Noninterest Income (Tables)

3 Months Ended

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:

	Three months ended March 31,
(Dollars in thousands)	2021		2020
Noninterest income:
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

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:

	Three months ended March 31,
(Dollars in thousands)	2021		2020
Gains (losses) on non-marketable and other equity securities, net	$	167,078	$	(15,110)
Gains on sales of available-for-sale securities, net	—		61,165
Total gains on investment securities, net	$	167,078	$	46,055

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:

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

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:

	Three months ended March 31,
(Dollars in thousands)	2021		2020
Client investment fees by type:
Sweep money market fees	$	10,461	$	23,049
Asset management fees (1)	9,020		9,137
Repurchase agreement fees	584		11,207
Total client investment fees (2)	$	20,065	$	43,393

(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.

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:

	Three months ended March 31,
(Dollars in thousands)	2021		2020
Foreign exchange fees by instrument type:
Spot contract commissions	$	54,929	$	40,934
Forward contract commissions	2,348		6,339
Option premium fees	116		232
Total foreign exchange fees	$	57,393	$	47,505

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:

	Three months ended March 31,
(Dollars in thousands)	2021		2020
Credit card fees by instrument type:
Card interchange fees, net	$	22,848	$	21,775
Merchant service fees	3,772		5,027
Card service fees	947		1,502
Total credit card fees	$	27,567	$	28,304

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:

	Three months ended March 31,
(Dollars in thousands)	2021		2020
Lending related fees by instrument type:
Unused commitment fees	$	12,256	$	8,406
Other	3,401		4,719
Total lending related fees	$	15,657	$	13,125

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:

	Three months ended March 31,
(Dollars in thousands)	2021		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

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:

	Three months ended March 31,
(Dollars in thousands)	2021		2020
Other noninterest income by instrument type:
Fund management fees	$	14,559	$	7,908
Net losses on revaluation of foreign currency instruments, net of foreign exchange forward contracts (1)	(952)		(244)
Other service revenue	16,185		3,473
Total other noninterest income	$	29,792	$	11,137

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

Disaggregation of Revenue

The following tables present our revenues from contracts with customers disaggregated by revenue source and segment for the three months ended March 31, 2021 and 2020:

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	$	19,253	$	812	$	—	$	—	$	—	$	20,065
Spot contract commissions	54,603		158		—		—		168		54,929
Card interchange fees, gross	41,293		4		—		—		267		41,564
Merchant service fees	3,772		—		—		—		—		3,772
Deposit service charges	24,550		19		—		—		582		25,151
Investment banking revenue	—		—		—		142,302		—		142,302
Commissions	—		—		—		24,439		—		24,439
Fund management fees	—		—		13,119		1,440		—		14,559
Performance fees	—		—		69		—		—		69
Correspondent bank rebates	1,289		—		—		—		—		1,289
Total revenue from contracts with customers	$	144,760	$	993	$	13,188	$	168,181	$	1,017	$	328,139
Revenues outside the scope of ASC 606 (1)	13,911		5		55,406		2,786		343,933		416,041
Total noninterest income	$	158,671	$	998	$	68,594	$	170,967	$	344,950	$	744,180

(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."

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	$	42,736	$	657	$	—	$	—	$	—	$	43,393
Spot contract commissions	40,675		161		—		—		98		40,934
Card interchange fees, gross	35,724		7		—		—		566		36,297
Merchant service fees	5,027		—		—		—		—		5,027
Deposit service charges	24,238		27		—		—		324		24,589
Investment banking revenue	—		—		—		46,867		—		46,867
Commissions	—		—		—		16,022		—		16,022
Fund management fees	—		—		6,478		1,430		—		7,908
Correspondent bank rebates	1,403		—		—		—		—		1,403
Total revenue from contracts with customers	$	149,803	$	852	$	6,478	$	64,319	$	988	$	222,440
Revenues outside the scope of ASC 606 (1)	17,031		48		(1,560)		(1,642)		65,617		79,494
Total noninterest income	$	166,834	$	900	$	4,918	$	62,677	$	66,605	$	301,934

(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."