(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of Each Class | Trading Symbol | Name of Exchange on Which Registered | ||||||||||||
Page | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
(Dollars in thousands, except par value and share data) | March 31, 2021 | December 31, 2020 | ||||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Available-for-sale securities, at fair value (cost of $ | ||||||||||||||
Held-to-maturity securities, at amortized cost and net of allowance for credit losses of $ | ||||||||||||||
Non-marketable and other equity securities | ||||||||||||||
Total investment securities | ||||||||||||||
Loans, amortized cost | ||||||||||||||
Allowance for credit losses: loans | ( | ( | ||||||||||||
Net loans | ||||||||||||||
Premises and equipment, net of accumulated depreciation and amortization | ||||||||||||||
Goodwill | ||||||||||||||
Other intangible assets, net | ||||||||||||||
Lease right-of-use assets | ||||||||||||||
Accrued interest receivable and other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and total equity: | ||||||||||||||
Liabilities: | ||||||||||||||
Noninterest-bearing demand deposits | $ | $ | ||||||||||||
Interest-bearing deposits | ||||||||||||||
Total deposits | ||||||||||||||
Short-term borrowings | ||||||||||||||
Lease liabilities | ||||||||||||||
Other liabilities | ||||||||||||||
Long-term debt | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies (Note 14 and Note 17) | ||||||||||||||
SVBFG stockholders’ equity: | ||||||||||||||
Preferred stock, $ | ||||||||||||||
Common stock, $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive income | ||||||||||||||
Total SVBFG stockholders’ equity | ||||||||||||||
Noncontrolling interests | ||||||||||||||
Total equity | ||||||||||||||
Total liabilities and total equity | $ | $ |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands, except per share amounts) | 2021 | 2020 | ||||||||||||
Interest income: | ||||||||||||||
Loans | $ | $ | ||||||||||||
Investment securities: | ||||||||||||||
Taxable | ||||||||||||||
Non-taxable | ||||||||||||||
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities | ||||||||||||||
Total interest income | ||||||||||||||
Interest expense: | ||||||||||||||
Deposits | ||||||||||||||
Borrowings | ||||||||||||||
Total interest expense | ||||||||||||||
Net interest income | ||||||||||||||
Provision for credit losses | ||||||||||||||
Net interest income after provision for credit losses | ||||||||||||||
Noninterest income: | ||||||||||||||
Gains on investment securities, net | ||||||||||||||
Gains on equity warrant assets, net | ||||||||||||||
Client investment fees | ||||||||||||||
Foreign exchange fees | ||||||||||||||
Credit card fees | ||||||||||||||
Deposit service charges | ||||||||||||||
Lending related fees | ||||||||||||||
Letters of credit and standby letters of credit fees | ||||||||||||||
Investment banking revenue | ||||||||||||||
Commissions | ||||||||||||||
Other | ||||||||||||||
Total noninterest income | ||||||||||||||
Noninterest expense: | ||||||||||||||
Compensation and benefits | ||||||||||||||
Professional services | ||||||||||||||
Premises and equipment | ||||||||||||||
Net occupancy | ||||||||||||||
Business development and travel | ||||||||||||||
FDIC and state assessments | ||||||||||||||
Other | ||||||||||||||
Total noninterest expense | ||||||||||||||
Income before income tax expense | ||||||||||||||
Income tax expense | ||||||||||||||
Net income before noncontrolling interests | ||||||||||||||
Net income attributable to noncontrolling interests | ( | |||||||||||||
Preferred stock dividends | ( | ( | ||||||||||||
Net income available to common stockholders | $ | $ | ||||||||||||
Earnings per common share—basic | $ | $ | ||||||||||||
Earnings per common share—diluted |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Net income before noncontrolling interests | $ | $ | ||||||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||
Change in foreign currency cumulative translation gains and losses: | ||||||||||||||
Foreign currency translation losses | ( | ( | ||||||||||||
Related tax benefit | ||||||||||||||
Change in unrealized gains and losses on available-for-sale securities: | ||||||||||||||
Unrealized holding (losses) gains | ( | |||||||||||||
Related tax benefit (expense) | ( | |||||||||||||
Reclassification adjustment for gains included in net income | ( | |||||||||||||
Related tax expense | ||||||||||||||
Cumulative-effect adjustment for unrealized gains on securities transferred from available-for-sale to held-to-maturity | ||||||||||||||
Related tax expense | ( | |||||||||||||
Amortization of unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | ( | ( | ||||||||||||
Related tax benefit | ||||||||||||||
Change in unrealized gains and losses on cash flow hedges: | ||||||||||||||
Unrealized gains | ||||||||||||||
Related tax expense | ( | |||||||||||||
Reclassification adjustment for gains included in net income | ( | ( | ||||||||||||
Related tax expense | ||||||||||||||
Other comprehensive (loss) income, net of tax | ( | |||||||||||||
Comprehensive (loss) income | ( | |||||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | ( | |||||||||||||
Comprehensive (loss) income attributable to SVBFG | $ | ( | $ |
Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total SVBFG Stockholders’ Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative adjustment for the day one adoption of ASC 326 ("CECL"), net of tax | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under ESOP | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Capital calls and distributions, net | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized gains and losses on AFS securities, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax | — | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized gains and losses on cash flow hedges, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchases | — | ( | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred stock | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Other, net | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under ESOP | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series B Preferred Stock | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Capital calls and distributions, net | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized gains and losses on AFS securities, net of tax | — | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of unrealized holding gains and losses on securities transferred from AFS to HTM, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized gains and losses on cash flow hedges, net of tax | — | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred stock | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Other, net | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | $ | $ | $ | $ |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income before noncontrolling interests | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Provision for credit losses | ||||||||||||||
Changes in fair values of equity warrant assets, net of proceeds from exercises | ( | |||||||||||||
Changes in fair values of derivatives, net | ( | |||||||||||||
Gains on investment securities, net | ( | ( | ||||||||||||
Distributions of earnings from non-marketable and other equity securities | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Amortization of premiums and discounts on investment securities, net | ||||||||||||||
Amortization of share-based compensation | ||||||||||||||
Amortization of deferred loan fees | ( | ( | ||||||||||||
Deferred income tax expense (benefit) | ( | |||||||||||||
Excess tax benefit from exercise of stock options and vesting of restricted shares | ( | ( | ||||||||||||
Changes in other assets and liabilities: | ||||||||||||||
Accrued interest receivable and payable, net | ( | |||||||||||||
Accounts receivable and payable, net | ( | |||||||||||||
Income tax receivable and payable, net | ||||||||||||||
Accrued compensation | ( | ( | ||||||||||||
Foreign exchange spot contracts, net | ( | |||||||||||||
Proceeds from termination of interest rate swaps | ||||||||||||||
Other, net | ( | ( | ||||||||||||
Net cash provided by operating activities | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchases of available-for-sale securities | ( | ( | ||||||||||||
Proceeds from sales of available-for-sale securities | ||||||||||||||
Proceeds from maturities and paydowns of available-for-sale securities | ||||||||||||||
Purchases of held-to-maturity securities | ( | ( | ||||||||||||
Proceeds from maturities and paydowns of held-to-maturity securities | ||||||||||||||
Purchases of non-marketable and other equity securities | ( | ( | ||||||||||||
Proceeds from sales and distributions of capital of non-marketable and other equity securities | ||||||||||||||
Net increase in loans | ( | ( | ||||||||||||
Purchases of premises and equipment | ( | ( | ||||||||||||
Net cash used for investing activities | ( | ( | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Net increase in deposits | ||||||||||||||
Net increase in short-term borrowings | ||||||||||||||
Proceeds from issuance of long-term debt | ||||||||||||||
(Distributions to noncontrolling interests), net of contributions from noncontrolling interests | ( | ( | ||||||||||||
Net proceeds from the issuance of preferred stock | ||||||||||||||
Payment of preferred stock dividend | ( | ( | ||||||||||||
Common stock repurchases | ( | |||||||||||||
Proceeds from issuance of common stock, ESPP and ESOP, net of restricted stock awards | ( | |||||||||||||
Net cash provided by financing activities | ||||||||||||||
Net increase in cash and cash equivalents | ||||||||||||||
Cash and cash equivalents at beginning of period | ||||||||||||||
Cash and cash equivalents at end of period | $ | $ | ||||||||||||
Supplemental disclosures: | ||||||||||||||
Cash paid during the period for: | ||||||||||||||
Interest | $ | $ | ||||||||||||
Income taxes | ||||||||||||||
Noncash items during the period: | ||||||||||||||
Changes in unrealized gains and losses on available-for-sale securities, net of tax | $ | ( | $ | |||||||||||
Transfers from available-for-sale securities to held-to-maturity |
Three months ended March 31, | ||||||||||||||||||||
(Dollars in thousands) | Income Statement Location | 2021 | 2020 | |||||||||||||||||
Reclassification adjustment for gains on available-for-sale securities included in net income | Gains on investment securities, net | $ | $ | ( | ||||||||||||||||
Related tax expense | Income tax expense | |||||||||||||||||||
Reclassification adjustment for gains on cash flow hedges included in net income | Net interest income | ( | ( | |||||||||||||||||
Related tax expense | Income tax expense | |||||||||||||||||||
Total reclassification adjustment for gains included in net income, net of tax | $ | ( | $ | ( |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Balance, beginning of period, net of tax | $ | $ | ( | |||||||||||
Net increase in fair value, net of tax | ||||||||||||||
Net realized gain reclassified to net income, net of tax | ( | ( | ||||||||||||
Balance, end of period, net of tax | $ | $ |
Three months ended March 31, | ||||||||||||||
(Dollars and shares in thousands, except per share amounts) | 2021 | 2020 | ||||||||||||
Numerator: | ||||||||||||||
Net income available to common stockholders | $ | $ | ||||||||||||
Denominator: | ||||||||||||||
Weighted average common shares outstanding—basic | ||||||||||||||
Weighted average effect of dilutive securities: | ||||||||||||||
Stock options and ESPP | ||||||||||||||
Restricted stock units and awards | ||||||||||||||
Weighted average common shares outstanding—diluted | ||||||||||||||
Earnings per common share: | ||||||||||||||
Basic | $ | $ | ||||||||||||
Diluted |
Three months ended March 31, | ||||||||||||||
(Shares in thousands) | 2021 | 2020 | ||||||||||||
Stock options | ||||||||||||||
Restricted stock units | ||||||||||||||
Total |
Series | Description | Amount outstanding (in millions) | Carrying value (in millions) | Shares issued and outstanding | Par Value | Ownership interest per depositary share | Liquidation preference per depositary share | 2021 dividends paid per depositary share | ||||||||||||||||||||||||||||||||||||||||||
Series A | 5.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock | $ | $ | $ | 1/40th | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Series B | 4.100% Fixed-Rate Non-Cumulative Perpetual Preferred Stock | 1/100th |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Share-based compensation expense | $ | $ | ||||||||||||
Income tax benefit related to share-based compensation expense | ( | ( |
(Dollars in thousands) | Unrecognized Expense | Weighted Average Expected Recognition Period - in Years | ||||||||||||
Stock options | $ | |||||||||||||
Restricted stock units and awards | ||||||||||||||
Total unrecognized share-based compensation expense | $ |
Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life - in Years | Aggregate Intrinsic Value of In-The- Money Options | |||||||||||||||||||||||
Outstanding at December 31, 2020 | $ | |||||||||||||||||||||||||
Exercised | ( | |||||||||||||||||||||||||
Forfeited | ( | |||||||||||||||||||||||||
Outstanding at March 31, 2021 | $ | |||||||||||||||||||||||||
Vested and expected to vest at March 31, 2021 | ||||||||||||||||||||||||||
Exercisable at March 31, 2021 |
Shares | Weighted Average Grant Date Fair Value | |||||||||||||
Nonvested at December 31, 2020 | $ | |||||||||||||
Granted | ||||||||||||||
Vested | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Nonvested at March 31, 2021 |
(Dollars in thousands) | Consolidated VIEs | Unconsolidated VIEs | Maximum Exposure to Loss in Unconsolidated VIEs | |||||||||||||||||
March 31, 2021: | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | — | ||||||||||||||||
Non-marketable and other equity securities (1) | ||||||||||||||||||||
Accrued interest receivable and other assets | — | |||||||||||||||||||
Total assets | $ | $ | $ | |||||||||||||||||
Liabilities: | ||||||||||||||||||||
Other liabilities (1) | — | |||||||||||||||||||
Total liabilities | $ | $ | $ | — | ||||||||||||||||
December 31, 2020: | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | — | ||||||||||||||||
Non-marketable and other equity securities (1) | ||||||||||||||||||||
Accrued interest receivable and other assets | — | |||||||||||||||||||
Total assets | $ | $ | $ | |||||||||||||||||
Liabilities: | ||||||||||||||||||||
Other liabilities (1) | — | |||||||||||||||||||
Total liabilities | $ | $ | $ | — |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Cash and due from banks (1) | $ | $ | ||||||||||||
Securities purchased under agreements to resell (2) | ||||||||||||||
Total cash and cash equivalents | $ | $ |
March 31, 2021 | ||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Carrying Value | ||||||||||||||||||||||
Available-for-sale securities, at fair value: | ||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
U.S. agency debentures | ( | |||||||||||||||||||||||||
Foreign government debt securities | ( | |||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | ( | |||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | ( | |||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | ( | |||||||||||||||||||||||||
Total available-for-sale securities | $ | $ | $ | ( | $ |
December 31, 2020 | ||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Carrying Value | ||||||||||||||||||||||
Available-for-sale securities, at fair value: | ||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
U.S. agency debentures | ( | |||||||||||||||||||||||||
Foreign government debt securities | ||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | ( | |||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | ( | |||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | ( | |||||||||||||||||||||||||
Total available-for-sale securities | $ | $ | $ | ( | $ |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Sales proceeds | $ | $ | ||||||||||||
Net realized gains and losses: | ||||||||||||||
Gross realized gains | ||||||||||||||
Gross realized losses | ||||||||||||||
Net realized gains | $ | $ |
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer (1) | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value of Investments | Unrealized Losses | Fair Value of Investments | Unrealized Losses | Fair Value of Investments | Unrealized Losses | ||||||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | ( | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||||||
U.S. agency debentures | ( | ( | ||||||||||||||||||||||||||||||||||||
Foreign government debt securities | ( | ( | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | ( | ( | ||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | ( | ( | ||||||||||||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | ( | ( | ||||||||||||||||||||||||||||||||||||
Total available-for-sale securities (1) | $ | $ | ( | $ | $ | $ | $ | ( |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer (1) | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value of Investments | Unrealized Losses | Fair Value of Investments | Unrealized Losses | Fair Value of Investments | Unrealized Losses | ||||||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | ( | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||||||
U.S. agency debentures | ( | ( | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | ( | ( | ||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | ( | ( | ||||||||||||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | ( | ( | ||||||||||||||||||||||||||||||||||||
Total available-for-sale securities (1) | $ | $ | ( | $ | $ | $ | $ | ( |
March 31, 2021 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total | One Year or Less | After One Year to Five Years | After Five Years to Ten Years | After Ten Years | |||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
U.S. agency debentures | ||||||||||||||||||||||||||||||||
Foreign government debt securities | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | ||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | ||||||||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
March 31, 2021 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | Allowance for Credit Losses | |||||||||||||||||||||||||||
Held-to-maturity securities, at cost: | ||||||||||||||||||||||||||||||||
U.S. agency debentures (1) | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | ( | |||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations —fixed rate | ( | |||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | ||||||||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | ( | |||||||||||||||||||||||||||||||
Municipal bonds and notes | ( | |||||||||||||||||||||||||||||||
Corporate bonds | ( | |||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | $ | $ | ( | $ | $ |
December 31, 2020 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | Allowance for Credit Losses | |||||||||||||||||||||||||||
Held-to-maturity securities, at amortized cost: | ||||||||||||||||||||||||||||||||
U.S. agency debentures (1) | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | ( | |||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | ( | |||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | ||||||||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | ||||||||||||||||||||||||||||||||
Municipal bonds and notes | ( | |||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | $ | $ | ( | $ | $ |
Three months ended March 31, 2021 | Beginning Balance December 31, 2020 | Provision for Credit Losses | Ending Balance March 31, 2021 | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Municipal bonds and notes | $ | $ | $ | |||||||||||||||||
Corporate bonds | ||||||||||||||||||||
Total allowance for credit losses | $ | $ | $ |
Three months ended March 31, 2020 | Beginning Balance December 31, 2019 | Day One Impact of Adopting ASC 326 | Provision for Credit Losses | Ending Balance March 31, 2020 | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Municipal bonds and notes | $ | $ | $ | $ | ||||||||||||||||||||||
Total allowance for credit losses | $ | $ | $ | $ |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Municipal bonds and notes: | ||||||||||||||
Aaa | $ | $ | ||||||||||||
Aa1 | ||||||||||||||
Aa2 | ||||||||||||||
Aa3 | ||||||||||||||
A1 | ||||||||||||||
Total municipal bonds and notes | $ | $ | ||||||||||||
Corporate bonds: | ||||||||||||||
Aa2 | $ | $ | ||||||||||||
Aa3 | ||||||||||||||
Total corporate bonds | $ | $ |
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | One Year or Less | After One Year to Five Years | After Five Years to Ten Years | After Ten Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agency debentures | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds and notes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Non-marketable and other equity securities: | ||||||||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||
Consolidated venture capital and private equity fund investments (1) | $ | $ | ||||||||||||
Unconsolidated venture capital and private equity fund investments (2) | ||||||||||||||
Other investments without a readily determinable fair value (3) | ||||||||||||||
Other equity securities in public companies (fair value accounting) (4) | ||||||||||||||
Non-marketable securities (equity method accounting) (5): | ||||||||||||||
Venture capital and private equity fund investments | ||||||||||||||
Debt funds | ||||||||||||||
Other investments | ||||||||||||||
Investments in qualified affordable housing projects, net (6) | ||||||||||||||
Total non-marketable and other equity securities | $ | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||||||||||||||
Strategic Investors Fund, LP | $ | % | $ | % | ||||||||||||||||||||||
Capital Preferred Return Fund, LP | ||||||||||||||||||||||||||
Growth Partners, LP | ||||||||||||||||||||||||||
Total consolidated venture capital and private equity fund investments | $ | $ |
(Dollars in thousands) | Three months ended March 31, 2021 | Cumulative Adjustments | ||||||||||||
Measurement alternative: | ||||||||||||||
Carrying value at March 31, 2021 | $ | |||||||||||||
Carrying value adjustments: | ||||||||||||||
Impairment | $ | $ | ( | |||||||||||
Upward changes for observable prices | ||||||||||||||
Downward changes for observable prices | ( | ( |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||||||||||||||
Venture capital and private equity fund investments: | ||||||||||||||||||||||||||
Strategic Investors Fund II, LP | $ | % | $ | % | ||||||||||||||||||||||
Strategic Investors Fund III, LP | ||||||||||||||||||||||||||
Strategic Investors Fund IV, LP | ||||||||||||||||||||||||||
Strategic Investors Fund V funds | Various | Various | ||||||||||||||||||||||||
CP II, LP (i) | ||||||||||||||||||||||||||
Other venture capital and private equity fund investments | Various | Various | ||||||||||||||||||||||||
Total venture capital and private equity fund investments | $ | $ | ||||||||||||||||||||||||
Debt funds: | ||||||||||||||||||||||||||
Gold Hill Capital 2008, LP (ii) | $ | % | $ | % | ||||||||||||||||||||||
Other debt funds | Various | Various | ||||||||||||||||||||||||
Total debt funds | $ | $ | ||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||
SPD Silicon Valley Bank Co., Ltd. | $ | % | $ | % | ||||||||||||||||||||||
Other investments | Various | Various | ||||||||||||||||||||||||
Total other investments | $ | $ |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Investments in qualified affordable housing projects, net | $ | $ | ||||||||||||
Other liabilities |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Tax credits and other tax benefits recognized | $ | $ | ||||||||||||
Amortization expense included in provision for income taxes (i) |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Net gains (losses) on non-marketable and other equity securities: | ||||||||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||
Consolidated venture capital and private equity fund investments | $ | $ | ||||||||||||
Unconsolidated venture capital and private equity fund investments | ||||||||||||||
Other investments without a readily determinable fair value | ( | |||||||||||||
Other equity securities in public companies (fair value accounting) | ( | |||||||||||||
Non-marketable securities (equity method accounting): | ||||||||||||||
Venture capital and private equity fund investments | ( | |||||||||||||
Debt funds | ( | |||||||||||||
Other investments | ( | |||||||||||||
Total net gains (losses) on non-marketable and other equity securities | $ | $ | ( | |||||||||||
Less: realized net gains (losses) on sales of non-marketable and other equity securities | ( | |||||||||||||
Net gains (losses) on non-marketable and other equity securities still held | $ | $ | ( |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Global fund banking | $ | $ | ||||||||||||
Investor dependent: | ||||||||||||||
Early stage | ||||||||||||||
Mid stage | ||||||||||||||
Later stage | ||||||||||||||
Total investor dependent | ||||||||||||||
Cash flow dependent: | ||||||||||||||
Sponsor led buyout | ||||||||||||||
Other | ||||||||||||||
Total cash flow dependent | ||||||||||||||
Private bank (4) | ||||||||||||||
Balance sheet dependent | ||||||||||||||
Premium wine (4) | ||||||||||||||
Other (4) | ||||||||||||||
SBA loans | ||||||||||||||
Total loans (1) (2) (3) | $ | $ | ||||||||||||
Allowance for credit losses | ( | ( | ||||||||||||
Net loans | $ | $ |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Real estate secured loans: | ||||||||||||||
Private bank: | ||||||||||||||
Loans for personal residence | $ | $ | ||||||||||||
Loans to eligible employees | ||||||||||||||
Home equity lines of credit | ||||||||||||||
Other | ||||||||||||||
Total private bank loans secured by real estate | $ | $ | ||||||||||||
Premium wine | ||||||||||||||
Other | ||||||||||||||
Total real estate secured loans | $ | $ |
(Dollars in thousands) | Pass | Criticized | Nonperforming (Nonaccrual) | Total | ||||||||||||||||||||||
March 31, 2021: | ||||||||||||||||||||||||||
Global fund banking | $ | $ | $ | $ | ||||||||||||||||||||||
Investor dependent: | ||||||||||||||||||||||||||
Early stage | ||||||||||||||||||||||||||
Mid stage | ||||||||||||||||||||||||||
Later stage | ||||||||||||||||||||||||||
Total investor dependent | ||||||||||||||||||||||||||
Cash flow dependent: | ||||||||||||||||||||||||||
Sponsor led buyout | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total cash flow dependent | ||||||||||||||||||||||||||
Private bank | ||||||||||||||||||||||||||
Balance sheet dependent | ||||||||||||||||||||||||||
Premium wine | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
SBA loans | ||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | ||||||||||||||||||||||
December 31, 2020: | ||||||||||||||||||||||||||
Global fund banking | $ | $ | $ | $ | ||||||||||||||||||||||
Investor dependent | ||||||||||||||||||||||||||
Early stage | ||||||||||||||||||||||||||
Mid stage | ||||||||||||||||||||||||||
Later stage | ||||||||||||||||||||||||||
Total investor dependent | ||||||||||||||||||||||||||
Cash flow dependent | ||||||||||||||||||||||||||
Sponsor led buyout | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total cash flow dependent | ||||||||||||||||||||||||||
Private bank | ||||||||||||||||||||||||||
Balance sheet dependent | ||||||||||||||||||||||||||
Premium wine | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
SBA loans | ||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ |
Term Loans by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 (Dollars in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Revolving Loans Converted to Term Loans | Unallocated (1) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Global fund banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Criticized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total global fund banking | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor dependent: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Early stage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Criticized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total early stage | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mid stage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Criticized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mid stage | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Later stage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Criticized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total later stage | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investor dependent | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow dependent: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sponsor led buyout: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Criticized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total sponsor led buyout | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Criticized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cash flow dependent | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Private bank: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Criticized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total private bank | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance sheet dependent: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Criticized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total balance sheet dependent | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium wine: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Criticized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Premium wine | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||
Criticized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other | $ | $ | $ | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||
SBA loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Criticized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total SBA loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ( | $ |
Term Loans by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 (Dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Global fund banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Criticized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total global fund banking | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Investor dependent: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Early stage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Criticized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total early stage | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Mid stage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Criticized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mid stage | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Later stage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Criticized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total later stage | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Total investor dependent | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Cash flow dependent: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sponsor led buyout: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Criticized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total sponsor led buyout | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Criticized |
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Total cash flow dependent | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Private bank: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Criticized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total private bank | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Balance sheet dependent: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Criticized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total balance sheet dependent | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Premium wine: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Criticized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Premium wine | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Criticized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
SBA loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Criticized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total SBA loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Three months ended March 31, 2021 | Beginning Balance December 31, 2020 | Charge-offs | Recoveries | Provision (Reduction) for Credit Losses | Foreign Currency Translation Adjustments | Ending Balance March 31, 2021 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
Global fund banking | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Investor dependent: | ||||||||||||||||||||||||||||||||||||||
Early stage | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Growth stage | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Total investor dependent | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Cash flow and balance sheet dependent | ( | |||||||||||||||||||||||||||||||||||||
Private bank | ( | |||||||||||||||||||||||||||||||||||||
Premium wine and other | ( | ( | ||||||||||||||||||||||||||||||||||||
SBA loans | ( | |||||||||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | $ | ( | $ | $ | $ | $ |
Three months ended March 31, 2020 | Beginning Balance December 31, 2019 | Impact of adopting ASC 326 | Charge-offs | Recoveries | Provision (Reduction) for Credit Losses | Foreign Currency Translation Adjustments | Ending Balance March 31, 2020 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Global fund banking | $ | $ | ( | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||
Investor dependent: | ||||||||||||||||||||||||||||||||||||||||||||
Early stage | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Growth stage | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Total investor dependent | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Cash flow and balance sheet dependent | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Private bank | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Premium wine and other | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | $ | $ | ( | $ | $ | $ | ( | $ |
(Dollars in thousands) | 30 - 59 Days Past Due | 60 - 89 Days Past Due | Equal to or Greater Than 90 Days Past Due | Total Past Due | Current | Total | Loans Past Due 90 Days or More Still Accruing Interest | |||||||||||||||||||||||||||||||||||||
March 31, 2021: | ||||||||||||||||||||||||||||||||||||||||||||
Global fund banking | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Investor dependent: | ||||||||||||||||||||||||||||||||||||||||||||
Early stage | ||||||||||||||||||||||||||||||||||||||||||||
Mid stage | ||||||||||||||||||||||||||||||||||||||||||||
Later stage | ||||||||||||||||||||||||||||||||||||||||||||
Total investor dependent | ||||||||||||||||||||||||||||||||||||||||||||
Cash flow dependent: | ||||||||||||||||||||||||||||||||||||||||||||
Sponsor led buyout | ||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||
Total cash flow dependent | ||||||||||||||||||||||||||||||||||||||||||||
Private bank | ||||||||||||||||||||||||||||||||||||||||||||
Balance sheet dependent | ||||||||||||||||||||||||||||||||||||||||||||
Premium wine | ||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||
SBA loans | ||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
December 31, 2020: | ||||||||||||||||||||||||||||||||||||||||||||
Global fund banking | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Investor dependent: | ||||||||||||||||||||||||||||||||||||||||||||
Early stage | ||||||||||||||||||||||||||||||||||||||||||||
Mid stage | ||||||||||||||||||||||||||||||||||||||||||||
Later stage | ||||||||||||||||||||||||||||||||||||||||||||
Total investor dependent | ||||||||||||||||||||||||||||||||||||||||||||
Cash flow dependent | ||||||||||||||||||||||||||||||||||||||||||||
Sponsor led buyout | ||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||
Total cash flow dependent | ||||||||||||||||||||||||||||||||||||||||||||
Private bank | ||||||||||||||||||||||||||||||||||||||||||||
Balance sheet dependent | ||||||||||||||||||||||||||||||||||||||||||||
Premium wine | ||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||
SBA loans | ||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
(Dollars in thousands) | Nonaccrual Loans | Nonaccrual Loans with no Allowance for Credit Loss | Nonaccrual Loans | Nonaccrual Loans with no Allowance for Credit Loss | ||||||||||||||||||||||
Global fund banking | $ | $ | $ | $ | ||||||||||||||||||||||
Investor dependent: | ||||||||||||||||||||||||||
Early stage | ||||||||||||||||||||||||||
Mid stage | ||||||||||||||||||||||||||
Later stage | ||||||||||||||||||||||||||
Total investor dependent | ||||||||||||||||||||||||||
Cash flow dependent: | ||||||||||||||||||||||||||
Sponsor led buyout | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total cash flow dependent | ||||||||||||||||||||||||||
Private bank | ||||||||||||||||||||||||||
Balance sheet dependent | ||||||||||||||||||||||||||
Premium wine | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
SBA loans | ||||||||||||||||||||||||||
Total nonaccrual loans | $ | $ | $ | $ |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Loans modified in TDRs: | ||||||||||||||
Global fund banking | $ | $ | ||||||||||||
Investor dependent: | ||||||||||||||
Early stage | ||||||||||||||
Mid stage | ||||||||||||||
Later stage | ||||||||||||||
Total investor dependent | ||||||||||||||
Cash flow dependent: | ||||||||||||||
Sponsor led buyout | ||||||||||||||
Other | ||||||||||||||
Total cash flow dependent | ||||||||||||||
Private bank | ||||||||||||||
Balance sheet dependent | ||||||||||||||
Premium wine | ||||||||||||||
Other | ||||||||||||||
SBA loans | ||||||||||||||
Total loans modified in TDRs | $ | $ |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Loans modified in TDRs during the period: | ||||||||||||||
Global fund banking | $ | $ | ||||||||||||
Investor dependent: | ||||||||||||||
Early stage | ||||||||||||||
Mid stage | ||||||||||||||
Later stage | ||||||||||||||
Total investor dependent | ||||||||||||||
Cash flow dependent: | ||||||||||||||
Sponsor led buyout | ||||||||||||||
Other | ||||||||||||||
Total cash flow dependent | ||||||||||||||
Private bank | ||||||||||||||
Balance sheet dependent | ||||||||||||||
Premium wine | ||||||||||||||
Other | ||||||||||||||
SBA loans | ||||||||||||||
Total loans modified in TDRs during the period (1) | $ | $ |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
TDRs modified within the previous 12 months that defaulted during the period: | ||||||||||||||
Global fund banking | $ | $ | ||||||||||||
Investor dependent: | ||||||||||||||
Early stage | ||||||||||||||
Mid stage | ||||||||||||||
Later stage | ||||||||||||||
Total investor dependent | ||||||||||||||
Cash flow dependent: | ||||||||||||||
Sponsor led buyout | ||||||||||||||
Other | ||||||||||||||
Total cash flow dependent | ||||||||||||||
Private bank | ||||||||||||||
Balance sheet dependent | ||||||||||||||
Premium wine | ||||||||||||||
Other | ||||||||||||||
SBA loans | ||||||||||||||
Total TDRs modified within the previous 12 months that defaulted in the period | $ | $ |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Allowance for credit losses: unfunded credit commitments, beginning balance | $ | $ | ||||||||||||
Impact of adopting ASC 326 | ||||||||||||||
Reduction of credit losses | ( | ( | ||||||||||||
Foreign currency translation adjustments | ( | |||||||||||||
Allowance for credit losses: unfunded credit commitments, ending balance (1) | $ | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Gross Amount | Accumulated Amortization | Net Carrying Amount | Gross Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||||
Other intangible assets: | ||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Total other intangible assets | $ | $ | $ | $ | $ | $ |
Years ended December 31, (Dollars in thousands) | Other Intangible Assets | |||||||
2021 (excluding the three months ended March 31, 2021) | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 and thereafter | ||||||||
Total future amortization expense | $ |
Carrying Value | ||||||||||||||||||||||||||
(Dollars in thousands) | Maturity | Principal value at March 31, 2021 | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Short-term borrowings: | ||||||||||||||||||||||||||
Other short-term borrowings | (1) | $ | $ | $ | ||||||||||||||||||||||
Total short-term borrowings | $ | $ | ||||||||||||||||||||||||
Long-term debt: | ||||||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||
Total long-term debt | $ | $ |
March 31, 2021 | ||||||||||||||
(Dollars in thousands) | Amortized Cost Basis of the Hedged Assets | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets | ||||||||||||
Available-for-sale securities (1) | $ | $ | ( |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Notional or Contractual Amount | Fair Value | Notional or Contractual Amount | Fair Value | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Derivative Assets (1) | Derivative Liabilities (1) | Derivative Assets (1) | Derivative Liabilities (1) | ||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||
Interest rate risks: | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps (2) | $ | $ | $ | — | $ | $ | $ | — | ||||||||||||||||||||||||||||||
Interest rate swaps | — | — | ||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||
Currency exchange risks: | ||||||||||||||||||||||||||||||||||||||
Foreign exchange forwards | — | — | ||||||||||||||||||||||||||||||||||||
Foreign exchange forwards | — | — | ||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||
Equity warrant assets | — | — | ||||||||||||||||||||||||||||||||||||
Client foreign exchange forwards | — | — | ||||||||||||||||||||||||||||||||||||
Client foreign exchange forwards | — | — | ||||||||||||||||||||||||||||||||||||
Client foreign currency options | — | — | ||||||||||||||||||||||||||||||||||||
Client foreign currency options | — | — | ||||||||||||||||||||||||||||||||||||
Client interest rate derivatives (2) | — | — | ||||||||||||||||||||||||||||||||||||
Client interest rate derivatives (2) | — | — | ||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | $ | $ | $ |
Three months ended March 31, | ||||||||||||||||||||
(Dollars in thousands) | Statement of income location | 2021 | 2020 | |||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Interest rate risks: | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income into income | Interest income - loans | $ | $ | |||||||||||||||||
Change in fair value of interest rate swaps hedging investment securities | Interest income - investment securities taxable | |||||||||||||||||||
Change in fair value of hedged investment securities | Interest income - investment securities taxable | ( | ||||||||||||||||||
Net gains associated with interest rate risk derivatives | $ | $ | ||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Currency exchange risks: | ||||||||||||||||||||
Losses on revaluations of internal foreign currency instruments, net | Other noninterest income | $ | ( | $ | ( | |||||||||||||||
Gains on internal foreign exchange forward contracts, net | Other noninterest income | |||||||||||||||||||
Net (losses) gains associated with internal currency risk | $ | ( | $ | |||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||
Losses on revaluations of client foreign currency instruments, net | Other noninterest income | $ | ( | $ | ( | |||||||||||||||
Gains on client foreign exchange forward contracts, net | Other noninterest income | |||||||||||||||||||
Net gains (losses) associated with client currency risk | $ | $ | ( | |||||||||||||||||
Net gains on equity warrant assets | Gains on equity warrant assets, net | $ | $ | |||||||||||||||||
Net gains (losses) on other derivatives | Other noninterest income | $ | $ | ( |
Gross Amounts of Recognized Assets | Gross Amounts offset in the Statement of Financial Position | Net Amounts of Assets Presented in the Statement of Financial Position | Gross Amounts Not Offset in the Statement of Financial Position but Subject to Master Netting Arrangements | Net Amount | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Financial Instruments | Cash Collateral Received (1) | ||||||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||||||||
Foreign exchange forwards | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Foreign currency options | ( | ( | ||||||||||||||||||||||||||||||||||||
Client interest rate derivatives | ( | |||||||||||||||||||||||||||||||||||||
Total derivative assets | ( | ( | ||||||||||||||||||||||||||||||||||||
Reverse repurchase, securities borrowing, and similar arrangements | ( | |||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||||||||
Foreign exchange forwards | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Foreign currency options | ( | ( | ||||||||||||||||||||||||||||||||||||
Client interest rate derivatives | ( | |||||||||||||||||||||||||||||||||||||
Total derivative assets | ( | ( | ||||||||||||||||||||||||||||||||||||
Reverse repurchase, securities borrowing, and similar arrangements | ( | |||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | ( | $ |
Gross Amounts of Recognized Liabilities | Gross Amounts offset in the Statement of Financial Position | Net Amounts of Liabilities Presented in the Statement of Financial Position | Gross Amounts Not Offset in the Statement of Financial Position but Subject to Master Netting Arrangements | Net Amount | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Financial Instruments | Cash Collateral Pledged (1) | ||||||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||
Foreign exchange forwards | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Foreign currency options | ( | |||||||||||||||||||||||||||||||||||||
Client interest rate derivatives | ( | ( | ||||||||||||||||||||||||||||||||||||
Total derivative liabilities | ( | ( | ||||||||||||||||||||||||||||||||||||
Repurchase, securities lending, and similar arrangements | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||
Foreign exchange forwards | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Foreign currency options | ( | ( | ||||||||||||||||||||||||||||||||||||
Client interest rate derivatives | ( | |||||||||||||||||||||||||||||||||||||
Total derivative liabilities | ( | ( | ||||||||||||||||||||||||||||||||||||
Repurchase, securities lending, and similar arrangements | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | ( | $ |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Noninterest income: | ||||||||||||||
Gains on investment securities, net | $ | $ | ||||||||||||
Gains on equity warrant assets, net | ||||||||||||||
Client investment fees | ||||||||||||||
Foreign exchange fees | ||||||||||||||
Credit card fees | ||||||||||||||
Deposit service charges | ||||||||||||||
Lending related fees | ||||||||||||||
Letters of credit and standby letters of credit fees | ||||||||||||||
Investment banking revenue | ||||||||||||||
Commissions | ||||||||||||||
Other | ||||||||||||||
Total noninterest income | $ | $ |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Gains (losses) on non-marketable and other equity securities, net | $ | $ | ( | |||||||||||
Gains on sales of available-for-sale securities, net | ||||||||||||||
Total gains on investment securities, net | $ | $ |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Equity warrant assets: | ||||||||||||||
Gains on exercises, net | $ | $ | ||||||||||||
Terminations | ( | ( | ||||||||||||
Changes in fair value, net | ( | |||||||||||||
Total net gains on equity warrant assets | $ | $ |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Client investment fees by type: | ||||||||||||||
Sweep money market fees | $ | $ | ||||||||||||
Asset management fees (1) | ||||||||||||||
Repurchase agreement fees | ||||||||||||||
Total client investment fees (2) | $ | $ |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Foreign exchange fees by instrument type: | ||||||||||||||
Spot contract commissions | $ | $ | ||||||||||||
Forward contract commissions | ||||||||||||||
Option premium fees | ||||||||||||||
Total foreign exchange fees | $ | $ |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Credit card fees by instrument type: | ||||||||||||||
Card interchange fees, net | $ | $ | ||||||||||||
Merchant service fees | ||||||||||||||
Card service fees | ||||||||||||||
Total credit card fees | $ | $ |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Lending related fees by instrument type: | ||||||||||||||
Unused commitment fees | $ | $ | ||||||||||||
Other | ||||||||||||||
Total lending related fees | $ | $ |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Investment banking revenue: | ||||||||||||||
Underwriting fees | $ | $ | ||||||||||||
Advisory fees | ||||||||||||||
Private placements and other | ||||||||||||||
Total investment banking revenue | $ | $ |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Other noninterest income by instrument type: | ||||||||||||||
Fund management fees | $ | $ | ||||||||||||
Net losses on revaluation of foreign currency instruments, net of foreign exchange forward contracts (1) | ( | ( | ||||||||||||
Other service revenue | ||||||||||||||
Total other noninterest income | $ | $ |
Three months ended March 31, 2021 (Dollars in thousands) | Global Commercial Bank (2) | SVB Private Bank | SVB Capital (2) | SVB Leerink (2) | Other Items | Total | ||||||||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||||||||||||||
Client investment fees | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Spot contract commissions | ||||||||||||||||||||||||||||||||||||||
Card interchange fees, gross | ||||||||||||||||||||||||||||||||||||||
Merchant service fees | ||||||||||||||||||||||||||||||||||||||
Deposit service charges | ||||||||||||||||||||||||||||||||||||||
Investment banking revenue | ||||||||||||||||||||||||||||||||||||||
Commissions | ||||||||||||||||||||||||||||||||||||||
Fund management fees | ||||||||||||||||||||||||||||||||||||||
Performance fees | ||||||||||||||||||||||||||||||||||||||
Correspondent bank rebates | ||||||||||||||||||||||||||||||||||||||
Total revenue from contracts with customers | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Revenues outside the scope of ASC 606 (1) | ||||||||||||||||||||||||||||||||||||||
Total noninterest income | $ | $ | $ | $ | $ | $ |
Three months ended March 31, 2020 (Dollars in thousands) | Global Commercial Bank (2) | SVB Private Bank | SVB Capital (2) | SVB Leerink (2) | Other Items | Total | ||||||||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||||||||||||||
Client investment fees | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Spot contract commissions | ||||||||||||||||||||||||||||||||||||||
Card interchange fees, gross | ||||||||||||||||||||||||||||||||||||||
Merchant service fees | ||||||||||||||||||||||||||||||||||||||
Deposit service charges | ||||||||||||||||||||||||||||||||||||||
Investment banking revenue | ||||||||||||||||||||||||||||||||||||||
Commissions | ||||||||||||||||||||||||||||||||||||||
Fund management fees | ||||||||||||||||||||||||||||||||||||||
Correspondent bank rebates | ||||||||||||||||||||||||||||||||||||||
Total revenue from contracts with customers | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Revenues outside the scope of ASC 606 (1) | ( | ( | ||||||||||||||||||||||||||||||||||||
Total noninterest income | $ | $ | $ | $ | $ | $ |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Lending and other client related processing costs | $ | $ | ||||||||||||
Correspondent bank fees | ||||||||||||||
Investment banking activities | ||||||||||||||
Trade order execution costs | ||||||||||||||
Data processing services | ||||||||||||||
Telephone | ||||||||||||||
Dues and publications | ||||||||||||||
Postage and supplies | ||||||||||||||
Other | ||||||||||||||
Total other noninterest expense | $ | $ |
(Dollars in thousands) | Global Commercial Bank (1) | SVB Private Bank | SVB Capital (1) | SVB Leerink (1) | Other Items (2) | Total | ||||||||||||||||||||||||||||||||
Three months ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Net interest income | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
(Provision for) reduction of credit losses | ( | ( | ||||||||||||||||||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||||||||||||||
Noninterest expense (3) | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
Income before income tax expense (4) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Total average loans, amortized cost | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Total average assets (5) (6) | ||||||||||||||||||||||||||||||||||||||
Total average deposits | ||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Net interest income | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
(Provision for) reduction of credit losses | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||||||||||||||
Noninterest expense (3) | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
Income (loss) before income tax expense (4) | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||
Total average loans, amortized cost | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Total average assets (5) (6) | ||||||||||||||||||||||||||||||||||||||
Total average deposits |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Loan commitments available for funding: (1) | $ | $ | ||||||||||||
Commercial and standby letters of credit (2) | ||||||||||||||
Total unfunded credit commitments | $ | $ | ||||||||||||
Allowance for unfunded credit commitments (3) |
(Dollars in thousands) | Expires in One Year or Less | Expires After One Year | Total Amount Outstanding | Maximum Amount of Future Payments | ||||||||||||||||||||||
Financial standby letters of credit | $ | $ | $ | $ | ||||||||||||||||||||||
Performance standby letters of credit | ||||||||||||||||||||||||||
Commercial letters of credit | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
(Dollars in thousands) | SVBFG Capital Commitments | SVBFG Unfunded Commitments | SVBFG Ownership of each Fund | |||||||||||||||||
CP II, LP (1) | $ | $ | % | |||||||||||||||||
Capital Preferred Return Fund, LP | ||||||||||||||||||||
Growth Partners, LP | ||||||||||||||||||||
Strategic Investors Fund, LP | ||||||||||||||||||||
Strategic Investors Fund II, LP | ||||||||||||||||||||
Strategic Investors Fund III, LP | ||||||||||||||||||||
Strategic Investors Fund IV, LP | ||||||||||||||||||||
Strategic Investors Fund V funds | Various | |||||||||||||||||||
Other venture capital and private equity fund investments (equity method accounting) | Various | |||||||||||||||||||
Debt funds (equity method accounting) | Various | |||||||||||||||||||
Other fund investments (2) | Various | |||||||||||||||||||
Total | $ | $ |
(Dollars in thousands) | Unfunded Commitments | |||||||
Strategic Investors Fund, LP | $ | |||||||
Capital Preferred Return Fund, LP | ||||||||
Growth Partners, LP | ||||||||
Total | $ |
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Balance at March 31, 2021 | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | ||||||||||||||||||||||
U.S. agency debentures | ||||||||||||||||||||||||||
Foreign government debt securities | ||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | ||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | ||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | ||||||||||||||||||||||||||
Total available-for-sale securities | ||||||||||||||||||||||||||
Non-marketable and other equity securities (fair value accounting): | ||||||||||||||||||||||||||
Non-marketable securities: | ||||||||||||||||||||||||||
Venture capital and private equity fund investments measured at net asset value | — | — | — | |||||||||||||||||||||||
Other equity securities in public companies | ||||||||||||||||||||||||||
Total non-marketable and other equity securities (fair value accounting) | ||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||
Foreign exchange forward and option contracts | ||||||||||||||||||||||||||
Equity warrant assets | ||||||||||||||||||||||||||
Client interest rate derivatives | ||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Foreign exchange forward and option contracts | $ | $ | $ | $ | ||||||||||||||||||||||
Client interest rate derivatives | ||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2020 | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | ||||||||||||||||||||||
U.S. agency debentures | ||||||||||||||||||||||||||
Foreign government debt securities | ||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | ||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | ||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | ||||||||||||||||||||||||||
Total available-for-sale securities | ||||||||||||||||||||||||||
Non-marketable and other equity securities (fair value accounting): | ||||||||||||||||||||||||||
Non-marketable securities: | ||||||||||||||||||||||||||
Venture capital and private equity fund investments measured at net asset value | — | — | — | |||||||||||||||||||||||
Other equity securities in public companies | ||||||||||||||||||||||||||
Total non-marketable and other equity securities (fair value accounting) | ||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||
Foreign exchange forward and option contracts | ||||||||||||||||||||||||||
Equity warrant assets | ||||||||||||||||||||||||||
Client interest rate derivatives | ||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Foreign exchange forward and option contracts | $ | $ | $ | $ | ||||||||||||||||||||||
Client interest rate derivatives | ||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
(Dollars in thousands) | Beginning Balance | Total Net Gains Included in Net Income | Purchases | Sales/Exits | Issuances | Other (3) | Transfers Out of Level 3 | Ending Balance | ||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity warrant assets (1) | $ | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-marketable and other equity securities (fair value accounting): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments not measured at net asset value (2) | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity warrant assets (1) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ( | $ | $ | $ | ( | $ |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Other assets: | ||||||||||||||
Equity warrant assets (1) | $ | $ | ( | |||||||||||
Total unrealized gains (losses), net | $ | $ | ( | |||||||||||
(Dollars in thousands) | Fair value | Valuation Technique | Significant Unobservable Inputs | Input Range | Weighted Average | |||||||||||||||||||||||||||
March 31, 2021: | ||||||||||||||||||||||||||||||||
Equity warrant assets (public portfolio) | Black-Scholes option pricing model | Volatility | % | |||||||||||||||||||||||||||||
Risk-Free interest rate | ||||||||||||||||||||||||||||||||
Sales restrictions discount (2) | ||||||||||||||||||||||||||||||||
Equity warrant assets (private portfolio) | Black-Scholes option pricing model | Volatility | ||||||||||||||||||||||||||||||
Risk-Free interest rate | ||||||||||||||||||||||||||||||||
Marketability discount (3) | ||||||||||||||||||||||||||||||||
Remaining life assumption (4) | ||||||||||||||||||||||||||||||||
December 31, 2020: | ||||||||||||||||||||||||||||||||
Equity warrant assets (public portfolio) | Black-Scholes option pricing model | Volatility | % | |||||||||||||||||||||||||||||
Risk-Free interest rate | ||||||||||||||||||||||||||||||||
Sales restrictions discount (2) | ||||||||||||||||||||||||||||||||
Equity warrant assets (private portfolio) | Black-Scholes option pricing model | Volatility | ||||||||||||||||||||||||||||||
Risk-Free interest rate | ||||||||||||||||||||||||||||||||
Marketability discount (3) | ||||||||||||||||||||||||||||||||
Remaining life assumption (4) |
Estimated Fair Value | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
March 31, 2021: | ||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Held-to-maturity securities | ||||||||||||||||||||||||||||||||
Non-marketable securities not measured at net asset value | ||||||||||||||||||||||||||||||||
Non-marketable securities measured at net asset value | ||||||||||||||||||||||||||||||||
Net commercial loans | ||||||||||||||||||||||||||||||||
Net consumer loans | ||||||||||||||||||||||||||||||||
FHLB and Federal Reserve Bank stock | ||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Short-term borrowings | ||||||||||||||||||||||||||||||||
Non-maturity deposits (1) | ||||||||||||||||||||||||||||||||
Time deposits | ||||||||||||||||||||||||||||||||
3.50% Senior Notes | ||||||||||||||||||||||||||||||||
3.125% Senior Notes | ||||||||||||||||||||||||||||||||
1.80% Senior Notes | ||||||||||||||||||||||||||||||||
Off-balance sheet financial assets: | ||||||||||||||||||||||||||||||||
Commitments to extend credit | ||||||||||||||||||||||||||||||||
December 31, 2020: | ||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Held-to-maturity securities | ||||||||||||||||||||||||||||||||
Non-marketable securities not measured at net asset value | ||||||||||||||||||||||||||||||||
Non-marketable securities measured at net asset value | ||||||||||||||||||||||||||||||||
Net commercial loans | ||||||||||||||||||||||||||||||||
Net consumer loans | ||||||||||||||||||||||||||||||||
FHLB and Federal Reserve Bank stock | ||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Short-term borrowings | ||||||||||||||||||||||||||||||||
Non-maturity deposits (1) | ||||||||||||||||||||||||||||||||
Time deposits | ||||||||||||||||||||||||||||||||
3.50% Senior Notes | ||||||||||||||||||||||||||||||||
3.125% Senior Notes | ||||||||||||||||||||||||||||||||
Off-balance sheet financial assets: | ||||||||||||||||||||||||||||||||
Commitments to extend credit |
(Dollars in thousands) | Carrying Amount | Fair Value | Unfunded Commitments | |||||||||||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||||||||
Venture capital and private equity fund investments (1) | $ | $ | $ | |||||||||||||||||
Non-marketable securities (equity method accounting): | ||||||||||||||||||||
Venture capital and private equity fund investments (2) | ||||||||||||||||||||
Debt funds (2) | ||||||||||||||||||||
Other investments (2) | ||||||||||||||||||||
Total | $ | $ | $ |
BALANCE SHEET | EARNINGS | |||||||
Assets. $124.8 billion in average total assets (up 72.4%). $142.3 billion in period-end total assets (up 89.8%). Loans. $46.3 billion in average total loan balances (up 37.5%). $47.7 billion in period-end total loan balances (up 32.5%). Total Client Funds. (on-balance sheet deposits and off-balance sheet client investment funds). $262.2 billion in average total client fund balances (up 58.5%). $288.0 billion in period-end total client fund balances (up 70.6%). AFS/HTM Fixed Income Investments. $53.5 billion in average fixed income investment securities (up 97.3%). $67.2 billion in period-end fixed income investment securities (up 156.1%). | EPS. Earnings per diluted share of $10.03 (up 293.3%). Net Income. Consolidated net income available to common stockholders of $532.2 million (up 302.4%). - Net interest income of $659.6 million (up 25.8%). -Net interest margin of 2.29% (down 83 bps). -Noninterest income of $744.2 million (up 146.5%), non-GAAP core fee income+ of $158.9 million (down 5.7%) and non-GAAP SVB Leerink revenue++ of $166.7 million (up 165.1%). -Noninterest expense of $636.0 million (up 59.2%). ROE. Return on average equity (annualized) (“ROE”) performance of 27.04%. Operating Efficiency Ratio. Operating efficiency ratio of 45.31% with a non-GAAP core operating efficiency ratio of 58.52%+++. | |||||||
CAPITAL | CREDIT QUALITY | |||||||
Capital++++. Active capital management, with all capital ratios considered “well-capitalized” under banking regulations. SVB Financial and Bank capital ratios, respectively, were: - CET 1 risk-based capital ratio of 12.18% and 12.93%. - Tier 1 risk-based capital ratio of 14.01% and 12.93%. - Total risk-based capital ratio of 14.62% and 13.56%. - Tier 1 leverage ratio of 8.01% and 7.20%. | Credit Quality. Improved model economic scenarios drive reserve release offset by a charge-off for potentially fraudulent client activity. - Allowance for credit losses for loans of 0.82% as a percentage of period-end total loans. - Provision for loans was 0.29% as a percentage of period-end total loans (annualized). - Net loan charge-offs of 0.79% as a percentage of average total loans (annualized). |
Three months ended March 31, | |||||||||||||||||||||||
(Dollars in thousands, except per share data, employees and ratios) | 2021 | 2020 | % Change | ||||||||||||||||||||
Income Statement: | |||||||||||||||||||||||
Diluted earnings per share | $ | 10.03 | $ | 2.55 | 293.3 | % | |||||||||||||||||
Net income available to common stockholders | 532,220 | 132,253 | 302.4 | ||||||||||||||||||||
Net interest income | 659,579 | 524,137 | 25.8 | ||||||||||||||||||||
Net interest margin | 2.29 | % | 3.12 | % | (83) | bps | |||||||||||||||||
Provision for credit losses | $ | 18,679 | $ | 243,480 | (92.3) | % | |||||||||||||||||
Noninterest income | 744,180 | 301,934 | 146.5 | ||||||||||||||||||||
Noninterest expense | 636,001 | 399,585 | 59.2 | ||||||||||||||||||||
Non-GAAP core fee income (1) | 158,884 | 168,458 | (5.7) | ||||||||||||||||||||
Non-GAAP core fee income, plus SVB Leerink revenue (1) | 325,625 | 231,347 | 40.8 | ||||||||||||||||||||
Non-GAAP noninterest income, net of noncontrolling interests (1) | 719,113 | 303,788 | 136.7 | ||||||||||||||||||||
Non-GAAP noninterest expense, net of noncontrolling interests (2) | 635,884 | 399,445 | 59.2 | ||||||||||||||||||||
Balance Sheet: | |||||||||||||||||||||||
Average available-for-sale securities | $ | 28,247,436 | $ | 13,565,908 | 108.2 | % | |||||||||||||||||
Average held-to-maturity securities | 25,295,205 | 13,576,061 | 86.3 | ||||||||||||||||||||
Average loans, amortized cost | 46,281,476 | 33,660,728 | 37.5 | ||||||||||||||||||||
Average noninterest-bearing demand deposits | 73,233,194 | 41,335,984 | 77.2 | ||||||||||||||||||||
Average interest-bearing deposits | 37,375,220 | 20,472,247 | 82.6 | ||||||||||||||||||||
Average total deposits | 110,608,414 | 61,808,231 | 79.0 | ||||||||||||||||||||
Earnings Ratios: | |||||||||||||||||||||||
Return on average assets (annualized) (3) | 1.73 | % | 0.73 | % | 137.0 | % | |||||||||||||||||
Return on average SVBFG stockholders’ equity (annualized) (4) | 27.04 | 8.17 | 231.0 | ||||||||||||||||||||
Asset Quality Ratios: | |||||||||||||||||||||||
Allowance for credit losses for loans as a % of total period-end loans | 0.82 | % | 1.53 | % | (71) | bps | |||||||||||||||||
Allowance for credit losses for performing loans as a % of total performing loans | 0.74 | 1.43 | (69) | ||||||||||||||||||||
Gross loan charge-offs as a % of average total loans (annualized) | 0.83 | 0.44 | 39 | ||||||||||||||||||||
Net loan charge-offs as a % of average total loans (annualized) | 0.79 | 0.35 | 44 | ||||||||||||||||||||
Capital Ratios: | |||||||||||||||||||||||
SVBFG CET 1 risk-based capital ratio | 12.18 | % | 12.35 | % | (17) | bps | |||||||||||||||||
SVBFG tier 1 risk-based capital ratio | 14.01 | 13.35 | 66 | ||||||||||||||||||||
SVBFG total risk-based capital ratio | 14.62 | 14.45 | 17 | ||||||||||||||||||||
SVBFG tier 1 leverage ratio | 8.01 | 9.00 | (99) | ||||||||||||||||||||
SVBFG tangible common equity to tangible assets (5) | 6.06 | 8.70 | (264) | ||||||||||||||||||||
SVBFG tangible common equity to risk-weighted assets (5) | 12.11 | 13.40 | (129) | ||||||||||||||||||||
Bank CET 1 risk-based capital ratio | 12.93 | 10.90 | 203 | ||||||||||||||||||||
Bank tier 1 risk-based capital ratio | 12.93 | 10.90 | 203 | ||||||||||||||||||||
Bank total risk-based capital ratio | 13.56 | 12.04 | 152 | ||||||||||||||||||||
Bank tier 1 leverage ratio | 7.20 | 7.21 | (1) | ||||||||||||||||||||
Bank tangible common equity to tangible assets (5) | 6.25 | 7.63 | (138) | ||||||||||||||||||||
Bank tangible common equity to risk-weighted assets (5) | 12.87 | 11.99 | 88 | ||||||||||||||||||||
Other Ratios: | |||||||||||||||||||||||
Operating efficiency ratio (6) | 45.31 | % | 48.37 | % | (6.3) | % | |||||||||||||||||
Non-GAAP core operating efficiency ratio (2) | 58.52 | 47.71 | 22.7 | ||||||||||||||||||||
Total costs of deposits (annualized) (7) | 0.04 | 0.24 | (83.3) | ||||||||||||||||||||
Book value per common share (8) | $ | 163.25 | $ | 130.02 | 25.6 | ||||||||||||||||||
Tangible book value per common share (9) | 159.50 | 126.41 | 26.2 | ||||||||||||||||||||
Other Statistics: | |||||||||||||||||||||||
Average full-time equivalent employees | 4,601 | 3,672 | 25.3 | % | |||||||||||||||||||
Period-end full-time equivalent employees | 4,656 | 3,710 | 25.5 |
2021 Compared to 2020 | ||||||||||||||||||||
Three months ended March 31, increase (decrease) due to change in | ||||||||||||||||||||
(Dollars in thousands) | Volume | Rate | Total | |||||||||||||||||
Interest income: | ||||||||||||||||||||
Federal Reserve deposits, federal funds sold, securities purchased under agreements to resell and other short-term investment securities | $ | 1,965 | $ | (16,324) | $ | (14,359) | ||||||||||||||
Fixed income investment portfolio (taxable) | 110,092 | (40,315) | 69,777 | |||||||||||||||||
Fixed income investment portfolio (non-taxable) | 12,882 | (2,663) | 10,219 | |||||||||||||||||
Loans, amortized cost | 116,058 | (68,205) | 47,853 | |||||||||||||||||
Increase (decrease) in interest income, net | 240,997 | (127,507) | 113,490 | |||||||||||||||||
Interest expense: | ||||||||||||||||||||
Interest bearing checking and savings accounts | 736 | 22 | 758 | |||||||||||||||||
Money market deposits | 3,792 | (28,061) | (24,269) | |||||||||||||||||
Money market deposits in foreign offices | 91 | 17 | 108 | |||||||||||||||||
Time deposits | 471 | (274) | 197 | |||||||||||||||||
Sweep deposits in foreign offices | (37) | (3,718) | (3,755) | |||||||||||||||||
Total increase (decrease) in deposits expense | 5,053 | (32,014) | (26,961) | |||||||||||||||||
Short-term borrowings | (166) | (2,548) | (2,714) | |||||||||||||||||
1.80% Senior Notes | 1,559 | — | 1,559 | |||||||||||||||||
3.125% Senior Notes | 4,014 | — | 4,014 | |||||||||||||||||
3.50% Senior Notes | 4 | — | 4 | |||||||||||||||||
Total increase (decrease) in borrowings expense | 5,411 | (2,548) | 2,863 | |||||||||||||||||
Increase (decrease) in interest expense, net | 10,464 | (34,562) | (24,098) | |||||||||||||||||
Increase (decrease) in net interest income | $ | 230,533 | $ | (92,945) | $ | 137,588 |
Three months ended March 31, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | ||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||
Federal Reserve deposits, federal funds sold, securities purchased under agreements to resell and other short-term investment securities (1) | $ | 18,174,315 | $ | 3,265 | 0.07 | % | $ | 7,308,705 | $ | 17,624 | 0.97 | % | ||||||||||||||||||||||||||
Investment securities: (2) | ||||||||||||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||||||||||||
Taxable | 28,247,436 | 124,512 | 1.79 | 13,565,908 | 77,024 | 2.28 | ||||||||||||||||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||||||||||||||||
Taxable | 21,590,350 | 99,650 | 1.87 | 11,675,421 | 77,361 | 2.66 | ||||||||||||||||||||||||||||||||
Non-taxable (3) | 3,704,855 | 26,452 | 2.90 | 1,900,640 | 16,233 | 3.44 | ||||||||||||||||||||||||||||||||
Total loans, amortized cost (4) (5) | 46,281,476 | 430,422 | 3.77 | 33,660,728 | 382,569 | 4.57 | ||||||||||||||||||||||||||||||||
Total interest-earning assets | 117,998,432 | 684,301 | 2.35 | 68,111,402 | 570,811 | 3.37 | ||||||||||||||||||||||||||||||||
Cash and due from banks | 1,546,539 | 797,462 | ||||||||||||||||||||||||||||||||||||
Allowance for credit losses for loans | (484,476) | (327,812) | ||||||||||||||||||||||||||||||||||||
Other assets (6) | 5,754,113 | 3,826,116 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 124,814,608 | $ | 72,407,168 | ||||||||||||||||||||||||||||||||||
Funding sources: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Interest bearing checking and savings accounts | $ | 3,661,903 | $ | 866 | 0.10 | % | $ | 546,428 | $ | 108 | 0.08 | % | ||||||||||||||||||||||||||
Money market deposits | 30,959,253 | 8,744 | 0.11 | 17,613,578 | 33,013 | 0.75 | ||||||||||||||||||||||||||||||||
Money market deposits in foreign offices | 873,090 | 132 | 0.06 | 266,045 | 24 | 0.04 | ||||||||||||||||||||||||||||||||
Time deposits | 657,534 | 626 | 0.39 | 163,343 | 429 | 1.06 | ||||||||||||||||||||||||||||||||
Sweep deposits in foreign offices | 1,223,440 | 69 | 0.02 | 1,882,853 | 3,824 | 0.82 | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 37,375,220 | 10,437 | 0.11 | 20,472,247 | 37,398 | 0.73 | ||||||||||||||||||||||||||||||||
Short-term borrowings | 12,137 | 2 | 0.07 | 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 | — | — | — | ||||||||||||||||||||||||||||||||
3.50% Senior Notes | 348,380 | 3,155 | 3.67 | 348,018 | 3,151 | 3.64 | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 38,549,623 | 19,167 | 0.20 | 21,790,161 | 43,265 | 0.80 | ||||||||||||||||||||||||||||||||
Portion of noninterest-bearing funding sources | 79,448,809 | 46,321,241 | ||||||||||||||||||||||||||||||||||||
Total funding sources | 117,998,432 | 19,167 | 0.06 | 68,111,402 | 43,265 | 0.25 | ||||||||||||||||||||||||||||||||
Noninterest-bearing funding sources: | ||||||||||||||||||||||||||||||||||||||
Demand deposits | 73,233,194 | 41,335,984 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 4,020,492 | 2,277,031 | ||||||||||||||||||||||||||||||||||||
Preferred stock | 817,057 | 340,169 | ||||||||||||||||||||||||||||||||||||
SVBFG common stockholders’ equity | 7,983,451 | 6,512,946 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interests | 210,791 | 150,877 | ||||||||||||||||||||||||||||||||||||
Portion used to fund interest-earning assets | (79,448,809) | (46,321,241) | ||||||||||||||||||||||||||||||||||||
Total liabilities, noncontrolling interest, and SVBFG stockholders’ equity | $ | 124,814,608 | $ | 72,407,168 | ||||||||||||||||||||||||||||||||||
Net interest income and margin | $ | 665,134 | 2.29 | % | $ | 527,546 | 3.12 | % | ||||||||||||||||||||||||||||||
Total deposits | $ | 110,608,414 | $ | 61,808,231 | ||||||||||||||||||||||||||||||||||
Reconciliation to reported net interest income: | ||||||||||||||||||||||||||||||||||||||
Adjustments for taxable equivalent basis | (5,555) | (3,409) | ||||||||||||||||||||||||||||||||||||
Net interest income, as reported | $ | 659,579 | $ | 524,137 |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands, except ratios) | 2021 | 2020 | ||||||||||||
Allowance for credit losses for loans, beginning balance | $ | 447,765 | $ | 304,924 | ||||||||||
Day one impact of adopting ASC 326 | — | 25,464 | ||||||||||||
Provision for loans | 34,026 | 248,901 | ||||||||||||
Gross loan charge-offs | (95,005) | (36,896) | ||||||||||||
Loan recoveries | 4,853 | 7,755 | ||||||||||||
Foreign currency translation adjustments | 112 | (1,185) | ||||||||||||
Allowance for credit losses for loans, ending balance | $ | 391,751 | $ | 548,963 | ||||||||||
Allowance for credit losses for unfunded credit commitments, beginning balance | 120,796 | 67,656 | ||||||||||||
Day one impact of adopting ASC 326 | — | 22,826 | ||||||||||||
Reduction of unfunded credit commitments | (16,067) | (5,477) | ||||||||||||
Foreign currency translation adjustments | 21 | (315) | ||||||||||||
Allowance for credit losses for unfunded credit commitments, ending balance (1) | $ | 104,750 | $ | 84,690 | ||||||||||
Allowance for credit losses for HTM securities, beginning balance | 392 | — | ||||||||||||
Day one impact of adopting ASC 326 | — | 174 | ||||||||||||
Provision for HTM securities | 720 | 56 | ||||||||||||
Allowance for credit losses for HTM securities, ending balance (2) | $ | 1,112 | $ | 230 | ||||||||||
Ratios and other information: | ||||||||||||||
Provision for loans as a percentage of period-end total loans (annualized) | 0.29 | % | 2.78 | % | ||||||||||
Gross loan charge-offs as a percentage of average total loans (annualized) | 0.83 | 0.44 | ||||||||||||
Net loan charge-offs as a percentage of average total loans (annualized) | 0.79 | 0.35 | ||||||||||||
Allowance for credit losses for loans as a percentage of period-end total loans | 0.82 | 1.53 | ||||||||||||
Provision for credit losses | $ | 18,679 | $ | 243,480 | ||||||||||
Period-end total loans | 47,675,166 | 35,968,085 | ||||||||||||
Average total loans | 46,281,476 | 33,660,728 | ||||||||||||
Allowance for loan losses for nonaccrual loans | 41,851 | 34,876 | ||||||||||||
Nonaccrual loans | 90,247 | 50,607 |
Three months ended March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | % Change | |||||||||||||||||
GAAP noninterest income | $ | 744,180 | $ | 301,934 | 146.5 | % | ||||||||||||||
Less: income (loss) attributable to noncontrolling interests, including carried interest allocation | 25,067 | (1,854) | NM | |||||||||||||||||
Non-GAAP noninterest income, net of noncontrolling interests | $ | 719,113 | $ | 303,788 | 136.7 |
Three months ended March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | % Change | |||||||||||||||||
GAAP noninterest income | $ | 744,180 | $ | 301,934 | 146.5 | % | ||||||||||||||
Less: gains on investment securities, net | 167,078 | 46,055 | NM | |||||||||||||||||
Less: gains on equity warrant assets, net | 221,685 | 13,395 | NM | |||||||||||||||||
Less: other noninterest income | 29,792 | 11,137 | 167.5 | |||||||||||||||||
Non-GAAP core fee income plus SVB Leerink revenue (1) | $ | 325,625 | $ | 231,347 | 40.8 | |||||||||||||||
Investment banking revenue | 142,302 | 46,867 | NM | |||||||||||||||||
Commissions | 24,439 | 16,022 | 52.5 | |||||||||||||||||
Non-GAAP SVB Leerink revenue (2) | $ | 166,741 | $ | 62,889 | 165.1 | |||||||||||||||
Non-GAAP core fee income (3) | $ | 158,884 | $ | 168,458 | (5.7) |
(Dollars in thousands) | Managed Funds of Funds | Managed Direct Venture Funds | Managed Credit Funds | Public Equity Securities | Debt Funds | Sales of AFS Debt Securities | Strategic and Other Investments | SVB Leerink | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total 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 net 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 March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) on investment securities, net | $ | (2,464) | $ | (2,272) | $ | — | $ | (4,206) | $ | (362) | $ | 61,165 | $ | (4,017) | $ | (1,789) | $ | 46,055 | ||||||||||||||||||||||||||||||||||||||
Less: (loss) income attributable to noncontrolling interests, including carried interest allocation | (306) | (1,327) | — | — | — | — | — | 98 | (1,535) | |||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP net gains (loss) on investment securities, net of noncontrolling interests | $ | (2,158) | $ | (945) | $ | — | $ | (4,206) | $ | (362) | $ | 61,165 | $ | (4,017) | $ | (1,887) | $ | 47,590 | ||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | % Change | |||||||||||||||||
Equity warrant assets (1): | ||||||||||||||||||||
Gains on exercises, net | $ | 159,637 | $ | 19,193 | NM | |||||||||||||||
Terminations | (249) | (326) | (23.6) | % | ||||||||||||||||
Changes in fair value, net | 62,297 | (5,472) | NM | |||||||||||||||||
Total gains on equity warrant assets, net | $ | 221,685 | $ | 13,395 | NM |
Three months ended March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | % Change | |||||||||||||||||
Non-GAAP core fee income (1): | ||||||||||||||||||||
Client investment fees | $ | 20,065 | $ | 43,393 | (53.8) | % | ||||||||||||||
Foreign exchange fees | 57,393 | 47,505 | 20.8 | |||||||||||||||||
Credit card fees | 27,567 | 28,304 | (2.6) | |||||||||||||||||
Deposit service charges | 25,151 | 24,589 | 2.3 | |||||||||||||||||
Lending related fees | 15,657 | 13,125 | 19.3 | |||||||||||||||||
Letters of credit and standby letters of credit fees | 13,051 | 11,542 | 13.1 | |||||||||||||||||
Total non-GAAP core fee income (1) | $ | 158,884 | $ | 168,458 | (5.7) | |||||||||||||||
Investment banking revenue | 142,302 | 46,867 | NM | |||||||||||||||||
Commissions | 24,439 | 16,022 | 52.5 | |||||||||||||||||
Total non-GAAP Leerink revenue (2) | $ | 166,741 | $ | 62,889 | 165.1 | |||||||||||||||
Total non-GAAP core fee income plus SVB Leerink revenue (3) | $ | 325,625 | $ | 231,347 | 40.8 |
Three months ended March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | % Change | |||||||||||||||||
Client investment fees by type: | ||||||||||||||||||||
Sweep money market fees | $ | 10,461 | $ | 23,049 | (54.6) | % | ||||||||||||||
Asset management fees | 9,020 | 9,137 | (1.3) | |||||||||||||||||
Repurchase agreement fees | 584 | 11,207 | (94.8) | |||||||||||||||||
Total client investment fees | $ | 20,065 | $ | 43,393 | (53.8) |
Three months ended March 31, | ||||||||||||||||||||
(Dollars in millions) | 2021 | 2020 | % Change | |||||||||||||||||
Sweep money market funds | $ | 67,138 | $ | 43,045 | 56.0 | % | ||||||||||||||
Client investment assets under management (1) | 72,478 | 50,746 | 42.8 | |||||||||||||||||
Repurchase agreements | 11,963 | 9,799 | 22.1 | |||||||||||||||||
Total average client investment funds (2) | $ | 151,579 | $ | 103,590 | 46.3 |
(Dollars in millions) | March 31, 2021 | December 31, 2020 | % Change | |||||||||||||||||
Sweep money market funds | $ | 75,328 | $ | 59,844 | 25.9 | % | ||||||||||||||
Client investment assets under management (1) | 75,970 | 70,671 | 7.5 | |||||||||||||||||
Repurchase agreements | 12,584 | 10,538 | 19.4 | |||||||||||||||||
Total period-end client investment funds (2) | $ | 163,882 | $ | 141,053 | 16.2 |
Three months ended March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | % Change | |||||||||||||||||
Foreign exchange fees by instrument type: | ||||||||||||||||||||
Spot contract commissions | $ | 54,929 | $ | 40,934 | 34.2 | % | ||||||||||||||
Forward contract commissions | 2,348 | 6,339 | (63.0) | |||||||||||||||||
Option premium fees | 116 | 232 | (50.0) | |||||||||||||||||
Total foreign exchange fees | $ | 57,393 | $ | 47,505 | 20.8 |
Three months ended March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | % Change | |||||||||||||||||
Credit card fees by instrument type: | ||||||||||||||||||||
Card interchange fees, net | $ | 22,848 | $ | 21,775 | 4.9 | % | ||||||||||||||
Merchant service fees | 3,772 | 5,027 | (25.0) | |||||||||||||||||
Card service fees | 947 | 1,502 | (37.0) | |||||||||||||||||
Total credit card fees | $ | 27,567 | $ | 28,304 | (2.6) |
Three months ended March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | % Change | |||||||||||||||||
Lending related fees by instrument type: | ||||||||||||||||||||
Unused commitment fees | $ | 12,256 | $ | 8,406 | 45.8 | % | ||||||||||||||
Other | 3,401 | 4,719 | (27.9) | |||||||||||||||||
Total lending related fees | $ | 15,657 | $ | 13,125 | 19.3 |
Three months ended March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | % Change | |||||||||||||||||
Investment banking revenue: | ||||||||||||||||||||
Underwriting fees | $ | 125,076 | $ | 31,290 | NM | |||||||||||||||
Advisory fees | 4,450 | 15,487 | (71.3) | |||||||||||||||||
Private placements and other | 12,776 | 90 | NM | |||||||||||||||||
Total investment banking revenue | $ | 142,302 | $ | 46,867 | NM |
Three months ended March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | % Change | |||||||||||||||||
Compensation and benefits | $ | 445,425 | $ | 255,586 | 74.3 | % | ||||||||||||||
Professional services | 81,343 | 38,705 | 110.2 | |||||||||||||||||
Premises and equipment | 32,822 | 26,940 | 21.8 | |||||||||||||||||
Net occupancy | 17,681 | 18,346 | (3.6) | |||||||||||||||||
Business development and travel | 3,811 | 14,071 | (72.9) | |||||||||||||||||
FDIC and state assessments | 9,463 | 5,234 | 80.8 | |||||||||||||||||
Other | 45,456 | 40,703 | 11.7 | |||||||||||||||||
Total noninterest expense | $ | 636,001 | $ | 399,585 | 59.2 |
Three months ended March 31, | ||||||||||||||||||||
Non-GAAP core operating efficiency ratio (Dollars in thousands, except ratios) | 2021 | 2020 | % Change | |||||||||||||||||
GAAP noninterest expense | $ | 636,001 | $ | 399,585 | 59.2 | % | ||||||||||||||
Less: expense attributable to noncontrolling interests | 117 | 140 | (16.4) | |||||||||||||||||
Non-GAAP noninterest expense, net of noncontrolling interests | 635,884 | 399,445 | 59.2 | |||||||||||||||||
Less: expense attributable to SVB Leerink | 136,351 | 62,037 | 119.8 | |||||||||||||||||
Non-GAAP noninterest expense, net of noncontrolling interests and SVB Leerink | $ | 499,533 | $ | 337,408 | 48.1 | |||||||||||||||
GAAP net interest income | $ | 659,579 | $ | 524,137 | 25.8 | |||||||||||||||
Adjustments for taxable equivalent basis | 5,555 | 3,409 | 63.0 | |||||||||||||||||
Non-GAAP taxable equivalent net interest income | 665,134 | 527,546 | 26.1 | |||||||||||||||||
Less: income attributable to noncontrolling interests | — | 21 | (100.0) | |||||||||||||||||
Non-GAAP taxable equivalent net interest income, net of noncontrolling interests | 665,134 | 527,525 | 26.1 | |||||||||||||||||
Less: net interest income attributable to SVB Leerink | 166 | 201 | (17.4) | |||||||||||||||||
Non-GAAP taxable equivalent net interest income, net of noncontrolling interests and SVB Leerink | $ | 664,968 | $ | 527,324 | 26.1 | |||||||||||||||
GAAP noninterest income | $ | 744,180 | $ | 301,934 | 146.5 | |||||||||||||||
Less: income (loss) attributable to noncontrolling interests, including carried interest allocation | 25,067 | (1,854) | NM | |||||||||||||||||
Non-GAAP noninterest income, net of noncontrolling interests | 719,113 | 303,788 | 136.7 | |||||||||||||||||
Less: non-GAAP net gains on investment securities, net of noncontrolling interests | 142,047 | 47,590 | 198.5 | |||||||||||||||||
Less: net gains on equity warrant assets | 221,685 | 13,395 | NM | |||||||||||||||||
Less: investment banking revenue | 142,302 | 46,867 | NM | |||||||||||||||||
Less: commissions | 24,439 | 16,022 | 52.5 | |||||||||||||||||
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 | $ | 179,914 | 4.9 | |||||||||||||||
GAAP total revenue | $ | 1,403,759 | $ | 826,071 | 69.9 | |||||||||||||||
Non-GAAP taxable equivalent revenue, net of noncontrolling interests and SVB Leerink, net gains on investment securities, net gains on equity warrant assets, investment banking revenue and commissions | $ | 853,608 | $ | 707,238 | 20.7 | |||||||||||||||
Operating efficiency ratio | 45.31 | % | 48.37 | % | (6.3) | |||||||||||||||
Non-GAAP core operating efficiency ratio (1) | 58.52 | 47.71 | 22.7 |
Three months ended March 31, | ||||||||||||||||||||
(Dollars in thousands, except employees) | 2021 | 2020 | % Change | |||||||||||||||||
Compensation and benefits: | ||||||||||||||||||||
Salaries and wages | $ | 163,558 | $ | 115,614 | 41.5 | % | ||||||||||||||
Incentive compensation plans | 149,645 | 66,674 | 124.4 | |||||||||||||||||
Other employee incentives and benefits (1) | 132,222 | 73,298 | 80.4 | |||||||||||||||||
Total compensation and benefits | $ | 445,425 | $ | 255,586 | 74.3 | |||||||||||||||
Period-end full-time equivalent employees | 4,656 | 3,710 | 25.5 | |||||||||||||||||
Average full-time equivalent employees | 4,601 | 3,672 | 25.3 |
Three months ended March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | % Change | |||||||||||||||||
Lending and other client related processing costs | $ | 7,516 | $ | 9,158 | (17.9) | % | ||||||||||||||
Correspondent bank fees | 4,301 | 3,986 | 7.9 | |||||||||||||||||
Investment banking activities | 6,730 | 3,030 | 122.1 | |||||||||||||||||
Trade order execution costs | 2,988 | 2,745 | 8.9 | |||||||||||||||||
Data processing services | 4,606 | 3,454 | 33.4 | |||||||||||||||||
Telephone | 1,872 | 2,227 | (15.9) | |||||||||||||||||
Dues and publications | 1,103 | 1,130 | (2.4) | |||||||||||||||||
Postage and supplies | 570 | 856 | (33.4) | |||||||||||||||||
Other | 15,770 | 14,117 | 11.7 | |||||||||||||||||
Total other noninterest expense | $ | 45,456 | $ | 40,703 | 11.7 |
Three months ended March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | % Change | |||||||||||||||||
Net interest income (1) | $ | — | $ | (21) | (100.0) | % | ||||||||||||||
Noninterest (gains) losses (1) | (15,796) | 2,491 | NM | |||||||||||||||||
Noninterest expense (1) | 117 | 140 | (16.4) | |||||||||||||||||
Carried interest allocation (2) | (9,271) | (637) | NM | |||||||||||||||||
Net (income) loss attributable to noncontrolling interests | $ | (24,950) | $ | 1,973 | NM |
Three months ended March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | % Change | |||||||||||||||||
Net interest income | $ | 618,609 | $ | 463,835 | 33.4 | % | ||||||||||||||
Provision for credit losses | (44,503) | (194,411) | (77.1) | |||||||||||||||||
Noninterest income | 158,671 | 166,834 | (4.9) | |||||||||||||||||
Noninterest expense | (277,763) | (224,855) | 23.5 | |||||||||||||||||
Income before income tax expense | $ | 455,014 | $ | 211,403 | 115.2 | |||||||||||||||
Total average loans, amortized cost | $ | 39,286,744 | $ | 29,137,484 | 34.8 | |||||||||||||||
Total average assets | 108,927,856 | 61,813,129 | 76.2 | |||||||||||||||||
Total average deposits | 106,267,572 | 59,217,433 | 79.5 |
Three months ended March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | % Change | |||||||||||||||||
Net interest income | $ | 27,025 | $ | 15,164 | 78.2 | % | ||||||||||||||
Reduction of (provision for) credit losses | 8,567 | (54,490) | (115.7) | |||||||||||||||||
Noninterest income | 998 | 900 | 10.9 | |||||||||||||||||
Noninterest expense | (12,958) | (10,090) | 28.4 | |||||||||||||||||
Income (loss) before income tax expense | $ | 23,632 | $ | (48,516) | (148.7) | |||||||||||||||
Total average loans, amortized cost | $ | 4,977,080 | $ | 3,857,478 | 29.0 | |||||||||||||||
Total average assets | 5,028,004 | 3,892,400 | 29.2 | |||||||||||||||||
Total average deposits | 3,292,673 | 1,922,663 | 71.3 |
Three months ended March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | % Change | |||||||||||||||||
Net interest income | $ | 2 | $ | 21 | (90.5) | % | ||||||||||||||
Noninterest income | 68,594 | 4,918 | NM | |||||||||||||||||
Noninterest expense | (15,233) | (8,585) | 77.4 | |||||||||||||||||
Income (loss) before income tax expense | $ | 53,363 | $ | (3,646) | NM | |||||||||||||||
Total average assets | $ | 576,705 | $ | 447,201 | 29.0 |
Three months ended March 31, | ||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | % Change | |||||||||||||||||
Net interest income | $ | 166 | $ | 201 | (17.4) | % | ||||||||||||||
Noninterest income | 170,967 | 62,677 | 172.8 | |||||||||||||||||
Noninterest expense | (136,352) | (62,037) | 119.8 | |||||||||||||||||
Income before income tax expense | $ | 34,781 | $ | 841 | NM | |||||||||||||||
Total average assets | $ | 767,300 | $ | 483,648 | 58.6 |
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | One Year or Less | After One Year to Five Years | After Five Years to Ten Years | After Ten Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying Value | Weighted Average Yield | Carrying Value | Weighted Average Yield | Carrying Value | Weighted Average Yield | Carrying Value | Weighted Average Yield | Carrying Value | Weighted Average Yield | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 4,438,396 | 1.82 | % | $ | 40,481 | 0.03 | % | $ | 3,844,128 | 1.84 | % | $ | 553,787 | 1.79 | % | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||||||
U.S. agency debentures | 226,095 | 1.85 | — | — | — | — | 226,095 | 1.85 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government debt securities | 23,450 | (0.70) | 23,450 | (0.70) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 12,514,911 | 1.55 | — | — | — | — | — | — | 12,514,911 | 1.55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 7,256,626 | 1.23 | — | — | — | — | — | — | 7,256,626 | 1.23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | 1,526,993 | 1.75 | — | — | — | — | 1,526,993 | 1.75 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 25,986,471 | 1.52 | $ | 63,931 | (0.24) | $ | 3,844,128 | 1.84 | $ | 2,306,875 | 1.77 | $ | 19,771,537 | 1.43 |
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | One Year or Less | After One Year to Five Years | After Five Years to Ten Years | After Ten Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Weighted- Average Yield | Amortized Cost | Weighted- Average Yield | Amortized Cost | Weighted- Average Yield | Amortized Cost | Weighted- Average Yield | Amortized Cost | Weighted- Average Yield | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agency debentures | $ | 404,571 | 2.46 | % | $ | 4,066 | 2.76 | % | $ | 141,117 | 2.55 | % | $ | 259,388 | 2.40 | % | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 23,525,681 | 1.67 | 6,319 | 1.64 | 11,663 | 2.18 | 494,951 | 2.47 | 23,012,748 | 1.65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 2,425,024 | 1.34 | — | — | 5,356 | 1.76 | 447,781 | 1.62 | 1,971,887 | 1.28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 128,370 | 0.74 | — | — | — | — | — | — | 128,370 | 0.74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | 10,075,165 | 1.02 | — | — | — | — | 536,203 | 1.98 | 9,538,962 | 0.97 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds and notes | 4,555,237 | 2.33 | 48,536 | 2.85 | 130,482 | 2.54 | 756,078 | 2.29 | 3,620,141 | 2.36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 51,684 | 1.96 | — | — | — | — | 51,684 | 1.96 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 41,165,732 | 1.64 | $ | 58,921 | 2.71 | $ | 288,618 | 2.52 | $ | 2,546,085 | 2.52 | $ | 38,272,108 | 1.58 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
(Dollars in thousands) | Carrying value (as reported) | Amount attributable to SVBFG | Carrying value (as reported) | Amount attributable to SVBFG | ||||||||||||||||||||||
Non-marketable and other equity securities: | ||||||||||||||||||||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||||||||||||||
Consolidated venture capital and private equity fund investments (1) | $ | 96,016 | $ | 25,192 | $ | 88,937 | $ | 22,783 | ||||||||||||||||||
Unconsolidated venture capital and private equity fund investments (2) | 178,407 | 178,407 | 184,886 | 184,886 | ||||||||||||||||||||||
Other investments without a readily determinable fair value (3) | 200,367 | 200,367 | 60,975 | 60,975 | ||||||||||||||||||||||
Other equity securities in public companies (fair value accounting (4) | 160,810 | 160,810 | 280,804 | 280,804 | ||||||||||||||||||||||
Non-marketable securities (equity method accounting) (5): | ||||||||||||||||||||||||||
Venture capital and private equity fund investments | 394,349 | 239,338 | 362,192 | 214,904 | ||||||||||||||||||||||
Debt funds | 5,813 | 5,813 | 5,444 | 5,444 | ||||||||||||||||||||||
Other investments | 205,002 | 205,002 | 202,809 | 202,809 | ||||||||||||||||||||||
Investments in qualified affordable housing projects, net | 616,997 | 616,997 | 616,188 | 616,188 | ||||||||||||||||||||||
Total non-marketable and other equity securities | $ | 1,857,761 | $ | 1,631,926 | $ | 1,802,235 | $ | 1,588,793 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
(Dollars in thousands) | Carrying value (as reported) | Amount attributable to SVBFG | Carrying value (as reported) | Amount attributable to SVBFG | ||||||||||||||||||||||
Strategic Investors Fund, LP | $ | 5,165 | $ | 649 | $ | 4,850 | $ | 609 | ||||||||||||||||||
Capital Preferred Return Fund, LP | 48,572 | 10,468 | 49,574 | 10,684 | ||||||||||||||||||||||
Growth Partners, LP | 42,279 | 14,075 | 34,513 | 11,490 | ||||||||||||||||||||||
Total consolidated venture capital and private equity fund investments | $ | 96,016 | $ | 25,192 | $ | 88,937 | $ | 22,783 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
(Dollars in thousands) | Carrying value (as reported) | Amount attributable to SVBFG | Carrying value (as reported) | Amount attributable to SVBFG | ||||||||||||||||||||||
Venture capital and private equity fund investments: | ||||||||||||||||||||||||||
Strategic Investors Fund II, LP | $ | 4,624 | $ | 4,350 | $ | 3,705 | $ | 3,435 | ||||||||||||||||||
Strategic Investors Fund III, LP | 21,281 | 18,238 | 16,110 | 13,005 | ||||||||||||||||||||||
Strategic Investors Fund IV, LP | 29,681 | 25,715 | 25,169 | 21,145 | ||||||||||||||||||||||
Strategic Investors Fund V, LP | 60,992 | 32,021 | 67,052 | 35,202 | ||||||||||||||||||||||
CP II, LP (i) | 8,954 | 5,419 | 7,887 | 4,766 | ||||||||||||||||||||||
Other venture capital and private equity fund investments | 268,817 | 153,595 | 242,269 | 137,351 | ||||||||||||||||||||||
Total venture capital and private equity fund investments | $ | 394,349 | $ | 239,338 | $ | 362,192 | $ | 214,904 | ||||||||||||||||||
Debt funds: | ||||||||||||||||||||||||||
Gold Hill Capital 2008, LP (ii) | $ | 4,380 | $ | 4,380 | $ | 3,941 | $ | 3,941 | ||||||||||||||||||
Other debt funds | 1,433 | 1,433 | 1,503 | 1,503 | ||||||||||||||||||||||
Total debt funds | $ | 5,813 | $ | 5,813 | $ | 5,444 | $ | 5,444 | ||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||
SPD Silicon Valley Bank Co., Ltd. | $ | 111,838 | $ | 111,838 | $ | 115,232 | $ | 115,232 | ||||||||||||||||||
Other investments | 93,164 | 93,164 | 87,577 | 87,577 | ||||||||||||||||||||||
Total other investments | $ | 205,002 | $ | 205,002 | $ | 202,809 | $ | 202,809 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
(Dollars in thousands) | Amount | Percentage | Amount | Percentage | ||||||||||||||||||||||
Global fund banking | $ | 27,306,926 | 57.3 | % | $ | 25,543,198 | 56.5 | % | ||||||||||||||||||
Investor dependent: | ||||||||||||||||||||||||||
Early stage | 1,523,208 | 3.2 | 1,485,866 | 3.3 | ||||||||||||||||||||||
Mid stage | 1,588,185 | 3.3 | 1,564,870 | 3.5 | ||||||||||||||||||||||
Later stage | 2,055,676 | 4.3 | 1,921,082 | 4.2 | ||||||||||||||||||||||
Total investor dependent | 5,167,069 | 10.8 | 4,971,818 | 11.0 | ||||||||||||||||||||||
Cash flow dependent: | ||||||||||||||||||||||||||
Sponsor led buyout | 1,984,567 | 4.2 | 1,989,173 | 4.4 | ||||||||||||||||||||||
Other | 2,959,609 | 6.2 | 2,945,360 | 6.5 | ||||||||||||||||||||||
Total cash flow dependent | 4,944,176 | 10.4 | 4,934,533 | 10.9 | ||||||||||||||||||||||
Private bank | 5,063,827 | 10.6 | 4,901,056 | 10.9 | ||||||||||||||||||||||
Balance sheet dependent | 2,501,524 | 5.2 | 2,191,023 | 4.8 | ||||||||||||||||||||||
Premium wine | 1,040,223 | 2.2 | 1,052,643 | 2.3 | ||||||||||||||||||||||
Other | 45,688 | 0.1 | 27,687 | 0.1 | ||||||||||||||||||||||
SBA loans | 1,605,733 | 3.4 | 1,559,530 | 3.5 | ||||||||||||||||||||||
Total loans | $ | 47,675,166 | 100.0 | % | $ | 45,181,488 | 100.0 | % |
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Less than Five Million | Five to Ten Million | Ten to Twenty Million | Twenty to Thirty Million | Thirty Million or More | Total | ||||||||||||||||||||||||||||||||
Global fund banking | $ | 1,084,600 | $ | 1,562,403 | $ | 3,139,710 | $ | 2,645,364 | $ | 18,883,222 | $ | 27,315,299 | ||||||||||||||||||||||||||
Investor dependent: | ||||||||||||||||||||||||||||||||||||||
Early stage | 1,973,578 | 282,126 | 115,214 | 21,928 | — | 2,392,846 | ||||||||||||||||||||||||||||||||
Mid stage | 780,378 | 513,411 | 330,028 | 72,621 | 129,452 | 1,825,890 | ||||||||||||||||||||||||||||||||
Later stage | 285,656 | 583,338 | 729,340 | 371,112 | 165,994 | 2,135,440 | ||||||||||||||||||||||||||||||||
Total investor dependent | 3,039,612 | 1,378,875 | 1,174,582 | 465,661 | 295,446 | 6,354,176 | ||||||||||||||||||||||||||||||||
Cash flow dependent: | ||||||||||||||||||||||||||||||||||||||
Sponsor led buyout | 8,647 | 66,432 | 532,863 | 542,014 | 842,583 | 1,992,539 | ||||||||||||||||||||||||||||||||
Other | 382,277 | 246,101 | 544,792 | 410,956 | 1,696,148 | 3,280,274 | ||||||||||||||||||||||||||||||||
Total cash flow dependent | 390,924 | 312,533 | 1,077,655 | 952,970 | 2,538,731 | 5,272,813 | ||||||||||||||||||||||||||||||||
Private bank | 3,590,861 | 559,204 | 393,877 | 140,695 | 379,791 | 5,064,428 | ||||||||||||||||||||||||||||||||
Balance sheet dependent | 229,950 | 326,346 | 393,394 | 466,363 | 1,126,791 | 2,542,844 | ||||||||||||||||||||||||||||||||
Premium wine | 246,087 | 267,727 | 286,765 | 120,720 | 151,809 | 1,073,108 | ||||||||||||||||||||||||||||||||
Other | — | 24,614 | 27,884 | — | — | 52,498 | ||||||||||||||||||||||||||||||||
Total loans (1) | $ | 8,582,034 | $ | 4,431,702 | $ | 6,493,867 | $ | 4,791,773 | $ | 23,375,790 | $ | 47,675,166 |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Less than Five Million | Five to Ten Million | Ten to Twenty Million | Twenty to Thirty Million | Thirty Million or More | Total | ||||||||||||||||||||||||||||||||
Global fund banking | $ | 1,052,067 | $ | 1,360,621 | $ | 2,636,556 | $ | 2,777,270 | $ | 17,722,678 | $ | 25,549,192 | ||||||||||||||||||||||||||
Investor dependent: | ||||||||||||||||||||||||||||||||||||||
Early stage | 1,896,260 | 221,258 | 100,553 | 27,781 | — | 2,245,852 | ||||||||||||||||||||||||||||||||
Mid stage | 814,426 | 492,856 | 277,754 | 95,011 | 133,321 | 1,813,368 | ||||||||||||||||||||||||||||||||
Later stage | 281,953 | 596,965 | 692,923 | 269,587 | 174,159 | 2,015,587 | ||||||||||||||||||||||||||||||||
Total investor dependent | 2,992,639 | 1,311,079 | 1,071,230 | 392,379 | 307,480 | 6,074,807 | ||||||||||||||||||||||||||||||||
Cash flow dependent: | ||||||||||||||||||||||||||||||||||||||
Sponsor led buyout | 17,821 | 66,823 | 546,416 | 653,706 | 714,085 | 1,998,851 | ||||||||||||||||||||||||||||||||
Other | 401,266 | 228,336 | 535,974 | 649,766 | 1,486,180 | 3,301,522 | ||||||||||||||||||||||||||||||||
Total cash flow dependent | 419,087 | 295,159 | 1,082,390 | 1,303,472 | 2,200,265 | 5,300,373 | ||||||||||||||||||||||||||||||||
Private bank | 3,505,413 | 597,344 | 319,019 | 94,935 | 385,270 | 4,901,981 | ||||||||||||||||||||||||||||||||
Balance sheet dependent | 230,787 | 332,523 | 461,204 | 289,502 | 926,121 | 2,240,137 | ||||||||||||||||||||||||||||||||
Premium wine | 241,806 | 272,506 | 300,292 | 120,740 | 144,924 | 1,080,268 | ||||||||||||||||||||||||||||||||
Other | — | 18,673 | 16,057 | — | — | 34,730 | ||||||||||||||||||||||||||||||||
Total loans (1) | $ | 8,441,799 | $ | 4,187,905 | $ | 5,886,748 | $ | 4,978,298 | $ | 21,686,738 | $ | 45,181,488 |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Nonperforming, past due, and restructured loans: | ||||||||||||||
Nonaccrual loans | $ | 90,247 | $ | 104,244 | ||||||||||
Loans past due 90 days or more still accruing interest | 4,491 | — | ||||||||||||
Total nonperforming loans | 94,738 | 104,244 | ||||||||||||
OREO and other foreclosed assets | 1,179 | 1,179 | ||||||||||||
Total nonperforming assets | $ | 95,917 | $ | 105,423 | ||||||||||
Performing TDRs | $ | 1,634 | $ | 4,550 | ||||||||||
Nonperforming loans as a percentage of total loans | 0.20 | % | 0.23 | % | ||||||||||
Nonperforming assets as a percentage of total assets | 0.07 | 0.09 | ||||||||||||
Allowance for credit losses for loans | $ | 391,751 | $ | 447,765 | ||||||||||
As a percentage of total loans | 0.82 | % | 0.99 | % | ||||||||||
As a percentage of total nonperforming loans | 413.51 | 429.54 | ||||||||||||
Allowance for credit losses for nonaccrual loans | $ | 41,851 | $ | 54,029 | ||||||||||
As a percentage of total loans | 0.09 | % | 0.12 | % | ||||||||||
As a percentage of total nonperforming loans | 44.18 | 51.83 | ||||||||||||
Allowance for credit losses for total performing loans | $ | 349,900 | $ | 393,736 | ||||||||||
As a percentage of total loans | 0.73 | % | 0.87 | % | ||||||||||
As a percentage of total performing loans | 0.74 | 0.87 | ||||||||||||
Total loans | $ | 47,675,166 | $ | 45,181,488 | ||||||||||
Total performing loans | 47,580,428 | 45,077,244 | ||||||||||||
Allowance for credit losses for unfunded credit commitments (1) | 104,750 | 120,796 | ||||||||||||
As a percentage of total unfunded credit commitments | 0.31 | % | 0.38 | % | ||||||||||
Total unfunded credit commitments (2) | $ | 33,986,627 | $ | 31,982,251 |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Balance, beginning of period | $ | 104,244 | $ | 102,669 | ||||||||||
Additions | 5,552 | 36,346 | ||||||||||||
Paydowns and other reductions | (9,418) | (62,677) | ||||||||||||
Charge-offs | (10,131) | (25,731) | ||||||||||||
Balance, end of period | $ | 90,247 | $ | 50,607 |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | % Change | |||||||||||||||||
Derivative assets (1) | $ | 549,640 | $ | 488,269 | 12.6 | % | ||||||||||||||
Foreign exchange spot contract assets, gross | 2,918,476 | 2,107,510 | 38.5 | |||||||||||||||||
Accrued interest receivable | 288,107 | 244,748 | 17.7 | |||||||||||||||||
FHLB and Federal Reserve Bank stock | 83,355 | 61,232 | 36.1 | |||||||||||||||||
Net deferred tax assets | 1,847 | 776 | 138.0 | |||||||||||||||||
Accounts receivable | 30,999 | 36,812 | (15.8) | |||||||||||||||||
Other assets | 311,690 | 266,478 | 17.0 | |||||||||||||||||
Total accrued interest receivable and other assets | $ | 4,184,114 | $ | 3,205,825 | 30.5 |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | % Change | |||||||||||||||||
Assets: | ||||||||||||||||||||
Equity warrant assets | $ | 244,334 | $ | 203,438 | 20.1 | % | ||||||||||||||
Foreign exchange forward and option contracts | 240,183 | 216,977 | 10.7 | |||||||||||||||||
Client interest rate derivatives | 65,123 | 67,854 | (4.0) | |||||||||||||||||
Total derivative assets | $ | 549,640 | $ | 488,269 | 12.6 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Foreign exchange forward and option contracts | $ | 202,532 | $ | 210,833 | (3.9) | |||||||||||||||
Client interest rate derivatives | 68,954 | 26,646 | 158.8 | |||||||||||||||||
Total derivative liabilities | $ | 271,486 | $ | 237,479 | 14.3 |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Balance, beginning of period | $ | 203,438 | $ | 165,473 | ||||||||||
New equity warrant assets | 6,743 | 4,519 | ||||||||||||
Non-cash changes in fair value, net | 62,297 | (5,472) | ||||||||||||
Exercised equity warrant assets | (27,895) | (11,484) | ||||||||||||
Terminated equity warrant assets | (249) | (326) | ||||||||||||
Balance, end of period | $ | 244,334 | $ | 152,710 |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | % Change | |||||||||||||||||
Foreign exchange spot contract liabilities, gross | $ | 3,083,189 | $ | 2,164,805 | 42.4 | |||||||||||||||
Accrued compensation | 266,166 | 545,376 | (51.2) | |||||||||||||||||
Allowance for unfunded credit commitments | 104,750 | 120,796 | (13.3) | |||||||||||||||||
Derivative liabilities (1) | 271,486 | 237,478 | 14.3 | |||||||||||||||||
Net deferred tax liabilities | — | 173,030 | (100.0) | |||||||||||||||||
Other liabilities | 2,686,114 | 730,489 | NM | |||||||||||||||||
Total other liabilities | $ | 6,411,705 | $ | 3,971,974 | 61.4 |
March 31, 2021 | December 31, 2020 | Required Minimum (1) | Well Capitalized Minimum | |||||||||||||||||||||||
SVB Financial: | ||||||||||||||||||||||||||
CET 1 risk-based capital ratio (2)(3) | 12.18 | % | 11.04 | % | 7.0 | % | N/A | |||||||||||||||||||
Tier 1 risk-based capital ratio (3) | 14.01 | 11.89 | 8.5 | 6.0 | ||||||||||||||||||||||
Total risk-based capital ratio (3) | 14.62 | 12.64 | 10.5 | 10.0 | ||||||||||||||||||||||
Tier 1 leverage ratio (2)(3) | 8.01 | 7.45 | 4.0 | N/A | ||||||||||||||||||||||
Tangible common equity to tangible assets ratio (4)(5) | 6.06 | 6.66 | N/A | N/A | ||||||||||||||||||||||
Tangible common equity to risk-weighted assets ratio (4)(5) | 12.11 | 11.87 | N/A | N/A | ||||||||||||||||||||||
Bank: | ||||||||||||||||||||||||||
CET 1 risk-based capital ratio (3) | 12.93 | % | 10.70 | % | 7.0 | % | 6.5 | % | ||||||||||||||||||
Tier 1 risk-based capital ratio (3) | 12.93 | 10.70 | 8.5 | 8.0 | ||||||||||||||||||||||
Total risk-based capital ratio (3) | 13.56 | 11.49 | 10.5 | 10.0 | ||||||||||||||||||||||
Tier 1 leverage ratio (3) | 7.20 | 6.43 | 4.0 | 5.0 | ||||||||||||||||||||||
Tangible common equity to tangible assets ratio (4)(5) | 6.25 | 6.24 | N/A | N/A | ||||||||||||||||||||||
Tangible common equity to risk-weighted assets ratio (4)(5) | 12.87 | 11.58 | N/A | N/A |
SVB Financial | Bank | |||||||||||||||||||||||||
Non-GAAP tangible common equity and tangible assets (Dollars in thousands, except ratios) | March 31, 2021 | December 31, 2020 | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
GAAP SVBFG stockholders’ equity | $ | 9,894,892 | $ | 8,219,700 | $ | 8,765,837 | $ | 7,068,964 | ||||||||||||||||||
Less: preferred stock | 1,079,333 | 340,138 | — | — | ||||||||||||||||||||||
Less: intangible assets | 202,010 | 204,120 | — | — | ||||||||||||||||||||||
Tangible common equity | $ | 8,613,549 | $ | 7,675,442 | $ | 8,765,837 | $ | 7,068,964 | ||||||||||||||||||
GAAP total assets | $ | 142,346,620 | $ | 115,511,007 | $ | 140,231,319 | $ | 113,303,370 | ||||||||||||||||||
Less: intangible assets | 202,010 | 204,120 | — | — | ||||||||||||||||||||||
Tangible assets | $ | 142,144,610 | $ | 115,306,887 | $ | 140,231,319 | $ | 113,303,370 | ||||||||||||||||||
Risk-weighted assets | $ | 71,125,723 | $ | 64,680,666 | $ | 68,125,278 | $ | 61,023,462 | ||||||||||||||||||
Non-GAAP tangible common equity to tangible assets | 6.06 | % | 6.66 | % | 6.25 | % | 6.24 | % | ||||||||||||||||||
Non-GAAP tangible common equity to risk-weighted assets | 12.11 | 11.87 | 12.87 | 11.58 |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Average cash and cash equivalents | $ | 19,720,854 | $ | 8,106,167 | ||||||||||
Percentage of total average assets | 15.8 | % | 11.2 | % | ||||||||||
Net cash provided by operating activities | $ | 213,922 | $ | 168,125 | ||||||||||
Net cash used for investing activities | (21,009,939) | (599,041) | ||||||||||||
Net cash provided by financing activities | 24,376,113 | 3,210,581 | ||||||||||||
Net increase in cash and cash equivalents | $ | 3,580,096 | $ | 2,779,665 |
Change in interest rates (bps) (Dollars in thousands) | Estimated | Estimated Increase/(Decrease) in EVE | Estimated | Estimated Increase/(Decrease) in NII | ||||||||||||||||||||||||||||||||||
EVE | Amount | Percent | NII | Amount | Percent | |||||||||||||||||||||||||||||||||
March 31, 2021: | ||||||||||||||||||||||||||||||||||||||
+200 | $ | 9,880,447 | $ | (2,897,234) | (22.7) | % | $ | 3,645,851 | $ | 865,561 | 31.1 | % | ||||||||||||||||||||||||||
+100 | 11,379,409 | (1,398,272) | (10.9) | 3,206,088 | 425,798 | 15.3 | ||||||||||||||||||||||||||||||||
— | 12,777,681 | — | — | 2,780,290 | — | — | ||||||||||||||||||||||||||||||||
-100 | 13,590,441 | 812,760 | 6.4 | 2,648,156 | (132,134) | (4.8) | ||||||||||||||||||||||||||||||||
-200 | 13,465,180 | 687,499 | 5.4 | 2,625,928 | (154,362) | (5.6) | ||||||||||||||||||||||||||||||||
December 31, 2020: | ||||||||||||||||||||||||||||||||||||||
+200 | $ | 9,499,738 | $ | (1,724,648) | (15.4) | % | $ | 3,063,350 | $ | 691,748 | 29.2 | % | ||||||||||||||||||||||||||
+100 | 10,558,232 | (666,154) | (5.9) | 2,728,691 | 357,089 | 15.1 | ||||||||||||||||||||||||||||||||
— | 11,224,386 | — | — | 2,371,602 | — | — | ||||||||||||||||||||||||||||||||
-100 | 11,581,718 | 357,332 | 3.2 | 2,309,596 | (62,006) | (2.6) | ||||||||||||||||||||||||||||||||
-200 | 11,534,332 | 309,946 | 2.8 | 2,306,280 | (65,322) | (2.8) |
Exhibit Number | Exhibit Description | Incorporated by Reference | Filed Herewith | |||||||||||||||||||||||||||||||||||
Form | File No. | Exhibit | Filing Date | |||||||||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||||||||
32.1 | X | |||||||||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | X | ||||||||||||||||||||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | X | ||||||||||||||||||||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | X |
SVB Financial Group | ||||||||
Date: May 10, 2021 | /s/ DANIEL BECK | |||||||
Daniel Beck | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) | ||||||||
SVB Financial Group | ||||||||
Date: May 10, 2021 | /s/ KAREN HON | |||||||
Karen Hon | ||||||||
Chief Accounting Officer | ||||||||
(Principal Accounting Officer) |
Date: May 10, 2021 | /s/ GREG BECKER | |||||||
Greg Becker | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: May 10, 2021 | /s/ DANIEL BECK | |||||||
Daniel Beck | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Date: May 10, 2021 | /s/ GREG BECKER | |||||||
Greg Becker | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: May 10, 2021 | /s/ DANIEL BECK | |||||||
Daniel Beck | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Interim Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value, in usd per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 357,500 | 350,000 |
Common stock, par value, in usd per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares, issued | 54,001,797 | 51,888,463 |
Common stock, shares outstanding | 54,001,797 | 51,888,463 |
Available-for-sale securities, cost | $ 26,159,161 | $ 30,244,896 |
Held-to-maturity securities | 41,186,735 | 17,216,871 |
Allowance for Credit Losses | $ 1,112 | $ 392 |
Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation SVB Financial Group is a diversified financial services company, as well as a bank holding company and a financial holding company. SVB Financial was incorporated in the state of Delaware in March 1999. Through our various subsidiaries and divisions, we offer a diverse set of banking and financial products and services to support our clients of all sizes and stages throughout their life cycles. In these notes to our unaudited interim consolidated financial statements, when we refer to “SVB Financial Group,” “SVBFG," the “Company,” “we,” “our,” “us” or use similar words, we mean SVB Financial Group and all of its subsidiaries collectively, including Silicon Valley Bank (the “Bank”), unless the context requires otherwise. When we refer to “SVB Financial” or the “Parent” we are referring only to the parent company, SVB Financial Group (not including subsidiaries). The accompanying unaudited interim consolidated financial statements reflect all adjustments of a normal and recurring nature that are, in the opinion of management, necessary to fairly present our financial position, results of operations and cash flows in accordance with GAAP. Such unaudited interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of results to be expected for any future periods. These unaudited interim consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”). Use of Estimates and Assumptions The preparation of unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates may change as new information is obtained. Significant items that are subject to such estimates include: 1) measurements of fair value, the valuation of non-marketable and other equity securities and the valuation of equity warrant assets, 2) income taxes, and 3) the adequacy of the allowance for credit losses for loans and for unfunded credit commitments. Principles of Consolidation and Presentation Our unaudited interim consolidated financial statements include the accounts of SVB Financial Group and consolidated entities. We consolidate voting entities in which we have control through voting interests or entities through which we have a controlling financial interest in a variable interest entity (“VIE”). We determine whether we have a controlling financial interest in a VIE by determining if we have: (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses or (c) the right to receive the expected returns of the entity. Generally, we have significant variable interests if our commitments to a limited partnership investment represent a significant amount of the total commitments to the entity. We also evaluate the impact of related parties on our determination of variable interests in our consolidation conclusions. We consolidate VIEs in which we are the primary beneficiary based on a controlling financial interest. If we are not the primary beneficiary of a VIE, we record our pro-rata interests based on our ownership percentage. VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or equity investors, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity or (c) the right to receive the expected returns of the entity. We assess VIEs to determine if we are the primary beneficiary of a VIE. A primary beneficiary is defined as a variable interest holder that has a controlling financial interest. A controlling financial interest requires both: (a) the power to direct the activities that most significantly impact the VIE’s economic performance and (b) obligation to absorb losses or receive benefits of a VIE that could potentially be significant to a VIE. Under this analysis, we also evaluate kick-out rights and other participating rights, which could provide us a controlling financial interest. The primary beneficiary of a VIE is required to consolidate the VIE. We also evaluate fees paid to managers of our limited partnership investments. We exclude those fee arrangements that are not deemed to be variable interests from the analysis of our interests in our investments in VIEs and the determination of a primary beneficiary, if any. Fee arrangements based on terms that are customary and commensurate with the services provided are deemed not to be variable interests and are, therefore, excluded. All significant intercompany accounts and transactions with consolidated entities have been eliminated. We have not provided financial or other support during the periods presented to any VIE that we were not previously contractually required to provide. Reclassifications Certain prior period amounts primarily related to presentation changes to our table summarizing the activity relating to our allowance for credit losses for loans, have been reclassified to conform to current period presentation. Summary of Significant Accounting Policies The accompanying unaudited interim consolidated financial statements have been prepared on a consistent basis with the accounting policies described in Consolidated Financial Statements and Supplementary Data — Note 2 — “Summary of Significant Accounting Policies” under Part II, Item 8 of our 2020 Form 10-K. Adoption of New Accounting Standards In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which is part of the FASB’s initiative to reduce cost and complexity related to accounting for income taxes. ASU 2019-12 eliminates certain exceptions to the general principles of ASC 740, Income Taxes, and simplifies income tax accounting in several areas. We adopted the guidance on January 1, 2021, on a modified retrospective basis. The adoption did not have a material impact on our financial position, results of operations, cash flows or disclosures.
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Stockholders' Equity and EPS |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity and Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity and EPS | Stockholders' Equity and EPS Accumulated Other Comprehensive Income The following table summarizes the items reclassified out of accumulated other comprehensive income into the Consolidated Statements of Income (unaudited) for the three months ended March 31, 2021 and 2020:
The table below summarizes the activity relating to net gains and losses on our cash flow hedges included in accumulated other comprehensive income for the three months ended March 31, 2021 and 2020. Refer to Note 10 — “Derivative Financial Instruments” for additional information regarding the termination of our cash flow hedges during the quarter ended March 31, 2020. Over the next 12 months, we expect that approximately $62.5 million in accumulated other comprehensive income ("AOCI") at March 31, 2021, related to unrealized gains will be reclassified out of AOCI and recognized in net income.
EPS Basic EPS is the amount of earnings available to each share of common stock outstanding during the reporting period. Diluted EPS is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental shares issuable for stock options and restricted stock unit awards outstanding under our 2006 Equity Incentive Plan and our ESPP. Potentially dilutive common shares are excluded from the computation of dilutive EPS in periods in which the effect would be antidilutive. The following is a reconciliation of basic EPS to diluted EPS for the three months ended March 31, 2021 and 2020:
The following table summarizes the weighted-average common shares excluded from the diluted EPS calculation due to the antidilutive effect for the three months ended March 31, 2021 and 2020:
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 $972.1 million after deducting underwriting discounts and commissions. On April 14, 2021, the Company issued and sold additional shares of common stock. Refer to Note 19—“Subsequent Events” for additional information. Preferred Stock On December 9, 2019, the Company issued 5.25% Non-Cumulative Perpetual Series A Preferred Stock (''Series A Preferred Stock''). The public offering consists of 14,000,000 depositary shares, each representing a 1/40th ownership interest in a shares of the Series A preferred stock with $0.001 par value and liquidation preference of $1,000 per share, or $25 per depositary share. The Series A Preferred Stock is redeemable at the Company’s option, subject to all applicable regulatory approvals, on or after February 15, 2025. On February 2, 2021, the Company issued 4.10% Non-Cumulative Perpetual Series B Preferred Stock (''Series B Preferred Stock''). The public offering consists of 750,000 depositary shares, each representing a 1/100th ownership interest in shares of Series B Preferred Stock with $0.001 par value and liquidation preferences of $100,000 per share, or $1,000 per depositary share. Dividends, if approved and declared by the Board of Directors, 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 the February 15, 2031 dividend date and during each subsequent ten year period, the ten-year treasury rate (calculated 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, there were 350,000 shares issued and outstanding of Series A Preferred Stock and 7,500 shares issued and outstanding of Series B Preferred Stock, which had a carrying value of $340.1 million and $739.2 million, respectively, and liquidation preferences of $350.0 million and $750.0 million, respectively. The following table summarizes our preferred stock at March 31, 2021:
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Share-Based Compensation |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation For the three months ended March 31, 2021 and 2020, we recorded share-based compensation and related tax benefits as follows:
Unrecognized Compensation Expense As of March 31, 2021, unrecognized share-based compensation expense was as follows:
Share-Based Payment Award Activity The table below provides stock option information related to the 2006 Equity Incentive Plan for the three months ended March 31, 2021:
The aggregate intrinsic value of outstanding options shown in the table above represents the pre-tax intrinsic value based on our closing stock price of $493.66 as of March 31, 2021. The total intrinsic value of options exercised during the three months ended March 31, 2021 was $28.7 million, compared to $8.3 million for the comparable 2020 period. The table below provides information for restricted stock units and awards under the 2006 Equity Incentive Plan for the three months ended March 31, 2021:
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Variable Interest Entities |
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Investments In Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | Variable Interest Entities Our involvement with VIEs includes our investments in venture capital and private equity funds, debt funds, private and public portfolio companies and qualified affordable housing projects. The following table presents the carrying amounts and classification of significant variable interests in consolidated and unconsolidated VIEs as of March 31, 2021 and December 31, 2020:
(1) Included in our unconsolidated non-marketable and other equity securities portfolio at March 31, 2021 and December 31, 2020 are investments in qualified affordable housing projects of $617.0 million and $616.2 million, respectively, and related other liabilities consisting of unfunded commitments of $372.5 million and $370.2 million, respectively. Non-marketable and other equity securities Our non-marketable and other equity securities portfolio primarily represents investments in venture capital and private equity funds, SPD Silicon Valley Bank Co., Ltd. (the Bank's joint venture bank in China (“SPD-SVB”)), debt funds, private and public portfolio companies and qualified affordable housing projects. Many of these are investments held by SVB Financial in third-party funds in which we do not have controlling or significant variable interests. These investments represent our unconsolidated VIEs in the table above. Our non-marketable and other equity securities portfolio also includes investments from SVB Capital. SVB Capital is the funds management business of SVB Financial Group, which focuses primarily on venture capital investments. The SVB Capital family of funds is comprised of direct venture funds that invest in companies and funds of funds that invest in other venture capital funds. We have a controlling and significant variable interest in three of these SVB Capital funds and consolidate these funds for financial reporting purposes. All investments are generally nonredeemable, and distributions are expected to be received through the liquidation of the underlying investments throughout the life of the investment fund. Investments may only be sold or transferred subject to the notice and approval provisions of the underlying investment agreement. Subject to applicable regulatory requirements, including the Volcker Rule, we also make commitments to invest in venture capital and private equity funds. For additional details, see Note 14 — “Off-Balance Sheet Arrangements, Guarantees and Other Commitments.” The Bank also has variable interests in low income housing tax credit funds, in connection with fulfilling its responsibilities under the Community Reinvestment Act ("CRA"), that are designed to generate a return primarily through the realization of federal tax credits. These investments are typically limited partnerships in which the general partner, other than the Bank, holds the power over significant activities of the VIE; therefore, these investments are not consolidated. For additional information on our investments in qualified affordable housing projects, see Note 6 — “Investment Securities." As of March 31, 2021, our exposure to loss with respect to the consolidated VIEs is limited to our net assets of $464.0 million and our exposure to loss for our unconsolidated VIEs is equal to our investment in these assets of $867.2 million.
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Cash and Cash Equivalents |
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents The following table details our cash and cash equivalents at March 31, 2021 and December 31, 2020:
(1)At March 31, 2021 and December 31, 2020, $16.6 billion and $13.7 billion, respectively, of our cash and due from banks was deposited at the Federal Reserve Bank and was earning interest at the Federal Funds target rate, and interest-earning deposits in other financial institutions were $3.4 billion and $3.0 billion, respectively. (2)At March 31, 2021 and December 31, 2020, securities purchased under agreements to resell were collateralized by U.S. Treasury securities and U.S. agency securities with aggregate fair values of $294.5 million and $232.2 million, respectively. None of these securities were sold or repledged as of March 31, 2021 and December 31, 2020.
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities Our investment securities portfolio consists of: (i) an available-for-sale securities portfolio and a held-to-maturity securities portfolio, both of which represent interest-earning investment securities, and (ii) a non-marketable and other equity securities portfolio, which primarily represents investments managed as part of our funds management business, investments in qualified affordable housing projects, as well as public equity securities held as a result of equity warrant assets exercised. Available-for-Sale Securities The major components of our available-for-sale investment securities portfolio at March 31, 2021 and December 31, 2020 are as follows:
The following table summarizes sale activity of available-for-sale securities during the three months ended March 31, 2021 and 2020 as recorded in the line item “Gains on investment securities, net," a component of noninterest income:
The following tables summarize our available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded and summarized into categories of less than 12 months, or 12 months or longer, as of March 31, 2021 and December 31, 2020:
(1)As of March 31, 2021, we identified a total of 400 investments that were in unrealized loss positions with no investments in an unrealized loss position for a period of time greater than 12 months. Based on our analysis of the securities in an unrealized loss position as of March 31, 2021, the decline in value is unrelated to credit loss and is related to changes in market interest rates since purchase and therefore changes in value for securities are included in other comprehensive income. Market valuations and credit loss analyses on assets in the available-for-sale securities portfolio are reviewed and monitored on a quarterly basis. As of March 31, 2021, we do not intend to sell any of our securities in an unrealized loss position prior to recovery of our amortized cost basis, and it is more likely than not that we will not be required to sell any of our securities prior to recovery of our amortized cost basis. None of the investments in our available-for-sale securities portfolio were past due as of March 31, 2021.
(1)As of December 31, 2020, we identified a total of 93 investments that were in unrealized loss positions, of which no investments are in an unrealized loss position for a period of time greater than 12 months. None of the investments in our available-for-sale securities portfolio were past due as of December 31, 2020. The following table summarizes the fixed income securities, carried at fair value, classified as available-for-sale as of March 31, 2021 by the remaining contractual principal maturities. For U.S. Treasury securities, U.S. agency debentures and foreign government debt securities, the expected maturity is the actual contractual maturity of the notes. Expected maturities for mortgage-backed securities may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. Mortgage-backed securities classified as available-for-sale typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower interest rate environments.
Held-to-Maturity Securities During the first quarter of 2021, we re-designated certain securities from the classification of “available-for-sale” to “held-to-maturity." The securities re-designated consisted of agency-issued commercial mortgage-backed securities with a total carrying value of $2.9 billion at March 31, 2021. At the time of re-designation the securities included $8.7 million of pretax unrealized gains in other comprehensive income and are being amortized over the life of the securities in a manner consistent with the amortization of a premium or discount. Our decision to re-designate the securities was based on our ability and intent to hold these securities to maturity. Factors used in assessing the ability to hold these securities to maturity were future liquidity needs and sources of funding. Held-to-maturity securities are carried on the balance sheet at amortized cost and the changes in the value of these securities, other than an allowance for credit losses, are not reported on the financial statements. The components of our held-to-maturity investment securities portfolio at March 31, 2021 and December 31, 2020 are as follows:
(1) Consists of pools of Small Business Investment Company debentures issued and guaranteed by the U.S. Small Business Administration, an independent agency of the United States.
(1) Consists of pools of Small Business Investment Company debentures issued and guaranteed by the U.S. Small Business Administration, an independent agency of the United States. Allowance for Credit Losses for HTM Securities The following table summarizes the activity relating to our allowance for credit losses for HTM securities for the three months ended March 31, 2021 and 2020:
Accrued interest receivable ("AIR") from HTM securities totaled $96.1 million at March 31, 2021 and $55.0 million at December 31, 2020 and is reported in "Accrued interest receivable and other assets" in our unaudited interim consolidated balance sheets. Credit Quality Indicators On a quarterly basis, management monitors the credit quality for HTM securities through the use of standard credit ratings. The following table summarizes our amortized cost of HTM securities aggregated by credit quality indicator at March 31, 2021 and December 31, 2020:
The following table summarizes the remaining contractual principal maturities on fixed income investment securities classified as held-to-maturity as of March 31, 2021. For U.S. agency debentures, the expected maturity is the actual contractual maturity of the notes. Expected remaining maturities for certain U.S. agency debentures may occur earlier than their contractual maturities because the note issuers have the right to call outstanding amounts ahead of their contractual maturity. Expected maturities for mortgage-backed securities may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. Mortgage-backed securities classified as held-to-maturity typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower interest rate environments.
Non-marketable and Other Equity Securities The major components of our non-marketable and other equity securities portfolio at March 31, 2021 and December 31, 2020 are as follows:
(1)The following table shows the amounts of venture capital and private equity fund investments held by the following consolidated funds and our ownership percentage of each fund at March 31, 2021 and December 31, 2020 (fair value accounting):
(2)The carrying value represents investments in 161 and 162 funds (primarily venture capital funds) at March 31, 2021 and December 31, 2020, respectively, where our ownership interest is typically less than 5% of the voting interests of each such fund and in which we do not have the ability to exercise significant influence over the partnerships operating activities and financial policies. We carry our unconsolidated venture capital and private equity fund investments at fair value based on the fund investments' net asset values per share as obtained from the general partners of the investments. For each fund investment, we adjust the net asset value per share for differences between our measurement date and the date of the fund investment’s net asset value by using the most recently available financial information from the investee general partner, for example December 31st for our March 31st consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period. (3)These investments include direct equity investments in private companies. The carrying value is based on the price at which the investment was acquired plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments. We consider a range of factors when adjusting the fair value of these investments, including, but not limited to, the term and nature of the investment, local market conditions, values for comparable securities, current and projected operating performance, exit strategies, financing transactions subsequent to the acquisition of the investment and a discount for certain investments that have lock-up restrictions or other features that indicate a discount to fair value is warranted. The following table shows the changes to the carrying amount of other investments without a readily determinable fair value for the three months ended March 31, 2021:
(4)Investments classified as other equity securities (fair value accounting) represent shares held in public companies as a result of exercising public equity warrant assets and direct equity investments in public companies held by our consolidated funds. Changes in equity securities measured at fair value are recognized through net income. (5)The following table shows the carrying value and our ownership percentage of each investment at March 31, 2021 and December 31, 2020 (equity method accounting):
(i)Our ownership includes direct ownership interest of 1.3 percent and indirect ownership interest of 3.8 percent through our investments in Strategic Investors Fund II, LP. (ii)Our ownership includes direct ownership interest of 11.5 percent in the fund and an indirect interest in the fund through our investment in Gold Hill Capital 2008, LLC of 4.0 percent. (6)The following table presents the balances of our investments in qualified affordable housing projects and related unfunded commitments included as a component of “Other liabilities” on our consolidated balance sheets at March 31, 2021 and December 31, 2020:
The following table presents other information relating to our investments in qualified affordable housing projects for the three months ended March 31, 2021 and 2020:
(i)All investments are amortized using the proportional amortization method and amortization expense is included in the provision for income taxes. The following table presents the net gains and losses on non-marketable and other equity securities for the three months ended March 31, 2021 and 2020 as recorded in the line item “Gains on investment securities, net," a component of noninterest income:
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Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Credit Losses: Loans and Unfunded Credit Commitments | Loans and Allowance for Credit Losses: Loans and Unfunded Credit Commitments We serve a variety of commercial clients in the technology, life science/healthcare, private equity/venture capital and premium wine industries. Our technology clients generally tend to be in the industries of hardware (such as semiconductors, communications, data, storage and electronics), software/internet (such as infrastructure software, applications, software services, digital content and advertising technology) and energy and resource innovation (“ERI”). Our life science/healthcare clients primarily tend to be in the industries of biotechnology, medical devices, healthcare information technology and healthcare services. Loans to our technology, life science/healthcare and ERI clients are reported under the Investor Dependent, Cash Flow Dependent and Balance Sheet Dependent risk-based segments below. Loans made to private equity/venture capital firm clients typically enable them to fund investments prior to their receipt of funds from capital calls and are reported under the Global Fund Banking portfolio segment below. Loans to the premium wine industry focus on vineyards and wineries that produce grapes and wines of high quality. In addition to commercial loans, we make consumer loans through SVB Private Bank and provide real estate secured loans to eligible employees through our EHOP. We also provide community development loans made as part of our responsibilities under the CRA. These loans are included within “construction loans” below and are primarily secured by real estate. Additionally, beginning in April 2020, we accepted applications under the PPP administered by the U.S. Small Business Association ("SBA") under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") and originated loans to qualified small businesses. Disbursement of PPP funds under the CARES Act originally expired on August 8, 2020, however, on December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the "Economic Aid Act") was enacted, which allowed borrowers to apply for PPP loans up to March 31, 2021, as well as allowing for certain PPP borrowers to apply for second draw loans. The disbursement phase of the PPP was further extended to May 31, 2021 pursuant to the PPP Extension Act of 2021. The composition of loans at amortized cost basis broken out by risk-based segment at March 31, 2021 and December 31, 2020 is presented in the following table:
(1) Total loans at amortized cost is net of unearned income of $248 million and $226 million at March 31, 2021 and December 31, 2020, respectively. (2) Included within our total loan portfolio are credit card loans of $461 million and $400 million at March 31, 2021 and December 31, 2020, respectively. (3) Included within our total loan portfolio are construction loans of $108 million and $118 million at March 31, 2021 and December 31, 2020, respectively. (4) Of our total loans, the table below includes those secured by real estate at amortized cost at March 31, 2021 and December 31, 2020 and were comprised of the following:
Credit Quality Indicators For each individual client, we establish an internal credit risk rating for that loan, which is used for assessing and monitoring credit risk as well as performance of the loan and the overall portfolio. Our internal credit risk ratings are also used to summarize the risk of loss due to failure by an individual borrower to repay the loan. For our internal credit risk ratings, each individual loan is given a risk rating of 1 through 10. Loans risk-rated 1 through 4 are performing loans and translate to an internal rating of “Pass,” with loans risk-rated 1 being cash secured. Loans risk-rated 5 through 7 are performing loans; however, we consider them as demonstrating higher risk, which requires more frequent review of the individual exposures; these translate to an internal rating of “Criticized.” All of our nonaccrual loans are risk-rated 8 or 9 and are classified with the internal rating of "Nonperforming." Loans rated 10 are charged-off and are not included as part of our loan portfolio balance. We review our credit quality indicators on a quarterly basis for performance and appropriateness of risk ratings as part of our evaluation process for our allowance for credit losses for loans. The following table summarizes the credit quality indicators, broken out by risk-based segment, as of March 31, 2021 and December 31, 2020:
The following tables summarize the credit quality indicators, broken out by risk-based segment and vintage year, as of March 31, 2021 and December 31, 2020:
(1) These amounts consist of fees and clearing items that have not yet been allocated at the loan level.
Allowance for Credit Losses: Loans In the first quarter of 2021, the ACL for loans decreased $56.0 million driven primarily by an improved economic forecast in Moody’s Analytics March 2021 forecast utilized in our quantitative model, as compared to the forecast utilized in December 2020. Those assumptions included an improvement in the unemployment rate as a result of businesses re-opening and the effect of government aid programs. The gross domestic product growth forecast also improved in the March 2021 forecast. The economic forecast in Moody's Analytics March 2021 forecast was utilized in our quantitative model for the ACL as of March 31, 2021. We determined the forecast to be a reasonable view of the outlook for the economy given the available information at current quarter end. To the extent we identified credit risk considerations that were not captured by the Moody's Analytics March 2021 forecast, we addressed the risk through management's qualitative adjustments to our ACL. We do not estimate expected credit losses ("ECL") on accrued interest receivable ("AIR") on loans, as AIR is reversed or written off when the full collection of the AIR related to a loan becomes doubtful. AIR on loans totaled $138.4 million at March 31, 2020 and $126.4 million at December 31, 2020 and is reported in "Accrued interest receivable and other assets" in our unaudited interim consolidated balance sheets. The following tables summarize the activity relating to our allowance for credit losses for loans for the three months ended March 31, 2021 and 2020, broken out by portfolio segment:
The following table summarizes the aging of our loans broken out by risk-based segment as of March 31, 2021 and December 31, 2020:
Nonaccrual Loans The following table summarizes our nonaccrual loans with no allowance for credit loss at March 31, 2021 and December 31, 2020:
Troubled Debt Restructurings As of March 31, 2021, we had 15 TDRs with a total carrying value of $72.8 million where concessions have been granted to borrowers experiencing financial difficulties, in an attempt to maximize collection. There were no unfunded commitments available for funding to the clients associated with these TDRs as of March 31, 2021. The following table summarizes our loans modified in TDRs, broken out by risk-based segment, at March 31, 2021 and December 31, 2020:
The following table summarizes the recorded investment in loans modified in TDRs, broken out by risk-based segment, for modifications made during the three months ended March 31, 2021 and 2020:
(1)There were $1.8 million and $12.5 million of partial charge-offs for the three months ended March 31, 2021 and 2020, respectively. During the three months ended March 31, 2021 and 2020, new TDRs of $22.2 million and $8.3 million, respectively, were modified through payment deferrals granted to our clients. During the three months ended March 31, 2021 and 2020, $2.1 million and $0.4 million, respectively, were modified through forgiveness of principal. The following table summarizes the recorded investment in loans modified in TDRs within the previous 12 months that subsequently defaulted during the three months ended March 31, 2021 and 2020:
Charge-offs and defaults on previously restructured loans are evaluated to determine the impact to the allowance for credit losses for loans, if any. The evaluation of these defaults may impact the assumptions used in calculating the reserve on other TDRs and nonaccrual loans as well as management’s overall outlook of macroeconomic factors that affect the reserve on the loan portfolio as a whole. After evaluating the charge-offs and defaults experienced on our TDRs we determined that no change to our reserving methodology for TDRs was necessary to determine the allowance for credit losses for loans as of March 31, 2021. Allowance for Credit Losses: Unfunded Credit Commitments We maintain a separate allowance for credit losses for unfunded credit commitments that is determined using a methodology that is inherently similar to the methodology used for calculating the allowance for credit losses for loans. At March 31, 2021, our ACL estimates utilized the improved Moody's economic forecasts from March 2021 as mentioned above. The following table summarizes the activity relating to our allowance for credit losses for unfunded credit commitments for the three months ended March 31, 2021 and 2020:
(1)The “allowance for credit losses: unfunded credit commitments” is included as a component of “other liabilities” on our unaudited interim consolidated balance sheets. See Note 14 — “Off-Balance Sheet Arrangements, Guarantees and Other Commitments” of this report for additional disclosures related to our commitments to extend credit.
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill Goodwill at both March 31, 2021 and December 31, 2020 was $142.7 million, which was a result of revenue generating synergies expected from our acquisition of SVB Leerink in 2019 as well as our acquisition of WestRiver Group's debt fund business in December 2020. Other Intangible Assets The components of net other intangible assets were as follows:
For the three months ended March 31, 2021, we recorded amortization expense of $2.1 million. Assuming no future impairments of other intangible assets or additional acquisitions or dispositions, the following table presents the Company's future expected amortization expense for other intangible assets that will continue to be amortized as of March 31, 2021:
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Short-Term Borrowings and Long-Term Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings and Long-Term Debt | Short-Term Borrowings and Long-Term Debt The following table represents outstanding short-term borrowings and long-term debt at March 31, 2021 and December 31, 2020:
(1)Represents cash collateral received from certain counterparties in relation to market value exposures of derivative contracts in our favor. Interest expense related to short-term borrowings and long-term debt was $8.7 million and $5.9 million for the three months ended March 31, 2021 and compared to comparable 2020 period. The weighted average interest rate associated with our short-term borrowings was 0.06 percent as of March 31, 2021 and 0.80 percent as of as of December 31, 2020. Short-term Borrowings We have certain facilities in place to enable us to access short-term borrowings on a secured and unsecured basis. Our secured facilities include collateral pledged to the FHLB of San Francisco and the discount window at the FRB (using both fixed income securities and loans as collateral). Our unsecured facility consists of our uncommitted federal funds lines. As of March 31, 2021, collateral pledged to the FHLB of San Francisco was comprised primarily of fixed income investment securities and loans and had a carrying value of $6.9 billion, of which $5.8 billion was available to support additional borrowings. As of March 31, 2021, collateral pledged to the discount window at the FRB was comprised of fixed income investment securities and had a carrying value of $0.9 billion, all of which was unused and available to support additional borrowings. Our total unused and available borrowing capacity for our uncommitted federal funds lines totaled $1.9 billion at March 31, 2021. Our total unused and available borrowing capacity under our master repurchase agreements with various financial institutions totaled $4.0 billion at March 31, 2021. 3.50% Senior Notes In January 2015, SVB Financial issued $350 million of 3.50% Senior Notes due in January 2025. We received net proceeds of approximately $346.4 million after deducting underwriting discounts and commissions and issuance costs. The balance of our 3.50% Senior Notes at March 31, 2021 was $348.4 million, which is reflective of $1.5 million of debt issuance costs and a $0.1 million discount. 3.125% Senior Notes On June 5, 2020, the Company issued $500 million of 3.125% Senior Notes due in June 2030 ("3.125% Senior Notes"). The 3.125% Senior Notes may be redeemed by us, at our option, at any time prior to March 5, 2030, at a redemption price equal to the full aggregate principal amount plus a “make-whole” premium payment. We received net proceeds from this offering of approximately $495.4 million after deducting underwriting discounts and commissions and issuance costs. The balance of our 3.125% Senior Notes at March 31, 2021 was $495.4 million, which is reflective of $4.3 million of debt issuance costs and a $0.3 million discount. 1.800% Senior Notes On February 2, 2021 the Company issued $500 million of 1.800% Senior Notes due February 2031 ("1.800% Senior Notes"), with interest payments starting August 2, 2021, and payable every February 2nd and August 2nd. The notes will be senior unsecured obligations of SVB Financial Group and will rank equally with all of our other unsecured and unsubordinated indebtedness. We received net proceeds from this offering of approximately $494.3 million after deducting underwriting discounts and commissions and issuance costs. The balance of our 1.800% Senior Notes at March 31, 2021 was $494.4 million, which is reflective of $4.0 million of debt issuance costs and a $1.6 million discount.
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments We primarily use derivative financial instruments to manage interest rate risk and currency exchange rate risk and to assist customers with their risk management objectives, which may include currency exchange rate risks and interest rate risks. Also, in connection with negotiating credit facilities and certain other services, we often obtain equity warrant assets giving us the right to acquire stock in private, venture-backed companies in the technology and life science/healthcare industries. Interest Rate Risk Interest rate risk is our primary market risk and can result from timing and volume differences in the repricing of our interest rate sensitive assets and liabilities and changes in market interest rates. To manage interest rate risk on our interest rate sensitive assets, we have entered into interest rate swap contracts to hedge against future changes in interest rates. We designate these interest rate swap contracts as fair value and cash flow hedges. Fair Value Hedges To manage interest rate risk on our available-for-sale securities portfolio, we enter into pay-fixed, receive-floating interest rate swap contracts to hedge against exposure to changes in the fair value of the securities resulting from changes in interest rates. We designate these interest rate swap contracts as fair value hedges that qualify for hedge accounting under ASC 815, Derivatives and Hedging ("ASC 815") and have elected to account for them using the last-of-layer method as outlined in ASC 815. We record the fair value hedges in other assets and other liabilities. For qualifying fair value hedges, both the changes in the fair value of the derivative and the portion of the fair value adjustments associated with the last-of-layer attributable to the hedged risk will be recognized into earnings as they occur. Derivative amounts affecting earnings are recognized consistent with the classification of the hedged item in the line item "investment securities" as part of interest income, a component of consolidated net income. We assess hedge effectiveness under ASC 815 on a quarterly basis to ensure all hedges remain highly effective and hedge accounting under ASC 815 can be applied. In conjunction with the assessment of effectiveness, we assess the hedged item to ensure it is expected to be outstanding at the hedged item’s assumed maturity date and the last-of-layer method of accounting under ASC 815 can be applied. If the hedging relationship no longer exists or no longer qualifies as a hedge per ASC 815, any remaining fair value basis adjustments are allocated to the individual assets in the portfolio and amortized into earnings over a period consistent with the amortization of other discounts and premiums associated with the respective assets. The following table summarizes the amortized cost basis of hedged assets that are designated and qualify as fair value hedges and the cumulative amount of fair value hedging adjustments included in the carrying value that have been recorded on our consolidated balance sheets as of March 31, 2021:
(1)These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At March 31, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $21.3 billion, the amounts of the designated hedged items was $10.0 billion and the cumulative basis adjustments associated with these hedging relationships was $17.0 million. Cash Flow Hedges To manage interest rate risk on our variable-interest rate loan portfolio, we enter into interest rate swap contracts to hedge against future changes in interest rates by using hedging instruments to lock in future cash inflows that would otherwise be impacted by movements in the market interest rates. We designate these interest rate swap contracts as cash flow hedges that qualify for hedge accounting under ASC 815 and record them in other assets and other liabilities. For qualifying cash flow hedges, changes in the fair value of the derivative are recorded in accumulated other comprehensive income and recognized in earnings as the hedged item affects earnings. Derivative amounts affecting earnings are recognized consistent with the classification of the hedged item in the line item "Loans" as part of interest income, a component of consolidated net income. We assess hedge effectiveness under ASC 815 on a quarterly basis to ensure all hedges remain highly effective and hedge accounting under ASC 815 can be applied. If the hedging relationship no longer exists or no longer qualifies as a hedge per ASC 815, any amounts remaining as gain or loss in accumulated other comprehensive income are reclassified into earnings in the line item "Loans" as part of interest income, a component of consolidated net income. As of March 31, 2020, all derivatives previously classified as hedges with notional balances totaling $5.0 billion and a net asset fair value of $227.5 million were terminated. As of March 31, 2021, the total unrealized gains on terminated cash flow hedges remaining in AOCI was $163.4 million, $118.0 million net of tax. The unrealized gains will be reclassified into interest income as the underlying forecasted transactions impact earnings through the original maturity of the hedged forecasted transactions. The total remaining term over which the unrealized gains will be reclassified into earnings is approximately four years. Currency Exchange Risk We enter into foreign exchange forward contracts to economically reduce our foreign exchange exposure risk associated with the net difference between foreign currency denominated assets and liabilities. We do not designate any foreign exchange forward contracts as derivative instruments that qualify for hedge accounting. Gains or losses from changes in currency rates on foreign currency denominated instruments are recorded in the line item “other” as part of noninterest income, a component of consolidated net income. We may experience ineffectiveness in the economic hedging relationship, because the instruments are revalued based upon changes in the currency’s spot rate on the principal value, while the forwards are revalued on a discounted cash flow basis. We record forward agreements in gain positions in other assets and loss positions in other liabilities, while net changes in fair value are recorded in the line item “other” as part of noninterest income, a component of consolidated net income. Other Derivative Instruments Also included in our derivative instruments are equity warrant assets and client forward and option contracts, and client interest rate contracts. For further description of these other derivative instruments, refer to Note 2 — “Summary of Significant Accounting Policies" under Part II, Item 8 of our 2020 Form 10-K. Counterparty Credit Risk We are exposed to credit risk if counterparties to our derivative contracts do not perform as expected. We mitigate counterparty credit risk through credit approvals, limits, monitoring procedures and obtaining collateral, as appropriate. With respect to measuring counterparty credit risk for derivative instruments, we measure the fair value of a group of financial assets and financial liabilities on a net risk basis by counterparty portfolio. The total notional or contractual amounts and fair value of our derivative financial instruments at March 31, 2021 and December 31, 2020 were as follows:
(1)Derivative assets and liabilities are included in "accrued interest receivable and other assets" and "other liabilities", respectively, on our consolidated balance sheets. (2)The amount reported reflects reductions of approximately $22.7 million of derivative assets and $45.4 million of derivative liabilities at March 31, 2021 and December 31, 2020, respectively, reflecting variation margin treated as settlement of the related derivative fair values for legal and accounting purposes as required by central clearing houses. A summary of our derivative activity and the related impact on our consolidated statements of income for the three months ended March 31, 2021 and 2020 is as follows:
Balance Sheet Offsetting Certain of our derivative and other financial instruments are subject to enforceable master netting arrangements with our counterparties. These agreements provide for the net settlement of multiple contracts with a single counterparty through a single payment, in a single currency, in the event of default on or termination of any one contract. The following table summarizes our assets subject to enforceable master netting arrangements as of March 31, 2021 and December 31, 2020:
(1)Cash collateral received from our counterparties in relation to market value exposures of derivative contracts in our favor is recorded as a component of “short-term borrowings” on our consolidated balance sheets. The following table summarizes our liabilities subject to enforceable master netting arrangements as of March 31, 2021 and December 31, 2020:
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Noninterest Income |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest Income | Noninterest Income All of the Company's revenue from contracts with customers within the scope of ASC 606 is recognized within noninterest income. Included below is a summary of noninterest income for the three months ended March 31, 2021 and 2020:
Gains on investment securities, net Net gains on investment securities include both 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 AFS debt securities portfolio, when applicable, and carried interest. Our non-marketable and other equity securities portfolio primarily represents investments in venture capital and private equity funds, our China joint venture (SPD-SVB), debt funds, private and public portfolio companies, which include public equity securities held as a result of exercised equity warrant assets and qualified affordable housing projects. We experience variability in the performance of our non-marketable and other equity securities from period to period, which results in net gains or losses on investment securities (both realized and unrealized). This variability is due to a number of factors, including unrealized changes in the values of our investments, changes in the amount of realized gains from distributions, changes in liquidity events and general economic and market conditions. Unrealized gains from non-marketable and other equity securities for any single period are typically driven by valuation changes. The extent to which any unrealized gains or losses will become realized is subject to a variety of factors, including, among other things, the expiration of certain sales restrictions to which these equity securities may be subject to (e.g., lock-up agreements), changes in prevailing market prices, market conditions, the actual sales or distributions of securities, and the timing of such actual sales or distributions, which, to the extent such securities are managed by our managed funds, are subject to our funds' separate discretionary sales/distributions and governance processes. Carried interest is comprised of preferential allocations of profits recognizable when the return on assets of our individual managed fund of funds and direct venture funds exceeds certain performance targets and is payable to us, as the general partners of the managed funds. The carried interest we earn is often shared with employees, who are also members of the general partner entities. We record carried interest on a quarterly basis by measuring fund performance to date versus the performance target. For our unconsolidated managed funds, carried interest is recorded as gains on investment securities, net. For our consolidated managed funds, it is recorded as a component of net income attributable to noncontrolling interests. Carried interest allocated to others is recorded as a component of net income attributable to noncontrolling interests. Any carried interest paid to us (or our employees) may be subject to reversal to the extent fund performance declines to a level where inception to date carried interest is lower than actual payments made by the funds. The limited partnership agreements for our funds provide that carried interest is generally not paid to the general partners until the funds have provided a full return of contributed capital to the limited partners. Accrued, but unpaid carried interest may be subject to reversal to the extent that the fund performance declines to a level where inception-to-date carried interest is less than prior amounts recognized. Carried interest income is accounted for under an ownership model based on ASC 323 — Equity Method of Accounting and ASC 810 — Consolidation. Our AFS securities portfolio is a fixed income investment portfolio that is managed with the objective of earning an appropriate portfolio yield over the long-term while maintaining sufficient liquidity and credit diversification as well as addressing our asset/liability management objectives. Though infrequent, sales of debt securities in our AFS securities portfolio may result in net gains or losses and are conducted pursuant to the guidelines of our investment policy related to the management of our liquidity position and interest rate risk. Gains on investment securities are recognized outside of the scope of ASC 606 as it explicitly excludes noninterest income earned from our investment-related activities. A summary of gains and losses on investment securities for the three months ended March 31, 2021 and 2020 is as follows:
Gains on equity warrant assets, net In connection with negotiating credit facilities and certain other services, we often obtain rights to acquire stock in the form of equity warrant assets in primarily private, venture-backed companies in the technology and life science/healthcare industries. Any changes in fair value from the grant date fair value of equity warrant assets will be recognized as increases or decreases to other assets on our balance sheet and as net gains or losses on equity warrant assets, in noninterest income, a component of consolidated net income. Gains on equity warrant assets are recognized outside of the scope of ASC 606 as it explicitly excludes noninterest income earned from our derivative-related activities. A summary of net gains on equity warrant assets for the three months ended March 31, 2021 and 2020 is as follows:
Client investment fees Client investment fees include fees earned from discretionary investment management services for substantially all clients, managing clients’ portfolios based on their investment policies, strategies and objectives and investment advisory fees. Revenue is recognized on a monthly basis upon completion of our performance obligation and consideration is typically received in the subsequent month. Included in our sweep money market fees are Rule 12(b)-1 fees, revenue sharing and customer transactional-based fees. Rule 12(b)-1 fees and revenue sharing are recognized as earned based on client funds that are invested in the period, typically monthly. Transactional based fees are earned and recognized on fixed income securities when the transaction is executed on the clients' behalf. Amounts paid to third-party service providers are predominantly expensed, such that client investment fees are recorded gross of payments made to third parties. A summary of client investment fees by instrument type for the three months ended March 31, 2021 and 2020 is as follows:
(1)Represents fees earned from investments in third-party money market mutual funds and fixed-income securities managed by SVB Asset Management. (2)Represents fees earned on client investment funds that are maintained at third-party financial institutions and are not recorded on our balance sheet. Foreign exchange fees Foreign exchange fees represent the income differential between purchases and sales of foreign currency on behalf of our clients, primarily from spot contracts. Foreign exchange spot contract fees are recognized upon the completion of the single performance obligation, the execution of a spot trade in exchange for a fee. In line with customary business practice, the legal right transfers to the client upon execution of a foreign exchange contract on the trade date, and as such, we currently recognize our fees based on the trade date and the transactions are typically settled within two business days. Forward contract and option premium fees are recognized outside of the scope of ASC 606 as it explicitly excludes noninterest income earned from our derivative-related activities. A summary of foreign exchange fee income by instrument type for the three months ended March 31, 2021 and 2020 is as follows:
Credit card fees Credit card fees include interchange income from credit and debit cards and fees earned from processing transactions for merchants. Interchange income is earned after satisfying our performance obligation of providing nightly settlement services to a payment network. Costs related to rewards programs are recorded when the rewards are earned by the customer and presented as a reduction to interchange fee income. Rewards programs continue to be accounted for under ASC 310 - Receivables. Our performance obligations for merchant service fees are to transmit data and funds between the merchant and the payment network. Credit card interchange and merchant service fees are earned daily upon completion of transaction settlement services. Annual card service fees are recognized on a straight-line basis over a 12-month period and continue to be accounted for under ASC 310 - Receivables. A summary of credit card fees by instrument type for the three months ended March 31, 2021 and 2020 is as follows:
Deposit service charges Deposit service charges include fees earned from performing cash management activities and other deposit account services. Deposit services include, but are not limited to, the following: receivables services, which include merchant services, remote capture, lockbox, electronic deposit capture, and fraud control services. Payment and cash management products and services include wire transfer and automated clearing house payment services to enable clients to transfer funds more quickly, as well as business bill pay, business credit and debit cards, account analysis, and disbursement services. Deposit service charges are recognized over the period in which the related performance obligation is provided, generally on a monthly basis, and are presented in the "Disaggregation of revenue from contracts with customers" table below. Lending related fees Unused commitment fees, minimum finance fees and unused line fees are recognized as earned on a monthly basis. Fees that qualify for syndication treatment are recognized at the completion of the syndicated loan deal for which the fees were received. Lending related fees are recognized outside of the scope of ASC 606 as it explicitly excludes noninterest income earned from our lending-related activities. A summary of lending related fees by instrument type for the three months ended March 31, 2021 and 2020 is as follows:
Letters of credit and standby letters of credit fees Commercial and standby letters of credit represent conditional commitments issued by us on behalf of a client to guarantee the performance of the client to a third party when certain specified future events have occurred. Fees generated from letters of credit and standby letters of credit are deferred as a component of other liabilities and recognized in noninterest income over the commitment period using the straight-line method, based on the likelihood that the commitment being drawn down will be remote. Letters of credit and standby letters of credit fees are recognized outside of the scope of ASC 606 as it explicitly excludes noninterest income earned from our lending related activities. Investment banking revenue We earn investment banking revenue from clients for providing services related to securities underwriting, private placements and advisory services on strategic matters such as mergers and acquisitions. Underwriting fees are attributable to public and private offerings of equity and debt securities and are recognized at the point in time when the offering has been deemed to be completed by the lead manager of the underwriting group. Once the offering is completed, the performance obligation has been satisfied; we recognize the applicable management fee as well as the underwriting fee, net of consideration payable to customers. Private placement fees are recognized at the point in time when the private placement is completed, which is generally when the client accepts capital from the fund raise. Advisory fees from mergers and acquisitions engagements are generally recognized at the point in time when the related transaction is completed. Expenses are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other deal-related expenses are expensed as incurred. We have determined that we act as principal in the majority of these transactions and therefore present expenses gross within other operating expenses. A summary of investment banking revenue by instrument type for the three months ended March 31, 2021 and 2020 is as follows:
Commissions Commissions include commissions received from customers for the execution of agency-based brokerage transactions in listed and over-the-counter equities. The execution of each trade order represents a distinct performance obligation and the transaction price is fixed at the point in time or trade order execution. Trade execution is satisfied at the point in time that the customer has control of the asset and as such, fees are recorded on a trade date basis. Commissions are presented in the "Disaggregation of revenue from contracts with customers" table below. Other Other noninterest income primarily includes income from fund management fees, gains from conversion of convertible debt options and service revenue. Fund management fees are comprised of fees charged directly to our managed funds of funds and direct venture funds. Fund management fees are based upon the contractual terms of the limited partnership agreements and are generally recognized as earned over the specified contract period, which is generally equal to the life of the individual fund. Fund management fees are calculated as a percentage of committed capital and collected in advance and are received quarterly. Fund management fees for certain of our limited partnership agreements are calculated as a percentage of distributions made by the funds and revenue is recorded only at the time of a distribution event. As distribution events are not predetermined for these certain funds, management fees are considered variable and constrained under ASC 606. Gains from conversion of convertible debt options represent unrealized valuation gains on loan conversion derivative assets, and realized gains from the conversion of debt instruments, convertible into a third party’s common stock upon a triggering event such as an IPO. Gains from conversion of convertible debt options are recognized outside of the scope of ASC 606 as it explicitly excludes noninterest income earned from our derivative-related activities. Other service revenue primarily consists of dividend income on FHLB/FRB stock, correspondent bank rebate income, incentive fees related to carried interest and other fee income. We recognize revenue when our performance obligations are met and record revenues on a daily/monthly, quarterly, semi-annual or annual basis. For event driven revenue sources, we recognize revenue when: (i) persuasive evidence of an arrangement exists, (ii) we have performed the service, provided we have no other remaining obligations to the customer, (iii) the fee is fixed or determinable and (iv) collectability is probable. A summary of other noninterest income by instrument type for the three months ended March 31, 2021 and 2020 is as follows:
(1)Represents the net revaluation of client and internal foreign currency denominated financial instruments. We enter into foreign exchange forward contracts to economically reduce our foreign exchange exposure related to client and internal foreign currency denominated financial instruments. Disaggregation of revenue from contracts with customers The following tables present our revenues from contracts with customers disaggregated by revenue source and segment for the three months ended March 31, 2021 and 2020:
(1)Amounts are accounted for under separate guidance than ASC 606. (2)Global Commercial Bank’s, SVB Capital’s and SVB Leerink's components of noninterest income are shown net of noncontrolling interests. Noncontrolling interest is included within “Other Items."
(1)Amounts are accounted for under separate guidance than ASC 606. (2)Global Commercial Bank’s, SVB Capital’s and SVB Leerink's components of noninterest income are shown net of noncontrolling interests. Noncontrolling interest is included within “Other Items." The timing of revenue recognition may differ from the timing of cash settlements or invoicing to customers. We record a receivable when revenue is recognized prior to invoicing, and unearned revenue when revenue is recognized subsequent to receipt of consideration. These assets and liabilities are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period. During the three months ended March 31, 2021 and 2020, changes in our contract assets, contract liabilities and receivables were not material. Additionally, revenues recognized during the three months ended March 31, 2021 and 2020 that were included in the corresponding contract liability balance at the beginning of the periods were not material.
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Other Noninterest Expense |
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Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Noninterest Expense | Other Noninterest Expense A summary of other noninterest expense for the three months ended March 31, 2021 and 2020 is as follows:
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting We have four reportable segments for management reporting purposes: Global Commercial Bank, SVB Private Bank, SVB Capital and SVB Leerink. The results of our operating segments are based on our internal management reporting process. Our Global Commercial Bank and SVB Private Bank segments primary source of revenue is from net interest income, which is primarily the difference between interest earned on loans, net of funds transfer pricing (“FTP”), and interest paid on deposits, net of FTP. Accordingly, these segments are reported using net interest income, net of FTP. FTP is an internal measurement framework designed to assess the financial impact of a financial institution’s sources and uses of funds. It is the mechanism by which a funding credit is given for deposits raised, and a funding charge is made for funded loans. FTP is calculated at an instrument level based on account characteristics. We also evaluate performance based on provision for credit losses, noninterest income and noninterest expense, which are presented as components of segment operating profit or loss. In calculating each operating segment’s noninterest expense, we consider the direct costs incurred by the operating segment as well as certain allocated direct costs. As part of this review, we allocate certain corporate overhead costs to a corporate account. We do not allocate income tax expense or the provisions for unfunded credit commitments or held-to-maturity securities (included in provision for credit losses) to our segments. Additionally, our management reporting model is predicated on average asset balances; therefore, period-end asset balances are not presented for segment reporting purposes. Changes in an individual client’s primary relationship designation have resulted, and in the future may result, in the inclusion of certain clients in different segments in different periods. Unlike financial reporting, which benefits from the comprehensive structure provided by GAAP, our internal management reporting process is highly subjective, as there is no comprehensive, authoritative guidance for management reporting. Our management reporting process measures the performance of our operating segments based on our internal operating structure, which is subject to change from time to time, and is not necessarily comparable with similar information for other financial services companies. For reporting purposes, SVB Financial Group has four operating segments for which we report our financial information: •Global Commercial Bank is comprised of results from the following: ◦Our Commercial Bank products and services are provided by the Bank and its subsidiaries to commercial clients in key innovation markets. The Bank provides solutions to the financial needs of commercial clients through credit, treasury management, foreign exchange, trade finance, and other services. In addition, the Bank and its subsidiaries offer a variety of investment services and solutions to its clients that enable them to effectively manage their assets. ◦Our Global Fund Banking Division provides banking products and services primarily to our private equity and venture capital clients. ◦SVB Wine provides banking products and services to our premium wine industry clients, including vineyard development loans. •SVB Private Bank is the private banking division of the Bank, which provides a range of personal financial solutions for consumers. Our clients are primarily private equity/venture capital professionals and executive leaders of the innovation companies they support. We offer a customized suite of private banking services, including mortgages, home equity lines of credit, restricted and private stock loans, capital call lines of credit and other secured and unsecured lending products, as well as cash and wealth management services. In addition, we provide real estate secured loans to eligible employees through our Employee Home Ownership Program. •SVB Capital is the funds management business of SVB Financial Group, which focuses primarily on venture capital investments. SVB Capital manages funds (primarily venture capital funds) on behalf of third-party limited partners and, on a more limited basis, SVB Financial Group. The SVB Capital family of funds is comprised of direct venture funds that invest in companies, funds of funds that invest in other venture capital funds, investments in certain debt funds in which we are a strategic investor and WestRiver Group's debt fund business. SVB Capital generates income for the Company primarily from investment returns (including carried interest allocations) and management fees. •SVB Leerink is an investment bank specializing in the equity and convertible capital markets, mergers and acquisitions, equity research and sales and trading for growth and innovation-minded healthcare and life science companies and operates as a wholly-owned subsidiary of SVB Financial. SVB Leerink provides investment banking services across all subsectors of healthcare including: biotechnology, pharmaceuticals, medical devices, diagnostic and life science tools, healthcare services and digital health. SVB Leerink focuses on two primary lines of business: (i) investment banking focused on providing companies with capital-raising services, financial advice on mergers and acquisitions, sales and trading services and equity research, and (ii) sponsorship of private investment funds. The summary financial results of our operating segments are presented along with a reconciliation to our consolidated interim results. Our segment information for the three months ended March 31, 2021 and 2020 is as follows:
(1)Global Commercial Bank’s, SVB Capital’s and SVB Leerink's components of net interest income, noninterest income, noninterest expense and total average assets are shown net of noncontrolling interests for all periods presented. Noncontrolling interest is included within “Other Items." (2)The “Other Items” column reflects the adjustments necessary to reconcile the results of the operating segments to the consolidated financial statements prepared in conformity with GAAP. Net interest income consists primarily of interest earned from our fixed income investment portfolio, net of FTP. Noninterest income consists primarily of gains or losses on equity warrant assets, gains or losses on the sale of AFS securities and gains or losses on equity securities from exercised warrant assets. Noninterest expense consists primarily of expenses associated with corporate support functions such as finance, human resources, marketing, legal and other expenses. (3)The Global Commercial Bank segment includes direct depreciation and amortization of $6.8 million and $5.5 million for the three months ended March 31, 2021 and 2020, respectively. (4)The internal reporting model used by management to assess segment performance does not calculate income tax expense by segment. Our effective tax rate is a reasonable approximation of the segment rates. (5)Total average assets equal the greater of total average assets or the sum of total average liabilities and total average stockholders' equity for each segment to reconcile the results to the consolidated financial statements prepared in conformity with GAAP. (6)Included in the total average assets for SVB Leerink is goodwill of $137.8 million for the three months ended March 31, 2021 and 2020.
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Off-Balance Sheet Arrangements, Guarantees and Other Commitments |
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Disclosure Off Balance Sheet Arrangements Guarantees And Other Commitments Additional Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Off-Balance Sheet Arrangements, Guarantees and Other Commitments | Off-Balance Sheet Arrangements, Guarantees and Other Commitments In the normal course of business, we use financial instruments with off-balance sheet risk to meet the financing needs of our customers. These financial instruments include commitments to extend credit, commercial and standby letters of credit and commitments to invest in venture capital and private equity fund investments. These instruments involve, to varying degrees, elements of credit risk. Credit risk is defined as the possibility of sustaining a loss because other parties to the financial instrument fail to perform in accordance with the terms of the contract. Commitments to Extend Credit The following table summarizes information related to our commitments to extend credit at March 31, 2021 and December 31, 2020:
(1)Represents commitments which are available for funding, due to clients meeting all collateral, compliance and financial covenants required under loan commitment agreements. (2)See below for additional information on our commercial and standby letters of credit. (3)Our allowance for credit losses for unfunded credit commitments includes an allowance for both our unfunded loan commitments and our letters of credit. Commercial and Standby Letters of Credit The table below summarizes our commercial and standby letters of credit at March 31, 2021. The maximum potential amount of future payments represents the amount that could be remitted under letters of credit if there were a total default by the guaranteed parties, without consideration of possible recoveries under recourse provisions or from the collateral held or pledged.
Deferred fees related to financial and performance standby letters of credit were $17.0 million at March 31, 2021 and $16.9 million at December 31, 2020. At March 31, 2021, collateral in the form of cash of $1.7 billion was available to us to reimburse losses, if any, under financial and performance standby letters of credit. Commitments to Invest in Venture Capital and Private Equity Funds We make commitments to invest in venture capital and private equity funds, which generally make investments in privately-held companies. Commitments to invest in these funds are generally made for a 10-year period from the inception of the fund. Although the limited partnership agreements governing these investments typically do not restrict the general partners from calling 100% of committed capital in one year, it is customary for these funds to call most of the capital commitments over 5 to 7 years, and in certain cases, the funds may not call 100% of committed capital. The actual timing of future cash requirements to fund these commitments is generally dependent upon the investment cycle, overall market conditions, and the nature and type of industry in which the privately held companies operate. The following table details our total capital commitments, unfunded capital commitments, and our ownership percentage in each fund at March 31, 2021:
(1)Our ownership includes direct ownership of 1.3 percent and indirect ownership interest of 3.8 percent through our investment in Strategic Investors Fund II, LP. (2)Represents commitments to 167 funds (primarily venture capital funds) where our ownership interest is generally less than five percent of the voting interests of each such fund. The following table details the amounts of remaining unfunded commitments to venture capital and private equity funds by our consolidated managed funds of funds (including our interest and the noncontrolling interests) at March 31, 2021:
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Income Taxes |
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Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We are subject to income tax and non-income based taxes by the U.S. federal tax authorities as well as various state and foreign tax authorities. We have identified the U.S. federal and California state jurisdictions as major tax filings. Our U.S. federal tax returns remain open to full examination for 2017 and subsequent tax years. Our California tax returns remain open to full examination for 2016 and subsequent tax years. At March 31, 2021, our unrecognized tax benefit was $19.7 million, the recognition of which would reduce our income tax expense by $15.6 million. We do not expect that our unrecognized tax benefit will materially change in the next 12 months. We recognize interest and penalties related to income tax matters as part of income before income taxes. Interest and penalties were not material for the three months ended March 31, 2021.
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Fair Value of Financial Instruments |
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Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair Value Measurements Our available-for-sale securities, derivative instruments and certain non-marketable and other equity securities are financial instruments recorded at fair value on a recurring basis. We make estimates regarding valuation of assets and liabilities measured at fair value in preparing our interim consolidated financial statements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (the “exit price”) in an orderly transaction between market participants at the measurement date. There is a three-level hierarchy for disclosure of assets and liabilities recorded at fair value. The classification of assets and liabilities within the hierarchy is based on whether the inputs to the valuation methodology used for measurement are observable or unobservable and on the significance of those inputs in the fair value measurement. Observable inputs reflect market-derived or market-based information obtained from independent sources, while unobservable inputs reflect our estimates about market data and views of market participants. The three levels for measuring fair value are based on the reliability of inputs and are as follows: Level 1 Fair value measurements based on quoted prices in active markets for identical assets or liabilities that we have the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment. Assets utilizing Level 1 inputs include U.S. Treasury securities, foreign government debt securities, exchange-traded equity securities and certain marketable securities accounted for under fair value accounting. Level 2 Fair value measurements based on quoted prices in markets that are not active or for which all significant inputs are observable, directly or indirectly. Valuations for the available-for-sale securities are provided by independent pricing service providers who have experience in valuing these securities and by comparison to and/or average of quoted market prices obtained from independent brokers. We perform a monthly analysis on the values received from third parties to ensure that the prices represent a reasonable estimate of the fair value. The procedures include, but are not limited to, initial and ongoing review of third-party pricing methodologies, review of pricing trends and monitoring of trading volumes. Additional corroboration, such as obtaining a non-binding price from a broker, may be obtained depending on the frequency of trades of the security and the level of liquidity or depth of the market. We ensure prices received from independent brokers represent a reasonable estimate of the fair value through the use of observable market inputs including comparable trades, yield curve, spreads and, when available, market indices. As a result of this analysis, if the Company determines that there is a more appropriate fair value based upon the available market data, the price received from the third party is adjusted accordingly. Below is a summary of the significant inputs used for each class of Level 2 assets and liabilities: U.S. agency debentures: Fair value measurements of U.S. agency debentures are based on the characteristics specific to bonds held, such as issuer name, issuance date, coupon rate, maturity date and any applicable issuer call option features. Valuations are based on market spreads relative to similar term benchmark market interest rates, generally U.S. Treasury securities. Agency-issued mortgage-backed securities: Agency-issued mortgage-backed securities are pools of individual conventional mortgage loans underwritten to U.S. agency standards with similar coupon rates, tenor, and other attributes such as geographic location, loan size and origination vintage. Fair value measurements of these securities are based on observable price adjustments relative to benchmark market interest rates taking into consideration estimated loan prepayment speeds. Agency-issued collateralized mortgage obligations: Agency-issued collateralized mortgage obligations are structured into classes or tranches with defined cash flow characteristics and are collateralized by U.S. agency-issued mortgage pass-through securities. Fair value measurements of these securities incorporate similar characteristics of mortgage pass-through securities such as coupon rate, tenor, geographic location, loan size and origination vintage, in addition to incorporating the effect of estimated prepayment speeds on the cash flow structure of the class or tranche. These measurements incorporate observable market spreads over an estimated average life after considering the inputs listed above. Agency-issued commercial mortgage-backed securities: Fair value measurements of these securities are based on spreads to benchmark market interest rates (usually U.S. Treasury rates or rates observable in the swaps market), prepayment speeds, loan default rate assumptions and loan loss severity assumptions on underlying loans. Foreign exchange forward and option contract assets and liabilities: Fair value measurements of these assets and liabilities are priced based on spot and forward foreign currency rates and option volatility assumptions. Interest rate derivative and interest rate swap assets and liabilities: Fair value measurements of interest rate derivatives and interest rate swaps are priced considering the coupon rate of the fixed leg of the contract and the variable coupon rate on the floating leg of the contract. Valuation is based on both spot and forward rates on the swap yield curve and the credit worthiness of the contract counterparty. Other equity securities: Fair value measurements of equity securities of public companies are priced based on quoted market prices less a discount if the securities are subject to certain sales restrictions. Certain sales restriction discounts generally range from 10 percent to 20 percent depending on the duration of the sale restrictions which typically range from to six months. Equity warrant assets (public portfolio): Fair value measurements of equity warrant assets of publicly-traded portfolio companies are valued based on the Black-Scholes option pricing model. The model uses the price of publicly-traded companies (underlying stock price), stated strike prices, warrant expiration dates, the risk-free interest rate and market-observable option volatility assumptions. Level 3 The fair value measurement is derived from valuation techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions we believe market participants would use in pricing the asset. The valuation techniques are consistent with the market approach, income approach and/or the cost approach used to measure fair value. Below is a summary of the valuation techniques used for each class of Level 3 assets: Venture capital and private equity fund investments not measured at net asset value: Fair value measurements are based on consideration of a range of factors including, but not limited to, the price at which the investment was acquired, the term and nature of the investment, local market conditions, values for comparable securities, and as it relates to the private company, the current and projected operating performance, exit strategies and financing transactions subsequent to the acquisition of the investment. The significant unobservable inputs used in the fair value measurement include the information about each portfolio company, including actual and forecasted results, cash position, recent or planned transactions and market comparable companies. Significant changes to any one of these inputs in isolation could result in a significant change in the fair value measurement; however, we generally consider all factors available through ongoing communication with the portfolio companies and venture capital fund managers to determine whether there are changes to the portfolio company or the environment that indicate a change in the fair value measurement. Equity warrant assets (public portfolio): Fair value measurements of equity warrant assets of publicly-traded portfolio companies are valued based on the Black-Scholes option pricing model. The model uses the price of publicly-traded companies (underlying stock price), stated strike prices, warrant expiration dates, the risk-free interest rate and market-observable option volatility assumptions. Modeled asset values are further adjusted by applying a discount of up to 20 percent for certain warrants that have certain sales restrictions or other features that indicate a discount to fair value is warranted. As sale restrictions are lifted, discounts are adjusted downward to zero once all restrictions expire or are removed. Equity warrant assets (private portfolio): Fair value measurements of equity warrant assets of private portfolio companies are priced based on a Black-Scholes option pricing model to estimate the asset value by using stated strike prices, option expiration dates, risk-free interest rates and option volatility assumptions. Option volatility assumptions used in the Black-Scholes model are based on public market indices whose members operate in similar industries as companies in our private company portfolio. Option expiration dates are modified to account for estimates to actual life relative to stated expiration. Overall model asset values are further adjusted for a general lack of liquidity due to the private nature of the associated underlying company. There is a direct correlation between changes in the volatility and remaining life assumptions in isolation and the fair value measurement while there is an inverse correlation between changes in the liquidity discount assumption and the fair value measurement. The following fair value hierarchy table presents information about our assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2021:
The following fair value hierarchy table presents information about our assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020:
The following table presents additional information about Level 3 assets measured at fair value on a recurring basis for the three months ended March 31, 2021 and 2020:
(1)Realized and unrealized gains (losses) are recorded in the line item “Gains on equity warrant assets, net," a component of noninterest income. (2)Realized and unrealized gains (losses) are recorded in the line item “Gains on investment securities, net," a component of noninterest income. (3)Foreign currency translation gains (losses) recorded in line item "Foreign currency translation gains (losses)", a component of other comprehensive income. The following table presents the amount of net unrealized gains and losses included in earnings attributable to Level 3 assets still held at March 31, 2021 and 2020:
(1)Unrealized gains (losses) are recorded in the line item “Gains on equity warrant assets, net," a component of noninterest income. The extent to which any unrealized gains or losses will become realized is subject to a variety of factors, including, among other things, the expiration of current sales restrictions to which these securities are subject, the actual sales of securities and the timing of such actual sales. The following table presents quantitative information about the significant unobservable inputs used for certain of our Level 3 fair value measurements at March 31, 2021 and December 31, 2020. We have not included in this table our venture capital and private equity fund investments (fair value accounting) as we use net asset value per share (as obtained from the general partners of the investments) as a practical expedient to determine fair value.
(1)In determining the fair value of our venture capital and private equity fund investment portfolio (not measured at net asset value), we evaluate a variety of factors related to each underlying private portfolio company including, but not limited to, actual and forecasted results, cash position, recent or planned transactions and market comparable companies. Additionally, we have ongoing communication with the portfolio companies and venture capital fund managers, to determine whether there is a material change in fair value. We use company provided valuation reports, if available, to support our valuation assumptions. These factors are specific to each portfolio company and a weighted average or range of values of the unobservable inputs is not meaningful. (2)We adjust quoted market prices of public companies, which are subject to certain sales restrictions. Sales restriction discounts generally range from 10 percent to 20 percent depending on the duration of the sales restrictions, which typically range from to six months. (3)Our marketability discount is applied to all private company warrants to account for a general lack of liquidity due to the private nature of the associated underlying company. The quantitative measure used is based upon various option-pricing models. On a quarterly basis, a sensitivity analysis is performed on our marketability discount. (4)We adjust the contractual remaining term of private company warrants based on our estimate of the actual remaining life, which we determine by utilizing historical data on terminations and exercises. At March 31, 2021, the weighted average contractual remaining term was 6.6 years, compared to our estimated remaining life of 2.6 years. On a quarterly basis, a sensitivity analysis is performed on our remaining life assumption. For the three months ended March 31, 2021 and 2020, we did not have any transfers between Level 3 and Level 1. All transfers from Level 3 to Level 2 for the three months ended March 31, 2021 and 2020 were due to the transfer of equity warrant assets from our private portfolio to our public portfolio (see our Level 3 reconciliation above). Financial Instruments not Carried at Fair Value FASB guidance over financial instruments requires that we disclose estimated fair values for our financial instruments not carried at fair value. The following fair value hierarchy table presents the estimated fair values of our financial instruments that are not carried at fair value at March 31, 2021 and December 31, 2020:
(1)Includes noninterest-bearing demand deposits, interest-bearing checking accounts, money market accounts and interest-bearing sweep deposits. Investments in Entities that Calculate Net Asset Value Per Share FASB guidance over certain fund investments requires that we disclose the fair value of funds, significant investment strategies of the investees, redemption features of the investees, restrictions on the ability to sell investments, estimate of the period of time over which the underlying assets are expected to be liquidated by the investee, and unfunded commitments related to the investments. Our investments in debt funds and venture capital and private equity fund investments generally cannot be redeemed. Alternatively, we expect distributions, if any, to be received primarily through IPO and M&A activity of the underlying assets of the fund. Subject to applicable requirements under the Volcker Rule, we do not have any plans to sell any of these fund investments. If we decide to sell these investments in the future, the investee fund’s management must approve of the buyer before the sale of the investments can be completed. The fair values of the fund investments have been estimated using the net asset value per share of the investments, adjusted for any differences between our measurement date and the date of the fund investment’s net asset value by using the most recently available financial information from the investee general partner, for example December 31st for our March 31st consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period. The following table is a summary of the estimated fair values of these investments and remaining unfunded commitments for each major category of these investments as of March 31, 2021:
(1)Venture capital and private equity fund investments within non-marketable securities (fair value accounting) include investments made by our managed funds of funds and one of our direct venture funds (consolidated VIEs) and investments in venture capital and private equity fund investments (unconsolidated VIEs). Collectively, these investments in venture capital and private equity funds are primarily in U.S. and global technology and life science/healthcare companies. Included in the fair value and unfunded commitments of fund investments under fair value accounting are $70.8 million and $3.0 million, respectively, attributable to noncontrolling interests. It is estimated that we will receive distributions from the fund investments over the next 10 to 13 years, depending on the age of the funds and any potential extensions of terms of the funds. (2)Venture capital and private equity fund investments, debt funds, and other fund investments within non-marketable securities (equity method accounting) include funds that invest in or lend money to primarily U.S. and global technology and life science/healthcare companies. It is estimated that we will receive distributions from the funds over the next 5 to 8 years, depending on the age of the funds and any potential extensions of the terms of the funds.
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Legal Matters |
3 Months Ended |
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Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters | Legal Matters Certain lawsuits and claims arising in the ordinary course of business have been filed or are pending against us and/or our affiliates, and we may from time to time be involved in other legal or regulatory proceedings. In accordance with applicable accounting guidance, we establish accruals for all such matters, including expected settlements, when we believe it is probable that a loss has been incurred and the amount of the loss is reasonably estimable. When a loss contingency is not both probable and estimable, we do not establish an accrual. Any such loss estimates are inherently uncertain, based on currently available information and are subject to management’s judgment and various assumptions. Due to the inherent subjectivity of these estimates and unpredictability of outcomes of legal proceedings, any amounts accrued may not represent the ultimate resolution of such matters. To the extent we believe any potential loss relating to such matters may have a material impact on our liquidity, consolidated financial position, results of operations, and/or our business as a whole and is reasonably possible but not probable, we aim to disclose information relating to such potential loss. We also aim to disclose information relating to any material potential loss that is probable but not reasonably estimable. In such cases, where reasonably practicable, we aim to provide an estimate of loss or range of potential loss. No disclosures are generally made for any loss contingencies that are deemed to be remote. Based upon information available to us, our review of lawsuits and claims filed or pending against us to date and consultation with our outside legal counsel, we have not recognized a material accrual liability for any such matters, nor do we currently expect that these matters will result in a material liability to the Company. However, the outcome of litigation and other legal and regulatory matters is inherently uncertain, and it is possible that one or more of such matters currently pending or threatened could have an unanticipated material adverse effect on our liquidity, consolidated financial position, results of operations, and/or our business as a whole, in the future.
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Related Parties |
3 Months Ended |
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Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Parties | Related PartiesWe have no material related party transactions requiring disclosure. In the ordinary course of business, the Bank may extend credit to related parties, including executive officers, directors, principal shareholders and their related interests. Additionally, we provide real estate secured loans to eligible employees through our EHOP. For additional details, see Note 19 — “Employee Compensation and Benefit Plans" under Part II, Item 8 of our 2020 Form 10-K. |
Subsequent Events |
3 Months Ended |
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Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Common Stock 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. With the addition of the full exercise of the underwriters’ over-allotment option, the total gross proceeds from the offering were $1.15 billion before underwriting discounts and commissions and offering expenses. Pending Acquisition of Boston Private On May 4, 2021, Boston Private Financial Holdings, Inc. (“Boston Private”) announced that based on proxies submitted to the independent inspector of election for the special meeting of shareholders held on May 4, 2021, preliminary voting results indicate that Boston Private shareholders have approved each of the proposals presented at the special meeting, including the company’s merger agreement with SVB Financial, pursuant to which Boston Private will merge with and into SVB Financial. The preliminary voting results are subject to certification by First Coast Results, Inc., the independent inspector of election. The merger is expected to close in mid-2021, subject to the satisfaction of customary closing conditions, including receipt of customary regulatory approvals.
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Basis of Presentation (Policies) |
3 Months Ended |
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Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | SVB Financial Group is a diversified financial services company, as well as a bank holding company and a financial holding company. SVB Financial was incorporated in the state of Delaware in March 1999. Through our various subsidiaries and divisions, we offer a diverse set of banking and financial products and services to support our clients of all sizes and stages throughout their life cycles. In these notes to our unaudited interim consolidated financial statements, when we refer to “SVB Financial Group,” “SVBFG," the “Company,” “we,” “our,” “us” or use similar words, we mean SVB Financial Group and all of its subsidiaries collectively, including Silicon Valley Bank (the “Bank”), unless the context requires otherwise. When we refer to “SVB Financial” or the “Parent” we are referring only to the parent company, SVB Financial Group (not including subsidiaries).The accompanying unaudited interim consolidated financial statements reflect all adjustments of a normal and recurring nature that are, in the opinion of management, necessary to fairly present our financial position, results of operations and cash flows in accordance with GAAP. Such unaudited interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of results to be expected for any future periods. These unaudited interim consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”). |
Use of Estimates | The preparation of unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates may change as new information is obtained. Significant items that are subject to such estimates include: 1) measurements of fair value, the valuation of non-marketable and other equity securities and the valuation of equity warrant assets, 2) income taxes, and 3) the adequacy of the allowance for credit losses for loans and for unfunded credit commitments. |
Principles of Consolidation and Presentation | Our unaudited interim consolidated financial statements include the accounts of SVB Financial Group and consolidated entities. We consolidate voting entities in which we have control through voting interests or entities through which we have a controlling financial interest in a variable interest entity (“VIE”). We determine whether we have a controlling financial interest in a VIE by determining if we have: (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses or (c) the right to receive the expected returns of the entity. Generally, we have significant variable interests if our commitments to a limited partnership investment represent a significant amount of the total commitments to the entity. We also evaluate the impact of related parties on our determination of variable interests in our consolidation conclusions. We consolidate VIEs in which we are the primary beneficiary based on a controlling financial interest. If we are not the primary beneficiary of a VIE, we record our pro-rata interests based on our ownership percentage. VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or equity investors, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity or (c) the right to receive the expected returns of the entity. We assess VIEs to determine if we are the primary beneficiary of a VIE. A primary beneficiary is defined as a variable interest holder that has a controlling financial interest. A controlling financial interest requires both: (a) the power to direct the activities that most significantly impact the VIE’s economic performance and (b) obligation to absorb losses or receive benefits of a VIE that could potentially be significant to a VIE. Under this analysis, we also evaluate kick-out rights and other participating rights, which could provide us a controlling financial interest. The primary beneficiary of a VIE is required to consolidate the VIE. We also evaluate fees paid to managers of our limited partnership investments. We exclude those fee arrangements that are not deemed to be variable interests from the analysis of our interests in our investments in VIEs and the determination of a primary beneficiary, if any. Fee arrangements based on terms that are customary and commensurate with the services provided are deemed not to be variable interests and are, therefore, excluded. All significant intercompany accounts and transactions with consolidated entities have been eliminated. We have not provided financial or other support during the periods presented to any VIE that we were not previously contractually required to provide.
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Reclassifications | Certain prior period amounts primarily related to presentation changes to our table summarizing the activity relating to our allowance for credit losses for loans, have been reclassified to conform to current period presentation. |
Adoption of New Accounting Standards and Recent Accounting Pronouncements | In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which is part of the FASB’s initiative to reduce cost and complexity related to accounting for income taxes. ASU 2019-12 eliminates certain exceptions to the general principles of ASC 740, Income Taxes, and simplifies income tax accounting in several areas. We adopted the guidance on January 1, 2021, on a modified retrospective basis. The adoption did not have a material impact on our financial position, results of operations, cash flows or disclosures. |
Stockholders' Equity and EPS (Tables) |
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Equity and Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | The following table summarizes the items reclassified out of accumulated other comprehensive income into the Consolidated Statements of Income (unaudited) for the three months ended March 31, 2021 and 2020:
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The table below summarizes the activity relating to net gains and losses on our cash flow hedges included in accumulated other comprehensive income for the three months ended March 31, 2021 and 2020. Refer to Note 10 — “Derivative Financial Instruments” for additional information regarding the termination of our cash flow hedges during the quarter ended March 31, 2020. Over the next 12 months, we expect that approximately $62.5 million in accumulated other comprehensive income ("AOCI") at March 31, 2021, related to unrealized gains will be reclassified out of AOCI and recognized in net income.
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Reconciliation of Basic EPS to Diluted EPS | The following is a reconciliation of basic EPS to diluted EPS for the three months ended March 31, 2021 and 2020:
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Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share | The following table summarizes the weighted-average common shares excluded from the diluted EPS calculation due to the antidilutive effect for the three months ended March 31, 2021 and 2020:
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Schedule of Stock by Class | The following table summarizes our preferred stock at March 31, 2021:
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Share-Based Compensation (Tables) |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation and Related Benefits | For the three months ended March 31, 2021 and 2020, we recorded share-based compensation and related tax benefits as follows:
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Unrecognized Share-based Compensation Expense | As of March 31, 2021, unrecognized share-based compensation expense was as follows:
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Stock Option Information Related to Equity Incentive Plan | The table below provides stock option information related to the 2006 Equity Incentive Plan for the three months ended March 31, 2021:
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Information for Restricted Stock Units under Equity Incentive Plan | The table below provides information for restricted stock units and awards under the 2006 Equity Incentive Plan for the three months ended March 31, 2021:
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Variable Interest Entities (Tables) |
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Investments In Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The following table presents the carrying amounts and classification of significant variable interests in consolidated and unconsolidated VIEs as of March 31, 2021 and December 31, 2020:
(1) Included in our unconsolidated non-marketable and other equity securities portfolio at March 31, 2021 and December 31, 2020 are investments in qualified affordable housing projects of $617.0 million and $616.2 million, respectively, and related other liabilities consisting of unfunded commitments of $372.5 million and $370.2 million, respectively.
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Cash and Cash Equivalents (Tables) |
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Cash and Cash Equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents | The following table details our cash and cash equivalents at March 31, 2021 and December 31, 2020:
(1)At March 31, 2021 and December 31, 2020, $16.6 billion and $13.7 billion, respectively, of our cash and due from banks was deposited at the Federal Reserve Bank and was earning interest at the Federal Funds target rate, and interest-earning deposits in other financial institutions were $3.4 billion and $3.0 billion, respectively. (2)At March 31, 2021 and December 31, 2020, securities purchased under agreements to resell were collateralized by U.S. Treasury securities and U.S. agency securities with aggregate fair values of $294.5 million and $232.2 million, respectively. None of these securities were sold or repledged as of March 31, 2021 and December 31, 2020.
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Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Available-for-Sale Securities Portfolio | The major components of our available-for-sale investment securities portfolio at March 31, 2021 and December 31, 2020 are as follows:
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Activity of Available-for-Sale Securities | The following table summarizes sale activity of available-for-sale securities during the three months ended March 31, 2021 and 2020 as recorded in the line item “Gains on investment securities, net," a component of noninterest income:
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Summary of Unrealized Losses on Available for Sale Securities | The following tables summarize our available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded and summarized into categories of less than 12 months, or 12 months or longer, as of March 31, 2021 and December 31, 2020:
(1)As of March 31, 2021, we identified a total of 400 investments that were in unrealized loss positions with no investments in an unrealized loss position for a period of time greater than 12 months. Based on our analysis of the securities in an unrealized loss position as of March 31, 2021, the decline in value is unrelated to credit loss and is related to changes in market interest rates since purchase and therefore changes in value for securities are included in other comprehensive income. Market valuations and credit loss analyses on assets in the available-for-sale securities portfolio are reviewed and monitored on a quarterly basis. As of March 31, 2021, we do not intend to sell any of our securities in an unrealized loss position prior to recovery of our amortized cost basis, and it is more likely than not that we will not be required to sell any of our securities prior to recovery of our amortized cost basis. None of the investments in our available-for-sale securities portfolio were past due as of March 31, 2021.
(1)As of December 31, 2020, we identified a total of 93 investments that were in unrealized loss positions, of which no investments are in an unrealized loss position for a period of time greater than 12 months. None of the investments in our available-for-sale securities portfolio were past due as of December 31, 2020.
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Summary of Remaining Contractual Principal Maturities and Fully Taxable Equivalent Yields on Securities | The following table summarizes the fixed income securities, carried at fair value, classified as available-for-sale as of March 31, 2021 by the remaining contractual principal maturities. For U.S. Treasury securities, U.S. agency debentures and foreign government debt securities, the expected maturity is the actual contractual maturity of the notes. Expected maturities for mortgage-backed securities may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. Mortgage-backed securities classified as available-for-sale typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower interest rate environments.
The following table summarizes the remaining contractual principal maturities on fixed income investment securities classified as held-to-maturity as of March 31, 2021. For U.S. agency debentures, the expected maturity is the actual contractual maturity of the notes. Expected remaining maturities for certain U.S. agency debentures may occur earlier than their contractual maturities because the note issuers have the right to call outstanding amounts ahead of their contractual maturity. Expected maturities for mortgage-backed securities may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. Mortgage-backed securities classified as held-to-maturity typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower interest rate environments.
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Held-to-maturity Securities | The components of our held-to-maturity investment securities portfolio at March 31, 2021 and December 31, 2020 are as follows:
(1) Consists of pools of Small Business Investment Company debentures issued and guaranteed by the U.S. Small Business Administration, an independent agency of the United States.
(1) Consists of pools of Small Business Investment Company debentures issued and guaranteed by the U.S. Small Business Administration, an independent agency of the United States.
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Debt Securities, Held-to-maturity, Allowance for Credit Loss | The following table summarizes the activity relating to our allowance for credit losses for HTM securities for the three months ended March 31, 2021 and 2020:
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Debt Securities, Held-to-maturity, Credit Quality Indicator | On a quarterly basis, management monitors the credit quality for HTM securities through the use of standard credit ratings. The following table summarizes our amortized cost of HTM securities aggregated by credit quality indicator at March 31, 2021 and December 31, 2020:
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Schedule of Nonmarketable and Other Securities | The major components of our non-marketable and other equity securities portfolio at March 31, 2021 and December 31, 2020 are as follows:
(1)The following table shows the amounts of venture capital and private equity fund investments held by the following consolidated funds and our ownership percentage of each fund at March 31, 2021 and December 31, 2020 (fair value accounting):
(2)The carrying value represents investments in 161 and 162 funds (primarily venture capital funds) at March 31, 2021 and December 31, 2020, respectively, where our ownership interest is typically less than 5% of the voting interests of each such fund and in which we do not have the ability to exercise significant influence over the partnerships operating activities and financial policies. We carry our unconsolidated venture capital and private equity fund investments at fair value based on the fund investments' net asset values per share as obtained from the general partners of the investments. For each fund investment, we adjust the net asset value per share for differences between our measurement date and the date of the fund investment’s net asset value by using the most recently available financial information from the investee general partner, for example December 31st for our March 31st consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period. (3)These investments include direct equity investments in private companies. The carrying value is based on the price at which the investment was acquired plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments. We consider a range of factors when adjusting the fair value of these investments, including, but not limited to, the term and nature of the investment, local market conditions, values for comparable securities, current and projected operating performance, exit strategies, financing transactions subsequent to the acquisition of the investment and a discount for certain investments that have lock-up restrictions or other features that indicate a discount to fair value is warranted. The following table shows the changes to the carrying amount of other investments without a readily determinable fair value for the three months ended March 31, 2021:
(4)Investments classified as other equity securities (fair value accounting) represent shares held in public companies as a result of exercising public equity warrant assets and direct equity investments in public companies held by our consolidated funds. Changes in equity securities measured at fair value are recognized through net income. (5)The following table shows the carrying value and our ownership percentage of each investment at March 31, 2021 and December 31, 2020 (equity method accounting):
(i)Our ownership includes direct ownership interest of 1.3 percent and indirect ownership interest of 3.8 percent through our investments in Strategic Investors Fund II, LP. (ii)Our ownership includes direct ownership interest of 11.5 percent in the fund and an indirect interest in the fund through our investment in Gold Hill Capital 2008, LLC of 4.0 percent. (6)The following table presents the balances of our investments in qualified affordable housing projects and related unfunded commitments included as a component of “Other liabilities” on our consolidated balance sheets at March 31, 2021 and December 31, 2020:
The following table presents other information relating to our investments in qualified affordable housing projects for the three months ended March 31, 2021 and 2020:
(i)All investments are amortized using the proportional amortization method and amortization expense is included in the provision for income taxes.
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Gain Loss On Investment Securities | The following table presents the net gains and losses on non-marketable and other equity securities for the three months ended March 31, 2021 and 2020 as recorded in the line item “Gains on investment securities, net," a component of noninterest income:
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Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | The composition of loans at amortized cost basis broken out by risk-based segment at March 31, 2021 and December 31, 2020 is presented in the following table:
(1) Total loans at amortized cost is net of unearned income of $248 million and $226 million at March 31, 2021 and December 31, 2020, respectively. (2) Included within our total loan portfolio are credit card loans of $461 million and $400 million at March 31, 2021 and December 31, 2020, respectively. (3) Included within our total loan portfolio are construction loans of $108 million and $118 million at March 31, 2021 and December 31, 2020, respectively. (4) Of our total loans, the table below includes those secured by real estate at amortized cost at March 31, 2021 and December 31, 2020 and were comprised of the following:
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Composition of Loans, Net of Unearned Income, Broken Out by Portfolio Segment and Class of Financing Receivable | The following table summarizes the credit quality indicators, broken out by risk-based segment, as of March 31, 2021 and December 31, 2020:
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Credit Quality Indicators, Broken out by Portfolio Segment and Class of Financing Receivables | The following tables summarize the credit quality indicators, broken out by risk-based segment and vintage year, as of March 31, 2021 and December 31, 2020:
(1) These amounts consist of fees and clearing items that have not yet been allocated at the loan level.
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Activity in Allowance for Loan Losses Broken out by Portfolio Segment | The following tables summarize the activity relating to our allowance for credit losses for loans for the three months ended March 31, 2021 and 2020, broken out by portfolio segment:
The following table summarizes the activity relating to our allowance for credit losses for unfunded credit commitments for the three months ended March 31, 2021 and 2020:
(1)The “allowance for credit losses: unfunded credit commitments” is included as a component of “other liabilities” on our unaudited interim consolidated balance sheets. See Note 14 — “Off-Balance Sheet Arrangements, Guarantees and Other Commitments” of this report for additional disclosures related to our commitments to extend credit.
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Financing Receivable, Past Due | The following table summarizes the aging of our loans broken out by risk-based segment as of March 31, 2021 and December 31, 2020:
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Financing Receivable, Nonaccrual | The following table summarizes our nonaccrual loans with no allowance for credit loss at March 31, 2021 and December 31, 2020:
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Summary of Loans Modified in Troubled Debt Restructurings ("TDRs") by Risk-based Segment | The following table summarizes our loans modified in TDRs, broken out by risk-based segment, at March 31, 2021 and December 31, 2020:
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Recorded Investment in Loans Modified in TDRs | The following table summarizes the recorded investment in loans modified in TDRs, broken out by risk-based segment, for modifications made during the three months ended March 31, 2021 and 2020:
(1)There were $1.8 million and $12.5 million of partial charge-offs for the three months ended March 31, 2021 and 2020, respectively.
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Troubled Debt Restructurings On Financing Receivables Subsequently Defaulted Table | The following table summarizes the recorded investment in loans modified in TDRs within the previous 12 months that subsequently defaulted during the three months ended March 31, 2021 and 2020:
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Goodwill and Other Intangible Assets (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The components of net other intangible assets were as follows:
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Finite-lived Intangible Assets Amortization Expense | For the three months ended March 31, 2021, we recorded amortization expense of $2.1 million. Assuming no future impairments of other intangible assets or additional acquisitions or dispositions, the following table presents the Company's future expected amortization expense for other intangible assets that will continue to be amortized as of March 31, 2021:
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Short-Term Borrowings and Long-Term Debt (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Short Term Borrowings and Long Term Debt | The following table represents outstanding short-term borrowings and long-term debt at March 31, 2021 and December 31, 2020:
(1)Represents cash collateral received from certain counterparties in relation to market value exposures of derivative contracts in our favor.
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Derivative Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | The following table summarizes the amortized cost basis of hedged assets that are designated and qualify as fair value hedges and the cumulative amount of fair value hedging adjustments included in the carrying value that have been recorded on our consolidated balance sheets as of March 31, 2021:
(1)These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At March 31, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $21.3 billion, the amounts of the designated hedged items was $10.0 billion and the cumulative basis adjustments associated with these hedging relationships was $17.0 million.
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Total Notional or Contractual Amounts, Fair Value, Collateral and Net Exposure of Derivative Financial Instruments | The total notional or contractual amounts and fair value of our derivative financial instruments at March 31, 2021 and December 31, 2020 were as follows:
(1)Derivative assets and liabilities are included in "accrued interest receivable and other assets" and "other liabilities", respectively, on our consolidated balance sheets. (2)The amount reported reflects reductions of approximately $22.7 million of derivative assets and $45.4 million of derivative liabilities at March 31, 2021 and December 31, 2020, respectively, reflecting variation margin treated as settlement of the related derivative fair values for legal and accounting purposes as required by central clearing houses.
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Summary of Derivative Activity and Related Impact on Consolidated Statements of Income | A summary of our derivative activity and the related impact on our consolidated statements of income for the three months ended March 31, 2021 and 2020 is as follows:
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Offsetting Assets | The following table summarizes our assets subject to enforceable master netting arrangements as of March 31, 2021 and December 31, 2020:
(1)Cash collateral received from our counterparties in relation to market value exposures of derivative contracts in our favor is recorded as a component of “short-term borrowings” on our consolidated balance sheets.
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Offsetting Liabilities | The following table summarizes our liabilities subject to enforceable master netting arrangements as of March 31, 2021 and December 31, 2020:
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Noninterest Income (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Noninterest Income | Included below is a summary of noninterest income for the three months ended March 31, 2021 and 2020:
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Components of Gains and Losses (Realized and Unrealized) on Investment Securities | A summary of gains and losses on investment securities for the three months ended March 31, 2021 and 2020 is as follows:
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Components of Gains on Equity Warrant Assets | A summary of net gains on equity warrant assets for the three months ended March 31, 2021 and 2020 is as follows:
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Components of Client Investment Fees | A summary of client investment fees by instrument type for the three months ended March 31, 2021 and 2020 is as follows:
(1)Represents fees earned from investments in third-party money market mutual funds and fixed-income securities managed by SVB Asset Management. (2)Represents fees earned on client investment funds that are maintained at third-party financial institutions and are not recorded on our balance sheet.
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Components of Foreign Exchange Fees | A summary of foreign exchange fee income by instrument type for the three months ended March 31, 2021 and 2020 is as follows:
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Components of Credit Card Fees | A summary of credit card fees by instrument type for the three months ended March 31, 2021 and 2020 is as follows:
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Components of Lending Related Fees | A summary of lending related fees by instrument type for the three months ended March 31, 2021 and 2020 is as follows:
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Schedule of Investment Banking Revenue | A summary of investment banking revenue by instrument type for the three months ended March 31, 2021 and 2020 is as follows:
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Summary of Other Noninterest Income | A summary of other noninterest income by instrument type for the three months ended March 31, 2021 and 2020 is as follows:
(1)Represents the net revaluation of client and internal foreign currency denominated financial instruments. We enter into foreign exchange forward contracts to economically reduce our foreign exchange exposure related to client and internal foreign currency denominated financial instruments.
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Disaggregation of Revenue | The following tables present our revenues from contracts with customers disaggregated by revenue source and segment for the three months ended March 31, 2021 and 2020:
(1)Amounts are accounted for under separate guidance than ASC 606. (2)Global Commercial Bank’s, SVB Capital’s and SVB Leerink's components of noninterest income are shown net of noncontrolling interests. Noncontrolling interest is included within “Other Items."
(1)Amounts are accounted for under separate guidance than ASC 606. (2)Global Commercial Bank’s, SVB Capital’s and SVB Leerink's components of noninterest income are shown net of noncontrolling interests. Noncontrolling interest is included within “Other Items."
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Other Noninterest Expense (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Other Noninterest Expense | A summary of other noninterest expense for the three months ended March 31, 2021 and 2020 is as follows:
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Segment Reporting (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Our segment information for the three months ended March 31, 2021 and 2020 is as follows:
(1)Global Commercial Bank’s, SVB Capital’s and SVB Leerink's components of net interest income, noninterest income, noninterest expense and total average assets are shown net of noncontrolling interests for all periods presented. Noncontrolling interest is included within “Other Items." (2)The “Other Items” column reflects the adjustments necessary to reconcile the results of the operating segments to the consolidated financial statements prepared in conformity with GAAP. Net interest income consists primarily of interest earned from our fixed income investment portfolio, net of FTP. Noninterest income consists primarily of gains or losses on equity warrant assets, gains or losses on the sale of AFS securities and gains or losses on equity securities from exercised warrant assets. Noninterest expense consists primarily of expenses associated with corporate support functions such as finance, human resources, marketing, legal and other expenses. (3)The Global Commercial Bank segment includes direct depreciation and amortization of $6.8 million and $5.5 million for the three months ended March 31, 2021 and 2020, respectively. (4)The internal reporting model used by management to assess segment performance does not calculate income tax expense by segment. Our effective tax rate is a reasonable approximation of the segment rates. (5)Total average assets equal the greater of total average assets or the sum of total average liabilities and total average stockholders' equity for each segment to reconcile the results to the consolidated financial statements prepared in conformity with GAAP. (6)Included in the total average assets for SVB Leerink is goodwill of $137.8 million for the three months ended March 31, 2021 and 2020.
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Off-Balance Sheet Arrangements, Guarantees and Other Commitments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Off Balance Sheet Arrangements Guarantees And Other Commitments Additional Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Information Related to Commitments to Extend Credit (Excluding Letters of Credit) | The following table summarizes information related to our commitments to extend credit at March 31, 2021 and December 31, 2020:
(1)Represents commitments which are available for funding, due to clients meeting all collateral, compliance and financial covenants required under loan commitment agreements. (2)See below for additional information on our commercial and standby letters of credit. (3)Our allowance for credit losses for unfunded credit commitments includes an allowance for both our unfunded loan commitments and our letters of credit.
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Summary of Commercial and Standby Letters of Credit | The table below summarizes our commercial and standby letters of credit at March 31, 2021. The maximum potential amount of future payments represents the amount that could be remitted under letters of credit if there were a total default by the guaranteed parties, without consideration of possible recoveries under recourse provisions or from the collateral held or pledged.
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Total Capital Commitments, Unfunded Capital Commitments, and Ownership in Each Fund | The following table details our total capital commitments, unfunded capital commitments, and our ownership percentage in each fund at March 31, 2021:
(1)Our ownership includes direct ownership of 1.3 percent and indirect ownership interest of 3.8 percent through our investment in Strategic Investors Fund II, LP. (2)Represents commitments to 167 funds (primarily venture capital funds) where our ownership interest is generally less than five percent of the voting interests of each such fund.
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Remaining Unfunded Commitments to Venture Capital or Private Equity Funds by Consolidated Managed Funds | The following table details the amounts of remaining unfunded commitments to venture capital and private equity funds by our consolidated managed funds of funds (including our interest and the noncontrolling interests) at March 31, 2021:
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Fair Value of Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy Tables Present Information about Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following fair value hierarchy table presents information about our assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2021:
The following fair value hierarchy table presents information about our assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020:
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Additional Information about Level 3 Assets Measured at Fair Value on a Recurring Basis | The following table presents additional information about Level 3 assets measured at fair value on a recurring basis for the three months ended March 31, 2021 and 2020:
(1)Realized and unrealized gains (losses) are recorded in the line item “Gains on equity warrant assets, net," a component of noninterest income. (2)Realized and unrealized gains (losses) are recorded in the line item “Gains on investment securities, net," a component of noninterest income. (3)Foreign currency translation gains (losses) recorded in line item "Foreign currency translation gains (losses)", a component of other comprehensive income.
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Unrealized Gains Included in Earnings Attributable to Level 3 Assets Held | The following table presents the amount of net unrealized gains and losses included in earnings attributable to Level 3 assets still held at March 31, 2021 and 2020:
(1)Unrealized gains (losses) are recorded in the line item “Gains on equity warrant assets, net," a component of noninterest income.
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Quantitative Information About Significant Unobservable Inputs | The following table presents quantitative information about the significant unobservable inputs used for certain of our Level 3 fair value measurements at March 31, 2021 and December 31, 2020. We have not included in this table our venture capital and private equity fund investments (fair value accounting) as we use net asset value per share (as obtained from the general partners of the investments) as a practical expedient to determine fair value.
(1)In determining the fair value of our venture capital and private equity fund investment portfolio (not measured at net asset value), we evaluate a variety of factors related to each underlying private portfolio company including, but not limited to, actual and forecasted results, cash position, recent or planned transactions and market comparable companies. Additionally, we have ongoing communication with the portfolio companies and venture capital fund managers, to determine whether there is a material change in fair value. We use company provided valuation reports, if available, to support our valuation assumptions. These factors are specific to each portfolio company and a weighted average or range of values of the unobservable inputs is not meaningful. (2)We adjust quoted market prices of public companies, which are subject to certain sales restrictions. Sales restriction discounts generally range from 10 percent to 20 percent depending on the duration of the sales restrictions, which typically range from to six months. (3)Our marketability discount is applied to all private company warrants to account for a general lack of liquidity due to the private nature of the associated underlying company. The quantitative measure used is based upon various option-pricing models. On a quarterly basis, a sensitivity analysis is performed on our marketability discount. (4)We adjust the contractual remaining term of private company warrants based on our estimate of the actual remaining life, which we determine by utilizing historical data on terminations and exercises. At March 31, 2021, the weighted average contractual remaining term was 6.6 years, compared to our estimated remaining life of 2.6 years. On a quarterly basis, a sensitivity analysis is performed on our remaining life assumption.
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Summary of Estimated Fair Values of Financial Instruments Not Carried at Fair Value | The following fair value hierarchy table presents the estimated fair values of our financial instruments that are not carried at fair value at March 31, 2021 and December 31, 2020:
(1)Includes noninterest-bearing demand deposits, interest-bearing checking accounts, money market accounts and interest-bearing sweep deposits.
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Summary of Estimated Fair Values of Investments and Remaining Unfunded Commitments for Each Major Category of Investments | The following table is a summary of the estimated fair values of these investments and remaining unfunded commitments for each major category of these investments as of March 31, 2021:
(1)Venture capital and private equity fund investments within non-marketable securities (fair value accounting) include investments made by our managed funds of funds and one of our direct venture funds (consolidated VIEs) and investments in venture capital and private equity fund investments (unconsolidated VIEs). Collectively, these investments in venture capital and private equity funds are primarily in U.S. and global technology and life science/healthcare companies. Included in the fair value and unfunded commitments of fund investments under fair value accounting are $70.8 million and $3.0 million, respectively, attributable to noncontrolling interests. It is estimated that we will receive distributions from the fund investments over the next 10 to 13 years, depending on the age of the funds and any potential extensions of terms of the funds. (2)Venture capital and private equity fund investments, debt funds, and other fund investments within non-marketable securities (equity method accounting) include funds that invest in or lend money to primarily U.S. and global technology and life science/healthcare companies. It is estimated that we will receive distributions from the funds over the next 5 to 8 years, depending on the age of the funds and any potential extensions of the terms of the funds.
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Stockholders' Equity and EPS - Activity Related to Net Gains on Cash Flow Hedges in AOCI (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Cash flow hedge gains expected to reclassified out of AOCI over next 12 months | $ 62,500 | |
Balance, beginning of period, net of tax | 8,433,491 | $ 6,621,080 |
Balance, end of period, net of tax | 10,120,779 | 7,183,221 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, beginning of period, net of tax | 129,273 | (2,130) |
Net increase in fair value, net of tax | 0 | 167,639 |
Net realized gain reclassified to net income, net of tax | (11,305) | (1,510) |
Balance, end of period, net of tax | $ 117,968 | $ 163,999 |
Stockholders' Equity and EPS - Reconciliation of Basic EPS to Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Numerator: | ||
Net income available to common stockholders | $ 532,220 | $ 132,253 |
Denominator: | ||
Weighted average common shares outstanding-basic (in shares) | 52,180 | 51,565 |
Weighted average common shares outstanding—diluted (in shares) | 53,076 | 51,944 |
Earnings per common share: | ||
Basic (dollars per share) | $ 10.20 | $ 2.56 |
Diluted (dollars per share) | $ 10.03 | $ 2.55 |
Stock options and ESPP | ||
Denominator: | ||
Weighted average effect of dilutive securities (in shares) | 294 | 217 |
Restricted stock units and awards | ||
Denominator: | ||
Weighted average effect of dilutive securities (in shares) | 602 | 162 |
Stockholders' Equity and EPS - Common Shares Excluded from Diluted EPS Calculation as They Were Deemed to be Anti-Dilutive (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
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Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from diluted earnings per share calculation | 18 | 325 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from diluted earnings per share calculation | 0 | 206 |
Restricted stock units and awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from diluted earnings per share calculation | 18 | 119 |
Stockholders' Equity and EPS - Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions |
Mar. 22, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Class of Stock [Line Items] | |||
Common stock, shares, issued | 54,001,797 | 51,888,463 | |
Common Stock | |||
Class of Stock [Line Items] | |||
Common stock, shares, issued | 2,000,000 | ||
Shares Issued, Price Per Share | $ 500.00 | ||
Net proceeds after deducting discounts and commissions | $ 972.1 |
Share-Based Compensation - Share-Based Compensation and Related Tax Benefits (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Payment Arrangement [Abstract] | ||
Share-based compensation expense | $ 26,691 | $ 19,171 |
Income tax benefit related to share-based compensation expense | $ (6,278) | $ (4,440) |
Share-Based Compensation - Unrecognized Compensation Expense (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Unrecognized Share Based Compensation Expense [Line Items] | |
Unrecognized Expense | $ 139,818 |
Stock options | |
Unrecognized Share Based Compensation Expense [Line Items] | |
Unrecognized Expense | $ 12,059 |
Average Expected Recognition Period - in Years | 2 years 3 months 3 days |
Restricted stock units and awards | |
Unrecognized Share Based Compensation Expense [Line Items] | |
Unrecognized Expense | $ 127,759 |
Average Expected Recognition Period - in Years | 2 years 7 months 24 days |
Share-Based Compensation - Aggregate Intrinsic Value and Closing Stock Price of Options (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Payment Arrangement [Abstract] | ||
Closing stock price (usd per share) | $ 493.66 | |
Total intrinsic value of options exercised | $ 28.7 | $ 8.3 |
Share-Based Compensation - Information for Restricted Stock Units under Equity Incentive Plan (Details) - Restricted stock units and awards |
3 Months Ended |
---|---|
Mar. 31, 2021
$ / shares
shares
| |
Shares | |
Nonvested, beginning of period, in shares | shares | 995,049 |
Granted, in shares | shares | 57,323 |
Vested, in shares | shares | (73,716) |
Forfeited, in shares | shares | (17,579) |
Nonvested, end of period, in shares | shares | 961,077 |
Weighted Average Grant Date Fair Value | |
Nonvested, beginning of period, in usd per share | $ / shares | $ 227.12 |
Granted, in usd per share | $ / shares | 499.90 |
Vested, in usd per share | $ / shares | 256.76 |
Forfeited, in usd per share | $ / shares | 263.28 |
Nonvested, end of period, in usd per share | $ / shares | $ 240.46 |
Variable Interest Entities - Additional Information (Details) $ in Thousands |
Mar. 31, 2021
USD ($)
entity
|
Dec. 31, 2020
USD ($)
|
---|---|---|
Investments In Variable Interest Entities [Abstract] | ||
Number of consolidated entities | entity | 3 | |
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss in unconsolidated VIEs | $ 867,187 | $ 858,617 |
Total assets | 142,346,620 | 115,511,007 |
Unconsolidated | ||
Variable Interest Entity [Line Items] | ||
Total assets | $ 867,187 | $ 858,617 |
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Cash and Cash Equivalents [Abstract] | ||
Cash and due from banks | $ 20,966,421 | $ 17,447,916 |
Securities purchased under agreements to resell | 288,438 | 226,847 |
Total cash and cash equivalents | $ 21,254,859 | $ 17,674,763 |
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Footnote Information) (Details) - USD ($) |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Cash and Cash Equivalents [Abstract] | ||
Deposits at the Federal Reserve Bank earning interest at the Federal Funds target rate | $ 16,600,000,000 | $ 13,700,000,000 |
Interest-earning deposits in other financial institutions | 3,400,000,000 | 3,000,000,000.0 |
Fair value of securities purchased under agreements to resell | 294,500,000 | 232,200,000 |
Securities received as collateral, amount repledged and sold | $ 0 | $ 0 |
Investment Securities - Activity of Available-for-Sale Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Sales proceeds | $ 0 | $ 2,654,212 |
Gross realized gains | 0 | 61,165 |
Gross realized losses | 0 | 0 |
Net realized gains | $ 0 | $ 61,165 |
Investment Securities - Summary of Venture Capital and Private Equity Fund Investments Held by Consolidated Funds and Percentage Ownership (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair value accounting | Consolidated venture capital and private equity fund investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | $ 96,016 | $ 88,937 |
Investment Securities - Non-marketable and Other Securities Additional Information (Details) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021
USD ($)
Investment
|
Mar. 31, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
Investment
|
|
Investment Holdings [Line Items] | |||
Investments in qualified affordable housing projects, net | $ 616,997 | $ 616,188 | |
Other liabilities | 372,516 | 370,208 | |
Tax credits and other tax benefits recognized | 28,184 | $ 11,759 | |
Amortization expense included in provision for income taxes | 16,105 | $ 11,471 | |
Fair value accounting | Unconsolidated venture capital and private equity fund investments | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | $ 178,407 | $ 184,886 | |
Upper Limit | |||
Investment Holdings [Line Items] | |||
Percentage of ownership | 5.00% | ||
Non-marketable securities | Fair value accounting | Unconsolidated venture capital and private equity fund investments | |||
Investment Holdings [Line Items] | |||
Number of investments | Investment | 161 | 162 |
Investment Securities - Changes to Carrying Amount of Other Investments without Readily Determinable Fair Value (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Investments, Debt and Equity Securities [Abstract] | |
Carrying value at March 31, 2021 | $ 200,367 |
Year End Adjustments: | |
Impairment | 0 |
Upward changes for observable prices | 13,762 |
Downward changes for observable prices | (456) |
Cumulative Adjustments | |
Impairment | (947) |
Upward changes for observable prices | 17,121 |
Downward changes for observable prices | $ (4,327) |
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 142,685 | $ 142,685 |
Amortization expense | $ 2,100 |
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Other intangible assets: | ||
Estimated Fair Value | $ 78,300 | $ 78,300 |
Accumulated Amortization | 18,975 | 16,865 |
Net Carrying Amount | 59,325 | 61,435 |
Customer relationships | ||
Other intangible assets: | ||
Estimated Fair Value | 42,000 | 42,000 |
Accumulated Amortization | 8,591 | 7,636 |
Net Carrying Amount | 33,409 | 34,364 |
Other | ||
Other intangible assets: | ||
Estimated Fair Value | 36,300 | 36,300 |
Accumulated Amortization | 10,384 | 9,229 |
Net Carrying Amount | $ 25,916 | $ 27,071 |
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2021 (excluding the three months ended March 31, 2021) | $ 6,107 | |
2022 | 8,141 | |
2023 | 8,141 | |
2024 | 8,141 | |
2025 | 6,900 | |
2026 and thereafter | 21,895 | |
Net Carrying Amount | $ 59,325 | $ 61,435 |
Short-Term Borrowings and Long-Term Debt - Outstanding Short Term Borrowings and Long Term Debt (Additional Information) (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Debt Disclosure [Abstract] | |||
Interest expense on debt | $ 8.7 | $ 5.9 | |
Weighted average interest rate on short-term borrowings | 6.00% | 80.00% |
Short-Term Borrowings and Long-Term Debt - Short-term Borrowings (Details) $ in Billions |
Mar. 31, 2021
USD ($)
|
---|---|
Short-term FHLB advances | |
Debt Disclosure [Line Items] | |
FHLB advances | $ 6.9 |
Unused borrowing capacity | 5.8 |
Federal Reserve Bank Advances | |
Debt Disclosure [Line Items] | |
Line of credit, remaining borrowing capacity | 0.9 |
Federal funds lines | |
Debt Disclosure [Line Items] | |
Line of credit, remaining borrowing capacity | 1.9 |
Securities sold under agreement to repurchase | |
Debt Disclosure [Line Items] | |
Line of credit, remaining borrowing capacity | $ 4.0 |
Derivative Financial Instruments - Interest Rate Risk and Cash Flow Hedges (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Derivative [Line Items] | |
Unrealized gain on terminated cash flow hedge remaining in AOCI, before tax | $ 163.4 |
Unrealized gain on terminated cash flow hedge remaining in AOCI, net of tax | $ 118.0 |
Term unrealized gains reclassified into earnings | 4 years |
Derivatives designated as hedging instruments | Interest rate swaps | |
Derivative [Line Items] | |
Derivative notional amount | $ 5,000.0 |
Derivatives net asset fair value | $ 227.5 |
Derivative Financial Instruments - Fair Value Hedges (Details) - Interest rate swaps - Other assets - Derivatives designated as hedging instruments $ in Thousands |
Mar. 31, 2021
USD ($)
|
---|---|
Derivative [Line Items] | |
Amortized Cost Basis of the Hedged Assets | $ 21,312,139 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | $ (16,975) |
Noninterest Income - Summary of Noninterest Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Other Income and Expenses [Abstract] | ||
Gains on investment securities, net | $ 167,078 | $ 46,055 |
Gains on equity warrant assets, net | 221,685 | 13,395 |
Client investment fees | 20,065 | 43,393 |
Foreign exchange fees | 57,393 | 47,505 |
Credit card fees | 27,567 | 28,304 |
Deposit service charges | 25,151 | 24,589 |
Lending related fees | 15,657 | 13,125 |
Letters of credit and standby letters of credit fees | 13,051 | 11,542 |
Investment banking revenue | 142,302 | 46,867 |
Commissions | 24,439 | 16,022 |
Other | 29,792 | 11,137 |
Total noninterest income | $ 744,180 | $ 301,934 |
Noninterest Income - Gains and Losses on Investments (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Other Income and Expenses [Abstract] | ||
Total net gains on non-marketable and other equity securities | $ 167,078 | $ (15,110) |
Gains on sales of available-for-sale securities, net | 0 | 61,165 |
Gains on investment securities, net | $ 167,078 | $ 46,055 |
Noninterest Income - Gains and Losses on Derivatives (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Other Income and Expenses [Abstract] | ||
Gains on exercises, net | $ 159,637 | $ 19,193 |
Terminations | (249) | (326) |
Changes in fair value, net | 62,297 | (5,472) |
Gains on equity warrant assets, net | $ 221,685 | $ 13,395 |
Noninterest Income - Client Investment Fees (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 328,139 | $ 222,440 |
Sweep money market fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 10,461 | 23,049 |
Asset management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 9,020 | 9,137 |
Repurchase agreement fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 584 | 11,207 |
Client investment fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 20,065 | $ 43,393 |
Noninterest Income - Foreign Exchange Fees (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 328,139 | $ 222,440 |
Revenue not from contract with customer | 416,041 | 79,494 |
Foreign exchange fees | 57,393 | 47,505 |
Spot contract commissions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 54,929 | 40,934 |
Forward contract commissions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customer | 2,348 | 6,339 |
Option premium fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customer | $ 116 | $ 232 |
Noninterest Income - Credit Card Fees (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Disaggregation of Revenue [Line Items] | ||
Card interchange fees, net | $ 22,848 | $ 21,775 |
Revenue from contracts with customers | 328,139 | 222,440 |
Revenue not from contract with customer | 416,041 | 79,494 |
Total credit card fees | 27,567 | 28,304 |
Merchant service fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 3,772 | 5,027 |
Card service fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customer | $ 947 | $ 1,502 |
Noninterest Income - Lending Related Fees (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Lending related fees | $ 15,657 | $ 13,125 |
Unused commitment fees | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Lending related fees | 12,256 | 8,406 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Lending related fees | $ 3,401 | $ 4,719 |
Noninterest Income - Investment Banking Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Investment banking revenue: | ||
Underwriting fees | $ 125,076 | $ 31,290 |
Advisory fees | 4,450 | 15,487 |
Private placements and other | 12,776 | 90 |
Total investment banking revenue | $ 142,302 | $ 46,867 |
Noninterest Income - Summary of Other Noninterest Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Trading Activity, Gains and Losses, Net [Line Items] | ||
Revenue from contracts with customers | $ 328,139 | $ 222,440 |
Net gains on revaluation of foreign currency instruments, net of foreign exchange forward contracts | (952) | (244) |
Other service revenue | 16,185 | 3,473 |
Other | 29,792 | 11,137 |
Fund management fees | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Revenue from contracts with customers | $ 14,559 | $ 7,908 |
Other Noninterest Expense - Summary of Other Noninterest Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Other Income and Expenses [Abstract] | ||
Lending and other client related processing costs | $ 7,516 | $ 9,158 |
Correspondent bank fees | 4,301 | 3,986 |
Investment banking activities | 6,730 | 3,030 |
Trade order execution costs | 2,988 | 2,745 |
Data processing services | 4,606 | 3,454 |
Telephone | 1,872 | 2,227 |
Dues and publications | 1,103 | 1,130 |
Postage and supplies | 570 | 856 |
Other | 15,770 | 14,117 |
Total other noninterest expense | $ 45,456 | $ 40,703 |
Segment Reporting - Additional Information (Details) |
3 Months Ended |
---|---|
Mar. 31, 2021
Segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Segment Reporting - Segment Information (Additional Information) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Segment Reporting Information [Line Items] | |||
Goodwill | $ 142,685 | $ 142,685 | |
Operating segments | Global Commercial Bank | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 6,800 | $ 5,500 | |
Operating segments | SVB Leerink | |||
Segment Reporting Information [Line Items] | |||
Goodwill | $ 137,800 |
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Summary Information Related to Commitments to Extend Credit (Excluding Letters of Credit) (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Disclosure Off Balance Sheet Arrangements Guarantees And Other Commitments Additional Information [Abstract] | ||||
Loan commitments available for funding | $ 30,923,217 | $ 28,975,133 | ||
Commercial and standby letters of credit | 3,063,410 | 3,007,118 | ||
Total unfunded credit commitments | 33,986,627 | 31,982,251 | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses: loans | 391,751 | 447,765 | $ 548,963 | $ 304,924 |
Unfunded Credit Commitments | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses: loans | $ 104,750 | $ 120,796 | $ 84,690 | $ 67,656 |
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Summary of Commercial and Standby Letters of Credit (Additional Information) (Details) - Standby Letter of Credit - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Commitments and Contingencies Disclosure [Line Items] | ||
Deferred fees | $ 17.0 | $ 16.9 |
Collateral in the form of cash | $ 1,700.0 |
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Remaining Unfunded Commitments to Venture Capital or Private Equity Funds by our Consolidated Managed Funds (Details) $ in Thousands |
Mar. 31, 2021
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | $ 4,233 |
Strategic Investors Fund, LP | |
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | 196 |
Capital Preferred Return Fund, LP | |
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | 1,519 |
Growth Partners, LP | |
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | $ 2,518 |
Income Taxes (Details) $ in Millions |
Mar. 31, 2021
USD ($)
|
---|---|
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits | $ 19.7 |
Income tax reduction from recognized tax benefit | $ 15.6 |
Fair Value of Financial Instruments - Unrealized Gains Included in Earnings Attributable to Level 3 Assets Held (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Unrealized Gains (Losses) [Line Items] | ||
Unrealized gains included in earnings attributable to Level 3 assets still held | $ 60,639 | $ (4,145) |
Equity warrant assets | Other assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Unrealized Gains (Losses) [Line Items] | ||
Unrealized gains included in earnings attributable to Level 3 assets still held | $ 60,639 | $ (4,145) |
Fair Value of Financial Instruments - Quantitative Information About Significant Unobservable Inputs (Details) - Level 3 - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Equity warrant asset, public portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 28 | $ 1,036 |
Equity warrant assets, private portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 233,354 | $ 191,181 |
Subsequent Events (Details) - USD ($) $ in Millions |
Apr. 14, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Subsequent Event [Line Items] | |||
Common stock, shares, issued | 54,001,797 | 51,888,463 | |
Subsequent Event | Common Stock | |||
Subsequent Event [Line Items] | |||
Total gross proceeds from the offering before underwriting discounts, commissions and offering expenses | $ 1,150.0 | ||
Subsequent Event | Over-Allotment Option | Common Stock | |||
Subsequent Event [Line Items] | |||
Common stock, shares, issued | 300,000 | ||
Net proceeds after deducting discounts and commissions | $ 146.0 |
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