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Stockholders' Equity and EPS
9 Months Ended
Sep. 30, 2022
Equity and Earnings Per Share [Abstract]  
Stockholders' Equity and EPS Stockholders' Equity and EPS
AOCI
The following table summarizes the items reclassified out of AOCI into the Consolidated Statements of Income (unaudited) for the three and nine months ended September 30, 2022 and 2021:
 Three months ended September 30, Nine months ended September 30,
(Dollars in millions)Income Statement Location2022202120222021
Reclassification adjustment for losses (gains) included in net income  Gains (losses) on investment securities, net$— $— $(48)$— 
Related tax expenseIncome tax expense— — 14 — 
Reclassification adjustment for gains on cash flow hedges included in net incomeNet interest income(14)(16)(43)(47)
Related tax expenseIncome tax expense12 13 
Total reclassification adjustment for gains included in net income, net of tax$(10)$(12)$(65)$(34)
The table below summarizes the activity relating to net gains and losses on our cash flow hedges included in AOCI for the three and nine months ended September 30, 2022 and 2021. Over the next 12 months, we expect that approximately $46 million in AOCI at September 30, 2022, related to unrealized gains will be reclassified out of AOCI and recognized in net income.
 Three months ended September 30, Nine months ended September 30,
(Dollars in millions)2022202120222021
Balance, beginning of period, net of tax$62 $107 $83 $129 
Net realized (gain) loss reclassified to net income, net of tax(10)(12)(31)(34)
Balance, end of period, net of tax$52 $95 $52 $95 
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 and nine months ended September 30, 2022 and 2021:
 Three months ended September 30, Nine months ended September 30,
(Dollars in millions except per share amounts, shares in thousands)2022202120222021
Numerator:
Net income available to common stockholders$429 $365 $1,234 $1,399 
Denominator:
Weighted average common shares outstanding—basic 59,096 57,723 58,945 54,772 
Weighted average effect of dilutive securities:
Stock options and ESPP165 268 206 278 
Restricted stock units and awards288 530 384 567 
Weighted average common shares outstanding—diluted59,549 58,521 59,535 55,617 
Earnings per common share:
Basic$7.26 $6.33 $20.94 $25.54 
Diluted 7.21 6.24 20.73 25.16 
The following table summarizes the weighted-average common shares excluded from the diluted EPS calculation due to the antidilutive effect for the three and nine months ended September 30, 2022 and 2021:
 Three months ended September 30, Nine months ended September 30,
(Shares in thousands)2022202120222021
Stock options142 56 105 31 
Restricted stock units477 — 99 — 
Total619 56 204 31 
Preferred Stock
The following table summarizes our preferred stock at September 30, 2022:
SeriesDescriptionAmount outstanding (in millions)Carrying value
(in millions)
Shares issued and outstandingPar ValueOwnership interest per depositary shareLiquidation preference per depositary share2022 dividends paid per depositary share
Series A
5.25% Fixed-Rate Non-Cumulative Perpetual Preferred Stock
$350 $340 350,000$0.001 
1/40th
$25 $0.984375 
Series B
4.100% Fixed-Rate Non-Cumulative Perpetual Preferred Stock
750 739 7,5000.001 
1/100th
1,000 30.75 
Series C
4.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock
1,000 985 10,0000.001 
1/100th
1,000 30.00 
Series D
4.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock
1,000 989 10,0000.001 
1/100th
1,000 33.88 
Series E
4.700% Fixed-Rate Non-Cumulative Perpetual Preferred Stock
600 593 6,0000.001 
1/100th
1,000 37.47 
Consolidated Statement of Changes in Equity
The following table summarizes the changes in our consolidated equity for the three months ended September 30, 2022 and 2021:
 Preferred
Stock
Common StockAdditional
Paid-in Capital
Retained
Earnings
Accumulated
Other
Comprehensive Income (Loss)
Total SVBFG
Stockholders’ Equity
Noncontrolling InterestsTotal 
Equity
(Dollars in millions, except share data)SharesAmount
Balance at June 30, 2021$2,064 54,530,307 $ $2,755 $6,706 $142 $11,667 $300 $11,967 
Common stock issued under employee benefit plans and ESOP, net of restricted stock cancellations— 32,195 — — — — 
Issuance of Common Stock— 2,227,000 — 1,245 — — 1,245 — 1,245 
Issuance of common stock for the acquisition of Boston Private— 1,887,981 — 1,060 1,060 1,060 
Net income— — — — 387 — 387 88 475 
Capital calls and distributions, net— — — — — — — (19)(19)
Other comprehensive income (loss), net of tax— — — — — (77)(77)— (77)
Share-based compensation, net— — — 38 — — 38 — 38 
Dividends on preferred stock— — — — (22)— (22)— (22)
Balance at September 30, 2021$2,064 58,677,483 $— $5,100 $7,071 $65 $14,300 $369 $14,669 
Balance at June 30, 2022$3,646 59,081,326 $ $5,223 $8,247 $(1,198)$15,918 $358 $16,276 
Common stock issued under employee benefit plans and ESOP, net of restricted stock cancellations— 22,798 — (2)— — (2)— (2)
Net income— — — — 469 — 469 (51)418 
Capital calls and distributions, net— — — — — — — (6)(6)
Other comprehensive income (loss), net of tax— — — — — (887)(887)— (887)
Share-based compensation, net— — — 51 — — 51 — 51 
Dividends on preferred stock— — — — (40)— (40)— (40)
Balance at September 30, 2022$3,646 59,104,124 $ $5,272 $8,676 $(2,085)$15,509 $301 $15,810