charge-offs and repayments were driven primarily by clients in our Investor Dependent loan portfolio. New nonaccrual reserves were driven primarily by reserves of $2.9 million for one Private Bank client.

We recorded an allowance for credit losses for HTM securities of $1.1 million at March 31, 2021, compared to $0.4 million at December 31, 2020. Our provision for HTM securities was driven primarily by the purchase of corporate bonds in the first quarter of 2021.

Client Funds

Our Total Client Funds consist of the sum of both our on-balance sheet deposits and off-balance sheet client investment funds. The following tables provide a summary of our average and period-end on-balance sheet deposits and off-balance sheet client investment funds:

Average On-Balance Sheet Deposits and Off-Balance Sheet Client Investment Funds (1)

	Average balances for the
	Three months ended
(Dollars in millions)	March 31, 2021		December 31, 2020		March 31, 2020
Interest-bearing deposits	$	37,375	$	30,774	$	20,472
Noninterest bearing demand deposits	73,233		61,663		41,336
Total average on-balance sheet deposits	$	110,608	$	92,437	$	61,808
Sweep money market funds	$	67,138	$	58,212	$	43,045
Client investment assets under management (2)	72,478		64,006		50,746
Repurchase agreements	11,963		10,887		9,799
Total average off-balance sheet client investment funds	$	151,579	$	133,105	$	103,590

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

	Period-end balances at
(Dollars in millions)	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
Interest-bearing deposits	$	39,710	$	35,463	$	27,265	$	25,345	$	19,010
Noninterest-bearing demand deposits	84,440		66,519		57,508		49,161		42,902
Total period-end on-balance sheet deposits	$	124,150	$	101,982	$	84,773	$	74,506	$	61,912
Sweep money market funds	$	75,328	$	59,844	$	56,395	$	49,388	$	44,833
Client investment assets under management (2)	75,970		70,671		60,773		56,023		51,020
Repurchase agreements	12,584		10,538		9,613		10,510		11,099
Total period-end off-balance sheet client investment funds	$	163,882	$	141,053	$	126,781	$	115,921	$	106,952

(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.

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The increases in our average and period-end Total Client Funds from the fourth quarter of 2020 to the first quarter of 2021 reflect growth in both on-balance sheet deposits and off-balance sheet client investments. We saw Total Client Funds growth across all portfolios with the primary contributors coming from our Technology and Life Science/Healthcare portfolios driven by strong public and private fundraising.

Long-term Debt

Long-term debt increasedby $0.5 billion to $1.3 billion for thefirst quarter of 2021 compared to $0.8 billion for the fourth quarter of 2020. The increase in long term debt was driven by the issuance of $500.0 million of 1.800% Senior Notes on February 2, 2021 with interest payments starting August 2, 2021, and payable every February 2nd and August 2nd. We received net proceeds from this offering of approximately $494.3 million after deducting underwriting discounts, commissions and issuance costs. The balance of our 1.800% Senior Notes at March 31, 2021 was $494.4 million, which reflects a $5.6 million of discounts and issuance costs.

Noninterest Income

Noninterest income was $744.2 million for the first quarter of 2021, compared to $621.8 million for the fourth quarter of 2020. Non-GAAP noninterest income, net of noncontrolling interests, was $719.1 million for the first quarter of 2021, compared to $575.8 million for the fourth quarter of 2020. (See reconciliations of non-GAAP measures used under the section "Use of Non-GAAP Financial Measures.")

The increase was attributable primarily to increased net gains on investment securities, gains on equity warrant assets and SVB Leerink revenue. Items impacting noninterest income for the first quarter of 2021 were as follows:

Net gains on investment securities

Net gains on investment securities were $167.1 million for the first quarter of 2021, compared to $150.0 million for the fourth quarter of 2020. The following tables provide a summary of non-GAAP net gains (losses) on investment securities, net of noncontrolling interests, for the three months ended March 31, 2021 and December 31, 2020, respectively:

	Three months ended March 31, 2021
(Dollars in thousands)	Managed Funds of Funds		Managed Direct Venture Funds		Managed Credit Funds		Public Equity Securities		Debt  Funds		Strategic and Other Investments		SVB Leerink		Total
GAAP gains on investment securities, net	$	30,692	$	18,487	$	7,048	$	76,321	$	414	$	30,367	$	3,749	$	167,078
Less: income attributable to noncontrolling interests, including carried interest allocation	13,165		8,668		868		—		—		—		2,330		25,031
Non-GAAP gains on investment securities, net of noncontrolling interests	$	17,527	$	9,819	$	6,180	$	76,321	$	414	$	30,367	$	1,419	$	142,047

	Three months ended December 31, 2020
(Dollars in thousands)	Managed Funds of Funds		Managed Direct Venture Funds		Managed Credit Funds		Public Equity Securities		Debt  Funds		Strategic and Other Investments		SVB Leerink		Total
GAAP gains (losses) on investment securities, net	$	62,336	$	28,949	$	19,127	$	(17,986)	$	(150)	$	56,527	$	1,189	$	149,992
Less: income attributable to noncontrolling interests, including carried interest allocation	28,493		13,843		3,150		—		—		—		405		45,891
Non-GAAP gains (losses) on investment securities, net of noncontrolling interests	$	33,843	$	15,106	$	15,977	$	(17,986)	$	(150)	$	56,527	$	784	$	104,101

Non-GAAP net gains, net of noncontrolling interests, of $142.0 million for the first quarter of 2021 were primarily attributable to realized gains on sales of public equity securities, as well as valuation increases in both public and private investments held in our strategic and other investments and managed fund of funds portfolios.

The gains in public equity securities were driven primarily by realized gains on common stock shares sold during the three months ending March 31, 2021, which includes $43.3 million from the sale of BigCommerce Holdings, Inc. common stock shares, as well as gains from other public equity securities held in our portfolio.

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Net gains on equity warrant assets

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

	Three months ended
(Dollars in thousands)	March 31, 2021		December 31, 2020		March 31, 2020
Equity warrant assets:
Gains on exercises, net	$	159,637	$	95,554	$	19,193
Terminations	(249)		(419)		(326)
Changes in fair value, net	62,297		48,626		(5,472)
Total net gains on equity warrant assets	$	221,685	$	143,761	$	13,395

Net gains on equity warrant assets for the first quarter of 2021 were attributable primarily to net gains from exercises of $159.6 million reflective of $115.8 million in gains related to Coinbase Global, Inc.'s ("Coinbase") announcement to enter the public markets via a direct listing with remaining gains driven primarily by IPO activity. The $62.3 million of net valuation increases were driven by our private company portfolio reflective primarily of pending special purpose acquisition company ("SPAC") activity as well as pending M&A and IPO activity.

At March 31, 2021, we held warrants in 2,670 companies with a total fair value of $244.3 million. Warrants in 42 companies each had fair values greater than $1.0 million and collectively represented $113.7 million, or 46.5 percent, of the fair value of the total warrant portfolio at March 31, 2021. 

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 and SPACs, 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.  

Investment in Coinbase

As of the date of this filing, we have sold all of our common stock shares of Coinbase resulting in pre-tax gains on investment securities of approximately $38.2 million to be recorded in the second quarter of 2021.

Non-GAAP core fee income plus non-GAAP SVB Leerink revenue

The following table provides a summary of our non-GAAP core fee income, non-GAAP SVB Leerink revenue and non-GAAP core fee income plus SVB Leerink revenue:

	Three months ended
(Dollars in thousands)	March 31, 2021		December 31, 2020		March 31, 2020
Non-GAAP core fee income:
Client investment fees	$	20,065	$	25,008	$	43,393
Foreign exchange fees	57,393		51,091		47,505
Credit card fees	27,567		25,389		28,304
Deposit service charges	25,151		23,221		24,589
Lending related fees	15,657		19,682		13,125
Letters of credit and standby letters of credit fees	13,051		11,504		11,542
Total non-GAAP core fee income	$	158,884	$	155,895	$	168,458
Investment banking revenue	142,302		133,434		46,867
Commissions	24,439		17,443		16,022
Total non-GAAP SVB Leerink revenue	$	166,741	$	150,877	$	62,889
Total non-GAAP core fee income plus SVB Leerink revenue	$	325,625	$	306,772	$	231,347

Non-GAAP core fee income increased from the fourth quarter of 2020 to the first quarter of 2021 reflective primarily by increases in foreign exchange fees and credit card fees, partially offset by a decrease in client investment fees. Foreign exchange fees increased $6.3 million driven primarily by increased foreign currency risk hedging activity as well as private equity activity. Credit card fees increased $2.2 million primarily due to new client growth, relationship

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expansion and higher utilization. The $4.9 million decrease in client investment fees is reflective of a reduction in fee margin resulting from lower short-term market rates.

Non-GAAP SVB Leerink revenue increased from the fourth quarter of 2020 to the first quarter of 2021 as SVB Leerink continues to capitalize on strong markets. Investment banking revenue was $142.3 million, driven primarily by $132.2 million from public equity capital raising in the first quarter of 2021.

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

Noninterest Expense

Noninterest expense was $636.0 million for the first quarter of 2021, compared to $664.8 million for the fourth quarter of 2020. The decrease of$28.8 millionin noninterest expense consisted primarily of decreases in our net occupancy expense, premises and equipment and other noninterest expense, partially offset by an increase in our compensation and benefits expense in the first quarter of 2021 compared to the fourth quarter of 2020.

Net occupancy and premises and equipment expenses decreased $27.1 million and $8.9 million, respectively, due primarily to higher expenses in the fourth quarter of 2020 reflective of impairment, and accelerated depreciation, of right-of-use assets and other fixed assets related to vacating leased office space in several locations during the fourth quarter of 2020.

Other noninterest expense decreased $26.8 million, due primarily to higher expenses in the fourth quarter reflective of the $20.0 million charitable donation of net PPP fees received from the Small Business Administration ("SBA") during the fourth quarter of 2020.

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

	Three months ended
(Dollars in thousands, except employees)	March 31, 2021		December 31, 2020		March 31, 2020
Compensation and benefits:
Salaries and wages	$	163,558	$	140,377	$	115,614
Incentive compensation plans	149,645		172,730		66,674
Other employee incentives and benefits (1)	132,222		102,598		73,298
Total compensation and benefits	$	445,425	$	415,705	$	255,586
Period-end full-time equivalent employees	4,656		4,461		3,710
Average full-time equivalent employees	4,601		4,419		3,672

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

The $29.7 million increase in total compensation and benefits expense consists primarily of the following:

•An increase of $29.6 million in other employee incentives and benefits due primarily to an increase in warrant incentive plan expense reflective of higher gains on equity warrant assets in the first quarter of 2021 compared to the fourth quarter of 2020 and first quarter seasonal expense items relating to additional 401(k) matching contributions and employer-related payroll taxes as a result of the 2020 annual incentive compensation plan payments, and

•An increase of $23.2 million in salaries and wages expense related primarily to strategic hires for SVB Leerink as well as the increase in the number of average FTEs by 182 to 4,601, partially offset by

•A decrease of $23.1 million in incentive compensation plans expense attributable primarily to a decrease in SVB Leerink incentive compensation expense reflective of higher expenses in the fourth quarter of 2020 as a result of SVB Leerink's strong 2020 full year financial performance.

Income Tax Expense

Our effective tax rate was 25.9 percent for the first quarter of 2021, compared to 27.4 percent for the fourth quarter of 2020.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. The decrease in our effective tax rate was driven

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primarily by an increase in the recognition of excess tax benefits from share-based compensation in the first quarter of 2021 which is reflective of a higher number of stock option exercises due to the increase in our stock price and the annual vesting of our performance-based restricted stock units and SVB Leerink restricted stock units.

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:

	Three months ended
(Dollars in thousands)	March 31, 2021		December 31, 2020		March 31, 2020
Net interest income (1)	$	—	$	—	$	(21)
Noninterest (income) loss (1)	(15,796)		(17,408)		2,491
Noninterest expense (1)	117		91		140
Carried interest allocation (2)	(9,271)		(28,574)		(637)
Net (income) loss attributable to noncontrolling interests	$	(24,950)	$	(45,891)	$	1,973

(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 of $25.0 million for the first quarter of 2021 was driven primarily by net gains on investment securities (including carried interest allocation) from our managed funds of funds and our managed direct venture funds portfolios.

SVBFG Stockholders’ Equity

Total SVBFG stockholders’ equity increased by $1.7 billion to $9.9 billion at March 31, 2021, compared to $8.2 billion at December 31, 2020, primarily due to $1.7 billion of capital raised related to our common stock equity offering and preferred stock issuance during the first quarter of 2021. Additionally, net income of $532 million during the first quarter of 2021 was more than offset by a decrease in the net balance of accumulated other comprehensive income to $21 million from a balance of $623 million at December 31, 2020, driven primarily by a decrease in the fair value of our AFS securities portfolio reflective of increases in market rates.

Common Stock

On March 22, 2021, to support the continued growth of our balance sheet, we issued and sold 2,000,000 shares of common stock at a price of $500.00 per share. We received net proceeds of $972.0 million after deducting underwriting discounts and commissions. On April 14, 2021, we issued and sold an additional 300,000 shares of common stock under the full exercise of the underwriter's over-allotment option resulting in additional net proceeds of approximately $146.0 million after deducting discounts and commissions.

Preferred Stock

Series A Preferred Stock

On February 16, 2021, SVB Financial Group paid a quarterly cash dividend of $13.125 per share on the Company’s 5.250% fixed-rate non-cumulative perpetual Series A Preferred Stock, liquidation amount $1,000 per share, which are represented by depositary shares (NASDAQ: SIVBP), each representing a 1/40th interest in a share of preferred stock, with a total dividend paid of $4.6 million.

On April 22, 2021, the Company's Board of Directors declared a quarterly cash dividend of $13.125 per share (representing $0.328125 per depositary share) on the Series A Preferred Stock. The dividend is payable on May 17, 2021 to holders of record at the close of business on May 3, 2021.

Series B Preferred Stock

On February 2, 2021, SVB Financial Group issued 750,000 depositary shares each representing a 1/100th ownership interest in a share of Series B Preferred Stock with a $0.001 par value and a liquidation preference of $100,000 per share, or $1,000 per depositary share. The Series B Preferred Stock is perpetual and has no stated maturity. Dividends are approved by the Board of Directors and, if declared, are payable quarterly, in arrears, at a rate per annum equal to (i) 4.10 percent from the original issue date to, but excluding, February 15, 2031 and (ii) for

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the February 15, 2031 dividend date and during each subsequent ten year period, the ten-year treasury rate (calculated three business days prior to each reset date as the five day average of the yields on actively traded U.S. treasury securities adjusted to constant maturity, for ten-year maturities) plus 3.064 percent. As of March 31, 2021, 750,000 depositary shares were issued and outstanding, had a carrying value of $739.2 million and a liquidation preference of $750.0 million.

On April 22, 2021, the Company's Board of Directors declared a quarterly cash dividend of $1,173.056 per share (representing $11.730556 per depositary share) on the Series B Preferred Stock. The dividend is payable on May 17, 2021 to holders of record at the close of business on May 3, 2021.

SVB Financial and Bank Capital Ratios(1)

	March 31, 2021		December 31, 2020		March 31, 2020
SVB Financial:
CET 1 risk-based capital ratio (2)	12.19	%	11.04	%	12.35	%
Tier 1 risk-based capital ratio (2)	14.02		11.89		13.35
Total risk-based capital ratio (2)	14.63		12.64		14.45
Tier 1 leverage ratio (2)	8.01		7.45		9.00
Tangible common equity to tangible assets ratio (3)	6.06		6.66		8.70
Tangible common equity to risk-weighted assets ratio (3)	12.12		11.87		13.40
Silicon Valley Bank:
CET 1 risk-based capital ratio (2)	12.94	%	10.70	%	10.90	%
Tier 1 risk-based capital ratio (2)	12.94		10.70		10.90
Total risk-based capital ratio (2)	13.58		11.49		12.04
Tier 1 leverage ratio (2)	7.20		6.43		7.21
Tangible common equity to tangible assets ratio (3)	6.25		6.24		7.63
Tangible common equity to risk-weighted assets ratio (3)	12.88		11.58		11.99

(1)Regulatory capital ratios as of March 31, 2021 are preliminary.

(2)Capital ratios include regulatory capital phase-in of the allowance for credit losses under the 2020 CECL Interim Final Rule ("IFR") for periods beginning March 31, 2020.

(3)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.”

March 31, 2021Preliminary Results

Our risk-based capital ratios, tier 1 capital ratios and leverage ratios increased for both SVB Financial and Silicon Valley Bank as of March 31, 2021, compared to December 31, 2020. The increase in capital ratios was driven primarily by increases in our capital, partially offset by increases in our risk-weighted and average assets. The increase in capital for SVB Financial was driven by the issuance of common and preferred stock and net income. The increase in capital for Silicon Valley Bank was driven by a $2.0 billion downstream capital infusion from our bank holding company during the first quarter of 2021. The increase in average assets was driven by increases in our fixed income investments and loan portfolios.

All of our reported capital ratios remain above the levels considered to be “well capitalized” under applicable banking regulations.

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Financial Outlook

Our outlook for the year ending December 31, 2021, 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 particularly 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 are, by their nature, forward-looking statements and are subject to substantial risks and uncertainties, including risks and uncertainties related to the COVID-19 pandemic and related government orders, which are discussed below under the section “Forward-Looking Statements.” Actual results may differ. (For additional information about our financial outlook, please refer to Q1 2021 Earnings Slides. See "Additional Information" below.)

For the full year ending December 31, 2021, compared to our full year 2020 results, we currently expect the following outlook (please note that the outlook below does not include and/or take into account: (i) changes in interest rates, (ii) material deterioration in the overall economy, (iii) changes to the federal corporate tax rate and (iv) the completion of the pending acquisition of Boston Private Financial Holdings, Inc. ("Boston Private"), and includes management's updates to certain 2021 outlook metrics we previously disclosed on January 21, 2021):

	Current full year 2021 outlook compared to 2020 results (as of April 22, 2021)
Average loan balances	Increase at a percentage rate in the mid-thirties
Average deposit balances	Increase at a percentage rate in the high sixties
Net interest income (1)	Increase at a percentage rate in the mid-thirties
Net interest margin (1)	Between 2.10% and 2.20%
Net loan charge-offs (2)	Between 0.20% and 0.40% of average total 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 mid-single digits
SVB Leerink revenue (3)	Between $420 million and $450 million
Noninterest expense (4) (5)	Increase at a percentage rate in the high teens
Effective tax rate (6)	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, the COVID-19 pandemic and its effects on the economic and business environments in which we operate, actual prepayment rates and other factors described under the section "Forward-Looking Statements" below.

(2)Our outlook for loan charge-offs includes the impact of an $80.0 million charge-off related to potentially fraudulent activity as noted above.

(3)Core fee income and SVB Leerink revenue are each non-GAAP measures, which collectively represent noninterest income, but exclude 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 and non-GAAP SVB Leerink revenue to GAAP noninterest income for fiscal year ending 2021 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. Core fee income does not include SVB Leerink revenue. SVB Leerink revenue represents investment banking revenue and commissions.

(4)Noninterest expense 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 to GAAP noninterest expense for the fiscal year ending 2021 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)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 and does not include assumptions for potential future tax rate changes.

14

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the safe harbor provisions 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 section “Financial Outlook,” we make forward-looking statements discussing management’s expectations for 2021 about, among other things, economic conditions; the continuing and potential effects of the COVID-19 pandemic; opportunities in the market; the outlook on our clients' performance; our financial, credit, and business performance, including loan growth, loan mix and loan yields; deposit growth; expense levels; our expected effective tax rate; accounting impact; financial results (and the components of such results) and the proposed acquisition of Boston Private.

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, secondary offering, SPAC fundraising, 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);

•the COVID-19 pandemic and its effects on the economic and business environments in which we operate, and its effects on our operations, including, as a result of, prolonged work-from-home arrangements;

•the impact of changes from the Biden-Harris administration and the new U.S. Congress on the economic environment, capital markets and regulatory landscape, including monetary, tax and other trade policies;

•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;

•the adequacy of our allowance for credit losses and the need to make provisions for credit losses for any period;

•the sufficiency of our capital and liquidity positions;

•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;

•the occurrence of fraudulent activity, including breaches of our information security or cyber security-related incidents;

•business disruptions and interruptions due to natural disasters and other external events;

•the impact on our reputation and business from our interactions with business partners, counterparties, service providers and other third parties;

•the expansion of our business internationally, and the impact of international market and economic events on us;

•the effectiveness of our risk management framework and quantitative models;

•our ability to maintain or increase our market share, including through successfully implementing our business strategy and undertaking new business initiatives, including through the integration of Boston Private;

15

•an inability to complete the acquisition of Boston Private, or changes in the currently anticipated timeframe, terms or manner of such acquisition;

•the occurrence of any event, change or other circumstance that could give rise to the right of one or both parties to terminate the merger agreement between us and Boston Private;

•greater than expected costs or other difficulties related to the integration of our business and that of Boston Private;

•variations from our expectations as to the amount and timing of business opportunities, growth prospects and cost savings associated with completing the acquisition of Boston Private;

•the inability to retain existing Boston Private clients and employees following the closing of the Boston Private acquisition;

•unfavorable resolution of legal proceedings or claims, as well as legal or regulatory proceedings or governmental actions;

•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 and their impact on us.

The operating and economic environment during the first quarter continued to be impacted by the COVID-19 pandemic and related government orders. Statements about the effects of the COVID-19 pandemic on our business, operations, financial performance and prospects may constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, potential variations of the virus, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties and 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, April 22, 2021, we will host a conference call at 3:00 p.m. (Pacific Time) to discuss the financial results for the quarter ended March 31, 2021. The conference call can be accessed by dialing (833) 494-1484 or (236) 714-2618 and entering the confirmation number "4158465". 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 audio webcast will also be available on www.svb.com for 12 months beginning on April 22, 2021.

Additional Information

For additional information about our business, financial results for the first quarter 2021 and financial outlook, please refer to our Q1 2021 Earnings Slides and Q1 2021 CEO Letter, which are available on the Investor Relations section of our website at www.svb.com. These materials should be read together with this release, and include important supplemental information including key considerations that may impact our financial outlook.

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 © 2021 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.

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SVB FINANCIAL GROUP AND SUBSIDIARIES

INTERIM CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three months ended
(Dollars in thousands, except share data)	March 31, 2021		December 31, 2020		March 31, 2020
Interest income:
Loans	$	430,422	$	403,361	$	382,569
Investment securities:
Taxable	224,162		182,543		154,385
Non-taxable	20,897		18,855		12,824
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities	3,265		2,799		17,624
Total interest income	678,746		607,558		567,402
Interest expense:
Deposits	10,437		8,909		37,398
Borrowings	8,730		7,169		5,867
Total interest expense	19,167		16,078		43,265
Net interest income	659,579		591,480		524,137
Provision (reduction) for credit losses	18,679		(38,433)		243,480
Net interest income after provision for credit losses	640,900		629,913		280,657
Noninterest income:
Gains on investment securities, net	167,078		149,992		46,055
Gains on equity warrant assets, net	221,685		143,761		13,395
Client investment fees	20,065		25,008		43,393
Foreign exchange fees	57,393		51,091		47,505
Credit card fees	27,567		25,389		28,304
Deposit service charges	25,151		23,221		24,589
Lending related fees	15,657		19,682		13,125
Letters of credit and standby letters of credit fees	13,051		11,504		11,542
Investment banking revenue	142,302		133,434		46,867
Commissions	24,439		17,443		16,022
Other	29,792		21,258		11,137
Total noninterest income	744,180		621,783		301,934
Noninterest expense:
Compensation and benefits	445,425		415,705		255,586
Professional services	81,343		77,336		38,705
Premises and equipment	32,822		41,705		26,940
Net occupancy	17,681		44,733		18,346
Business development and travel	3,811		4,447		14,071
FDIC and state assessments	9,463		8,601		5,234
Other	45,456		72,272		40,703
Total noninterest expense	636,001		664,799		399,585
Income before income tax expense	749,079		586,897		183,006
Income tax expense	187,315		148,096		49,357
Net income before noncontrolling interests and dividends	561,764		438,801		133,649
Net (income) loss attributable to noncontrolling interests	(24,950)		(45,891)		1,973
Preferred stock dividends	(4,594)		(4,594)		(3,369)
Net income available to common stockholders	$	532,220	$	388,316	$	132,253
Earnings per common share—basic	$	10.20	$	7.49	$	2.56
Earnings per common share—diluted	10.03		7.40		2.55
Weighted average common shares outstanding—basic	52,180,045		51,817,077		51,565,499
Weighted average common shares outstanding—diluted	53,075,690		52,466,389		51,944,091

17

SVB FINANCIAL GROUP AND SUBSIDIARIES

INTERIM CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands, except par value and share data)	March 31, 2021		December 31, 2020		March 31, 2020
Assets:
Cash and cash equivalents	$	21,254,859	$	17,674,763	$	9,561,448
Available-for-sale securities, at fair value (cost $26,159,161, $30,244,896 and $12,044,717, respectively)	25,986,471		30,912,438		12,648,064
Held-to-maturity securities, at amortized cost and net of allowance for credit losses of $1,112, $392 and $230 (fair value of $41,186,735, $17,216,871, and $14,131,154), respectively	41,164,620		16,592,153		13,574,289
Non-marketable and other equity securities	1,857,761		1,802,235		1,200,595
Investment securities	69,008,852		49,306,826		27,422,948
Loans, amortized cost	47,675,166		45,181,488		35,968,085
Allowance for credit losses: loans	(391,751)		(447,765)		(548,963)
Net loans	47,283,415		44,733,723		35,419,122
Premises and equipment, net of accumulated depreciation and amortization	179,674		175,818		154,780
Goodwill	142,685		142,685		137,823
Other intangible assets, net	59,325		61,435		48,072
Lease right-of-use assets	233,696		209,932		206,392
Accrued interest receivable and other assets	4,184,114		3,205,825		2,059,055
Total assets	$	142,346,620	$	115,511,007	$	75,009,640
Liabilities and total equity:
Liabilities:
Noninterest-bearing demand deposits	$	84,439,997	$	66,519,240	$	42,902,200
Interest-bearing deposits	39,710,109		35,462,567		19,009,757
Total deposits	124,150,106		101,981,807		61,911,957
Short-term borrowings	38,434		20,553		3,138,162
Lease liabilities	287,413		259,554		227,271
Other liabilities	6,411,705		3,971,974		2,200,953
Long-term debt	1,338,183		843,628		348,076
Total liabilities	132,225,841		107,077,516		67,826,419
SVBFG stockholders’ equity:
Preferred stock, $0.001 par value, 20,000,000 shares authorized; 1,100,000, 350,000 and 350,000 shares issued and outstanding, respectively	1,079,333		340,138		340,138
Common stock, $0.001 par value, 150,000,000 shares authorized; 54,001,797 shares, 51,888,463 shares, and 51,490,342 shares issued and outstanding, respectively	54		52		52
Additional paid-in capital	2,590,576		1,585,244		1,489,240
Retained earnings	6,203,969		5,671,749		4,612,785
Accumulated other comprehensive income	20,960		622,517		592,534
Total SVBFG stockholders’ equity	9,894,892		8,219,700		7,034,749
Noncontrolling interests	225,887		213,791		148,472
Total equity	10,120,779		8,433,491		7,183,221
Total liabilities and total equity	$	142,346,620	$	115,511,007	$	75,009,640

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SVB FINANCIAL GROUP AND SUBSIDIARIES

INTERIM AVERAGE BALANCES, RATES AND YIELDS

(Unaudited)

	Three months ended
	March 31, 2021						December 31, 2020						March 31, 2020
(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)	$	18,174,315	$	3,265	0.07	%	$	15,903,802	$	2,799	0.07	%	$	7,308,705	$	17,624	0.97	%
Investment securities: (2)
Available-for-sale securities:
Taxable	28,247,436		124,512		1.79		28,114,199		102,666		1.45		13,565,908		77,024		2.28
Held-to-maturity securities:
Taxable	21,590,350		99,650		1.87		10,075,470		79,877		3.15		11,675,421		77,361		2.66
Non-taxable (3)	3,704,855		26,452		2.90		3,213,270		23,867		2.95		1,900,640		16,233		3.44
Total loans, amortized cost (4) (5)	46,281,476		430,422		3.77		41,525,036		403,361		3.86		33,660,728		382,569		4.57
Total interest-earning assets	117,998,432		684,301		2.35		98,831,777		612,570		2.46		68,111,402		570,811		3.37
Cash and due from banks	1,546,539						1,228,092						797,462
Allowance for credit losses: loans	(484,476)						(535,067)						(327,812)
Other assets (6)	5,754,113						4,228,797						3,826,116
Total assets	$	124,814,608					$	103,753,599					$	72,407,168
Funding sources:
Interest-bearing liabilities:
Interest bearing checking and savings accounts	$	3,661,903	$	866	0.10	%	$	4,442,350	$	1,966	0.18	%	$	546,428	$	108	0.08	%
Money market deposits	30,959,253		8,744		0.11		23,943,177		5,983		0.10		17,613,578		33,013		0.75
Money market deposits in foreign offices	873,090		132		0.06		501,978		225		0.18		266,045		24		0.04
Time deposits	657,534		626		0.39		608,608		648		0.42		163,343		429		1.06
Sweep deposits in foreign offices	1,223,440		69		0.02		1,277,421		87		0.03		1,882,853		3,824		0.82
Total interest-bearing deposits	37,375,220		10,437		0.11		30,773,534		8,909		0.12		20,472,247		37,398		0.73
Short-term borrowings	12,137		2		0.07		9,847		2		0.08		969,896		2,716		1.13
1.800% Senior Notes	318,569		1,559		1.98		—		—		—		—		—		—
3.125% Senior Notes	495,317		4,014		3.29		495,210		4,013		3.22		—		—		—
3.50% Senior Notes	348,380		3,155		3.67		348,288		3,154		3.60		348,018		3,151		3.64
Total interest-bearing liabilities	38,549,623		19,167		0.20		31,626,879		16,078		0.20		21,790,161		43,265		0.80
Portion of noninterest-bearing funding sources	79,448,809						67,204,898						46,321,241
Total funding sources	117,998,432		19,167		0.06		98,831,777		16,078		0.06		68,111,402		43,265		0.25
Noninterest-bearing funding sources:
Demand deposits	73,233,194						61,662,840						41,335,984
Other liabilities	4,020,492						2,316,065						2,277,031
Preferred stock	817,057						340,138						340,169
SVBFG common stockholders’ equity	7,983,451						7,636,451						6,512,946
Noncontrolling interests	210,791						171,226						150,877
Portion used to fund interest-earning assets	(79,448,809)						(67,204,898)						(46,321,241)
Total liabilities and total equity	$	124,814,608					$	103,753,599					$	72,407,168
Net interest income and margin			$	665,134	2.29	%			$	596,492	2.40	%			$	527,546	3.12	%
Total deposits	$	110,608,414					$	92,436,374					$	61,808,231
Average SVBFG common stockholders’ equity as a percentage of average assets					6.40	%					7.36	%					8.99	%
Reconciliation to reported net interest income:
Adjustments for taxable equivalent basis			(5,555)						(5,012)						(3,409)
Net interest income, as reported			$	659,579					$	591,480					$	524,137

(1)Includes average interest-earning deposits in other financial institutions of $1.6 billion, $1.5 billion and $0.9 billion; and $14.8 billion, $12.7 billion and $5.5 billion deposited at the Federal Reserve Bank, earning interest at the Federal Funds target rate, for the quarters ended March 31, 2021, December 31, 2020 and March 31, 2020, 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 $57.7 million, $55.1 million and $36.7 million for the quarters ended March 31, 2021, December 31, 2020 and March 31, 2020, respectively.

(6)Average investment securities of $3.4 billion, $2.3 billion and $1.6 billion for the quarters ended March 31, 2021, December 31, 2020 and March 31, 2020, respectively, were classified as other assets as they are noninterest-earning assets. These investments consist primarily of non-marketable and other equity securities.

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Reconciliation of Basic and Diluted Weighted Average Common Shares Outstanding

	Three months ended
(Shares in thousands)	March 31, 2021	December 31, 2020	March 31, 2020
Weighted average common shares outstanding—basic	52,180	51,817	51,565
Effect of dilutive securities:
Stock options and employee stock purchase plan	294	195	217
Restricted stock units	602	454	162
Total effect of dilutive securities	896	649	379
Weighted average common shares outstanding—diluted	53,076	52,466	51,944

Credit Quality

(Dollars in thousands, except ratios)	March 31, 2021			December 31, 2020			March 31, 2020
Nonaccrual, past due and restructured loans:
Nonaccrual loans	$	90,247		$	104,244		$	50,607
Loans past due 90 days or more still accruing interest	4,491			—			4,918
Total nonperforming loans	94,738			104,244			55,525
OREO and other foreclosed assets	1,179			1,179			—
Total nonperforming assets	$	95,917		$	105,423		$	55,525
Nonperforming loans as a percentage of total loans	0.20		%	0.23		%	0.15		%
Nonperforming assets as a percentage of total assets	0.07			0.09			0.07
Allowance for credit losses for loans	$	391,751		$	447,765		$	548,963
As a percentage of total loans	0.82		%	0.99		%	1.53		%
As a percentage of total nonperforming loans	413.51			429.54			988.68
Allowance for credit losses for nonaccrual loans	$	41,851		$	54,029		$	34,876
As a percentage of total loans	0.09		%	0.12		%	0.10		%
As a percentage of total nonperforming loans	44.18			51.83			62.81
Allowance for credit losses for total performing loans	$	349,900		$	393,736		$	514,087
As a percentage of total loans	0.73		%	0.87		%	1.43		%
As a percentage of total performing loans	0.74			0.87			1.43
Total loans	$	47,675,166		$	45,181,488		$	35,968,085
Total performing loans	47,580,428			45,077,244			35,912,560
Allowance for credit losses for unfunded credit commitments (1)	104,750			120,796			84,690
As a percentage of total unfunded credit commitments	0.31		%	0.38		%	0.34		%
Total unfunded credit commitments (2)	$	33,986,627		$	31,982,251		$	24,668,310

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

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

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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 SVB Leerink revenue, non-GAAP core fee income plus non-GAAP SVB Leerink revenue, 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 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 plus SVB Leerink revenue — 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 non-GAAP SVB Leerink revenue, and represents client investment fees, foreign exchange fees, credit card fees,

21

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 and other noninterest income items.

•Non-GAAP SVB Leerink revenue — 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 non-GAAP core fee income, and represents investment banking revenue and commissions. 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 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 as well as other non-recurring expenses. It is calculated by dividing noninterest expense after adjusting for noninterest expense attributable to SVB Leerink and other non-recurring expenses 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, or tangible book value, 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
Non-GAAP core fee income plus SVB Leerink revenue, non-GAAP SVB Leerink revenue and non-GAAP core fee income (Dollars in thousands)	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
GAAP noninterest income	$	744,180	$	621,783	$	547,583	$	368,848	$	301,934
Less: gains on investment securities, net	167,078		149,992		189,837		34,868		46,055
Less: net gains on equity warrant assets	221,685		143,761		53,766		26,506		13,395
Less: other noninterest income	29,792		21,258		49,222		16,528		11,137
Non-GAAP core fee income plus SVB Leerink revenue	$	325,625	$	306,772	$	254,758	$	290,946	$	231,347
Investment banking revenue	142,302		133,434		92,181		141,503		46,867
Commissions	24,439		17,443		16,257		16,918		16,022
Less: non-GAAP SVB Leerink revenue	$	166,741	$	150,877	$	108,438	$	158,421	$	62,889
Non-GAAP core fee income	$	158,884	$	155,895	$	146,320	$	132,525	$	168,458

	Three months ended
Non-GAAP net gains on investment securities, net of noncontrolling interests (Dollars in thousands)	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
GAAP net gains on investment securities	$	167,078	$	149,992	$	189,837	$	34,868	$	46,055
Less: income (loss) attributable to noncontrolling interests, including carried interest allocation	25,031		45,891		27,785		14,328		(1,535)
Non-GAAP net gains on investment securities, net of noncontrolling interests	$	142,047	$	104,101	$	162,052	$	20,540	$	47,590

22

	Three months ended
Non-GAAP core operating efficiency ratio (Dollars in thousands, except ratios)	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
GAAP noninterest expense	$	636,001		$	664,799		$	491,021		$	479,636		$	399,585
Less: expense attributable to noncontrolling interests	117			91			114			130			140
Non-GAAP noninterest expense, net of noncontrolling interests	635,884			664,708			490,907			479,506			399,445
Less: expense attributable to SVB Leerink	136,351			130,716			77,567			108,650			62,037
Less: real estate expenses	—			29,317			—			—			—
Less: charitable donation of net PPP loan origination fees	—			20,000			—			—			—
Non-GAAP noninterest expense, net of noncontrolling interests, SVB Leerink and other non-recurring expenses	$	499,533		$	484,675		$	413,340		$	370,856		$	337,408
GAAP net interest income	$	659,579		$	591,480		$	527,740		$	512,927		$	524,137
Adjustments for taxable equivalent basis	5,555			5,012			3,964			3,844			3,409
Non-GAAP taxable equivalent net interest income	665,134			596,492			531,704			516,771			527,546
Less: income attributable to noncontrolling interests	—			—			—			5			21
Non-GAAP taxable equivalent net interest income, net of noncontrolling interests	665,134			596,492			531,704			516,766			527,525
Less: net interest income (expense) attributable to SVB Leerink	166			205			175			(3)			201
Non-GAAP taxable equivalent net interest income, net of noncontrolling interests and SVB Leerink	$	664,968		$	596,287		$	531,529		$	516,769		$	527,324
GAAP noninterest income	$	744,180		$	621,783		$	547,583		$	368,848		$	301,934
Less: income (loss) attributable to noncontrolling interests, including carried interest allocation	25,067			45,982			27,862			14,385			(1,854)
Non-GAAP noninterest income, net of noncontrolling interests	719,113			575,801			519,721			354,463			303,788
Less: Non-GAAP net gains on investment securities, net of noncontrolling interests	142,047			104,101			162,052			20,540			47,590
Less: net gains on equity warrant assets	221,685			143,761			53,766			26,506			13,395
Less: investment banking revenue	142,302			133,434			92,181			141,503			46,867
Less: commissions	24,439			17,443			16,257			16,918			16,022
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	$	188,640		$	177,062		$	195,465		$	148,996		$	179,914
GAAP total revenue	$	1,403,759		$	1,213,263		$	1,075,323		$	881,775		$	826,071
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	$	853,608		$	773,349		$	726,994		$	665,765		$	707,238
Operating efficiency ratio	45.31		%	54.79		%	45.66		%	54.39		%	48.37		%
Non-GAAP core operating efficiency ratio	58.52			62.67			56.86			55.70			47.71

23

	Period-end balances at
Non-GAAP non-marketable and other equity securities, net of noncontrolling interests (Dollars in thousands)	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
GAAP non-marketable and other equity securities	$	1,857,761	$	1,802,235	$	1,547,363	$	1,270,578	$	1,200,595
Less: amounts attributable to noncontrolling interests	225,835		213,442		168,329		146,945		144,279
Non-GAAP non-marketable and other equity securities, net of noncontrolling interests	$	1,631,926	$	1,588,793	$	1,379,034	$	1,123,633	$	1,056,316

	Period-end balances at
SVB Financial Group tangible common equity, tangible assets and risk-weighted assets (Dollars in thousands, except ratios)	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
GAAP SVBFG stockholders’ equity	$	9,894,892		$	8,219,700		$	7,792,935		$	7,319,373		$	7,034,749
Less: preferred stock	1,079,333			340,138			340,138			340,138			340,138
Less: intangible assets	202,010			204,120			183,203			184,549			185,895
Tangible common equity	$	8,613,549		$	7,675,442		$	7,269,594		$	6,794,686		$	6,508,716
GAAP total assets	$	142,346,620		$	115,511,007		$	96,916,771		$	85,730,985		$	75,009,640
Less: intangible assets	202,010			204,120			183,203			184,549			185,895
Tangible assets	$	142,144,610		$	115,306,887		$	96,733,568		$	85,546,436		$	74,823,745
Risk-weighted assets	$	71,058,786		$	64,680,666		$	54,738,028		$	49,682,026		$	48,578,473
Tangible common equity to tangible assets	6.06		%	6.66		%	7.52		%	7.94		%	8.70		%
Tangible common equity to risk-weighted assets	12.12			11.87			13.28			13.68			13.40

	Period-end balances at
Silicon Valley Bank tangible common equity, tangible assets and risk-weighted assets (Dollars in thousands, except ratios)	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Tangible common equity	$	8,765,837		$	7,068,964		$	6,104,361		$	5,821,224		$	5,617,402
Tangible assets	$	140,231,319		$	113,303,370		$	95,012,287		$	84,214,926		$	73,630,526
Risk-weighted assets	$	68,058,341		$	61,023,462		$	51,792,822		$	47,838,181		$	46,839,951
Tangible common equity to tangible assets	6.25		%	6.24		%	6.42		%	6.91		%	7.63		%
Tangible common equity to risk-weighted assets	12.88			11.58			11.79			12.17			11.99

24

EX-99.2

1 Q1 2021 Earnings Highlights SVB Financial Group Q1 2021 CEO Letter April 22, 2021 To our Stakeholders: SVB’s first quarter of 2021 was the best in our history, with Earnings Per Share of $10.03, Net Income of $532 million and Return on Equity of 27 percent. Q1’21 highlights: Exceptional growth and profitability – best quarter on record Our quarterly results were marked by exceptional balance sheet growth due to continued robust client liquidity in the thriving innovation markets we serve. Period-end assets reached $142 billion, a 90% increase year-over-year; and total client funds reached $288 billion, a 71% year-over-year increase. Our exceptional balance sheet growth drove better-than-forecast quarterly net interest income of $665 million, despite the low rate environment. Our quarterly performance reflected average loan growth of 11% driven by sustained high levels of private equity investment and strong borrowing by technology and healthcare/life science companies. Credit metrics remained stable, excluding a loss related to potential fraud, and improving economic forecasts drove a reserve release. We had record warrant and investment gains of $364 million, net of non-controlling interests, from an acceleration of client IPOs and SPAC activity. Core fee income improved as record foreign exchange and higher card and deposit fee revenues offset the impact of low interest rates in client investment fees. SVB Leerink booked record quarterly revenues of $167 million, due to strong public market activity in healthcare and life sciences. Given our better-than forecast performance, expenses were higher than our previous Q1’21 guidance. Our capital and liquidity remained strong, and we have raised $2.4 billion of debt and equity through April 22, 2021, to support our increased growth momentum – as indicated in our improved 2021 outlook -- and accelerated investment in our business. Strong markets and effective execution are driving extraordinary growth Liquidity continues to flow into the innovation markets, due to robust venture capital and private equity activity, vibrant funding and exit markets, and the acceleration of digital adoption and activity in healthcare. We are executing strongly across the business and continue to gain new clients at a rapid pace, adding more than 1,600 new clients in Q1 (an all-time high). Through consistent focus on client engagement and deepening and expanding our solutions to better meet clients’ needs, we are growing and lengthening our client relationships. The investments we’ve made in people, technology and infrastructure have been essential to supporting and driving our growth, and the success of our strategy is evident in our exceptional balance sheet growth and peer-leading profitability.

2 Q1 2021 Earnings Highlights Robust tailwinds supporting the innovation economy Coming out of the first quarter of 2021, we see significant tailwinds for growth in the innovation economy. The outperformance of innovation companies relative to the broader economy is attracting strong new liquidity, on top of the already significant levels of venture capital and private equity dry powder available for investment globally. At the same time, the acceleration of digital adoption and healthcare activity is increasing the number of opportunities for deploying this liquidity. Although the positive momentum we’re seeing could be affected by a rise in COVID-19 infection rates or global economic or geopolitical events, given the substantial liquidity in our markets, current low interest rates and the expectation that short-term rates will remain low until at least 2023, we expect the innovation economy to continue to attract investment. Robust client funds growth over time Robust funding and exit trends have fueled client liquidity in the past year, while our business diversification, client engagement and client acquisition strategies have positioned us to capture this liquidity over time. The dynamism of the venture capital and private equity industries is essential to our growth, but our unique liquidity franchise and long-term momentum in the innovation economy have created a resilience in our client funds, which have typically grown strongly during times of peak VC and PE investment and recovered relatively quickly following periods of pullback. While the growth is significant, over time our business model has shown the increase in liquidity to be sustainable. That said, we are always mindful of the risk of deposit outflows and continue to manage our securities portfolio to support our liquidity needs. Active capital management Our exceptional balance sheet growth in the last two quarters has outpaced our forecasts and we have significantly raised our growth outlook as a result. Our high-quality balance sheet; off-balance sheet solutions; and robust and highly profitable earnings power have historically provided enough support for our capital and liquidity. While our risk-based capital ratios remain very healthy, in the first quarter, we raised $1.0 billion in common stock, $750 million in preferred stock and $500 million in senior notes and down-streamed $2.0 billion of the proceeds to Silicon Valley Bank. On April 14th, we issued an additional $150 million of common stock following the full exercise of the underwriters' over-allotment option. Raising common equity raise provides high quality capital to support our growth and gives us additional capacity to utilize preferred equity and senior debt, as we have done previously, to support our growth. These issuances enable us to sustain our growth momentum, maintain our strong client acquisition and retention, and support our capital targets – particularly the tier 1 leverage ratio at the Bank. We have also taken actions, through the addition of $10 billion of receive floating interest rate swaps, to position the securities portfolio for higher rates, along with the designating $3 billion in investment securities from available-for-sale (AFS) to held-to-maturity (HTM). This also has the benefit of protecting tangible book value against fluctuations in other comprehensive income and provides additional balance sheet flexibility.

3 Q1 2021 Earnings Highlights We are focused on seizing the opportunity we see in our markets and expect to continue to optimize our capital composition as appropriate to support our current growth, drive future growth and advance our strategic priorities. Our vision: Be the most sought-after digital-age partner helping innovators, enterprises and investors move bold ideas forward fast Our long-term focus on a small number of dynamic markets has allowed us to develop differentiated expertise in working with our clients through challenging periods – providing tailored products, critical solutions, insights, and connections to accelerate their growth and increase the probability of their success. Over the years, we’ve built a network of relationships that would be difficult for any other company to replicate, and we have demonstrated our ability to stick with and provide value to our clients through good times and bad. Our unique platform and specialized approach have translated into deep relationships in a growing market that have driven strong levels of client liquidity and profitability. We are focused on deepening and expanding our platform, both organically and via strategic investments and acquisitions. Together, our four business lines (Silicon Valley Bank, SVB Private Bank, SVB Capital and SVB Leerink) form a powerful platform for increasing our clients’ probability of success and meeting their needs as they grow. We’ve recently made several key announcements to this end. In 2020, we acquired WestRiver Group’s debt investment business to establish a credit platform at SVB Capital that provides investors with additional investment opportunities in the innovation economy and commercial banking clients with new debt options. In January 2021, we announced our agreement to acquire Boston Private Financial Holdings, which we expect to close in mid-2021, subject to customary closing conditions. We expect this acquisition to significantly accelerate and scale the growth of our private bank and wealth management strategy, enabling us to capture a larger portion of this estimated $400 billion* opportunity among our clients. And we have recently made a significant number of strategic hires at SVB Leerink, to build or expand our equity capital markets, structured finance, leveraged finance and healthcare investment banking capabilities. Accelerating investments in our strategic priorities to extend our competitive advantage We are executing strongly on our vision to drive growth and profitability, without sacrificing our credit discipline and philosophy. We’ve supported these efforts by investing in our strategic priorities of enhancing client experience, improving employee enablement, driving revenue growth and enhancing risk management. Our investments have enabled us to accelerate our client acquisition by onboarding and delivering products more efficiently and deepen our client relationships by introducing products to better meet client needs at all life stages. They have also allowed us to develop or acquire critical leadership and skill sets that we need to expand our leadership position and continue growing. Investment in our strategic priorities is critical to our future growth, and we expect to continue expanding our business organically through geographic, client and product expansion, while pursuing * Estimated Total Client Position (TCP) of SVB’s current clients based SVB management estimates (2020). TCP includes potential wealth management assets, deposits and lending.

4 Q1 2021 Earnings Highlights opportunities to grow and differentiate our business through targeted acquisitions and the hiring of teams with special skills, if the right opportunities arise. We continue to actively identify and evaluate potential opportunities for targeted investment in key areas not already included in our outlook and any such investments could increase our expense outlook in 2021. In addition, we continue to invest in the enhancements to our regulatory infrastructure and processes as part of our Large Financial Institution compliance and UK subsidiarization. Overall stable credit metrics and improving macroeconomic environment We saw solid performance and stable credit across our client base during the quarter, despite an isolated charge-off related to a potential instance of client fraud. Positive underlying credit trends and improving macroeconomic forecasts drove a reserve release during the quarter. As of March 31, 2021, only 1.3% of our loans remained in deferral and we have seen most clients resume payments with very few extension requests. In late February, we identified and disclosed potentially fraudulent client activity in connection with a single loan in our Global Fund Banking portfolio. This activity resulted in a pre-tax charge-off of $80 million ($59 million net of tax) in the first quarter. Based on our review of the loan in question and our overall portfolio, we believe this was an isolated incident in approximately 30 years of pristine credit quality in this portfolio. We have a long history of strong underwriting and diligence that has served us well, and we remain focused on training and awareness to prevent similar occurrences in the future. We are maintaining our positive expectations for credit in 2021. Should market conditions deteriorate, we believe we are strongly reserved to manage that change. Diversified earnings power Our robust balance sheet growth continued to offset the impact of low rates in the first quarter to drive strong net interest income of $665 million. In addition, our efforts to diversify our business lines, deepen our client relationships, and grow internationally generated strong non-interest income. Well-positioned for rising rates We continue to take a proactive approach to interest rate risk management. In recent years, we have successfully deployed strategies to provide protection against low rates – including receive-fixed interest rate swaps and loan floors – that have helped to sustain our net interest income. As the economic environment continues to evolve, we are well-positioned for rising rates, with an asset-sensitive balance sheet. More than 90 percent of our loans are tied to short-term rates and two thirds of our deposits are non-interest bearing. We also have approximately $3.0 billion to $3.5 billion in securities rolling off our investment portfolio each quarter and we will take advantage of opportunities to deploy liquidity at higher rates. While our asset sensitivity calculations are based on a static model, we expect robust balance sheet growth in 2021, which we will magnify the positive impact of our asset sensitivity and provide meaningful NII upside.

5 Q1 2021 Earnings Highlights Our off-balance sheet funds are also growing rapidly and, although they are not as sensitive to short- term rate increases, even modest spread improvements on these large volumes can drive significant fee income increases. These increases are not reflected in our asset-sensitivity analysis. Finally, as our view shifts from protecting against lower rates to managing to a potential higher rate environment, we have implemented new strategies to mitigate “other comprehensive income” risk as long-term rates rise, including shortening the duration of our securities purchases, transferring investments designated as AFS to HTM, and putting in place $10 billion of fair value hedges, representing 38% of our AFS portfolio. We are targeting a duration of <2 years in the AFS portfolio to maintain balance sheet flexibility, and we are opportunistically buying strong credit-quality municipal and corporate bonds. Improving Outlook and Final Thoughts Our excellent performance in the first quarter and the incredible momentum we’re seeing in our markets has improved our expectations for balance sheet and revenue growth for the full-year 2021. While a rise in COVID-19 infections, or negative global economic or geopolitical events could, of course, change our outlook, the current strong tailwinds, ample liquidity, and meaningful opportunity we’re seeing in the innovation economy make us optimistic, and we further expect our growth to be underpinned by continued stable credit quality, assuming no deterioration in economic forecasts. Importantly, we plan to support our accelerated growth through increased investment in our strategic priorities, extending our competitive advantage, and continued enhancement of our infrastructure to enable our growth and meet increasing regulatory requirements. We may also make opportunistic investments that are not reflected in our current guidance. We continue to perform well and are operating from a stronger position than at any other time in our history. We are executing on our strategic vision, advancing and expanding our platform, and further strengthening our position as the best and most valuable partner to innovators and investors in the most dynamic segment of the global economy. We have a world class team to help us realize our vision and we are honored to have our clients’ trust and partnership as we work together to help them realize theirs. Greg Becker President and CEO

Q1 2021 Financial highlights

Contents Q1 2021 Financial Highlights This presentation should be reviewed with our Q1 2021 Earnings Release and Q1 2021 CEO Letter, as well as the company’s SEC filings Snapshot and current environment PAGE 3 Outlook and performance detail PAGE 16 Appendix PAGE 33 Non-GAAP reconciliations PAGE 52 2

Snapshot and current environment Q1 2021 Financial Highlights 3

Q1’21 Snapshot: Exceptional growth and profitability – best quarter on record Q1 2021 Financial Highlights 4 Q1’21 PERFORMANCE (vs. Q4’20) $167M +10.5% SVB LEERINK REVENUE2, 3 $46B +11.5% AVERAGE LOANS1 +$2.5B PERIOD-END GROWTH $262B +16.2% AVERAGE CLIENT FUNDS +$45.0B PERIOD-END GROWTH $19M PROVISION FOR CREDIT LOSSES (primarily driven by $80M charge-off related to potential GFB capital call line fraud4, partially offset by improved model economic scenarios) $665M +11.5% NET INTEREST INCOME1 EPS: $10.03 ROE: 27.04% Net Income: $532M $159M +1.9% CORE FEE INCOME2 1. SBA Paycheck Protection Program (“PPP”) contributed $1.6B to average loan balances and $14.1M to net interest income, including $10.1M of loan fees. Net interest income presented on a fully taxable equivalent basis. 2. Non-GAAP financial measure. See “Use of non-GAAP Financial Measures” in our Q1 2021 Earnings Release and our non-GAAP reconciliations at the end of this presentation. 3. Represents investment banking revenue and commissions. 4. Reflects potentially fraudulent client activity in connection with a GFB capital call line of credit resulting in a pre-tax charge-off of $80M ($59M net of tax). We continue to pursue all available sources of recovery, and based on our review of the GFB loan portfolio, we currently believe this incident is an isolated occurrence. See our Q1 2021 Earnings Release for more information. FINANCIAL HIGHLIGHTS $364M WARRANT AND INVESTMENT GAINS NET OF NCI2

Q1’21 Highlights 5Q1 2021 Financial Highlights Exceptional growth and profitability – best quarter on record 1. Robust, highly liquid innovation markets and strong execution driving extraordinary growth 2. Period-end assets reached $142B (+90% YoY) and total client funds reached $288B (+71% YoY) as strong fundraising and exits continued to fuel client liquidity 3. Exceptional balance sheet growth drove better-than-forecast NII, despite low rate environment 4. Substantial 11% QoQ average loan growth buoyed by sustained high levels of PE investment and strong borrowing by technology and life science/healthcare clients 5. Stable credit metrics (excluding loss related to potential fraud) and improving model economic scenarios drove reserve release 6. Record warrant and investment gains of $364M1 from realized and pending exits as client IPO and SPAC activity accelerated 7. Improved core fees as record FX and higher card and deposit fees offset the impact of low rates on client investment fees 8. Record SVB Leerink quarterly revenues of $167M, capitalizing on strong life science and healthcare public markets activity 9. Expenses above Q1’21 guidance due to higher incentive compensation from outstanding performance and SVB Leerink expansion 10. $2.4B of debt and equity raised YTD2 to support our increased growth momentum and accelerated investment in our business 11. Improved 2021 outlook due to steepening growth trajectory 1. Net of NCI. 2. Year to date through April 22, 2021.

0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 2017 2018 2019 2020 Q1'21 Resilient, highly liquid markets Strong execution Exceptional growth & peer-leading profitability 960 1,000 851 826 168 207 328 289 336 134 1,167 1,328 1,141 1,162 302 2017 2018 2019 2020 Q1'21 Strong markets and effective execution are driving extraordinary growth 6 GLOBAL PE & VC INVESTMENT $ Billions 59 85 80 103 41 2017 2018 2019 2020 Q1'21 U.S. VC-BACKED IPOS Count Note: VC and PE data sourced from PitchBook. 1. Source: S&P Global Market Intelligence. Represents the average of the return on equity (“ROE”) for each of our peers. For each year, “peers” refers to our peer group as reported in our Proxy Statement and is subject to change on an annual basis. 2. Q1’21 represents annualized ROE. Q1’21 peer ROE includes 10 of 15 peers as of April 21, 2021. VC PE SVB CLIENT COUNT Record ~1,600+ new clients in Q1’21 AVERAGE CLIENT FUNDS $ Billions Average Deposits 51.5 75.1 91.6 117.4 151.642.8 48.1 55.1 75.0 110.6 94.3 123.2 146.7 192.4 262.2 2017 2018 2019 2020 Q1'21 STRATEGIC GROWTH INVESTMENTS SVB Peer Average1 RETURN ON EQUITY Other Private Bank PE/VC VC-Backed Pre- VC-Backed 12.4% 20.6% 20.0% 16.8% 27.0% 9.8% 12.8% 11.8% 8.3% 13.7% 2017 2018 2019 2020 Q1'21 DIGITAL CLIENT EXPERIENCE EMPLOYEE ENABLEMENT INTERNATIONALSVB Leerink WestRiver ACQUISITION Boston Private PLANNED ACQUISITIONNEW PRODUCTS LARGE FINANCIAL INSTITUTION & U.K. SUBSIDIARIZATION REQUIREMENTS Q1 2021 Financial Highlights Average OBS Client Funds 2

Robust tailwinds supporting the innovation economy Q1 2021 Financial Highlights 7 Note: Market data sourced from FactSet. VC and PE dry powder data sourced from PitchBook. 1. Nasdaq 100 Index used as a proxy for technology markets. 2. Source: Refinitiv. Historical revenue growth for companies included in the Nasdaq-100 and S&P 500 (excluding Nasdaq-100 companies) as of March 31, 2021. 3. Most recent data available. 10Y U.S. TREASURY YIELD REVENUE GROWTH2 % vs. 12/31/16 Attractive growth opportunity... AS OF 3/31/21 INDEXED PRICE % vs. 1/1/17 …amplified by historically low rates… …and acceleration of digital AS OF 12/31/20 Nasdaq-1001 2.7x S&P 500 ex Nasdaq-100 1.8x 1.7% AS OF 3/31/21 Nasdaq-1001 1.7x S&P 500 ex Nasdaq-100 1.1x 3/31/21 3/31/21 Significant dry powder… 198 223 244 278 2017 2018 2019 9/30/2020 GLOBAL VC DRY POWDER $ Billions 1,080 1,209 1,263 1,305 2017 2018 2019 9/30/2020 GLOBAL PE DRY POWDER $ Billions …to support future investment 3 3

8 Robust client funds growth over time Strong liquidity franchise + innovation economy momentum drive resilient long-term growth TOTAL AVERAGE CLIENT FUNDS 15-YEAR HISTORY ($ Billions) Q1 2021 Financial Highlights Global Financial Crisis VC Recalibration COVID-19 Pandemic Note: VC data sourced from PitchBook. * QoQ percentage change (Q1’21 vs. Q4’20). Annual total client funds growth rate (positive, negative) On-balance sheet deposits Annual U.S. VC investment growth rate (positive, negative)Off-balance sheet client funds 17 20 21 16 16 18 20 24 30 39 43 51 75 92 117 152 4 4 5 9 12 15 18 20 28 37 39 43 48 55 75 111 21 24 26 25 28 33 38 44 58 76 82 94 123 147 192 262 24% 15% 9% -4% 9% 20% 14% 15% 33% 29% 9% 15% 31% 19% 31%25% 28% -2% -26% 16% 42% -8% 16% 52% 16% -5% 8% 63% -2% 18% -200% -150% -100% -50% 0% 50% 100% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1'21 Q1’21 QoQ growth rate* Average client funds 16% U.S. VC investment 53%

SILICON VALLEY BANK CAPITAL RATIOS1 As of 3/31/21 Active capital management 9 1. Ratios as of March 31, 2021 are preliminary. 2. On February 2, 2021, SVBFG issued $750M 4.100% Fixed-to-Reset Series B Non-Cumulative Perpetual Preferred Stock and $500M 1.800% Senior Notes due 2031. On March 25, 2021, SVBFG issued $1B Common Stock – additional $150M greenshoe was exercised on April 14, 2021. 7.00% 8.50% 10.50% 4.00% 12.94% 12.94% 13.58% 7.20% Common Equity Tier 1 Tier 1 Capital Total Capital Tier 1 Leverage SVB capital ratio Regulatory minimum Targeting 7-8% Bank Tier 1 Leverage Q1 2021 Financial Highlights Q1’21 Bank capital ratio drivers • $2.0B downstream of SVBFG liquidity to Bank • Strong earnings and robust balance sheet growth Levers to support capital 27% Q1’21 ROE Strong profitability builds capital 50% OF Q1’21 AVERAGE CLIENT FUNDS GROWTH IN OBS CLIENT FUNDS Off-balance sheet solutions help optimize growth $750M PREFERRED STOCK Capital markets activity to support growth $1B 3/31/21 SVBFG LIQUIDITY SVBFG liquidity a portion of which can be downstreamed to Bank $500M SENIOR NOTES $1.15B COMMON STOCK 2021 YTD NEW ISSUANCES2 $3B TRANSFERRED FROM AFS TO HTM IN Q1’21 Interest rate risk management to mitigate OCI risk $10B FAIR VALUE HEDGES AS OF 3/31/21 (38% OF AFS) Shortening duration OF AFS PORTFOLIO TO <2 YEARS (HEDGE-ADJUSTED TARGET)

Our vision: Be the most sought-after digital-age partner helping innovators, enterprises and investors move bold ideas forward fast 10 Clients SVB Private Bank Private banking and wealth management Silicon Valley Bank Global commercial banking SVB Capital Private venture investing expertise, oversight and management SVB Leerink Investment banking for healthcare and life science companies Expanding and deepening our global platform organically and via investments and opportunistic M&A to meet clients’ needs at all stages * * On January 4, 2021, SVB Financial Group announced its planned acquisition of Boston Private Financial Holdings, Inc. The acquisition is expected to close in mid-2021 subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals and approvals by the shareholders of Boston Private. See SEC filings for more information. Q1 2021 Financial Highlights M&AInvestments

Accelerating investments in our strategic priorities to extend our competitive advantage 11 • End-to-end digital banking • APIs and payment enablement • Strategic partnerships to accelerate product delivery • Technology platform upgrades • Global expansion • SVB Leerink • Boston Private acquisition (expected closing mid-2021*) • SVB Capital debt fund (WestRiver acquisition) and life science strategy • Client acquisition • New products (cards, liquidity and lending) • Product penetration • Strategic investments • Fintech strategy • Mobile and collaboration tools • nCino credit onboarding platform • Client and industry insights • Global Delivery Centers • Agile ways of working • Talent attraction, retention and development • Diversity, Equity & Inclusion initiatives • Data foundation • Large Financial Institution regulatory requirements (>$100B in average total consolidated assets) • U.K. subsidiarization • Cybersecurity Improve employee enablement Drive revenue growth Enhance risk management Long-term scalable growth Enhance client experience * Subject to regulatory approvals and customary closing conditions. Q1 2021 Financial Highlights

Overall stable credit metrics and improving economic environment 0.15% 0.26% 0.28% 0.23% 0.20% 0.35% 0.12% 0.26% 0.09% 0.79% Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q1 2021 Financial Highlights 12 1. Non-performing loans as a percentage of period-end total loans. 2. Net loan charge-offs as a percentage of average total loans (annualized). 3. Remaining Venture Debt deferrals were not driven by additional extensions (at time of deferral, loans had remaining interest-only periods which were extended via the program; principal payments commencing throughout 2021). 4. Source: U.S. Bureau of Labor Statistics. Quarterly unemployment rate represents an average of monthly unemployment rates for each period. Improving economic environment 1% of total assets Global Fund Banking • Primarily consists of capital call lines of credit to PE/VC firms (well-diversified, low risk loans with strong sources of repayment) • Recent potential fraud loss is an isolated event in our ~30 years of capital call lending 19% of total assets Private Bank • Only $19M of net losses since inception (1990s) • Primarily mortgages located in CA (63%) with 66% median LTV 4% of total assets 9% of total assets Monitoring COVID-19 spread Wine • Sales improving with re-openings • 77% of portfolio secured by high-quality real estate with median LTV of 50% • Limited physical damage from recent California wildfires Technology and Life Science/Healthcare • Robust VC investment activity providing strong support • Credit quality continuing to improve as impact of COVID-19 subsides • Continue to monitor Investor Dependent (primarily Early-Stage), Cash Flow Dependent and other COVID-19-impacted clients Figures as of 3/31/21 NON-PERFORMING LOANS & NET CHARGE-OFFS U.S. UNEMPLOYMENT RATE4 Only 1.3% of loans on deferral DEFERRAL PROGRAM PARTICIPATION3 Stable credit metrics (excluding isolated GFB potential fraud incident) Strengthening economy $2.9B $2.0B $0.8B $0.6B - 1.0 2.0 3.0 4.0 6/30/20 9/30/20 12/31/20 3/31/21 Wine Private Bank Venture Debt % of total loans 7.9% 5.3% 1.8% 1.3% Less $80M GFB potential fraud incident NPLs1 0.09% 3.8% 13.1% 8.8% 6.8% 6.2% Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Unemployment Rate Vaccines, re-openings and government supportNCOs2

Strong balance sheet growth has historically offset low rates to fuel NII 35 50 86 334 14255 89 138 238 222 90 139 224 572 364 2017 2018 2019 2020 Q1'21 Diversified earnings power CORE FEES AND SVB LEERINK REVENUE2 $ Millions WARRANT AND INVESTMENT GAINS NET OF NCI2 $ Millions SVB Leerink Revenue (Investment Banking Revenue and Commissions) Core Fee Income 642 603 159 252 481 167 379 516 894 1,084 326 2017 2018 2019 2020 Q1'21 13 1. Net interest income presented on a fully taxable equivalent basis. 2. Non-GAAP financial measure. Please see the Appendix for more information. 3. Reflects Q1’21 figures for our international operations in the U.K., Europe, Israel and Asia (Canada is included in our U.S. Technology Banking segment). This management segment view does not tie to regulatory definitions for foreign exposure. INTERNATIONAL EXPANSION3 Warrant Gains Investment Securities Gains Gains will fluctuate with changes in valuation and market conditions $377 $371 $384 $420 $528 $620 $699 $858 $1,008 $1,152 $1,423 $1,903 $2,109 $2,156 $665 7.19% 5.72% 3.73% 3.08% 3.08% 3.19% 3.29% 2.81% 2.57% 2.72% 3.05% 3.57% 3.51% 2.67% 2.29% 5.02% 1.92% 0.16% 0.18% 0.10% 0.14% 0.11% 0.09% 0.13% 0.39% 1.00% 1.83% 2.16% 0.33% 0.08% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1'21 NII (In Millions) NIM Average Fed Funds Rate $7.1B Average loans 50% 2017-Q1’21 CAGR $3.5B Average OBS client funds 32% 2017-Q1’21 CAGR $25.0B Average deposits 44% 2017-Q1’21 CAGR $24.5M Q1’21 Core fee income2 31% 2017-2020 CAGR Business diversification to drive earnings and profitability Q1 2021 Financial Highlights 1

Well-positioned for rising rates Q1 2021 Financial Highlights 14 $152B Q1 AVERAGE OBS CLIENT FUNDS Asset sensitive balance sheet… 92% OF Q1 AVERAGE LOANS ARE VARIABLE RATE 66% OF Q1 AVERAGE DEPOSITS ARE NONINTEREST- BEARING …magnified by robust growth… Mid 30s% EXPECTED FY’21 AVERAGE LOAN GROWTH2 High 60s% EXPECTED FY’21 AVERAGE DEPOSIT GROWTH2 …and substantial off-balance sheet client funds Proactive interest rate risk management * Equivalent to 6-8 bp increase in client investment fee margin based on Q1’21 average balance. Expect client investment fee margin to increase by 1-2 bps for each subsequent 25 bp increase in short-term rates Excess liquidity invested in 3-5 year duration securities (primarily classified as HTM) $163M REMAINING LOCKED-IN SWAP GAINS3 Positioning securities portfolio to create flexibility and mitigate OCI risk from potential rising long-term rates: $10B FAIR VALUE HEDGES (38% OF AFS PORTFOLIO) $3B TRANSFERRED FROM AFS TO HTM ~$100M MODELED INCREASE IN ANNUALIZED PRETAX NII FOR EACH 25 BP INCREASE IN RATES1 ~$3.0-3.5B ESTIMATED SECURITIES PAYDOWNS/QUARTER $25B ACTIVE LOAN FLOORS4 SHORTENING AFS PORTFOLIO DURATION TO <2y (HEDGE- ADJUSTED TARGET) Still benefitting from strategies to protect against low rates: Note: Average balances represent Q1’21 averages. All other figures as of March 31, 2021 . 1. Equivalent to +15% NII sensitivity for the expected 12-month impact of a +100 bp rate shock on net interest income. Management’s sensitivity analysis is based on a static balance sheet and is subject to assumptions; actual results may differ. See Q1’21 Form 10-Q report for more information. 2. See page 17 for more information. 3. Unwound $5B swaps in Q1’20 resulting in $227M pretax fair value gains in OCI to be reclassified to loan interest income over ~5 years based on the timing of cash flows from hedged variable-rate loans. 4. $216M mark-to-market value. 3.49% weighted average floor rate, 1.6-year weighted average duration. ~$90-120M EXPECTED INCREASE IN ANNUALIZED CLIENT INVESTMENT FEES FOR INITIAL 25 BP INCREASE IN RATES*

Long-term growth opportunity Q1 2021 Financial Highlights 15 * Based on cash, fixed income investment portfolio and Global Fund Banking and Private Bank loan portfolios as of March 31, 2021. 85% of assets in high-quality investments and low credit loss experience lending* High-quality balance sheet Deep bench of recession-tested leaders supported by strong global team Proven leadership Ability to support growth and manage shifting economic conditions while investing in our business Strong capital management and ample liquidity Powerful client funds franchise with low cost of on-balance sheet deposits Unique liquidity franchise Innovation is driving economic growth, and digital adoption and activity in healthcare are accelerating Thriving, high-growth markets • Industry-leading growth and profitability • Diversified revenue streams to drive earnings through rate and economic cycles Robust earnings power Long track record of strong underwriting and resilient credit performance Strong credit quality • Expanding and deepening platform to meet innovation clients’ needs at all stages • Enhancing our systems, structure and processes to support our continued growth Growth investments

Outlook and performance detail Q1 2021 Financial Highlights 16

Improved 2021 outlook Q1 2021 Financial Highlights 17 FY’21 outlook vs. FY’20 Mid 30s % growth High 60s % growth Mid 30s % growth 2.10%–2.20% High teens % growth 26%–28% Mid single digit % growth $37.3B $75.0B $2,156M 2.67% $2,035M 27.0% $603M Average loans Average deposits Net interest income2 Net interest margin Noninterest expense3, 6 Effective tax rate Core fee income 3, 4 FY’20 results Note: Actual results may differ. For additional information about our financial outlook, please refer to our Q1 2021 Earnings Release and Q1 2021 CEO Letter. 1. Expected to close mid-2021, subject to regulatory approvals and customary closing conditions. 2. Excludes fully taxable equivalent adjustments. 3. Non-GAAP financial measure. See “Use of non-GAAP Financial Measures” in our Q1 2021 Earnings Release and our non-GAAP reconciliations at the end of this presentation. 4. Excludes SVB Leerink. 5. Represents investment banking revenue and commissions. 6. Excludes expenses related to NCI. Includes SVB Leerink expenses. $420M–$450M$481MSVB Leerink revenue3, 5 0.20%–0.40%0.20%Net loan charge-offs • Increasing 2021 growth outlook as strong tailwinds continue to support the innovation economy: • Acceleration of digital adoption and activity in healthcare • Ample PE & VC dry powder for future investment and new liquidity sources • Historically low rates and compelling growth opportunity will continue to drive demand for alternative assets • Net charge-offs guidance unchanged despite Q1’21 isolated potential fraud as economic environment improves – continue to monitor COVID-19 developments • Increasing investment in 2021 to extend our competitive advantage and support our accelerated growth • Outlook excludes impact of changes in interest rates, material deterioration in the overall economy, the completion of the pending Boston Private acquisition1 and potential corporate tax rate or other changes under the new U.S. government administration Business driverOutlook considerations

Key variables to our forecast Q1 2021 Financial Highlights 18 Our guidance requires clarity around certain variables, including but not limited to: • Primary driver of capital call line demand which has been the largest source of loan growth over the past 7 years PE fundraising and investment • Promotes new company formation which helps support client acquisition • Source of client liquidity which helps drive total client funds growth VC fundraising and investment • Ability for companies to exit via public markets or M&A affects VC/PE fundraising and investment • Deal proceeds support client liquidity • Impacts investment banking revenue and value of warrants and investment securities Exit activity • Affects margins and client acquisition Competitive landscape • Affects health of clients which determines credit quality • Level of business activity drives client liquidity and demand for our products and services Economic environment • Performance and volatility of public, private and fixed income markets impact exit activity and market-driven revenues (FX, investment banking revenue and commissions and warrant and investment gains) Capital markets • Directly impacts NIM via lending and reinvestment yields vs. funding costs • Client investment fees move with short-term rates Shape of yield curve • New administration and Congress will influence economic policy and stimulus, business and market sentiment, global trade relationships, bank regulations and corporate taxes Political environment

Continued momentum in fundraising and exits drove surge in client funds Expect FY’21 average deposit % growth in the high 60s Q1 2021 Financial Highlights 19 103.6 109.3 123.6 133.1 151.6 41.3 46.1 51.5 61.6 73.2 20.5 21.8 26.1 30.8 37.4 165.4 177.2 201.2 225.5 262.2 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Off-Balance Sheet Client Funds Noninterest-Bearing Deposits Interest-Bearing Deposits Percent of Noninterest-Bearing Deposits Total Cost of Deposits AVERAGE DEPOSIT MIX AND PRICING AVERAGE CLIENT FUNDS $ Billions FY’21 outlook key drivers • Total cost of deposits and share of noninterest-bearing deposits expected to remain steady • Strong average client funds growth, both on and off-balance sheet • Deposit growth may be impacted by: +59% YoY Strong PE/VC investment and public markets activity Increases technology and life science/healthcare clients’ liquidity+ Normalizing client spending As business activity recovers – • Average client funds +$37B (period-end +$45B) as strong technology and life science public and private fundraising and exits continued to flood clients with liquidity • Growth further amplified by robust client acquisition over past year as newer clients experienced liquidity events • 50% of average client funds growth was off-balance sheet (up from 39% in Q4’20) • Stable deposit mix (66% noninterest-bearing) and cost of deposits (4 bps) Q1’21 activity 0.24% 0.03% 0.04% 0.04% 0.04% 66.9% 67.9% 66.4% 66.7% 66.2% 50% 52% 54% 56% 58% 60% 62% 64% 66% 68% 70% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 New client growth Continued strong client acquisition+ Demand for off-balance sheet solutions May attract increasing share of client liquidity off-balance sheet –

AVERAGE FIXED INCOME INVESTMENT SECURITIES $ Billions FY’21 key drivers Q1’21 activity 27.1 25.8 32.6 41.4 53.5 2.53% 2.49% 2.14% 1.98% 1.90% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 7.3 11.9 13.8 15.9 18.2 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Accelerated securities purchases as significant deposit inflows continued Q1 2021 Financial Highlights AVERAGE CASH AND EQUIVALENTS $ Billions Tax-effected Yield Low (but improved) new purchase yields Expect new purchase yields ~1.35-1.45% Estimated ~$3.0-$3.5B paydowns per quarter through 2021 • Purchased $24.0B securities (1.49% weighted average yield, 4.26y duration) vs. roll-offs of $3.4B at 2.02% • Purchases included agency-issued MBS/CMOs/CMBS, high-quality munis and a small amount of AA and A corporate bonds • Despite significant purchase activity, exceeded average cash target due to surge in deposits • Began positioning AFS portfolio for higher rates by executing $10B receive floating swaps and transferring $3B of AFS securities to HTM • Focused on shortening AFS portfolio duration to <2y to mitigate OCI risk while buying 3-5y duration HTM securities to support portfolio yields • Continue to invest excess on-balance sheet liquidity in high-quality securities (agency MBS/CMOs/CMBS, munis), primarily classified as HTM • Managing average Fed cash balances to $8-10B target by end of 20211 • Expect average FY’21 fixed income portfolio yield to be ~1.60-1.70%: 1. Actual balances depend on timing of fund flows. 2. Increase in net premium amortization expense QoQ primarily driven by a reduction in discount accretion due to slowing prepayments in Q1’21 from rising rates. In addition, Q4’20 benefitted from an acceleration of discount accretion reflective of higher than estimated prepayments for our agency CMBS securities held in our HTM portfolio at December 31, 2020. 3. Q1’21 portfolio duration was 4.3 years including the impact of interest rate swaps on AFS securities. 3.2y 3.4y 4.1y 3.7y 4.8y3Portfolio Duration High-quality alternative investments Opportunistically buying strong credit-quality munis and corporate bonds to support portfolio yields 1.9B 6.7B 10.0B 11.4B 24.0BSecurities Purchases Low (but improved) new purchase yields and net premium amortization expense ($47M2) pressured Q1’21 yields Q1’21 portfolio duration increased due to impact of rising rates on mortgage securities3 Outsized deposit growth continued to drive elevated cash balances and significant securities purchases in Q1’21 Rate protections Targeting <2y AFS portfolio duration (hedge-adjusted) Added $10B receive floating swaps in Q1 at 35 bps cost (as of 3/31/21) – expect to execute additional swaps to reach AFS duration target 20 + – –

On vs. off-balance sheet considerations Target range Flexibility Bank tier 1 leverage ratio 7-8% internal target $1B SVBFG liquidity as of 3/31/21, a portion of which can be downstreamed to Bank Profitable spread income 75-100 bps minimum target spread between new purchase yields and deposit costs ~1.35-1.45% expected new purchase yields 4 bps cost of deposits enables healthy margins Focused on supporting yields and mitigating OCI risk from potential rising rates Liquidity $8-10B average Fed cash target* ~$3.0-$3.5B expected portfolio cash flows per quarter through 2021 $72.0B borrowing capacity as of 3/31/21 ($4B repo, $1.9B Fed Lines, $6.7B FHLB & FRB and $59.4B of unpledged securities) Flexible liquidity management strategy supports strong, profitable growth Q1 2021 Financial Highlights $152B Q1’21 AVERAGE OFF-BALANCE SHEET CLIENT FUNDS Ability to support client funds growth on and off-balance sheet, while optimizing pricing and mix $111B Q1’21 AVERAGE ON-BALANCE SHEET DEPOSITS 40+ LIQUIDITY MANAGEMENT PRODUCTS 21 * Actual balances depend on timing of fund flows. Continued product development TO BETTER SERVE CLIENTS Robust liquidity solutions to meet clients’ needs

Portfolio Utilization 18.0 17.7 18.2 22.1 26.3 3.9 4.0 4.3 4.6 5.0 9.9 11.5 11.3 11.1 11.8 33.7 36.5 37.3 41.5 46.3 59.7% 56.8% 55.9% 58.6% 58.4% Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 3.86% 3.77% (0.02%) (0.02%) (0.05%) Q4'20 Loan Yield LIBOR Loan Fees Loan Mix Q1'21 Loan Yield AVERAGE LOANS $ Billions Strong PE investment and borrowing by technology and life science/healthcare clients drove robust loan growth; Expect FY’21 average loan % growth in the mid 30s Q1 2021 Financial Highlights 22 Global Fund Banking Private Bank Other Wine Tech and Life Science/HC AVERAGE LOAN YIELD3 • Loan yields expected to be impacted by: • Q1 average loans +11% QoQ (period-end loans +6%)1 as PE investment drove strong GFB capital call lending activity • Strong Tech and Life Science/Healthcare loan growth, partially offset by paydowns as client fundraising activity remained robust • Low rates continued to fuel strong Private Bank mortgage growth • $445M SBA PPP 2.0 loans funded vs. $587M SBA PPP 1.0 loans forgiven • $16M interest rate swap gains2 and $23.8B average active loan floors in Q1 continued to benefit loan yields • Loan growth may be impacted by: 1. Q1’21 loan growth excluding SBA PPP was 12% (average) and 6% (period-end). SBA PPP loans contributed ~$1.6B to Q1’21 average loans, ~$1.7B to Q4’20 average loans, ~$1.8B to Q3’20 average loans and ~$1.4B to Q2’20 average loans. 2. Unwound $5B swaps in Q1’20 resulting in $227M pretax fair value gains in OCI to be reclassified to loan interest income over ~5 years based on the timing of cash flows from hedged variable-rate loans. 3. SBA PPP contributed $14.1M to Q1’21 NII, including $10.1M of loan fees. 4. Estimate only, subject to SBA PPP terms; amounts actually forgiven and timing of forgiveness may differ. 5. $216M mark-to-market value. 3.49% weighted average floor rate, 1.6-year weighted average duration. Q1’21 activity FY’21 outlook key drivers 1 1 1 1 Solid Private Bank mortgage origination Expect solid growth driven by strong purchase activity, even as refinances may slow with rising rates + SBA PPP forgiveness ~$1.6B SBA PPP loans outstanding as of 3/31/21 – estimate ~$1B PPP 1.0 loans to be forgiven throughout 2021 (primarily in Q3 and Q4)4 – Strong PE/VC investment activity Expected to drive robust capital call line growth for FY’21 despite loan repayments in Q2’21 + Strong tech and life science/HC lending pipelines Expected to offset paydowns from abundance of liquidity+ SBA PPP forgiveness ~$1.6B SBA PPP loans outstanding as of 3/31/21 – estimate ~$1B PPP 1.0 loans to be forgiven throughout 2021 (primarily in Q3 and Q4)4 + Shifting loan mix Towards lower yielding Global Fund Banking capital call lines – Spread compression Increasing competition as economy recovers– Rate protections $163M remaining locked-in swap gains as of 3/31/212 $25.4B active loan floors as of 3/31/215, however loan renewals may pressure ability to maintain floor rates +

596.5 665.1 (10.8) (2.9) (10.3) 35.4 57.2 Q4'20 NII Loan Growth & Mix Shift Fixed Income Portfolio Growth Lower Fixed Income Yields Other Day Count (Two less business days) Q1'21 NII Q1’21 activity FY’21 outlook key drivers NET INTEREST MARGIN NET INTEREST INCOME1 $ Millions Exceptional balance sheet growth drove better-than-forecast NII despite low rates Expect FY’21 NII % growth in the mid 30s1 and FY’21 NIM between 2.10-2.20% Q1 2021 Financial Highlights 23 • NII and NIM expected to be impacted by: Surge in deposits drove significant securities purchases and high cash balances, pressuring NIM 1. NII is presented on a fully taxable equivalent basis, while NII guidance excludes fully taxable equivalent adjustments. SBA PPP contributed $14.1M to Q1’21 NII, including $10.1M of loan fees. 2. Unwound $5B swaps in Q1’20 resulting in $227M pretax fair value gains in OCI to be reclassified to loan interest income over ~5 years based on the timing of cash flows from hedged variable-rate loans. $163M locked-in gains remain as of March 31, 2021. 3. $216M mark-to-market value. 3.49% weighted average floor rate, 1.6-year weighted average duration. 4. Based on SBA PPP forgiveness expectations. Estimate only, subject to SBA PPP terms; amounts actually forgiven and timing of forgiveness may differ. 2.40% 2.29% (0.03%) (0.04%) (0.04%) (0.03%) 0.03% Q4'20 NIM Loan Growth & Mix Shift Fixed Income Portfolio Growth Growth in Cash Balances Lower Fixed Income Yields Other Q1'21 NIM SBA PPP program FY’21 includes ~$35-40M of estimated SBA PPP loan interest and fees, net of deferred loan origination costs (+1 bp impact to NIM)4 + Low (but improved) new purchase yields Expect new purchase yields ~1.35-1.45% Estimated ~$3.0-$3.5B paydowns per quarter through 2021 – Reduction in average Fed cash balances To $8-10B target by end of 2021 (actual balances depend on timing of fund flows) + Shifting loan mix Towards lower yielding Global Fund Banking capital call lines – Spread compression Increasing competition as economy recovers – Balance sheet growth (positive for NII, negative for NIM) Driven by strong client liquidity + - Rate protections (positive for loan yields, negative for securities yields) ~5 bps of NIM protection in 2021 from locked-in swap gains2 $25.4B active loan floors as of 3/31/213, however loan renewals may pressure ability to maintain floor rates Targeting <2y AFS portfolio duration (hedge-adjusted) Added $10B receive floating swaps in Q1 at 35 bps cost (as of 3/31/21) – expect to execute additional swaps to reach AFS duration target + -

41 (5) (5) 23 18 11 24 23 2 (3) 80 6 6 10 (5) 1 (6) 15 2 20 (16) 191 26 (82) (78) (62) 243 66 (52) (38) 18 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 0.35% 0.12% 0.26% 0.09% 0.79%1 0.15% 0.26% 0.28% 0.23% 0.20% Overall stable credit trends and improving economic environment Expect 2021 NCOs to be between 20-40 bps PROVISION FOR CREDITLOSSES $ Millions Non-performing loans Loan composition Market conditions Unfunded Q1’21 activity FY’21 outlook key drivers Non-performing loans3 Net charge-offs2 • Changes in model economic scenarios could drive volatility in provision: Moody’s March economic scenarios • Credit performance drivers: Net credit losses less $80M GFB potential fraud incident Q1 2021 Financial Highlights 24 1. Net loan charge-offs less $80M net charge-off related to GFB potential fraud incident were 0.09%. 2. Net loan charge-offs as a percentage of average total loans (annualized). 3. Non-performing loans as a percentage of period-end total loans. 40% baseline 30% downside 30% upside • Provision driven by $80M net charge-off related to isolated GFB potential fraud and $62M release of performing reserves based on improved model economic scenarios • Stable credit metrics excluding isolated GFB potential fraud: • Low gross charge-offs ($15M), consisting primarily of Investor Dependent loans, and strong recoveries ($5M) • NPLs decreased to $95M vs. $104M in Q4’20 • Criticized loans declined $12M QoQ to $1.2B (3% of Q1 EOP loans) • Only 1.3% of loans remain on deferral as of 3/31/21 GFB potential fraud net losses Vaccine distributions and re-openings Support business activity of our clients+ New COVID-19 variants and continued spread Reinstated or extended lockdowns may lead to higher Tech and Life Science/Healthcare NPLs and losses, particularly among Investor Dependent (primarily Early-Stage and some Mid- or Later-Stage) and Cash Flow Dependent portfolios – Continued investor support Robust VC investment activity providing strong support+ Improved risk profile of loan portfolio Early-Stage – most vulnerable segment of Investor Dependent portfolio that historically has produced the most losses – now only 3% of loans 68% of loans in low credit loss experience segments (GFBand Private Bank) + Limited exposure to industries most severely impacted by COVID-19 No direct exposure to oil and gas Limitedindirect exposure to retail, travel and hospitality Winesales improving with re-openings +

GFB 15% Early-Stage ID 16% Mid-Stage ID 9% Later-Stage ID 18% Sponsor Led Buyout CFD 11% Other CFD 8% Balance Sheet Dependent 10% Premium Wine 2% Private Bank 11% Global Fund Banking ("GFB") 57% Early-Stage ID 3% Mid-Stage ID 3% Later-Stage ID 4% Sponsor Led Buyout CFD 4% Other CFD 6% Balance Sheet Dependent 6% Other 4% Premium Wine 2% Private Bank 11% 68% of loan portfolio in low credit loss experience Global Fund Banking and Private Bank segments TOTAL LOANS $48B at 3/31/21 ALLOWANCE FOR CREDIT LOSSES FOR LOANS $392M at 3/31/21 ID = Investor Dependent CFD = Cash Flow Dependent Low Credit Loss Experience Segments Technology & Life Science /Healthcare Q1 2021 Financial Highlights 25

121 105 448 5 (21) 392 569 5 (61) 497 Changes in loan composition/growth Changing credit quality Charge-offs/recoveries Improved Moody’s economic scenarios (82)10 Improved model economic scenarios drove reserve release ALLOWANCE FOR CREDIT LOSSES FOR LOANS AND UNFUNDED CREDIT COMMITMENTS $ Millions Te ch & L S / H C Q1 2021 Financial Highlights $ in thousands ACL 12/31/20 (%) ACL 12/31/20 Portfolio Changes Model Assumptions ACL 3/31/21 ACL 3/31/21 (%) Early-Stage Investor Dependent 5.83% 86,674 (8,774) (15,653) 62,247 4.09% Mid-Stage Investor Dependent 3.08% 48,164 56 (12,368) 35,852 2.26% Later-Stage Investor Dependent 4.09% 78,519 3,087 (12,772) 68,834 3.35% Balance Sheet Dependent 1.63% 35,651 4,670 (2,698) 37,623 1.50% Cash Flow Dep: Sponsor Led Buyout 2.47% 49,098 (1,443) (4,873) 42,782 2.16% Cash Flow Dep: Other 1.34% 39,500 (1,559) (6,853) 31,088 1.05% Private Bank 1.09% 53,629 4,147 (12,712) 45,064 0.89% Global Fund Banking 0.18% 45,584 3,770 10,647 60,001 0.22% Premium Wine 0.83% 8,747 58 (1,604) 7,201 0.69% Other 0.14% 2,199 1,667 (2,807) 1,059 0.06% ACL for loans 0.99% 447,765 5,679 (61,693) 391,751 0.82% ACL for unfunded credit commitments 0.38% 120,796 4,685 (20,731) 104,750 0.31% ACL for loans and unfunded credit commitments 0.74%* 568,561 10,364 (82,424) 496,501 0.61%* Moody’s March forecasts (40% baseline, 30% downside, 30% upside) Improved model economic scenarios (Baseline: Peak unemployment of ~6% in Q1’21 and 1 year GDP growth of 5%) Loss modeling does not include impact of fiscal stimulus or relief programs 26 vs. ~6% average Early-Stage NCOs over 2008-2010 * Weighted average ACL ratio for loans outstanding and unfunded credit commitments.

Increased business activity drove core fees higher despite low rate impact on client investment fees; Expect FY’21 core fees % growth in the mid single digits Q1 2021 Financial Highlights CORE FEE INCOME* $ Millions Lending Related Fees Deposit Service Charges Client Investment Fees Credit Card Fees LOC Fees FX Fees Q1’21 activity • Record FX fees (+12% QoQ) driven primarily by hedging and PE deal activity • New clients, deepening penetration and higher utilization drove Card fees +9% • Client investment fees declined 20% QoQ despite surge in balances as fee margin, which adjusts with short-term rates, decreased by 2 bps to 5 bps • Core fees to be impacted by: 27 * Non-GAAP financial measure. See “Use of non-GAAP Financial Measures” in our Q1 2021 Earnings Release and our non- GAAP reconciliations at the end of this presentation. FY’21 outlook key drivers RECENT ENHANCEMENTS Cards Automated underwriting Rewards and rebates Expense management and controls Full online experience FX Simplified user experience Trading and platform automation 80% target straight through processing Liquidity Custom solutions 40+ liquidity management products 11.5 11.4 12.2 11.5 13.0 13.1 11.1 13.5 19.7 15.7 24.6 20.5 22.0 23.2 25.1 43.5 31.9 31.9 25.0 20.1 28.3 21.3 22.8 25.4 27.6 47.5 36.3 43.9 51.1 57.4 168.5 132.5 146.3 155.9 158.9 -30% -20% -10% 0% 10% 20% Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 +11% YoY rebound in core fee income less client investment fees (which have been impacted by near-zero rates) Recovering business activity Gradual improvement, though watching pace of vaccine distributions, COVID-19 spread and shutdowns + Lower client investment fees Despite strong growth in balances as fee margin bottoms at mid- single digits in Q2’21 due to near-zero rates – New client growth Continued strong client acquisition+ Deepening client engagement From investments in new products and client experience +

Continued momentum from SVB Leerink – record quarterly revenue Expect 2021 SVB Leerink revenue to be between $420M-$450M 28 Q1’21 activity FY’21 outlook key drivers SVB LEERINK REVENUE* $ Millions • Shifting conditions may create volatility for market-sensitive revenues: SVB Leerink expands our solutions for life science/healthcare clients • SVB Leerink continues to capitalize on strong public markets: 32 book-run transactions in Q1 ($6.5B in aggregate deal value) • Expanded team and leadership; new Leveraged Finance and Structured Finance practices Commissions Investment Banking $62.0M $108.7M $77.6M $130.7M $136.4M SVB Leerink expenses* Q1 2021 Financial Highlights * Non-GAAP financial measure. See “Use of non-GAAP Financial Measures” in our Q1 2021 Earnings Release and our non- GAAP reconciliations at the end of this presentation. 46.9 141.5 92.2 133.4 142.316.0 16.9 16.2 17.4 24.4 62.9 158.4 108.4 150.9 166.7 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 HEALTHCARE SERVICES MEDICAL DEVICESBIOPHARMA TOOLS & DIAGNOSTICS Equity Capital Markets Convertible SecuritiesAlternative Equities Institutional Equities Equity Research M&A Advisory MEDACorp Leveraged Finance Structured Finance/ Royalties New hires and expertise Deepening Healthcare Investment Banking practice and expanding into Leveraged Finance and Structured Finance + Investment banking revenue Strong, but lower expected revenue relative to 2020’s record – Strengthening collaboration Between Silicon Valley Bank and SVB Leerink + Commissions revenue Sales and trading may benefit from market volatility + NEW

Record warrant and investment gains as client exit activity accelerated Gains will fluctuate with changes in valuation and market conditions Q1 2021 Financial Highlights Warrant gains Investment Securities gains WARRANT AND INVESTMENT GAINS NET OF NCI1 $ Millions 47.6 20.5 162.0 104.1 142.0 13.4 26.5 53.8 143.8 221.7 61.0 47.0 215.8 247.9 363.7 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 555.5 590.4 818.1 972.6 1,014.9 152.7 171.1 202.2 203.4 244.3 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Warrants Non-marketable and other equity securities2 29 Note: The extent to which unrealized gains (or losses) from investment securities from our non-marketable and other equity securities portfolio as well as our equity warrant assets will become realized is subject to a variety of factors, including, among other things, performance of the underlying portfolio companies, investor demand for IPOs and SPACs, 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. 1. Non-GAAP financial measure. See “Use of non-GAAP Financial Measures” in our Q1 2021 Earnings Release and our non-GAAP reconciliations at the end of this presentation. 2. Net of investments in qualified affordable housing projects and noncontrolling interests. Q1’21 activity • Robust client exit activity drove sales of public equity securities, warrant exercises and improved valuations • $116M realized warrant gains from exercises related to Coinbase Global, Inc.’s direct listing • Sold remaining BigCommerce, Inc. shares for $182M, realizing $43M investment gains in Q1 • $64M investment gains from improved valuations of SVB Capital funds and strategic investments • $62M warrant gains from valuation increases of private company portfolio driven primarily by pending SPAC activity, as well as pending M&A and IPO activity • Shifting conditions may create volatility for market-sensitive revenues: FY’21 key drivers Realized gains from sale of Coinbase shares Sold all Coinbase shares in April – recording additional $38M pretax gains in Q2’21 WARRANTS & NON-MARKETABLE AND OTHER EQUITY SECURITIES2 $ Millions Valuations of warrants and non-marketable and other equity securities Fluctuate with market conditions and public and private fundraising and exit activity, but offer meaningful long-term earnings support + + -

Net warrant gains more than offset Early-Stage charge-offs over time and offer meaningful earnings support Q1 2021 Financial Highlights 30 WARRANT GAINS NET OF EARLY-STAGE LOSSES $ Millions -3 8 3 3 22 23 11 0 7 37 19 46 71 71 38 55 89 138 237 222 -13 -1 0 -2 -7 -10 -16 -58 -23 -1 -21 -26 -30 -12 -45 -35 -28 -23 -27 -14 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1'21 Net Gains on Equity Warrant Assets Cumulative net gains (2002-Q1’21 Warrant gains less Early-Stage NCOs) Early-Stage NCOs $707M

256 320 327 416 445 39 64 67 77 81 27 28 31 42 33 14 3 2 4 4 18 19 19 45 18 46 46 45 81 55 400 480 491 665 636 47.7% 55.7% 56.9% 62.7% 58.5% -40 60 160 260 360 460 560 660 760 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 NONINTEREST EXPENSES $ Millions Outstanding performance and SVB Leerink expansion drove Q1’21 expenses higher than guidance; Expect FY’21 expense % growth in the high teens Q1 2021 Financial Highlights Core Operating Efficiency Ratio* Other Occupancy BD&T Premises and Equipment Professional Services Compensation and benefits Q1’21 activity FY’21 outlook key drivers 31 3,672 3,855 4,216 4,419 4,601Average FTEs * Core operating 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 Q1 2021 Earnings Release and our non-GAAP reconciliations at the end of this presentation. Q4’20 core operating efficiency ratio also excludes $29M real estate expenses and $20M SBA PPP donation. * SVB Leerink • Deepen Equity Capital Markets franchise • New Leveraged Finance and Structured Finance practices Key 2021 investment focus areas (included in guidance, see page 11 for more information) Silicon Valley Bank • Digital banking and client experience • Grow sponsor led buyout lending (collaboration with SVB Leerink) • New product development SVB Private Bank • Boston Private planning (costs incurred ahead of close) • Diversify products and grow mortgages SVB Capital • Debt platform • Life science strategy Scalability • Technology to enhance employee enablement • Data foundation Regulatory • Large Financial Institution requirements • UK subsidiarization People • Talent attraction, retention and development • QoQ decline in expenses driven by one-time $29M real estate charges and $20M PPP donation in Q4’20 • Higher than forecast compensation expenses from record SVB Leerink revenue and warrant gains, strong firmwide performance and hiring related to SVB Leerink expansion initiatives • FY’21 performance (and related incentive compensation) will be key driver of expense growth • Accelerating investments in our strategic priorities to capture compelling long-term growth opportunity of our markets: Note: Opportunistic investments to advance our strategy could result in expenses not included in current FY’21 guidance

Summary Q1 2021 Financial Highlights 32 Thriving markets Innovation is driving economic growth, and digital adoption and activity in healthcare are accelerating Robust liquidity Substantial PE/VC dry powder and strong demand for alternative assets provide fuel for long-term growth Improving economic environment Increased business activity with vaccine distributions and re-openings – monitoring new COVID-19 variants and continued spread Long-term focus Continue to invest to drive and support scalable long-term growth Well-positioned for long-term growth Robust earnings power with diverse revenue streams to drive earnings throughout cycles; coiled- spring potential of eventual rate increases as economy improves Executing on our vision Consistent progress and bold steps to advance and expand our platform to be the go-to financial partner of the innovation economy

Appendix Q1 2021 Financial Highlights 33

34 For over 35 years, we have helped innovators, enterprises and their investors move bold ideas forward, fast. U.S. venture-backed technology and healthcare companies with IPOs in Q1’21 U.S. venture-backed technology and life science companies ~50% 73%59 Corp Fin Revenue >$75M Accelerator (Early-Stage) Revenue <$5M Growth Revenue $5M–$75M Investors Private Equity Venture Capital Individuals Influencers: Entrepreneurs, Investors, Executives Technology & Life Sciences/Healthcare Our mission is to increase clients’ probability of success. We bank: The bank of the global innovation economy Q1 2021 Financial Highlights

Differentiated business model 35 PRIVATE EQUITY ANGEL INVESTORS MANAGEMENT TEAMS VENTURE CAPITAL CAPITAL MARKETS CORPORATE VENTURING GOVERNMENT R&D UNIVERSITIES ENTREPRENEURS SERVICE PROVIDERS At the center of the innovation ecosystem PRIVATE BANKING & WEALTH MANAGEMENT GLOBAL COMMERCIAL BANKING INVESTMENT SOLUTIONS FUNDS MANAGEMENT RESEARCH & INSIGHTS INVESTMENT BANKING Deep sector expertise Comprehensive solutions Unparalleled access, connections and insights to make NEXT happen NOW Q1 2021 Financial Highlights LIFE SCIENCE & HEALTHCARE SOFTWARE & INTERNET PREMIUM WINE BANKING INVESTORS ENERGY & RESOURCE INNOVATION FINTECH HARDWARE &FRONTIER TECH

0.51% 0.34% 0.32% 0.23% 0.20% 0.27% 0.22% 0.24% 0.20% 0.79% 2017 2018 2019 2020 Q1'21 21.2 25.6 29.9 37.3 46.3 2017 2018 2019 2020 Q1'21 1.4 1.9 2.1 2.2 0.7 3.05% 3.57% 3.51% 2.67% 2.29% -2% -1% 0% 1% 2% 3% 4% $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 2017 2018 2019 2020 Q1'21 Key performance indicators Q1 2021 Financial Highlights AVERAGE TOTAL LOANS $ Billions AVERAGE TOTAL CLIENT FUNDS $ Billions CORE FEES AND SVB LEERINK REVENUE2 $ Millions NET CHARGE-OFFS AND NON-PERFORMING LOANS NET INTEREST INCOME AND NIM $ Billions Net Interest Margin Net Interest Income1 Average Client Investment Funds Average Deposits Core Fee Income NPLs3 51.5 75.1 91.6 117.4 151.642.7 48.1 55.1 75.0 110.6 94.2 123.2 146.7 192.4 262.2 2017 2018 2019 2020 Q1'21 642 603 159 252 481 167 379 516 894 1,084 326 2017 2018 2019 2020 Q1'21 36 1. Net interest income presented on a fully taxable equivalent basis. 2. Non-GAAP financial measure. See “Use of non-GAAP Financial Measures” in our Q1 2021 Earnings Release and our non-GAAP reconciliations at the end of this presentation. 3. Non-performing loans as a percentage of period-end total loans. 4. Net loan charge-offs as a percentage of average total loans. $9.20 $18.11 $21.73 $22.87 $10.03 12.4% 20.6% 20.0% 16.8% 27.04% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% $0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 2017 2018 2019 2020 Q1'21 ROE and EPS Diluted EPS Return on Equity Less $80M GFB potential fraud incident 0.09% SVB Leerink Revenue (Investment Banking Revenue and Commissions) NCOs4

23% 19% 11% 2% 24% 17% 3% 1% 17% 33% 27% 13% 2% 7% 1% Strong liquidity franchise Uniquely positioned to drive balance sheet growth On and off- balance sheet liquidity solutions1 2 Diversified sources of liquidity from high-growth markets 3 Low cost deposits 40+ liquidity management products to meet clients’ needs and optimize pricing and mix 66% of total Q1’21 average deposits are noninterest-bearing $110.6B $151.6B ON-BALANCE SHEET DEPOSITS OFF-BALANCE SHEET CLIENT FUNDS 4 bps 13 bps SVB TOP 50 BANKS3 $262.2B TOTAL CLIENT FUNDS Early-Stage Life Science/ Healthcare Early-Stage Technology Private Bank International2 Life Science/ Healthcare Technology Other U.S. Global Fund Banking OBS CLIENT FUNDS CLIENT NICHE1: Q1 2021 Financial Highlights 37 1. As of March 31, 2021. Represents management view of client niches. 2. International balances do not tie to regulatory definitions for foreign exposure. Includes clients across all client niches and life-stages, with International Global Fund Banking representing 4% of total client funds. 3. Source: S&P Global Market Intelligence average for 24 of the top 50 US banks by asset size as of April 21, 2021. DEPOSITSQ1’21 AVERAGE BALANCES Q1’21 AVERAGE COST OF DEPOSITS

PERIOD-END ASSETS $ Billions PERIOD-END LIABILITIES $ Billions 46.9 51.7 64.4 107.1 132.2 -$5 $15 $35 $55 $75 $95 $115 $135 2017 2018 2019 2020 Q1'21 51.2 56.9 71.0 115.5 142.3 -$10 $10 $30 $50 $70 $90 $110 $130 $150 2017 2018 2019 2020 Q1'21 High-quality balance sheet growth driven by deposits Q1 2021 Financial Highlights Noninterest- bearing Deposits Borrowings Interest-bearing Deposits Other Liabilities 38 85% of assets in high-quality investments and low credit loss experience lending* Noninterest-bearing deposits 64% of total liabilities * Based on cash, fixed income investment portfolio and Global Fund Banking and Private Bank loan portfolios as of March 31, 2021. Net Loans Other Assets Non-marketable Securities (primarily VC & LIHTC investments) Held-to Maturity Securities Available-for- Sale Securities Cash and Cash Equivalents

PERIOD-END AVAILABLE- FOR-SALE SECURITIES $ Billions PERIOD-END HELD-TO- MATURITY SECURITIES $ Billions High-quality and liquid investment portfolio Q1 2021 Financial Highlights 39 Municipal bonds and notes U.S. agency debentures Agency-issued commercial mortgage-backed securities Agency-issued collateralized mortgage obligations – variable rate U.S. Treasury securities Agency-issued collateralized mortgage obligations – fixed rate Agency-issued residential mortgage-backed securities 11.1 7.8 14.0 30.9 26.0 $ $ $ $ $ $ $ $ $ $ 2017 2018 2019 2020 Q1'21 12.7 15.5 13.8 16.6 41.2 $ 2017 2018 2019 2020 Q1'21 Opportunistically buying strong credit-quality munis and corporate bonds to support portfolio yields Equity securities* U.S. Treasuries and agency-backed securities make up 93% of fixed income portfolio Corporate bonds * Equity securities in public companies are reported in available-for-sale securities in 2017. Upon the adoption of ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, on January 1, 2018, these equity securities are reported in non-marketable and other equity securities. Managing for flexibility and positioning for higher rates through hedging activity (targeting <2y hedge- adjusted AFS portfolio duration)

4.5 5.5 7.0 8.9 10.9 14.4 16.7 19.9 23.1 28.3 33.2 45.2 47.7 11% 10% 8% 9% 9% 8% 6% 6% 6% 6% 5% 3% 3% 0% 2% 4% 6% 8% 10% 12% $. $5. $10. $15. $20. $25. $30. $35. $40. $45. 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1'21 Improved risk profile, with growth driven by lowest risk portfolio segments Q1 2021 Financial Highlights Early-Stage ID % of total loans Other* Technology and Life Science/Healthcare Premium Wine Private Bank Global Fund Banking PERIOD-END TOTAL LOANS $ Billions Early-Stage Investor Dependent (“ID”) loans, our highest risk segment, now only 3% of total loans, down from 11% in 2009 and 30% in 2000 40 * Includes $1.6B of SBA PPP loans in 2020 and in Q1’21. 68% of loans in Global Fund Banking and Private Bank, segments with lowest historical credit losses

Long history of strong, resilient credit Q1 2021 Financial Highlights 41 1. Non-performing loans as a percentage of period-end total loans. 2. Net loan charge-offs as a percentage of average total loans. NON-PERFORMING LOANS & NET CHARGE-OFFS IMPROVED LOAN MIX % of period- end total loans NCOs2NPLs1 Global Financial CrisisDotcom Bubble Crash 2009 11% Early-Stage 30% GFB + Private Bank Q1’21 3% Early-Stage 68% GFB + Private Bank 2000 30% Early-Stage 5% GFB + Private Bank We’ve successfully navigated economic cycles before and our risk profile has improved COVID-19 Pandemic Less $80M GFB potential fraud incident 0.09% VC Recalibration 1.07% 1.03% 0.97% 0.62% 0.64% 0.26% 0.31% 0.18% 1.57% 1.15% 0.71% 0.52% 0.42% 0.47% 0.27% 0.73% 0.59% 0.51% 0.34% 0.32% 0.23% 0.20% 3.32% 1.02% 0.25% -0.08% 0.10% 0.04% 0.14% 0.35% 0.87% 2.64% 0.77% -0.02% 0.31% 0.33% 0.32% 0.30% 0.46% 0.27% 0.22% 0.24% 0.20% 0.79% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1'21

BY INDUSTRY BY INVESTMENT STYLE Low credit risk capital call lines of credit Q1 2021 Financial Highlights 42 24% 18% 15% 11% 9% 5% 18% Debt Buyout Growth Fund of Funds VC funds Other Real Estate Global Fund Banking portfolio2Global Fund Banking capital call lending Short-term lines of credit used by PE and VC funds to support investment activity prior to the receipt of Limited Partner capital contributions of total loans55%1 37% 15%11% 6% 7% 10% 4% 3%6% Life Sciences Industrial Other Consumer Debt Technology Real Estate FinTech Natural Resources Infrastructure Energy LIMITED PARTNER COMMITMENTS and robust secondary markets VALUE OF FUND INVESTMENTS with solid asset coverage PE Funds Strong sources of repayment 1. Capital call lines represent 97% of GFB portfolio. 2. Based on total GFB loan commitments (funded + unfunded) as of March 31, 2021. Largest driver of loan growth over past 7 years; strong underwriting and well-diversified Recent potential fraud loss is an isolated event in our ~30 years of capital call lending

Supporting innovation around the world Q1 2021 Financial Highlights 43 Q1’21 VC investment by market*  SVB Financial Group’s offices  SVB Financial Group’s international banking network $78B AMERICAS $22B EMEA $34B APAC Expanding our platform globally Israel Tel Aviv Business development 2008 U.K. 2004 China 2005 Shanghai Beijing (2010) Business development London Full-service branch (2012) China 2012 SPD Silicon Valley Bank (JV) Shanghai Additional JV branches Beijing (2017) Shenzhen (2018) Hong Kong 2009 Business development Europe 2016 Ireland (2016) Business development Germany (2018) Lending branch Denmark (2019) Business development Canada 2019 Toronto (2019) Lending branch Vancouver (2020) Business development * As of March 31, 2021. Source: PitchBook.

$7.7 $10.4 $11.6 $15.1 $25.0 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 2017 2018 2019 2020 Q1'21 $1.9 $2.8 $3.9 $5.4 $7.1 $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 2017 2018 2019 2020 Q1'21 Growing international activity Q1 2021 Financial Highlights 44 $7.1B INTERNATIONAL AVERAGE LOANS 15% of total loans $3.5B INTERNATIONAL AVERAGE OBS CLIENT FUNDS 2% of total OBS client funds $1.4 $2.4 $3.0 $3.3 $3.5 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 2017 2018 2019 2020 Q1'21 $33.8 $54.0 $67.0 $75.3 $24.5 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 $90.0 $100.0 2017 2018 2019 2020 Q1'21 $25B INTERNATIONAL AVERAGE DEPOSITS 23% of total deposits $24.5M INTERNATIONAL CORE FEE INCOME1 15% of total core fees Note: Reflects figures for international operations in U.K., Europe, Israel and Asia (Canada is included in our U.S. Technology Banking segment). This management segment view does not tie to regulatory definitions for foreign exposure. 1. Non-GAAP financial measure. See “Use of non-GAAP Financial Measures” in our Q1 2021 Earnings Release and our non-GAAP reconciliations at the end of this presentation. 2. 2017-2020 CAGR.

12.38% 20.57% 20.03% 16.83% 27.04% 9.77% 12.76% 11.80% 8.27% 13.70% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 2017 2018 2019 2020 Q1'21 Industry-leading performance Q1 2021 Financial Highlights 45 Strong return on equity Strong total shareholder return RETURN ON EQUITY 96.395 82 1/1/16 7/1/16 1/1/17 7/1/17 1/1/18 7/1/18 1/1/19 7/1/19 1/1/20 7/1/20 1/1/21 SVB 4.2x BKX 1.6x S&P 500 1.9x TOTAL SHAREHOLDER RETURN3 1/1/16-3/31/21 1. Source: S&P Global Market Intelligence. “Peers” refers to peer group as reported in our Proxy Statement for each year and is subject to change on an annual basis. 2. Q1’21 represents annualized ROE. Q1’21 peer ROE includes 10 of 15 peers as of April 21, 2021. 3. Cumulative total return on $100 invested on 1/1/16 in stock or index. Includes reinvestment of dividends. SVB Peer Average1 3/31/21 2

Acquisition of Boston Private: Financially attractive transaction with large growth opportunity 46Q1 2021 Financial Highlights Note: On January 4, 2021, SVB Financial Group announced its planned acquisition of Boston Private Financial Holdings, Inc. The acquisition is expected to close in mid-2021 subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals and approvals by the shareholders of Boston Private. See SEC filings for more information. 1. Combined assets under management (“AUM”) based on SVB Private Bank’s AUM and Boston Private’s AUM as of March 31, 2021. 2. Estimated potential “total client position” (“TCP”) through SVB’s current commercial clients based on SVB management analysis (2020). TCP includes potential wealth management assets, lending and deposits. Accelerates growth of private banking and wealth management business Clients SVB Private Bank Private banking and wealth management Silicon Valley Bank Global commercial banking SVB Capital Private venture investing expertise, oversight and management SVB Leerink Investment banking for healthcare and life science companies • Adds immediate scale to private banking and wealth management business ($18.7B combined AUM1) • Expands capabilities and capacity to help deepen client relationships and capture ~$400B opportunity among current clients2 • Harnesses complementary offerings to deliver unique insights and solutions • Advances digital client experience • Immediately accretive to TBV per share at close • Low single digit earnings per share accretion • Diversifies revenues and enhances profitability to support long-term growth Reinforces our vision to be the most sought-after financial partner helping innovators, enterprises, and investors move bold ideas forward, fast

Combined platform well-positioned to capture compelling market opportunity 47 + SVB’s leadership position in the innovation economy and …large balance sheet Combined Advisory solutions HNW/UHNW advisory1    Tax planning   Philanthropy   Trust services   Estate planning Partial   Investment solutions Impact investing   Investments focused on the innovation economy2   Broker-dealer   Banking solutions Mortgages    Securities-based lending    Private stock lending   Specialty commercial lending   Full private banking payment solutions    + Complementary talent and offerings + Boston Private’s broad product set and advanced technology to address equity compensation, concentrated stock positions and non-liquid assets Sophisticated solutions to events, insights and investment opportunities in the innovation economy2Exclusive access to prepare for liquidity and life eventsComprehensive planning with deep wealth management and innovation economy expertiseTrusted advisor “Always on” digitally enabled interactions and improved efficiencies Next generation digital platform Combined Premier private banking and wealth platform 1. High net worth (“HNW”) and ultra high net worth (“UHNW”). 2. E.g., fund of funds, venture capital and direct investments in private innovation companies. to support clients’ borrowing needsLarge balance sheet Q1 2021 Financial Highlights

Q1 2021 Financial Highlights 48 Increasing diversity, equity and inclusion (“DEI”) at SVB, with our partners and across the innovation economy We keep LEARNING & IMPROVING. We start with EMPATHY for others. We speak & act with INTEGRITY. We take RESPONSIBILITY. We embrace DIVERSE perspectives. Note: Refer to www.svb.com/living-our-values/inclusion-diversity for more information. Website content/links are not a part of this presentation. * Metrics as of March 31, 2021. Diverse includes (as disclosed to us) any woman, any person of color, veteran or person with disability. Person of color refers to anyone who self identifies as Hispanic/Latino, Black or African American, Asian, American Indian or Native Alaskan, Native Hawaiian or Other Pacific Islander or Two or More Races/Other. We utilize this blended measure to include different backgrounds and social categorizations. Senior leader includes the following job levels: Executive Committee (includes our executive officers) and leaders from certain top levels of SVB’s two highest bands of management. 67% 44% 41% 52% 34% 29% 69% 31% 15% DIVERSITY AT SVB* Diverse (US) Total Workforce Senior Leaders Board Members Female (Global) Racial Minority (US) Embracing diverse perspectives and fostering a culture of belonging $1.0M Donated to causes supporting gender parity in innovation $3.1M Support for diverse, emerging talent in innovation 34 Partner organizations focused on furthering DEI in innovation Championing causes that impact access to and diversity in the innovation economy Our signature program to increase funding for startups founded by women, Black, Latinx or other underrepresented groups and to advance diversity and gender parity in leadership of innovation companies $20M Donated SBA PPP fees (net of costs incurred) to diversity and community efforts (donations will be managed through the SVB Foundation) 2020 CONTRIBUTIONS Increase diversity of senior leaders to 56% by 2025 Reach senior leadership gender parity 50/50 by 2030 Chief Diversity Officer & executive-led DEI Steering Committee Full-time Diversity Recruiting Director Employee advocacy network Employee awareness programs, regular training & educational opportunities Leadership development Fair pay analysis Hiring outreach programs & strategic partnerships Start with values and culture1 Take a multipronged approach with measurable goals2 Measure and communicate progress3 Access to Innovation

Jeffrey A. Leerink CHIEF EXECUTIVE OFFICER SVB LEERINK 2 years at SVB Yvette Butler PRESIDENT OF SVB PRIVATE BANK & WEALTH MANAGEMENT 3 years at SVB Strong, seasoned management team 49 Laura Izurieta CHIEF RISK OFFICER 5 years at SVB Dan Beck CHIEF FINANCIAL OFFICER 4 years at SVB Greg Becker PRESIDENT AND CEO SVB FINANCIAL GROUP 28 years at SVB Marc Cadieux CHIEF CREDIT OFFICER 29 years at SVB John China PRESIDENT OF SVB CAPITAL 25 years at SVB Phil Cox CHIEF OPERATIONS OFFICER 12 years at SVB Michelle Draper CHIEF MARKETING OFFICER 8 years at SVB Chris Edmonds- Waters CHIEF HUMAN RESOURCES OFFICER 17 years at SVB Michael Zuckert GENERAL COUNSEL 7 years at SVB 13 years average tenure at SVB Mike Descheneaux PRESIDENT SILICON VALLEY BANK 15 years at SVB Diverse experience and skills to help direct our growth Q1 2021 Financial Highlights John Peters CHIEF AUDITOR 14 years at SVB

Glossary Q1 2021 Financial Highlights 50 The following terms are used throughout this presentation to refer to certain SVB-specific metrics: Non-GAAP Measures (Please see “Use of non-GAAP Financial Measures” in our Q1 2021 Earnings Release and non-GAAP reconciliations at the end of this presentation) Core Fee Income – Fees from letters of credit, client investments, credit cards, deposit service charges, foreign exchange and lending-related fees, in aggregate. Core Fee Income plus SVB Leerink Revenue – Core fee income, from above, plus investment banking revenue and commissions. SVB Leerink Revenue and Expenses – SVB Leerink revenue defined as investment banking revenue and commissions and excludes other income earned by SVB Leerink. SVB Leerink expenses represents all SVB Leerink operating and acquisition related expenses. Core Operating Efficiency Ratio – Calculated by dividing noninterest expense after adjusting for noninterest expense from SVB Leerink and NCI by total revenue, after adjusting for gains or losses on investment securities and equity warrant assets, SVB Leerink revenue and NCI. 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. Gains (losses) on Investment Securities, Net of Non-Controlling Interests – Net gains on investment securities include gains and losses from our non-marketable and other equity securities, which include public equity securities held as a result of exercised equity warrant assets, gains and losses from sales of our Available-For-Sale debt securities portfolio, when applicable, and carried interest. This measure excludes amounts attributable to noncontrolling interests for which we effectively do not receive the economic benefit or cost. Note regarding Q1’21 expectations presented and non-GAAP measures – Non-GAAP Core Fee Income and SVB Leerink Revenue collectively represent noninterest income, but exclude certain line items where performance is typically subject to market or other conditions beyond our control. Non-GAAP Noninterest Expense 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 these non-GAAP measures to the comparable GAAP financial measures for Q1’21 is included in this presentation, as we believe such reconciliation would imply a degree of precision that would be confusing or misleading to investors. Other Measures Total Client Funds – The sum of on-balance sheet deposits and off-balance sheet client investment funds. Fixed Income Securities – Available-for-sale ("AFS") and held-to-maturity ("HTM") securities held on the balance sheet.

Acronyms and abbreviations Q1 2021 Financial Highlights 51 LTV – Loan-to-value LS – Life science M&A – Merger & acquisition MBS – Mortgage-backed security Munis – Municipal bonds NCI – Non-controlling interests NCO – Net charge-off NII – Net interest income NIM – Net interest margin NPL – Non-performing loan OBS – Off-balance sheet OCI – Other comprehensive income PE – Private equity QoQ – Quarter over quarter Repo – Repurchase agreement RMBS – Residential mortgage-backed security ROE – Return on equity SEC – Securities & Exchange Commission SBA PPP – Small Business Administration Paycheck Protection Program SPAC – Special purpose acquisition company TBV – Tangible book value TCP – Total client position Tech – Technology VC – Venture capital YoY – Year over year YTD – Year to date ACL – Allowance for credit losses AFS – Available-for-sale API – Application programming interface AUM – Assets under management Bp – Basis point BD&T – Business development & travel CAGR – Compound annual growth rate CFD – Cash-flow dependent CMO – Collateralized mortgage obligation CMBS – Commercial mortgage-backed security Corp Fin – Corporate Finance DEI – Diversity, equity and inclusion Dep – Dependent EOP – End of period Ex – Excluding EPS – Earnings per share FHLB – Federal Home Loan Bank FRB – Federal Reserve Board FTE – Full-time employee FX – Foreign exchange GFB – Global Fund Banking HC – Healthcare HNW/UHNW – High net worth, ultra high net worth HTM – Held-to-maturity ID – Investor dependent LIHTC – Low income housing tax credit funds LOC – Letter of credit

Non-GAAP reconciliations 52Q1 2021 Financial Highlights

Non-GAAP reconciliation Core Fee Income Q1 2021 Financial Highlights Non-GAAP core fee income (dollars in thousands) Year ended December 31, 2017 2018 2019 2020 Q1’21 GAAP noninterest income $557,231 $744,984 $1,221,479 $1,840,148 $744,180 Less: gains on investment securities, net of NCI 64,603 88,094 134,670 420,752 167,078 Less: net gains on equity warrant assets 54,555 89,142 138,078 237,428 221,685 Less: other noninterest income 59,110 51,858 55,370 98,145 29,792 Non-GAAP core fee income plus SVB Leerink revenue $378,963 $515,890 $893,361 $1,083,823 $325,625 Investment banking revenue — — 195,177 413,985 142,302 Commissions — — 56,346 66,640 24,439 Less: total non-GAAP SVB Leerink revenue — — 251,523 480,625 166,741 Non-GAAP core fee income $378,963 $515,890 $641,838 $603,198 $158,884 53 See “Use of non-GAAP Financial Measures” in our Q1 2021 Earnings Release for more information.

Non-GAAP reconciliation Core Operating Efficiency Ratio Q1 2021 Financial Highlights (Dollars in thousands, except ratios) Year ended December 31, 2017 2018 2019 2020 Q1’21 GAAP noninterest expense A 1,010,655 1,188,193 1,601,262 2,035,041 636,001 Less: expense attributable to noncontrolling interests 813 522 835 475 117 Non-GAAP noninterest expense, net of noncontrolling interests 1,009,842 1,187,671 1,600,427 2,034,566 635,884 Less: expense attributable to SVB Leerink — — 252,677 378,970 136,351 Less: real estate expenses — — — 29,317 — Less: charitable donation of net PPP loan origination fees — — — 20,000 — Non-GAAP noninterest expense, net of noncontrolling interests, SVB Leerink and other non-recurring expenses B 1,009,842 1,187,671 1,347,750 1,606,279 499,533 GAAP net interest income 1,420,369 1,893,988 2,096,601 2,156,284 659,579 Adjustments for taxable equivalent basis 3,076 9,201 11,949 16,230 5,555 Non-GAAP taxable equivalent net interest income 1,423,445 1,903,189 2,108,550 2,172,514 665,134 Less: income attributable to noncontrolling interests 33 30 72 26 — Non-GAAP taxable equivalent net interest income, net of noncontrolling interests 1,423,412 1,903,159 2,108,478 2,172,488 665,134 Less: net interest income attributable to SVB Leerink — — 1,252 578 166 Non-GAAP taxable equivalent net interest income, net of noncontrolling interests and SVB Leerink 1,423,412 1,903,159 2,107,226 2,171,910 664,968 GAAP noninterest income 557,231 744,984 1,221,479 1,840,148 744,180 Less: income attributable to noncontrolling interests 29,452 38,000 48,624 86,375 25,067 Non-GAAP noninterest income, net of noncontrolling interests 527,779 706,984 1,172,855 1,753,773 719,113 Less: Non-GAAP net gains on investment securities, net of noncontrolling interests 35,416 49,911 86,169 334,283 142,047 Less: net gains on equity warrant assets 54,555 89,142 138,078 237,428 221,685 Less: investment banking revenue — — 195,177 413,985 142,302 Less: commissions — — 56,346 66,640 24,439 Non-GAAP noninterest income, net of noncontrolling interests and net of net gains on investments securities, net gains on equity warrants assets, investment banking revenue and commissions 437,808 567,931 697,085 701,437 188,640 GAAP total revenue C 1,977,600 2,638,972 3,318,080 3,996,432 1,403,759 Non-GAAP taxable equivalent revenue, net of noncontrolling interests and SVB Leerink, net of net gains on investments securities, net gains on equity warrants assets, investment banking revenue and commissions D 1,861,220 2,471,090 2,804,311 2,873,347 853,608 GAAP operating efficiency ratio (A/C) 51.11% 45.02% 48.26% 50.92% 45.31% Non-GAAP core operating efficiency ratio (B/D) 54.26% 48.06% 48.06% 55.90% 58.52% 54 See “Use of non-GAAP Financial Measures” in our Q1 2021 Earnings Release for more information.

Important information regarding forward-looking statements and use of non-GAAP financial measures The Company’s financial results for 2020 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; the potential effects of the COVID-19 pandemic; 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; financial results; and the proposed acquisition of Boston Private. 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); the COVID-19 pandemic and its effects on the economic and business environments in which we operate; the impact of changes in the U.S. presidential administration and the U.S. Congress on the economic environment, capital markets and regulatory landscape, including monetary, tax and other trade policies; 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; an inability to complete the acquisition of Boston Private, or changes in the currently anticipated timeframe, terms or manner of such acquisition; greater than expected costs or other difficulties related to the integration of our business and that of Boston Private; variations from our expectations as to the amount and timing of business opportunities, growth prospects and cost savings associated with completing the acquisition of Boston Private; unfavorable resolution of legal proceedings/claims or regulatory/governmental actions; 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. The COVID-19 pandemic has created economic and financial disruptions that have adversely affected, and may continue to adversely affect, our business, operations, financial performance and prospects. Even after the COVID-19 pandemic subsides, it is possible that the U.S. and other major economies experience or continue to experience a prolonged recession, which could materially and adversely affect our business, operations, financial performance and prospects. Statements about the effects of the COVID-19 pandemic on our business, operations, financial performance and prospects may constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties and 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 most recent 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 SVB Leerink revenue and expenses, 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 April 22, 2021, 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. Q1 2021 Financial Highlights 55

SVB Financial Group is the holding company for all business units and groups © 2021 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. 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. 56Q1 2021 Financial Highlights

Q1 2021 Financial Highlights @SVBFinancialGroup Silicon Valley Bank @SVB_Financial www.svb.com 57

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Document and Entity Information	Apr. 22, 2021
Entity Information [Line Items]
Entity Registrant Name	SVB Financial Group
Document Type	8-K
Document Period End Date	Apr. 22, 2021
Entity Incorporation, State or Country Code	DE
Entity File Number	001-39154
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