Delaware | 91-1962278 | |||||||
(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 | ||||||||||||
Common Stock, par value $0.001 per share | SIVB | The Nasdaq Stock Market LLC | ||||||||||||
Depositary shares, each representing a 1/40th ownership interest in a share of 5.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A | SIVBP | The Nasdaq Stock Market LLC |
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ACL — Allowance for Credit Losses | HTM — Held-to-Maturity | ||||
AFS — Available-for-Sale | IASB — International Accounting Standards Board | ||||
AIR — Accrued Interest Receivable | IOSCO — International Organization of Securities Commissions | ||||
ALCO — Asset Liability Management Committee | IPO — Initial Public Offering | ||||
AOCI — Accumulated Other Comprehensive Income | IRS — Internal Revenue Service | ||||
ARRC — Alternative Reference Rates Committee | ISDA — International Swaps and Derivatives Association, Inc. | ||||
ASC — Accounting Standards Codification | IT — Information Technology | ||||
ASU — Accounting Standards Update | LCR — Liquidity Coverage Ratio | ||||
AUM — Private Bank Assets Under Management | LIBOR — London Interbank Offered Rate | ||||
Boston Private — Boston Private Financial Holdings, Inc. | M&A — Merger and Acquisition | ||||
BPS — Basis Points | MBS — Mortgage-Backed Securities | ||||
C&I — Commercial and Industrial | NFSR — Net Stable Funding Ratio | ||||
CECL — Current Expected Credit Losses | NII — Net Interest Income | ||||
CET1 — Common Equity Tier 1 | NM — Not meaningful | ||||
CMBS — Commercial Mortgage-Backed Securities | OREO — Other Real Estate Owned | ||||
CMO — Collateralized Mortgage Obligations | PCD — Purchased Credit-Deteriorated | ||||
CRA — Community Reinvestment Act | PPP — Paycheck Protection Program | ||||
CRE — Commercial Real Estate | PPPLF — Paycheck Protection Program Lending Facility | ||||
EHOP — Employee Home Ownership Program of the Company | SBA — U.S. Small Business Association | ||||
EPS — Earnings Per Share | SEC — Securities and Exchange Commission | ||||
ERI — Energy and Resource Innovation | SLBO — Sponsor-Led Buy-Out | ||||
ESOP — Employee Stock Ownership Plan of the Company | SOFR — Secured Overnight Financing Rate | ||||
ESPP — 1999 Employee Stock Purchase Plan of the Company | SPAC — Special Purpose Acquisition Company | ||||
EVE — Economic Value of Equity | SPD-SVB — SPD Silicon Valley Bank Co., Ltd. (the Bank's joint venture | ||||
FASB — Financial Accounting Standards Board | bank in China) | ||||
FDIC — Federal Deposit Insurance Corporation | SVB Securities — SVB Securities Holdings LLC | ||||
FHLB — Federal Home Loan Bank | TDR — Troubled Debt Restructuring | ||||
FRB — Federal Reserve Bank | U.K. — United Kingdom | ||||
FTE — Full-Time Equivalent | VIE — Variable Interest Entity | ||||
FTP — Funds Transfer Pricing | |||||
GAAP — Accounting principles generally accepted in the United | |||||
States of America |
(Dollars in thousands, except par value and share data) | September 30, 2017 | December 31, 2016 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | 3,555,571 | $ | 2,545,750 | ||||
Available-for-sale securities, at fair value (cost of $12,584,564 and $12,588,783, respectively) | 12,603,337 | 12,620,411 | ||||||
Held-to-maturity securities, at cost (fair value of $11,023,415 and $8,376,138, respectively) | 11,055,006 | 8,426,998 | ||||||
Non-marketable and other securities | 627,469 | 622,552 | ||||||
Total investment securities | 24,285,812 | 21,669,961 | ||||||
Loans, net of unearned income | 22,189,327 | 19,899,944 | ||||||
Allowance for loan losses | (249,010 | ) | (225,366 | ) | ||||
Net loans | 21,940,317 | 19,674,578 | ||||||
Premises and equipment, net of accumulated depreciation and amortization | 122,826 | 120,683 | ||||||
Accrued interest receivable and other assets | 849,761 | 672,688 | ||||||
Total assets | $ | 50,754,287 | $ | 44,683,660 | ||||
Liabilities and total equity | ||||||||
Liabilities: | ||||||||
Noninterest-bearing demand deposits | $ | 36,862,021 | $ | 31,975,457 | ||||
Interest-bearing deposits | 7,950,012 | 7,004,411 | ||||||
Total deposits | 44,812,033 | 38,979,868 | ||||||
Short-term borrowings | 4,840 | 512,668 | ||||||
Other liabilities | 990,498 | 618,383 | ||||||
Long-term debt | 749,618 | 795,704 | ||||||
Total liabilities | 46,556,989 | 40,906,623 | ||||||
Commitments and contingencies (Note 12 and Note 15) | ||||||||
SVBFG stockholders’ equity: | ||||||||
Preferred stock, $0.001 par value, 20,000,000 shares authorized; no shares issued and outstanding | — | — | ||||||
Common stock, $0.001 par value, 150,000,000 shares authorized; 52,723,654 shares and 52,254,074 shares outstanding, respectively | 53 | 52 | ||||||
Additional paid-in capital | 1,294,499 | 1,242,741 | ||||||
Retained earnings | 2,749,627 | 2,376,331 | ||||||
Accumulated other comprehensive income | 15,634 | 23,430 | ||||||
Total SVBFG stockholders’ equity | 4,059,813 | 3,642,554 | ||||||
Noncontrolling interests | 137,485 | 134,483 | ||||||
Total equity | 4,197,298 | 3,777,037 | ||||||
Total liabilities and total equity | $ | 50,754,287 | $ | 44,683,660 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands, except per share amounts) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Interest income: | ||||||||||||||||
Loans | $ | 268,445 | $ | 214,227 | $ | 745,983 | $ | 617,456 | ||||||||
Investment securities: | ||||||||||||||||
Taxable | 109,443 | 83,468 | 294,768 | 261,121 | ||||||||||||
Non-taxable | 1,172 | 522 | 2,703 | 1,693 | ||||||||||||
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities | 6,211 | 2,196 | 16,670 | 5,793 | ||||||||||||
Total interest income | 385,271 | 300,413 | 1,060,124 | 886,063 | ||||||||||||
Interest expense: | ||||||||||||||||
Deposits | 2,304 | 1,535 | 6,218 | 3,984 | ||||||||||||
Borrowings | 8,993 | 9,717 | 27,243 | 28,161 | ||||||||||||
Total interest expense | 11,297 | 11,252 | 33,461 | 32,145 | ||||||||||||
Net interest income | 373,974 | 289,161 | 1,026,663 | 853,918 | ||||||||||||
Provision for credit losses (1) | 23,522 | 20,004 | 70,062 | 90,225 | ||||||||||||
Net interest income after provision for credit losses | 350,452 | 269,157 | 956,601 | 763,693 | ||||||||||||
Noninterest income: | ||||||||||||||||
Gains on investment securities, net | 15,238 | 23,178 | 48,838 | 41,764 | ||||||||||||
Gains on equity warrant assets, net (2) | 24,922 | 21,558 | 42,432 | 33,253 | ||||||||||||
Foreign exchange fees | 29,671 | 25,944 | 82,026 | 76,998 | ||||||||||||
Credit card fees | 20,270 | 18,295 | 56,099 | 49,226 | ||||||||||||
Deposit service charges | 14,508 | 13,356 | 43,046 | 39,142 | ||||||||||||
Client investment fees | 15,563 | 7,952 | 37,571 | 23,959 | ||||||||||||
Lending related fees | 15,404 | 8,168 | 32,874 | 23,783 | ||||||||||||
Letters of credit and standby letters of credit fees | 7,306 | 6,811 | 20,951 | 18,414 | ||||||||||||
Other (2) | 15,896 | 18,878 | 41,128 | 36,511 | ||||||||||||
Total noninterest income | 158,778 | 144,140 | 404,965 | 343,050 | ||||||||||||
Noninterest expense: | ||||||||||||||||
Compensation and benefits | 153,263 | 136,568 | 449,412 | 374,410 | ||||||||||||
Professional services | 32,987 | 23,443 | 86,331 | 67,959 | ||||||||||||
Premises and equipment | 18,937 | 16,291 | 53,753 | 47,861 | ||||||||||||
Net occupancy | 12,660 | 9,525 | 35,437 | 28,919 | ||||||||||||
Business development and travel | 10,329 | 8,504 | 30,913 | 30,077 | ||||||||||||
FDIC and state assessments | 8,359 | 7,805 | 26,354 | 21,624 | ||||||||||||
Correspondent bank fees | 3,162 | 3,104 | 9,770 | 9,469 | ||||||||||||
Other | 18,064 | 15,533 | 54,670 | 44,292 | ||||||||||||
Total noninterest expense (1) | 257,761 | 220,773 | 746,640 | 624,611 | ||||||||||||
Income before income tax expense | 251,469 | 192,524 | 614,926 | 482,132 | ||||||||||||
Income tax expense (3) | 97,351 | 76,877 | 220,412 | 195,508 | ||||||||||||
Net income before noncontrolling interests | 154,118 | 115,647 | 394,514 | 286,624 | ||||||||||||
Net income loss attributable to noncontrolling interests | (5,498 | ) | (4,566 | ) | (21,218 | ) | (3,405 | ) | ||||||||
Net income available to common stockholders (3) | $ | 148,620 | $ | 111,081 | $ | 373,296 | $ | 283,219 | ||||||||
Earnings per common share—basic (3) | $ | 2.82 | $ | 2.13 | $ | 7.11 | $ | 5.46 | ||||||||
Earnings per common share—diluted (3) | 2.79 | 2.12 | 7.01 | 5.42 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income before noncontrolling interests | $ | 154,118 | $ | 115,647 | $ | 394,514 | $ | 286,624 | ||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Change in cumulative translation gains (losses): | ||||||||||||||||
Foreign currency translation gains (losses) | 1,928 | (119 | ) | 4,463 | (2,168 | ) | ||||||||||
Related tax (expense) benefit | (787 | ) | 50 | (1,821 | ) | 885 | ||||||||||
Change in unrealized gains (losses) on available-for-sale securities: | ||||||||||||||||
Unrealized holding gains (losses) | 925 | (54,204 | ) | (12,471 | ) | 157,564 | ||||||||||
Related tax (expense) benefit | (429 | ) | 21,932 | 5,207 | (64,357 | ) | ||||||||||
Reclassification adjustment for losses (gains) included in net income | 101 | 15 | (384 | ) | (11,567 | ) | ||||||||||
Related tax (benefit) expense | (41 | ) | (6 | ) | 157 | 4,707 | ||||||||||
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity | (1,594 | ) | (1,690 | ) | (4,931 | ) | (6,507 | ) | ||||||||
Related tax benefit | 641 | 680 | 1,984 | 2,618 | ||||||||||||
Other comprehensive income (loss), net of tax | 744 | (33,342 | ) | (7,796 | ) | 81,175 | ||||||||||
Comprehensive income | 154,862 | 82,305 | 386,718 | 367,799 | ||||||||||||
Comprehensive income attributable to noncontrolling interests | (5,498 | ) | (4,566 | ) | (21,218 | ) | (3,405 | ) | ||||||||
Comprehensive income attributable to SVBFG | $ | 149,364 | $ | 77,739 | $ | 365,500 | $ | 364,394 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Total SVBFG Stockholders’ Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||
(Dollars in thousands) | Shares | Amount | |||||||||||||||||||||||||||||
Balance at December 31, 2015 | 51,610,226 | $ | 52 | $ | 1,189,032 | $ | 1,993,646 | $ | 15,404 | $ | 3,198,134 | $ | 135,097 | $ | 3,333,231 | ||||||||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 408,044 | — | 8,661 | — | — | 8,661 | — | 8,661 | |||||||||||||||||||||||
Common stock issued under ESOP | 43,165 | — | 4,328 | — | — | 4,328 | — | 4,328 | |||||||||||||||||||||||
Income tax effect from stock options exercised, vesting of restricted stock and other (1) | — | — | (6,300 | ) | — | — | (6,300 | ) | — | (6,300 | ) | ||||||||||||||||||||
Net income | — | — | — | 283,219 | — | 283,219 | 3,405 | 286,624 | |||||||||||||||||||||||
Capital calls and distributions, net | — | — | — | — | — | — | (8,236 | ) | (8,236 | ) | |||||||||||||||||||||
Net change in unrealized gains and losses on AFS securities, net of tax | — | — | — | — | 86,347 | 86,347 | — | 86,347 | |||||||||||||||||||||||
Amortization of unrealized gains on securities transferred from AFS to HTM, net of tax | — | — | — | — | (3,889 | ) | (3,889 | ) | — | (3,889 | ) | ||||||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | (1,283 | ) | (1,283 | ) | — | (1,283 | ) | ||||||||||||||||||||
Share-based compensation, net | — | — | 23,834 | — | — | 23,834 | — | 23,834 | |||||||||||||||||||||||
Balance at September 30, 2016 | 52,061,435 | $ | 52 | $ | 1,219,555 | $ | 2,276,865 | $ | 96,579 | $ | 3,593,051 | $ | 130,266 | $ | 3,723,317 | ||||||||||||||||
Balance at December 31, 2016 | 52,254,074 | $ | 52 | $ | 1,242,741 | $ | 2,376,331 | $ | 23,430 | $ | 3,642,554 | $ | 134,483 | $ | 3,777,037 | ||||||||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 458,742 | 1 | 14,191 | — | — | 14,192 | — | 14,192 | |||||||||||||||||||||||
Common stock issued under ESOP | 10,838 | — | 2,094 | — | — | 2,094 | — | 2,094 | |||||||||||||||||||||||
Income tax effect from stock options exercised, vesting of restricted stock and other (1) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Net income | — | — | — | 373,296 | — | 373,296 | 21,218 | 394,514 | |||||||||||||||||||||||
Capital calls and distributions, net | — | — | — | — | — | — | (18,216 | ) | (18,216 | ) | |||||||||||||||||||||
Net change in unrealized gains and losses on AFS securities, net of tax | — | — | — | — | (7,491 | ) | (7,491 | ) | — | (7,491 | ) | ||||||||||||||||||||
Amortization of unrealized gains on securities transferred from AFS to HTM, net of tax | — | — | — | — | (2,947 | ) | (2,947 | ) | — | (2,947 | ) | ||||||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | 2,642 | 2,642 | — | 2,642 | |||||||||||||||||||||||
Share-based compensation, net | — | — | 35,473 | — | — | 35,473 | — | 35,473 | |||||||||||||||||||||||
Balance at September 30, 2017 | 52,723,654 | $ | 53 | $ | 1,294,499 | $ | 2,749,627 | $ | 15,634 | $ | 4,059,813 | $ | 137,485 | $ | 4,197,298 |
Nine months ended September 30, | ||||||||
(Dollars in thousands) | 2017 | 2016 | ||||||
Cash flows from operating activities: | ||||||||
Net income before noncontrolling interests | $ | 394,514 | $ | 286,624 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Provision for credit losses | 70,062 | 90,225 | ||||||
Changes in fair values of equity warrant assets, net of proceeds from exercises | (29,666 | ) | (20,505 | ) | ||||
Changes in fair values of derivatives, net | 8,214 | (4,370 | ) | |||||
Gains on investment securities, net | (48,838 | ) | (41,764 | ) | ||||
Depreciation and amortization | 39,265 | 35,114 | ||||||
Amortization of premiums and discounts on investment securities, net | 2,609 | 9,622 | ||||||
Amortization of share-based compensation | 27,739 | 22,342 | ||||||
Amortization of deferred loan fees | (81,060 | ) | (72,807 | ) | ||||
Deferred income tax benefit | 2,325 | (6,839 | ) | |||||
Gain from sale of equity valuation services business | (2,393 | ) | — | |||||
Excess tax benefit from exercise of stock options and vesting of restricted shares (1) | (14,399 | ) | — | |||||
Changes in other assets and liabilities: | ||||||||
Accrued interest receivable and payable, net | (26,092 | ) | 1,169 | |||||
Accounts receivable and payable, net | 4,120 | (12,872 | ) | |||||
Income tax receivable and payable, net | 30,069 | 13,181 | ||||||
Accrued compensation | (11,731 | ) | (48,740 | ) | ||||
Foreign exchange spot contracts, net | 86,911 | 1,803 | ||||||
Other, net | 16,383 | 20,821 | ||||||
Net cash provided by operating activities | 468,032 | 273,004 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of available-for-sale securities | (2,420,741 | ) | — | |||||
Proceeds from sales of available-for-sale securities | 7,311 | 2,879,409 | ||||||
Proceeds from maturities and pay downs of available-for-sale securities | 2,434,039 | 1,002,523 | ||||||
Purchases of held-to-maturity securities | (3,812,782 | ) | (225,526 | ) | ||||
Proceeds from maturities and pay downs of held-to-maturity securities | 1,283,764 | 1,206,367 | ||||||
Purchases of non-marketable and other securities | (18,713 | ) | (41,925 | ) | ||||
Proceeds from sales and distributions of non-marketable and other securities | 88,809 | 54,420 | ||||||
Net increase in loans | (2,263,600 | ) | (2,365,640 | ) | ||||
Purchases of premises and equipment | (35,470 | ) | (37,184 | ) | ||||
Proceeds from sale of equity valuation services business | 3,000 | — | ||||||
Net cash (used for) provided by investing activities | (4,734,383 | ) | 2,472,444 | |||||
Cash flows from financing activities: | ||||||||
Net increase (decrease) in deposits | 5,832,165 | (953,360 | ) | |||||
Net decrease in short-term borrowings | (507,828 | ) | (772,479 | ) | ||||
Principal payments of long-term debt | (46,235 | ) | — | |||||
(Distributions to noncontrolling interests), net of contributions from noncontrolling interests | (18,216 | ) | (8,236 | ) | ||||
Tax effect from stock exercises (1) | — | (6,300 | ) | |||||
Proceeds from issuance of common stock, ESPP and ESOP | 16,286 | 12,989 | ||||||
Net cash provided by (used for) financing activities | 5,276,172 | (1,727,386 | ) | |||||
Net increase in cash and cash equivalents | 1,009,821 | 1,018,062 | ||||||
Cash and cash equivalents at beginning of period | 2,545,750 | 1,503,257 | ||||||
Cash and cash equivalents at end of period | $ | 3,555,571 | $ | 2,521,319 | ||||
Supplemental disclosures: | ||||||||
Cash paid during the period for: | ||||||||
Interest | $ | 41,324 | $ | 39,317 | ||||
Income taxes | 190,706 | 186,474 | ||||||
Noncash items during the period: | ||||||||
Changes in unrealized gains and losses on available-for-sale securities, net of tax | $ | (7,491 | ) | $ | 86,347 | |||
Distributions of stock from investments | 5,360 | 750 |
(Dollars in millions, except par value and share data) | June 30, 2022 | December 31, 2021 | ||||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents | $ | 15,398 | $ | 14,619 | ||||||||||
Available-for-sale securities, at fair value (cost of $28,141 and $27,370, respectively) | 26,223 | 27,221 | ||||||||||||
Held-to-maturity securities, at amortized cost and net of allowance for credit losses of $6 and $7 (fair value of $84,579 and $97,227, respectively) | 95,814 | 98,195 | ||||||||||||
Non-marketable and other equity securities | 2,645 | 2,543 | ||||||||||||
Total investment securities | 124,682 | 127,959 | ||||||||||||
Loans, amortized cost | 70,955 | 66,276 | ||||||||||||
Allowance for credit losses: loans | (545) | (422) | ||||||||||||
Net loans | 70,410 | 65,854 | ||||||||||||
Premises and equipment, net of accumulated depreciation and amortization | 294 | 270 | ||||||||||||
Goodwill | 375 | 375 | ||||||||||||
Other intangible assets, net | 148 | 160 | ||||||||||||
Lease right-of-use assets | 305 | 313 | ||||||||||||
Accrued interest receivable and other assets | 2,777 | 1,928 | ||||||||||||
Total assets | $ | 214,389 | $ | 211,478 | ||||||||||
Liabilities and total equity: | ||||||||||||||
Liabilities: | ||||||||||||||
Noninterest-bearing demand deposits | $ | 113,969 | $ | 125,851 | ||||||||||
Interest-bearing deposits | 73,976 | 63,352 | ||||||||||||
Total deposits | 187,945 | 189,203 | ||||||||||||
Short-term borrowings | 3,703 | 121 | ||||||||||||
Lease liabilities | 377 | 388 | ||||||||||||
Other liabilities | 2,721 | 2,587 | ||||||||||||
Long-term debt | 3,367 | 2,570 | ||||||||||||
Total liabilities | 198,113 | 194,869 | ||||||||||||
Commitments and contingencies (Note 11 and Note 14) | 0 | 0 | ||||||||||||
SVBFG stockholders’ equity: | ||||||||||||||
Preferred stock, $0.001 par value, 20,000,000 shares authorized; 383,500 and 383,500 shares issued and outstanding, respectively | 3,646 | 3,646 | ||||||||||||
Common stock, $0.001 par value, 150,000,000 shares authorized; 59,081,326 and 58,748,469 shares issued and outstanding, respectively | — | — | ||||||||||||
Additional paid-in capital | 5,223 | 5,157 | ||||||||||||
Retained earnings | 8,247 | 7,442 | ||||||||||||
Accumulated other comprehensive income (loss) | (1,198) | (9) | ||||||||||||
Total SVBFG stockholders’ equity | 15,918 | 16,236 | ||||||||||||
Noncontrolling interests | 358 | 373 | ||||||||||||
Total equity | 16,276 | 16,609 | ||||||||||||
Total liabilities and total equity | $ | 214,389 | $ | 211,478 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(Dollars in millions, except per share amounts) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||
Loans | $ | 654 | $ | 472 | $ | 1,224 | $ | 903 | ||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||
Taxable | 562 | 251 | 1,073 | 475 | ||||||||||||||||||||||
Non-taxable | 35 | 24 | 70 | 45 | ||||||||||||||||||||||
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities | 23 | 4 | 29 | 7 | ||||||||||||||||||||||
Total interest income | 1,274 | 751 | 2,396 | 1,430 | ||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Deposits | 77 | 12 | 99 | 22 | ||||||||||||||||||||||
Borrowings | 30 | 11 | 48 | 20 | ||||||||||||||||||||||
Total interest expense | 107 | 23 | 147 | 42 | ||||||||||||||||||||||
Net interest income | 1,167 | 728 | 2,249 | 1,388 | ||||||||||||||||||||||
Provision for credit losses | 196 | 35 | 207 | 54 | ||||||||||||||||||||||
Net interest income after provision for credit losses | 971 | 693 | 2,042 | 1,334 | ||||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||
Gains/(loss) on investment securities, net | (157) | 305 | (72) | 472 | ||||||||||||||||||||||
Gains on equity warrant assets, net | 17 | 122 | 80 | 344 | ||||||||||||||||||||||
Client investment fees | 83 | 15 | 118 | 35 | ||||||||||||||||||||||
Wealth management and trust fees | 22 | — | 44 | — | ||||||||||||||||||||||
Foreign exchange fees | 69 | 67 | 142 | 124 | ||||||||||||||||||||||
Credit card fees | 40 | 31 | 77 | 59 | ||||||||||||||||||||||
Deposit service charges | 32 | 28 | 62 | 53 | ||||||||||||||||||||||
Lending related fees | 26 | 18 | 45 | 34 | ||||||||||||||||||||||
Letters of credit and standby letters of credit fees | 14 | 13 | 28 | 26 | ||||||||||||||||||||||
Investment banking revenue | 125 | 103 | 218 | 245 | ||||||||||||||||||||||
Commissions | 24 | 17 | 49 | 41 | ||||||||||||||||||||||
Other | 67 | 42 | 88 | 72 | ||||||||||||||||||||||
Total noninterest income | 362 | 761 | 879 | 1,505 | ||||||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||||
Compensation and benefits | 502 | 425 | 1,086 | 870 | ||||||||||||||||||||||
Professional services | 132 | 97 | 238 | 178 | ||||||||||||||||||||||
Premises and equipment | 60 | 37 | 118 | 70 | ||||||||||||||||||||||
Net occupancy | 26 | 17 | 49 | 35 | ||||||||||||||||||||||
Business development and travel | 27 | 3 | 41 | 7 | ||||||||||||||||||||||
FDIC and state assessments | 16 | 10 | 32 | 20 | ||||||||||||||||||||||
Merger-related charges | 16 | 19 | 32 | 19 | ||||||||||||||||||||||
Other | 69 | 45 | 125 | 90 | ||||||||||||||||||||||
Total noninterest expense | 848 | 653 | 1,721 | 1,289 | ||||||||||||||||||||||
Income before income tax expense | 485 | 801 | 1,200 | 1,550 | ||||||||||||||||||||||
Income tax expense | 132 | 173 | 314 | 360 | ||||||||||||||||||||||
Net income before noncontrolling interests and dividends | 353 | 628 | 886 | 1,190 | ||||||||||||||||||||||
Net (income)/loss attributable to noncontrolling interests | 20 | (113) | 2 | (138) | ||||||||||||||||||||||
Preferred stock dividends | (40) | (13) | (83) | (18) | ||||||||||||||||||||||
Net income available to common stockholders | $ | 333 | $ | 502 | $ | 805 | $ | 1,034 | ||||||||||||||||||
Earnings per common share—basic | $ | 5.65 | $ | 9.23 | $ | 13.68 | $ | 19.40 | ||||||||||||||||||
Earnings per common share—diluted | 5.60 | 9.09 | 13.52 | 19.10 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Net income before noncontrolling interests | $ | 353 | $ | 628 | $ | 886 | $ | 1,190 | ||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||
Change in foreign currency cumulative translation gains and losses: | ||||||||||||||||||||||||||
Foreign currency translation (losses) gains | (33) | 2 | (42) | 2 | ||||||||||||||||||||||
Related tax benefit (expense) | 9 | (1) | 12 | (1) | ||||||||||||||||||||||
Change in unrealized gains and losses on AFS securities: | ||||||||||||||||||||||||||
Unrealized holding gains (losses) | (569) | 270 | (1,547) | (554) | ||||||||||||||||||||||
Related tax benefit (expense) | 161 | (75) | 438 | 154 | ||||||||||||||||||||||
Reclassification adjustment for loss (gains) included in net income | 1 | — | (48) | — | ||||||||||||||||||||||
Related tax expense | — | — | 14 | — | ||||||||||||||||||||||
Cumulative-effect adjustment for unrealized losses on securities transferred from AFS to HTM | — | (87) | — | (78) | ||||||||||||||||||||||
Related tax benefit | — | 25 | — | 22 | ||||||||||||||||||||||
Amortization of unrealized holding net gains (losses) on securities transferred from AFS to HTM | 4 | (2) | 7 | (5) | ||||||||||||||||||||||
Related tax (expense) benefit | (1) | — | (2) | 1 | ||||||||||||||||||||||
Change in unrealized gains and losses on cash flow hedges: | ||||||||||||||||||||||||||
Reclassification adjustment for gains included in net income | (14) | (16) | (29) | (31) | ||||||||||||||||||||||
Related tax expense | 4 | 5 | 8 | 9 | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (438) | 121 | (1,189) | (481) | ||||||||||||||||||||||
Comprehensive income (loss) | (85) | 749 | (303) | 709 | ||||||||||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | 20 | (113) | 2 | (138) | ||||||||||||||||||||||
Comprehensive income (loss) attributable to SVBFG | $ | (65) | $ | 636 | $ | (301) | $ | 571 |
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 millions, except share data) | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 340 | 51,888,463 | $ | — | $ | 1,585 | $ | 5,672 | $ | 623 | $ | 8,220 | $ | 213 | $ | 8,433 | |||||||||||||||||||||||||||||||||||||||
Common stock issued under employee benefit plans and ESOP, net of restricted stock cancellations | — | 341,844 | — | (3) | — | — | (3) | — | (3) | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock | — | 2,300,000 | — | 1,118 | — | — | 1,118 | — | 1,118 | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Preferred Stock | 1,724 | — | — | — | — | — | 1,724 | — | 1,724 | |||||||||||||||||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | 1,052 | — | 1,052 | 138 | 1,190 | |||||||||||||||||||||||||||||||||||||||||||||||
Capital calls and distributions, net | — | — | — | — | — | — | — | (51) | (51) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | (481) | (481) | — | (481) | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net | — | — | — | 55 | — | — | 55 | — | 55 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred stock | — | — | — | — | (18) | — | (18) | — | (18) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 2,064 | 54,530,307 | $ | — | $ | 2,755 | $ | 6,706 | $ | 142 | $ | 11,667 | $ | 300 | $ | 11,967 | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 3,646 | 58,748,469 | $ | — | $ | 5,157 | $ | 7,442 | $ | (9) | $ | 16,236 | $ | 373 | $ | 16,609 | |||||||||||||||||||||||||||||||||||||||
Common stock issued under employee benefit plans and ESOP, net of restricted stock cancellations | — | 332,857 | — | (29) | — | — | (29) | — | (29) | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 888 | — | 888 | (2) | 886 | |||||||||||||||||||||||||||||||||||||||||||||||
Capital calls and distributions, net | — | — | — | — | — | — | — | (13) | (13) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | (1,189) | (1,189) | — | (1,189) | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net | — | — | — | 95 | — | — | 95 | — | 95 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred stock | — | — | — | — | (83) | — | (83) | — | (83) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 3,646 | 59,081,326 | $ | — | $ | 5,223 | $ | 8,247 | $ | (1,198) | $ | 15,918 | $ | 358 | $ | 16,276 |
Six months ended June 30, | ||||||||||||||
(Dollars in millions) | 2022 | 2021 | ||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income before noncontrolling interests | $ | 886 | $ | 1,190 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Provision for credit losses | 207 | 54 | ||||||||||||
Changes in fair values of equity warrant assets, net of proceeds from exercises | (20) | (40) | ||||||||||||
Changes in fair values of derivatives, net | 121 | 7 | ||||||||||||
Losses (Gains) on investment securities, net | 72 | (472) | ||||||||||||
Distributions of earnings from non-marketable and other equity securities | 29 | 104 | ||||||||||||
Depreciation and amortization | 100 | 61 | ||||||||||||
Amortization of premiums and discounts on investment securities, net | 191 | 166 | ||||||||||||
Amortization of share-based compensation | 94 | 55 | ||||||||||||
Amortization of deferred loan fees | (133) | (115) | ||||||||||||
Deferred income tax (benefit) expense | (53) | 33 | ||||||||||||
Excess tax benefit from exercise of stock options and vesting of restricted shares | (20) | (30) | ||||||||||||
Changes in other assets and liabilities: | ||||||||||||||
Accrued interest receivable and payable, net | (61) | (86) | ||||||||||||
Accounts receivable and payable, net | (3) | 18 | ||||||||||||
Income tax receivable and payable, net | 96 | (49) | ||||||||||||
Accrued compensation | (452) | (137) | ||||||||||||
Other, net | 357 | (64) | ||||||||||||
Net cash provided by operating activities | 1,411 | 695 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchases of AFS securities | (10,351) | (2,289) | ||||||||||||
Proceeds from sales of AFS securities | 8,511 | — | ||||||||||||
Proceeds from maturities and paydowns of AFS securities | 853 | 2,948 | ||||||||||||
Purchases of HTM securities | (4,961) | (42,683) | ||||||||||||
Proceeds from maturities and paydowns of HTM securities | 7,140 | 5,104 | ||||||||||||
Purchases of non-marketable and other equity securities | (219) | (75) | ||||||||||||
Proceeds from sales and distributions of capital of non-marketable and other equity securities | 71 | 568 | ||||||||||||
Net increase in loans | (4,607) | (5,573) | ||||||||||||
Purchases of premises and equipment | (65) | (41) | ||||||||||||
Net cash used for investing activities | (3,628) | (42,041) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Net (decrease) increase in deposits | (1,258) | 43,856 | ||||||||||||
Net increase in short-term borrowings | 3,582 | 13 | ||||||||||||
Proceeds from issuance of long-term debt | 797 | 990 | ||||||||||||
(Distributions to noncontrolling interests), net of contributions from noncontrolling interests | (13) | (51) | ||||||||||||
Net proceeds from the issuance of preferred stock | — | 1,724 | ||||||||||||
Payment of preferred stock dividend | (83) | (17) | ||||||||||||
Proceeds from issuance of common stock, ESPP and ESOP, net of restricted stock awards | (29) | 1,115 | ||||||||||||
Net cash provided by financing activities | 2,996 | 47,630 | ||||||||||||
Net increase in cash and cash equivalents | 779 | 6,284 | ||||||||||||
Cash and cash equivalents at beginning of period | 14,619 | 17,675 | ||||||||||||
Cash and cash equivalents at end of period | $ | 15,398 | $ | 23,959 | ||||||||||
Supplemental disclosures: | ||||||||||||||
Cash paid during the period for: | ||||||||||||||
Interest | $ | 138 | $ | 31 | ||||||||||
Income taxes | 252 | 370 | ||||||||||||
Noncash items during the period: | ||||||||||||||
Changes in unrealized gains and losses on AFS securities, net of tax | $ | (1,143) | $ | (400) | ||||||||||
Distributions of stock from investments | — | 43 | ||||||||||||
Transfers from AFS securities to HTM | — | 5,766 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
(Dollars in thousands) | Income Statement Location | 2017 | 2016 | 2017 | 2016 | |||||||||||||
Reclassification adjustment for losses (gains) included in net income | Gains on investment securities, net | $ | 101 | $ | 15 | $ | (384 | ) | $ | (11,567 | ) | |||||||
Related tax (benefit) expense | Income tax expense | (41 | ) | (6 | ) | 157 | 4,707 | |||||||||||
Total reclassification adjustment for losses (gains) included in net income, net of tax | $ | 60 | $ | 9 | $ | (227 | ) | $ | (6,860 | ) |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||
(Dollars in millions) | Income Statement Location | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
Reclassification adjustment for loss (gains) included in net income | Gains/(loss) on investment securities, net | $ | 1 | $ | — | $ | (48) | $ | — | |||||||||||||||||||||||
Related tax expense | Income tax expense | — | — | 14 | — | |||||||||||||||||||||||||||
Reclassification adjustment for gains included in net income | Net interest income | (14) | (16) | (29) | (31) | |||||||||||||||||||||||||||
Related tax expense | Income tax expense | 4 | 5 | 8 | 9 | |||||||||||||||||||||||||||
Total reclassification adjustment for gains included in net income, net of tax | $ | (9) | $ | (11) | $ | (55) | $ | (22) |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Balance, beginning of period, net of tax | $ | 72 | $ | 118 | $ | 83 | $ | 129 | ||||||||||||||||||
Net realized (gain) loss reclassified to net income, net of tax | (10) | (11) | (21) | (22) | ||||||||||||||||||||||
Balance, end of period, net of tax | $ | 62 | $ | 107 | $ | 62 | $ | 107 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||
(Dollars and shares in thousands, except per share amounts) | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||
(Dollars in millions except per share amounts, shares in thousands) | (Dollars in millions except per share amounts, shares in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | |||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 148,620 | $ | 111,081 | $ | 373,296 | $ | 283,219 | Net income available to common stockholders | $ | 333 | $ | 502 | $ | 805 | $ | 1,034 | |||||||||||||||||||||||||
Denominator: | Denominator: | |||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding—basic | 52,705 | 52,046 | 52,530 | 51,842 | Weighted average common shares outstanding—basic | 58,935 | 54,353 | 58,868 | 53,272 | |||||||||||||||||||||||||||||||||
Weighted average effect of dilutive securities: | Weighted average effect of dilutive securities: | |||||||||||||||||||||||||||||||||||||||||
Stock options and ESPP | 343 | 233 | 381 | 245 | Stock options and ESPP | 192 | 272 | 221 | 274 | |||||||||||||||||||||||||||||||||
Restricted stock units | 257 | 134 | 319 | 142 | ||||||||||||||||||||||||||||||||||||||
Restricted stock units and awards | Restricted stock units and awards | 327 | 527 | 441 | 570 | |||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding—diluted | 53,305 | 52,413 | 53,230 | 52,229 | Weighted average common shares outstanding—diluted | 59,454 | 55,152 | 59,530 | 54,116 | |||||||||||||||||||||||||||||||||
Earnings per common share: | Earnings per common share: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 2.82 | $ | 2.13 | $ | 7.11 | $ | 5.46 | Basic | $ | 5.65 | $ | 9.23 | $ | 13.68 | $ | 19.40 | |||||||||||||||||||||||||
Diluted | $ | 2.79 | $ | 2.12 | $ | 7.01 | $ | 5.42 | Diluted | 5.60 | 9.09 | 13.52 | 19.10 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(Shares in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Stock options | 115 | 36 | 83 | 18 | ||||||||||||||||||||||
Restricted stock units | 404 | — | 93 | 44 | ||||||||||||||||||||||
Total | 519 | 36 | 176 | 62 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||
(Shares in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||
Stock options | 112 | 518 | 61 | 444 | ||||||||
Restricted stock units | 5 | 120 | 2 | 9 | ||||||||
Total | 117 | 638 | 63 | 453 |
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 | 2022 dividends paid per depositary share | ||||||||||||||||||||||||||||||||||||||||||
Series A | 5.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock | $ | 350 | $ | 340 | 350,000 | $ | 0.001 | 1/40th | $ | 25 | $ | 0.66 | |||||||||||||||||||||||||||||||||||||
Series B | 4.100% Fixed-Rate Non-Cumulative Perpetual Preferred Stock | 750 | 739 | 7,500 | 0.001 | 1/100th | 1,000 | 20.50 | ||||||||||||||||||||||||||||||||||||||||||
Series C | 4.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock | 1,000 | 985 | 10,000 | 0.001 | 1/100th | 1,000 | 20.00 | ||||||||||||||||||||||||||||||||||||||||||
Series D | 4.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock | 1,000 | 989 | 10,000 | 0.001 | 1/100th | 1,000 | 23.26 | ||||||||||||||||||||||||||||||||||||||||||
Series E | 4.700% Fixed-Rate Non-Cumulative Perpetual Preferred Stock | 600 | 593 | 6,000 | 0.001 | 1/100th | 1,000 | 25.72 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Share-based compensation expense | $ | 8,644 | $ | 7,916 | $ | 27,739 | $ | 22,342 | ||||||||
Income tax benefit related to share-based compensation expense | (3,154 | ) | (2,881 | ) | (9,518 | ) | (7,461 | ) |
(Dollars in thousands) | Unrecognized Expense | Weighted Average Expected Recognition Period - in Years | ||||
Stock options | $ | 10,935 | 2.72 | |||
Restricted stock units | 56,513 | 2.74 | ||||
Total unrecognized share-based compensation expense | $ | 67,448 |
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 millions, except share data) | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 1,079 | 54,001,797 | $ | — | $ | 2,591 | $ | 6,204 | $ | 21 | $ | 9,895 | $ | 226 | $ | 10,121 | |||||||||||||||||||||||||||||||||||||||
Common stock issued under employee benefit plans and ESOP, net of restricted stock cancellations | — | 228,510 | — | (5) | — | — | (5) | — | (5) | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock | — | 300,000 | — | 146 | — | — | 146 | — | 146 | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Preferred Stock | 985 | — | — | — | — | — | 985 | — | 985 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 515 | — | 515 | 113 | 628 | |||||||||||||||||||||||||||||||||||||||||||||||
Capital calls and distributions, net | — | — | — | — | — | — | — | (39) | (39) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | 121 | 121 | — | 121 | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net | — | — | — | 28 | — | — | 28 | — | 28 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred stock | — | — | — | — | (13) | — | (13) | — | (13) | |||||||||||||||||||||||||||||||||||||||||||||||
Other, net | — | — | — | (5) | — | — | (5) | — | (5) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 2,064 | 54,530,307 | $ | — | $ | 2,755 | $ | 6,706 | $ | 142 | $ | 11,667 | $ | 300 | $ | 11,967 | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 3,646 | 58,840,156 | $ | — | $ | 5,180 | $ | 7,914 | $ | (760) | $ | 15,980 | $ | 380 | $ | 16,360 | |||||||||||||||||||||||||||||||||||||||
Common stock issued under employee benefit plans and ESOP, net of restricted stock cancellations | — | 241,170 | — | (2) | — | — | (2) | — | (2) | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 373 | — | 373 | (20) | 353 | |||||||||||||||||||||||||||||||||||||||||||||||
Capital calls and distributions, net | — | — | — | — | — | — | — | (2) | (2) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | (438) | (438) | — | (438) | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net | — | — | — | 45 | — | — | 45 | — | 45 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred stock | — | — | — | — | (40) | — | (40) | — | (40) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 3,646 | 59,081,326 | $ | — | $ | 5,223 | $ | 8,247 | $ | (1,198) | $ | 15,918 | $ | 358 | $ | 16,276 |
Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life - in Years | Aggregate Intrinsic Value of In-The- Money Options | ||||||||||
Outstanding at December 31, 2016 | 1,010,557 | $ | 87.24 | ||||||||||
Granted | 113,535 | 178.23 | |||||||||||
Exercised | (232,370 | ) | 70.79 | ||||||||||
Forfeited | (9,491 | ) | 111.48 | ||||||||||
Outstanding at September 30, 2017 | 882,231 | 103.02 | 3.80 | $ | 74,172,891 | ||||||||
Vested and expected to vest at September 30, 2017 | 857,176 | 101.94 | 3.74 | 72,987,562 | |||||||||
Exercisable at September 30, 2017 | 533,847 | 83.46 | 2.73 | 55,323,524 |
Shares | Weighted Average Grant Date Fair Value | ||||||
Nonvested at December 31, 2016 | 670,969 | $ | 106.64 | ||||
Granted | 239,847 | 180.05 | |||||
Vested | (223,561 | ) | 102.00 | ||||
Forfeited | (38,871 | ) | 122.77 | ||||
Nonvested at September 30, 2017 | 648,384 | 134.43 |
(Dollars in millions) | Consolidated VIEs | Unconsolidated VIEs | Maximum Exposure to Loss in Unconsolidated VIEs | |||||||||||||||||
June 30, 2022: | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 10 | $ | — | $ | — | ||||||||||||||
Non-marketable and other equity securities (1) | 815 | 1,356 | 1,356 | |||||||||||||||||
Accrued interest receivable and other assets (2) | 34 | 6 | — | |||||||||||||||||
Total assets | $ | 859 | $ | 1,362 | $ | 1,356 | ||||||||||||||
Liabilities: | ||||||||||||||||||||
Other liabilities (1) | 22 | 614 | — | |||||||||||||||||
Long term debt (2) | — | 90 | — | |||||||||||||||||
Total liabilities | $ | 22 | $ | 704 | $ | — | ||||||||||||||
December 31, 2021: | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 13 | $ | — | $ | — | ||||||||||||||
Non-marketable and other equity securities (1) | 768 | 1,233 | 1,233 | |||||||||||||||||
Accrued interest receivable and other assets (2) | 31 | 6 | — | |||||||||||||||||
Total assets | $ | 812 | $ | 1,239 | $ | 1,233 | ||||||||||||||
Liabilities: | ||||||||||||||||||||
Other liabilities (1) | $ | 18 | $ | 482 | — | |||||||||||||||
Long term debt (2) | — | 90 | $ | — | ||||||||||||||||
Total liabilities | $ | 18 | $ | 572 | $ | — |
(Dollars in thousands) | Consolidated VIEs | Unconsolidated VIEs | Maximum Exposure to Loss in Unconsolidated VIEs | |||||||||
September 30, 2017: | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | $ | 7,555 | $ | — | $ | — | ||||||
Non-marketable and other securities (1) | 190,129 | 323,284 | 323,284 | |||||||||
Accrued interest receivable and other assets | 169 | — | — | |||||||||
Total assets | $ | 197,853 | $ | 323,284 | $ | 323,284 | ||||||
Liabilities: | ||||||||||||
Other liabilities (1) | 445 | 90,974 | — | |||||||||
Total liabilities | $ | 445 | $ | 90,974 | $ | — | ||||||
December 31, 2016: | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | $ | 11,469 | $ | — | $ | — | ||||||
Non-marketable and other securities (1) | 196,140 | 314,810 | 314,810 | |||||||||
Accrued interest receivable and other assets | 294 | — | — | |||||||||
Total assets | $ | 207,903 | $ | 314,810 | $ | 314,810 | ||||||
Liabilities: | ||||||||||||
Other liabilities (1) | 517 | 58,095 | — | |||||||||
Total liabilities | $ | 517 | $ | 58,095 | $ | — |
(Dollars in millions) | June 30, 2022 | December 31, 2021 | ||||||||||||
Cash and due from banks | $ | 1,801 | $ | 2,201 | ||||||||||
Interest bearing deposits with the Federal Reserve Bank | 7,827 | 5,686 | ||||||||||||
Interest bearing deposits with other institutions | 5,146 | 5,773 | ||||||||||||
Securities purchased under agreements to resell (1) | 544 | 607 | ||||||||||||
Other short-term investment securities | 80 | 352 | ||||||||||||
Total cash and cash equivalents | $ | 15,398 | $ | 14,619 |
(Dollars in thousands) | September 30, 2017 | December 31, 2016 | ||||||
Cash and due from banks (1) | $ | 3,490,005 | $ | 2,476,588 | ||||
Securities purchased under agreements to resell (2) | 62,664 | 64,028 | ||||||
Other short-term investment securities | 2,902 | 5,134 | ||||||
Total cash and cash equivalents | $ | 3,555,571 | $ | 2,545,750 |
5. Investment Securities |
June 30, 2022 | ||||||||||||||||||||||||||
(Dollars in millions) | Amortized Cost | Unrealized Gains | Unrealized Losses | Carrying Value | ||||||||||||||||||||||
AFS securities, at fair value: | ||||||||||||||||||||||||||
U.S. Treasury securities | $ | 17,101 | $ | — | $ | (709) | $ | 16,392 | ||||||||||||||||||
U.S. agency debentures | 138 | — | (16) | 122 | ||||||||||||||||||||||
Foreign government debt securities | 40 | — | — | 40 | ||||||||||||||||||||||
Residential MBS: | ||||||||||||||||||||||||||
Agency-issued MBS | 8,315 | — | (975) | 7,340 | ||||||||||||||||||||||
Agency-issued CMO—fixed rate | 853 | — | (63) | 790 | ||||||||||||||||||||||
Agency-issued CMBS | 1,694 | — | (155) | 1,539 | ||||||||||||||||||||||
Total AFS securities | $ | 28,141 | $ | — | $ | (1,918) | $ | 26,223 |
September 30, 2017 | ||||||||||||||||
(Dollars in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Carrying Value | ||||||||||||
Available-for-sale securities, at fair value: | ||||||||||||||||
U.S. Treasury securities | $ | 7,488,126 | $ | 14,048 | $ | (3,834 | ) | $ | 7,498,340 | |||||||
U.S. agency debentures | 1,668,403 | 9,759 | (1,993 | ) | 1,676,169 | |||||||||||
Residential mortgage-backed securities: | ||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 3,024,649 | 4,998 | (16,952 | ) | 3,012,695 | |||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 394,567 | 1,442 | (129 | ) | 395,880 | |||||||||||
Equity securities | 8,819 | 11,893 | (459 | ) | 20,253 | |||||||||||
Total available-for-sale securities | $ | 12,584,564 | $ | 42,140 | $ | (23,367 | ) | $ | 12,603,337 |
December 31, 2021 | ||||||||||||||||||||||||||
(Dollars in millions) | Amortized Cost | Unrealized Gains | Unrealized Losses | Carrying Value | ||||||||||||||||||||||
AFS securities, at fair value: | ||||||||||||||||||||||||||
U.S. Treasury securities | $ | 15,799 | $ | 121 | $ | (70) | $ | 15,850 | ||||||||||||||||||
U.S. agency debentures | 200 | — | (4) | 196 | ||||||||||||||||||||||
Foreign government debt securities | 61 | — | — | 61 | ||||||||||||||||||||||
Residential MBS: | ||||||||||||||||||||||||||
Agency-issued MBS | 8,786 | 13 | (210) | 8,589 | ||||||||||||||||||||||
Agency-issued CMO—fixed rate | 988 | 3 | (9) | 982 | ||||||||||||||||||||||
Agency-issued CMBS | 1,536 | 27 | (20) | 1,543 | ||||||||||||||||||||||
Total AFS securities | $ | 27,370 | $ | 164 | $ | (313) | $ | 27,221 |
December 31, 2016 | ||||||||||||||||
(Dollars in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Carrying Value | ||||||||||||
Available-for-sale securities, at fair value: | ||||||||||||||||
U.S. Treasury securities | $ | 8,880,358 | $ | 30,323 | $ | (1,190 | ) | $ | 8,909,491 | |||||||
U.S. agency debentures | 2,065,535 | 14,443 | (1,603 | ) | 2,078,375 | |||||||||||
Residential mortgage-backed securities: | ||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 1,163,017 | 3,046 | (13,398 | ) | 1,152,665 | |||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 474,238 | 685 | (640 | ) | 474,283 | |||||||||||
Equity securities | 5,635 | 748 | (786 | ) | 5,597 | |||||||||||
Total available-for-sale securities | $ | 12,588,783 | $ | 49,245 | $ | (17,617 | ) | $ | 12,620,411 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Sales proceeds | $ | 3,412 | $ | — | $ | 8,511 | $ | — | ||||||||||||||||||
Net realized gains and losses: | ||||||||||||||||||||||||||
Gross realized gains | 2 | — | 146 | — | ||||||||||||||||||||||
Gross realized losses | (3) | — | (98) | — | ||||||||||||||||||||||
Net realized gains/(losses) | $ | (1) | $ | — | $ | 48 | $ | — |
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in millions) | Fair Value of Investments | Unrealized Losses | Fair Value of Investments | Unrealized Losses | Fair Value of Investments | Unrealized Losses | ||||||||||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 14,816 | $ | (656) | $ | 1,576 | $ | (53) | $ | 16,392 | $ | (709) | ||||||||||||||||||||||||||
U.S. agency debentures | 52 | (2) | 70 | (14) | 122 | (16) | ||||||||||||||||||||||||||||||||
Residential MBS: | ||||||||||||||||||||||||||||||||||||||
Agency-issued MBS | 4,306 | (449) | 3,034 | (526) | 7,340 | (975) | ||||||||||||||||||||||||||||||||
Agency-issued CMO —fixed rate | 723 | (55) | 67 | (8) | 790 | (63) | ||||||||||||||||||||||||||||||||
Agency-issued CMBS | 1,366 | (121) | 174 | (34) | 1,540 | (155) | ||||||||||||||||||||||||||||||||
Total AFS securities (1) | $ | 21,263 | $ | (1,283) | $ | 4,921 | $ | (635) | $ | 26,184 | $ | (1,918) |
September 30, 2017 | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | 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 | $ | 2,824,370 | $ | (3,834 | ) | $ | — | $ | — | $ | 2,824,370 | $ | (3,834 | ) | ||||||||||
U.S. agency debentures | 562,392 | (1,993 | ) | — | — | 562,392 | (1,993 | ) | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 1,505,319 | (7,389 | ) | 415,200 | (9,563 | ) | 1,920,519 | (16,952 | ) | |||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 6,651 | (1 | ) | 62,508 | (128 | ) | 69,159 | (129 | ) | |||||||||||||||
Equity securities | 1,787 | (459 | ) | — | — | 1,787 | (459 | ) | ||||||||||||||||
Total temporarily impaired securities (1) | $ | 4,900,519 | $ | (13,676 | ) | $ | 477,708 | $ | (9,691 | ) | $ | 5,378,227 | $ | (23,367 | ) |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in millions) | Fair Value of Investments | Unrealized Losses | Fair Value of Investments | Unrealized Losses | Fair Value of Investments | Unrealized Losses | ||||||||||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 7,777 | $ | (70) | $ | — | $ | — | $ | 7,777 | $ | (70) | ||||||||||||||||||||||||||
U.S. agency debentures | 196 | (4) | — | — | 196 | (4) | ||||||||||||||||||||||||||||||||
Residential MBS: | ||||||||||||||||||||||||||||||||||||||
Agency-issued MBS | 8,280 | (210) | — | — | 8,280 | (210) | ||||||||||||||||||||||||||||||||
Agency-issued CMO—fixed rate | 740 | (9) | — | — | 740 | (9) | ||||||||||||||||||||||||||||||||
Agency-issued CMBS | 603 | (11) | 163 | (9) | 766 | (20) | ||||||||||||||||||||||||||||||||
Total AFS securities (1) | $ | 17,596 | $ | (304) | $ | 163 | $ | (9) | $ | 17,759 | $ | (313) |
December 31, 2016 | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | 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 | $ | 879,255 | $ | (1,190 | ) | $ | — | $ | — | $ | 879,255 | $ | (1,190 | ) | ||||||||||
U.S. agency debentures | 513,198 | (1,603 | ) | — | — | 513,198 | (1,603 | ) | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 635,566 | (6,704 | ) | 227,480 | (6,694 | ) | 863,046 | (13,398 | ) | |||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 258,325 | (613 | ) | 6,068 | (27 | ) | 264,393 | (640 | ) | |||||||||||||||
Equity securities | 3,693 | (786 | ) | — | — | 3,693 | (786 | ) | ||||||||||||||||
Total temporarily impaired securities (1) | $ | 2,290,037 | $ | (10,896 | ) | $ | 233,548 | $ | (6,721 | ) | $ | 2,523,585 | $ | (17,617 | ) |
June 30, 2022 | ||||||||||||||||||||||||||||||||
(Dollars in millions) | Total | One Year or Less | After One Year to Five Years | After Five Years to Ten Years | After Ten Years | |||||||||||||||||||||||||||
U.S. Treasury securities | $ | 16,392 | $ | 272 | $ | 16,120 | $ | — | $ | — | ||||||||||||||||||||||
U.S. agency debentures | 122 | 17 | 35 | 70 | — | |||||||||||||||||||||||||||
Foreign government debt securities | 40 | 40 | — | — | — | |||||||||||||||||||||||||||
Residential MBS: | ||||||||||||||||||||||||||||||||
Agency-issued MBS | 7,340 | — | — | — | 7,340 | |||||||||||||||||||||||||||
Agency-issued CMO—fixed rate | 790 | — | — | — | 790 | |||||||||||||||||||||||||||
Agency-issued CMBS | 1,539 | — | 104 | 1,435 | — | |||||||||||||||||||||||||||
Total | $ | 26,223 | $ | 329 | $ | 16,259 | $ | 1,505 | $ | 8,130 |
September 30, 2017 | ||||||||||||||||||||
(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 | $ | 7,498,340 | $ | 2,592,486 | $ | 4,905,854 | $ | — | $ | — | ||||||||||
U.S. agency debentures | 1,676,169 | 314,852 | 1,361,317 | — | — | |||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 3,012,695 | — | — | 487,285 | 2,525,410 | |||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 395,880 | — | — | — | 395,880 | |||||||||||||||
Total | $ | 12,583,084 | $ | 2,907,338 | $ | 6,267,171 | $ | 487,285 | $ | 2,921,290 |
June 30, 2022 | ||||||||||||||||||||||||||||||||
(Dollars in millions) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ACL | |||||||||||||||||||||||||||
HTM securities, at cost: | ||||||||||||||||||||||||||||||||
U.S. agency debentures (1) | $ | 536 | $ | — | $ | (36) | $ | 500 | $ | — | ||||||||||||||||||||||
Residential MBS: | ||||||||||||||||||||||||||||||||
Agency-issued MBS | 61,112 | — | (6,997) | 54,115 | — | |||||||||||||||||||||||||||
Agency-issued CMO—fixed rate | 11,103 | — | (1,219) | 9,884 | — | |||||||||||||||||||||||||||
Agency-issued CMO—variable rate | 87 | — | (1) | 86 | — | |||||||||||||||||||||||||||
Agency-issued CMBS | 14,821 | — | (1,688) | 13,133 | — | |||||||||||||||||||||||||||
Municipal bonds and notes | 7,451 | 3 | (1,214) | 6,240 | 1 | |||||||||||||||||||||||||||
Corporate bonds | 710 | — | (89) | 621 | 5 | |||||||||||||||||||||||||||
Total HTM securities | $ | 95,820 | $ | 3 | $ | (11,244) | $ | 84,579 | $ | 6 |
September 30, 2017 | ||||||||||||||||
(Dollars in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
Held-to-maturity securities, at cost: | ||||||||||||||||
U.S. agency debentures (1) | $ | 660,193 | $ | 6,775 | $ | (1,080 | ) | $ | 665,888 | |||||||
Residential mortgage-backed securities: | ||||||||||||||||
Agency-issued mortgage-backed securities | 5,164,701 | 15,764 | (17,116 | ) | 5,163,349 | |||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 3,025,421 | 707 | (27,268 | ) | 2,998,860 | |||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 269,495 | 704 | (37 | ) | 270,162 | |||||||||||
Agency-issued commercial mortgage-backed securities | 1,554,220 | 2,025 | (11,697 | ) | 1,544,548 | |||||||||||
Municipal bonds and notes | 380,976 | 1,506 | (1,874 | ) | 380,608 | |||||||||||
Total held-to-maturity securities | $ | 11,055,006 | $ | 27,481 | $ | (59,072 | ) | $ | 11,023,415 |
December 31, 2021 | ||||||||||||||||||||||||||||||||
(Dollars in millions) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ACL | |||||||||||||||||||||||||||
HTM securities, at amortized cost: | ||||||||||||||||||||||||||||||||
U.S. agency debentures (1) | $ | 609 | $ | 8 | $ | (2) | $ | 615 | $ | — | ||||||||||||||||||||||
Residential MBS: | ||||||||||||||||||||||||||||||||
Agency-issued MBS | 64,439 | 124 | (887) | 63,676 | — | |||||||||||||||||||||||||||
Agency-issued CMO—fixed rate | 10,226 | 9 | (145) | 10,090 | — | |||||||||||||||||||||||||||
Agency-issued CMO—variable rate | 100 | 1 | — | 101 | — | |||||||||||||||||||||||||||
Agency-issued CMBS | 14,959 | 39 | (277) | 14,721 | — | |||||||||||||||||||||||||||
Municipal bonds and notes | 7,157 | 185 | (27) | 7,315 | 1 | |||||||||||||||||||||||||||
Corporate bonds | 712 | 2 | (5) | 709 | 6 | |||||||||||||||||||||||||||
Total HTM securities | $ | 98,202 | $ | 368 | $ | (1,343) | $ | 97,227 | $ | 7 |
December 31, 2016 | ||||||||||||||||
(Dollars in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
Held-to-maturity securities, at cost: | ||||||||||||||||
U.S. agency debentures (1) | $ | 622,445 | $ | 7,840 | $ | (1,198 | ) | $ | 629,087 | |||||||
Residential mortgage-backed securities: | ||||||||||||||||
Agency-issued mortgage-backed securities | 2,896,179 | 6,919 | (24,526 | ) | 2,878,572 | |||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 3,362,598 | 788 | (31,274 | ) | 3,332,112 | |||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 312,665 | 176 | (1,339 | ) | 311,502 | |||||||||||
Agency-issued commercial mortgage-backed securities | 1,151,363 | 1,237 | (7,638 | ) | 1,144,962 | |||||||||||
Municipal bonds and notes | 81,748 | 8 | (1,853 | ) | 79,903 | |||||||||||
Total held-to-maturity securities | $ | 8,426,998 | $ | 16,968 | $ | (67,828 | ) | $ | 8,376,138 |
(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. |
(Dollars in millions) | June 30, 2022 | December 31, 2021 | ||||||||||||
Municipal bonds and notes: | ||||||||||||||
Aaa | $ | 4,143 | $ | 3,774 | ||||||||||
Aa1 | 1,944 | 2,031 | ||||||||||||
Aa2 | 1,166 | 1,154 | ||||||||||||
Aa3 | 171 | 172 | ||||||||||||
A1 | 27 | 26 | ||||||||||||
Total municipal bonds and notes | $ | 7,451 | $ | 7,157 | ||||||||||
Corporate bonds: | ||||||||||||||
Aaa | $ | 39 | $ | 39 | ||||||||||
Aa2 | 42 | 42 | ||||||||||||
Aa3 | 105 | 105 | ||||||||||||
A1 | 282 | 251 | ||||||||||||
A2 | 231 | 264 | ||||||||||||
A3 | 11 | 11 | ||||||||||||
Total corporate bonds | $ | 710 | $ | 712 |
September 30, 2017 | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
(Dollars in thousands) | Fair Value of Investments | Unrealized Losses | Fair Value of Investments | Unrealized Losses | Fair Value of Investments | Unrealized Losses | ||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||
U.S. agency debentures | $ | 101,211 | $ | (1,080 | ) | $ | — | $ | — | $ | 101,211 | $ | (1,080 | ) | ||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 3,071,006 | (16,251 | ) | 25,004 | (865 | ) | 3,096,010 | (17,116 | ) | |||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 2,661,682 | (21,842 | ) | 235,320 | (5,426 | ) | 2,897,002 | (27,268 | ) | |||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | — | — | 10,321 | (37 | ) | 10,321 | (37 | ) | ||||||||||||||||
Agency-issued commercial mortgage-backed securities | 1,210,351 | (10,615 | ) | 82,151 | (1,082 | ) | 1,292,502 | (11,697 | ) | |||||||||||||||
Municipal bonds and notes | 111,207 | (896 | ) | 29,606 | (978 | ) | 140,813 | (1,874 | ) | |||||||||||||||
Total temporarily impaired securities (1) | $ | 7,155,457 | $ | (50,684 | ) | $ | 382,402 | $ | (8,388 | ) | $ | 7,537,859 | $ | (59,072 | ) |
December 31, 2016 | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
(Dollars in thousands) | Fair Value of Investments | Unrealized Losses | Fair Value of Investments | Unrealized Losses | Fair Value of Investments | Unrealized Losses | ||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||
U.S. agency debentures | $ | 118,721 | $ | (1,198 | ) | $ | — | $ | — | $ | 118,721 | $ | (1,198 | ) | ||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 1,801,861 | (23,558 | ) | 21,917 | (968 | ) | 1,823,778 | (24,526 | ) | |||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 2,729,889 | (25,723 | ) | 228,220 | (5,551 | ) | 2,958,109 | (31,274 | ) | |||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 251,012 | (1,339 | ) | — | — | 251,012 | (1,339 | ) | ||||||||||||||||
Agency-issued commercial mortgage-backed securities | 999,440 | (7,494 | ) | 14,934 | (144 | ) | 1,014,374 | (7,638 | ) | |||||||||||||||
Municipal bonds and notes | 42,267 | (877 | ) | 30,586 | (976 | ) | 72,853 | (1,853 | ) | |||||||||||||||
Total temporarily impaired securities (1) | $ | 5,943,190 | $ | (60,189 | ) | $ | 295,657 | $ | (7,639 | ) | $ | 6,238,847 | $ | (67,828 | ) |
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | One Year or Less | After One Year to Five Years | After Five Years to Ten Years | After Ten Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | Net Carry Value | Fair Value | Net Carry Value | Fair Value | Net Carry Value | Fair Value | Net Carry Value | Fair Value | Net Carry Value | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agency debentures | $ | 536 | $ | 500 | $ | 4 | $ | 4 | $ | 109 | $ | 105 | $ | 423 | $ | 391 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Residential MBS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-issued MBS | 61,112 | 54,115 | — | — | 4 | 4 | 1,102 | 1,074 | 60,006 | 53,037 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-issued CMO—fixed rate | 11,103 | 9,884 | — | — | 28 | 27 | 239 | 232 | 10,836 | 9,625 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-issued CMO—variable rate | 87 | 86 | — | — | — | — | — | — | 87 | 86 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-issued CMBS | 14,821 | 13,133 | 32 | 31 | 175 | 165 | 969 | 858 | 13,645 | 12,079 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds and notes | 7,450 | 6,240 | 27 | 27 | 199 | 196 | 1,294 | 1,201 | 5,930 | 4,816 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 705 | 621 | — | — | 52 | 48 | 653 | 573 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 95,814 | $ | 84,579 | $ | 63 | $ | 62 | $ | 567 | $ | 545 | $ | 4,680 | $ | 4,329 | $ | 90,504 | $ | 79,643 |
September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||
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 | $ | 660,193 | $ | 665,888 | $ | — | $ | — | $ | 102,581 | $ | 103,398 | $ | 557,612 | $ | 562,490 | $ | — | $ | — | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 5,164,701 | 5,163,349 | 738 | 731 | 255,275 | 255,128 | 61,538 | 61,270 | 4,847,150 | 4,846,220 | ||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 3,025,421 | 2,998,860 | — | — | — | — | 437,865 | 431,500 | 2,587,556 | 2,567,360 | ||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 269,495 | 270,162 | — | — | — | — | — | — | 269,495 | 270,162 | ||||||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | 1,554,220 | 1,544,548 | — | — | — | — | — | — | 1,554,220 | 1,544,548 | ||||||||||||||||||||||||||||||
Municipal bonds and notes | 380,976 | 380,608 | 7,560 | 7,540 | 71,631 | 71,529 | 159,509 | 159,377 | 142,276 | 142,162 | ||||||||||||||||||||||||||||||
Total | $ | 11,055,006 | $ | 11,023,415 | $ | 8,298 | $ | 8,271 | $ | 429,487 | $ | 430,055 | $ | 1,216,524 | $ | 1,214,637 | $ | 9,400,697 | $ | 9,370,452 |
(Dollars in thousands) | September 30, 2017 | December 31, 2016 | ||||||
Non-marketable and other securities: | ||||||||
Non-marketable securities (fair value accounting): | ||||||||
Venture capital and private equity fund investments (1) | $ | 128,768 | $ | 141,649 | ||||
Other venture capital investments (2) | 1,897 | 2,040 | ||||||
Other securities (fair value accounting) (3) | 392 | 753 | ||||||
Non-marketable securities (equity method accounting) (4): | ||||||||
Venture capital and private equity fund investments | 87,218 | 82,823 | ||||||
Debt funds | 17,889 | 17,020 | ||||||
Other investments | 113,478 | 123,514 | ||||||
Non-marketable securities (cost method accounting): | ||||||||
Venture capital and private equity fund investments (5) | 102,956 | 114,606 | ||||||
Other investments | 26,835 | 27,700 | ||||||
Investments in qualified affordable housing projects, net (6) | 148,036 | 112,447 | ||||||
Total non-marketable and other securities | $ | 627,469 | $ | 622,552 |
(Dollars in millions) | June 30, 2022 | December 31, 2021 | ||||||||||||
Non-marketable and other equity securities: | ||||||||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||
Consolidated venture capital and private equity fund investments (1) | $ | 174 | $ | 130 | ||||||||||
Unconsolidated venture capital and private equity fund investments (2) | 172 | 208 | ||||||||||||
Other investments without a readily determinable fair value (3) | 188 | 164 | ||||||||||||
Other equity securities in public companies (fair value accounting) (4) | 32 | 117 | ||||||||||||
Non-marketable securities (equity method accounting) (5): | ||||||||||||||
Venture capital and private equity fund investments | 663 | 671 | ||||||||||||
Debt funds | 5 | 5 | ||||||||||||
Other investments | 277 | 294 | ||||||||||||
Investments in qualified affordable housing projects, net (6) | 1,134 | 954 | ||||||||||||
Total non-marketable and other equity securities | $ | 2,645 | $ | 2,543 |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
(Dollars in millions) | Amount | Ownership % | Amount | Ownership % | ||||||||||||||||||||||
Strategic Investors Fund, LP | $ | 2 | 12.6 | % | $ | 2 | 12.6 | % | ||||||||||||||||||
Capital Preferred Return Fund, LP | 53 | 20.0 | 61 | 20.0 | ||||||||||||||||||||||
Growth Partners, LP | 59 | 33.0 | 67 | 33.0 | ||||||||||||||||||||||
Redwood Evergreen Fund, LP | 60 | 100.0 | — | — | ||||||||||||||||||||||
Total consolidated venture capital and private equity fund investments | $ | 174 | $ | 130 |
(Dollars in millions) | Six months ended June 30, 2022 | Cumulative Adjustments | ||||||||||||
Measurement alternative: | ||||||||||||||
Carrying value at June 30, 2022 | $ | 188 | ||||||||||||
Carrying value adjustments: | ||||||||||||||
Impairment | $ | — | $ | (1) | ||||||||||
Upward changes for observable prices | 1 | 68 | ||||||||||||
Downward changes for observable prices | (6) | (10) |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
(Dollars in millions) | Amount | Ownership % | Amount | Ownership % | ||||||||||||||||||||||
Venture capital and private equity fund investments: | ||||||||||||||||||||||||||
Strategic Investors Fund II, LP | $ | 2 | 8.6 | % | $ | 3 | 8.6 | % | ||||||||||||||||||
Strategic Investors Fund III, LP | 16 | 5.9 | 25 | 5.9 | ||||||||||||||||||||||
Strategic Investors Fund IV, LP | 28 | 5.0 | 36 | 5.0 | ||||||||||||||||||||||
Strategic Investors Fund V funds | 75 | Various | 87 | Various | ||||||||||||||||||||||
CP II, LP (i) | 2 | 5.1 | 2 | 5.1 | ||||||||||||||||||||||
Other venture capital and private equity fund investments | 540 | Various | 518 | Various | ||||||||||||||||||||||
Total venture capital and private equity fund investments | $ | 663 | $ | 671 | ||||||||||||||||||||||
Debt funds: | ||||||||||||||||||||||||||
Gold Hill Capital 2008, LP (ii) | $ | 4 | 15.5 | % | $ | 4 | 15.5 | % | ||||||||||||||||||
Other debt funds | 1 | Various | 1 | Various | ||||||||||||||||||||||
Total debt funds | $ | 5 | $ | 5 | ||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||
SPD Silicon Valley Bank Co., Ltd. | $ | 146 | 50.0 | % | $ | 154 | 50.0 | % | ||||||||||||||||||
Other investments | 131 | Various | 140 | Various | ||||||||||||||||||||||
Total other investments | $ | 277 | $ | 294 |
September 30, 2017 | December 31, 2016 | |||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||
Strategic Investors Fund, LP | $ | 15,624 | 12.6 | % | $ | 18,459 | 12.6 | % | ||||||
Capital Preferred Return Fund, LP | 55,685 | 20.0 | 57,627 | 20.0 | ||||||||||
Growth Partners, LP | 57,459 | 33.0 | 59,718 | 33.0 | ||||||||||
Other private equity fund (i) | — | — | 5,845 | 58.2 | ||||||||||
Total venture capital and private equity fund investments | $ | 128,768 | $ | 141,649 |
September 30, 2017 | December 31, 2016 | |||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||
CP I, LP | $ | 1,897 | 10.7 | % | $ | 2,040 | 10.7 | % | ||||||
Total other venture capital investments | $ | 1,897 | $ | 2,040 |
September 30, 2017 | December 31, 2016 | |||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||
Venture capital and private equity fund investments: | ||||||||||||||
Strategic Investors Fund II, LP | $ | 6,084 | 8.6 | % | $ | 7,720 | 8.6 | % | ||||||
Strategic Investors Fund III, LP | 19,292 | 5.9 | 20,449 | 5.9 | ||||||||||
Strategic Investors Fund IV, LP | 25,507 | 5.0 | 24,530 | 5.0 | ||||||||||
Strategic Investors Fund V funds | 14,987 | Various | 12,029 | Various | ||||||||||
CP II, LP (i) | 6,704 | 5.1 | 7,798 | 5.1 | ||||||||||
Other venture capital and private equity fund investments | 14,644 | Various | 10,297 | Various | ||||||||||
Total venture capital and private equity fund investments | $ | 87,218 | $ | 82,823 | ||||||||||
Debt funds: | ||||||||||||||
Gold Hill Capital 2008, LP (ii) | $ | 15,381 | 15.5 | % | $ | 13,557 | 15.5 | % | ||||||
Other debt funds | 2,508 | Various | 3,463 | Various | ||||||||||
Total debt funds | $ | 17,889 | $ | 17,020 | ||||||||||
Other investments: | ||||||||||||||
SPD Silicon Valley Bank Co., Ltd. | $ | 75,511 | 50.0 | % | $ | 75,296 | 50.0 | % | ||||||
Other investments | 37,967 | Various | 48,218 | Various | ||||||||||
Total other investments | $ | 113,478 | $ | 123,514 |
(Dollars in millions) | June 30, 2022 | December 31, 2021 | ||||||||||||
Investments in qualified affordable housing projects, net | $ | 1,134 | $ | 954 | ||||||||||
Other liabilities | 614 | 482 |
(Dollars in thousands) | September 30, 2017 | December 31, 2016 | ||||||
Investments in qualified affordable housing projects, net | $ | 148,036 | $ | 112,447 | ||||
Other liabilities | 90,974 | 58,095 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Tax credits and other tax benefits recognized | $ | 23 | $ | 26 | $ | 50 | $ | 54 | ||||||||||||||||||
Amortization expense included in provision for income taxes (i) | 16 | 14 | 35 | 30 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Tax credits and other tax benefits recognized | $ | 4,539 | $ | 3,995 | $ | 13,199 | $ | 12,127 | ||||||||
Amortization expense included in provision for income taxes (i) | 3,533 | 2,556 | 10,154 | 9,746 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Net (losses) gains on non-marketable and other equity securities: | ||||||||||||||||||||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||||||||||||||
Consolidated venture capital and private equity fund investments | $ | (51) | $ | 19 | $ | (48) | $ | 36 | ||||||||||||||||||
Unconsolidated venture capital and private equity fund investments | (22) | 15 | (19) | 32 | ||||||||||||||||||||||
Other investments without a readily determinable fair value | (4) | (1) | (3) | 12 | ||||||||||||||||||||||
Other equity securities in public companies (fair value accounting) | (12) | 18 | (44) | 92 | ||||||||||||||||||||||
Non-marketable securities (equity method accounting): | ||||||||||||||||||||||||||
Venture capital and private equity fund investments | (67) | 250 | (8) | 295 | ||||||||||||||||||||||
Debt funds | — | 1 | — | 2 | ||||||||||||||||||||||
Other investments | — | 3 | 2 | 3 | ||||||||||||||||||||||
Total net (losses) gains on non-marketable and other equity securities | $ | (156) | $ | 305 | $ | (120) | $ | 472 | ||||||||||||||||||
Less: realized net (losses) gains on sales of non-marketable and other equity securities | (10) | 61 | (29) | 127 | ||||||||||||||||||||||
Net (losses) gains on non-marketable and other equity securities still held | $ | (146) | $ | 244 | $ | (91) | $ | 345 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Gross gains on investment securities: | ||||||||||||||||
Available-for-sale securities, at fair value (1) | $ | 38 | $ | 84 | $ | 1,131 | $ | 14,238 | ||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||||
Venture capital and private equity fund investments | 5,308 | 6,030 | 24,788 | 16,377 | ||||||||||||
Other venture capital investments | — | 4 | — | 17 | ||||||||||||
Other securities (fair value accounting) | 569 | 271 | 841 | 639 | ||||||||||||
Non-marketable securities (equity method accounting): | ||||||||||||||||
Venture capital and private equity fund investments | 4,542 | 5,679 | 11,245 | 9,351 | ||||||||||||
Debt funds | 4,222 | 295 | 5,388 | 1,259 | ||||||||||||
Other investments | 215 | 7,487 | 1,736 | 11,528 | ||||||||||||
Non-marketable securities (cost method accounting): | ||||||||||||||||
Venture capital and private equity fund investments | 4,956 | 6,328 | 14,985 | 14,180 | ||||||||||||
Other investments | 2 | 150 | 3,611 | 163 | ||||||||||||
Total gross gains on investment securities | 19,852 | 26,328 | 63,725 | 67,752 | ||||||||||||
Gross losses on investment securities: | ||||||||||||||||
Available-for-sale securities, at fair value (1) | (139 | ) | (99 | ) | (747 | ) | (2,671 | ) | ||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||||
Venture capital and private equity fund investments | (835 | ) | (2,122 | ) | (4,139 | ) | (15,958 | ) | ||||||||
Other venture capital investments | — | — | (143 | ) | (38 | ) | ||||||||||
Other securities (fair value accounting) | (182 | ) | (100 | ) | (561 | ) | (507 | ) | ||||||||
Non-marketable securities (equity method accounting): | ||||||||||||||||
Venture capital and private equity fund investments | (223 | ) | (444 | ) | (535 | ) | (4,465 | ) | ||||||||
Debt funds | (1,777 | ) | (129 | ) | (2,692 | ) | (458 | ) | ||||||||
Other investments | (1,148 | ) | (205 | ) | (4,899 | ) | (1,161 | ) | ||||||||
Non-marketable securities (cost method accounting): | ||||||||||||||||
Venture capital and private equity fund investments (2) | (259 | ) | (51 | ) | (914 | ) | (492 | ) | ||||||||
Other investments | (51 | ) | — | (257 | ) | (238 | ) | |||||||||
Total gross losses on investment securities | (4,614 | ) | (3,150 | ) | (14,887 | ) | (25,988 | ) | ||||||||
Gains on investment securities, net | $ | 15,238 | $ | 23,178 | $ | 48,838 | $ | 41,764 |
(Dollars in millions) | June 30, 2022 | December 31, 2021 | ||||||||||||
Global fund banking | $ | 40,316 | $ | 37,958 | ||||||||||
Investor dependent: | ||||||||||||||
Early stage | 1,856 | 1,593 | ||||||||||||
Growth stage | 4,159 | 3,951 | ||||||||||||
Total investor dependent | 6,015 | 5,544 | ||||||||||||
Cash flow dependent - SLBO | 1,859 | 1,798 | ||||||||||||
Innovation C&I | 7,753 | 6,673 | ||||||||||||
Private bank | 9,770 | 8,743 | ||||||||||||
CRE | 2,617 | 2,670 | ||||||||||||
Premium wine | 1,065 | 985 | ||||||||||||
Other C&I | 1,136 | 1,257 | ||||||||||||
Other | 365 | 317 | ||||||||||||
PPP | 59 | 331 | ||||||||||||
Total loans (1) (2) (3) | $ | 70,955 | $ | 66,276 | ||||||||||
ACL | (545) | (422) | ||||||||||||
Net loans | $ | 70,410 | $ | 65,854 |
(Dollars in thousands) | September 30, 2017 | December 31, 2016 | ||||||
Commercial loans: | ||||||||
Software/internet | $ | 5,793,637 | $ | 5,627,031 | ||||
Hardware | 1,113,509 | 1,180,398 | ||||||
Private equity/venture capital | 9,623,824 | 7,691,148 | ||||||
Life science/healthcare | 1,725,728 | 1,853,004 | ||||||
Premium wine | 211,716 | 200,156 | ||||||
Other | 384,039 | 393,551 | ||||||
Total commercial loans | 18,852,453 | 16,945,288 | ||||||
Real estate secured loans: | ||||||||
Premium wine (1) | 712,400 | 678,166 | ||||||
Consumer loans (2) | 2,206,501 | 1,926,968 | ||||||
Other | 42,504 | 43,487 | ||||||
Total real estate secured loans | 2,961,405 | 2,648,621 | ||||||
Construction loans | 75,242 | 64,671 | ||||||
Consumer loans | 300,227 | 241,364 | ||||||
Total loans, net of unearned income (3) | $ | 22,189,327 | $ | 19,899,944 |
(Dollars in thousands) | September 30, 2017 | December 31, 2016 | ||||||
Loans for personal residence | $ | 1,908,319 | $ | 1,655,349 | ||||
Loans to eligible employees | 232,707 | 199,291 | ||||||
Home equity lines of credit | 65,475 | 72,328 | ||||||
Consumer loans secured by real estate | $ | 2,206,501 | $ | 1,926,968 |
(Dollars in thousands) | September 30, 2017 | December 31, 2016 | ||||||
Commercial loans: | ||||||||
Software/internet | $ | 5,793,637 | $ | 5,627,031 | ||||
Hardware | 1,113,509 | 1,180,398 | ||||||
Private equity/venture capital | 9,623,824 | 7,691,148 | ||||||
Life science/healthcare | 1,725,728 | 1,853,004 | ||||||
Premium wine | 924,116 | 878,322 | ||||||
Other | 501,785 | 501,709 | ||||||
Total commercial loans | 19,682,599 | 17,731,612 | ||||||
Consumer loans: | ||||||||
Real estate secured loans | 2,206,501 | 1,926,968 | ||||||
Other consumer loans | 300,227 | 241,364 | ||||||
Total consumer loans | 2,506,728 | 2,168,332 | ||||||
Total loans, net of unearned income | $ | 22,189,327 | $ | 19,899,944 |
(Dollars in thousands) | 30 - 59 Days Past Due | 60 - 89 Days Past Due | Greater Than 90 Days Past Due | Total Past Due | Current | Loans Past Due 90 Days or More Still Accruing Interest | ||||||||||||||||||
September 30, 2017: | ||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Software/internet | $ | 45,943 | $ | 3,725 | $ | 138 | $ | 49,806 | $ | 5,686,655 | $ | 138 | ||||||||||||
Hardware | 273 | 44 | 626 | 943 | 1,080,341 | 626 | ||||||||||||||||||
Private equity/venture capital | 35,628 | 34,369 | — | 69,997 | 9,563,613 | — | ||||||||||||||||||
Life science/healthcare | 20,956 | — | — | 20,956 | 1,729,909 | — | ||||||||||||||||||
Premium wine | 3,521 | 640 | — | 4,161 | 916,451 | — | ||||||||||||||||||
Other | 7 | 210 | — | 217 | 512,891 | — | ||||||||||||||||||
Total commercial loans | 106,328 | 38,988 | 764 | 146,080 | 19,489,860 | 764 | ||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||
Real estate secured loans | 1,748 | 850 | — | 2,598 | 2,199,978 | — | ||||||||||||||||||
Other consumer loans | 4,540 | — | — | 4,540 | 293,301 | — | ||||||||||||||||||
Total consumer loans | 6,288 | 850 | — | 7,138 | 2,493,279 | — | ||||||||||||||||||
Total gross loans excluding impaired loans | 112,616 | 39,838 | 764 | 153,218 | 21,983,139 | 764 | ||||||||||||||||||
Impaired loans | 591 | 311 | 26,456 | 27,358 | 166,114 | — | ||||||||||||||||||
Total gross loans | $ | 113,207 | $ | 40,149 | $ | 27,220 | $ | 180,576 | $ | 22,149,253 | $ | 764 | ||||||||||||
December 31, 2016: | ||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Software/internet | $ | 37,087 | $ | 1,162 | $ | 6 | $ | 38,255 | $ | 5,507,575 | $ | 6 | ||||||||||||
Hardware | 5,591 | 36 | 27 | 5,654 | 1,118,065 | 27 | ||||||||||||||||||
Private equity/venture capital | 689 | — | — | 689 | 7,747,222 | — | ||||||||||||||||||
Life science/healthcare | 283 | 551 | — | 834 | 1,827,490 | — | ||||||||||||||||||
Premium wine | 1,003 | 4 | — | 1,007 | 876,185 | — | ||||||||||||||||||
Other | 34 | 300 | — | 334 | 504,021 | — | ||||||||||||||||||
Total commercial loans | 44,687 | 2,053 | 33 | 46,773 | 17,580,558 | 33 | ||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||
Real estate secured loans | 850 | — | — | 850 | 1,923,266 | — | ||||||||||||||||||
Other consumer loans | 1,402 | — | — | 1,402 | 237,353 | — | ||||||||||||||||||
Total consumer loans | 2,252 | — | — | 2,252 | 2,160,619 | — | ||||||||||||||||||
Total gross loans excluding impaired loans | 46,939 | 2,053 | 33 | 49,025 | 19,741,177 | 33 | ||||||||||||||||||
Impaired loans | 34,636 | 3,451 | 11,180 | 49,267 | 185,193 | — | ||||||||||||||||||
Total gross loans | $ | 81,575 | $ | 5,504 | $ | 11,213 | $ | 98,292 | $ | 19,926,370 | $ | 33 |
(Dollars in thousands) | Impaired loans for which there is a related allowance for loan losses | Impaired loans for which there is no related allowance for loan losses | Total carrying value of impaired loans | Total unpaid principal of impaired loans | ||||||||||||
September 30, 2017: | ||||||||||||||||
Commercial loans: | ||||||||||||||||
Software/internet | $ | 92,584 | $ | 22,278 | $ | 114,862 | $ | 130,324 | ||||||||
Hardware | 39,728 | 1,012 | 40,740 | 48,061 | ||||||||||||
Private equity/venture capital | 1,318 | — | 1,318 | 1,321 | ||||||||||||
Life science/healthcare | 22,762 | 5,573 | 28,335 | 33,481 | ||||||||||||
Premium wine | 4,677 | — | 4,677 | 4,702 | ||||||||||||
Other | 298 | — | 298 | 487 | ||||||||||||
Total commercial loans | 161,367 | 28,863 | 190,230 | 218,376 | ||||||||||||
Consumer loans: | ||||||||||||||||
Real estate secured loans | — | 1,301 | 1,301 | 1,379 | ||||||||||||
Other consumer loans | 1,941 | — | 1,941 | 2,036 | ||||||||||||
Total consumer loans | 1,941 | 1,301 | 3,242 | 3,415 | ||||||||||||
Total | $ | 163,308 | $ | 30,164 | $ | 193,472 | $ | 221,791 | ||||||||
December 31, 2016: | ||||||||||||||||
Commercial loans: | ||||||||||||||||
Software/internet | $ | 121,658 | $ | 1,090 | $ | 122,748 | $ | 129,648 | ||||||||
Hardware | 65,395 | — | 65,395 | 70,683 | ||||||||||||
Private equity/venture capital | — | — | — | — | ||||||||||||
Life science/healthcare | 38,361 | — | 38,361 | 41,130 | ||||||||||||
Premium wine | 3,187 | — | 3,187 | 3,187 | ||||||||||||
Other | 867 | — | 867 | 867 | ||||||||||||
Total commercial loans | 229,468 | 1,090 | 230,558 | 245,515 | ||||||||||||
Consumer loans: | ||||||||||||||||
Real estate secured loans | 1,504 | — | 1,504 | 2,779 | ||||||||||||
Other consumer loans | 2,398 | — | 2,398 | 2,398 | ||||||||||||
Total consumer loans | 3,902 | — | 3,902 | 5,177 | ||||||||||||
Total | $ | 233,370 | $ | 1,090 | $ | 234,460 | $ | 250,692 |
Three months ended September 30, | Average impaired loans | Interest income on impaired loans | ||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Commercial loans: | ||||||||||||||||
Software/internet | $ | 121,290 | $ | 61,481 | $ | 767 | $ | 70 | ||||||||
Hardware | 35,932 | 45,353 | 419 | 761 | ||||||||||||
Private equity/venture capital | 644 | — | 3 | — | ||||||||||||
Life science/healthcare | 25,796 | 55,558 | 21 | 128 | ||||||||||||
Premium wine | 3,625 | 1,291 | 39 | 19 | ||||||||||||
Other | 348 | 3,768 | — | 6 | ||||||||||||
Total commercial loans | 187,635 | 167,451 | 1,249 | 984 | ||||||||||||
Consumer loans: | ||||||||||||||||
Real estate secured loans | 1,306 | 584 | 24 | — | ||||||||||||
Other consumer loans | 1,966 | 1,324 | — | 6 | ||||||||||||
Total consumer loans | 3,272 | 1,908 | 24 | 6 | ||||||||||||
Total average impaired loans | $ | 190,907 | $ | 169,359 | $ | 1,273 | $ | 990 |
Nine months ended September 30, | Average impaired loans | Interest income on impaired loans | ||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Commercial loans: | ||||||||||||||||
Software/internet | $ | 122,527 | $ | 84,005 | $ | 1,646 | $ | 133 | ||||||||
Hardware | 33,271 | 31,000 | 518 | 1,467 | ||||||||||||
Private equity/venture capital | 443 | — | 8 | — | ||||||||||||
Life science/healthcare | 33,590 | 42,857 | 60 | 128 | ||||||||||||
Premium wine | 3,353 | 1,834 | 115 | 54 | ||||||||||||
Other | 706 | 4,369 | — | 21 | ||||||||||||
Total commercial loans | 193,890 | 164,065 | 2,347 | 1,803 | ||||||||||||
Consumer loans: | ||||||||||||||||
Real estate secured loans | 1,385 | 282 | 24 | — | ||||||||||||
Other consumer loans | 1,931 | 715 | — | 17 | ||||||||||||
Total consumer loans | 3,316 | 997 | 24 | 17 | ||||||||||||
Total average impaired loans | $ | 197,206 | $ | 165,062 | $ | 2,371 | $ | 1,820 |
Three months ended September 30, 2017 | Beginning Balance June 30, 2017 | Charge-offs | Recoveries | Provision for (Reduction of) Loan Losses | Foreign Currency Translation Adjustments | Ending Balance September 30, 2017 | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Software/internet | $ | 92,937 | $ | (8,791 | ) | $ | 426 | $ | 7,241 | $ | 199 | $ | 92,012 | |||||||||||
Hardware | 27,800 | (2,453 | ) | 115 | 5,681 | 156 | 31,299 | |||||||||||||||||
Private equity/venture capital | 66,785 | — | — | 10,142 | 279 | 77,206 | ||||||||||||||||||
Life science/healthcare | 27,730 | (1,083 | ) | 63 | (1,621 | ) | (45 | ) | 25,044 | |||||||||||||||
Premium wine | 3,133 | — | — | 362 | 10 | 3,505 | ||||||||||||||||||
Other | 4,135 | — | 947 | (931 | ) | (26 | ) | 4,125 | ||||||||||||||||
Total commercial loans | 222,520 | (12,327 | ) | 1,551 | 20,874 | 573 | 233,191 | |||||||||||||||||
Total consumer loans | 13,976 | (11 | ) | 277 | 1,535 | 42 | 15,819 | |||||||||||||||||
Total allowance for loan losses | $ | 236,496 | $ | (12,338 | ) | $ | 1,828 | $ | 22,409 | $ | 615 | $ | 249,010 |
Three months ended September 30, 2016 | Beginning Balance June 30, 2016 | Charge-offs | Recoveries | Provision for (Reduction of) Loan Losses | Foreign Currency Translation Adjustments | Ending Balance September 30, 2016 | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Software/internet | $ | 104,229 | $ | (16,526 | ) | $ | 305 | $ | 8,591 | $ | (261 | ) | $ | 96,338 | ||||||||||
Hardware | 23,871 | (3,058 | ) | 1,080 | 11,048 | (336 | ) | 32,605 | ||||||||||||||||
Private equity/venture capital | 49,807 | — | — | 2,203 | (67 | ) | 51,943 | |||||||||||||||||
Life science/healthcare | 41,852 | (28 | ) | 361 | (5,298 | ) | 161 | 37,048 | ||||||||||||||||
Premium wine | 4,810 | — | — | 288 | (9 | ) | 5,089 | |||||||||||||||||
Other | 9,480 | (5,004 | ) | 207 | 142 | (4 | ) | 4,821 | ||||||||||||||||
Total commercial loans | 234,049 | (24,616 | ) | 1,953 | 16,974 | (516 | ) | 227,844 | ||||||||||||||||
Total consumer loans | 10,674 | — | 131 | 1,976 | (60 | ) | 12,721 | |||||||||||||||||
Total allowance for loan losses | $ | 244,723 | $ | (24,616 | ) | $ | 2,084 | $ | 18,950 | $ | (576 | ) | $ | 240,565 |
Nine months ended September 30, 2017 | Beginning Balance December 31, 2016 | Charge-offs | Recoveries | Provision for (Reduction of) Loan Losses | Foreign Currency Translation Adjustments | Ending Balance September 30, 2017 | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Software/internet | $ | 97,388 | $ | (36,172 | ) | $ | 2,833 | $ | 27,487 | $ | 476 | $ | 92,012 | |||||||||||
Hardware | 31,166 | (6,726 | ) | 459 | 6,075 | 325 | 31,299 | |||||||||||||||||
Private equity/venture capital | 50,299 | — | — | 26,111 | 796 | 77,206 | ||||||||||||||||||
Life science/healthcare | 25,446 | (7,493 | ) | 107 | 6,906 | 78 | 25,044 | |||||||||||||||||
Premium wine | 4,115 | — | — | (567 | ) | (43 | ) | 3,505 | ||||||||||||||||
Other | 4,768 | (1,047 | ) | 1,424 | (1,005 | ) | (15 | ) | 4,125 | |||||||||||||||
Total commercial loans | 213,182 | (51,438 | ) | 4,823 | 65,007 | 1,617 | 233,191 | |||||||||||||||||
Consumer loans | 12,184 | (11 | ) | 1,332 | 2,266 | 48 | 15,819 | |||||||||||||||||
Total allowance for loan losses | $ | 225,366 | $ | (51,449 | ) | $ | 6,155 | $ | 67,273 | $ | 1,665 | $ | 249,010 |
Nine months ended September 30, 2016 | Beginning Balance December 31, 2015 | Charge-offs | Recoveries | Provision for (Reduction of) Loan Losses | Foreign Currency Translation Adjustments | Ending Balance September 30, 2016 | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Software/internet | $ | 103,045 | $ | (56,742 | ) | $ | 4,525 | $ | 46,438 | $ | (928 | ) | $ | 96,338 | ||||||||||
Hardware | 23,085 | (6,559 | ) | 1,502 | 15,010 | (433 | ) | 32,605 | ||||||||||||||||
Private equity/venture capital | 35,282 | — | — | 17,008 | (347 | ) | 51,943 | |||||||||||||||||
Life science/healthcare | 36,576 | (3,029 | ) | 1,037 | 3,252 | (788 | ) | 37,048 | ||||||||||||||||
Premium wine | 5,205 | — | — | (138 | ) | 22 | 5,089 | |||||||||||||||||
Other | 4,252 | (5,034 | ) | 880 | 4,573 | 150 | 4,821 | |||||||||||||||||
Total commercial loans | 207,445 | (71,364 | ) | 7,944 | 86,143 | (2,324 | ) | 227,844 | ||||||||||||||||
Consumer loans | 10,168 | (102 | ) | 214 | 2,481 | (40 | ) | 12,721 | ||||||||||||||||
Total allowance for loan losses | $ | 217,613 | $ | (71,466 | ) | $ | 8,158 | $ | 88,624 | $ | (2,364 | ) | $ | 240,565 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Beginning balance | $ | 47,000 | $ | 34,889 | $ | 45,265 | $ | 34,415 | ||||||||
Provision for unfunded credit commitments | 1,113 | 1,054 | 2,789 | 1,601 | ||||||||||||
Foreign currency translation adjustments | 59 | (19 | ) | 118 | (92 | ) | ||||||||||
Ending balance (1) | $ | 48,172 | $ | 35,924 | $ | 48,172 | $ | 35,924 |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||||
Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | |||||||||||||||||||||||||||||
(Dollars in thousands) | Allowance for loan losses | Recorded investment in loans | Allowance for loan losses | Recorded investment in loans | Allowance for loan losses | Recorded investment in loans | Allowance for loan losses | Recorded investment in loans | ||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||
Software/internet | $ | 26,981 | $ | 114,862 | $ | 65,031 | $ | 5,678,775 | $ | 28,245 | $ | 122,748 | $ | 69,143 | $ | 5,504,283 | ||||||||||||||||
Hardware | 11,179 | 40,740 | 20,120 | 1,072,769 | 9,995 | 65,395 | 21,171 | 1,115,003 | ||||||||||||||||||||||||
Private equity/venture capital | 536 | 1,318 | 76,670 | 9,622,506 | — | — | 50,299 | 7,691,148 | ||||||||||||||||||||||||
Life science/healthcare | 9,843 | 28,335 | 15,201 | 1,697,393 | 8,709 | 38,361 | 16,737 | 1,814,643 | ||||||||||||||||||||||||
Premium wine | 456 | 4,677 | 3,049 | 919,439 | 520 | 3,187 | 3,595 | 875,135 | ||||||||||||||||||||||||
Other | 145 | 298 | 3,980 | 501,487 | 233 | 867 | 4,535 | 500,842 | ||||||||||||||||||||||||
Total commercial loans | 49,140 | 190,230 | 184,051 | 19,492,369 | 47,702 | 230,558 | 165,480 | 17,501,054 | ||||||||||||||||||||||||
Total consumer loans | 1,710 | 3,242 | 14,109 | 2,503,486 | 1,123 | 3,902 | 11,061 | 2,164,430 | ||||||||||||||||||||||||
Total | $ | 50,850 | $ | 193,472 | $ | 198,160 | $ | 21,995,855 | $ | 48,825 | $ | 234,460 | $ | 176,541 | $ | 19,665,484 |
Term Loans by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 (Dollars in millions) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term Loans | Unallocated (1) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Global fund banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 415 | $ | 176 | $ | 101 | $ | 32 | $ | 3 | $ | 11 | $ | 39,578 | $ | — | $ | — | $ | 40,316 | ||||||||||||||||||||||||||||||||||||||||||
Criticized | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total global fund banking | $ | 415 | $ | 176 | $ | 101 | $ | 32 | $ | 3 | $ | 11 | $ | 39,578 | $ | — | $ | — | $ | 40,316 | ||||||||||||||||||||||||||||||||||||||||||
Investor dependent: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Early stage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 497 | $ | 710 | $ | 124 | $ | 51 | $ | 6 | $ | 1 | $ | 202 | $ | — | $ | — | $ | 1,591 | ||||||||||||||||||||||||||||||||||||||||||
Criticized | 37 | 116 | 43 | 12 | 1 | 2 | 31 | — | — | 242 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | 14 | 5 | 1 | 2 | — | 1 | — | — | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total early stage | $ | 534 | $ | 840 | $ | 172 | $ | 64 | $ | 9 | $ | 3 | $ | 234 | $ | — | $ | — | $ | 1,856 | ||||||||||||||||||||||||||||||||||||||||||
Growth stage: |
(Dollars in thousands) | Pass | Performing (Criticized) | Performing Impaired (Criticized) | Nonperforming Impaired (Nonaccrual) | Total | |||||||||||||||
September 30, 2017: | ||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||
Software/internet | $ | 5,304,675 | $ | 431,786 | $ | 40,965 | $ | 73,897 | $ | 5,851,323 | ||||||||||
Hardware | 1,015,947 | 65,337 | 21,886 | 18,854 | 1,122,024 | |||||||||||||||
Private equity/venture capital | 9,633,609 | 1 | 308 | 1,010 | 9,634,928 | |||||||||||||||
Life science/healthcare | 1,604,160 | 146,705 | 1,400 | 26,935 | 1,779,200 | |||||||||||||||
Premium wine | 877,235 | 43,377 | 4,241 | 436 | 925,289 | |||||||||||||||
Other | 493,856 | 19,252 | — | 298 | 513,406 | |||||||||||||||
Total commercial loans | 18,929,482 | 706,458 | 68,800 | 121,430 | 19,826,170 | |||||||||||||||
Consumer loans: | ||||||||||||||||||||
Real estate secured loans | 2,188,397 | 14,179 | — | 1,301 | 2,203,877 | |||||||||||||||
Other consumer loans | 297,388 | 453 | — | 1,941 | 299,782 | |||||||||||||||
Total consumer loans | 2,485,785 | 14,632 | — | 3,242 | 2,503,659 | |||||||||||||||
Total gross loans | $ | 21,415,267 | $ | 721,090 | $ | 68,800 | $ | 124,672 | $ | 22,329,829 | ||||||||||
December 31, 2016: | ||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||
Software/internet | $ | 4,924,923 | $ | 620,907 | $ | 46,143 | $ | 76,605 | $ | 5,668,578 | ||||||||||
Hardware | 985,889 | 137,830 | 58,814 | 6,581 | 1,189,114 | |||||||||||||||
Private equity/venture capital | 7,747,317 | 594 | — | — | 7,747,911 | |||||||||||||||
Life science/healthcare | 1,707,499 | 120,825 | 6,578 | 31,783 | 1,866,685 | |||||||||||||||
Premium wine | 865,354 | 11,838 | 2,696 | 491 | 880,379 | |||||||||||||||
Other | 480,845 | 23,510 | 464 | 403 | 505,222 | |||||||||||||||
Total commercial loans | 16,711,827 | 915,504 | 114,695 | 115,863 | 17,857,889 | |||||||||||||||
Consumer loans: | ||||||||||||||||||||
Real estate secured loans | 1,914,512 | 9,604 | — | 1,504 | 1,925,620 | |||||||||||||||
Other consumer loans | 238,256 | 499 | 786 | 1,612 | 241,153 | |||||||||||||||
Total consumer loans | 2,152,768 | 10,103 | 786 | 3,116 | 2,166,773 | |||||||||||||||
Total gross loans | $ | 18,864,595 | $ | 925,607 | $ | 115,481 | $ | 118,979 | $ | 20,024,662 |
Term Loans by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 (Dollars in millions) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term Loans | Unallocated (1) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,115 | $ | 1,670 | $ | 488 | $ | 94 | $ | 34 | $ | 8 | $ | 307 | $ | — | $ | — | $ | 3,716 | ||||||||||||||||||||||||||||||||||||||||||
Criticized | 77 | 191 | 62 | 15 | 8 | 3 | 61 | — | — | 417 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | 19 | 1 | 5 | — | — | 1 | — | — | 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total growth stage | $ | 1,192 | $ | 1,880 | $ | 551 | $ | 114 | $ | 42 | $ | 11 | $ | 369 | $ | — | $ | — | $ | 4,159 | ||||||||||||||||||||||||||||||||||||||||||
Total investor dependent | $ | 1,726 | $ | 2,720 | $ | 723 | $ | 178 | $ | 51 | $ | 14 | $ | 603 | $ | — | $ | — | $ | 6,015 | ||||||||||||||||||||||||||||||||||||||||||
Cash flow dependent - SLBO: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 484 | $ | 688 | $ | 206 | $ | 233 | $ | 89 | $ | 57 | $ | 41 | $ | — | $ | — | $ | 1,798 | ||||||||||||||||||||||||||||||||||||||||||
Criticized | — | — | 16 | 3 | 1 | 23 | 7 | — | — | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | — | 9 | — | 2 | — | — | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cash flow dependent - SLBO | $ | 484 | $ | 688 | $ | 222 | $ | 236 | $ | 99 | $ | 80 | $ | 50 | $ | — | $ | — | $ | 1,859 | ||||||||||||||||||||||||||||||||||||||||||
Innovation C&I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,214 | $ | 1,910 | $ | 893 | $ | 177 | $ | 45 | $ | 55 | $ | 2,922 | $ | — | $ | — | $ | 7,216 | ||||||||||||||||||||||||||||||||||||||||||
Criticized | 17 | 136 | 120 | 32 | 11 | — | 215 | — | — | 531 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | 2 | — | — | — | — | 4 | — | — | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total innovation C&I | $ | 1,231 | $ | 2,048 | $ | 1,013 | $ | 209 | $ | 56 | $ | 55 | $ | 3,141 | $ | — | $ | — | $ | 7,753 | ||||||||||||||||||||||||||||||||||||||||||
Private bank: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,668 | $ | 2,863 | $ | 1,791 | $ | 977 | $ | 456 | $ | 1,104 | $ | 873 | $ | 7 | $ | — | $ | 9,739 | ||||||||||||||||||||||||||||||||||||||||||
Criticized | — | — | — | 2 | — | 11 | 3 | — | — | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | 1 | 2 | 1 | 10 | 1 | — | — | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total private bank | $ | 1,668 | $ | 2,863 | $ | 1,792 | $ | 981 | $ | 457 | $ | 1,125 | $ | 877 | $ | 7 | $ | — | $ | 9,770 | ||||||||||||||||||||||||||||||||||||||||||
CRE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 270 | $ | 299 | $ | 197 | $ | 253 | $ | 118 | $ | 914 | $ | 92 | $ | 5 | $ | — | $ | 2,148 | ||||||||||||||||||||||||||||||||||||||||||
Criticized | 2 | 4 | 45 | 138 | 37 | 203 | 18 | 12 | — | 459 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | 9 | — | 1 | — | — | — | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total CRE | $ | 272 | $ | 303 | $ | 242 | $ | 400 | $ | 155 | $ | 1,118 | $ | 110 | $ | 17 | $ | — | $ | 2,617 | ||||||||||||||||||||||||||||||||||||||||||
Premium wine: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 168 | $ | 213 | $ | 113 | $ | 146 | $ | 49 | $ | 153 | $ | 154 | $ | 34 | $ | — | $ | 1,030 | ||||||||||||||||||||||||||||||||||||||||||
Criticized | — | 5 | 1 | — | 9 | 10 | 10 | — | — | 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total premium wine | $ | 168 | $ | 218 | $ | 114 | $ | 146 | $ | 58 | $ | 163 | $ | 164 | $ | 34 | $ | — | $ | 1,065 | ||||||||||||||||||||||||||||||||||||||||||
Other C&I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 32 | $ | 169 | $ | 164 | $ | 74 | $ | 83 | $ | 318 | $ | 250 | $ | 10 | $ | — | $ | 1,100 | ||||||||||||||||||||||||||||||||||||||||||
Criticized | — | 4 | 4 | 6 | 3 | 5 | 10 | 2 | — | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | — | 1 | 1 | — | — | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other C&I | $ | 32 | $ | 173 | $ | 168 | $ | 80 | $ | 87 | $ | 324 | $ | 260 | $ | 12 | $ | — | $ | 1,136 | ||||||||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 7 | $ | 115 | $ | 175 | $ | 38 | $ | 20 | $ | — | $ | 15 | $ | — | $ | (41) | $ | 329 | ||||||||||||||||||||||||||||||||||||||||||
Criticized | — | — | 13 | 23 | — | — | — | — | — | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other | $ | 7 | $ | 115 | $ | 188 | $ | 61 | $ | 20 | $ | — | $ | 15 | $ | — | $ | (41) | $ | 365 | ||||||||||||||||||||||||||||||||||||||||||
PPP: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | 45 | $ | 13 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (6) | $ | 52 | ||||||||||||||||||||||||||||||||||||||||||
Criticized | — | 6 | 1 | — | — | — | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total PPP | $ | — | $ | 51 | $ | 14 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (6) | $ | 59 | ||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 6,003 | $ | 9,355 | $ | 4,577 | $ | 2,323 | $ | 986 | $ | 2,890 | $ | 44,798 | $ | 70 | $ | (47) | $ | 70,955 | ||||||||||||||||||||||||||||||||||||||||||
Term Loans by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 (Dollars in millions) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Revolving Loans Converted to Term Loans | Unallocated (1) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Global fund banking: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 764 | $ | 115 | $ | 36 | $ | 6 | $ | 8 | $ | 4 | $ | 36,955 | $ | — | $ | — | $ | 37,888 | ||||||||||||||||||||||||||||||||||||||||||
Criticized | 50 | 18 | — | — | — | 1 | 1 | — | — | 70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total global fund banking | $ | 814 | $ | 133 | $ | 36 | $ | 6 | $ | 8 | $ | 5 | $ | 36,956 | $ | — | $ | — | $ | 37,958 | ||||||||||||||||||||||||||||||||||||||||||
Investor dependent: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Early stage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 754 | $ | 287 | $ | 122 | $ | 26 | $ | 6 | $ | 1 | $ | 171 | $ | — | $ | — | $ | 1,367 | ||||||||||||||||||||||||||||||||||||||||||
Criticized | 64 | 87 | 30 | 5 | — | — | 29 | — | — | 215 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 2 | 5 | 3 | — | — | — | 1 | — | — | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total early stage | $ | 820 | $ | 379 | $ | 155 | $ | 31 | $ | 6 | $ | 1 | $ | 201 | $ | — | $ | — | $ | 1,593 | ||||||||||||||||||||||||||||||||||||||||||
Growth stage: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 2,072 | $ | 910 | $ | 265 | $ | 78 | $ | 14 | $ | 1 | $ | 286 | $ | 5 | $ | — | $ | 3,631 | ||||||||||||||||||||||||||||||||||||||||||
Criticized | 159 | 85 | 27 | 6 | 3 | — | 34 | — | — | 314 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 2 | — | 1 | 2 | — | — | 1 | — | — | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total growth stage | $ | 2,233 | $ | 995 | $ | 293 | $ | 86 | $ | 17 | $ | 1 | $ | 321 | $ | 5 | $ | — | $ | 3,951 | ||||||||||||||||||||||||||||||||||||||||||
Total investor dependent | $ | 3,053 | $ | 1,374 | $ | 448 | $ | 117 | $ | 23 | $ | 2 | $ | 522 | $ | 5 | $ | — | $ | 5,544 | ||||||||||||||||||||||||||||||||||||||||||
Cash flow dependent - SLBO: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 875 | $ | 384 | $ | 252 | $ | 72 | $ | 76 | $ | 2 | $ | 35 | $ | — | $ | — | $ | 1,696 | ||||||||||||||||||||||||||||||||||||||||||
Criticized | — | — | 20 | 25 | — | 13 | 10 | — | — | 68 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | 12 | 10 | 7 | — | 5 | — | — | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cash flow dependent - SLBO | $ | 875 | $ | 384 | $ | 284 | $ | 107 | $ | 83 | $ | 15 | $ | 50 | $ | — | $ | — | $ | 1,798 | ||||||||||||||||||||||||||||||||||||||||||
Innovation C&I: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 2,230 | $ | 1,058 | $ | 288 | $ | 123 | $ | 58 | $ | — | $ | 2,411 | $ | — | $ | — | $ | 6,168 | ||||||||||||||||||||||||||||||||||||||||||
Criticized | 64 | 130 | 62 | 12 | — | — | 236 | — | — | 504 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | — | — | — | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Innovation C&I | $ | 2,294 | $ | 1,188 | $ | 350 | $ | 135 | $ | 58 | $ | — | $ | 2,648 | $ | — | $ | — | $ | 6,673 | ||||||||||||||||||||||||||||||||||||||||||
Private bank: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 2,952 | $ | 2,015 | $ | 1,122 | $ | 520 | $ | 432 | $ | 952 | $ | 705 | $ | 8 | $ | — | $ | 8,706 | ||||||||||||||||||||||||||||||||||||||||||
Criticized | — | — | 2 | — | 2 | 9 | 3 | — | — | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | 2 | 9 | — | 8 | 2 | — | — | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total private bank | $ | 2,952 | $ | 2,015 | $ | 1,126 | $ | 529 | $ | 434 | $ | 969 | $ | 710 | $ | 8 | $ | — | $ | 8,743 | ||||||||||||||||||||||||||||||||||||||||||
CRE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 326 | $ | 215 | $ | 344 | $ | 155 | $ | 236 | $ | 868 | $ | 110 | $ | 2 | $ | — | $ | 2,256 | ||||||||||||||||||||||||||||||||||||||||||
Criticized | 3 | 39 | 114 | 37 | 47 | 139 | 18 | 12 | — | 409 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | 5 | — | — | — | — | — | — | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total CRE | $ | 329 | $ | 254 | $ | 463 | $ | 192 | $ | 283 | $ | 1,007 | $ | 128 | $ | 14 | $ | — | $ | 2,670 | ||||||||||||||||||||||||||||||||||||||||||
Premium wine: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 217 | $ | 112 | $ | 156 | $ | 69 | $ | 71 | $ | 162 | $ | 125 | $ | 34 | $ | — | $ | 946 | ||||||||||||||||||||||||||||||||||||||||||
Criticized | 1 | 7 | 11 | 9 | — | — | 11 | — | — | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Premium wine | $ | 218 | $ | 119 | $ | 167 | $ | 78 | $ | 71 | $ | 162 | $ | 136 | $ | 34 | $ | — | $ | 985 | ||||||||||||||||||||||||||||||||||||||||||
Other C&I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 181 | $ | 175 | $ | 82 | $ | 86 | $ | 28 | $ | 301 | $ | 350 | $ | 11 | $ | — | $ | 1,214 | ||||||||||||||||||||||||||||||||||||||||||
Criticized | 5 | 6 | 6 | 7 | 2 | — | 8 | 5 | — | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | 2 | — | 1 | 1 | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other C&I | $ | 186 | $ | 181 | $ | 88 | $ | 95 | $ | 30 | $ | 302 | $ | 359 | $ | 16 | $ | — | $ | 1,257 | ||||||||||||||||||||||||||||||||||||||||||
Other: |
Term Loans by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 (Dollars in millions) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Revolving Loans Converted to Term Loans | Unallocated (1) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 61 | $ | 144 | $ | 82 | $ | 20 | $ | 14 | $ | — | $ | 7 | $ | — | $ | (21) | $ | 307 | ||||||||||||||||||||||||||||||||||||||||||
Criticized | — | 7 | 1 | — | 2 | — | — | — | — | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other | $ | 61 | $ | 151 | $ | 83 | $ | 20 | $ | 16 | $ | — | $ | 7 | $ | — | $ | (21) | $ | 317 | ||||||||||||||||||||||||||||||||||||||||||
PPP: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 226 | $ | 72 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 298 | ||||||||||||||||||||||||||||||||||||||||||
Criticized | 22 | 9 | — | — | — | — | — | — | — | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 2 | — | — | — | — | — | — | — | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total PPP | $ | 250 | $ | 81 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 331 | ||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 11,032 | $ | 5,880 | $ | 3,045 | $ | 1,279 | $ | 1,006 | $ | 2,462 | $ | 41,516 | $ | 77 | $ | (21) | $ | 66,276 | ||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | Beginning Balance March 31, 2022 | Charge-offs | Recoveries | Provision (Reduction) for Credit Loss for Loans | Foreign Currency Translation Adjustments | Ending Balance June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Global fund banking | $ | 66 | $ | — | $ | — | $ | 23 | $ | — | $ | 89 | ||||||||||||||||||||||||||||||||
Investor dependent | 148 | (16) | 1 | 90 | 1 | 224 | ||||||||||||||||||||||||||||||||||||||
Cash flow dependent and innovation C&I | 115 | (4) | — | 19 | — | 130 | ||||||||||||||||||||||||||||||||||||||
Private bank | 37 | — | — | 8 | — | 45 | ||||||||||||||||||||||||||||||||||||||
CRE | 34 | — | — | — | — | 34 | ||||||||||||||||||||||||||||||||||||||
Other C&I | 12 | (1) | — | 1 | — | 12 | ||||||||||||||||||||||||||||||||||||||
Premium wine and other | 9 | (1) | 1 | 5 | (3) | 11 | ||||||||||||||||||||||||||||||||||||||
Total ACL | $ | 421 | $ | (22) | $ | 2 | $ | 146 | $ | (2) | $ | 545 |
Three months ended June 30, 2021 | Beginning Balance March 31, 2021 | Charge-offs | Recoveries | Provision (Reduction) for Credit Loss for Loans | Foreign Currency Translation Adjustments | Ending Balance June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Global fund banking | $ | 60 | $ | — | $ | — | $ | 6 | $ | — | $ | 66 | ||||||||||||||||||||||||||||||||
Investor dependent | 168 | (6) | 3 | (7) | — | 158 | ||||||||||||||||||||||||||||||||||||||
Cash flow dependent and innovation C&I | 112 | (7) | — | 14 | — | 119 | ||||||||||||||||||||||||||||||||||||||
Private bank | 44 | (2) | — | 5 | — | 47 | ||||||||||||||||||||||||||||||||||||||
Premium wine and other | 8 | — | — | (2) | — | 6 | ||||||||||||||||||||||||||||||||||||||
Total ACL | $ | 392 | $ | (15) | $ | 3 | $ | 16 | $ | — | $ | 396 |
Six months ended June 30, 2022 | Beginning Balance December 31, 2021 | Charge-offs | Recoveries | Provision (Reduction) for Credit Loss for Loans | Foreign Currency Translation Adjustments | Ending Balance June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Global fund banking | $ | 67 | $ | — | $ | — | $ | 22 | $ | — | $ | 89 | ||||||||||||||||||||||||||||||||
Investor dependent | 146 | (33) | 9 | 101 | 1 | 224 | ||||||||||||||||||||||||||||||||||||||
Cash flow dependent and innovation C&I | 118 | (4) | — | 16 | — | 130 | ||||||||||||||||||||||||||||||||||||||
Private Bank | 33 | — | 2 | 10 | — | 45 | ||||||||||||||||||||||||||||||||||||||
CRE | 36 | — | — | (2) | — | 34 | ||||||||||||||||||||||||||||||||||||||
Other C&I | 14 | (2) | — | — | — | 12 | ||||||||||||||||||||||||||||||||||||||
Premium wine and other | 8 | (1) | 1 | 7 | (4) | 11 | ||||||||||||||||||||||||||||||||||||||
Total ACL | $ | 422 | $ | (40) | $ | 12 | $ | 154 | $ | (3) | $ | 545 |
Six months ended June 30, 2021 | Beginning Balance December 31, 2020 | Charge-offs | Recoveries | Provision (Reduction) for Credit Loss for Loans | Foreign Currency Translation Adjustments | Ending Balance June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Global fund banking | $ | 46 | $ | (80) | $ | — | $ | 100 | $ | — | $ | 66 | ||||||||||||||||||||||||||||||||
Investor dependent | 213 | (20) | 8 | (43) | — | 158 | ||||||||||||||||||||||||||||||||||||||
Cash flow dependent and innovation C&I | 125 | (7) | — | 1 | — | 119 | ||||||||||||||||||||||||||||||||||||||
Private Bank | 53 | (2) | — | (4) | — | 47 | ||||||||||||||||||||||||||||||||||||||
Premium wine and other | 9 | (1) | — | (2) | — | 6 | ||||||||||||||||||||||||||||||||||||||
PPP | 2 | — | — | (2) | — | — | ||||||||||||||||||||||||||||||||||||||
Total ACL | $ | 448 | $ | (110) | $ | 8 | $ | 50 | $ | — | $ | 396 |
(Dollars in millions) | 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 | |||||||||||||||||||||||||||||||||||||
June 30, 2022: | ||||||||||||||||||||||||||||||||||||||||||||
Global fund banking | $ | — | $ | — | $ | — | $ | — | $ | 40,316 | $ | 40,316 | $ | — | ||||||||||||||||||||||||||||||
Investor dependent: | ||||||||||||||||||||||||||||||||||||||||||||
Early stage | 1 | 3 | 1 | 5 | 1,851 | 1,856 | — | |||||||||||||||||||||||||||||||||||||
Growth stage | 11 | 4 | — | 15 | 4,144 | 4,159 | — | |||||||||||||||||||||||||||||||||||||
Total investor dependent | 12 | 7 | 1 | 20 | 5,995 | 6,015 | — | |||||||||||||||||||||||||||||||||||||
Cash flow dependent - SLBO | — | — | — | — | 1,859 | 1,859 | — | |||||||||||||||||||||||||||||||||||||
Innovation C&I | 16 | 2 | — | 18 | 7,735 | 7,753 | — | |||||||||||||||||||||||||||||||||||||
Private bank | — | — | 7 | 7 | 9,763 | 9,770 | — | |||||||||||||||||||||||||||||||||||||
CRE | 1 | — | 1 | 2 | 2,615 | 2,617 | — | |||||||||||||||||||||||||||||||||||||
Premium wine | 3 | — | — | 3 | 1,062 | 1,065 | — | |||||||||||||||||||||||||||||||||||||
Other C&I | — | — | — | — | 1,136 | 1,136 | — | |||||||||||||||||||||||||||||||||||||
Other | 15 | — | — | 15 | 350 | 365 | — | |||||||||||||||||||||||||||||||||||||
PPP | 3 | 6 | — | 9 | 50 | 59 | — | |||||||||||||||||||||||||||||||||||||
Total loans | $ | 50 | $ | 15 | $ | 9 | $ | 74 | $ | 70,881 | $ | 70,955 | $ | — | ||||||||||||||||||||||||||||||
December 31, 2021: | ||||||||||||||||||||||||||||||||||||||||||||
Global fund banking | $ | — | $ | — | $ | — | $ | — | $ | 37,958 | $ | 37,958 | $ | — | ||||||||||||||||||||||||||||||
Investor dependent: | ||||||||||||||||||||||||||||||||||||||||||||
Early stage | 6 | 5 | — | 11 | 1,582 | 1,593 | — | |||||||||||||||||||||||||||||||||||||
Growth stage | 16 | — | — | 16 | 3,935 | 3,951 | — | |||||||||||||||||||||||||||||||||||||
Total investor dependent | 22 | 5 | — | 27 | 5,517 | 5,544 | — | |||||||||||||||||||||||||||||||||||||
Cash flow dependent - SLBO | — | — | — | — | 1,798 | 1,798 | — | |||||||||||||||||||||||||||||||||||||
Innovation C&I | 7 | — | 7 | 14 | 6,659 | 6,673 | 7 | |||||||||||||||||||||||||||||||||||||
Private bank | 28 | 1 | 12 | 41 | 8,702 | 8,743 | — | |||||||||||||||||||||||||||||||||||||
CRE | 1 | — | — | 1 | 2,669 | 2,670 | — | |||||||||||||||||||||||||||||||||||||
Premium wine | 3 | — | — | 3 | 982 | 985 | — | |||||||||||||||||||||||||||||||||||||
Other C&I | 1 | 2 | 1 | 4 | 1,253 | 1,257 | — | |||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | 317 | 317 | — | |||||||||||||||||||||||||||||||||||||
PPP | 1 | — | — | 1 | 330 | 331 | — | |||||||||||||||||||||||||||||||||||||
Total loans | $ | 63 | $ | 8 | $ | 20 | $ | 91 | $ | 66,185 | $ | 66,276 | $ | 7 |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
(Dollars in millions) | Nonaccrual Loans | Nonaccrual Loans with no Allowance for Credit Loss | Nonaccrual Loans | Nonaccrual Loans with no Allowance for Credit Loss | ||||||||||||||||||||||
Investor dependent: | ||||||||||||||||||||||||||
Early stage | $ | 23 | $ | 5 | $ | 11 | $ | — | ||||||||||||||||||
Growth stage | 26 | — | 6 | — | ||||||||||||||||||||||
Total investor dependent | 49 | 5 | 17 | — | ||||||||||||||||||||||
Cash flow dependent - SLBO | 11 | — | 34 | — | ||||||||||||||||||||||
Innovation C&I | 6 | 3 | 1 | 1 | ||||||||||||||||||||||
Private bank | 15 | 7 | 21 | 8 | ||||||||||||||||||||||
CRE | 10 | 10 | 5 | — | ||||||||||||||||||||||
Other C&I | 2 | — | 4 | — | ||||||||||||||||||||||
PPP | — | — | 2 | — | ||||||||||||||||||||||
Total nonaccrual loans | $ | 93 | $ | 25 | $ | 84 | $ | 9 |
(Dollars in thousands) | September 30, 2017 | December 31, 2016 | ||||||
Loans modified in TDRs: | ||||||||
Commercial loans: | ||||||||
Software/internet | $ | 63,326 | $ | 52,646 | ||||
Hardware | 395 | 14,870 | ||||||
Life science/healthcare | 20,015 | 24,176 | ||||||
Premium wine | 3,265 | 3,194 | ||||||
Other | — | 387 | ||||||
Total commercial loans | 87,001 | 95,273 | ||||||
Consumer loans: | ||||||||
Other consumer loans | 437 | 786 | ||||||
Total | $ | 87,438 | $ | 96,059 |
(Dollars in millions) | June 30, 2022 | December 31, 2021 | ||||||||||||
Loans modified in TDRs: | ||||||||||||||
Investor dependent: | ||||||||||||||
Early stage | $ | 1 | $ | 12 | ||||||||||
Growth stage | 20 | 3 | ||||||||||||
Total investor dependent | 21 | 15 | ||||||||||||
Cash flow dependent - SLBO | 12 | 34 | ||||||||||||
Private bank | 12 | 12 | ||||||||||||
CRE | 33 | 33 | ||||||||||||
Other C&I | 2 | 2 | ||||||||||||
Total loans modified in TDRs | $ | 80 | $ | 96 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Loans modified in TDRs during the period: | ||||||||||||||||||||||||||
Investor dependent: | ||||||||||||||||||||||||||
Early stage | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||
Growth stage | 19 | — | 20 | — | ||||||||||||||||||||||
Total investor dependent | 19 | 1 | 20 | 1 | ||||||||||||||||||||||
Cash flow dependent - SLBO | — | — | — | 13 | ||||||||||||||||||||||
Private bank | — | 1 | 1 | 3 | ||||||||||||||||||||||
Total loans modified in TDRs during the period (1) | $ | 19 | $ | 2 | $ | 21 | $ | 17 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Loans modified in TDRs during the period: | ||||||||||||||||
Commercial loans: | ||||||||||||||||
Software/internet | $ | 10,876 | $ | 78 | $ | 26,034 | $ | 4,569 | ||||||||
Hardware | 396 | 10,329 | 396 | 10,329 | ||||||||||||
Life science/healthcare | — | 1,714 | — | 1,714 | ||||||||||||
Premium wine | — | — | 185 | 495 | ||||||||||||
Total commercial loans | 11,272 | 12,121 | 26,615 | 17,107 | ||||||||||||
Consumer loans: | ||||||||||||||||
Other consumer loans | — | — | — | 786 | ||||||||||||
Total loans modified in TDRs during the period (1) | $ | 11,272 | $ | 12,121 | $ | 26,615 | $ | 17,893 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
TDRs modified within the previous 12 months that defaulted during the period: | ||||||||||||||||
Commercial loans: | ||||||||||||||||
Software/internet | $ | 1,234 | $ | — | $ | 1,234 | $ | 584 | ||||||||
Premium wine | 186 | 790 | 186 | 790 | ||||||||||||
Total TDRs modified within the previous 12 months that defaulted in the period | $ | 1,420 | $ | 790 | $ | 1,420 | $ | 1,374 |
Carrying Value | ||||||||||||||
(Dollars in thousands) | Maturity | Principal value at September 30, 2017 | September 30, 2017 | December 31, 2016 | ||||||||||
Short-term borrowings: | ||||||||||||||
Short-term FHLB advances | $ | — | $ | — | $ | 500,000 | ||||||||
Other short-term borrowings | (1) | 4,840 | 4,840 | 12,668 | ||||||||||
Total short-term borrowings | $ | 4,840 | $ | 512,668 | ||||||||||
Long-term debt: | ||||||||||||||
3.50% Senior Notes | January 29, 2025 | $ | 350,000 | $ | 347,221 | $ | 346,979 | |||||||
5.375% Senior Notes | September 15, 2020 | 350,000 | 348,035 | 347,586 | ||||||||||
6.05% Subordinated Notes (2) | June 1, 2017 | — | — | 46,646 | ||||||||||
7.0% Junior Subordinated Debentures | October 15, 2033 | 50,000 | 54,362 | 54,493 | ||||||||||
Total long-term debt | $ | 749,618 | $ | 795,704 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
ACL: unfunded credit commitments, beginning balance | $ | 175 | $ | 105 | $ | 171 | $ | 121 | ||||||||||||||||||
Provision for (reduction in) credit losses | 50 | 15 | 54 | (1) | ||||||||||||||||||||||
Foreign currency translation adjustments | (1) | — | (1) | — | ||||||||||||||||||||||
ACL: unfunded credit commitments, ending balance (1) | $ | 224 | $ | 120 | $ | 224 | $ | 120 |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | Gross Amount | Accumulated Amortization | Net Carrying Amount | Gross Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||||
Other intangible assets: | ||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | 135 | $ | 23 | $ | 112 | $ | 135 | $ | 16 | $ | 119 | ||||||||||||||||||||||||||
Other | 57 | 21 | 36 | 57 | 16 | 41 | ||||||||||||||||||||||||||||||||
Total other intangible assets | $ | 192 | $ | 44 | $ | 148 | $ | 192 | $ | 32 | $ | 160 |
Years ended December 31, (Dollars in millions) | Other Intangible Assets | ||||||||||
2022 (excluding the six months ended June 30, 2022) | $ | 12 | |||||||||
2023 | 22 | ||||||||||
2024 | 20 | ||||||||||
2025 | 17 | ||||||||||
2026 | 30 | ||||||||||
2027 and thereafter | 47 | ||||||||||
Total future amortization expense | $ | 148 |
June 30, 2022 | ||||||||||||||||||||||||||
(Dollars in millions) | Amortized Cost Basis of the Hedged Assets | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (2) | ||||||||||||||||||||||||
AFS securities (1) | $ | 9,321 | $ | (308) |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Notional or Contractual Amount | Fair Value | Notional or Contractual Amount | Fair Value | |||||||||||||||||||||||||||||||||||
(Dollars in millions) | Derivative Assets (1) | Derivative Liabilities (1) | Derivative Assets (1) | Derivative Liabilities (1) | ||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||
Interest rate risks: | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps (2) | $ | 5,900 | $ | — | $ | — | $ | 10,700 | $ | 18 | $ | — | ||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||
Currency exchange risks: | ||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 543 | 23 | — | 701 | 16 | — | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | 186 | — | 9 | 62 | — | 2 | ||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||
Equity warrant assets | 335 | 322 | — | 322 | 277 | — | ||||||||||||||||||||||||||||||||
Contingent conversion rights | 50 | 6 | — | — | — | — | ||||||||||||||||||||||||||||||||
Client foreign exchange contracts | 9,469 | 249 | — | 8,245 | 146 | — | ||||||||||||||||||||||||||||||||
Client foreign exchange contracts | 8,940 | — | 254 | 7,764 | — | 126 | ||||||||||||||||||||||||||||||||
Total return swaps | 80 | 27 | — | — | — | — | ||||||||||||||||||||||||||||||||
Client foreign currency options | 298 | 8 | — | 688 | 9 | — | ||||||||||||||||||||||||||||||||
Client foreign currency options | 298 | — | 8 | 688 | — | 9 | ||||||||||||||||||||||||||||||||
Client interest rate derivatives (2) | 2,167 | 70 | — | 2,178 | 99 | — | ||||||||||||||||||||||||||||||||
Client interest rate derivatives | 2,369 | — | 153 | 2,315 | — | 101 | ||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | 705 | 424 | 547 | 238 | ||||||||||||||||||||||||||||||||||
Total derivatives | $ | 705 | $ | 424 | $ | 565 | $ | 238 |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Balance Sheet Location | Notional or Contractual Amount | Fair Value | Collateral (1) | Net Exposure (2) | Notional or Contractual Amount | Fair Value | Collateral (1) | Net Exposure (2) | |||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||
Interest rate risks: | ||||||||||||||||||||||||||||||||||
Interest rate swaps | Other assets | $ | — | $ | — | $ | — | $ | — | $ | 45,964 | $ | 810 | $ | 89 | $ | 721 | |||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||
Currency exchange risks: | ||||||||||||||||||||||||||||||||||
Foreign exchange forwards | Other assets | 286,378 | 3,166 | — | 3,166 | 219,950 | 3,057 | — | 3,057 | |||||||||||||||||||||||||
Foreign exchange forwards | Other liabilities | 84,618 | (1,244 | ) | — | (1,244 | ) | 54,338 | (968 | ) | — | (968 | ) | |||||||||||||||||||||
Net exposure | 1,922 | — | 1,922 | 2,089 | — | 2,089 | ||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||
Equity warrant assets | Other assets | 211,018 | 141,785 | — | 141,785 | 211,434 | 131,123 | — | 131,123 | |||||||||||||||||||||||||
Other derivatives: | ||||||||||||||||||||||||||||||||||
Client foreign exchange forwards | Other assets | 1,925,726 | 90,691 | 4,840 | 85,851 | 1,251,308 | 54,587 | 12,579 | 42,008 | |||||||||||||||||||||||||
Client foreign exchange forwards | Other liabilities | 1,838,439 | (86,627 | ) | — | (86,627 | ) | 1,068,991 | (43,317 | ) | — | (43,317 | ) | |||||||||||||||||||||
Client foreign currency options | Other assets | 101,544 | 1,090 | — | 1,090 | 775,000 | 10,383 | — | 10,383 | |||||||||||||||||||||||||
Client foreign currency options | Other liabilities | 101,544 | (1,090 | ) | — | (1,090 | ) | 775,000 | (10,383 | ) | — | (10,383 | ) | |||||||||||||||||||||
Client interest rate derivatives | Other assets | 676,148 | 11,824 | — | 11,824 | 583,511 | 10,110 | — | 10,110 | |||||||||||||||||||||||||
Client interest rate derivatives | Other liabilities | 711,969 | (11,955 | ) | — | (11,955 | ) | 627,639 | (9,770 | ) | — | (9,770 | ) | |||||||||||||||||||||
Net exposure | 3,933 | 4,840 | (907 | ) | 11,610 | 12,579 | (969 | ) | ||||||||||||||||||||||||||
Net | $ | 147,640 | $ | 4,840 | $ | 142,800 | $ | 145,632 | $ | 12,668 | $ | 132,964 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||
(Dollars in millions) | Statement of income location | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Interest rate risks: | ||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI into income | Interest income - loans | $ | 14 | $ | 16 | $ | 29 | $ | 31 | |||||||||||||||||||||||
Change in fair value of interest rate swaps hedging investment securities | Interest income - investment securities taxable | 56 | (14) | 386 | 4 | |||||||||||||||||||||||||||
Change in fair value of hedged investment securities | Interest income - investment securities taxable | (55) | 4 | (386) | (13) | |||||||||||||||||||||||||||
Net gains associated with interest rate risk derivatives | $ | 15 | $ | 6 | $ | 29 | $ | 22 | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Currency exchange risks: | ||||||||||||||||||||||||||||||||
(Losses) gains on revaluations of internal foreign currency instruments, net | Other noninterest income | $ | (23) | $ | 7 | (21) | $ | (21) | ||||||||||||||||||||||||
Gains (losses) on internal foreign exchange forward contracts, net | Other noninterest income | 19 | (6) | 20 | 21 | |||||||||||||||||||||||||||
Net (losses) gains associated with internal currency risk | $ | (4) | $ | 1 | $ | (1) | $ | — | ||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||
Gains (losses) on revaluations of client foreign currency instruments, net | Other noninterest income | $ | — | $ | 17 | $ | (5) | $ | 15 | |||||||||||||||||||||||
Gains (losses) on client foreign exchange forward contracts, net | Other noninterest income | 5 | (12) | 7 | (10) | |||||||||||||||||||||||||||
Net gains associated with client currency risk | $ | 5 | $ | 5 | $ | 2 | $ | 5 | ||||||||||||||||||||||||
Gains on total return swaps | Other noninterest income | $ | 35 | $ | — | $ | 27 | $ | — | |||||||||||||||||||||||
Net gains on equity warrant assets | Gains on equity warrant assets, net | $ | 17 | $ | 122 | $ | 80 | $ | 344 | |||||||||||||||||||||||
Net gains (losses) on other derivatives | Other noninterest income | $ | 3 | $ | (2) | $ | 6 | $ | 2 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
(Dollars in thousands) | Statement of income location | 2017 | 2016 | 2017 | 2016 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||
Interest rate risks: | ||||||||||||||||||
Net cash benefit associated with interest rate swaps | Interest expense—borrowings | $ | 62 | $ | 580 | $ | 997 | $ | 1,778 | |||||||||
Changes in fair value of interest rate swaps | Other noninterest income | — | (3 | ) | (7 | ) | (33 | ) | ||||||||||
Net gains associated with interest rate risk derivatives | $ | 62 | $ | 577 | $ | 990 | $ | 1,745 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||
Currency exchange risks: | ||||||||||||||||||
Gains (losses) on revaluations of internal foreign currency instruments, net | Other noninterest income | $ | 10,561 | $ | (1,406 | ) | $ | 29,265 | $ | (4,222 | ) | |||||||
(Losses) gains on internal foreign exchange forward contracts, net | Other noninterest income | (10,550 | ) | 1,352 | (28,349 | ) | 3,067 | |||||||||||
Net gains (losses) associated with internal currency risk | $ | 11 | $ | (54 | ) | $ | 916 | $ | (1,155 | ) | ||||||||
Other derivative instruments: | ||||||||||||||||||
Gains on revaluations of client foreign currency instruments, net | Other noninterest income | $ | 3,760 | $ | 3,488 | $ | 8,889 | $ | 7,009 | |||||||||
Losses on client foreign exchange forward contracts, net | Other noninterest income | (3,871 | ) | (3,194 | ) | (8,350 | ) | (8,780 | ) | |||||||||
Net (losses) gains associated with client currency risk | $ | (111 | ) | $ | 294 | $ | 539 | $ | (1,771 | ) | ||||||||
Net gains on equity warrant assets | Gains on equity warrant assets, net | $ | 24,922 | $ | 21,558 | $ | 42,432 | $ | 33,252 | |||||||||
Net (losses) gains on other derivatives | Other noninterest income | $ | (38 | ) | $ | 31 | $ | (524 | ) | $ | (659 | ) |
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 millions) | Financial Instruments | Cash Collateral Received (1) | ||||||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 272 | $ | — | $ | 272 | $ | (73) | $ | (75) | $ | 124 | ||||||||||||||||||||||||||
Total return swaps | 27 | — | 27 | — | (26) | 1 | ||||||||||||||||||||||||||||||||
Foreign currency options | 8 | — | 8 | — | (4) | 4 | ||||||||||||||||||||||||||||||||
Client interest rate derivatives | 70 | — | 70 | (22) | (48) | — | ||||||||||||||||||||||||||||||||
Total derivative assets | 377 | — | 377 | (95) | (153) | 129 | ||||||||||||||||||||||||||||||||
Reverse repurchase, securities borrowing, and similar arrangements | 544 | — | 544 | (544) | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 921 | $ | — | $ | 921 | $ | (639) | $ | (153) | $ | 129 | ||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 18 | $ | — | $ | 18 | $ | — | $ | (13) | $ | 5 | ||||||||||||||||||||||||||
Foreign exchange contracts | 162 | — | 162 | (77) | (32) | 53 | ||||||||||||||||||||||||||||||||
Foreign currency options | 9 | — | 9 | (1) | (7) | 1 | ||||||||||||||||||||||||||||||||
Client interest rate derivatives | 99 | — | 99 | (91) | (8) | — | ||||||||||||||||||||||||||||||||
Total derivative assets | 288 | — | 288 | (169) | (60) | 59 | ||||||||||||||||||||||||||||||||
Reverse repurchase, securities borrowing, and similar arrangements | 607 | — | 607 | (607) | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 895 | $ | — | $ | 895 | $ | (776) | $ | (60) | $ | 59 |
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 | ||||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||
Derivative Assets: | ||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Foreign exchange forwards | 93,857 | — | 93,857 | (21,154 | ) | (4,840 | ) | 67,863 | ||||||||||||||||
Foreign currency options | 1,090 | — | 1,090 | (331 | ) | — | 759 | |||||||||||||||||
Client interest rate derivatives | 11,824 | — | 11,824 | (11,808 | ) | — | 16 | |||||||||||||||||
Total derivative assets | 106,771 | — | 106,771 | (33,293 | ) | (4,840 | ) | 68,638 | ||||||||||||||||
Reverse repurchase, securities borrowing, and similar arrangements | 62,664 | — | 62,664 | (62,664 | ) | — | — | |||||||||||||||||
Total | $ | 169,435 | $ | — | $ | 169,435 | $ | (95,957 | ) | $ | (4,840 | ) | $ | 68,638 | ||||||||||
December 31, 2016 | ||||||||||||||||||||||||
Derivative Assets: | ||||||||||||||||||||||||
Interest rate swaps | $ | 810 | $ | — | $ | 810 | $ | (721 | ) | $ | (89 | ) | $ | — | ||||||||||
Foreign exchange forwards | 57,644 | — | 57,644 | (22,738 | ) | (12,579 | ) | 22,327 | ||||||||||||||||
Foreign currency options | 10,383 | — | 10,383 | (8,806 | ) | — | 1,577 | |||||||||||||||||
Client interest rate derivatives | 10,110 | — | 10,110 | (10,091 | ) | — | 19 | |||||||||||||||||
Total derivative assets | 78,947 | — | 78,947 | (42,356 | ) | (12,668 | ) | 23,923 | ||||||||||||||||
Reverse repurchase, securities borrowing, and similar arrangements | 64,028 | — | 64,028 | (64,028 | ) | — | — | |||||||||||||||||
Total | $ | 142,975 | $ | — | $ | 142,975 | $ | (106,384 | ) | $ | (12,668 | ) | $ | 23,923 |
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 millions) | Financial Instruments | Cash Collateral Pledged (1) | ||||||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 263 | $ | — | $ | 263 | $ | (97) | $ | (36) | $ | 130 | ||||||||||||||||||||||||||
Foreign currency options | 8 | — | 8 | (4) | — | 4 | ||||||||||||||||||||||||||||||||
Client interest rate derivatives | 153 | — | 153 | (136) | (17) | — | ||||||||||||||||||||||||||||||||
Total derivative liabilities | 424 | — | 424 | (237) | (53) | 134 | ||||||||||||||||||||||||||||||||
Repurchase, securities lending, and similar arrangements | 50 | — | 50 | — | — | 50 | ||||||||||||||||||||||||||||||||
Total | $ | 474 | $ | — | $ | 474 | $ | (237) | $ | (53) | $ | 184 | ||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 128 | $ | — | $ | 128 | $ | (55) | $ | (4) | $ | 69 | ||||||||||||||||||||||||||
Foreign currency options | 9 | — | 9 | (2) | — | 7 | ||||||||||||||||||||||||||||||||
Client interest rate derivatives | 101 | — | 101 | (44) | (57) | — | ||||||||||||||||||||||||||||||||
Total derivative liabilities | 238 | — | 238 | (101) | (61) | 76 | ||||||||||||||||||||||||||||||||
Repurchase, securities lending, and similar arrangements | 61 | — | 61 | — | — | 61 | ||||||||||||||||||||||||||||||||
Total | $ | 299 | $ | — | $ | 299 | $ | (101) | $ | (61) | $ | 137 |
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 | ||||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||
Derivative Liabilities: | ||||||||||||||||||||||||
Foreign exchange forwards | $ | 87,871 | $ | — | $ | 87,871 | $ | (68,852 | ) | $ | — | $ | 19,019 | |||||||||||
Foreign currency options | 1,090 | — | 1,090 | (759 | ) | — | 331 | |||||||||||||||||
Client interest rate derivatives | 11,955 | — | 11,955 | (11,936 | ) | — | 19 | |||||||||||||||||
Total derivative liabilities | 100,916 | — | 100,916 | (81,547 | ) | — | 19,369 | |||||||||||||||||
Repurchase, securities lending, and similar arrangements | — | — | — | — | — | — | ||||||||||||||||||
Total | $ | 100,916 | $ | — | $ | 100,916 | $ | (81,547 | ) | $ | — | $ | 19,369 | |||||||||||
December 31, 2016 | ||||||||||||||||||||||||
Derivative Liabilities: | ||||||||||||||||||||||||
Foreign exchange forwards | $ | 44,285 | $ | — | $ | 44,285 | $ | (17,964 | ) | $ | — | $ | 26,321 | |||||||||||
Foreign currency options | 10,383 | — | 10,383 | (1,585 | ) | — | 8,798 | |||||||||||||||||
Client interest rate derivatives | 9,770 | — | 9,770 | (9,770 | ) | — | — | |||||||||||||||||
Total derivative liabilities | 64,438 | — | 64,438 | (29,319 | ) | — | 35,119 | |||||||||||||||||
Repurchase, securities lending, and similar arrangements | — | — | — | — | — | — | ||||||||||||||||||
Total | $ | 64,438 | $ | — | $ | 64,438 | $ | (29,319 | ) | $ | — | $ | 35,119 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||
Gains (losses) on investment securities, net | $ | (157) | $ | 305 | $ | (72) | $ | 472 | ||||||||||||||||||
Gains on equity warrant assets, net | 17 | 122 | 80 | 344 | ||||||||||||||||||||||
Client investment fees | 83 | 15 | 118 | 35 | ||||||||||||||||||||||
Wealth management and trust fees | 22 | — | 44 | — | ||||||||||||||||||||||
Foreign exchange fees | 69 | 67 | 142 | 124 | ||||||||||||||||||||||
Credit card fees | 40 | 31 | 77 | 59 | ||||||||||||||||||||||
Deposit service charges | 32 | 28 | 62 | 53 | ||||||||||||||||||||||
Lending related fees | 26 | 18 | 45 | 34 | ||||||||||||||||||||||
Letters of credit and standby letters of credit fees | 14 | 13 | 28 | 26 | ||||||||||||||||||||||
Investment banking revenue | 125 | 103 | 218 | 245 | ||||||||||||||||||||||
Commissions | 24 | 17 | 49 | 41 | ||||||||||||||||||||||
Other | 67 | 42 | 88 | 72 | ||||||||||||||||||||||
Total noninterest income | $ | 362 | $ | 761 | $ | 879 | $ | 1,505 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
(Losses) gains on non-marketable and other equity securities, net | $ | (156) | $ | 305 | $ | (120) | $ | 472 | ||||||||||||||||||
(Losses) gains on sales of AFS securities, net | (1) | — | 48 | — | ||||||||||||||||||||||
Total (losses) gains on investment securities, net | $ | (157) | $ | 305 | $ | (72) | $ | 472 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Equity warrant assets: | ||||||||||||||||||||||||||
Gains on exercises, net | $ | 9 | $ | 78 | $ | 28 | $ | 251 | ||||||||||||||||||
Terminations | (1) | (1) | (2) | (1) | ||||||||||||||||||||||
Changes in fair value, net | 9 | 45 | 54 | 94 | ||||||||||||||||||||||
Total net gains on equity warrant assets | $ | 17 | $ | 122 | $ | 80 | $ | 344 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Client investment fees by type: | ||||||||||||||||||||||||||
Sweep money market fees | $ | 56 | $ | 7 | $ | 80 | $ | 18 | ||||||||||||||||||
Asset management fees (1) | 15 | 8 | 25 | 16 | ||||||||||||||||||||||
Repurchase agreement fees | 12 | — | 13 | 1 | ||||||||||||||||||||||
Total client investment fees (2) | $ | 83 | $ | 15 | $ | 118 | $ | 35 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Wealth management and trust fees by type: | ||||||||||||||||||||||||||
Wealth management fees | $ | 20 | $ | — | $ | 40 | $ | — | ||||||||||||||||||
Trust fees | 2 | — | 4 | — | ||||||||||||||||||||||
Total wealth management and trust fees | $ | 22 | $ | — | $ | 44 | $ | — |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Foreign exchange fees by instrument type: | ||||||||||||||||||||||||||
Foreign exchange contract commissions | $ | 69 | $ | 66 | $ | 141 | $ | 123 | ||||||||||||||||||
Option premium fees | — | 1 | 1 | 1 | ||||||||||||||||||||||
Total foreign exchange fees | $ | 69 | $ | 67 | $ | 142 | $ | 124 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Credit card fees by instrument type: | ||||||||||||||||||||||||||
Card interchange fees, net | $ | 32 | $ | 26 | $ | 62 | $ | 49 | ||||||||||||||||||
Merchant service fees | 6 | 4 | 11 | 8 | ||||||||||||||||||||||
Card service fees | 2 | 1 | 4 | 2 | ||||||||||||||||||||||
Total credit card fees | $ | 40 | $ | 31 | $ | 77 | $ | 59 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Lending related fees by instrument type: | ||||||||||||||||||||||||||
Unused commitment fees | $ | 20 | $ | 15 | $ | 35 | $ | 28 | ||||||||||||||||||
Other | 6 | 3 | 10 | 6 | ||||||||||||||||||||||
Total lending related fees | $ | 26 | $ | 18 | $ | 45 | $ | 34 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Investment banking revenue: | ||||||||||||||||||||||||||
Underwriting fees | $ | 41 | $ | 84 | $ | 73 | $ | 209 | ||||||||||||||||||
Advisory fees | 69 | 9 | 123 | 13 | ||||||||||||||||||||||
Private placements and other | 15 | 10 | 22 | 23 | ||||||||||||||||||||||
Total investment banking revenue | $ | 125 | $ | 103 | $ | 218 | $ | 245 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Other noninterest income by instrument type: | ||||||||||||||||||||||||||
Fund management fees | $ | 14 | $ | 21 | $ | 27 | $ | 36 | ||||||||||||||||||
Net gains on revaluation of foreign currency instruments, net of foreign exchange forward contracts (1) | 1 | 6 | 1 | 5 | ||||||||||||||||||||||
Gains on total return swaps | 35 | — | 27 | — | ||||||||||||||||||||||
Other service revenue | 17 | 15 | 33 | 31 | ||||||||||||||||||||||
Total other noninterest income | $ | 67 | $ | 42 | $ | 88 | $ | 72 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Fund management fees | $ | 5,198 | $ | 5,231 | $ | 15,903 | $ | 14,149 | ||||||||
Service-based fee income | 469 | 2,029 | 3,860 | 6,270 | ||||||||||||
Gains on revaluation of client foreign currency instruments, net (1) | 3,760 | 3,488 | 8,889 | 7,009 | ||||||||||||
Losses on client foreign exchange forward contracts, net (1) | (3,871 | ) | (3,194 | ) | (8,350 | ) | (8,780 | ) | ||||||||
Gains (losses) on revaluation of internal foreign currency instruments, net (2) | 10,561 | (1,406 | ) | 29,265 | (4,222 | ) | ||||||||||
(Losses) gains on internal foreign exchange forward contracts, net (2) | (10,550 | ) | 1,352 | (28,349 | ) | 3,067 | ||||||||||
Other (3) | 10,329 | 11,378 | 19,910 | 19,018 | ||||||||||||
Total other noninterest income | $ | 15,896 | $ | 18,878 | $ | 41,128 | $ | 36,511 |
(1)Represents the net revaluation |
Three months ended June 30, 2022 | Silicon Valley Bank (3) | SVB Private | SVB Capital (3) | SVB Securities (3) | Other Items | Total | ||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||||||||||||||
Client investment fees | $ | 82 | $ | — | $ | — | $ | — | $ | 1 | $ | 83 | ||||||||||||||||||||||||||
Wealth management and trust fees | — | 22 | — | — | — | 22 | ||||||||||||||||||||||||||||||||
Card interchange fees, gross | 60 | — | — | — | 1 | 61 | ||||||||||||||||||||||||||||||||
Merchant service fees | 6 | — | — | — | — | 6 | ||||||||||||||||||||||||||||||||
Deposit service charges | 31 | — | — | — | 1 | 32 | ||||||||||||||||||||||||||||||||
Investment banking revenue | — | — | — | 125 | — | 125 | ||||||||||||||||||||||||||||||||
Commissions | — | — | — | 24 | — | 24 | ||||||||||||||||||||||||||||||||
Fund management fees | — | — | 12 | 2 | — | 14 | ||||||||||||||||||||||||||||||||
Other (1) | 1 | — | — | — | — | 1 | ||||||||||||||||||||||||||||||||
Total revenue from contracts with customers | $ | 180 | $ | 22 | $ | 12 | $ | 151 | $ | 3 | $ | 368 | ||||||||||||||||||||||||||
Revenues outside the scope of ASC 606 (2) | 81 | 2 | (101) | (20) | 32 | (6) | ||||||||||||||||||||||||||||||||
Total noninterest income | $ | 261 | $ | 24 | $ | (89) | $ | 131 | $ | 35 | $ | 362 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Lending and other client related processing costs | $ | 6,935 | $ | 5,885 | $ | 18,806 | $ | 13,721 | ||||||||
Telephone | 2,518 | 2,460 | 7,892 | 7,109 | ||||||||||||
Data processing services | 2,244 | 2,137 | 7,254 | 6,353 | ||||||||||||
Dues and publications | 883 | 809 | 2,355 | 2,258 | ||||||||||||
Postage and supplies | 612 | 598 | 2,013 | 2,172 | ||||||||||||
Other | 4,872 | 3,644 | 16,350 | 12,679 | ||||||||||||
Total other noninterest expense | $ | 18,064 | $ | 15,533 | $ | 54,670 | $ | 44,292 |
Three months ended June 30, 2021 | Silicon Valley Bank (3) | SVB Private | SVB Capital (3) | SVB Securities (3) | Other Items | Total | ||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||||||||||||||
Client investment fees | $ | 14 | $ | 1 | $ | — | $ | — | $ | — | $ | 15 | ||||||||||||||||||||||||||
Card interchange fees, gross | 47 | 1 | — | — | 1 | 49 | ||||||||||||||||||||||||||||||||
Merchant service fees | 4 | — | — | — | — | 4 | ||||||||||||||||||||||||||||||||
Deposit service charges | 27 | — | — | — | 1 | 28 | ||||||||||||||||||||||||||||||||
Investment banking revenue | — | — | — | 103 | — | 103 | ||||||||||||||||||||||||||||||||
Commissions | — | — | — | 17 | — | 17 | ||||||||||||||||||||||||||||||||
Fund management fees | — | — | 20 | 1 | — | 21 | ||||||||||||||||||||||||||||||||
Other (1) | 61 | — | 8 | — | — | 69 | ||||||||||||||||||||||||||||||||
Total revenue from contracts with customers | $ | 153 | $ | 2 | $ | 28 | $ | 121 | $ | 2 | $ | 306 | ||||||||||||||||||||||||||
Revenues outside the scope of ASC 606 (2) | 20 | — | 147 | 28 | 260 | 455 | ||||||||||||||||||||||||||||||||
Total noninterest income | $ | 173 | $ | 2 | $ | 175 | $ | 149 | $ | 262 | $ | 761 |
Six months ended June 30, 2022 | Silicon Valley Bank (3) | SVB Private | SVB Capital (3) | SVB Securities (3) | Other Items | Total | ||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||||||||||||||
Client investment fees | $ | 117 | $ | — | $ | — | $ | — | $ | 1 | $ | 118 | ||||||||||||||||||||||||||
Wealth management and trust fees | — | 44 | — | — | — | 44 | ||||||||||||||||||||||||||||||||
Card interchange fees, gross | 116 | — | — | — | 2 | 118 | ||||||||||||||||||||||||||||||||
Merchant service fees | 11 | — | — | — | — | 11 | ||||||||||||||||||||||||||||||||
Deposit service charges | 60 | 1 | — | — | 1 | 62 | ||||||||||||||||||||||||||||||||
Investment banking revenue | — | — | — | 218 | — | 218 | ||||||||||||||||||||||||||||||||
Commissions | — | — | — | 49 | — | 49 | ||||||||||||||||||||||||||||||||
Fund management fees | — | — | 24 | 3 | — | 27 | ||||||||||||||||||||||||||||||||
Other (1) | 68 | 1 | 4 | — | — | 73 | ||||||||||||||||||||||||||||||||
Total revenue from contracts with customers | $ | 372 | $ | 46 | $ | 28 | $ | 270 | $ | 4 | $ | 720 | ||||||||||||||||||||||||||
Revenues outside the scope of ASC 606 (2) | 101 | 3 | (52) | (18) | 125 | 159 | ||||||||||||||||||||||||||||||||
Total noninterest income | $ | 473 | $ | 49 | $ | (24) | $ | 252 | $ | 129 | $ | 879 |
Six months ended June 30, 2021 | Silicon Valley Bank (3) | SVB Private | SVB Capital (3) | SVB Securities (3) | Other Items | Total | ||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||||||||||||||
Client investment fees | $ | 33 | $ | 2 | $ | — | $ | — | $ | — | $ | 35 | ||||||||||||||||||||||||||
Card interchange fees, gross | 88 | 1 | — | — | 1 | 90 | ||||||||||||||||||||||||||||||||
Merchant service fees | 8 | — | — | — | — | 8 | ||||||||||||||||||||||||||||||||
Deposit service charges | 52 | — | — | — | 1 | 53 | ||||||||||||||||||||||||||||||||
Investment banking revenue | — | — | — | 245 | — | 245 | ||||||||||||||||||||||||||||||||
Commissions | — | — | — | 41 | — | 41 | ||||||||||||||||||||||||||||||||
Fund management fees | — | — | 33 | 3 | — | 36 | ||||||||||||||||||||||||||||||||
Other (1) | 117 | — | 8 | — | — | 125 | ||||||||||||||||||||||||||||||||
Total revenue from contracts with customers | $ | 298 | $ | 3 | $ | 41 | $ | 289 | $ | 2 | $ | 633 | ||||||||||||||||||||||||||
Revenues outside the scope of ASC 606 (2) | 34 | — | 203 | 30 | 605 | 872 | ||||||||||||||||||||||||||||||||
Total noninterest income | $ | 332 | $ | 3 | $ | 244 | $ | 319 | $ | 607 | $ | 1,505 |
(Dollars in millions) | Silicon Valley Bank (1) | SVB Private | SVB Capital (1) | SVB Securities (1) | Other Items (2) | Total | ||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 979 | $ | 102 | $ | — | $ | — | $ | 86 | $ | 1,167 | ||||||||||||||||||||||||||
(Provision for) reduction of credit losses | (136) | (10) | — | — | (50) | (196) | ||||||||||||||||||||||||||||||||
Noninterest income | 261 | 24 | (89) | 131 | 35 | 362 | ||||||||||||||||||||||||||||||||
Noninterest expense (3) | (370) | (87) | (17) | (141) | (233) | (848) | ||||||||||||||||||||||||||||||||
Income (loss) before income tax expense (4) | $ | 734 | $ | 29 | $ | (106) | $ | (10) | $ | (162) | $ | 485 | ||||||||||||||||||||||||||
Total average loans, amortized cost | $ | 54,121 | $ | 14,644 | $ | — | $ | — | $ | 498 | $ | 69,263 | ||||||||||||||||||||||||||
Total average assets (5) (6) | 181,087 | 16,335 | 941 | 846 | 18,789 | 217,998 | ||||||||||||||||||||||||||||||||
Total average deposits | 178,293 | 13,151 | — | — | 623 | 192,067 | ||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Net interest income (7) | $ | 707 | $ | 37 | $ | — | $ | — | $ | (16) | $ | 728 | ||||||||||||||||||||||||||
Provision for credit losses | (11) | (5) | — | — | (19) | (35) | ||||||||||||||||||||||||||||||||
Noninterest income | 173 | 2 | 175 | 149 | 262 | 761 | ||||||||||||||||||||||||||||||||
Noninterest expense (3) (7) | (304) | (18) | (18) | (98) | (215) | (653) | ||||||||||||||||||||||||||||||||
Income before income tax expense (4) (7) | $ | 565 | $ | 16 | $ | 157 | $ | 51 | $ | 12 | $ | 801 | ||||||||||||||||||||||||||
Total average loans, amortized cost (7) | $ | 41,689 | $ | 6,192 | $ | — | $ | — | $ | 1,931 | $ | 49,812 | ||||||||||||||||||||||||||
Total average assets (5) (6) (7) | 130,844 | 6,240 | 613 | 729 | 12,291 | 150,717 | ||||||||||||||||||||||||||||||||
Total average deposits (7) | 128,652 | 4,243 | — | — | 865 | 133,760 | ||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 1,886 | $ | 184 | $ | — | $ | — | $ | 179 | $ | 2,249 | ||||||||||||||||||||||||||
Provision for credit losses | (142) | (12) | — | — | (53) | (207) | ||||||||||||||||||||||||||||||||
Noninterest income (losses) | 473 | 49 | (24) | 252 | 129 | 879 | ||||||||||||||||||||||||||||||||
Noninterest expense (3) | (767) | (181) | (36) | (275) | (462) | (1,721) | ||||||||||||||||||||||||||||||||
Income before income tax expense (4) | $ | 1,450 | $ | 40 | $ | (60) | $ | (23) | $ | (207) | $ | 1,200 | ||||||||||||||||||||||||||
Total average loans, amortized cost | $ | 53,183 | $ | 14,472 | $ | — | $ | — | $ | 517 | $ | 68,172 | ||||||||||||||||||||||||||
Total average assets (5) (6) | 179,524 | 16,163 | 917 | 919 | 19,515 | 217,038 | ||||||||||||||||||||||||||||||||
Total average deposits | 176,866 | 13,780 | — | — | 750 | 191,396 | ||||||||||||||||||||||||||||||||
Six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Net interest income (7) | $ | 1,318 | $ | 72 | $ | — | $ | — | $ | (2) | $ | 1,388 | ||||||||||||||||||||||||||
(Provision for) reduction of credit losses | (56) | 4 | — | — | (2) | (54) | ||||||||||||||||||||||||||||||||
Noninterest income | 332 | 3 | 244 | 319 | 607 | 1,505 | ||||||||||||||||||||||||||||||||
Noninterest expense (3) (7) | (580) | (33) | (34) | (235) | (407) | (1,289) | ||||||||||||||||||||||||||||||||
Income before income tax expense (4) (7) | $ | 1,014 | $ | 46 | $ | 210 | $ | 84 | $ | 196 | 1,550 | |||||||||||||||||||||||||||
Total average loans, amortized cost (7) | $ | 39,964 | $ | 6,118 | $ | — | $ | — | $ | 1,974 | $ | 48,056 | ||||||||||||||||||||||||||
Total average assets (5) (6) (7) | 119,415 | 6,169 | 595 | 748 | 10,910 | 137,837 | ||||||||||||||||||||||||||||||||
Total average deposits (7) | 117,396 | 3,895 | — | — | 957 | 122,248 |
(Dollars in thousands) | Global Commercial Bank (1) | SVB Private Bank | SVB Capital (1) | Other Items (2) | Total | |||||||||||||||
Three months ended September 30, 2017 | ||||||||||||||||||||
Net interest income | $ | 337,860 | $ | 14,600 | $ | 15 | $ | 21,499 | $ | 373,974 | ||||||||||
Provision for credit losses | (20,874 | ) | (1,535 | ) | — | (1,113 | ) | (23,522 | ) | |||||||||||
Noninterest income | 97,227 | 460 | 13,913 | 47,178 | 158,778 | |||||||||||||||
Noninterest expense (3) | (176,964 | ) | (4,706 | ) | (4,873 | ) | (71,218 | ) | (257,761 | ) | ||||||||||
Income (loss) before income tax expense (4) | $ | 237,249 | $ | 8,819 | $ | 9,055 | $ | (3,654 | ) | $ | 251,469 | |||||||||
Total average loans, net of unearned income | $ | 18,807,616 | $ | 2,499,507 | $ | — | $ | 277,769 | $ | 21,584,892 | ||||||||||
Total average assets (5) | 47,817,114 | 2,538,400 | 323,417 | (883,565 | ) | 49,795,366 | ||||||||||||||
Total average deposits | 42,376,024 | 1,231,390 | — | 435,428 | 44,042,842 | |||||||||||||||
Three months ended September 30, 2016 | ||||||||||||||||||||
Net interest income | $ | 262,484 | $ | 13,298 | $ | 1 | $ | 13,378 | $ | 289,161 | ||||||||||
Provision for credit losses | (16,974 | ) | (1,976 | ) | — | (1,054 | ) | (20,004 | ) | |||||||||||
Noninterest income | 79,226 | 664 | 30,619 | 33,631 | 144,140 | |||||||||||||||
Noninterest expense (3) | (159,479 | ) | (3,122 | ) | (3,924 | ) | (54,248 | ) | (220,773 | ) | ||||||||||
Income (loss) before income tax expense (4) | $ | 165,257 | $ | 8,864 | $ | 26,696 | $ | (8,293 | ) | $ | 192,524 | |||||||||
Total average loans, net of unearned income | $ | 16,357,099 | $ | 2,074,982 | $ | — | $ | 215,113 | $ | 18,647,194 | ||||||||||
Total average assets (5) | 40,828,549 | 2,096,237 | 325,321 | 201,222 | 43,451,329 | |||||||||||||||
Total average deposits | 36,484,125 | 1,115,446 | — | 310,183 | 37,909,754 | |||||||||||||||
Nine months ended September 30, 2017 | ||||||||||||||||||||
Net interest income | $ | 924,789 | $ | 42,952 | $ | 41 | $ | 58,881 | $ | 1,026,663 | ||||||||||
Provision for credit losses | (65,007 | ) | (2,266 | ) | — | (2,789 | ) | (70,062 | ) | |||||||||||
Noninterest income | 260,650 | 1,715 | 45,707 | 96,893 | 404,965 | |||||||||||||||
Noninterest expense (3) | (525,043 | ) | (12,675 | ) | (14,537 | ) | (194,385 | ) | (746,640 | ) | ||||||||||
Income (loss) before income tax expense (4) | $ | 595,389 | $ | 29,726 | $ | 31,211 | $ | (41,400 | ) | $ | 614,926 | |||||||||
Total average loans, net of unearned income | $ | 18,125,020 | $ | 2,371,027 | $ | — | $ | 230,420 | $ | 20,726,467 | ||||||||||
Total average assets (5) | 45,414,432 | 2,403,777 | 333,439 | (586,597 | ) | 47,565,051 | ||||||||||||||
Total average deposits | 40,398,413 | 1,289,990 | — | 373,232 | 42,061,635 | |||||||||||||||
Nine months ended September 30, 2016 | ||||||||||||||||||||
Net interest income (expense) | $ | 773,342 | $ | 40,508 | $ | (51 | ) | $ | 40,119 | $ | 853,918 | |||||||||
Provision for credit losses | (86,143 | ) | (2,481 | ) | — | (1,601 | ) | (90,225 | ) | |||||||||||
Noninterest income | 231,295 | 2,052 | 44,492 | 65,211 | 343,050 | |||||||||||||||
Noninterest expense (3) | (462,234 | ) | (9,481 | ) | (11,521 | ) | (141,375 | ) | (624,611 | ) | ||||||||||
Income (loss) before income tax expense (4) | $ | 456,260 | $ | 30,598 | $ | 32,920 | $ | (37,646 | ) | $ | 482,132 | |||||||||
Total average loans, net of unearned income | $ | 15,769,964 | $ | 1,978,175 | $ | — | $ | 207,358 | $ | 17,955,497 | ||||||||||
Total average assets (5) | 41,020,808 | 1,999,455 | 334,328 | 315,125 | 43,669,716 | |||||||||||||||
Total average deposits | 37,002,027 | 1,120,575 | — | 321,388 | 38,443,990 |
(2)The “Other Items” column reflects the adjustments necessary to reconcile the results of the reportable 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 Silicon Valley Bank segment includes direct depreciation and amortization of $12 million and $8 million for the three months ended June 30, 2022 and 2021, respectively and $21 million and $14 million for the six months ended June 30, 2022 and 2021, 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 Securities is goodwill of $174 million and for Private Bank is goodwill of $201 million for the three and six months ended June 30, 2022 and included in the total average assets for SVB Securities is goodwill of $138 million for the three and six months ended June 30, 2021. (7)For the three and six months ended June 30, 2021, prior period balances for our Premium Wine reporting division previously reported in "Silicon Valley Bank" have been allocated to the reportable segment “SVB Private” to properly reflect organizational changes effective January 1, 2022. The reallocation had no impact on the "Total" amount. 11. Off-Balance Sheet Arrangements, Guarantees and Other Commitments |
(Dollars in millions) | June 30, 2022 | December 31, 2021 | ||||||||||||
Loan commitments (1) | $ | 46,627 | $ | 40,327 | ||||||||||
Standby letters of credit (2) | 3,845 | 3,612 | ||||||||||||
Commercial letters of credit (3) | 105 | 77 | ||||||||||||
Total unfunded credit commitments | $ | 50,577 | $ | 44,016 | ||||||||||
Allowance for unfunded credit commitments (4) | 224 | 171 |
(Dollars in thousands) | September 30, 2017 | December 31, 2016 | ||||||
Loan commitments available for funding: (1) | ||||||||
Fixed interest rate commitments | $ | 1,462,728 | $ | 1,475,179 | ||||
Variable interest rate commitments | 13,037,817 | 13,572,161 | ||||||
Total loan commitments available for funding | 14,500,545 | 15,047,340 | ||||||
Commercial and standby letters of credit (2) | 1,841,385 | 1,695,856 | ||||||
Total unfunded credit commitments | $ | 16,341,930 | $ | 16,743,196 | ||||
Commitments unavailable for funding (3) | $ | 2,209,680 | $ | 1,719,524 | ||||
Allowance for unfunded credit commitments (4) | 48,172 | 45,265 |
(2)See below for additional information on |
(Dollars in millions) | Expires in One Year or Less | Expires After One Year | Total Amount Outstanding | Maximum Amount of Future Payments | ||||||||||||||||||||||
Financial standby letters of credit | $ | 3,671 | $ | 92 | $ | 3,763 | $ | 3,763 | ||||||||||||||||||
Performance standby letters of credit | 76 | 6 | 82 | 82 | ||||||||||||||||||||||
Total | $ | 3,747 | $ | 98 | $ | 3,845 | $ | 3,845 |
(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 | $ | 1,666,751 | $ | 54,244 | $ | 1,720,995 | $ | 1,720,995 | ||||||||
Performance standby letters of credit | 85,220 | 7,042 | 92,262 | 92,262 | ||||||||||||
Commercial letters of credit | 28,128 | — | 28,128 | 28,128 | ||||||||||||
Total | $ | 1,780,099 | $ | 61,286 | $ | 1,841,385 | $ | 1,841,385 |
(Dollars in millions) | SVBFG Capital Commitments | SVBFG Unfunded Commitments | SVBFG Ownership of each Fund | |||||||||||||||||
Redwood Evergreen Fund, LP | $ | 250 | $ | 150 | 100.0 | % | ||||||||||||||
CP II, LP (1) | 1 | — | 5.1 | |||||||||||||||||
Capital Preferred Return Fund, LP | 13 | — | 20.0 | |||||||||||||||||
Growth Partners, LP | 25 | 1 | 33.0 | |||||||||||||||||
Strategic Investors Fund, LP | 15 | 1 | 12.6 | |||||||||||||||||
Strategic Investors Fund II, LP | 15 | 1 | 8.6 | |||||||||||||||||
Strategic Investors Fund III, LP | 15 | 1 | 5.9 | |||||||||||||||||
Strategic Investors Fund IV, LP | 12 | 2 | 5.0 | |||||||||||||||||
Strategic Investors Fund V funds | 1 | — | Various | |||||||||||||||||
Other venture capital and private equity fund investments (equity method accounting) | 17 | 5 | Various | |||||||||||||||||
Debt funds (equity method accounting) | 59 | — | Various | |||||||||||||||||
Other fund investments (2) | 248 | 11 | Various | |||||||||||||||||
Total | $ | 671 | $ | 172 |
(Dollars in thousands) | SVBFG Capital Commitments | SVBFG Unfunded Commitments | SVBFG Ownership of each Fund (3) | ||||||||
CP I, LP | $ | 6,000 | $ | 270 | 10.7 | % | |||||
CP II, LP (1) | 1,200 | 162 | 5.1 | ||||||||
Shanghai Yangpu Venture Capital Fund (LP) | 872 | — | 6.8 | ||||||||
Strategic Investors Fund, LP | 15,300 | 688 | 12.6 | ||||||||
Strategic Investors Fund II, LP | 15,000 | 1,050 | 8.6 | ||||||||
Strategic Investors Fund III, LP | 15,000 | 1,275 | 5.9 | ||||||||
Strategic Investors Fund IV, LP | 12,239 | 2,325 | 5.0 | ||||||||
Strategic Investors Fund V funds | 515 | 131 | Various | ||||||||
Capital Preferred Return Fund, LP | 12,688 | — | 20.0 | ||||||||
Growth Partners, LP | 24,670 | 1,340 | 33.0 | ||||||||
Debt funds (equity method accounting) | 58,493 | — | Various | ||||||||
Other fund investments (2) | 302,867 | 11,360 | Various | ||||||||
Total | $ | 464,844 | $ | 18,601 |
(Dollars in thousands) | Unfunded Commitments | |||
Strategic Investors Fund, LP | $ | 1,338 | ||
Capital Preferred Return Fund, LP | 2,197 | |||
Growth Partners, LP | 2,936 | |||
Total | $ | 6,471 |
(Dollars in millions) | Level 1 | Level 2 | Level 3 | Balance at June 30, 2022 | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||
U.S. Treasury securities | $ | 16,392 | $ | — | $ | — | $ | 16,392 | ||||||||||||||||||
U.S. agency debentures | — | 122 | — | 122 | ||||||||||||||||||||||
Foreign government debt securities | 40 | — | — | 40 | ||||||||||||||||||||||
Residential MBS: | ||||||||||||||||||||||||||
Agency-issued MBS | — | 7,340 | — | 7,340 | ||||||||||||||||||||||
Agency-issued CMO—fixed rate | — | 790 | — | 790 | ||||||||||||||||||||||
Agency-issued CMBS | — | 1,539 | — | 1,539 | ||||||||||||||||||||||
Total AFS securities | 16,432 | 9,791 | — | 26,223 | ||||||||||||||||||||||
Non-marketable and other equity securities (fair value accounting): | ||||||||||||||||||||||||||
Non-marketable securities: | ||||||||||||||||||||||||||
Venture capital and private equity fund investments measured at net asset value | — | — | — | 346 | ||||||||||||||||||||||
Other equity securities in public companies | 29 | 3 | — | 32 | ||||||||||||||||||||||
Total non-marketable and other equity securities (fair value accounting) | 29 | 3 | — | 378 | ||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||
Foreign exchange contracts | — | 280 | — | 280 | ||||||||||||||||||||||
Total return swaps | — | 27 | — | 27 | ||||||||||||||||||||||
Equity warrant assets | — | 4 | 318 | 322 | ||||||||||||||||||||||
Contingent conversion rights | — | — | 6 | 6 | ||||||||||||||||||||||
Client interest rate derivatives | — | 70 | — | 70 | ||||||||||||||||||||||
Other assets | 4 | — | — | 4 | ||||||||||||||||||||||
Total assets | $ | 16,465 | $ | 10,175 | $ | 324 | $ | 27,310 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Foreign exchange contracts | $ | — | $ | 271 | $ | — | $ | 271 | ||||||||||||||||||
Client interest rate derivatives | — | 153 | — | 153 | ||||||||||||||||||||||
Other liabilities | 4 | — | — | 4 | ||||||||||||||||||||||
Total liabilities | $ | 4 | $ | 424 | $ | — | $ | 428 |
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Balance at September 30, 2017 | ||||||||||||
Assets: | ||||||||||||||||
Available-for-sale securities: | ||||||||||||||||
U.S. Treasury securities | $ | 7,498,340 | $ | — | $ | — | $ | 7,498,340 | ||||||||
U.S. agency debentures | — | 1,676,169 | — | 1,676,169 | ||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | — | 3,012,695 | — | 3,012,695 | ||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | — | 395,880 | — | 395,880 | ||||||||||||
Equity securities | 802 | 19,451 | — | 20,253 | ||||||||||||
Total available-for-sale securities | 7,499,142 | 5,104,195 | — | 12,603,337 | ||||||||||||
Non-marketable and other securities (fair value accounting): | ||||||||||||||||
Non-marketable securities: | ||||||||||||||||
Venture capital and private equity fund investments measured at net asset value | — | — | — | 128,768 | ||||||||||||
Other venture capital investments (1) | — | — | 1,897 | 1,897 | ||||||||||||
Other securities (1) | 392 | — | — | 392 | ||||||||||||
Total non-marketable and other securities (fair value accounting) | 392 | — | 1,897 | 131,057 | ||||||||||||
Other assets: | ||||||||||||||||
Foreign exchange forward and option contracts | — | 94,947 | — | 94,947 | ||||||||||||
Equity warrant assets | — | 2,710 | 139,075 | 141,785 | ||||||||||||
Client interest rate derivatives | — | 11,824 | — | 11,824 | ||||||||||||
Total assets | $ | 7,499,534 | $ | 5,213,676 | $ | 140,972 | $ | 12,982,950 | ||||||||
Liabilities: | ||||||||||||||||
Foreign exchange forward and option contracts | $ | — | $ | 88,961 | $ | — | $ | 88,961 | ||||||||
Client interest rate derivatives | — | 11,955 | — | 11,955 | ||||||||||||
Total liabilities | $ | — | $ | 100,916 | $ | — | $ | 100,916 |
(Dollars in millions) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2021 | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||
U.S. Treasury securities | $ | 15,850 | $ | — | $ | — | $ | 15,850 | ||||||||||||||||||
U.S. agency debentures | — | 196 | — | 196 | ||||||||||||||||||||||
Foreign government debt securities | 61 | — | — | 61 | ||||||||||||||||||||||
Residential MBS: | ||||||||||||||||||||||||||
Agency-issued MBS | — | 8,589 | — | 8,589 | ||||||||||||||||||||||
Agency-issued CMO—fixed rate | — | 982 | — | 982 | ||||||||||||||||||||||
Agency-issued CMBS | — | 1,543 | — | 1,543 | ||||||||||||||||||||||
Total AFS securities | 15,911 | 11,310 | — | 27,221 | ||||||||||||||||||||||
Non-marketable and other equity securities (fair value accounting): | ||||||||||||||||||||||||||
Non-marketable securities: | ||||||||||||||||||||||||||
Venture capital and private equity fund investments measured at net asset value | — | — | — | 338 | ||||||||||||||||||||||
Other equity securities in public companies | 43 | 74 | — | 117 | ||||||||||||||||||||||
Total non-marketable and other equity securities (fair value accounting) | 43 | 74 | — | 455 | ||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||
Foreign exchange contracts | — | 171 | — | 171 | ||||||||||||||||||||||
Equity warrant assets | — | 8 | 269 | 277 | ||||||||||||||||||||||
Interest rate swaps | — | 18 | — | 18 | ||||||||||||||||||||||
Client interest rate derivatives | — | 99 | — | 99 | ||||||||||||||||||||||
Other assets | 8 | — | — | 8 | ||||||||||||||||||||||
Total assets | $ | 15,962 | $ | 11,680 | $ | 269 | $ | 28,249 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Foreign exchange contracts | $ | — | $ | 137 | $ | — | $ | 137 | ||||||||||||||||||
Client interest rate derivatives | — | 101 | — | 101 | ||||||||||||||||||||||
Other liabilities | 8 | — | — | 8 | ||||||||||||||||||||||
Total liabilities | $ | 8 | $ | 238 | $ | — | $ | 246 |
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2016 | ||||||||||||
Assets: | ||||||||||||||||
Available-for-sale securities: | ||||||||||||||||
U.S. Treasury securities | $ | 8,909,491 | $ | — | $ | — | $ | 8,909,491 | ||||||||
U.S. agency debentures | — | 2,078,375 | — | 2,078,375 | ||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | — | 1,152,665 | — | 1,152,665 | ||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | — | 474,283 | — | 474,283 | ||||||||||||
Equity securities | 175 | 5,422 | — | 5,597 | ||||||||||||
Total available-for-sale securities | 8,909,666 | 3,710,745 | — | 12,620,411 | ||||||||||||
Non-marketable and other securities (fair value accounting): | ||||||||||||||||
Non-marketable securities: | ||||||||||||||||
Venture capital and private equity fund investments measured at net asset value | — | — | — | 141,649 | ||||||||||||
Other venture capital investments (1) | — | — | 2,040 | 2,040 | ||||||||||||
Other securities (1) | 753 | — | — | 753 | ||||||||||||
Total non-marketable and other securities (fair value accounting) | 753 | — | 2,040 | 144,442 | ||||||||||||
Other assets: | ||||||||||||||||
Interest rate swaps | — | 810 | — | 810 | ||||||||||||
Foreign exchange forward and option contracts | — | 68,027 | — | 68,027 | ||||||||||||
Equity warrant assets | — | 2,310 | 128,813 | 131,123 | ||||||||||||
Client interest rate derivatives | — | 10,110 | — | 10,110 | ||||||||||||
Total assets | $ | 8,910,419 | $ | 3,792,002 | $ | 130,853 | $ | 12,974,923 | ||||||||
Liabilities: | ||||||||||||||||
Foreign exchange forward and option contracts | $ | — | $ | 54,668 | $ | — | $ | 54,668 | ||||||||
Client interest rate derivatives | — | 9,770 | — | 9,770 | ||||||||||||
Total liabilities | $ | — | $ | 64,438 | $ | — | $ | 64,438 |
(Dollars in millions) | Beginning Balance | Total Net Gains Included in Net Income | Sales/Exits | Issuances | Transfers Out of Level 3 | Ending Balance | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity warrant assets (1) | $ | 315 | $ | 20 | $ | (23) | $ | 6 | $ | — | $ | 318 | ||||||||||||||||||||||||||||||||||||||||||||
Contingent conversion rights (2) | 7 | (1) | — | — | — | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity warrant assets (1) | 233 | 121 | (104) | 7 | — | 257 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity warrant assets (1) | 269 | 85 | (46) | 12 | (2) | 318 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent conversion rights (2) | — | (1) | — | 7 | — | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity warrant assets (1) | 192 | 341 | (285) | 13 | (4) | 257 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Beginning Balance | Total Realized and Unrealized Gains (Losses) Included in Income | Sales | Issuances | Distributions and Other Settlements | Transfers Out of Level 3 | Ending Balance | |||||||||||||||||||||
Three months ended September 30, 2017 | ||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | ||||||||||||||||||||||||||||
Other venture capital investments (1) | $ | 1,897 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,897 | ||||||||||||||
Other assets: | ||||||||||||||||||||||||||||
Equity warrant assets (2) | 128,952 | 24,354 | (17,412 | ) | 3,622 | — | (441 | ) | 139,075 | |||||||||||||||||||
Total assets | $ | 130,849 | $ | 24,354 | $ | (17,412 | ) | $ | 3,622 | $ | — | $ | (441 | ) | $ | 140,972 | ||||||||||||
Three months ended September 30, 2016 | ||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | ||||||||||||||||||||||||||||
Other venture capital investments (1) | $ | 2,040 | $ | 4 | $ | (4 | ) | $ | — | $ | — | $ | — | $ | 2,040 | |||||||||||||
Other assets: | ||||||||||||||||||||||||||||
Equity warrant assets (2) | 127,811 | 21,092 | (10,682 | ) | 5,251 | — | (252 | ) | 143,220 | |||||||||||||||||||
Total assets | $ | 129,851 | $ | 21,096 | $ | (10,686 | ) | $ | 5,251 | $ | — | $ | (252 | ) | $ | 145,260 | ||||||||||||
Nine months ended September 30, 2017 | ||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | ||||||||||||||||||||||||||||
Other venture capital investments (1) | $ | 2,040 | $ | (143 | ) | $ | — | $ | — | $ | — | $ | — | $ | 1,897 | |||||||||||||
Other assets: | ||||||||||||||||||||||||||||
Equity warrant assets (2) | 128,813 | 41,549 | (40,998 | ) | 11,071 | — | (1,360 | ) | 139,075 | |||||||||||||||||||
Total assets | $ | 130,853 | $ | 41,406 | $ | (40,998 | ) | $ | 11,071 | $ | — | $ | (1,360 | ) | $ | 140,972 | ||||||||||||
Nine months ended September 30, 2016 | ||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | ||||||||||||||||||||||||||||
Other venture capital investments (1) | $ | 2,040 | $ | (21 | ) | $ | (4 | ) | $ | — | $ | 25 | $ | — | $ | 2,040 | ||||||||||||
Other assets: | ||||||||||||||||||||||||||||
Equity warrant assets (2) | 135,168 | 33,115 | (34,276 | ) | 9,842 | — | (629 | ) | 143,220 | |||||||||||||||||||
Total assets | $ | 137,208 | $ | 33,094 | $ | (34,280 | ) | $ | 9,842 | $ | 25 | $ | (629 | ) | $ | 145,260 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Non-marketable and other securities (fair value accounting): | ||||||||||||||||
Other venture capital investments (1) | $ | — | $ | — | $ | (143 | ) | $ | — | |||||||
Other assets: | ||||||||||||||||
Equity warrant assets (2) | 17,827 | 15,785 | 23,734 | 23,144 | ||||||||||||
Total unrealized gains, net | $ | 17,827 | $ | 15,785 | $ | 23,591 | $ | 23,144 | ||||||||
Unrealized losses attributable to noncontrolling interests | $ | — | $ | — | $ | (127 | ) | $ | — |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||
Equity warrant assets (1) | $ | 4 | $ | 31 | $ | 58 | $ | 92 | ||||||||||||||||||
Contingent conversion rights (2) | (1) | — | (1) | — | ||||||||||||||||||||||
Total unrealized gains, net | $ | 3 | $ | 31 | $ | 57 | $ | 92 | ||||||||||||||||||
(2)Unrealized gains and losses are recorded in the line item "Other noninterest income," a component of noninterest income. |
(Dollars in millions) | Fair value | Valuation Technique | Significant Unobservable Inputs | Input Range | Weighted Average | |||||||||||||||||||||||||||
June 30, 2022: | ||||||||||||||||||||||||||||||||
Equity warrant assets (private portfolio) | 318 | Black-Scholes option pricing model | Volatility | 24.0 - 52.3 | 42.7 | |||||||||||||||||||||||||||
Risk-Free interest rate | 1.7 - 3.0 | 2.8 | ||||||||||||||||||||||||||||||
Marketability discount (2) | 18.2 | 18.2 | ||||||||||||||||||||||||||||||
Remaining life assumption (3) | 40.0 | 40.0 | ||||||||||||||||||||||||||||||
Contingent conversion rights (private portfolio) | 6 | Private company equity pricing | (4) | (4) | (4) | |||||||||||||||||||||||||||
December 31, 2021: | ||||||||||||||||||||||||||||||||
Equity warrant assets (public portfolio) | 2 | Black-Scholes option pricing model | Volatility | 27.8% - 55.0% | 43.7 | % | ||||||||||||||||||||||||||
Risk-Free interest rate | 0.6- 1.5 | 1.1 | ||||||||||||||||||||||||||||||
Sales restrictions discount (1) | 10.0 - 20.0 | 10.7 | ||||||||||||||||||||||||||||||
Equity warrant assets (private portfolio) | 267 | Black-Scholes option pricing model | Volatility | 24.7 - 55.0 | 43.0 | |||||||||||||||||||||||||||
Risk-Free interest rate | 0.06 - 1.40 | 0.8 | ||||||||||||||||||||||||||||||
Marketability discount (2) | 20.1 | 20.1 | ||||||||||||||||||||||||||||||
Remaining life assumption (3) | 40.0 | 40.0 |
(Dollars in thousands) | Fair value | Valuation Technique | Significant Unobservable Inputs | Weighted Average | |||||||
September 30, 2017: | |||||||||||
Other venture capital investments (fair value accounting) | $ | 1,897 | Private company equity pricing | (1) | (1 | ) | |||||
Equity warrant assets (public portfolio) | 21,660 | Black-Scholes option pricing model | Volatility | 37.5 | % | ||||||
Risk-Free interest rate | 1.8 | ||||||||||
Sales restrictions discount (2) | 19.9 | ||||||||||
Equity warrant assets (private portfolio) | 117,415 | Black-Scholes option pricing model | Volatility | 36.7 | |||||||
Risk-Free interest rate | 1.5 | ||||||||||
Marketability discount (3) | 16.6 | ||||||||||
Remaining life assumption (4) | 45.0 | ||||||||||
December 31, 2016: | |||||||||||
Other venture capital investments (fair value accounting) | $ | 2,040 | Private company equity pricing | (1) | (1 | ) | |||||
Equity warrant assets (public portfolio) | 764 | Black-Scholes option pricing model | Volatility | 46.6 | % | ||||||
Risk-Free interest rate | 2.1 | ||||||||||
Sales restrictions discount (2) | 17.7 | ||||||||||
Equity warrant assets (private portfolio) | 128,049 | Black-Scholes option pricing model | Volatility | 36.9 | |||||||
Risk-Free interest rate | 1.3 | ||||||||||
Marketability discount (3) | 17.1 | ||||||||||
Remaining life assumption (4) | 45.0 |
(2)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. (3)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 June 30, 2022, the weighted average contractual remaining term was 6.3 years, compared to our estimated remaining life of 2.5 years. On a quarterly basis, a sensitivity analysis is performed on our remaining life assumption. (4)In determining the fair value of our private contingent conversion rights portfolio (not valued using the Black-Scholes model), we evaluate a variety of factors related to each underlying private portfolio company including, but not limited to, actual and forecasted enterprise values, the probability of a conversion event occurring and limitations and conversion pricing outlined in the convertible debt agreement. Additionally, we have ongoing communication with the portfolio companies and relationship teams, 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. |
Estimated Fair Value | ||||||||||||||||||||||||||||||||
(Dollars in millions) | Carrying Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
June 30, 2022: | ||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 15,398 | $ | 15,398 | $ | 15,398 | $ | — | $ | — | ||||||||||||||||||||||
HTM securities | 95,814 | 84,579 | — | 84,579 | — | |||||||||||||||||||||||||||
Non-marketable securities not measured at net asset value | 443 | 443 | — | — | 443 | |||||||||||||||||||||||||||
Non-marketable securities measured at net asset value | 690 | 690 | — | — | — | |||||||||||||||||||||||||||
Net loans | 70,410 | 71,885 | — | — | 71,885 | |||||||||||||||||||||||||||
FHLB and Federal Reserve Bank stock | 373 | 373 | — | — | 373 | |||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Short-term borrowings | 3,703 | 3,703 | — | 3,703 | — | |||||||||||||||||||||||||||
Non-maturity deposits (1) | 185,227 | 185,227 | 185,227 | — | — | |||||||||||||||||||||||||||
Time deposits | 2,718 | 2,469 | — | 2,469 | — | |||||||||||||||||||||||||||
3.50% Senior Notes | 349 | 343 | — | 343 | — | |||||||||||||||||||||||||||
3.125% Senior Notes | 496 | 432 | — | 432 | — | |||||||||||||||||||||||||||
1.800% Senior Notes due 2031 | 495 | 386 | — | 386 | — | |||||||||||||||||||||||||||
2.100% Senior Notes due 2028 | 496 | 426 | — | 426 | — | |||||||||||||||||||||||||||
1.800% Senior Notes due 2026 | 645 | 580 | — | 580 | — | |||||||||||||||||||||||||||
4.345% Senior Notes due 2028 | 348 | 340 | — | 340 | — | |||||||||||||||||||||||||||
4.570% Senior Notes due 2033 | 447 | 422 | — | 422 | — | |||||||||||||||||||||||||||
Junior subordinated debentures | 91 | 85 | — | 85 | — | |||||||||||||||||||||||||||
Off-balance sheet financial assets: | ||||||||||||||||||||||||||||||||
Commitments to extend credit | — | 47 | — | — | 47 | |||||||||||||||||||||||||||
December 31, 2021: | ||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 14,619 | $ | 14,619 | $ | 14,619 | $ | — | $ | — | ||||||||||||||||||||||
HTM securities | 98,195 | 97,227 | — | 97,227 | — | |||||||||||||||||||||||||||
Non-marketable securities not measured at net asset value | 424 | 424 | — | — | 424 | |||||||||||||||||||||||||||
Non-marketable securities measured at net asset value | 710 | 710 | — | — | — | |||||||||||||||||||||||||||
Net loans | 65,854 | 67,335 | — | — | 67,335 | |||||||||||||||||||||||||||
FHLB and Federal Reserve Bank stock | 107 | 107 | — | — | 107 | |||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Short-term borrowings | 121 | 121 | — | 121 | — | |||||||||||||||||||||||||||
Non-maturity deposits (1) | 187,464 | 187,464 | 187,464 | — | — | |||||||||||||||||||||||||||
Time deposits | 1,739 | 1,728 | — | 1,728 | — | |||||||||||||||||||||||||||
3.50% Senior Notes | 349 | 370 | — | 370 | — | |||||||||||||||||||||||||||
3.125% Senior Notes | 496 | 526 | — | 526 | — | |||||||||||||||||||||||||||
1.800% Senior Notes due 2031 | 494 | 474 | — | 474 | — | |||||||||||||||||||||||||||
2.100% Senior Notes due 2028 | 496 | 501 | — | 501 | — | |||||||||||||||||||||||||||
1.800% Senior Notes due 2026 | 645 | 649 | — | 649 | — | |||||||||||||||||||||||||||
Junior subordinated debentures | 90 | 92 | — | 92 | — | |||||||||||||||||||||||||||
Off-balance sheet financial assets: | ||||||||||||||||||||||||||||||||
Commitments to extend credit | — | 47 | — | — | 47 |
Estimated Fair Value | ||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
September 30, 2017: | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 3,555,571 | $ | 3,555,571 | $ | 3,555,571 | $ | — | $ | — | ||||||||||
Held-to-maturity securities | 11,055,006 | 11,023,415 | — | 11,023,415 | — | |||||||||||||||
Non-marketable securities (cost and equity method accounting) not measured at net asset value | 122,493 | 127,338 | — | — | 127,338 | |||||||||||||||
Non-marketable securities (cost and equity method accounting) measured at net asset value | 225,883 | 329,468 | — | — | — | |||||||||||||||
Net commercial loans | 19,449,408 | 19,878,367 | — | — | 19,878,367 | |||||||||||||||
Net consumer loans | 2,490,909 | 2,457,138 | — | — | 2,457,138 | |||||||||||||||
FHLB and Federal Reserve Bank stock | 58,012 | 58,012 | — | — | 58,012 | |||||||||||||||
Accrued interest receivable | 129,451 | 129,451 | — | 129,451 | — | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Other short-term borrowings | 4,840 | 4,840 | 4,840 | — | — | |||||||||||||||
Non-maturity deposits (1) | 44,766,988 | 44,766,988 | 44,766,988 | — | — | |||||||||||||||
Time deposits | 45,045 | 44,895 | — | 44,895 | — | |||||||||||||||
3.50% Senior Notes | 347,221 | 350,864 | — | 350,864 | — | |||||||||||||||
5.375% Senior Notes | 348,035 | 383,439 | — | 383,439 | — | |||||||||||||||
7.0% Junior Subordinated Debentures | 54,362 | 54,977 | — | 54,977 | — | |||||||||||||||
Accrued interest payable | 4,150 | 4,150 | — | 4,150 | — | |||||||||||||||
Off-balance sheet financial assets: | ||||||||||||||||||||
Commitments to extend credit | — | 20,751 | — | — | 20,751 | |||||||||||||||
December 31, 2016: | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 2,545,750 | $ | 2,545,750 | $ | 2,545,750 | $ | — | $ | — | ||||||||||
Held-to-maturity securities | 8,426,998 | 8,376,138 | — | 8,376,138 | — | |||||||||||||||
Non-marketable securities (cost and equity method accounting) not measured at net asset value | 120,037 | 127,343 | — | — | 127,343 | |||||||||||||||
Non-marketable securities (cost and equity method accounting) measured at net asset value | 245,626 | 353,870 | — | — | — | |||||||||||||||
Net commercial loans | 17,518,430 | 17,811,356 | — | — | 17,811,356 | |||||||||||||||
Net consumer loans | 2,156,148 | 2,199,501 | — | — | 2,199,501 | |||||||||||||||
FHLB and Federal Reserve Bank stock | 57,592 | 57,592 | — | — | 57,592 | |||||||||||||||
Accrued interest receivable | 111,222 | 111,222 | — | 111,222 | — | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Short-term FHLB advances | 500,000 | 500,000 | 500,000 | — | — | |||||||||||||||
Other short-term borrowings | 12,668 | 12,668 | 12,668 | — | — | |||||||||||||||
Non-maturity deposits (1) | 38,923,750 | 38,923,750 | 38,923,750 | — | — | |||||||||||||||
Time deposits | 56,118 | 55,949 | — | 55,949 | — | |||||||||||||||
3.50% Senior Notes | 346,979 | 337,600 | — | 337,600 | — | |||||||||||||||
5.375% Senior Notes | 347,586 | 378,777 | — | 378,777 | — | |||||||||||||||
6.05% Subordinated Notes (2) | 46,646 | 47,489 | — | 47,489 | — | |||||||||||||||
7.0% Junior Subordinated Debentures | 54,493 | 53,140 | — | 53,140 | — | |||||||||||||||
Accrued interest payable | 12,013 | 12,013 | — | 12,013 | — | |||||||||||||||
Off-balance sheet financial assets: | ||||||||||||||||||||
Commitments to extend credit | — | 22,074 | — | — | 22,074 |
50 |
(Dollars in millions) | Carrying Amount | Fair Value | Unfunded Commitments | |||||||||||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||||||||
Venture capital and private equity fund investments (1) | $ | 346 | $ | 346 | $ | 13 | ||||||||||||||
Non-marketable securities (equity method accounting): | ||||||||||||||||||||
Venture capital and private equity fund investments (2) | 663 | 663 | 10 | |||||||||||||||||
Debt funds (2) | 5 | 5 | — | |||||||||||||||||
Other investments (2) | 22 | 22 | 1 | |||||||||||||||||
Total | $ | 1,036 | $ | 1,036 | $ | 24 |
(Dollars in thousands) | Carrying Amount | Fair Value | Unfunded Commitments | |||||||||
Non-marketable securities (fair value accounting): | ||||||||||||
Venture capital and private equity fund investments (1) | $ | 128,768 | $ | 128,768 | $ | 6,471 | ||||||
Non-marketable securities (equity method accounting): | ||||||||||||
Venture capital and private equity fund investments (2) | 87,218 | 87,218 | 4,943 | |||||||||
Debt funds (2) | 17,889 | 17,889 | — | |||||||||
Other investments (2) | 17,820 | 17,820 | 886 | |||||||||
Non-marketable securities (cost method accounting): | ||||||||||||
Venture capital and private equity fund investments (2) | 102,956 | 206,541 | 10,474 | |||||||||
Total | $ | 354,651 | $ | 458,236 | $ | 22,774 |
(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. 14. Legal Matters |
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BALANCE SHEET | EARNINGS | |||||||
Assets.$ Loans. Total Client AFS/HTM Fixed Income Investments.$ | EPS. Earnings per diluted share of Net Operating Efficiency | |||||||
CAPITAL | CREDIT QUALITY | |||||||
Capital+++. -Tier 1 risk-based capital ratio of | Credit |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data, employees and ratios) | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per common share | $ | 2.79 | $ | 2.12 | 31.6 | % | $ | 7.01 | $ | 5.42 | 29.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions, except per share data, employees and ratios) | (Dollars in millions, except per share data, employees and ratios) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement: | Income Statement: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted EPS | Diluted EPS | $ | 5.60 | $ | 9.09 | (38.4) | % | $ | 13.52 | $ | 19.10 | (29.2) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | 148,620 | 111,081 | 33.8 | 373,296 | 283,219 | 31.8 | Net income available to common stockholders | 333 | 502 | (33.7) | 805 | 1,034 | (22.1) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 373,974 | 289,161 | 29.3 | 1,026,663 | 853,918 | 20.2 | Net interest income | 1,167 | 728 | 60.3 | 2,249 | 1,388 | 62.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | 3.10 | % | 2.75 | % | 35 | bps | 2.99 | % | 2.72 | % | 27 | bps | Net interest margin | 2.24 | % | 2.06 | % | 18 | bps | 2.19 | % | 2.16 | % | 3 | bps | |||||||||||||||||||||||||||||||||||||
Provision for credit losses | $ | 23,522 | $ | 20,004 | 17.6 | % | $ | 70,062 | $ | 90,225 | (22.3 | ) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses (1) | Provision for credit losses (1) | 196 | 35 | 460.0 | % | 207 | 54 | 283.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | 158,778 | 144,140 | 10.2 | 404,965 | 343,050 | 18.0 | Noninterest income | 362 | 761 | (52.4) | 879 | 1,505 | (41.6) | |||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | 257,761 | 220,773 | 16.8 | 746,640 | 624,611 | 19.5 | Noninterest expense | 848 | 653 | 29.9 | 1,721 | 1,289 | 33.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP core fee income (1) | 102,722 | 80,526 | 27.6 | 272,567 | 231,522 | 17.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP noninterest income, net of noncontrolling interests (1) | 153,164 | 139,461 | 9.8 | 383,256 | 339,423 | 12.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP noninterest expense, net of noncontrolling interests(2) | 257,636 | 220,656 | 16.8 | 746,123 | 624,327 | 19.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP core fee income (2) | Non-GAAP core fee income (2) | 286 | 172 | 66.3 | 516 | 331 | 55.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP core fee income, plus SVB Securities revenue (2) | Non-GAAP core fee income, plus SVB Securities revenue (2) | 435 | 292 | 49.0 | 783 | 617 | 26.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet: | Balance Sheet: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average available-for-sale securities | $ | 12,674,610 | $ | 12,743,715 | (0.5 | ) | % | $ | 12,539,773 | $ | 13,608,722 | (7.9 | ) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Average held-to-maturity securities | 10,467,470 | 8,003,825 | 30.8 | 9,405,525 | 8,347,190 | 12.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average loans, net of unearned income | 21,584,892 | 18,647,194 | 15.8 | 20,726,467 | 17,955,497 | 15.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average AFS securities | Average AFS securities | $ | 29,922 | $ | 24,358 | 22.8 | % | $ | 28,442 | $ | 26,292 | 8.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Average HTM securities | Average HTM securities | 96,732 | 47,914 | 101.9 | 97,698 | 36,667 | 166.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average loans, amortized cost | Average loans, amortized cost | 69,263 | 49,812 | 39.0 | 68,172 | 48,056 | 41.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average noninterest-bearing demand deposits | 36,578,779 | 30,522,314 | 19.8 | 34,653,264 | 30,694,119 | 12.9 | Average noninterest-bearing demand deposits | 120,679 | 91,530 | 31.8 | 123,110 | 82,432 | 49.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Average interest-bearing deposits | 7,464,063 | 7,387,440 | 1.0 | 7,408,371 | 7,749,871 | (4.4 | ) | Average interest-bearing deposits | 71,388 | 42,230 | 69.0 | 68,286 | 39,816 | 71.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Average total deposits | 44,042,842 | 37,909,754 | 16.2 | 42,061,635 | 38,443,990 | 9.4 | Average total deposits | 192,067 | 133,760 | 43.6 | 191,396 | 122,248 | 56.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Ratios: | Earnings Ratios: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average assets (annualized) (3) | 1.18 | % | 1.02 | % | 15.7 | % | 1.05 | % | 0.87 | % | 20.7 | % | Return on average assets (annualized) (3) | 0.61 | % | 1.34 | % | (54.5) | % | 0.75 | % | 1.51 | % | (50.3) | % | |||||||||||||||||||||||||||||||||||||
Return on average SVBFG stockholders’ equity (annualized) (4) | 14.59 | 12.32 | 18.4 | 12.85 | 10.95 | 17.4 | Return on average SVBFG stockholders’ equity (annualized) (4) | 10.87 | 21.69 | (49.9) | 13.08 | 24.14 | (45.8) | |||||||||||||||||||||||||||||||||||||||||||||||||
Asset Quality Ratios: | Asset Quality Ratios: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses as a % of total period-end gross loans | 1.12 | % | 1.25 | % | (13 | ) | bps | 1.12 | % | 1.25 | % | (13 | ) | bps | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses for performing loans as a % of total gross performing loans | 0.92 | 1.03 | (11 | ) | 0.92 | 1.03 | (11 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross loan charge-offs as a % of average total gross loans (annualized) | 0.23 | 0.52 | (29 | ) | 0.33 | 0.53 | (20 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loan charge-offs as a % of average total gross loans (annualized) | 0.19 | 0.48 | (29 | ) | 0.29 | 0.47 | (18 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACL for loans as a % of total period-end loans | ACL for loans as a % of total period-end loans | 0.77 | % | 0.78 | % | (1) | bps | 0.77 | % | 0.78 | % | (1) | bps | |||||||||||||||||||||||||||||||||||||||||||||||||
ACL for performing loans as a % of total performing loans | ACL for performing loans as a % of total performing loans | 0.72 | 0.71 | 1 | 0.72 | 0.71 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross loan charge-offs as a % of average total loans (annualized) (1) | Gross loan charge-offs as a % of average total loans (annualized) (1) | 0.13 | 0.12 | 1 | 0.12 | 0.46 | (34) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loan charge-offs as a % of average total loans (annualized) (1) | Net loan charge-offs as a % of average total loans (annualized) (1) | 0.12 | 0.10 | 2 | 0.08 | 0.43 | (35) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Ratios: | Capital Ratios: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CET 1 risk-based capital ratio | 12.96 | % | 12.75 | % | 21 | bps | 12.96 | % | 12.75 | % | 21 | bps | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | 13.32 | 13.21 | 11 | 13.32 | 13.21 | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | 14.29 | 14.22 | 7 | 14.29 | 14.22 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | 8.34 | 8.35 | (1 | ) | 8.34 | 8.35 | (1 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity to tangible assets (5) | 8.00 | 8.30 | (30 | ) | 8.00 | 8.30 | (30 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible common equity to risk-weighted assets (5) | 13.01 | 13.11 | (10 | ) | 13.01 | 13.11 | (10 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank CET 1 risk-based capital ratio | 12.41 | 12.77 | (36 | ) | 12.41 | 12.77 | (36 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
SVBFG CET1 risk-based capital ratio | SVBFG CET1 risk-based capital ratio | 11.98 | % | 11.93 | % | 5 | bps | 11.98 | % | 11.93 | % | 5 | bps | |||||||||||||||||||||||||||||||||||||||||||||||||
SVBFG tier 1 risk-based capital ratio | SVBFG tier 1 risk-based capital ratio | 15.57 | 14.95 | 62 | 15.57 | 14.95 | 62 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
SVBFG total risk-based capital ratio | SVBFG total risk-based capital ratio | 16.22 | 15.53 | 69 | 16.22 | 15.53 | 69 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
SVBFG tier 1 leverage ratio | SVBFG tier 1 leverage ratio | 7.73 | 7.77 | (4) | 7.73 | 7.77 | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
SVBFG tangible common equity to tangible assets (5) | SVBFG tangible common equity to tangible assets (5) | 5.50 | 5.76 | (26) | 5.50 | 5.76 | (26) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
SVBFG tangible common equity to risk-weighted assets (5) | SVBFG tangible common equity to risk-weighted assets (5) | 10.84 | 12.02 | (118) | 10.84 | 12.02 | (118) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank CET1 risk-based capital ratio | Bank CET1 risk-based capital ratio | 15.39 | 13.66 | 173 | 15.39 | 13.66 | 173 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank tier 1 risk-based capital ratio | 12.41 | 12.77 | (36 | ) | 12.41 | 12.77 | (36 | ) | Bank tier 1 risk-based capital ratio | 15.39 | 13.66 | 173 | 15.39 | 13.66 | 173 | |||||||||||||||||||||||||||||||||||||||||||||||
Bank total risk-based capital ratio | 13.40 | 13.83 | (43 | ) | 13.40 | 13.83 | (43 | ) | Bank total risk-based capital ratio | 16.05 | 14.26 | 179 | 16.05 | 14.26 | 179 | |||||||||||||||||||||||||||||||||||||||||||||||
Bank tier 1 leverage ratio | 7.59 | 7.74 | (15 | ) | 7.59 | 7.74 | (15 | ) | Bank tier 1 leverage ratio | 7.55 | 6.96 | 59 | 7.55 | 6.96 | 59 | |||||||||||||||||||||||||||||||||||||||||||||||
Bank tangible common equity to tangible assets (5) | 7.47 | 7.98 | (51 | ) | 7.47 | 7.98 | (51 | ) | Bank tangible common equity to tangible assets (5) | 7.15 | 6.47 | 68 | 7.15 | 6.47 | 68 | |||||||||||||||||||||||||||||||||||||||||||||||
Bank tangible common equity to risk-weighted assets (5) | 12.44 | 13.14 | (70 | ) | 12.44 | 13.14 | (70 | ) | Bank tangible common equity to risk-weighted assets (5) | 14.23 | 13.76 | 47 | 14.23 | 13.76 | 47 | |||||||||||||||||||||||||||||||||||||||||||||||
Other Ratios: | Other Ratios: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP operating efficiency ratio (6) | 48.38 | % | 50.95 | % | (5.0 | ) | % | 52.15 | % | 52.18 | % | (0.1 | ) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP operating efficiency ratio (2) | 48.82 | 51.45 | (5.1 | ) | 52.87 | 52.28 | 1.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Book value per common share (7) | $ | 77.00 | $ | 69.02 | 11.6 | $ | 77.00 | $ | 69.02 | 11.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating efficiency ratio (6) | Operating efficiency ratio (6) | 55.46 | % | 43.85 | % | 26.5 | % | 55.02 | % | 44.56 | % | 23.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Total costs of deposits (annualized) (7) | Total costs of deposits (annualized) (7) | 0.16 | 0.04 | 300.0 | 0.10 | 0.04 | 150.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Book value per common share (8) | Book value per common share (8) | $ | 207.71 | $ | 176.10 | 18.0 | $ | 207.71 | $ | 176.10 | 18.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible book value per common share (9) | Tangible book value per common share (9) | 199.27 | 172.44 | 15.6 | 199.27 | 172.44 | 15.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Statistics: | Other Statistics: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average full-time equivalent employees | 2,434 | 2,255 | 7.9 | % | 2,384 | 2,199 | 8.4 | % | Average full-time equivalent employees | 7,528 | 4,808 | 56.6 | % | 7,251 | 4,705 | 54.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Period-end full-time equivalent employees | 2,433 | 2,280 | 6.7 | 2,433 | 2,280 | 6.7 | Period-end full-time equivalent employees | 7,743 | 4,932 | 57.0 | 7,743 | 4,932 | 57.0 |
2022 Compared to 2021 | 2022 Compared to 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 Compared to 2016 | 2017 Compared to 2016 | Three months ended June 30, increase (decrease) due to change in | Six months ended June 30, increase (decrease) due to change in | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, increase (decrease) due to change in | Nine months ended September 30, increase (decrease) due to change in | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Volume | Rate | Total | Volume | Rate | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | Volume | Rate | Total | Volume | Rate | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income: | Interest income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Reserve deposits, federal funds sold, securities purchased under agreements to resell, trade receivables purchased and other short-term investment securities | $ | 1,678 | $ | 2,337 | $ | 4,015 | $ | 5,788 | $ | 5,089 | $ | 10,877 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Reserve deposits, federal funds sold, securities purchased under agreements to resell and other short-term investment securities | Federal Reserve deposits, federal funds sold, securities purchased under agreements to resell and other short-term investment securities | $ | (10) | $ | 29 | $ | 19 | $ | (10) | $ | 32 | $ | 22 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income investment portfolio (taxable) | 15,325 | 10,650 | 25,975 | 6,655 | 26,992 | 33,647 | Fixed income investment portfolio (taxable) | 256 | 55 | 311 | 541 | 57 | 598 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income investment portfolio (non-taxable) | 1,342 | (342 | ) | 1,000 | 2,620 | (1,067 | ) | 1,553 | Fixed income investment portfolio (non-taxable) | 16 | (2) | 14 | 36 | (4) | 32 | |||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | 37,814 | 16,404 | 54,218 | 98,851 | 29,676 | 128,527 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, amortized cost | Loans, amortized cost | 154 | 28 | 182 | 309 | 12 | 321 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in interest income, net | 56,159 | 29,049 | 85,208 | 113,914 | 60,690 | 174,604 | Increase in interest income, net | 416 | 110 | 526 | 876 | 97 | 973 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense: | Interest expense: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing checking and savings accounts | 25 | 1 | 26 | 63 | (2 | ) | 61 | Interest bearing checking and savings accounts | 18 | 5 | 23 | 15 | 8 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||
Money market deposits | 65 | 698 | 763 | (219 | ) | 2,466 | 2,247 | Money market deposits | 16 | 19 | 35 | 25 | 20 | 45 | ||||||||||||||||||||||||||||||||||||||||||||||||
Money market deposits in foreign offices | (1 | ) | 2 | 1 | 10 | (1 | ) | 9 | Money market deposits in foreign offices | 1 | — | 1 | — | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | — | 5 | 5 | (8 | ) | 6 | (2 | ) | Time deposits | 5 | 1 | 6 | 7 | 1 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||
Sweep deposits in foreign offices | (23 | ) | (3 | ) | (26 | ) | (75 | ) | (6 | ) | (81 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total increase (decrease) in deposits expense | 66 | 703 | 769 | (229 | ) | 2,463 | 2,234 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total increase in deposits expense | Total increase in deposits expense | 40 | 25 | 65 | 47 | 30 | 77 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | (1,558 | ) | 1,059 | (499 | ) | (1,851 | ) | 1,081 | (770 | ) | Short-term borrowings | 8 | — | 8 | 9 | — | 9 | |||||||||||||||||||||||||||||||||||||||||||||
3.50% Senior Notes | 5 | (2 | ) | 3 | 4 | 4 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
5.375% Senior Notes | 12 | (5 | ) | 7 | 15 | 9 | 24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior Subordinated Debentures | 1 | — | 1 | (9 | ) | 10 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
6.05% Subordinated Notes | (236 | ) | — | (236 | ) | (405 | ) | 224 | (181 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total (decrease) increase in borrowings expense | (1,776 | ) | 1,052 | (724 | ) | (2,246 | ) | 1,328 | (918 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Decrease) increase in interest expense, net | (1,710 | ) | 1,755 | 45 | (2,475 | ) | 3,791 | 1,316 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long term debt | Long term debt | 10 | 1 | 11 | 20 | (1) | 19 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total increase (decrease) in borrowings expense | Total increase (decrease) in borrowings expense | 18 | 1 | 19 | 29 | (1) | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in interest expense, net | Increase in interest expense, net | 58 | 26 | 84 | 76 | 29 | 105 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in net interest income | $ | 57,869 | $ | 27,294 | $ | 85,163 | $ | 116,389 | $ | 56,899 | $ | 173,288 | Increase in net interest income | $ | 358 | $ | 84 | $ | 442 | $ | 800 | $ | 68 | $ | 868 |
◦A $325 million |
Three months ended June 30, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 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) | $ | 14,799 | $ | 23 | 0.63 | % | $ | 21,069 | $ | 4 | 0.08 | % | ||||||||||||||||||||||||||
Investment securities: (2) | ||||||||||||||||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||||||||||||
Taxable | 29,922 | 122 | 1.63 | 24,358 | 73 | 1.20 | ||||||||||||||||||||||||||||||||
HTM securities: | ||||||||||||||||||||||||||||||||||||||
Taxable | 89,698 | 440 | 1.97 | 43,352 | 178 | 1.65 | ||||||||||||||||||||||||||||||||
Non-taxable (3) | 7,034 | 45 | 2.54 | 4,562 | 31 | 2.73 | ||||||||||||||||||||||||||||||||
Total loans, amortized cost (4) (5) | 69,263 | 654 | 3.78 | 49,812 | 472 | 3.80 | ||||||||||||||||||||||||||||||||
Total interest-earning assets | 210,716 | 1,284 | 2.44 | 143,153 | 758 | 2.12 | ||||||||||||||||||||||||||||||||
Cash and due from banks | 2,500 | 2,108 | ||||||||||||||||||||||||||||||||||||
ACL | (442) | (411) | ||||||||||||||||||||||||||||||||||||
Other assets (6) | 5,224 | 5,867 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 217,998 | $ | 150,717 | ||||||||||||||||||||||||||||||||||
Funding sources: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Interest bearing checking and savings accounts | $ | 11,928 | $ | 24 | 0.79 | % | $ | 3,096 | $ | 1 | 0.11 | % | ||||||||||||||||||||||||||
Money market deposits | 54,525 | 45 | 0.33 | 36,452 | 10 | 0.11 | ||||||||||||||||||||||||||||||||
Money market deposits in foreign offices | 1,163 | 1 | 0.26 | 787 | — | 0.01 | ||||||||||||||||||||||||||||||||
Time deposits | 2,722 | 7 | 1.10 | 631 | 1 | 0.37 | ||||||||||||||||||||||||||||||||
Sweep deposits in foreign offices | 1,050 | — | 0.03 | 1,264 | — | 0.01 | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 71,388 | 77 | 0.43 | 42,230 | 12 | 0.11 | ||||||||||||||||||||||||||||||||
Short-term borrowings | 3,607 | 8 | 0.85 | 39 | — | 0.19 | ||||||||||||||||||||||||||||||||
Long-term debt | 3,122 | 22 | 2.91 | 1,604 | 11 | 2.75 | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 78,117 | 107 | 0.55 | 43,873 | 23 | 0.21 | ||||||||||||||||||||||||||||||||
Portion of noninterest-bearing funding sources | 132,599 | 99,280 | ||||||||||||||||||||||||||||||||||||
Total funding sources | 210,716 | 107 | 0.20 | 143,153 | 23 | 0.06 | ||||||||||||||||||||||||||||||||
Noninterest-bearing funding sources: | ||||||||||||||||||||||||||||||||||||||
Demand deposits | 120,679 | 91,530 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 2,894 | 4,200 | ||||||||||||||||||||||||||||||||||||
Preferred stock | 3,646 | 1,610 | ||||||||||||||||||||||||||||||||||||
SVBFG common stockholders’ equity | 12,286 | 9,283 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interests | 376 | 221 | ||||||||||||||||||||||||||||||||||||
Portion used to fund interest-earning assets | (132,599) | (99,280) | ||||||||||||||||||||||||||||||||||||
Total liabilities, noncontrolling interest, and SVBFG stockholders’ equity | $ | 217,998 | $ | 150,717 | ||||||||||||||||||||||||||||||||||
Net interest income and margin | $ | 1,177 | 2.24 | % | $ | 735 | 2.06 | % | ||||||||||||||||||||||||||||||
Total deposits | $ | 192,067 | $ | 133,760 | ||||||||||||||||||||||||||||||||||
Average SVBFG common stockholders’ equity as a percentage of average assets | 5.64 | % | 6.16 | % | ||||||||||||||||||||||||||||||||||
Reconciliation to reported net interest income: | ||||||||||||||||||||||||||||||||||||||
Adjustments for taxable equivalent basis | (10) | (7) | ||||||||||||||||||||||||||||||||||||
Net interest income, as reported | $ | 1,167 | $ | 728 |
Three months ended September 30, | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
(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) | $ | 3,291,908 | $ | 6,211 | 0.75 | % | $ | 2,404,006 | $ | 2,196 | 0.36 | % | ||||||||||
Investment securities: (2) | ||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||
Taxable | 12,674,610 | 52,825 | 1.65 | 12,743,715 | 44,741 | 1.40 | ||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||
Taxable | 10,249,131 | 56,618 | 2.19 | 7,947,983 | 38,727 | 1.94 | ||||||||||||||||
Non-taxable (3) | 218,339 | 1,803 | 3.28 | 55,842 | 803 | 5.72 | ||||||||||||||||
Total loans, net of unearned income (4) (5) | 21,584,892 | 268,445 | 4.93 | 18,647,194 | 214,227 | 4.57 | ||||||||||||||||
Total interest-earning assets | 48,018,880 | 385,902 | 3.19 | 41,798,740 | 300,694 | 2.86 | ||||||||||||||||
Cash and due from banks | 371,373 | 317,044 | ||||||||||||||||||||
Allowance for loan losses | (246,210 | ) | (247,657 | ) | ||||||||||||||||||
Other assets (6) | 1,651,323 | 1,583,202 | ||||||||||||||||||||
Total assets | $ | 49,795,366 | $ | 43,451,329 | ||||||||||||||||||
Funding sources: | ||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||
Interest bearing checking and savings accounts | $ | 442,518 | $ | 86 | 0.08 | % | $ | 308,345 | $ | 60 | 0.08 | % | ||||||||||
Money market deposits | 5,774,281 | 2,079 | 0.14 | 5,592,603 | 1,316 | 0.09 | ||||||||||||||||
Money market deposits in foreign offices | 187,183 | 21 | 0.04 | 199,539 | 20 | 0.04 | ||||||||||||||||
Time deposits | 51,406 | 17 | 0.13 | 50,351 | 12 | 0.09 | ||||||||||||||||
Sweep deposits in foreign offices | 1,008,675 | 101 | 0.04 | 1,236,602 | 127 | 0.04 | ||||||||||||||||
Total interest-bearing deposits | 7,464,063 | 2,304 | 0.12 | 7,387,440 | 1,535 | 0.08 | ||||||||||||||||
Short-term borrowings | 48,614 | 164 | 1.34 | 513,446 | 663 | 0.51 | ||||||||||||||||
3.50% Senior Notes | 347,168 | 3,144 | 3.59 | 346,848 | 3,141 | 3.60 | ||||||||||||||||
5.375% Senior Notes | 347,934 | 4,854 | 5.53 | 347,345 | 4,847 | 5.55 | ||||||||||||||||
Junior Subordinated Debentures | 54,391 | 831 | 6.06 | 54,566 | 830 | 6.05 | ||||||||||||||||
6.05% Subordinated Notes | — | — | — | 47,421 | 236 | 1.98 | ||||||||||||||||
Total interest-bearing liabilities | 8,262,170 | 11,297 | 0.54 | 8,697,066 | 11,252 | 0.51 | ||||||||||||||||
Portion of noninterest-bearing funding sources | 39,756,710 | 33,101,674 | ||||||||||||||||||||
Total funding sources | 48,018,880 | 11,297 | 0.09 | 41,798,740 | 11,252 | 0.11 | ||||||||||||||||
Noninterest-bearing funding sources: | ||||||||||||||||||||||
Demand deposits | 36,578,779 | 30,522,314 | ||||||||||||||||||||
Other liabilities | 773,586 | 517,066 | ||||||||||||||||||||
SVBFG stockholders’ equity | 4,041,218 | 3,586,196 | ||||||||||||||||||||
Noncontrolling interests | 139,613 | 128,687 | ||||||||||||||||||||
Portion used to fund interest-earning assets | (39,756,710 | ) | (33,101,674 | ) | ||||||||||||||||||
Total liabilities, noncontrolling interest, and SVBFG stockholders’ equity | $ | 49,795,366 | $ | 43,451,329 | ||||||||||||||||||
Net interest income and margin | $ | 374,605 | 3.10 | % | $ | 289,442 | 2.75 | % | ||||||||||||||
Total deposits | $ | 44,042,842 | $ | 37,909,754 | ||||||||||||||||||
Reconciliation to reported net interest income: | ||||||||||||||||||||||
Adjustments for taxable equivalent basis | (631 | ) | (281 | ) | ||||||||||||||||||
Net interest income, as reported | $ | 373,974 | $ | 289,161 |
Nine months ended September 30, | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
(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) | $ | 3,235,628 | $ | 16,670 | 0.69 | % | $ | 2,111,619 | $ | 5,793 | 0.37 | % | ||||||||||
Investment securities: (2) | ||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||
Taxable | 12,539,773 | 146,803 | 1.57 | 13,608,722 | 140,932 | 1.38 | ||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||
Taxable | 9,242,953 | 147,965 | 2.14 | 8,287,043 | 120,189 | 1.94 | ||||||||||||||||
Non-taxable (3) | 162,572 | 4,158 | 3.42 | 60,147 | 2,605 | 5.79 | ||||||||||||||||
Total loans, net of unearned income (4) (5) | 20,726,467 | 745,983 | 4.81 | 17,955,497 | 617,456 | 4.59 | ||||||||||||||||
Total interest-earning assets | 45,907,393 | 1,061,579 | 3.09 | 42,023,028 | 886,975 | 2.82 | ||||||||||||||||
Cash and due from banks | 361,041 | 326,144 | ||||||||||||||||||||
Allowance for loan losses | (243,594 | ) | (237,613 | ) | ||||||||||||||||||
Other assets (6) | 1,540,211 | 1,558,157 | ||||||||||||||||||||
Total assets | $ | 47,565,051 | $ | 43,669,716 | ||||||||||||||||||
Funding sources: | ||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||
Interest bearing checking and savings accounts | $ | 420,680 | $ | 242 | 0.08 | % | $ | 310,505 | $ | 181 | 0.08 | % | ||||||||||
Money market deposits | 5,664,082 | 5,544 | 0.13 | 5,887,627 | 3,297 | 0.07 | ||||||||||||||||
Money market deposits in foreign offices | 183,040 | 59 | 0.04 | 153,593 | 50 | 0.04 | ||||||||||||||||
Time deposits | 50,855 | 49 | 0.13 | 59,069 | 51 | 0.12 | ||||||||||||||||
Sweep deposits in foreign offices | 1,089,714 | 324 | 0.04 | 1,339,077 | 405 | 0.04 | ||||||||||||||||
Total interest-bearing deposits | 7,408,371 | 6,218 | 0.11 | 7,749,871 | 3,984 | 0.07 | ||||||||||||||||
Short-term borrowings | 39,523 | 295 | 1.00 | 287,735 | 1,065 | 0.49 | ||||||||||||||||
3.5% Senior Notes | 347,088 | 9,429 | 3.63 | 346,771 | 9,421 | 3.63 | ||||||||||||||||
5.375% Senior Notes | 347,786 | 14,558 | 5.60 | 347,205 | 14,534 | 5.59 | ||||||||||||||||
Junior Subordinated Debentures | 54,434 | 2,494 | 6.13 | 54,610 | 2,493 | 6.10 | ||||||||||||||||
6.05% Subordinated Notes | 25,641 | 467 | 2.44 | 47,859 | 648 | 1.81 | ||||||||||||||||
Total interest-bearing liabilities | 8,222,843 | 33,461 | 0.54 | 8,834,051 | 32,145 | 0.49 | ||||||||||||||||
Portion of noninterest-bearing funding sources | 37,684,550 | 33,188,977 | ||||||||||||||||||||
Total funding sources | 45,907,393 | 33,461 | 0.10 | 42,023,028 | 32,145 | 0.10 | ||||||||||||||||
Noninterest-bearing funding sources: | ||||||||||||||||||||||
Demand deposits | 34,653,264 | 30,694,119 | ||||||||||||||||||||
Other liabilities | 668,417 | 556,568 | ||||||||||||||||||||
SVBFG stockholders’ equity | 3,883,876 | 3,453,904 | ||||||||||||||||||||
Noncontrolling interests | 136,651 | 131,074 | ||||||||||||||||||||
Portion used to fund interest-earning assets | (37,684,550 | ) | (33,188,977 | ) | ||||||||||||||||||
Total liabilities, noncontrolling interest, and SVBFG stockholders’ equity | $ | 47,565,051 | $ | 43,669,716 | ||||||||||||||||||
Net interest income and margin | $ | 1,028,118 | 2.99 | % | $ | 854,830 | 2.72 | % | ||||||||||||||
Total deposits | $ | 42,061,635 | $ | 38,443,990 | ||||||||||||||||||
Reconciliation to reported net interest income: | ||||||||||||||||||||||
Adjustments for taxable equivalent basis | (1,455 | ) | (912 | ) | ||||||||||||||||||
Net interest income, as reported | $ | 1,026,663 | $ | 853,918 |
Six months ended | ||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 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) | $ | 14,800 | $ | 29 | 0.40 | % | $ | 19,635 | $ | 7 | 0.07 | % | ||||||||||||||||||||||||||
Investment securities: (2) | ||||||||||||||||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||||||||||||
Taxable | 28,442 | 208 | 1.48 | 26,292 | 197 | 1.51 | ||||||||||||||||||||||||||||||||
HTM securities: | ||||||||||||||||||||||||||||||||||||||
Taxable | 90,722 | 865 | 1.92 | 32,531 | 278 | 1.72 | ||||||||||||||||||||||||||||||||
Non-taxable (3) | 6,976 | 89 | 2.56 | 4,136 | 57 | 2.78 | ||||||||||||||||||||||||||||||||
Total loans, amortized cost (4) (5) | 68,172 | 1,224 | 3.62 | 48,056 | 903 | 3.79 | ||||||||||||||||||||||||||||||||
Total interest-earning assets | 209,112 | 2,415 | 2.33 | 130,650 | 1,442 | 2.22 | ||||||||||||||||||||||||||||||||
Cash and due from banks | 2,985 | 1,823 | ||||||||||||||||||||||||||||||||||||
ACL | (437) | (448) | ||||||||||||||||||||||||||||||||||||
Other assets (6) | 5,378 | 5,812 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 217,038 | $ | 137,837 | ||||||||||||||||||||||||||||||||||
Funding sources: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Interest bearing checking and savings accounts | $ | 9,009 | $ | 25 | 0.55 | % | $ | 3,377 | $ | 2 | 0.10 | % | ||||||||||||||||||||||||||
Money market deposits | 54,842 | 64 | 0.23 | 33,721 | 19 | 0.11 | ||||||||||||||||||||||||||||||||
Money market deposits in foreign offices | 971 | 1 | 0.17 | 830 | — | 0.04 | ||||||||||||||||||||||||||||||||
Time deposits | 2,421 | 9 | 0.79 | 644 | 1 | 0.35 | ||||||||||||||||||||||||||||||||
Sweep deposits in foreign offices | 1,043 | — | 0.02 | 1,244 | — | 0.02 | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 68,286 | 99 | 0.29 | 39,816 | 22 | 0.11 | ||||||||||||||||||||||||||||||||
Short-term borrowings | 3,373 | 9 | 0.54 | 26 | — | 0.16 | ||||||||||||||||||||||||||||||||
Long-term debt | 2,847 | 39 | 2.75 | 1,384 | 20 | 2.91 | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 74,506 | 147 | 0.40 | 41,226 | 42 | 0.21 | ||||||||||||||||||||||||||||||||
Portion of noninterest-bearing funding sources | 134,606 | 89,424 | ||||||||||||||||||||||||||||||||||||
Total funding sources | 209,112 | 147 | 0.14 | 130,650 | 42 | 0.06 | ||||||||||||||||||||||||||||||||
Noninterest-bearing funding sources: | ||||||||||||||||||||||||||||||||||||||
Demand deposits | 123,110 | 82,432 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 2,996 | 4,111 | ||||||||||||||||||||||||||||||||||||
Preferred stock | 3,646 | 1,216 | ||||||||||||||||||||||||||||||||||||
SVBFG common stockholders’ equity | 12,408 | 8,636 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interests | 372 | 216 | ||||||||||||||||||||||||||||||||||||
Portion used to fund interest-earning assets | (134,606) | (89,424) | ||||||||||||||||||||||||||||||||||||
Total liabilities, noncontrolling interest, and SVBFG stockholders’ equity | $ | 217,038 | $ | 137,837 | ||||||||||||||||||||||||||||||||||
Net interest income and margin | $ | 2,268 | 2.19 | % | $ | 1,400 | 2.16 | % | ||||||||||||||||||||||||||||||
Total deposits | $ | 191,396 | $ | 122,248 | ||||||||||||||||||||||||||||||||||
Average SVBFG common stockholders’ equity as a percentage of average assets | 5.72 | % | 6.27 | % | ||||||||||||||||||||||||||||||||||
Reconciliation to reported net interest income: | ||||||||||||||||||||||||||||||||||||||
Adjustments for taxable equivalent basis | (19) | (12) | ||||||||||||||||||||||||||||||||||||
Net interest income, as reported | $ | 2,249 | $ | 1,388 |
(2)Yields on interest-earning investment securities do not give effect to changes in fair value that are reflected in other comprehensive income. (3)Interest income on non-taxable AFS securities is presented on a fully taxable-equivalent basis using the federal statutory tax rate of 21.0 percent for all periods presented. (4)Nonaccrual loans are reflected in the average balances of loans. (5)Interest income includes loan fees of $99 million and $126 million for the six months ended June 30, 2022 and 2021, respectively. (6)Average investment securities of $1.5 billion and $3.4 billion for the six months ended June 30, 2022 and 2021, respectively, were classified as other assets as they were noninterest-earning assets. These investments consisted primarily of non-marketable and other equity securities. 62 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
(Dollars in thousands, except ratios) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Allowance for loan losses, beginning balance | $ | 236,496 | $ | 244,723 | $ | 225,366 | $ | 217,613 | ||||||||
Provision for loan losses (1) | 22,409 | 18,950 | 67,273 | 88,624 | ||||||||||||
Gross loan charge-offs | (12,338 | ) | (24,616 | ) | (51,449 | ) | (71,466 | ) | ||||||||
Loan recoveries | 1,828 | 2,084 | 6,155 | 8,158 | ||||||||||||
Foreign currency translation adjustments | 615 | (576 | ) | 1,665 | (2,364 | ) | ||||||||||
Allowance for loan losses, ending balance | $ | 249,010 | $ | 240,565 | $ | 249,010 | $ | 240,565 | ||||||||
Allowance for unfunded credit commitments, beginning balance | $ | 47,000 | $ | 34,889 | $ | 45,265 | $ | 34,415 | ||||||||
Provision for unfunded credit commitments (1) | 1,113 | 1,054 | 2,789 | 1,601 | ||||||||||||
Foreign currency translation adjustments | 59 | (19 | ) | 118 | (92 | ) | ||||||||||
Allowance for unfunded credit commitments, ending balance (2) | $ | 48,172 | $ | 35,924 | $ | 48,172 | $ | 35,924 | ||||||||
Ratios and other information: | ||||||||||||||||
Provision for loan losses as a percentage of period-end total gross loans (annualized) | 0.40 | % | 0.39 | % | 0.40 | % | 0.62 | % | ||||||||
Gross loan charge-offs as a percentage of average total gross loans (annualized) | 0.23 | 0.52 | 0.33 | 0.53 | ||||||||||||
Net loan charge-offs as a percentage of average total gross loans (annualized) | 0.19 | 0.48 | 0.29 | 0.47 | ||||||||||||
Allowance for loan losses as a percentage of period-end total gross loans | 1.12 | 1.25 | 1.12 | 1.25 | ||||||||||||
Provision for credit losses (1) | $ | 23,522 | $ | 20,004 | $ | 70,062 | $ | 90,225 | ||||||||
Period-end total gross loans | 22,329,829 | 19,228,928 | 22,329,829 | 19,228,928 | ||||||||||||
Average total gross loans | 21,712,866 | 18,762,144 | 20,850,468 | 18,067,893 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
ACL, beginning balance | $ | 421 | $ | 392 | $ | 422 | $ | 448 | ||||||||||||||||||
Provision for loans (1) | 146 | 16 | 154 | 50 | ||||||||||||||||||||||
Gross loan charge-offs (1) | (22) | (15) | (40) | (110) | ||||||||||||||||||||||
Loan recoveries | 2 | 3 | 12 | 8 | ||||||||||||||||||||||
Foreign currency translation adjustments | (2) | — | (3) | — | ||||||||||||||||||||||
ACL, ending balance | $ | 545 | $ | 396 | $ | 545 | $ | 396 | ||||||||||||||||||
ACL for unfunded credit commitments, beginning balance | 175 | 105 | 171 | 121 | ||||||||||||||||||||||
Provision (reduction) for unfunded credit commitments | 50 | 15 | 54 | (1) | ||||||||||||||||||||||
Foreign currency translation adjustments | (1) | — | (1) | — | ||||||||||||||||||||||
ACL for unfunded credit commitments, ending balance (2) | $ | 224 | $ | 120 | $ | 224 | $ | 120 | ||||||||||||||||||
ACL for HTM securities, beginning balance | 6 | 1 | 7 | — | ||||||||||||||||||||||
(Reduction) provision for HTM securities | — | 4 | (1) | 5 | ||||||||||||||||||||||
ACL for HTM securities, ending balance (3) | $ | 6 | $ | 5 | $ | 6 | $ | 5 | ||||||||||||||||||
Ratios and other information: | ||||||||||||||||||||||||||
Provision for loans as a percentage of period-end total loans (annualized) (1) | 0.83 | % | 0.13 | % | 0.44 | % | 0.20 | % | ||||||||||||||||||
Gross loan charge-offs as a percentage of average total loans (annualized) (1) | 0.13 | 0.12 | 0.12 | 0.46 | ||||||||||||||||||||||
Net loan charge-offs as a percentage of average total loans (annualized) (1) | 0.12 | 0.10 | 0.08 | 0.43 | ||||||||||||||||||||||
ACL for loans as a percentage of period-end total loans | 0.77 | 0.78 | 0.77 | 0.78 | ||||||||||||||||||||||
Provision for credit losses | $ | 196 | $ | 35 | $ | 207 | $ | 54 | ||||||||||||||||||
Period-end total loans | 70,955 | 50,754 | 70,955 | 50,754 | ||||||||||||||||||||||
Average total loans | 69,263 | 49,812 | 68,172 | 48,056 | ||||||||||||||||||||||
Allowance for loan losses for nonaccrual loans | 36 | 38 | 36 | 38 | ||||||||||||||||||||||
Nonaccrual loans | 93 | 79 | 93 | 79 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||
GAAP noninterest income | $ | 158,778 | $ | 144,140 | 10.2 | % | $ | 404,965 | $ | 343,050 | 18.0 | % | ||||||||||
Less: income attributable to noncontrolling interests, including carried interest allocation | 5,614 | 4,679 | 20.0 | 21,709 | 3,627 | NM | ||||||||||||||||
Non-GAAP noninterest income, net of noncontrolling interests | $ | 153,164 | $ | 139,461 | 9.8 | $ | 383,256 | $ | 339,423 | 12.9 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||
GAAP noninterest income | $ | 158,778 | $ | 144,140 | 10.2 | % | $ | 404,965 | $ | 343,050 | 18.0 | % | ||||||||||
Less: gains on investment securities, net | 15,238 | 23,178 | (34.3 | ) | 48,838 | 41,764 | 16.9 | |||||||||||||||
Less: gains on equity warrant assets, net | 24,922 | 21,558 | 15.6 | 42,432 | 33,253 | 27.6 | ||||||||||||||||
Less: other noninterest income | 15,896 | 18,878 | (15.8 | ) | 41,128 | 36,511 | 12.6 | |||||||||||||||
Non-GAAP core fee income (1) | $ | 102,722 | $ | 80,526 | 27.6 | $ | 272,567 | $ | 231,522 | 17.7 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||
GAAP noninterest income | $ | 362 | $ | 761 | (52.4) | % | $ | 879 | $ | 1,505 | (41.6) | % | ||||||||||||||||||||||||||
Less: gains (losses) on investment securities, net | (157) | 305 | (151.5) | (72) | 472 | (115.3) | ||||||||||||||||||||||||||||||||
Less: gains on equity warrant assets, net | 17 | 122 | (86.1) | 80 | 344 | (76.7) | ||||||||||||||||||||||||||||||||
Less: other noninterest income | 67 | 42 | 59.5 | 88 | 72 | 22.2 | ||||||||||||||||||||||||||||||||
Non-GAAP core fee income plus SVB Securities revenue (1) | $ | 435 | $ | 292 | 49.0 | $ | 783 | $ | 617 | 26.9 | ||||||||||||||||||||||||||||
Investment banking revenue | 125 | 103 | 21.4 | 218 | 245 | (11.0) | ||||||||||||||||||||||||||||||||
Commissions | 24 | 17 | 41.2 | 49 | 41 | 19.5 | ||||||||||||||||||||||||||||||||
Non-GAAP SVB Securities revenue (2) | $ | 149 | $ | 120 | 24.2 | $ | 267 | $ | 286 | (6.6) | ||||||||||||||||||||||||||||
Non-GAAP core fee income (3) | $ | 286 | $ | 172 | 66.3 | $ | 516 | $ | 331 | 55.9 |
(Dollars in thousands) | Managed Funds of Funds | Managed Direct Venture Funds | Debt Funds | Available- For-Sale Securities | Strategic and Other Investments | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | 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 Securities | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | Three months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) on investment securities, net | $ | 8,446 | $ | 729 | $ | 2,445 | $ | (101 | ) | $ | 3,719 | $ | 15,238 | Total gains (losses) on investment securities, net | $ | (83) | $ | — | $ | 3 | $ | (6) | $ | — | $ | (1) | $ | (46) | $ | (24) | $ | (157) | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: income attributable to noncontrolling interests, including carried interest allocation | 5,335 | 161 | — | — | — | 5,496 | Less: income attributable to noncontrolling interests, including carried interest allocation | (19) | 2 | — | — | — | — | — | (3) | (20) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP net gains (losses) on investment securities, net of noncontrolling interests | $ | 3,111 | $ | 568 | $ | 2,445 | $ | (101 | ) | $ | 3,719 | $ | 9,742 | Non-GAAP net gains (losses) on investment securities, net of noncontrolling interests | $ | (64) | $ | (2) | $ | 3 | $ | (6) | $ | — | $ | (1) | $ | (46) | $ | (21) | $ | (137) | ||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) on investment securities, net | $ | 8,931 | $ | 390 | $ | 166 | $ | (15 | ) | $ | 13,706 | $ | 23,178 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: income attributable to noncontrolling interests, including carried interest allocation | 4,615 | 130 | — | — | — | 4,745 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP net gains (losses) on investment securities, net of noncontrolling interests | $ | 4,316 | $ | 260 | $ | 166 | $ | (15 | ) | $ | 13,706 | $ | 18,433 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | Three months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gains on investment securities, net | $ | 30,624 | $ | 894 | $ | 2,696 | $ | 384 | $ | 14,240 | $ | 48,838 | Total gains on investment securities, net | $ | 197 | $ | 19 | $ | 6 | $ | 16 | $ | 1 | $ | — | $ | 22 | $ | 44 | $ | 305 | |||||||||||||||||||||||||||||||||||||||||||||||||
Less: income attributable to noncontrolling interests, including carried interest allocation | 21,245 | 178 | — | — | — | 21,423 | Less: income attributable to noncontrolling interests, including carried interest allocation | 87 | 8 | 1 | — | — | — | — | 17 | 113 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP net gains on investment securities, net of noncontrolling interests | $ | 9,379 | $ | 716 | $ | 2,696 | $ | 384 | $ | 14,240 | $ | 27,415 | Non-GAAP net gains on investment securities, net of noncontrolling interests | $ | 110 | $ | 11 | $ | 5 | $ | 16 | $ | 1 | $ | — | $ | 22 | $ | 27 | $ | 192 | |||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | Six months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) on investment securities, net | $ | 5,830 | $ | (411 | ) | $ | 801 | $ | 11,567 | $ | 23,977 | $ | 41,764 | Total gains (losses) on investment securities, net | $ | (37) | $ | 15 | $ | 9 | $ | (38) | $ | — | $ | 48 | $ | (44) | $ | (25) | $ | (72) | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: income (losses) attributable to noncontrolling interests, including carried interest allocation | 3,668 | (17 | ) | — | — | — | 3,651 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP net gains (losses) on investment securities, net of noncontrolling interests | $ | 2,162 | $ | (394 | ) | $ | 801 | $ | 11,567 | $ | 23,977 | $ | 38,113 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: income attributable to noncontrolling interests, including carried interest allocation | Less: income attributable to noncontrolling interests, including carried interest allocation | (4) | 4 | 1 | — | — | — | — | (3) | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP net gains on investment securities, net of noncontrolling interests | Non-GAAP net gains on investment securities, net of noncontrolling interests | $ | (33) | $ | 11 | $ | 8 | $ | (38) | $ | — | $ | 48 | $ | (44) | $ | (22) | $ | (70) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2021 | Six months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gains on investment securities, net | Total gains on investment securities, net | $ | 228 | $ | 37 | $ | 13 | $ | 88 | $ | 2 | $ | — | $ | 56 | $ | 48 | $ | 472 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: income attributable to noncontrolling interests, including carried interest allocation | Less: income attributable to noncontrolling interests, including carried interest allocation | 100 | 17 | 2 | — | — | — | — | 19 | 138 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP net gains on investment securities, net of noncontrolling interests | Non-GAAP net gains on investment securities, net of noncontrolling interests | $ | 128 | $ | 20 | $ | 11 | $ | 88 | $ | 2 | $ | — | $ | 56 | $ | 29 | $ | 334 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||
Equity warrant assets (1): | ||||||||||||||||||||||||||||||||||||||
Gains on exercises, net | $ | 9 | $ | 78 | (88.5) | % | $ | 28 | $ | 251 | (88.8) | % | ||||||||||||||||||||||||||
Terminations | (1) | (1) | — | (2) | (1) | 100.0 | ||||||||||||||||||||||||||||||||
Changes in fair value, net | 9 | 45 | (80.0) | 54 | 94 | (42.6) | ||||||||||||||||||||||||||||||||
Total gains on equity warrant assets, net | $ | 17 | $ | 122 | (86.1) | $ | 80 | $ | 344 | (76.7) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||
Equity warrant assets (1) | ||||||||||||||||||||||
Gains on exercises, net | $ | 7,449 | $ | 5,931 | 25.6 | % | $ | 22,482 | $ | 13,808 | 62.8 | % | ||||||||||
Cancellations and expirations | (757 | ) | (1,161 | ) | (34.8 | ) | (3,614 | ) | (2,544 | ) | 42.1 | |||||||||||
Changes in fair value, net | 18,230 | 16,788 | 8.6 | 23,564 | 21,989 | 7.2 | ||||||||||||||||
Gains on equity warrant assets, net | $ | 24,922 | $ | 21,558 | 15.6 | $ | 42,432 | $ | 33,253 | 27.6 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||
Non-GAAP core fee income (1): | ||||||||||||||||||||||
Foreign exchange fees | $ | 29,671 | $ | 25,944 | 14.4 | % | $ | 82,026 | $ | 76,998 | 6.5 | % | ||||||||||
Credit card fees | 20,270 | 18,295 | 10.8 | 56,099 | 49,226 | 14.0 | ||||||||||||||||
Deposit service charges | 14,508 | 13,356 | 8.6 | 43,046 | 39,142 | 10.0 | ||||||||||||||||
Client investment fees | 15,563 | 7,952 | 95.7 | 37,571 | 23,959 | 56.8 | ||||||||||||||||
Lending related fees | 15,404 | 8,168 | 88.6 | 32,874 | 23,783 | 38.2 | ||||||||||||||||
Letters of credit and standby letters of credit fees | 7,306 | 6,811 | 7.3 | 20,951 | 18,414 | 13.8 | ||||||||||||||||
Total non-GAAP core fee income (1) | $ | 102,722 | $ | 80,526 | 27.6 | $ | 272,567 | $ | 231,522 | 17.7 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||
Non-GAAP core fee income (1): | ||||||||||||||||||||||||||||||||||||||
Client investment fees | $ | 83 | $ | 15 | NM | $ | 118 | $ | 35 | NM | ||||||||||||||||||||||||||||
Wealth management and trust fees | 22 | — | — | 44 | — | — | ||||||||||||||||||||||||||||||||
Foreign exchange fees | 69 | 67 | 3.0 | 142 | 124 | 14.5 | ||||||||||||||||||||||||||||||||
Credit card fees | 40 | 31 | 29.0 | 77 | 59 | 30.5 | ||||||||||||||||||||||||||||||||
Deposit service charges | 32 | 28 | 14.3 | 62 | 53 | 17.0 | ||||||||||||||||||||||||||||||||
Lending related fees | 26 | 18 | 44.4 | 45 | 34 | 32.4 | ||||||||||||||||||||||||||||||||
Letters of credit and standby letters of credit fees | 14 | 13 | 7.7 | 28 | 26 | 7.7 | ||||||||||||||||||||||||||||||||
Total non-GAAP core fee income (1) | $ | 286 | $ | 172 | 66.3 | $ | 516 | $ | 331 | 55.9 | ||||||||||||||||||||||||||||
Investment banking revenue | 125 | 103 | 21.4 | 218 | 245 | (11.0) | ||||||||||||||||||||||||||||||||
Commissions | 24 | 17 | 41.2 | 49 | 41 | 19.5 | ||||||||||||||||||||||||||||||||
Total non-GAAP Securities revenue (2) | $ | 149 | $ | 120 | 24.2 | $ | 267 | $ | 286 | (6.6) | ||||||||||||||||||||||||||||
Total non-GAAP core fee income plus SVB Securities revenue (3) | $ | 435 | $ | 292 | 49.0 | $ | 783 | $ | 617 | 26.9 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||
Client investment fees by type: | ||||||||||||||||||||||||||||||||||||||
Sweep money market fees | $ | 56 | $ | 7 | NM | $ | 80 | $ | 18 | NM | ||||||||||||||||||||||||||||
Asset management fees | 15 | 8 | 87.5 | 25 | 16 | 56.3 | ||||||||||||||||||||||||||||||||
Repurchase agreement fees | 12 | — | — | 13 | 1 | NM | ||||||||||||||||||||||||||||||||
Total client investment fees | $ | 83 | $ | 15 | NM | $ | 118 | $ | 35 | NM |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||
Sweep money market funds | $ | 95,178 | $ | 82,573 | 15.3 | % | $ | 102,147 | $ | 74,856 | 36.5 | % | ||||||||||||||||||||||||||
Managed client investment funds (1) | 85,292 | 77,733 | 9.7 | 84,879 | 75,106 | 13.0 | ||||||||||||||||||||||||||||||||
Repurchase agreements | 14,167 | 14,021 | 1.0 | 13,362 | 12,992 | 2.8 | ||||||||||||||||||||||||||||||||
Total average client investment funds (2) | $ | 194,637 | $ | 174,327 | 11.7 | $ | 200,388 | $ | 162,954 | 23.0 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in millions) | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||
Client directed investment assets (1) | $ | 6,985 | $ | 6,846 | 2.0 | % | $ | 6,190 | $ | 7,137 | (13.3 | )% | ||||||||||
Client investment assets under management (2) | 26,123 | 20,692 | 26.2 | 24,531 | 21,215 | 15.6 | ||||||||||||||||
Sweep money market funds | 20,165 | 15,567 | 29.5 | 18,783 | 14,468 | 29.8 | ||||||||||||||||
Total average client investment funds (3) | $ | 53,273 | $ | 43,105 | 23.6 | $ | 49,504 | $ | 42,820 | 15.6 |
(2)Client investment funds are maintained at third-party financial institutions and are not recorded on our balance sheet. |
(Dollars in millions) | June 30, 2022 | December 31, 2021 | % Change | |||||||||||||||||
Sweep money market funds | $ | 89,544 | $ | 109,241 | (18.0) | % | ||||||||||||||
Managed client investment funds (1) | 86,849 | 85,475 | 1.6 | |||||||||||||||||
Repurchase agreements | 14,851 | 15,370 | (3.4) | |||||||||||||||||
Total period-end client investment funds (2) | $ | 191,244 | $ | 210,086 | (9.0) |
(Dollars in millions) | September 30, 2017 | December 31, 2016 | % Change | ||||||||
Client directed investment assets (1) | $ | 6,860 | $ | 5,510 | 24.5 | % | |||||
Client investment assets under management (2) | 26,718 | 23,115 | 15.6 | ||||||||
Sweep money market funds | 20,664 | 17,173 | 20.3 | ||||||||
Total period-end client investment funds (3) | $ | 54,242 | $ | 45,798 | 18.4 |
Three months ended June 30 | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||
Wealth management and trust fees by type: | |||||||||||||||||||||||||||||||||||
Wealth management fees | $ | 20 | $ | — | — | % | $ | 40 | $ | — | — | % | |||||||||||||||||||||||
Trust fees | 2 | — | — | 4 | — | — | |||||||||||||||||||||||||||||
Total wealth management and trust fees | $ | 22 | $ | — | — | $ | 44 | $ | — | — |
Three months ended | Six months ended | |||||||||||||
(Dollars in millions) | June 30, 2022 | June 30, 2022 | ||||||||||||
Beginning balance | $ | 19,008 | $ | 19,646 | ||||||||||
Net flows | (539) | (275) | ||||||||||||
Market returns | (1,957) | (2,859) | ||||||||||||
Ending balance | $ | 16,512 | $ | 16,512 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||
Foreign exchange fees by instrument type: | ||||||||||||||||||||||||||||||||||||||
Foreign exchange contract commissions | $ | 69 | $ | 66 | 4.5 | % | $ | 141 | $ | 123 | 14.6 | % | ||||||||||||||||||||||||||
Option premium fees | — | 1 | — | 1 | 1 | — | ||||||||||||||||||||||||||||||||
Total foreign exchange fees | $ | 69 | $ | 67 | 3.0 | $ | 142 | $ | 124 | 14.5 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||
Fund management fees | $ | 5,198 | $ | 5,231 | (0.6 | )% | $ | 15,903 | $ | 14,149 | 12.4 | % | ||||||||||
Service-based fee income | 469 | 2,029 | (76.9 | ) | 3,860 | 6,270 | (38.4 | ) | ||||||||||||||
Gains on revaluation of client foreign currency instruments, net (1) | 3,760 | 3,488 | 7.8 | 8,889 | 7,009 | 26.8 | ||||||||||||||||
Losses on client foreign exchange forward contracts, net (1) | (3,871 | ) | (3,194 | ) | 21.2 | (8,350 | ) | (8,780 | ) | (4.9 | ) | |||||||||||
Gains (losses) on revaluation of internal foreign currency instruments, net (2) | 10,561 | (1,406 | ) | NM | 29,265 | (4,222 | ) | NM | ||||||||||||||
(Losses) gains on internal foreign exchange contracts, net (2) | (10,550 | ) | 1,352 | NM | (28,349 | ) | 3,067 | NM | ||||||||||||||
Other (3) | 10,329 | 11,378 | (9.2 | ) | 19,910 | 19,018 | 4.7 | |||||||||||||||
Total other noninterest income | $ | 15,896 | $ | 18,878 | (15.8 | ) | $ | 41,128 | $ | 36,511 | 12.6 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||
Credit card fees by instrument type: | ||||||||||||||||||||||||||||||||||||||
Card interchange fees, net | $ | 32 | $ | 26 | 23.1 | % | $ | 62 | $ | 49 | 26.5 | % | ||||||||||||||||||||||||||
Merchant service fees | 6 | 4 | 50.0 | 11 | 8 | 37.5 | ||||||||||||||||||||||||||||||||
Card service fees | 2 | 1 | 100.0 | 4 | 2 | 100.0 | ||||||||||||||||||||||||||||||||
Total credit card fees | $ | 40 | $ | 31 | 29.0 | $ | 77 | $ | 59 | 30.5 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||
Lending related fees by instrument type: | ||||||||||||||||||||||||||||||||||||||
Unused commitment fees | $ | 20 | $ | 15 | 33.3 | % | $ | 35 | $ | 28 | 25.0 | % | ||||||||||||||||||||||||||
Other | 6 | 3 | 100.0 | 10 | 6 | 66.7 | ||||||||||||||||||||||||||||||||
Total lending related fees | $ | 26 | $ | 18 | 44.4 | $ | 45 | $ | 34 | 32.4 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||
Investment banking revenue: | ||||||||||||||||||||||||||||||||||||||
Underwriting fees | $ | 41 | $ | 84 | (51.2) | % | $ | 73 | $ | 209 | (65.1) | % | ||||||||||||||||||||||||||
Advisory fees | 69 | 9 | NM | 123 | 13 | NM | ||||||||||||||||||||||||||||||||
Private placements and other | 15 | 10 | 50.0 | 22 | 23 | (4.3) | ||||||||||||||||||||||||||||||||
Total investment banking revenue | $ | 125 | $ | 103 | 21.4 | $ | 218 | $ | 245 | (11.0) |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||
Compensation and benefits | $ | 502 | $ | 425 | 18.1 | % | $ | 1,086 | $ | 870 | 24.8 | % | ||||||||||||||||||||||||||
Professional services | 132 | 97 | 36.1 | 238 | 178 | 33.7 | ||||||||||||||||||||||||||||||||
Premises and equipment | 60 | 37 | 62.2 | 118 | 70 | 68.6 | ||||||||||||||||||||||||||||||||
Net occupancy | 26 | 17 | 52.9 | 49 | 35 | 40.0 | ||||||||||||||||||||||||||||||||
Business development and travel | 27 | 3 | NM | 41 | 7 | NM | ||||||||||||||||||||||||||||||||
FDIC and state assessments | 16 | 10 | 60.0 | 32 | 20 | 60.0 | ||||||||||||||||||||||||||||||||
Merger-related charges | 16 | 19 | (15.8) | 32 | 19 | 68.4 | ||||||||||||||||||||||||||||||||
Other | 69 | 45 | 53.3 | 125 | 90 | 38.9 | ||||||||||||||||||||||||||||||||
Total noninterest expense | $ | 848 | $ | 653 | 29.9 | $ | 1,721 | $ | 1,289 | 33.5 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||
Compensation and benefits | $ | 153,263 | $ | 136,568 | 12.2 | % | $ | 449,412 | $ | 374,410 | 20.0 | % | ||||||||||
Professional services | 32,987 | 23,443 | 40.7 | 86,331 | 67,959 | 27.0 | ||||||||||||||||
Premises and equipment | 18,937 | 16,291 | 16.2 | 53,753 | 47,861 | 12.3 | ||||||||||||||||
Business development and travel | 10,329 | 8,504 | 21.5 | 30,913 | 30,077 | 2.8 | ||||||||||||||||
Net occupancy | 12,660 | 9,525 | 32.9 | 35,437 | 28,919 | 22.5 | ||||||||||||||||
FDIC and state assessments | 8,359 | 7,805 | 7.1 | 26,354 | 21,624 | 21.9 | ||||||||||||||||
Correspondent bank fees | 3,162 | 3,104 | 1.9 | 9,770 | 9,469 | 3.2 | ||||||||||||||||
Other | 18,064 | 15,533 | 16.3 | 54,670 | 44,292 | 23.4 | ||||||||||||||||
Total noninterest expense (1) | $ | 257,761 | $ | 220,773 | 16.8 | $ | 746,640 | $ | 624,611 | 19.5 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands, except ratios) | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||
GAAP noninterest expense | $ | 257,761 | $ | 220,773 | 16.8 | % | $ | 746,640 | $ | 624,611 | 19.5 | % | ||||||||||
Less: amounts attributable to noncontrolling interests | 125 | 117 | 6.8 | 517 | 284 | 82.0 | ||||||||||||||||
Non-GAAP noninterest expense, net of noncontrolling interests | $ | 257,636 | $ | 220,656 | 16.8 | $ | 746,123 | $ | 624,327 | 19.5 | ||||||||||||
GAAP net interest income | $ | 373,974 | $ | 289,161 | 29.3 | $ | 1,026,663 | $ | 853,918 | 20.2 | ||||||||||||
Adjustments for taxable equivalent basis | 631 | 281 | 124.6 | 1,455 | 912 | 59.5 | ||||||||||||||||
Non-GAAP taxable equivalent net interest income | $ | 374,605 | $ | 289,442 | 29.4 | $ | 1,028,118 | $ | 854,830 | 20.3 | ||||||||||||
Less: income attributable to noncontrolling interests | 9 | 4 | 125.0 | 26 | 62 | (58.1 | ) | |||||||||||||||
Non-GAAP taxable equivalent net interest income, net of noncontrolling interests | $ | 374,596 | $ | 289,438 | 29.4 | $ | 1,028,092 | $ | 854,768 | 20.3 | ||||||||||||
GAAP noninterest income | $ | 158,778 | $ | 144,140 | 10.2 | $ | 404,965 | $ | 343,050 | 18.0 | ||||||||||||
Less: income attributable to noncontrolling interests | 5,614 | 4,679 | 20.0 | 21,709 | 3,627 | NM | ||||||||||||||||
Non-GAAP noninterest income, net of noncontrolling interests | $ | 153,164 | $ | 139,461 | 9.8 | $ | 383,256 | $ | 339,423 | 12.9 | ||||||||||||
GAAP total revenue | $ | 532,752 | $ | 433,301 | 23.0 | $ | 1,431,628 | $ | 1,196,968 | 19.6 | ||||||||||||
Non-GAAP taxable equivalent revenue, net of noncontrolling interests | $ | 527,760 | $ | 428,899 | 23.0 | $ | 1,411,348 | $ | 1,194,191 | 18.2 | ||||||||||||
GAAP operating efficiency ratio | 48.38 | % | 50.95 | % | (5.0 | ) | 52.15 | % | 52.18 | % | (0.1 | ) | ||||||||||
Non-GAAP operating efficiency ratio (1) | 48.82 | 51.45 | (5.1 | ) | 52.87 | 52.28 | 1.1 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||
Compensation and benefits: | ||||||||||||||||||||||||||||||||||||||
Salaries and wages | $ | 264 | $ | 146 | 80.8 | % | $ | 500 | $ | 309 | 61.8 | % | ||||||||||||||||||||||||||
Incentive compensation plans | 117 | 162 | (27.8) | 311 | 312 | (0.3) | ||||||||||||||||||||||||||||||||
Other employee incentives and benefits (1) | 121 | 117 | 3.4 | 275 | 249 | 10.4 | ||||||||||||||||||||||||||||||||
Total compensation and benefits | $ | 502 | $ | 425 | 18.1 | $ | 1,086 | $ | 870 | 24.8 | ||||||||||||||||||||||||||||
Period-end full-time equivalent employees | 7,743 | 4,932 | 57.0 | 7,743 | 4,932 | 57.0 | ||||||||||||||||||||||||||||||||
Average full-time equivalent employees | 7,528 | 4,808 | 56.6 | 7,251 | 4,705 | 54.1 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands, except employees) | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||
Compensation and benefits: | ||||||||||||||||||||||
Salaries and wages | $ | 72,799 | $ | 62,636 | 16.2 | % | $ | 207,687 | $ | 182,375 | 13.9 | % | ||||||||||
Incentive compensation & ESOP | 37,668 | 38,255 | (1.5 | ) | 108,310 | 87,162 | 24.3 | |||||||||||||||
Other employee incentives and benefits (1) | 42,796 | 35,677 | 20.0 | 133,415 | 104,873 | 27.2 | ||||||||||||||||
Total compensation and benefits | $ | 153,263 | $ | 136,568 | 12.2 | $ | 449,412 | $ | 374,410 | 20.0 | ||||||||||||
Period-end full-time equivalent employees | 2,433 | 2,280 | 6.7 | 2,433 | 2,280 | 6.7 | ||||||||||||||||
Average full-time equivalent employees | 2,434 | 2,255 | 7.9 | 2,384 | 2,199 | 8.4 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||
Personnel-related | $ | 4 | $ | — | NM | $ | 5 | $ | — | NM | |||||||||||||||||||||||||
Occupancy and facilities | — | — | — | % | 4 | — | NM | ||||||||||||||||||||||||||||
Professional services | 4 | 15 | (73.3) | 10 | 15 | (33.3) | % | ||||||||||||||||||||||||||||
Systems integration and related charges | 8 | 4 | 100.0 | 13 | 4 | NM | |||||||||||||||||||||||||||||
Total merger-related charges | $ | 16 | $ | 19 | (15.8) | $ | 32 | $ | 19 | 68.4 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||
Lending and other client related processing costs | $ | 6,935 | $ | 5,885 | 17.8 | % | $ | 18,806 | $ | 13,721 | 37.1 | % | ||||||||||
Telephone | 2,518 | 2,460 | 2.4 | 7,892 | 7,109 | 11.0 | ||||||||||||||||
Data processing services | 2,244 | 2,137 | 5.0 | 7,254 | 6,353 | 14.2 | ||||||||||||||||
Dues and publications | 883 | 809 | 9.1 | 2,355 | 2,258 | 4.3 | ||||||||||||||||
Postage and supplies | 612 | 598 | 2.3 | 2,013 | 2,172 | (7.3 | ) | |||||||||||||||
Other | 4,872 | 3,644 | 33.7 | 16,350 | 12,679 | 29.0 | ||||||||||||||||
Total other noninterest expense | $ | 18,064 | $ | 15,533 | 16.3 | $ | 54,670 | $ | 44,292 | 23.4 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||
Net interest income (1) | $ | (9 | ) | $ | (4 | ) | 125.0 | % | $ | (26 | ) | $ | (62 | ) | (58.1 | )% | ||||||
Noninterest income (1) | (4,341 | ) | (3,721 | ) | 16.7 | (19,059 | ) | (1,144 | ) | NM | ||||||||||||
Noninterest expense (1) | 125 | 117 | 6.8 | 517 | 284 | 82.0 | ||||||||||||||||
Carried interest allocation (2) | (1,273 | ) | (958 | ) | 32.9 | (2,650 | ) | (2,483 | ) | 6.7 | ||||||||||||
Net income attributable to noncontrolling interests | $ | (5,498 | ) | $ | (4,566 | ) | 20.4 | $ | (21,218 | ) | $ | (3,405 | ) | NM |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||
Noninterest income (1) | $ | 24 | $ | (36) | (166.7) | $ | 23 | $ | (52) | (144.2) | ||||||||||||||||||||||||||||
Carried interest allocation (2) | (4) | (77) | (94.8) | (21) | (86) | (75.6) | ||||||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | $ | 20 | $ | (113) | (117.7) | $ | 2 | $ | (138) | (101.4) |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 337,860 | $ | 262,484 | 28.7 | % | $ | 924,789 | $ | 773,342 | 19.6 | % | Net interest income | $ | 979 | $ | 707 | 38.5 | % | $ | 1,886 | $ | 1,318 | 43.1 | % | |||||||||||||||||||||||||||||||||||
Provision for credit losses | (20,874 | ) | (16,974 | ) | 23.0 | (65,007 | ) | (86,143 | ) | (24.5 | ) | Provision for credit losses | (136) | (11) | NM | (142) | (56) | 153.6 | ||||||||||||||||||||||||||||||||||||||||||
Noninterest income | 97,227 | 79,226 | 22.7 | 260,650 | 231,295 | 12.7 | Noninterest income | 261 | 173 | 50.9 | 473 | 332 | 42.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | (176,964 | ) | (159,479 | ) | 11.0 | (525,043 | ) | (462,234 | ) | 13.6 | Noninterest expense | (370) | (304) | 21.7 | (767) | (580) | 32.2 | |||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | $ | 237,249 | $ | 165,257 | 43.6 | $ | 595,389 | $ | 456,260 | 30.5 | Income before income tax expense | $ | 734 | $ | 565 | 29.9 | $ | 1,450 | $ | 1,014 | 43.0 | |||||||||||||||||||||||||||||||||||||||
Total average loans, net of unearned income | $ | 18,807,616 | $ | 16,357,099 | 15.0 | $ | 18,125,020 | $ | 15,769,964 | 14.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total average loans, amortized cost | Total average loans, amortized cost | $ | 54,121 | $ | 41,689 | 29.8 | $ | 53,183 | $ | 39,964 | 33.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total average assets | 47,817,114 | 40,828,549 | 17.1 | 45,414,432 | 41,020,808 | 10.7 | Total average assets | 181,087 | 130,844 | 38.4 | 179,524 | 119,415 | 50.3 | |||||||||||||||||||||||||||||||||||||||||||||||
Total average deposits | 42,376,024 | 36,484,125 | 16.1 | 40,398,413 | 37,002,027 | 9.2 | Total average deposits | 178,293 | 128,652 | 38.6 | 176,866 | 117,396 | 50.7 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||
Net interest income | $ | 14,600 | $ | 13,298 | 9.8 | % | $ | 42,952 | $ | 40,508 | 6.0 | % | ||||||||||
Provision for credit losses | (1,535 | ) | (1,976 | ) | (22.3 | ) | (2,266 | ) | (2,481 | ) | (8.7 | ) | ||||||||||
Noninterest income | 460 | 664 | (30.7 | ) | 1,715 | 2,052 | (16.4 | ) | ||||||||||||||
Noninterest expense | (4,706 | ) | (3,122 | ) | 50.7 | (12,675 | ) | (9,481 | ) | 33.7 | ||||||||||||
Income before income tax expense | $ | 8,819 | $ | 8,864 | (0.5 | ) | $ | 29,726 | $ | 30,598 | (2.8 | ) | ||||||||||
Total average loans, net of unearned income | $ | 2,499,507 | $ | 2,074,982 | 20.5 | $ | 2,371,027 | $ | 1,978,175 | 19.9 | ||||||||||||
Total average assets | 2,538,400 | 2,096,237 | 21.1 | 2,403,777 | 1,999,455 | 20.2 | ||||||||||||||||
Total average deposits | 1,231,390 | 1,115,446 | 10.4 | 1,289,990 | 1,120,575 | 15.1 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||
Net interest income | $ | 102 | $ | 37 | 175.7 | % | $ | 184 | $ | 72 | 155.6 | % | ||||||||||||||||||||||||||
(Provision for) reduction of credit losses | (10) | (5) | 100.0 | (12) | 4 | NM | ||||||||||||||||||||||||||||||||
Noninterest income | 24 | 2 | NM | 49 | 3 | NM | ||||||||||||||||||||||||||||||||
Noninterest expense | (87) | (18) | NM | (181) | (33) | NM | ||||||||||||||||||||||||||||||||
Income before income tax expense | $ | 29 | $ | 16 | 81.3 | $ | 40 | $ | 46 | (13.0) | ||||||||||||||||||||||||||||
Total average loans, amortized cost | $ | 14,644 | $ | 6,192 | 136.5 | $ | 14,472 | $ | 6,118 | 136.5 | ||||||||||||||||||||||||||||
Total average assets | 16,335 | 6,240 | 161.8 | 16,163 | 6,169 | 162.0 | ||||||||||||||||||||||||||||||||
Total average deposits | 13,151 | 4,243 | NM | 13,780 | 3,895 | NM |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||
Net interest income (expense) | $ | 15 | $ | 1 | NM | $ | 41 | $ | (51 | ) | (180.4 | )% | ||||||||||
Noninterest income | 13,913 | 30,619 | (54.6 | ) | 45,707 | 44,492 | 2.7 | |||||||||||||||
Noninterest expense | (4,873 | ) | (3,924 | ) | 24.2 | (14,537 | ) | (11,521 | ) | 26.2 | ||||||||||||
Income before income tax expense | $ | 9,055 | $ | 26,696 | (66.1 | ) | $ | 31,211 | $ | 32,920 | (5.2 | ) | ||||||||||
Total average assets | $ | 323,417 | $ | 325,321 | (0.6 | ) | $ | 333,439 | $ | 334,328 | (0.3 | ) |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||
Noninterest (losses) income | $ | (89) | $ | 175 | (150.9) | (24) | 244 | (109.8) | ||||||||||||||||||||||||||||||
Noninterest expense | (17) | (18) | (5.6) | (36) | (34) | 5.9 | ||||||||||||||||||||||||||||||||
(Loss) income before income tax expense | $ | (106) | $ | 157 | (167.5) | $ | (60) | $ | 210 | (128.6) | ||||||||||||||||||||||||||||
Total average assets | $ | 941 | $ | 613 | 53.5 | $ | 917 | $ | 595 | 54.1 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||||
Noninterest income | $ | 131 | $ | 149 | (12.1) | 252 | 319 | (21.0) | ||||||||||||||||||||||||||||||
Noninterest expense | (141) | (98) | 43.9 | (275) | (235) | 17.0 | ||||||||||||||||||||||||||||||||
(Loss) income before income tax expense | $ | (10) | $ | 51 | (119.6) | $ | (23) | $ | 84 | (127.4) | ||||||||||||||||||||||||||||
Total average assets | $ | 846 | $ | 729 | 16.0 | $ | 919 | $ | 748 | 22.9 |
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | One Year or Less | After One Year to Five Years | After Five Years to Ten Years | After Ten Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 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 | $ | 16,392 | 1.29 | % | $ | 272 | 0.22 | % | $ | 16,120 | 1.31 | % | $ | — | — | % | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||||||
U.S. agency debentures | 122 | 3.04 | 17 | 1.79 | 35 | 3.01 | 70 | 3.31 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government debt securities | 40 | (0.78) | 40 | (0.78) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential MBS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-issued MBS | 7,340 | 1.54 | — | — | — | — | — | — | 7,340 | 1.54 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-issued CMO—fixed rate | 790 | 1.35 | — | — | — | — | — | — | 790 | 1.35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-issued CMBS | 1,539 | 1.88 | — | — | 104 | 1.24 | 1,435 | 1.94 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 26,223 | 1.40 | $ | 329 | 0.18 | $ | 16,259 | 1.31 | $ | 1,505 | 2.00 | $ | 8,130 | 1.52 |
September 30, 2017 | |||||||||||||||||||||||||||||||||||
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 | $ | 7,498,340 | 1.46 | % | $ | 2,592,486 | 1.19 | % | $ | 4,905,854 | 1.60 | % | $ | — | — | % | $ | — | — | % | |||||||||||||||
U.S. agency debentures | 1,676,169 | 1.71 | 314,852 | 1.45 | 1,361,317 | 1.77 | — | — | — | — | |||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 3,012,695 | 2.40 | — | — | — | — | 487,285 | 1.98 | 2,525,410 | 2.48 | |||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 395,880 | 0.71 | — | — | — | — | — | — | 395,880 | 0.71 | |||||||||||||||||||||||||
Total | $ | 12,583,084 | 1.69 | $ | 2,907,338 | 1.22 | $ | 6,267,171 | 1.64 | $ | 487,285 | 1.98 | $ | 2,921,290 | 2.24 |
September 30, 2017 | |||||||||||||||||||||||||||||||||||
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 | $ | 660,193 | 2.37 | % | $ | — | — | % | $ | 102,581 | 2.73 | % | $ | 557,612 | 2.30 | % | $ | — | — | % | |||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 5,164,701 | 2.47 | 738 | 7.52 | 255,275 | 2.20 | 61,538 | 2.06 | 4,847,150 | 2.49 | |||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 3,025,421 | 1.78 | — | — | — | — | 437,865 | 1.48 | 2,587,556 | 1.83 | |||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 269,495 | 0.74 | — | — | — | — | — | — | 269,495 | 0.74 | |||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | 1,554,220 | 2.39 | — | — | — | — | — | — | 1,554,220 | 2.39 | |||||||||||||||||||||||||
Municipal bonds and notes | 380,976 | 2.24 | 7,560 | 4.04 | 71,631 | 3.06 | 159,509 | 3.24 | 142,276 | 0.59 | |||||||||||||||||||||||||
Total | $ | 11,055,006 | 2.21 | $ | 8,298 | 4.35 | $ | 429,487 | 2.47 | $ | 1,216,524 | 2.12 | $ | 9,400,697 | 2.21 |
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | One Year or Less | After One Year to Five Years | After Five Years to Ten Years | After Ten Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | Net Carry Value | Weighted Average Yield | Net Carry Value | Weighted Average Yield | Net Carry Value | Weighted Average Yield | Net Carry Value | Weighted Average Yield | Net Carry Value | Weighted Average Yield | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agency debentures | $ | 536 | 1.97 | % | $ | 4 | 2.34 | % | $ | 109 | 2.50 | % | $ | 423 | 1.83 | % | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||||||
Residential MBS: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-issued MBS | 61,112 | 1.55 | — | — | 4 | 2.41 | 1,102 | 2.33 | 60,006 | 1.54 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-issued CMO—fixed rate | 11,103 | 1.48 | — | — | 28 | 1.62 | 239 | 1.61 | 10,836 | 1.48 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-issued CMO—variable rate | 87 | 0.74 | — | — | — | — | — | — | 87 | 0.74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-issued CMBS | 14,821 | 1.63 | 32 | 0.36 | 175 | 0.82 | 969 | 1.93 | 13,645 | 1.63 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds and notes | 7,450 | 2.82 | 27 | 2.18 | 199 | 2.45 | 1,294 | 2.76 | 5,930 | 2.85 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 705 | 1.86 | — | — | 52 | 1.70 | 653 | 1.87 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 95,814 | 1.66 | $ | 63 | 1.27 | $ | 567 | 1.85 | $ | 4,680 | 2.39 | $ | 90,504 | 1.63 |
September 30, 2017 | December 31, 2016 | |||||||||||||||
(Dollars in thousands) | Carrying value (as reported) | Amount attributable to SVBFG | Carrying value (as reported) | Amount attributable to SVBFG | ||||||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||||
Venture capital and private equity fund investments (1) | $ | 128,768 | $ | 33,092 | $ | 141,649 | $ | 40,464 | ||||||||
Other venture capital investments (2) | 1,897 | 203 | 2,040 | 218 | ||||||||||||
Other securities (fair value accounting) (3) | 392 | 114 | 753 | 138 | ||||||||||||
Non-marketable securities (equity method accounting): | ||||||||||||||||
Venture capital and private equity fund investments | 87,218 | 63,465 | 82,823 | 64,030 | ||||||||||||
Debt funds | 17,889 | 17,889 | 17,020 | 17,020 | ||||||||||||
Other investments (4) | 113,478 | 113,478 | 123,514 | 123,514 | ||||||||||||
Non-marketable securities (cost method accounting): | ||||||||||||||||
Venture capital and private equity fund investments | 102,956 | 102,956 | 114,606 | 114,606 | ||||||||||||
Other investments | 26,835 | 26,835 | 27,700 | 27,700 | ||||||||||||
Investments in qualified affordable housing projects, net | 148,036 | 148,036 | 112,447 | 112,447 | ||||||||||||
Total non-marketable and other securities | $ | 627,469 | $ | 506,068 | $ | 622,552 | $ | 500,137 |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
(Dollars in millions) | 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) | $ | 174 | $ | 92 | $ | 130 | $ | 36 | ||||||||||||||||||
Unconsolidated venture capital and private equity fund investments (2) | 172 | 172 | 208 | 208 | ||||||||||||||||||||||
Other investments without a readily determinable fair value (3) | 188 | 188 | 164 | 164 | ||||||||||||||||||||||
Other equity securities in public companies (fair value accounting (4) | 32 | 32 | 117 | 117 | ||||||||||||||||||||||
Non-marketable securities (equity method accounting) (5): | ||||||||||||||||||||||||||
Venture capital and private equity fund investments | 663 | 387 | 671 | 397 | ||||||||||||||||||||||
Debt funds | 5 | 5 | 5 | 5 | ||||||||||||||||||||||
Other investments | 277 | 277 | 294 | 294 | ||||||||||||||||||||||
Investments in qualified affordable housing projects, net | 1,134 | 1,134 | 954 | 954 | ||||||||||||||||||||||
Total non-marketable and other equity securities | $ | 2,645 | $ | 2,287 | $ | 2,543 | $ | 2,175 |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
(Dollars in millions) | Carrying value (as reported) | Amount attributable to SVBFG | Carrying value (as reported) | Amount attributable to SVBFG | ||||||||||||||||||||||
Strategic Investors Fund, LP | $ | 2 | $ | — | $ | 2 | $ | — | ||||||||||||||||||
Capital Preferred Return Fund, LP | 53 | 12 | 61 | 13 | ||||||||||||||||||||||
Growth Partners, LP | 59 | 20 | 67 | 23 | ||||||||||||||||||||||
Redwood Evergreen Fund, LP | 60 | 60 | — | — | ||||||||||||||||||||||
Total consolidated venture capital and private equity fund investments | $ | 174 | $ | 92 | $ | 130 | $ | 36 |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
(Dollars in millions) | 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 | $ | 2 | $ | 1 | $ | 3 | $ | 3 | ||||||||||||||||||
Strategic Investors Fund III, LP | 16 | 13 | 25 | 21 | ||||||||||||||||||||||
Strategic Investors Fund IV, LP | 28 | 24 | 36 | 30 | ||||||||||||||||||||||
Strategic Investors Fund V, LP | 75 | 39 | 87 | 45 | ||||||||||||||||||||||
CP II, LP (1) | 2 | 1 | 2 | 1 | ||||||||||||||||||||||
Other venture capital and private equity fund investments | 540 | 309 | 518 | 298 | ||||||||||||||||||||||
Total venture capital and private equity fund investments | $ | 663 | $ | 387 | $ | 671 | $ | 398 | ||||||||||||||||||
Debt funds: | ||||||||||||||||||||||||||
Gold Hill Capital 2008, LP (2) | $ | 4 | $ | 4 | $ | 4 | $ | 4 | ||||||||||||||||||
Other debt funds | 1 | 1 | 1 | 1 | ||||||||||||||||||||||
Total debt funds | $ | 5 | $ | 5 | $ | 5 | $ | 5 | ||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||
SPD Silicon Valley Bank Co., Ltd. | $ | 146 | $ | 146 | $ | 154 | $ | 154 | ||||||||||||||||||
Other investments | 131 | 131 | 140 | 140 | ||||||||||||||||||||||
Total other investments | $ | 277 | $ | 277 | $ | 294 | $ | 294 |
September 30, 2017 | December 31, 2016 | |||||||||||||||
(Dollars in thousands) | Carrying value (as reported) | Amount attributable to SVBFG | Carrying value (as reported) | Amount attributable to SVBFG | ||||||||||||
Strategic Investors Fund, LP | $ | 15,624 | $ | 1,963 | $ | 18,459 | $ | 2,319 | ||||||||
Capital Preferred Return Fund, LP | 55,685 | 12,001 | 57,627 | 12,420 | ||||||||||||
Growth Partners, LP | 57,459 | 19,128 | 59,718 | 19,880 | ||||||||||||
Other private equity fund (i) | — | — | 5,845 | 5,845 | ||||||||||||
Total venture capital and private equity fund investments | $ | 128,768 | $ | 33,092 | $ | 141,649 | $ | 40,464 |
September 30, 2017 | December 31, 2016 | |||||||||||||||
(Dollars in thousands) | Carrying value (as reported) | Amount attributable to SVBFG | Carrying value (as reported) | Amount attributable to SVBFG | ||||||||||||
CP I, LP | $ | 1,897 | $ | 203 | $ | 2,040 | $ | 218 | ||||||||
Total other venture capital investments | $ | 1,897 | $ | 203 | $ | 2,040 | $ | 218 |
September 30, 2017 | December 31, 2016 | |||||||||||||||
(Dollars in thousands) | Carrying value (as reported) | Amount attributable to SVBFG | Carrying value (as reported) | Amount attributable to SVBFG | ||||||||||||
Other investments: | ||||||||||||||||
SPD Silicon Valley Bank Co., Ltd. | $ | 75,511 | $ | 75,511 | $ | 75,296 | $ | 75,296 | ||||||||
Other investments | 37,967 | 37,967 | 48,218 | 48,218 | ||||||||||||
Total other investments | $ | 113,478 | $ | 113,478 | $ | 123,514 | $ | 123,514 |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
(Dollars in millions) | Amount | Percentage | Amount | Percentage | ||||||||||||||||||||||
Global fund banking | $ | 40,316 | 56.8 | % | $ | 37,958 | 57.3 | % | ||||||||||||||||||
Investor dependent: | ||||||||||||||||||||||||||
Early stage | 1,856 | 2.6 | 1,593 | 2.4 | ||||||||||||||||||||||
Growth stage | 4,159 | 5.9 | 3,951 | 5.9 | ||||||||||||||||||||||
Total investor dependent | 6,015 | 8.5 | 5,544 | 8.3 | ||||||||||||||||||||||
Cash flow dependent- SLBO | 1,859 | 2.6 | 1,798 | 2.7 | ||||||||||||||||||||||
Innovation C&I | 7,753 | 10.9 | 6,673 | 10.1 | ||||||||||||||||||||||
Private bank | 9,770 | 13.8 | 8,743 | 13.2 | ||||||||||||||||||||||
CRE | 2,617 | 3.7 | 2,670 | 4.0 | ||||||||||||||||||||||
Premium wine | 1,065 | 1.5 | 985 | 1.5 | ||||||||||||||||||||||
Other C&I | 1,136 | 1.6 | 1,257 | 1.9 | ||||||||||||||||||||||
Other | 365 | 0.5 | 317 | 0.5 | ||||||||||||||||||||||
PPP | 59 | 0.1 | 331 | 0.5 | ||||||||||||||||||||||
Total loans | $ | 70,955 | 100.0 | % | $ | 66,276 | 100.0 | % |
September 30, 2017 | December 31, 2016 | |||||||||||||
(Dollars in thousands) | Amount | Percentage | Amount | Percentage | ||||||||||
Commercial loans: | ||||||||||||||
Software/internet | $ | 5,851,323 | 26.2 | % | $ | 5,668,578 | 28.3 | % | ||||||
Hardware | 1,122,024 | 5.0 | 1,189,114 | 5.9 | ||||||||||
Private equity/venture capital | 9,634,928 | 43.1 | 7,747,911 | 38.7 | ||||||||||
Life science/healthcare | 1,779,200 | 8.0 | 1,866,685 | 9.3 | ||||||||||
Premium wine | 211,822 | 1.0 | 201,634 | 1.0 | ||||||||||
Other | 395,091 | 1.8 | 396,458 | 2.0 | ||||||||||
Total commercial loans | 18,994,388 | 85.1 | 17,070,380 | 85.2 | ||||||||||
Real estate secured loans: | ||||||||||||||
Premium wine | 713,467 | 3.2 | 678,745 | 3.5 | ||||||||||
Consumer | 2,203,877 | 9.9 | 1,925,620 | 9.6 | ||||||||||
Other | 42,671 | 0.2 | 43,807 | 0.2 | ||||||||||
Total real estate secured loans | 2,960,015 | 13.3 | 2,648,172 | 13.3 | ||||||||||
Construction loans | 75,644 | 0.3 | 64,957 | 0.3 | ||||||||||
Consumer loans | 299,782 | 1.3 | 241,153 | 1.2 | ||||||||||
Total gross loans | $ | 22,329,829 | 100.0 | $ | 20,024,662 | 100.0 |
(Dollars in millions) | June 30, 2022 | December 31, 2021 | ||||||||||||
Real estate secured loans: | ||||||||||||||
Private bank: | ||||||||||||||
Loans for personal residence | $ | 7,680 | $ | 6,939 | ||||||||||
Loans to eligible employees | 501 | 455 | ||||||||||||
Home equity lines of credit | 143 | 130 | ||||||||||||
Other | 138 | 135 | ||||||||||||
Total private bank loans secured by real estate | $ | 8,462 | $ | 7,659 | ||||||||||
CRE: | ||||||||||||||
Multifamily and residential investment | 947 | 1,021 | ||||||||||||
Retail | 516 | 524 | ||||||||||||
Office and medical | 468 | 499 | ||||||||||||
Manufacturing, industrial and warehouse | 403 | 336 | ||||||||||||
Hospitality | 141 | 142 | ||||||||||||
Other | 142 | 148 | ||||||||||||
Total CRE loans secured by real estate | $ | 2,617 | $ | 2,670 | ||||||||||
Premium wine | 846 | 793 | ||||||||||||
Other | 405 | 334 | ||||||||||||
Total real estate secured loans | $ | 12,330 | $ | 11,456 |
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | Less than Five Million | Five to Ten Million | Ten to Twenty Million | Twenty to Thirty Million | Thirty Million or More | Total | ||||||||||||||||||||||||||||||||
Global fund banking | $ | 1,116 | $ | 1,659 | $ | 3,442 | $ | 3,219 | $ | 30,881 | $ | 40,317 | ||||||||||||||||||||||||||
Investor dependent: | ||||||||||||||||||||||||||||||||||||||
Early stage | 1,292 | 375 | 197 | 21 | — | 1,885 | ||||||||||||||||||||||||||||||||
Growth stage | 864 | 1,058 | 1,213 | 405 | 621 | 4,161 | ||||||||||||||||||||||||||||||||
Total Investor Dependent | $ | 2,156 | $ | 1,433 | $ | 1,410 | $ | 426 | $ | 621 | $ | 6,046 | ||||||||||||||||||||||||||
Cash flow dependent - SLBO | 6 | 47 | 327 | 466 | 1,013 | 1,859 | ||||||||||||||||||||||||||||||||
Innovation C&I | 450 | 377 | 987 | 1,136 | 4,814 | 7,764 | ||||||||||||||||||||||||||||||||
Private bank | 7,267 | 1,165 | 882 | 196 | 261 | 9,771 | ||||||||||||||||||||||||||||||||
CRE | 774 | 617 | 781 | 347 | 98 | 2,617 | ||||||||||||||||||||||||||||||||
Premium wine | 202 | 296 | 237 | 144 | 188 | 1,067 | ||||||||||||||||||||||||||||||||
Other C&I | 350 | 165 | 258 | 251 | 131 | 1,155 | ||||||||||||||||||||||||||||||||
Other | 86 | 99 | 131 | 43 | — | 359 | ||||||||||||||||||||||||||||||||
Total loans (1) | $ | 12,407 | $ | 5,858 | $ | 8,455 | $ | 6,228 | $ | 38,007 | $ | 70,955 |
September 30, 2017 | ||||||||||||||||||||||||
(Dollars in thousands) | Less than Five Million | Five to Ten Million | Ten to Twenty Million | Twenty to Thirty Million | Thirty Million or More | Total | ||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Software/internet | $ | 1,484,316 | $ | 859,890 | $ | 1,485,139 | $ | 1,144,494 | $ | 877,484 | $ | 5,851,323 | ||||||||||||
Hardware | 240,941 | 185,029 | 215,278 | 272,862 | 207,914 | 1,122,024 | ||||||||||||||||||
Private equity/venture capital | 656,327 | 766,075 | 1,563,788 | 971,708 | 5,677,030 | 9,634,928 | ||||||||||||||||||
Life science/healthcare | 330,412 | 456,618 | 500,453 | 325,108 | 166,609 | 1,779,200 | ||||||||||||||||||
Premium wine | 73,551 | 42,149 | 39,630 | 48,492 | 8,000 | 211,822 | ||||||||||||||||||
Other | 150,103 | 8,000 | 50,885 | 69,521 | 116,582 | 395,091 | ||||||||||||||||||
Commercial loans | 2,935,650 | 2,317,761 | 3,855,173 | 2,832,185 | 7,053,619 | 18,994,388 | ||||||||||||||||||
Real estate secured loans: | ||||||||||||||||||||||||
Premium wine | 165,085 | 191,436 | 222,088 | 95,440 | 39,418 | 713,467 | ||||||||||||||||||
Consumer | 1,886,402 | 234,167 | 83,308 | — | — | 2,203,877 | ||||||||||||||||||
Other | 7,826 | — | 14,312 | 20,533 | — | 42,671 | ||||||||||||||||||
Real estate secured loans | 2,059,313 | 425,603 | 319,708 | 115,973 | 39,418 | 2,960,015 | ||||||||||||||||||
Construction loans | 6,587 | 46,164 | — | 22,893 | — | 75,644 | ||||||||||||||||||
Consumer loans | 131,676 | 49,404 | 32,097 | 51,755 | 34,850 | 299,782 | ||||||||||||||||||
Total gross loans | $ | 5,133,226 | $ | 2,838,932 | $ | 4,206,978 | $ | 3,022,806 | $ | 7,127,887 | $ | 22,329,829 |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | Less than Five Million | Five to Ten Million | Ten to Twenty Million | Twenty to Thirty Million | Thirty Million or More | Total | ||||||||||||||||||||||||||||||||
Global fund banking | $ | 996 | $ | 1,494 | $ | 2,905 | $ | 3,163 | $ | 29,405 | $ | 37,963 | ||||||||||||||||||||||||||
Investor dependent: | ||||||||||||||||||||||||||||||||||||||
Early stage | 1,392 | 219 | 124 | — | — | 1,735 | ||||||||||||||||||||||||||||||||
Growth stage | 855 | 1,068 | 1,122 | 374 | 551 | 3,970 | ||||||||||||||||||||||||||||||||
Total investor dependent | 2,247 | 1,287 | 1,246 | 374 | 551 | 5,705 | ||||||||||||||||||||||||||||||||
Cash flow dependent - SLBO | 7 | 31 | 287 | 508 | 965 | 1,798 | ||||||||||||||||||||||||||||||||
Innovation C&I | 462 | 432 | 920 | 912 | 4,018 | 6,744 | ||||||||||||||||||||||||||||||||
Private bank | 6,674 | 950 | 735 | 217 | 167 | 8,743 | ||||||||||||||||||||||||||||||||
CRE | 823 | 652 | 869 | 246 | 80 | 2,670 | ||||||||||||||||||||||||||||||||
Premium wine | 215 | 267 | 269 | 124 | 120 | 995 | ||||||||||||||||||||||||||||||||
Other C&I | 444 | 169 | 262 | 217 | 249 | 1,341 | ||||||||||||||||||||||||||||||||
Other | 93 | 123 | 101 | — | — | 317 | ||||||||||||||||||||||||||||||||
Total loans (1) | $ | 11,961 | $ | 5,405 | $ | 7,594 | $ | 5,761 | $ | 35,555 | $ | 66,276 |
December 31, 2016 | ||||||||||||||||||||||||
(Dollars in thousands) | Less than Five Million | Five to Ten Million | Ten to Twenty Million | Twenty to Thirty Million | Thirty Million or More | Total | ||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||
Software/internet | $ | 1,317,707 | $ | 779,986 | $ | 1,657,760 | $ | 1,021,486 | $ | 891,639 | $ | 5,668,578 | ||||||||||||
Hardware | 252,339 | 160,534 | 223,781 | 244,988 | 307,472 | 1,189,114 | ||||||||||||||||||
Private equity/venture capital | 635,838 | 668,998 | 1,182,427 | 888,916 | 4,371,732 | 7,747,911 | ||||||||||||||||||
Life science/healthcare | 328,942 | 372,171 | 457,833 | 420,580 | 287,159 | 1,866,685 | ||||||||||||||||||
Premium wine | 76,400 | 25,209 | 76,609 | 15,902 | 7,514 | 201,634 | ||||||||||||||||||
Other | 124,650 | 40,950 | 61,228 | 26,320 | 143,310 | 396,458 | ||||||||||||||||||
Commercial loans | 2,735,876 | 2,047,848 | 3,659,638 | 2,618,192 | 6,008,826 | 17,070,380 | ||||||||||||||||||
Real estate secured loans: | ||||||||||||||||||||||||
Premium wine | 151,759 | 172,975 | 229,750 | 101,387 | 22,874 | 678,745 | ||||||||||||||||||
Consumer loans | 1,664,432 | 196,345 | 64,843 | — | — | 1,925,620 | ||||||||||||||||||
Other | 8,014 | — | 14,660 | 21,133 | — | 43,807 | ||||||||||||||||||
Real estate secured loans | 1,824,205 | 369,320 | 309,253 | 122,520 | 22,874 | 2,648,172 | ||||||||||||||||||
Construction loans | 23,976 | 6,685 | 14,016 | 20,280 | — | 64,957 | ||||||||||||||||||
Consumer loans | 99,119 | 29,092 | 9,473 | 29,089 | 74,380 | 241,153 | ||||||||||||||||||
Total gross loans | $ | 4,683,176 | $ | 2,452,945 | $ | 3,992,380 | $ | 2,790,081 | $ | 6,106,080 | $ | 20,024,662 |
(Dollars in thousands) | September 30, 2017 | December 31, 2016 | ||||||
Gross nonaccrual, past due, and restructured loans: | ||||||||
Nonaccrual loans | $ | 124,672 | $ | 118,979 | ||||
Loans past due 90 days or more still accruing interest | 764 | 33 | ||||||
Total nonperforming loans | 125,436 | 119,012 | ||||||
OREO and other foreclosed assets | — | — | ||||||
Total nonperforming assets | $ | 125,436 | $ | 119,012 | ||||
Performing TDRs | $ | 22,946 | $ | 33,732 | ||||
Nonperforming loans as a percentage of total gross loans | 0.56 | % | 0.59 | % | ||||
Nonperforming assets as a percentage of total assets | 0.25 | 0.27 | ||||||
Allowance for loan losses | $ | 249,010 | $ | 225,366 | ||||
As a percentage of total gross loans | 1.12 | % | 1.13 | % | ||||
As a percentage of total gross nonperforming loans | 198.52 | 189.36 | ||||||
Allowance for loan losses for nonaccrual loans | $ | 43,824 | $ | 37,277 | ||||
As a percentage of total gross loans | 0.20 | % | 0.19 | % | ||||
As a percentage of total gross nonperforming loans | 34.94 | 31.32 | ||||||
Allowance for loan losses for total gross performing loans | $ | 205,186 | $ | 188,089 | ||||
As a percentage of total gross loans | 0.92 | % | 0.94 | % | ||||
As a percentage of total gross performing loans | 0.92 | 0.94 | ||||||
Total gross loans | $ | 22,329,829 | $ | 20,024,662 | ||||
Total gross performing loans | 22,204,393 | 19,905,650 | ||||||
Allowance for unfunded credit commitments (1) | 48,172 | 45,265 | ||||||
As a percentage of total unfunded credit commitments | 0.29 | % | 0.27 | % | ||||
Total unfunded credit commitments (2) | $ | 16,341,930 | $ | 16,743,196 |
(Dollars in millions) | June 30, 2022 | December 31, 2021 | ||||||||||||
Nonperforming, past due, and restructured loans: | ||||||||||||||
Nonaccrual loans | $ | 93 | $ | 84 | ||||||||||
Loans past due 90 days or more still accruing interest | — | 7 | ||||||||||||
Total nonperforming loans | 93 | 91 | ||||||||||||
OREO and other foreclosed assets | 1 | 1 | ||||||||||||
Total nonperforming assets | $ | 94 | $ | 92 | ||||||||||
Performing TDRs | $ | — | $ | 40 | ||||||||||
Nonaccrual loans as a percentage of total loans | 0.13 | % | 0.13 | % | ||||||||||
Nonperforming loans as a percentage of total loans | 0.13 | % | 0.14 | |||||||||||
Nonperforming assets as a percentage of total assets | 0.04 | 0.04 | ||||||||||||
ACL for loans (1) | $ | 545 | $ | 422 | ||||||||||
As a percentage of total loans | 0.77 | % | 0.64 | % | ||||||||||
As a percentage of total nonperforming loans | 586.02 | 463.74 | ||||||||||||
ACL for nonaccrual loans (1) | $ | 36 | $ | 35 | ||||||||||
As a percentage of total loans | 0.05 | % | 0.05 | % | ||||||||||
As a percentage of total nonperforming loans | 38.71 | 38.46 | ||||||||||||
ACL for total performing loans (1) | $ | 509 | $ | 387 | ||||||||||
As a percentage of total loans | 0.72 | % | 0.58 | % | ||||||||||
As a percentage of total performing loans | 0.72 | 0.58 | ||||||||||||
Total loans | $ | 70,955 | $ | 66,276 | ||||||||||
Total performing loans | 70,862 | 66,185 | ||||||||||||
ACL for unfunded credit commitments (2) | 224 | 171 | ||||||||||||
As a percentage of total unfunded credit commitments | 0.44 | % | 0.39 | % | ||||||||||
Total unfunded credit commitments (3) | $ | 50,577 | $ | 44,016 |
June 30, 2022 | December 31, 2021 | |||||||||||||
Key economic factors from Moody's baseline forecasts | ||||||||||||||
Gross domestic product projected growth rate (1) | 2.6 | % | 6.8 | % | ||||||||||
Projected unemployment rate (1) | 3.6 | % | 4.3 | % | ||||||||||
Housing price index projected growth rate (1) | 1.0 | % | 5.9 | % | ||||||||||
Weightings applied to different Moody's economic scenarios | ||||||||||||||
Upward outlook (Moody's S1) | 15.0 | % | 30.0 | % | ||||||||||
Baseline (Moody's B) | 20.0 | % | 40.0 | % | ||||||||||
Downward outlook (Moody's S3) | 65.0 | % | 30.0 | % | ||||||||||
Total | 100.0 | % | 100.0 | % |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 120,172 | $ | 124,319 | $ | 118,979 | $ | 123,392 | Balance, beginning of period | $ | 70 | $ | 90 | $ | 84 | $ | 104 | |||||||||||||||||||||||||
Additions | 29,650 | 15,940 | 85,990 | 73,680 | Additions | 77 | 9 | 82 | 14 | |||||||||||||||||||||||||||||||||
Paydowns | (14,183 | ) | (14,941 | ) | (43,995 | ) | (58,376 | ) | ||||||||||||||||||||||||||||||||||
Paydowns and other reductions | Paydowns and other reductions | (40) | (9) | (56) | (18) | |||||||||||||||||||||||||||||||||||||
Charge-offs | (10,967 | ) | (19,102 | ) | (36,299 | ) | (31,348 | ) | Charge-offs | (14) | (11) | (17) | (21) | |||||||||||||||||||||||||||||
Other reductions | — | — | (3 | ) | (1,132 | ) | ||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 124,672 | $ | 106,216 | $ | 124,672 | $ | 106,216 | Balance, end of period | $ | 93 | $ | 79 | $ | 93 | $ | 79 | |||||||||||||||||||||||||
Average nonaccrual loans | Average nonaccrual loans | $ | 93 | $ | 84 | $ | 84 | $ | 107 |
(Dollars in thousands) | September 30, 2017 | December 31, 2016 | % Change | ||||||||
Derivative assets, gross (1) | $ | 248,556 | $ | 210,070 | 18.3 | % | |||||
Foreign exchange spot contract assets, gross | 147,304 | 53,058 | 177.6 | ||||||||
Accrued interest receivable | 129,451 | 111,222 | 16.4 | ||||||||
FHLB and Federal Reserve Bank stock | 58,012 | 57,592 | 0.7 | ||||||||
Accounts receivable | 78,242 | 62,569 | 25.0 | ||||||||
Net deferred tax assets | 75,043 | 71,840 | 4.5 | ||||||||
Other assets | 113,153 | 106,337 | 6.4 | ||||||||
Total accrued interest receivable and other assets | $ | 849,761 | $ | 672,688 | 26.3 |
(Dollars in millions) | June 30, 2022 | December 31, 2021 | % Change | |||||||||||||||||
Derivative assets (1) | $ | 705 | $ | 565 | 24.8 | % | ||||||||||||||
Accrued interest receivable | 539 | 470 | 14.7 | |||||||||||||||||
FHLB and Federal Reserve Bank stock | 373 | 107 | NM | |||||||||||||||||
Net deferred tax assets | 546 | 24 | NM | |||||||||||||||||
Accounts receivable | 60 | 54 | 11.1 | |||||||||||||||||
Other assets | 554 | 708 | (21.8) | |||||||||||||||||
Total accrued interest receivable and other assets | $ | 2,777 | $ | 1,928 | 44.0 |
(Dollars in thousands) | September 30, 2017 | December 31, 2016 | % Change | ||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | June 30, 2022 | December 31, 2021 | % Change | |||||||||||||||||||||||||||
Assets: | Assets: | ||||||||||||||||||||||||||||||
Equity warrant assets | $ | 141,785 | $ | 131,123 | 8.1 | % | Equity warrant assets | $ | 322 | $ | 277 | 16.2 | % | ||||||||||||||||||
Foreign exchange forward and option contracts | 94,947 | 68,027 | 39.6 | ||||||||||||||||||||||||||||
Contingent conversion rights | Contingent conversion rights | 6 | — | 100.0 | |||||||||||||||||||||||||||
Foreign exchange contracts | Foreign exchange contracts | 280 | 171 | 63.7 | |||||||||||||||||||||||||||
Total return swaps | Total return swaps | 27 | — | 100.0 | |||||||||||||||||||||||||||
Client interest rate derivatives | Client interest rate derivatives | 70 | 99 | (29.3) | |||||||||||||||||||||||||||
Interest rate swaps | — | 810 | (100.0 | ) | Interest rate swaps | — | 18 | (100.0) | |||||||||||||||||||||||
Client interest rate derivatives | 11,824 | 10,110 | 17.0 | ||||||||||||||||||||||||||||
Total derivative assets | $ | 248,556 | $ | 210,070 | 18.3 | Total derivative assets | $ | 705 | $ | 565 | 24.8 | ||||||||||||||||||||
Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||
Foreign exchange forward and option contracts | $ | (88,961 | ) | $ | (54,668 | ) | 62.7 | ||||||||||||||||||||||||
Foreign exchange contracts | Foreign exchange contracts | $ | 271 | $ | 137 | 97.8 | |||||||||||||||||||||||||
Client interest rate derivatives | (11,955 | ) | (9,770 | ) | 22.4 | Client interest rate derivatives | 153 | 101 | 51.5 | ||||||||||||||||||||||
Total derivative liabilities | $ | (100,916 | ) | $ | (64,438 | ) | 56.6 | Total derivative liabilities | $ | 424 | $ | 238 | 78.2 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 131,750 | $ | 129,800 | $ | 131,123 | $ | 137,105 | Balance, beginning of period | $ | 323 | $ | 244 | $ | 277 | $ | 203 | |||||||||||||||||||||||||
New equity warrant assets | 3,622 | 5,251 | 11,114 | 9,857 | New equity warrant assets | 6 | 6 | 12 | 13 | |||||||||||||||||||||||||||||||||
Non-cash changes in fair value, net | 18,230 | 16,788 | 23,564 | 21,989 | Non-cash changes in fair value, net | 9 | 45 | 54 | 94 | |||||||||||||||||||||||||||||||||
Exercised equity warrant assets | (11,060 | ) | (5,338 | ) | (20,402 | ) | (21,066 | ) | Exercised equity warrant assets | (15) | (28) | (19) | (43) | |||||||||||||||||||||||||||||
Terminated equity warrant assets | (757 | ) | (1,161 | ) | (3,614 | ) | (2,545 | ) | Terminated equity warrant assets | (1) | (1) | (2) | (1) | |||||||||||||||||||||||||||||
Balance, end of period | $ | 141,785 | $ | 145,340 | $ | 141,785 | $ | 145,340 | Balance, end of period | $ | 322 | $ | 266 | $ | 322 | $ | 266 |
(Dollars in thousands) | September 30, 2017 | December 31, 2016 | % Change | ||||||||
Foreign exchange spot contract liabilities, gross | $ | 249,175 | $ | 68,018 | NM | ||||||
Accrued compensation | 124,111 | 135,842 | (8.6 | ) | |||||||
Allowance for unfunded credit commitments | 48,172 | 45,265 | 6.4 | ||||||||
Derivative liabilities, gross (1) | 100,916 | 64,438 | 56.6 | ||||||||
Other | 468,124 | 304,820 | 53.6 | ||||||||
Total other liabilities | $ | 990,498 | $ | 618,383 | 60.2 |
September 30, 2017 | December 31, 2016 | |||||||||||||||
(Dollars in thousands) | Total Balance | Level 3 | Total Balance | Level 3 | ||||||||||||
Assets carried at fair value | $ | 12,982,950 | $ | 140,972 | $ | 12,974,923 | $ | 130,853 | ||||||||
As a percentage of total assets | 25.6 | % | 0.3 | % | 29.0 | % | 0.3 | % | ||||||||
Liabilities carried at fair value | $ | 100,916 | $ | — | $ | 64,438 | $ | — | ||||||||
As a percentage of total liabilities | 0.2 | % | — | % | 0.2 | % | — | % | ||||||||
As a percentage of assets carried at fair value | 1.1 | % | 1.0 | % |
(Dollars in millions) | June 30, 2022 | December 31, 2021 | % Change | |||||||||||||||||
Accrued compensation | $ | 444 | $ | 896 | (50.4) | % | ||||||||||||||
Allowance for unfunded credit commitments | 224 | 171 | 31.0 | |||||||||||||||||
Derivative liabilities (1) | 424 | 238 | 78.2 | |||||||||||||||||
Other liabilities | 1,629 | 1,282 | 27.1 | |||||||||||||||||
Total other liabilities | $ | 2,721 | $ | 2,587 | 5.2 |
SVB Financial | Bank | |||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||
Common stock plus related surplus, net of treasury stock | $ | 5,223 | $ | 5,157 | $ | 10,022 | $ | 9,265 | ||||||||||||||||||
Retained earnings | 8,247 | 7,442 | 6,555 | 5,537 | ||||||||||||||||||||||
AOCI | (1,198) | (9) | (1,191) | (7) | ||||||||||||||||||||||
CET1 capital before adjustments and deductions | 12,272 | 12,590 | 15,386 | 14,795 | ||||||||||||||||||||||
Less: Goodwill (net of associated deferred tax liabilities) | 367 | 369 | 200 | 200 | ||||||||||||||||||||||
Intangibles (net of associated deferred tax liabilities) | 132 | 133 | 70 | 70 | ||||||||||||||||||||||
AOCI opt-out election related adjustments | (1,177) | (18) | (1,173) | (17) | ||||||||||||||||||||||
Add: CECL transition provision | 60 | 80 | 60 | 80 | ||||||||||||||||||||||
Total adjustments and deductions from CET1 capital | (738) | 404 | (963) | 173 | ||||||||||||||||||||||
CET1 Capital | 13,010 | 12,186 | 16,349 | 14,622 | ||||||||||||||||||||||
Add: Qualifying Preferred stock | 3,646 | 3,646 | — | — | ||||||||||||||||||||||
Minority interest | 358 | 373 | — | — | ||||||||||||||||||||||
Less: Additional tier 1 capital deductions | 104 | — | — | — | ||||||||||||||||||||||
Additional tier 1 capital | 3,900 | 4,019 | — | — | ||||||||||||||||||||||
Tier 1 Capital | 16,910 | 16,205 | 16,349 | 14,622 | ||||||||||||||||||||||
Allowance for credit losses included in Tier 2 capital | 776 | 600 | 776 | 600 | ||||||||||||||||||||||
CECL transition provision for allowance for credit losses | (70) | (93) | (70) | (93) | ||||||||||||||||||||||
Tier 2 Capital | 706 | 507 | 706 | 507 | ||||||||||||||||||||||
Total capital | $ | 17,616 | $ | 16,712 | $ | 17,055 | $ | 15,129 | ||||||||||||||||||
Total risk-weighted assets | $ | 108,599 | $ | 100,812 | $ | 106,258 | $ | 98,214 | ||||||||||||||||||
Average quarterly total assets (1) | $ | 218,764 | $ | 204,380 | $ | 216,538 | $ | 201,880 |
Minimum Ratios under Applicable Regulatory Capital Adequacy Requirements | ||||||||||||
September 30, 2017 | December 31, 2016 | “Well Capitalized” | “Adequately Capitalized” | |||||||||
SVB Financial: | ||||||||||||
CET 1 risk-based capital ratio | 12.96 | % | 12.80 | % | 6.5 | % | 4.5 | % | ||||
Tier 1 risk-based capital ratio | 13.32 | 13.26 | 8.0 | 6.0 | ||||||||
Total risk-based capital ratio | 14.29 | 14.21 | 10.0 | 8.0 | ||||||||
Tier 1 leverage ratio | 8.34 | 8.34 | N/A | 4.0 | ||||||||
Tangible common equity to tangible assets ratio (1) | 8.00 | 8.15 | N/A | N/A | ||||||||
Tangible common equity to risk-weighted assets ratio (1) | 13.01 | 12.89 | N/A | N/A | ||||||||
Bank: | ||||||||||||
CET 1 risk-based capital ratio | 12.41 | % | 12.65 | % | 6.5 | % | 4.5 | % | ||||
Tier 1 risk-based capital ratio | 12.41 | 12.65 | 8.0 | 6.0 | ||||||||
Total risk-based capital ratio | 13.40 | 13.66 | 10.0 | 8.0 | ||||||||
Tier 1 leverage ratio | 7.59 | 7.67 | 5.0 | 4.0 | ||||||||
Tangible common equity to tangible assets ratio (1) | 7.47 | 7.77 | N/A | N/A | ||||||||
Tangible common equity to risk-weighted assets ratio (1) | 12.44 | 12.75 | N/A | N/A |
June 30, 2022 | December 31, 2021 | Required Minimum | Required Minimum + Capital Conservation Buffer (1) | Well Capitalized Minimum | ||||||||||||||||||||||||||||
SVB Financial: | ||||||||||||||||||||||||||||||||
CET1 risk-based capital ratio (2)(3) | 11.98 | % | 12.09 | % | 4.5 | % | 7.0 | % | N/A | |||||||||||||||||||||||
Tier 1 risk-based capital ratio (3) | 15.57 | 16.08 | 6.0 | 8.5 | 6.0 | |||||||||||||||||||||||||||
Total risk-based capital ratio (3) | 16.22 | 16.58 | 8.0 | 10.5 | 10.0 | |||||||||||||||||||||||||||
Tier 1 leverage ratio (2)(3) | 7.73 | 7.93 | 4.0 | N/A | N/A | |||||||||||||||||||||||||||
Tangible common equity to tangible assets ratio (4)(5) | 5.50 | 5.73 | N/A | N/A | N/A | |||||||||||||||||||||||||||
Tangible common equity to risk-weighted assets ratio (4)(5) | 10.84 | 11.98 | N/A | N/A | N/A | |||||||||||||||||||||||||||
Bank: | ||||||||||||||||||||||||||||||||
CET1 risk-based capital ratio (3) | 15.39 | % | 14.89 | % | 4.5 | % | 7.0 | % | 6.5 | % | ||||||||||||||||||||||
Tier 1 risk-based capital ratio (3) | 15.39 | 14.89 | 6.0 | 8.5 | 8.0 | |||||||||||||||||||||||||||
Total risk-based capital ratio (3) | 16.05 | 15.40 | 8.0 | 10.5 | 10.0 | |||||||||||||||||||||||||||
Tier 1 leverage ratio (3) | 7.55 | 7.24 | 4.0 | N/A | 5.0 | |||||||||||||||||||||||||||
Tangible common equity to tangible assets ratio (4)(5) | 7.15 | 7.09 | N/A | N/A | N/A | |||||||||||||||||||||||||||
Tangible common equity to risk-weighted assets ratio (4)(5) | 14.23 | 15.06 | N/A | N/A | N/A |
SVB Financial | Bank | |||||||||||||||||||||||||
(Dollars in millions) | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
GAAP stockholders’ equity | $ | 15,918 | $ | 16,236 | $ | 15,386 | $ | 14,795 | ||||||||||||||||||
Less: preferred stock | 3,646 | 3,646 | — | — | ||||||||||||||||||||||
Less: intangible assets | 523 | 535 | 291 | — | ||||||||||||||||||||||
Plus: net deferred taxes on intangible assets | 24 | 26 | 22 | — | ||||||||||||||||||||||
Tangible common equity | $ | 11,773 | $ | 12,081 | $ | 15,117 | $ | 14,795 | ||||||||||||||||||
GAAP total assets | $ | 214,389 | $ | 211,478 | $ | 211,814 | $ | 208,576 | ||||||||||||||||||
Less: intangible assets | 523 | 535 | 291 | — | ||||||||||||||||||||||
Plus: net deferred taxes on intangible assets | 24 | 26 | 22 | — | ||||||||||||||||||||||
Tangible assets | $ | 213,890 | $ | 210,969 | $ | 211,545 | $ | 208,576 | ||||||||||||||||||
Risk-weighted assets | $ | 108,599 | $ | 100,812 | $ | 106,258 | $ | 98,214 | ||||||||||||||||||
Non-GAAP tangible common equity to tangible assets | 5.50 | % | 5.73 | % | 7.15 | % | 7.09 | % | ||||||||||||||||||
Non-GAAP tangible common equity to risk-weighted assets | 10.84 | 11.98 | 14.23 | 15.06 |
SVB Financial | Bank | |||||||||||||||
Non-GAAP tangible common equity and tangible assets (Dollars in thousands, except ratios) | September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | ||||||||||||
GAAP SVBFG stockholders’ equity | $ | 4,059,813 | $ | 3,642,554 | $ | 3,728,890 | $ | 3,423,427 | ||||||||
Tangible common equity | $ | 4,059,813 | $ | 3,642,554 | $ | 3,728,890 | $ | 3,423,427 | ||||||||
GAAP total assets | $ | 50,754,287 | $ | 44,683,660 | $ | 49,937,343 | $ | 44,059,340 | ||||||||
Tangible assets | $ | 50,754,287 | $ | 44,683,660 | $ | 49,937,343 | $ | 44,059,340 | ||||||||
Risk-weighted assets | $ | 31,208,081 | $ | 28,248,750 | $ | 29,970,913 | $ | 26,856,850 | ||||||||
Tangible common equity to tangible assets | 8.00 | % | 8.15 | % | 7.47 | % | 7.77 | % | ||||||||
Tangible common equity to risk-weighted assets | 13.01 | 12.89 | 12.44 | 12.75 |
Six months ended June 30, | ||||||||||||||||||||||
Nine months ended September 30, | ||||||||||||||||||||||
(Dollars in thousands) | 2017 | 2016 | ||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | 2022 | 2021 | |||||||||||||||||||
Average cash and cash equivalents | $ | 3,596,669 | $ | 2,437,763 | Average cash and cash equivalents | $ | 17,785 | $ | 21,458 | |||||||||||||
Percentage of total average assets | 7.6 | % | 5.6 | % | Percentage of total average assets | 8.2 | % | 15.6 | % | |||||||||||||
Net cash provided by operating activities | $ | 468,032 | $ | 273,004 | Net cash provided by operating activities | $ | 1,411 | $ | 695 | |||||||||||||
Net cash (used for) provided by investing activities | (4,734,383 | ) | 2,472,444 | |||||||||||||||||||
Net cash provided by (used for) financing activities | 5,276,172 | (1,727,386 | ) | |||||||||||||||||||
Net cash used for investing activities | Net cash used for investing activities | (3,628) | (42,041) | |||||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 2,996 | 47,630 | |||||||||||||||||||
Net increase in cash and cash equivalents | $ | 1,009,821 | $ | 1,018,062 | Net increase in cash and cash equivalents | $ | 779 | $ | 6,284 |
Change in interest rates (basis points) (Dollars in thousands) | Estimated | Estimated Increase/(Decrease) in EVE | Estimated | Estimated Increase/(Decrease) in NII | ||||||||||||||||||
EVE | Amount | Percent | NII | Amount | Percent | |||||||||||||||||
September 30, 2017: | ||||||||||||||||||||||
200 | $ | 8,223,716 | $ | 999,900 | 13.8 | % | $ | 1,889,933 | $ | 426,799 | 29.2 | % | ||||||||||
100 | 7,767,694 | 543,878 | 7.5 | 1,677,489 | 214,355 | 14.7 | ||||||||||||||||
— | 7,223,816 | — | — | 1,463,134 | — | — | ||||||||||||||||
-100 | 6,448,044 | (775,772 | ) | (10.7 | ) | 1,248,346 | (214,788 | ) | (14.7 | ) | ||||||||||||
-200 | 5,444,025 | (1,779,791 | ) | (24.6 | ) | 1,190,846 | (272,288 | ) | (18.6 | ) | ||||||||||||
December 31, 2016 (As revised): | ||||||||||||||||||||||
200 | $ | 7,601,404 | $ | 1,129,823 | 17.5 | % | $ | 1,543,247 | $ | 365,734 | 31.1 | % | ||||||||||
100 | 7,073,407 | 601,826 | 9.3 | 1,360,356 | 182,843 | 15.5 | ||||||||||||||||
— | 6,471,581 | — | — | 1,177,513 | — | — | ||||||||||||||||
-100 | 5,765,799 | (705,782 | ) | (10.9 | ) | 1,075,353 | (102,160 | ) | (8.7 | ) | ||||||||||||
-200 | 4,860,540 | (1,611,041 | ) | (24.9 | ) | 1,039,903 | (137,610 | ) | (11.7 | ) |
(Dollars in millions) | Estimated | Estimated Increase/(Decrease) in EVE | Estimated | Estimated Increase/(Decrease) in NII | ||||||||||||||||||||||||||||||||||
EVE | Amount | Percent | NII | Amount | Percent | |||||||||||||||||||||||||||||||||
June 30, 2022: | ||||||||||||||||||||||||||||||||||||||
+200 | $ | 15,320 | $ | (4,542) | (22.9) | % | $ | 6,381 | $ | 760 | 13.5 | % | ||||||||||||||||||||||||||
+100 | 17,339 | (2,523) | (12.7) | 6,000 | 379 | 6.7 | ||||||||||||||||||||||||||||||||
— | 19,862 | — | — | 5,621 | — | — | ||||||||||||||||||||||||||||||||
-100 | 22,347 | 2,485 | 12.5 | 5,047 | (574) | (10.2) | ||||||||||||||||||||||||||||||||
-200 | 23,923 | 4,061 | 20.4 | 4,482 | (1,139) | (20.3) | ||||||||||||||||||||||||||||||||
December 31, 2021: | ||||||||||||||||||||||||||||||||||||||
+200 | $ | 24,476 | $ | (1,073) | (4.2) | % | $ | 5,258 | $ | 981 | 22.9 | % | ||||||||||||||||||||||||||
+100 | 25,140 | (409) | (1.6) | 4,745 | 468 | 10.9 | ||||||||||||||||||||||||||||||||
— | 25,549 | — | — | 4,277 | — | — | ||||||||||||||||||||||||||||||||
-100 | 24,042 | (1,507) | (5.9) | 4,002 | (275) | (6.4) | ||||||||||||||||||||||||||||||||
-200 | 21,410 | (4,139) | (16.2) | 3,911 | (366) | (8.6) |
Exhibit Number | Exhibit Description | Incorporated by Reference | Filed Herewith | |||||||||||||||||||||||||||||||||||
Form | File No. | Exhibit | Filing Date | |||||||||||||||||||||||||||||||||||
X | ||||||||||||||||||||||||||||||||||||||
X | ||||||||||||||||||||||||||||||||||||||
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: | /s/ DANIEL BECK | |||||||
Daniel Beck | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) | ||||||||
SVB Financial Group | ||||||||
Date: | /s/ | |||||||
Chief Accounting Officer | ||||||||
(Principal Accounting Officer) |