Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 31, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-39154 | |
Entity Registrant Name | SVB FINANCIAL GROUP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 91-1962278 | |
Entity Address, Address Line One | 3003 Tasman Drive | |
Entity Address, City or Town | Santa Clara | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95054-1191 | |
City Area Code | 408 | |
Local Phone Number | 654-7400 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 58,687,392 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000719739 | |
Amendment Flag | false | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | SIVB | |
Security Exchange Name | NASDAQ | |
Preferred Stock, Series A | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary shares, each representing a 1/40th ownership interest in a share of 5.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A | |
Trading Symbol | SIVBP | |
Security Exchange Name | NASDAQ |
Interim Consolidated Balance Sh
Interim Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Cash and cash equivalents | $ 18,940 | $ 17,675 |
Available-for-sale securities, at fair value (cost of $22,919 and $30,245, respectively) | 22,984 | 30,913 |
Held-to-maturity securities, at amortized cost and net of allowance for credit losses of $6 and $0 (fair value of $81,995 and $17,217, respectively) | 82,365 | 16,592 |
Non-marketable and other equity securities | 2,485 | 1,802 |
Total investment securities | 107,834 | 49,307 |
Loans, amortized cost | 61,487 | 45,181 |
Allowance for credit losses: loans | (398) | (448) |
Net loans | 61,089 | 44,733 |
Premises and equipment, net of accumulated depreciation and amortization | 247 | 176 |
Goodwill | 344 | 143 |
Other intangible assets, net | 156 | 61 |
Lease right-of-use assets | 312 | 210 |
Accrued interest receivable and other assets | 2,074 | 3,206 |
Total assets | 190,996 | 115,511 |
Liabilities: | ||
Noninterest-bearing demand deposits | 115,388 | 66,519 |
Interest-bearing deposits | 55,794 | 35,463 |
Total deposits | 171,182 | 101,982 |
Short-term borrowings | 97 | 21 |
Lease liabilities | 390 | 259 |
Other liabilities | 2,733 | 3,972 |
Long-term debt | 1,925 | 844 |
Total liabilities | 176,327 | 107,078 |
Commitments and contingencies (Note 12 and Note 15) | ||
SVBFG stockholders’ equity: | ||
Preferred stock, $0.001 par value, 20,000,000 shares authorized; 367,500 and 350,000 shares issued and outstanding, respectively | 2,064 | 340 |
Common stock, $0.001 par value, 150,000,000 shares authorized; 58,677,483 shares and 51,888,463 shares issued and outstanding, respectively | 0 | 0 |
Additional paid-in capital | 5,100 | 1,585 |
Retained earnings | 7,071 | 5,672 |
Accumulated other comprehensive income | 65 | 623 |
Total SVBFG stockholders’ equity | 14,300 | 8,220 |
Noncontrolling interests | 369 | 213 |
Total equity | 14,669 | 8,433 |
Total liabilities and total equity | $ 190,996 | $ 115,511 |
Interim Consolidated Balance _2
Interim Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Available-for-sale, amortized cost | $ 22,919,000 | $ 30,245,000 |
Held-to-maturity securities, allowance for credit losses | 6,000 | 0 |
HTM securities | $ 81,995,000 | $ 17,217,000 |
Preferred stock, par value, in usd per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 367,500 | 350,000 |
Preferred stock, shares outstanding | 367,500 | 350,000 |
Common stock, par value, in usd per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares, issued | 58,677,483 | 51,888,463 |
Common stock, shares outstanding | 58,677,483 | 51,888,463 |
Interim Consolidated Statements
Interim Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest income: | ||||
Loans | $ 519 | $ 369 | $ 1,422 | $ 1,117 |
Investment securities: | ||||
Taxable | 332 | 156 | 807 | 452 |
Non-taxable | 28 | 15 | 73 | 42 |
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities | 5 | 3 | 12 | 23 |
Total interest income | 884 | 543 | 2,314 | 1,634 |
Interest expense: | ||||
Deposits | 19 | 8 | 41 | 51 |
Borrowings | 13 | 7 | 33 | 18 |
Total interest expense | 32 | 15 | 74 | 69 |
Net interest income | 852 | 528 | 2,240 | 1,565 |
Provision for credit losses | 21 | (52) | 75 | 258 |
Net interest income after provision for credit losses | 831 | 580 | 2,165 | 1,307 |
Noninterest income: | ||||
Gains on investment securities, net | 189 | 190 | 661 | 271 |
Gains on equity warrant assets, net | 147 | 54 | 491 | 94 |
Client investment fees | 20 | 32 | 55 | 107 |
Wealth management and trust fees | 22 | 0 | 22 | 0 |
Foreign exchange fees | 65 | 44 | 189 | 128 |
Credit card fees | 34 | 23 | 93 | 72 |
Deposit service charges | 29 | 22 | 82 | 67 |
Lending related fees | 21 | 13 | 55 | 38 |
Letters of credit and standby letters of credit fees | 13 | 12 | 39 | 35 |
Investment banking revenue | 90 | 92 | 335 | 281 |
Commissions | 17 | 16 | 58 | 49 |
Other | 25 | 49 | 97 | 76 |
Total noninterest income | 672 | 547 | 2,177 | 1,218 |
Noninterest expense: | ||||
Compensation and benefits | 548 | 327 | 1,418 | 903 |
Professional services | 104 | 67 | 282 | 170 |
Premises and equipment | 54 | 31 | 124 | 85 |
Net occupancy | 25 | 19 | 60 | 56 |
Business development and travel | 6 | 2 | 13 | 19 |
FDIC and state assessments | 13 | 7 | 33 | 19 |
Merger-related charges | 83 | 0 | 102 | 0 |
Other | 46 | 38 | 136 | 118 |
Total noninterest expense | 879 | 491 | 2,168 | 1,370 |
Income before income tax expense | 624 | 636 | 2,174 | 1,155 |
Income tax expense | 149 | 162 | 509 | 300 |
Net income before noncontrolling interests | 475 | 474 | 1,665 | 855 |
Net income attributable to noncontrolling interests | (88) | (28) | (226) | (40) |
Preferred stock dividends | (22) | (4) | (40) | (12) |
Net income available to common stockholders | $ 365 | $ 442 | $ 1,399 | $ 803 |
Earnings per common share—basic (dollars per share) | $ 6.33 | $ 8.53 | $ 25.54 | $ 15.55 |
Earnings per common share—diluted (dollars per share) | $ 6.24 | $ 8.47 | $ 25.16 | $ 15.46 |
Interim Consolidated Statemen_2
Interim Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income before noncontrolling interests | $ 475 | $ 474 | $ 1,665 | $ 855 |
Change in foreign currency cumulative translation gains and losses: | ||||
Foreign currency translation (losses) gains | (6) | 10 | (4) | 1 |
Related tax benefit (expense) | 2 | (3) | 1 | 0 |
Change in unrealized gains and losses on available-for-sale securities: | ||||
Unrealized holding (losses) gains | (30) | 14 | (584) | 605 |
Related tax benefit (expense) | 8 | (4) | 163 | (168) |
Reclassification adjustment for gains included in net income | 0 | 0 | 0 | (61) |
Related tax expense | 0 | 0 | 0 | 17 |
Cumulative-effect adjustment for unrealized losses on securities transferred from AFS to HTM | (54) | 0 | (132) | 0 |
Related tax benefit | 15 | 0 | 36 | 0 |
Amortization of unrealized holding net gains on securities transferred from AFS to HTM | 0 | 0 | (5) | (1) |
Related tax expense | 0 | 0 | 1 | 0 |
Change in unrealized gains and losses on cash flow hedges: | ||||
Unrealized gains | 0 | 0 | 0 | 232 |
Related tax expense | 0 | 0 | 0 | (64) |
Reclassification adjustment for gains included in net income | (16) | (16) | (47) | (34) |
Related tax expense | 4 | 5 | 13 | 9 |
Other comprehensive (loss) income, net of tax | (77) | 6 | (558) | 536 |
Comprehensive income | 398 | 480 | 1,107 | 1,391 |
Comprehensive income attributable to noncontrolling interests | (88) | (28) | (226) | (40) |
Comprehensive income attributable to SVBFG | $ 310 | $ 452 | $ 881 | $ 1,351 |
Interim Consolidated Statemen_3
Interim Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Impact of adopting ASC 326 | Common Stock | Noncumulative Preferred Stock | Preferred Stock | Preferred StockNoncumulative Preferred Stock | Common Stock | Common StockCommon Stock | Additional Paid-in Capital | Additional Paid-in CapitalCommon Stock | Retained Earnings | Retained EarningsImpact of adopting ASC 326 | Accumulated Other Comprehensive Income | Total SVBFG Stockholders’ Equity | Total SVBFG Stockholders’ EquityImpact of adopting ASC 326 | Total SVBFG Stockholders’ EquityCommon Stock | Total SVBFG Stockholders’ EquityNoncumulative Preferred Stock | Noncontrolling Interests |
Balance (in shares) at Dec. 31, 2019 | 51,655,607 | |||||||||||||||||
Balance, beginning of period, net of tax at Dec. 31, 2019 | $ 6,621 | $ 340 | $ 0 | $ 1,470 | $ 4,576 | $ 84 | $ 6,470 | $ 151 | ||||||||||
Balance, beginning of period, net of tax (Day one impact for adoption of ASC 326) at Dec. 31, 2019 | $ (35) | $ (35) | $ (35) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 376,588 | |||||||||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 18 | $ 0 | 18 | 18 | ||||||||||||||
Net income | 855 | 815 | 815 | 40 | ||||||||||||||
Capital calls and distributions, net | (17) | (17) | ||||||||||||||||
Other comprehensive (loss) income, net of tax | 536 | 536 | 536 | |||||||||||||||
Share-based compensation, net | 61 | 61 | 61 | |||||||||||||||
Common stock repurchases (in shares) | (244,223) | |||||||||||||||||
Common stock repurchases | (60) | $ 0 | (60) | (60) | ||||||||||||||
Dividends on preferred stock | (12) | (12) | (12) | |||||||||||||||
Balance (in shares) at Sep. 30, 2020 | 51,787,972 | |||||||||||||||||
Balance, end of period, net of tax at Sep. 30, 2020 | 7,967 | 340 | $ 0 | 1,549 | 5,284 | 620 | 7,793 | 174 | ||||||||||
Balance (in shares) at Jun. 30, 2020 | 51,740,714 | |||||||||||||||||
Balance, beginning of period, net of tax at Jun. 30, 2020 | 7,468 | 340 | $ 0 | 1,523 | 4,842 | 614 | 7,319 | 149 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 47,258 | |||||||||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 4 | 4 | 4 | |||||||||||||||
Net income | 474 | 446 | 446 | 28 | ||||||||||||||
Capital calls and distributions, net | (3) | (3) | ||||||||||||||||
Other comprehensive (loss) income, net of tax | 6 | |||||||||||||||||
Share-based compensation, net | 22 | 22 | 22 | |||||||||||||||
Dividends on preferred stock | (4) | (4) | (4) | |||||||||||||||
Balance (in shares) at Sep. 30, 2020 | 51,787,972 | |||||||||||||||||
Balance, end of period, net of tax at Sep. 30, 2020 | 7,967 | 340 | $ 0 | 1,549 | 5,284 | 620 | 7,793 | 174 | ||||||||||
Balance (in shares) at Dec. 31, 2020 | 51,888,463 | |||||||||||||||||
Balance, beginning of period, net of tax at Dec. 31, 2020 | 8,433 | 340 | $ 0 | 1,585 | 5,672 | 623 | 8,220 | 213 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 374,039 | |||||||||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | (1) | $ 0 | (1) | (1) | ||||||||||||||
Issuance of stock | $ 2,363 | $ 1,724 | $ 0 | $ 2,363 | $ 2,363 | $ 1,724 | ||||||||||||
Issuance of stock (in shares) | 1,724,000,000 | 4,527,000 | ||||||||||||||||
Net income | 1,665 | 1,439 | 1,439 | 226 | ||||||||||||||
Capital calls and distributions, net | (70) | (70) | ||||||||||||||||
Other comprehensive (loss) income, net of tax | (558) | (558) | ||||||||||||||||
Share-based compensation, net | 93 | 93 | 93 | |||||||||||||||
Dividends on preferred stock | (40) | 40 | (40) | |||||||||||||||
Balance (in shares) at Sep. 30, 2021 | 58,677,483 | |||||||||||||||||
Balance, end of period, net of tax at Sep. 30, 2021 | 14,669 | 2,064 | $ 0 | 5,100 | 7,071 | 65 | 14,300 | 369 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Issuance of common stock for the acquisition of Boston Private (in shares) | 1,887,981 | |||||||||||||||||
Issuance of common stock for the acquisition of Boston Private | 1,060 | $ 0 | 1,060 | 1,060 | ||||||||||||||
Balance (in shares) at Jun. 30, 2021 | 54,530,307 | |||||||||||||||||
Balance, beginning of period, net of tax at Jun. 30, 2021 | 11,967 | 2,064 | $ 0 | 2,755 | 6,706 | 142 | 11,667 | 300 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 32,195 | |||||||||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 2 | 2 | 2 | |||||||||||||||
Issuance of stock | 1,245 | $ 0 | 1,245 | 1,245 | ||||||||||||||
Issuance of stock (in shares) | 2,227,000 | |||||||||||||||||
Net income | 475 | 387 | 387 | 88 | ||||||||||||||
Capital calls and distributions, net | (19) | (19) | ||||||||||||||||
Other comprehensive (loss) income, net of tax | (77) | |||||||||||||||||
Share-based compensation, net | 38 | 38 | 38 | |||||||||||||||
Dividends on preferred stock | (22) | (22) | (22) | |||||||||||||||
Balance (in shares) at Sep. 30, 2021 | 58,677,483 | |||||||||||||||||
Balance, end of period, net of tax at Sep. 30, 2021 | $ 14,669 | $ 2,064 | $ 0 | $ 5,100 | $ 7,071 | $ 65 | $ 14,300 | $ 369 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Issuance of common stock for the acquisition of Boston Private (in shares) | 1,887,981 | |||||||||||||||||
Issuance of common stock for the acquisition of Boston Private | $ 1,060 | $ 0 | $ 1,060 | $ 1,060 |
Interim Consolidated Statemen_4
Interim Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income before noncontrolling interests | $ 1,665,000 | $ 855,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 75,000 | 258,000 |
Changes in fair values of equity warrant assets, net of proceeds from exercises | (36,000) | (4,000) |
Changes in fair values of derivatives, net | 5,000 | (88,000) |
Gains on investment securities, net | (661,000) | (271,000) |
Distributions of earnings from non-marketable and other equity securities | 166,000 | 65,000 |
Depreciation and amortization | 106,000 | 74,000 |
Amortization of premiums and discounts on investment securities, net | 294,000 | 55,000 |
Amortization of share-based compensation | 93,000 | 61,000 |
Amortization of deferred loan fees | (193,000) | (123,000) |
Deferred income tax expense (benefit) | 73,000 | (4,000) |
Excess tax benefit from exercise of stock options and vesting of restricted shares | (34,000) | (3,000) |
Losses from the write-off of premises and equipment and right-of-use assets | 38,000 | 0 |
Changes in other assets and liabilities: | ||
Accrued interest receivable and payable, net | (117,000) | 15,000 |
Accounts receivable and payable, net | 5,000 | 18,000 |
Income tax receivable and payable, net | (141,000) | (16,000) |
Accrued compensation | 89,000 | (2,000) |
Foreign exchange spot contracts, net | 144,000 | 147,000 |
Proceeds from termination of interest rate swaps | 0 | 228,000 |
Other, net | (442,000) | (212,000) |
Net cash provided by operating activities | 1,129,000 | 1,053,000 |
Cash flows from investing activities: | ||
Purchases of AFS securities | (5,395,000) | (16,615,000) |
Sales proceeds | 168,000 | 2,654,000 |
Proceeds from maturities and paydowns of AFS securities | 3,892,000 | 2,634,000 |
Purchases of HTM securities | (65,048,000) | (1,757,000) |
Proceeds from maturities and paydowns of HTM securities | 8,993,000 | 2,833,000 |
Purchases of non-marketable and other equity securities | (310,000) | (164,000) |
Proceeds from sales and distributions of capital of non-marketable and other securities | 587,000 | 85,000 |
Net increase in loans | (9,006,000) | (5,193,000) |
Purchases of premises and equipment | (77,000) | (65,000) |
Business acquisitions | 1,116,000 | 0 |
Net cash used for investing activities | (65,080,000) | (15,588,000) |
Cash flows from financing activities: | ||
Net increase in deposits | 60,216,000 | 23,015,000 |
Net increase in short-term borrowings | 34,000 | 1,000 |
Proceeds from issuance of long-term debt | 990,000 | 495,000 |
(Distributions to noncontrolling interests), net of contributions from noncontrolling interests | (70,000) | (16,000) |
Net proceeds from the issuance of preferred stock | 1,724,000 | 0 |
Payment of preferred stock dividend | (40,000) | (12,000) |
Common stock repurchases | 0 | (60,000) |
Proceeds from issuance of common stock, ESPP and ESOP, net of restricted stock awards | 2,362,000 | 18,000 |
Net cash provided by financing activities | 65,216,000 | 23,441,000 |
Net increase in cash and cash equivalents | 1,265,000 | 8,906,000 |
Cash and cash equivalents at beginning of period | 17,675,000 | 6,782,000 |
Cash and cash equivalents at end of period | 18,940,000 | 15,688,000 |
Cash paid during the period for: | ||
Interest | 57,000 | 67,000 |
Income taxes | 547,000 | 287,000 |
Noncash items during the period: | ||
Changes in unrealized gains and losses on AFS securities, net of tax | (421,000) | 393,000 |
Distributions of stock from investments | 62,000 | 12,000 |
Transfers from AFS securities to HTM | $ 8,953,000 | $ 0 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation SVB Financial Group is a diversified financial services company, as well as a bank holding company and a financial holding company. SVB Financial was incorporated in the state of Delaware in March 1999. Through our various subsidiaries and divisions, we offer a diverse set of banking and financial products and services to support our clients of all sizes and stages throughout their life cycles. In these notes to our unaudited interim consolidated financial statements, when we refer to “SVB Financial Group,” “SVBFG," the “Company,” “we,” “our,” “us” or use similar words, we mean SVB Financial Group and all of its subsidiaries collectively, including Silicon Valley Bank (the “Bank”), unless the context requires otherwise. When we refer to “SVB Financial” or the “Parent” we are referring only to the parent company, SVB Financial Group (not including subsidiaries). The accompanying unaudited interim consolidated financial statements reflect all adjustments of a normal and recurring nature that are, in the opinion of management, necessary to fairly present our financial position, results of operations and cash flows in accordance with GAAP. Such unaudited interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of results to be expected for any future periods. These unaudited interim consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”). Use of Estimates and Assumptions The preparation of unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates may change as new information is obtained. Among the more significant estimates are those that relate to: 1) ACL for loans and for unfunded credit commitments, 2) valuation of non-marketable and other equity securities, 3) valuation of equity warrant assets, 4) goodwill, intangible assets and other purchase accounting related adjustments, and 5) income taxes. Principles of Consolidation and Presentation Our unaudited interim consolidated financial statements include the accounts of SVB Financial Group and consolidated entities. All significant intercompany accounts and transactions with consolidated entities have been eliminated. For a further description of our accounting policies regarding consolidation refer to Consolidated Financial Statements and Supplementary Data — Note 2 — “Summary of Significant Accounting Policies” under Part II, Item 8 of our 2020 Form 10-K. Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation. Changes include the presentation of our loan disclosures as a result of the acquisition of Boston Private as mentioned below, our table summarizing the activity relating to our ACL for loans and the consolidation of certain line items in our Consolidated Statement of Stockholders' Equity (unaudited). Summary of Significant Accounting Policies With the exception of the updated accounting policy listed below, the accompanying unaudited interim consolidated financial statements have been prepared on a consistent basis with the accounting policies described in Consolidated Financial Statements and Supplementary Data — Note 2 — “Summary of Significant Accounting Policies” under Part II, Item 8 of our 2020 Form 10-K. Allowance for Credit Losses: Loan Portfolio Segments and Classes of Financing Receivables Upon completing the acquisition of Boston Private, we evaluated the impact of the acquired loan portfolio on our existing portfolio segments and classes of financing receivables, which we historically have called "risk-based segments." We have modified both levels of disaggregation to accommodate Boston Private loans. The following provides additional information regarding our revised eight portfolio segments and the additional disaggregation of our eleven classes of financing receivables: • Global Fund Banking (segment and class) – The vast majority of our Global Fund Banking ("GFB") portfolio segment consists of capital call lines of credit, the repayment of which is dependent on the payment of capital calls by the underlying limited partner investors in funds managed by certain private equity and venture capital firms. • Investor Dependent (segment) – Our Investor Dependent loans are made primarily to technology and life science/healthcare companies. These borrowers typically have modest or negative cash flows and rarely have an established record of profitable operations. Repayment of these loans may be dependent upon receipt by borrowers of additional equity financing from venture capital firms or other investors, or in some cases, a successful sale to a third party or an IPO. This portfolio segment is further disaggregated into two classes of financing receivables: ◦ Early-Stage (class) – Our Early-Stage class of financing receivable consists of pre-revenue, development-stage companies and companies that are in the early phases of commercialization, with revenues of up to $5 million. ◦ Growth Stage (class) – Our Growth Stage (Mid/Later Stages) class of financing receivable consists of growth-stage enterprises. We consider companies with revenues between $5 million and $15 million, or pre-revenue clinical-stage biotechnology companies, to be Mid-Stage, and companies with revenues in excess of $15 million to be Later Stage. • Cash Flow Dependent and Innovation Commercial and Industrial ("C&I") (segment) – These loans are made primarily to technology and life science/healthcare companies that are not Investor Dependent, i.e. repayment is not dependent on additional equity financing, a successful sale or an IPO. This portfolio segment consists of two classes of financing receivables: ◦ Cash Flow Dependent – Sponsor-Led Buyout ("SLBO") (class) – Sponsor-Led Buyout loans are typically used to assist a select group of private equity sponsors with the acquisition of businesses, are larger in size, and repayment is generally dependent upon the cash flows of the combined entities. Acquired companies are typically established, later-stage businesses of scale and characterized by reasonable levels of leverage with loan structures that include meaningful financial covenants. The sponsor’s equity contribution is often 50 percent or more of the acquisition price. ◦ Innovation C&I (class) – This class of financing receivable contains other commercial and industrial loans in innovation sectors (i.e. the technology and life science/healthcare industries). These loans are dependent on either the borrower’s cash flows or balance sheet for repayment. Cash flow dependent loans require the borrower to maintain cash flow from operations that is sufficient to service all debt. Borrowers must demonstrate normalized cash flow in excess of all fixed charges associated with operating the business. Balance sheet dependent loans include asset-based loans and are structured to require constant current asset coverage (i.e. cash, cash equivalents, accounts receivable, and, to a much lesser extent, inventory) in an amount that exceeds the outstanding debt. The repayment of these arrangements is dependent on the financial condition, and payment ability, of third parties with whom our clients do business. • Private Bank (segment and class) – Our Private Bank clients are primarily private equity/venture capital professionals and executives in the innovation companies they support as well as high net worth clients acquired from Boston Private. We offer a customized suite of private banking services, including mortgages, home equity lines of credit, restricted and private stock loans, personal capital call lines of credit, lines of credit against liquid assets and other secured and unsecured lending products. In addition, we provide owner occupied commercial mortgages to Private Bank clients and real estate secured loans to eligible employees through our Employee Home Ownership Program. • Commercial Real Estate (CRE) (segment and class) – Commercial real estate loans are generally acquisition financing for commercial properties such as office buildings, retail properties, apartment buildings, and industrial/warehouse space. • Other C&I (segment and class) – These are commercial and industrial loans, including working capital and revolving lines of credit, as well as term loans for equipment and fixed assets. These loans are primarily to clients that are not in the technology and life sciences/healthcare industries. Additionally, this portfolio segment contains commercial tax-exempt loans to not-for-profit private schools, colleges, public charter schools and other not-for-profit organizations. • Premium Wine and Other (segment) – This portfolio segment consists of two classes of financing receivables: ◦ Premium Wine (class) – Our Premium Wine clients primarily consist of wine producers, vineyards and wine industry or hospitality businesses across the Western United States. A large portion of these loans are secured by real estate collateral such as vineyards and wineries. ◦ Other (class) – Our Other class of financing receivable primarily consists of construction and land loans for financing new developments as well as financing for improvements to existing buildings. These also include our community development loans made as part of our responsibilities under the Community Reinvestment Act. • Paycheck Protection Program ("PPP") (segment and class) – These are the combined loans issued through the PPP by SVB and Boston Private. These loans represent clients across all portfolio segments and are guaranteed by the U.S Small Business Administration. Refer to Note 2 — “Business Combination” for additional information regarding the Boston Private acquisition. Adoption of New Accounting Standards In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which is part of the FASB’s initiative to reduce cost and complexity related to accounting for income taxes. ASU 2019-12 eliminates certain exceptions to the general principles of ASC 740, Income Taxes, and simplifies income tax accounting in several areas. We adopted the guidance on January 1, 2021, on a modified retrospective basis. The adoption did not have a material impact on our financial position, results of operations, cash flows or disclosures. |
Business Combinations and Asset
Business Combinations and Asset Acquisitions | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combination | Business Combination On July 1, 2021, we acquired 100 percent of the voting equity interests of Boston Private Financial Holdings, Inc., the parent company of Boston Private Bank & Trust Company. The acquisition of Boston Private accelerates SVB’s private bank and wealth management offering, strengthening SVB’s overall platform and ability to fully meet the financial needs of its clients. The acquisition was accounted for as a business combination and accordingly, the results of Boston Private's operations have been included in the Company's consolidated financial statements for the three and nine months ended September 30, 2021 from the date of acquisition. We acquired Boston Private for $1.2 billion comprised of $2.10 in cash and 0.0228 shares of SVB common stock for each Boston Private share. For the transaction, we issued approximately 1.9 million shares of SVB common stock and registered an additional 99,000 shares of SVB common stock issuable upon the exercise, vesting or settlement of converted legacy Boston Private equity awards. The following table summarizes the allocation of the purchase price to the net assets of Boston Private as of July 1, 2021: (Dollars in millions) July 1, 2021 Cash paid $ 174 Share-based consideration 1,050 Replacement equity awards 10 Total purchase consideration $ 1,234 Fair value of net assets acquired 1,033 Goodwill $ 201 The following table summarizes the estimated fair value of assets acquired and liabilities assumed upon the finalization of the purchase: (Dollars in millions) July 1, 2021 Assets acquired: Cash and cash equivalents $ 1,290 Investment securities 1,429 Net loans 7,217 Premises and equipment 39 Intangible assets 104 Right-of-use assets 107 Other assets 284 Total assets acquired $ 10,470 Liabilities assumed: Deposits $ 8,983 Borrowings 132 Lease liabilities 103 Other liabilities 219 Total liabilities assumed $ 9,437 Fair value of net assets acquired $ 1,033 The Company recognized identifiable intangible assets of $104 million and goodwill of $201 million as a result of the acquisition. Intangible assets of $104 million are subject to amortization over their estimated useful lives. The goodwill recorded includes expected revenue-generating synergies driven by the broadening of our product suite and strength of the combined platform, providing our teams with expanded capabilities, technology and scalability to meet the increasing needs of our Private Bank clients. Goodwill amounts have been allocated to the SVB Private Bank reporting segment and will not be deductible for tax purposes. The following table summarizes the fair value and estimated useful lives of the other intangible assets at the date of acquisition: (Dollars in millions) Estimated Fair Value Weighted Average Estimated Useful Life - in Years Other intangible assets: Customer relationships $ 85 20 Other 19 6 Total other intangible assets $ 104 Of the $7.2 billion net loans acquired, $1.4 billion exhibited credit deterioration on the date of purchase. The following table provides a summary of these PCD loans at acquisition: (Dollars in millions) July 1, 2021 Par value of PCD loans $ 1,368 PCD ACL at acquisition (22) Non-credit premium on PCD loans 43 Purchase price of PCD loans $ 1,389 Due to the various conversions of Boston Private systems during the third quarter of 2021, as well as other streamlining and continuing integration of Boston Private's operating activities into those of the Company, reporting for revenue and net income of the former Boston Private operations for the period subsequent to the acquisition is impracticable. Supplementary pro forma financial information related to the acquisition is not included because the impact to the Company's consolidated statements of income is not material. Acquisition-related expenses Direct expenses related to the acquisition of Boston Private were expensed as incurred and were $9 million and $22 million for three and nine months ended September 30, 2021. All expenses were included in merger-related charges, a component of noninterest expense, with the exception of $6 million attributable to the three months ended March 31, 2021, which were recorded in professional services. |
Stockholders' Equity and EPS
Stockholders' Equity and EPS | 9 Months Ended |
Sep. 30, 2021 | |
Equity and Earnings Per Share [Abstract] | |
Stockholders' Equity and EPS | Stockholders' Equity and EPS AOCI The following table summarizes the items reclassified out of AOCI into the Consolidated Statements of Income (unaudited) for the three and nine months ended September 30, 2021 and 2020: Three months ended September 30, Nine months ended September 30, (Dollars in millions) Income Statement Location 2021 2020 2021 2020 Reclassification adjustment for gains on AFS securities included in net income Gains on investment securities, net $ — $ — $ — $ (61) Related tax expense Income tax expense — — — 17 Reclassification adjustment for gains on cash flow hedges included in net income Net interest income (16) (16) (47) (34) Related tax expense Income tax expense 4 5 13 9 Total reclassification adjustment for gains included in net income, net of tax $ (12) $ (11) $ (34) $ (69) The table below summarizes the activity relating to net gains and losses on our cash flow hedges included in AOCI for the three and nine months ended September 30, 2021 and 2020. Refer to Note 9 — “Derivative Financial Instruments” for additional information regarding the termination of our cash flow hedges during the quarter ended March 31, 2020. Over the next 12 months, we expect that approximately $59 million in AOCI at September 30, 2021, related to unrealized gains will be reclassified out of AOCI and recognized in net income. Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Balance, beginning of period, net of tax $ 107 $ 153 $ 129 $ (2) Net increase in fair value, net of tax — — — 168 Net realized gain reclassified to net income, net of tax (12) (12) (34) (25) Balance, end of period, net of tax $ 95 $ 141 $ 95 $ 141 EPS Basic EPS is the amount of earnings available to each share of common stock outstanding during the reporting period. Diluted EPS is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental shares issuable for stock options and restricted stock unit awards outstanding under our 2006 Equity Incentive Plan and our ESPP. Potentially dilutive common shares are excluded from the computation of dilutive EPS in periods in which the effect would be antidilutive. The following is a reconciliation of basic EPS to diluted EPS for the three and nine months ended September 30, 2021 and 2020: Three months ended September 30, Nine months ended September 30, (Dollars in millions except per share amounts, shares in thousands) 2021 2020 2021 2020 Numerator: Net income available to common stockholders $ 365 $ 442 $ 1,399 $ 803 Denominator: Weighted average common shares outstanding—basic 57,723 51,773 54,772 51,640 Weighted average effect of dilutive securities: Stock options and ESPP 268 141 278 147 Restricted stock units and awards 530 232 567 163 Weighted average common shares outstanding—diluted 58,521 52,146 55,617 51,950 Earnings per common share: Basic $ 6.33 $ 8.53 $ 25.54 $ 15.55 Diluted 6.24 8.47 25.16 15.46 The following table summarizes the weighted-average common shares excluded from the diluted EPS calculation due to the antidilutive effect for the three and nine months ended September 30, 2021 and 2020: Three months ended September 30, Nine months ended September 30, (Shares in thousands) 2021 2020 2021 2020 Stock options 56 319 31 269 Restricted stock units — 55 — 83 Total 56 374 31 352 Common Stock On March 22, 2021, to support the continued growth of our balance sheet, we issued and sold 2,000,000 shares of common stock at a price of $500.00 per share. We received net proceeds of $972 million after deducting underwriting discounts and commissions. On April 14, 2021, the Company issued and sold 300,000 additional shares of common stock under the full exercise of the underwriters' over-allotment option from our March 22, 2021 underwritten public offering. We received additional net proceeds of $146 million after deducting underwriting discounts and commissions. On July 1, 2021, the Company issued 1,887,981 shares of common stock for the acquisition of Boston Private at an exchange ratio of 0.0228 SIVB shares per Boston Private share. On August 12, 2021, the Company issued and sold 2,227,000 shares of common stock at a price of $564.00 per share. We received net proceeds of $1.2 billion after deducting underwriting discounts and commissions. Preferred Stock On December 9, 2019, the Company issued 5.25% Non-Cumulative Perpetual Series A Preferred Stock (''Series A Preferred Stock''). The public offering consists of 14,000,000 depositary shares, each representing a 1/40th ownership interest in a shares of the Series A preferred stock with $0.001 par value and liquidation preference of $1,000 per share, or $25 per depositary share. The Series A Preferred Stock is redeemable at the Company’s option, subject to all applicable regulatory approvals, on or after February 15, 2025. On February 2, 2021, the Company issued 4.10% Non-Cumulative Perpetual Series B Preferred Stock (''Series B Preferred Stock''). The public offering consists of 750,000 depositary shares, each representing a 1/100th ownership interest in shares of Series B Preferred Stock with $0.001 par value and liquidation preferences of $100,000 per share, or $1,000 per depositary share. Dividends, if approved and declared by the Board of Directors, are payable quarterly, in arrears, at a rate per annum equal to (i) 4.10 percent from the original issue date to, but excluding, February 15, 2031 and (ii) for the February 15, 2031 dividend date and during each subsequent ten-year period, the ten-year treasury rate (calculated three On May 13, 2021, the Company issued 4.00% Non-Cumulative Perpetual Series C Preferred Stock (''Series C Preferred Stock''). The public offering consists of 1,000,000 depositary shares, each representing a 1/100th ownership interest in shares of Series C Preferred Stock with $0.001 par value and liquidation preferences of $100,000 per share, or $1,000 per depositary share. Dividends, if approved and declared by the Board of Directors, are payable quarterly, in arrears, at a rate per annum equal to (i) 4.000 percent from the original issue date to, but excluding, May 15, 2026, and (ii) for the May 15, 2026 dividend date and during each subsequent five-year period, the five-year treasury rate (calculated three The following table summarizes our preferred stock at September 30, 2021: Series Description Amount outstanding (in millions) Carrying value Shares issued and outstanding Par Value Ownership interest per depositary share Liquidation preference per depositary share 2021 dividends paid per depositary share Series A 5.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock $ 350 $ 340 350,000 $ 0.001 1/40 th $ 25 $ 0.98 Series B 4.100% Fixed-Rate Non-Cumulative Perpetual Preferred Stock 750 739 7,500 0.001 1/100 th 1,000 21.98 Series C 4.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock 1,000 985 10,000 0.001 1/100 th 1,000 10.22 Consolidated Statement of Changes in Equity The following table summarizes the changes in our consolidated equity for the three months ended September 30, 2021 and 2020: Preferred Common Stock Additional Retained Accumulated Total SVBFG Noncontrolling Interests Total (Dollars in millions, except share data) Shares Amount Balance at June 30, 2020 $ 340 51,740,714 $ — $ 1,523 $ 4,842 $ 614 $ 7,319 $ 149 $ 7,468 Common stock issued under employee benefit plans and ESOP, net of restricted stock cancellations — 47,258 — 4 — — 4 — 4 Net income — — — — 446 — 446 28 474 Capital calls and distributions, net — — — — — — — (3) (3) Other comprehensive income, net of tax — — — — — 6 6 — 6 Share-based compensation, net — — — 22 — — 22 — 22 Dividends on preferred stock — — — — (4) — (4) — (4) Balance at September 30, 2020 $ 340 51,787,972 $ — $ 1,549 $ 5,284 $ 620 $ 7,793 $ 174 $ 7,967 Balance at June 30, 2021 $ 2,064 54,530,307 $ — $ 2,755 $ 6,706 $ 142 $ 11,667 $ 300 $ 11,967 Common stock issued under employee benefit plans and ESOP, net of restricted stock cancellations — 32,195 — 2 — — 2 — 2 Issuance of Common Stock — 2,227,000 — 1,245 — — 1,245 — 1,245 Issuance of common stock for the acquisition of Boston Private — 1,887,981 — 1,060 — — 1,060 — 1,060 Net income — — — — 387 — 387 88 475 Capital calls and distributions, net — — — — — — — (19) (19) Other comprehensive income, net of tax — — — — — (77) (77) — (77) Share-based compensation, net — — — 38 — — 38 — 38 Dividends on preferred stock — — — — (22) — (22) — (22) Balance at September 30, 2021 $ 2,064 58,677,483 $ — $ 5,100 $ 7,071 $ 65 $ 14,300 $ 369 $ 14,669 |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2021 | |
Investments In Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities Our involvement with VIEs includes our investments in venture capital and private equity funds, debt funds, private and public portfolio companies, qualified affordable housing projects, and subordinated debt instruments. The following table presents the carrying amounts and classification of variable interests in consolidated and unconsolidated VIEs as of September 30, 2021 and December 31, 2020: (Dollars in millions) Consolidated VIEs Unconsolidated VIEs Maximum Exposure to Loss in Unconsolidated VIEs September 30, 2021: Assets: Cash and cash equivalents $ 8 $ — $ — Non-marketable and other equity securities (1) 762 1,216 1,216 Accrued interest receivable and other assets (2) 24 6 — Total assets $ 794 $ 1,222 $ 1,216 Liabilities: Other liabilities (1) 17 471 — Long term debt (2) — 90 — Total liabilities $ 17 $ 561 $ — December 31, 2020: Assets: Cash and cash equivalents $ 15 $ — $ — Non-marketable and other equity securities (1) 422 859 859 Accrued interest receivable and other assets 1 — — Total assets $ 438 $ 859 $ 859 Liabilities: Other liabilities (1) 1 370 — Total liabilities $ 1 $ 370 $ — (1) Included in our unconsolidated non-marketable and other equity securities portfolio at September 30, 2021 and December 31, 2020 are investments in qualified affordable housing projects of $920 million and $616 million, respectively, and related other liabilities consisting of unfunded commitments of $471 million and $370 million, respectively. (2) Included in our unconsolidated accrued interest receivable and other assets at September 30, 2021 are investments in statutory trusts for junior subordinated debt of $6 million and $90 million included in long term debt previously issued by Boston Private and assumed in the acquisition. Non-marketable and other equity securities Our non-marketable and other equity securities portfolio primarily represents investments in venture capital and private equity funds, SPD-SVB, debt funds, private and public portfolio companies and qualified affordable housing projects. Many of these are investments held by SVB Financial in third-party funds in which we do not have controlling or significant variable interests. These investments represent our unconsolidated VIEs in the table above. Our non-marketable and other equity securities portfolio also includes investments from SVB Capital. SVB Capital is the funds management business of SVB Financial Group, which focuses primarily on venture capital investments. The SVB Capital family of funds is comprised of direct venture funds that invest in companies and funds of funds that invest in other venture capital funds. We have a controlling and significant variable interest in three of these SVB Capital funds and consolidate these funds for financial reporting purposes. All investments are generally nonredeemable, and distributions are expected to be received through the liquidation of the underlying investments throughout the life of the investment fund. Investments may only be sold or transferred subject to the notice and approval provisions of the underlying investment agreement. Subject to applicable regulatory requirements, including the Volcker Rule, we also make commitments to invest in venture capital and private equity funds. For additional details, see Note 12 — “Off-Balance Sheet Arrangements, Guarantees and Other Commitments.” The Bank also has variable interests in low income housing tax credit funds, in connection with fulfilling its responsibilities under the CRA, that are designed to generate a return primarily through the realization of federal tax credits. These investments are typically limited partnerships in which the general partner, other than the Bank, holds the power over significant activities of the VIE; therefore, these investments are not consolidated. For additional information on our investments in qualified affordable housing projects, see Note 6 — “Investment Securities." As of September 30, 2021, our exposure to loss with respect to the consolidated VIEs is limited to our net assets of $777 million and our exposure to loss for our unconsolidated VIEs is equal to our investment in these assets of $1.2 billion. Junior subordinated debentures SVB Financial Group assumed two statutory trusts during the merger with Boston Private. These trusts were for the purpose of issuing trust preferred securities and investing the proceeds in junior subordinated debentures. These statutory trusts created by legacy Boston Private are not consolidated within the financial statements as the Company is not the primary beneficiary of the trusts; however, the total junior subordinated debentures payable to the preferred stockholders of statutory trusts are reported as long-term debt in the financial statements. As of September 30, 2021, there are $90 million of trust preferred securities outstanding. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 9 Months Ended |
Sep. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents The following table details our cash and cash equivalents at September 30, 2021 and December 31, 2020: (Dollars in millions) September 30, 2021 December 31, 2020 Cash and due from banks $ 1,185 $ 723 Interest bearing deposits with the Federal Reserve Bank 12,406 13,700 Interest bearing deposits with other institutions 5,106 3,025 Securities purchased under agreements to resell (1) 216 227 Other short-term investment securities 27 — Total cash and cash equivalents $ 18,940 $ 17,675 (1) At September 30, 2021 and December 31, 2020, securities purchased und er agreements to resell were collateralized by U.S. Treasury securities and U.S. agency securities with aggregate fair value s of $221 million a n d $232 million, respectively. None of these securities were sold or repledged as of September 30, 2021 and December 31, 2020. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Our investment securities portfolio consists of: (i) an AFS securities portfolio and a HTM securities portfolio, both of which represent interest-earning investment securities, and (ii) a non-marketable and other equity securities portfolio, which primarily represents investments managed as part of our funds management business, investments in qualified affordable housing projects, as well as public equity securities held as a result of equity warrant assets exercised. AFS Securities The major components of our AFS investment securities portfolio at September 30, 2021 and December 31, 2020 are as follows: September 30, 2021 (Dollars in millions) Amortized Unrealized Unrealized Carrying AFS securities, at fair value: U.S. Treasury securities $ 9,122 $ 170 $ (15) $ 9,277 U.S. agency debentures 212 — (4) 208 Foreign government debt securities 15 — — 15 Residential MBS: Agency-issued MBS 10,902 69 (187) 10,784 Agency-issued CMO—fixed rate 1,129 11 (2) 1,138 Agency-issued CMBS 1,539 36 (13) 1,562 Total AFS securities $ 22,919 $ 286 $ (221) $ 22,984 December 31, 2020 (Dollars in millions) Amortized Unrealized Unrealized Carrying AFS securities, at fair value: U.S. Treasury securities $ 4,198 $ 272 $ — $ 4,470 U.S. agency debentures 234 4 (1) 237 Foreign government debt securities 24 — — 24 Residential MBS: Agency-issued MBS 13,271 233 (1) 13,503 Agency-issued CMO—fixed rate 8,077 40 (10) 8,107 Agency-issued CMBS 4,441 134 (3) 4,572 Total AFS securities $ 30,245 $ 683 $ (15) $ 30,913 The following table summarizes sale activity of AFS securities during the three and nine months ended September 30, 2021 and 2020 as recorded in the line item “Gains on investment securities, net," a component of noninterest income: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Sales proceeds $ 168 $ — $ 168 $ 2,654 Net realized gains and losses: Gross realized gains — — — 61 Gross realized losses — — — — Net realized gains $ — $ — $ — $ 61 For the three and nine months ended September 30, 2021 gross realized gains and gross realized losses were below $1 million. For the three months ended September 30, 2020 we did not have any sales proceeds, gross realized gains, or gross realized losses from our AFS securities portfolio. The following tables summarize our AFS securities in an unrealized loss position for which an ACL has not been recorded and summarized into categories of less than 12 months, or 12 months or longer, as of September 30, 2021 and December 31, 2020: September 30, 2021 Less than 12 months 12 months or longer (1) Total (Dollars in millions) Fair Value of Unrealized Fair Value of Unrealized Fair Value of Unrealized AFS securities: U.S. Treasury securities $ 5,172 $ (15) $ — $ — $ 5,172 $ (15) U.S. agency debentures 112 (4) — — 112 (4) Residential MBS: Agency-issued MBS 8,376 (187) — — 8,376 (187) Agency-issued CMO —fixed rate 232 (2) — — 232 (2) Agency-issued CMBS 695 (9) 81 (4) 776 (13) Total AFS securities (1) $ 14,587 $ (217) $ 81 $ (4) $ 14,668 $ (221) (1) As of September 30, 2021, we identified a total of 381 investments that were in unrealized loss positions with 2 investments in an unrealized loss position for a period of time greater than 12 months. Based on our analysis of the securities in an unrealized loss position as of September 30, 2021, the decline in value is unrelated to credit loss and is related to changes in market interest rates since purchase and therefore changes in value for securities are included in other comprehensive income. Market valuations and credit loss analyses on assets in the AFS securities portfolio are reviewed and monitored on a quarterly basis. As of September 30, 2021, we do not intend to sell any of our securities in an unrealized loss position prior to recovery of our amortized cost basis, and it is more likely than not that we will not be required to sell any of our securities prior to recovery of our amortized cost basis. None of the investments in our AFS securities portfolio were past due as of September 30, 2021. December 31, 2020 Less than 12 months 12 months or longer Total (Dollars in millions) Fair Value of Unrealized Fair Value of Unrealized Fair Value of Unrealized AFS securities: U.S. Treasury securities (1) $ 60 $ — $ — $ — $ 60 $ — U.S. agency debentures 133 (1) — — 133 (1) Residential MBS: Agency-issued MBS 904 (1) — — 904 (1) Agency-issued CMO—fixed rate 2,199 (10) — — 2,199 (10) Agency-issued CMBS 989 (3) — — 989 (3) Total AFS securities (2) $ 4,285 $ (15) $ — $ — $ 4,285 $ (15) (1) At December 31, 2020, gross unrealized losses totaled less than $1 million for U.S. Treasury AFS securities with a loss duration of less than 12 months. (2) As of December 31, 2020, we identified a total of 93 investments that were in unrealized loss positions, of which no investments are in an unrealized loss position for a period of time greater than 12 months. None of the investments in our AFS securities portfolio were past due as of December 31, 2020. The following table summarizes the fixed income securities, carried at fair value, classified as AFS as of September 30, 2021 by the remaining contractual principal maturities. For U.S. Treasury securities, U.S. agency debentures and foreign government debt securities, the expected maturity is the actual contractual maturity of the notes. Expected maturities for MBS may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. MBS classified as AFS typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower interest rate environments. September 30, 2021 (Dollars in millions) Total One Year After One After Five After U.S. Treasury securities $ 9,277 $ 40 $ 9,237 $ — $ — U.S. agency debentures 208 91 37 80 — Foreign government debt securities 15 15 — — — Residential MBS: Agency-issued MBS 10,784 — — — 10,784 Agency-issued CMO—fixed rate 1,138 — — — 1,138 Agency-issued CMBS 1,562 — 16 1,546 — Total $ 22,984 $ 146 $ 9,290 $ 1,626 $ 11,922 HTM Securities During the nine months ended September 30, 2021, we re-designated certain securities from the classification of AFS to HTM. The securities re-designated consisted of agency-issued CMO's, CMBS', MBS' and U.S. agency debentures with a total carrying value of $8.8 billion. At the time of re-designation the securities included $132 million of pretax net unrealized losses in other comprehensive income and are being amortized over the life of the securities in a manner consistent with the amortization of a premium or discount. Our decision to re-designate the securities was based on our ability and intent to hold these securities to maturity. Factors used in assessing the ability to hold these securities to maturity were future liquidity needs and sources of funding. HTM securities are carried on the balance sheet at amortized cost and the changes in the value of these securities, other than an ACL, are not reported on the financial statements. The components of our HTM investment securities portfolio at September 30, 2021 and December 31, 2020 are as follows: September 30, 2021 (Dollars in millions) Amortized Unrealized Unrealized Fair Value ACL HTM securities, at cost: U.S. agency debentures (1) $ 609 $ 14 $ (1) $ 622 $ — Residential MBS: Agency-issued MBS 52,874 167 (515) 52,526 — Agency-issued CMO—fixed rate 7,410 19 (71) 7,358 — Agency-issued CMO—variable rate 109 1 — 110 — Agency-issued CMBS 14,351 58 (120) 14,289 — Municipal bonds and notes 6,485 151 (78) 6,558 1 Corporate bonds 533 2 (3) 532 5 Total HTM securities $ 82,371 $ 412 $ (788) $ 81,995 $ 6 (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. December 31, 2020 (Dollars in millions) Amortized Unrealized Unrealized Fair Value ACL HTM securities, at amortized cost: U.S. agency debentures (1) $ 402 $ 19 $ — $ 421 $ — Residential MBS: Agency-issued MBS 7,740 240 (2) 7,978 — Agency-issued CMO—fixed rate 1,735 23 — 1,758 — Agency-issued CMO—variable rate 137 1 — 138 — Agency-issued CMBS 2,943 124 — 3,067 — Municipal bonds and notes 3,635 221 (1) 3,855 — Total HTM securities $ 16,592 $ 628 $ (3) $ 17,217 $ — (1) Consists of pools of Small Business Investment Company debentures issued and guaranteed by the U.S. Small Business Administration, an independent agency of the United States. Allowance for Credit Losses for HTM Securities For HTM securities, the three months ended September 30, 2021 had a beginning ACL balance of $5 million, a provision for credit losses of $1 million, and an ending ACL balance of $6 million. For HTM securities, the nine months ended September 30, 2021 had a beginning ACL balance of less than $1 million, a provision for credit losses of $6 million and an ending ACL balance of $6 million. For the three and nine months ended September 30, 2020, the beginning ACL balance, the day one impact of adopting ASC 326, the provision for credit losses and the ending balance of ACL for HTM securities, in each case, were all less than $1 million . AIR from HTM securities totaled $179 million at September 30, 2021 and $55 million at December 31, 2020 and is reported in "Accrued interest receivable and other assets" in our unaudited interim consolidated balance sheets. Credit Quality Indicators On a quarterly basis, management monitors the credit quality for HTM securities through the use of standard credit ratings. The following table summarizes our amortized cost of HTM securities aggregated by credit quality indicator at September 30, 2021 and December 31, 2020: (Dollars in millions) September 30, 2021 December 31, 2020 Municipal bonds and notes: Aaa $ 3,422 $ 2,070 Aa1 1,883 1,145 Aa2 981 420 Aa3 172 — A1 27 — Total municipal bonds and notes $ 6,485 $ 3,635 Corporate bonds: Aa1 $ 29 $ — Aa2 27 — Aa3 43 — A1 210 — A2 224 — Total corporate bonds $ 533 $ — The following table summarizes the remaining contractual principal maturities on fixed income investment securities classified as HTM as of September 30, 2021. For U.S. agency debentures, the expected maturity is the actual contractual maturity of the notes. Expected remaining maturities for certain U.S. agency debentures may occur earlier than their contractual maturities because the note issuers have the right to call outstanding amounts ahead of their contractual maturity. Expected maturities for MBS may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. MBS classified as HTM typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower interest rate environments; however, we expect to collect substantially all of the recorded investment on these securities. September 30, 2021 Total One Year After One Year to After Five Years to After (Dollars in millions) Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value U.S. agency debentures $ 609 $ 622 $ 1 $ 1 $ 133 $ 137 $ 475 $ 484 $ — $ — Residential MBS: Agency-issued MBS 52,874 52,526 1 2 7 8 407 419 52,459 52,097 Agency-issued CMO—fixed rate 7,410 7,358 — — 7 7 361 368 7,042 6,983 Agency-issued CMO—variable rate 109 110 — — — — — — 109 110 Agency-issued CMBS 14,351 14,289 — — 213 212 534 550 13,604 13,527 Municipal bonds and notes 6,485 6,558 52 52 157 162 973 1,015 5,303 5,329 Corporate bonds 533 532 — — — — 533 532 — — Total $ 82,371 $ 81,995 $ 54 $ 55 $ 517 $ 526 $ 3,283 $ 3,368 $ 78,517 $ 78,046 Non-marketable and Other Equity Securities The major components of our non-marketable and other equity securities portfolio at September 30, 2021 and December 31, 2020 are as follows: (Dollars in millions) September 30, 2021 December 31, 2020 Non-marketable and other equity securities: Non-marketable securities (fair value accounting): Consolidated venture capital and private equity fund investments (1) $ 140 $ 89 Unconsolidated venture capital and private equity fund investments (2) 222 185 Other investments without a readily determinable fair value (3) 95 61 Other equity securities in public companies (fair value accounting) (4) 158 281 Non-marketable securities (equity method accounting) (5): Venture capital and private equity fund investments 656 362 Debt funds 5 5 Other investments 289 203 Investments in qualified affordable housing projects, net (6) 920 616 Total non-marketable and other equity securities $ 2,485 $ 1,802 (1) The following table shows the amounts of venture capital and private equity fund investments held by the following consolidated funds and our ownership percentage of each fund at September 30, 2021 and December 31, 2020 (fair value accounting): September 30, 2021 December 31, 2020 (Dollars in millions) Amount Ownership % Amount Ownership % Strategic Investors Fund, LP $ 5 12.6 % $ 5 12.6 % Capital Preferred Return Fund, LP 64 20.0 50 20.0 Growth Partners, LP 71 33.0 34 33.0 Total consolidated venture capital and private equity fund investments $ 140 $ 89 (2) The carrying value represents investments in 153 and 162 funds (primarily venture capital funds) at September 30, 2021 and December 31, 2020, respectively, where our ownership interest is typically less than 5% of the voting interests of each such fund and in which we do not have the ability to exercise significant influence over the partnerships operating activities and financial policies. We carry our unconsolidated venture capital and private equity fund investments at fair value based on the fund investments' net asset values per share as obtained from the general partners of the investments. For each fund investment, we adjust the net asset value per share for differences between our measurement date and the date of the fund investment’s net asset value by using the most recently available financial information from the investee general partner, for example June 30 th for our September 30 th consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period. (3) These investments include direct equity investments in private companies. The carrying value is based on the price at which the investment was acquired plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments. We consider a range of factors when adjusting the fair value of these investments, including, but not limited to, the term and nature of the investment, local market conditions, values for comparable securities, current and projected operating performance, exit strategies, financing transactions subsequent to the acquisition of the investment and a discount for certain investments that have lock-up restrictions or other features that indicate a discount to fair value is warranted. The following table shows the changes to the carrying amount of other investments without a readily determinable fair value for the nine months ended September 30, 2021: (Dollars in millions) Nine months ended September 30, 2021 Cumulative Adjustments Measurement alternative: Carrying value at September 30, 2021 $ 95 Carrying value adjustments: Impairment $ — $ (1) Upward changes for observable prices 10 13 Downward changes for observable prices (3) (6) (4) Investments classified as other equity securities (fair value accounting) represent shares held in public companies as a result of exercising public equity warrant assets and direct equity investments in public companies held by our consolidated funds. Changes in equity securities measured at fair value are recognized through net income. (5) The following table shows the carrying value and our ownership percentage of each investment at September 30, 2021 and December 31, 2020 (equity method accounting): September 30, 2021 December 31, 2020 (Dollars in millions) Amount Ownership % Amount Ownership % Venture capital and private equity fund investments: Strategic Investors Fund II, LP $ 3 8.6 % $ 4 8.6 % Strategic Investors Fund III, LP 29 5.9 16 5.9 Strategic Investors Fund IV, LP 38 5.0 25 5.0 Strategic Investors Fund V funds 92 Various 67 Various CP II, LP (i) 1 5.1 8 5.1 Other venture capital and private equity fund investments 493 Various 242 Various Total venture capital and private equity fund investments $ 656 $ 362 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. $ 152 50.0 % $ 115 50.0 % Other investments 137 Various 88 Various Total other investments $ 289 $ 203 (i) Our ownership includes direct ownership interest of 1.3 percent and indirect ownership interest of 3.8 percent through our investments in Strategic Investors Fund II, LP. (ii) Our ownership includes direct ownership interest of 11.5 percent in the fund and an indirect interest in the fund through our investment in Gold Hill Capital 2008, LLC of 4.0 percent. (6) The following table presents the balances of our investments in qualified affordable housing projects and related unfunded commitments included as a component of “Other liabilities” on our consolidated balance sheets at September 30, 2021 and December 31, 2020: (Dollars in millions) September 30, 2021 December 31, 2020 Investments in qualified affordable housing projects, net $ 920 $ 616 Other liabilities 471 370 The following table presents other information relating to our investments in qualified affordable housing projects for the three and nine months ended September 30, 2021 and 2020: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Tax credits and other tax benefits recognized $ 9 $ 15 $ 63 $ 47 Amortization expense included in provision for income taxes (i) 17 10 48 32 (i) All investments are amortized using the proportional amortization method and amortization expense is included in the provision for income taxes. The following table presents the net gains and losses on non-marketable and other equity securities for the three and nine months ended September 30, 2021 and 2020 as recorded in the line item “Gains on investment securities, net," a component of noninterest income: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Net gains (losses) on non-marketable and other equity securities: Non-marketable securities (fair value accounting): Consolidated venture capital and private equity fund investments $ 36 $ 9 $ 72 $ 13 Unconsolidated venture capital and private equity fund investments 47 16 79 15 Other investments without a readily determinable fair value (2) — 11 (4) Other equity securities in public companies (fair value accounting) (39) 113 53 119 Non-marketable securities (equity method accounting): Venture capital and private equity fund investments 144 51 438 70 Debt funds — — 2 — Other investments 3 1 6 (3) Total net gains on non-marketable and other equity securities $ 189 $ 190 $ 661 $ 210 Less: realized net gains (losses) on sales of non-marketable and other equity securities (17) 5 110 6 Net gains on non-marketable and other equity securities still held $ 206 $ 185 $ 551 $ 204 |
Loans, Allowance for Loan Losse
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses: Loans and Unfunded Credit Commitments | Loans and Allowance for Credit Losses: Loans and Unfunded Credit CommitmentsWe serve a variety of commercial clients in the private equity/venture capital, technology, life science/healthcare, premium wine and commercial real estate industries. Loans made to private equity/venture capital firm clients typically enable them to fund investments prior to their receipt of funds from capital calls and are reported under the Global Fund Banking class of financing receivable below. Our technology clients generally tend to be in the industries of hardware (such as semiconductors, communications, data, storage and electronics), software/internet (such as infrastructure software, applications, software services, digital content and advertising technology) and ERI. Our life science/healthcare clients primarily tend to be in the industries of biotechnology, medical devices, healthcare information technology and healthcare services. Loans to our technology and life science/healthcare clients are reported under the Investor Dependent, Cash Flow Dependent - SLBO and Innovation C&I classes of financing receivable below. We also make commercial and industrial loans, such as working capital lines and term loans for equipment and fixed assets, to clients that are not in the technology and life science/healthcare industries, which are reported in the Other C&I class of financing receivable below. Loans to the premium wine industry focus on vineyards and wineries that produce grapes and wines of high quality. Commercial real estate loans are generally acquisition financing for commercial properties such as office buildings, retail properties, apartment buildings, and industrial/warehouse space. In addition to commercial loans, we make consumer loans through SVB Private Bank and provide real estate secured loans to eligible employees through our EHOP. We also provide community development loans made as part of our responsibilities under the CRA. These loans are included within “construction loans” below and are primarily secured by real estate. Additionally, beginning in April 2020, we accepted applications under the PPP administered by the SBA under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") and originated loans to qualified small businesses. Disbursement of PPP funds under the CARES Act originally expired on August 8, 2020, however, on December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the "Economic Aid Act") was enacted, which extended the application period for PPP loans up to March 31, 2021, and allowed for certain PPP borrowers to apply for second draw loans. The disbursement phase of the PPP was further extended to June 30, 2021 pursuant to the PPP Extension Act of 2021. Loan Portfolio Segments and Classes of Financing Receivables Upon the completion of the acquisition of Boston Private on July 1, 2021, we modified our portfolio segments and classes of financing receivables to accommodate Boston Private loans. Refer to Note 1 — “Basis of Presentation” for additional information on our current portfolio segments and classes of financing receivables. For the periods presented prior to September 30, 2021, the following reclassifications have been made to conform to the current period presentation: • Investor Dependent "Mid Stage" and "Later Stage" loans have been combined and presented as "Growth Stage." • "Cash Flow Dependent - Other" and " Balance Sheet Dependent" loans have been combined and presented as "Innovation C&I." Additionally, refer to Note 2 — “Business Combination” for information regarding the Boston Private acquisition. The composition of loans at amortized cost basis broken out by class of financing receivable at September 30, 2021 and December 31, 2020 is presented in the following table: (Dollars in millions) September 30, 2021 December 31, 2020 Global fund banking $ 34,120 $ 25,543 Investor dependent: Early stage 1,550 1,486 Growth stage 3,827 3,486 Total investor dependent 5,377 4,972 Cash flow dependent - SLBO 1,895 1,989 Innovation C&I 5,916 5,136 Private bank (4) 8,370 4,901 CRE (4) 2,753 — Premium wine (4) 980 1,053 Other C&I 1,259 — Other (4) 252 28 PPP 565 1,559 Total loans (1) (2) (3) $ 61,487 $ 45,181 ACL (398) (448) Net loans $ 61,089 $ 44,733 (1) Total loans at amortized cost is net of unearned income of $240 million and $226 million at September 30, 2021 and December 31, 2020, respectively. (2) Included within our total loan portfolio are credit card loans of $548 million and $400 million at September 30, 2021 and December 31, 2020, respectively. (3) Included within our total loan portfolio are construction loans of $320 million and $118 million at September 30, 2021 and December 31, 2020, respectively. (4) Of our total loans, the table below includes those secured by real estate at amortized cost at September 30, 2021 and December 31, 2020 and were comprised of the following: (Dollars in millions) September 30, 2021 December 31, 2020 Real estate secured loans: Private bank: Loans for personal residence $ 6,684 $ 3,392 Loans to eligible employees 449 481 Home equity lines of credit 131 43 Other 136 143 Total private bank loans secured by real estate $ 7,400 $ 4,059 CRE: Multifamily and residential investment 1,047 — Retail 564 — Office and medical 540 — Manufacturing, industrial and warehouse 309 — Hospitality 155 — Other 138 — Total CRE loans secured by real estate $ 2,753 $ — Premium wine 795 824 Other 281 57 Total real estate secured loans $ 11,229 $ 4,940 Credit Quality Indicators For each individual client, we establish an internal credit risk rating for that loan, which is used for assessing and monitoring credit risk as well as performance of the loan and the overall portfolio. Our internal credit risk ratings are also used to summarize the risk of loss due to failure by an individual borrower to repay the loan. For our internal credit risk ratings, each individual loan is given a risk rating of 1 through 10. Loans risk-rated 1 through 4 are performing loans and translate to an internal rating of “Pass,” with loans risk-rated 1 being cash secured. Loans risk-rated 5 through 7 are performing loans; however, we consider them as demonstrating higher risk, which requires more frequent review of the individual exposures; these translate to an internal rating of “Criticized.” All of our nonaccrual loans are risk-rated 8 or 9 and are classified with the internal rating of "Nonperforming." Loans rated 10 are charged-off and are not included as part of our loan portfolio balance. We review our credit quality indicators on a quarterly basis for performance and appropriateness of risk ratings as part of our evaluation process for our ACL for loans. The following tables summarize the credit quality indicators, broken out by class of financing receivable and vintage year, as of September 30, 2021 and December 31, 2020: Term Loans by Origination Year September 30, 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 $ 470 $ 111 $ 40 $ 54 $ 12 $ 6 $ 33,423 $ — $ — $ 34,116 Criticized — — — — — — 3 1 — 4 Nonperforming — — — — — — — — — — Total global fund banking $ 470 $ 111 $ 40 $ 54 $ 12 $ 6 $ 33,426 $ 1 $ — $ 34,120 Investor dependent: Early stage: Risk rating: Pass $ 605 $ 386 $ 174 $ 35 $ 8 $ 1 $ 149 $ — $ — $ 1,358 Criticized 26 99 31 5 1 — 26 — — 188 Nonperforming — — 3 1 — — — — — 4 Total early stage $ 631 $ 485 $ 208 $ 41 $ 9 $ 1 $ 175 $ — $ — $ 1,550 Growth stage: Risk rating: Pass $ 1,609 $ 1,120 $ 369 $ 113 $ 22 $ 2 $ 316 $ 5 $ — $ 3,556 Criticized 80 84 51 4 1 — 25 — — 245 Nonperforming — 14 1 3 — — 8 — — 26 Total growth stage $ 1,689 $ 1,218 $ 421 $ 120 $ 23 $ 2 $ 349 $ 5 $ — $ 3,827 Total investor dependent $ 2,320 $ 1,703 $ 629 $ 161 $ 32 $ 3 $ 524 $ 5 $ — $ 5,377 Cash flow dependent - SLBO: Risk rating: Pass $ 780 $ 489 $ 280 $ 94 $ 85 $ — $ 34 $ — $ — $ 1,762 Criticized 2 14 18 39 10 13 3 — — 99 Nonperforming — — 12 10 7 — 5 — — 34 Total cash flow dependent - SLBO $ 782 $ 503 $ 310 $ 143 $ 102 $ 13 $ 42 $ — $ — $ 1,895 Innovation C&I Risk rating: Pass $ 1,426 $ 1,298 $ 334 $ 260 $ 131 $ 3 $ 1,983 $ — $ — $ 5,435 Criticized 35 112 73 17 — — 244 — — 481 Nonperforming — — — — — — — — — — Total innovation C&I $ 1,461 $ 1,410 $ 407 $ 277 $ 131 $ 3 $ 2,227 $ — $ — $ 5,916 Private bank: Risk rating: Pass $ 2,163 $ 2,159 $ 1,259 $ 566 $ 496 $ 1,053 $ 625 $ 10 $ — $ 8,331 Criticized — — 6 2 4 13 3 — — 28 Nonperforming — — — 1 — 9 — 1 — 11 Total private bank $ 2,163 $ 2,159 $ 1,265 $ 569 $ 500 $ 1,075 $ 628 $ 11 $ — $ 8,370 CRE Risk rating: Pass $ 256 $ 249 $ 359 $ 160 $ 263 $ 927 $ 120 $ 15 $ — $ 2,349 Criticized 3 29 109 50 50 125 19 — — 385 Nonperforming — — 5 14 — — — — — 19 Total CRE $ 259 $ 278 $ 473 $ 224 $ 313 $ 1,052 $ 139 $ 15 $ — $ 2,753 Premium wine: Risk rating: Pass $ 129 $ 131 $ 182 $ 68 $ 66 $ 148 $ 114 $ 34 $ — $ 872 Criticized 2 12 11 16 — 38 12 — — 91 Nonperforming — — 7 — 10 — — — — 17 Total premium wine $ 131 $ 143 $ 200 $ 84 $ 76 $ 186 $ 126 $ 34 $ — $ 980 Other C&I Risk rating: Pass $ 159 $ 179 $ 96 $ 93 $ 33 $ 310 $ 324 $ 10 $ — $ 1,204 Criticized 5 4 10 9 2 2 15 5 — 52 Nonperforming — — — 1 — 1 1 — — 3 Total other C&I $ 164 $ 183 $ 106 $ 103 $ 35 $ 313 $ 340 $ 15 $ — $ 1,259 Other: Risk rating: Pass $ 25 $ 114 $ 97 $ 21 $ 13 $ — $ 4 $ — $ (29) $ 245 Criticized — — 1 3 3 — — — — 7 Nonperforming — — — — — — — — — — Total other $ 25 $ 114 $ 98 $ 24 $ 16 $ — $ 4 $ — $ (29) $ 252 PPP: Risk rating: Pass $ 387 $ 120 $ — $ — $ — $ — $ — $ — $ — $ 507 Criticized 27 31 — — — — — — — 58 Nonperforming — — — — — — — — — — Total PPP $ 414 $ 151 $ — $ — $ — $ — $ — $ — $ — $ 565 Total loans $ 8,189 $ 6,755 $ 3,528 $ 1,639 $ 1,217 $ 2,651 $ 37,456 $ 81 $ (29) $ 61,487 (1) These amounts consist of fees and clearing items that have not yet been allocated at the loan level. Term Loans by Origination Year December 31, 2020 (Dollars in millions) 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Global fund banking: Risk rating: Pass $ 440 $ 48 $ 69 $ 23 $ 2 $ 6 $ 24,947 $ 2 $ 25,537 Criticized — — — — — — — 6 6 Nonperforming — — — — — — — — — Total global fund banking $ 440 $ 48 $ 69 $ 23 $ 2 $ 6 $ 24,947 $ 8 $ 25,543 Investor dependent: Early stage: Risk rating: Pass $ 667 $ 370 $ 121 $ 32 $ 1 $ 1 $ 96 $ 1 $ 1,289 Criticized 47 73 26 10 4 — 19 — 179 Nonperforming 2 9 5 1 — — 1 — 18 Total early stage $ 716 $ 452 $ 152 $ 43 $ 5 $ 1 $ 116 $ 1 $ 1,486 Growth stage: Risk rating: Pass $ 1,746 $ 696 $ 316 $ 61 $ 5 $ 9 $ 325 $ 8 $ 3,166 Criticized 65 103 56 9 — 7 47 — 287 Nonperforming 17 3 4 3 — — 6 — 33 Total growth stage $ 1,828 $ 802 $ 376 $ 73 $ 5 $ 16 $ 378 $ 8 $ 3,486 Total investor dependent $ 2,544 $ 1,254 $ 528 $ 116 $ 10 $ 17 $ 494 $ 9 $ 4,972 Cash flow dependent - SLBO: Risk rating: Pass $ 791 $ 452 $ 274 $ 167 $ 37 $ — $ 75 $ — $ 1,796 Criticized — 70 39 22 13 — 9 — 153 Nonperforming — 12 16 7 — — 5 — 40 Total cash flow dependent - SLBO $ 791 $ 534 $ 329 $ 196 $ 50 $ — $ 89 $ — $ 1,989 Innovation C&I: Risk rating: Pass $ 1,718 $ 703 $ 378 $ 152 $ 39 $ — $ 1,791 $ 1 $ 4,782 Criticized 75 72 34 4 — — 163 — 348 Nonperforming — — 5 — — — 1 — 6 Total sponsor led buyout $ 1,793 $ 775 $ 417 $ 156 $ 39 $ — $ 1,955 $ 1 $ 5,136 Private bank: Risk rating: Pass $ 1,878 $ 1,153 $ 394 $ 353 $ 295 $ 406 $ 382 $ 1 $ 4,862 Criticized 3 10 5 1 5 8 1 — 33 Nonperforming — — 3 — — 2 1 — 6 Total private bank $ 1,881 $ 1,163 $ 402 $ 354 $ 300 $ 416 $ 384 $ 1 $ 4,901 Premium wine: Risk rating: Pass $ 127 $ 194 $ 71 $ 79 $ 115 $ 154 $ 135 $ 36 $ 911 Criticized 18 24 36 10 13 6 34 — 141 Nonperforming — — — — 1 — — — 1 Total Premium wine $ 145 $ 218 $ 107 $ 89 $ 129 $ 160 $ 169 $ 36 $ 1,053 Other: Risk rating: Pass $ — $ 16 $ 11 $ — $ — $ 1 $ — $ — $ 28 Criticized — — — — — — — — — Nonperforming — — — — — — — — — Total other $ — $ 16 $ 11 $ — $ — $ 1 $ — $ — $ 28 PPP: Risk rating: Pass $ 1,456 $ — $ — $ — $ — $ — $ — $ — $ 1,456 Criticized 103 — — — — — — — 103 Nonperforming — — — — — — — — — Total PPP $ 1,559 $ — $ — $ — $ — $ — $ — $ — $ 1,559 Total loans $ 9,153 $ 4,008 $ 1,863 $ 934 $ 530 $ 600 $ 28,038 $ 55 $ 45,181 Allowance for Credit Losses: Loans In the third quarter of 2021, the ACL for loans increased by $2 million from the prior quarter, driven primarily by growth in our loan portfolio, both from the acquisition of Boston Private and organic, which was offset by enhancements made to our allowance model and improved economic conditions within our forecasted assumptions. The Moody's Analytics September 2021 forecast was utilized in our quantitative model for the ACL as of September 30, 2021 for both legacy and acquired loans. The forecast assumptions included an improvement in the unemployment rate and a strong forecasted gross domestic product growth rate, both as a result of ongoing economic stabilization as the pandemic's impact begins to subside. We determined the forecast to be a reasonable view of the outlook for the economy given the available information at current quarter end. To the extent we identified credit risk considerations that were not captured by the Moody's Analytics September 2021 forecast, we addressed the risk through management's qualitative adjustments to our ACL. The enhancements made to our legacy reserving model were made in normal course, with the primary enhancements being the addition of two years of portfolio data, more granular prepayment models and the re-selection of macroeconomic variables. We do not estimate expected credit losses on AIR on loans, as AIR is reversed or written off when the full collection of the AIR related to a loan becomes doubtful. AIR on loans totaled $160 million at September 30, 2021 and $126 million at December 31, 2020 and is reported in "Accrued interest receivable and other assets" in our unaudited interim consolidated balance sheets. The following tables summarize the activity relating to our ACL for loans for the three and nine months ended September 30, 2021 and 2020, broken out by portfolio segment: Three months ended September 30, 2021 Beginning Balance June 30, 2021 Initial Allowance on PCD Loans Charge-offs Recoveries (Reduction) Provision for Credit Losses (1) Ending Balance September 30, 2021 (Dollars in millions) Global fund banking $ 66 $ — $ — $ — $ (7) $ 59 Investor dependent 158 — (17) 5 (8) 138 Cash flow dependent and innovation C&I 119 — (1) 3 (12) 109 Private bank 47 1 (1) — (16) 31 CRE — 17 — — 23 40 Other C&I — 4 — — 8 12 Premium wine and other 6 — — — 3 9 Total ACL $ 396 $ 22 $ (19) $ 8 $ (9) $ 398 (1) The provision for loan losses for the three months ended September 30, 2021 includes a post-combination provision of $44 million related to non-PCD loans from the Boston Private acquisition. Three months ended September 30, 2020 Beginning Balance June 30, 2020 Charge-offs Recoveries (Reduction) Provision for Credit Losses Foreign Currency Translation Adjustments Ending Balance September 30, 2020 (Dollars in millions) Global fund banking $ 54 $ — $ — $ (15) $ — $ 39 Investor dependent 292 (28) 4 (5) — 263 Cash flow dependent and innovation C&I 123 — — (2) — 121 Private Bank 91 — — (15) — 76 Premium wine and other 26 — — (16) 1 11 PPP 4 — — (1) — 3 Total ACL $ 590 $ (28) $ 4 $ (54) $ 1 $ 513 Nine months ended September 30, 2021 Beginning Balance December 31, 2020 Initial Allowance on PCD Loans Charge-offs Recoveries Provision (Reduction) for Credit Losses (1) Ending Balance September 30, 2021 (Dollars in millions) Global fund banking $ 46 $ — $ (80) $ — $ 93 $ 59 Investor dependent 213 — (37) 13 (51) 138 Cash flow dependent and innovation C&I 125 — (8) 3 (11) 109 Private bank 53 1 (3) — (20) 31 CRE — 17 — — 23 40 Other C&I — 4 — — 8 12 Premium wine and other 9 — (1) — 1 9 PPP 2 — — — (2) — Total ACL $ 448 $ 22 $ (129) $ 16 $ 41 $ 398 (1) The provision for loan losses for the nine months ended September 30, 2021 includes a post-combination provision of $44 million related to non-PCD loans from the Boston Private acquisition. Nine months ended September 30, 2020 Beginning Balance December 31, 2019 Impact of Adopting ASC 326 Charge-offs Recoveries Provision (Reduction) for Credit Losses Foreign Currency Translation Adjustments Ending Balance September 30, 2020 (Dollars in millions) Global fund banking $ 107 $ (70) $ — $ — $ 2 $ — $ 39 Investor dependent 82 72 (67) 12 165 (1) 263 Cash flow dependent and innovation C&I 81 (1) (11) 3 50 (1) 121 Private bank 22 12 (2) — 44 — 76 Premium wine and other 13 12 — 1 (17) 2 11 PPP — — — — 3 — 3 Total ACL $ 305 $ 25 $ (80) $ 16 $ 247 $ — $ 513 The following table summarizes the aging of our loans broken out by class of financing receivable as of September 30, 2021 and December 31, 2020: (Dollars in millions) 30 - 59 60 - 89 Equal to or Greater Total Past Current Total Loans Past Due September 30, 2021: Global fund banking $ — $ — $ — $ — $ 34,120 $ 34,120 $ — Investor dependent: Early stage 1 — — 1 1,549 1,550 — Growth stage 2 — — 2 3,825 3,827 — Total investor dependent 3 — — 3 5,374 5,377 — Cash flow dependent - SLBO — — — — 1,895 1,895 — Innovation C&I 1 3 — 4 5,912 5,916 — Private bank 1 2 8 11 8,359 8,370 2 CRE 14 — — 14 2,739 2,753 — Premium wine — — 17 17 963 980 — Other C&I 3 1 1 5 1,254 1,259 — Other — — — — 252 252 — PPP — — 1 1 564 565 1 Total loans $ 22 $ 6 $ 27 $ 55 $ 61,432 $ 61,487 $ 3 December 31, 2020: Global fund banking $ 28 $ — $ — $ 28 $ 25,515 $ 25,543 $ — Investor dependent: Early stage 6 2 — 8 1,478 1,486 — Growth stage 11 — 1 12 3,474 3,486 — Total investor dependent 17 2 1 20 4,952 4,972 — Cash flow dependent - SLBO — — — — 1,989 1,989 — Innovation C&I 7 1 — 8 5,128 5,136 — Private bank 4 4 — 8 4,893 4,901 — Premium wine 3 — 1 4 1,049 1,053 — Other — — — — 28 28 — PPP — — — — 1,559 1,559 — Total loans $ 59 $ 7 $ 2 $ 68 $ 45,113 $ 45,181 $ — Nonaccrual Loans The following table summarizes our nonaccrual loans with no allowance for credit loss at September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 (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 $ 4 $ — $ 18 $ — Growth stage 26 — 33 3 Total investor dependent 30 — 51 3 Cash flow dependent - SLBO 34 — 40 — Innovation C&I — — 6 1 Private bank 11 2 6 3 CRE 19 — — — Premium wine 17 17 1 1 Other C&I 3 — — — Total nonaccrual loans (1) $ 114 $ 19 $ 104 $ 8 (1) Nonaccrual loans at September 30, 2021 include $31 million of loans that were acquired from Boston Private. TDRs As of September 30, 2021, we had 57 TDRs with a total carrying value of $122 million where concessions have been granted to borrowers experiencing financial difficulties, in an attempt to maximize collection. There was less than $1 million of unfunded commitments available for funding to the clients associated with these TDRs as of September 30, 2021. The following table summarizes our loans modified in TDRs, broken out by class of financing receivable at September 30, 2021 and December 31, 2020: (Dollars in millions) September 30, 2021 December 31, 2020 Loans modified in TDRs: Investor dependent: Early stage $ — $ 7 Growth stage 26 29 Total investor dependent 26 36 Cash flow dependent - SLBO 34 22 Innovation C&I — 1 Private bank 10 — CRE 48 — Premium wine 2 2 Other C&I 2 — Total loans modified in TDRs (1) $ 122 $ 61 (1) Loans modified in TDRs at September 30, 2021 include 48 loans with a total balance of $60 million that were acquired from Boston Private. The following table summarizes the recorded investment in loans modified in TDRs, broken out by class of financing receivable, for modifications made during the three and nine months ended September 30, 2021 and 2020: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Loans modified in TDRs during the period: Investor dependent: Early stage $ — $ 4 $ 1 $ 4 Growth stage 8 — 8 4 Total investor dependent 8 4 9 8 Cash flow dependent - SLBO — 21 12 21 Innovation C&I — 1 — 2 Private bank 2 — 2 — CRE 43 — 43 — Premium wine — — — 1 Total loans modified in TDRs during the period (1) (2) $ 53 $ 26 $ 66 $ 32 (1) There were no partial charge-offs for the three months ended September 30, 2021 and $7 million for the nine months then ended, compared to $14 million and $31 million of partial charge-offs for the three and nine months ended September 30, 2020, respectively. (2) Loans modified in TDRs during the three and nine months ended September 30, 2021 include $45 million of loans acquired from Boston Private that were subsequently modified in TDRs. During the three months ended September 30, 2021, new TDRs of $17 million were modified through payment deferrals granted to our clients, $14 million were modified through term extensions and $22 million were modified through a combination thereof. During the three months ended September 30, 2020, new TDRs of $25 million were modified through payment deferrals and $1 million through forgiveness of principal. During the nine months ended September 30, 2021, new TDRs of $30 million were modified through payment deferrals granted to our clients, $14 million were modified through term extensions and $22 million were modified through a combination thereof. During the nine months ended September 30, 2020, new TDRs of $31 million were modified through payment deferrals and $1 million through forgiveness of principal. The following table summarizes the recorded investment in loans modified in TDRs within the previous 12 months that subsequently defaulted during the three and nine months ended September 30, 2021 and September 30, 2020: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 TDRs modified within the previous 12 months that defaulted during the period: Premium wine $ — $ 1 $ — $ 1 Total TDRs modified within the previous 12 months that defaulted in the period $ — $ 1 $ — $ 1 Charge-offs and defaults on previously restructured loans are evaluated to determine the impact to the ACL for loans, if any. The evaluation of these defaults may impact the assumptions used in calculating the reserve on other TDRs and nonaccrual loans as well as management’s overall outlook of macroeconomic factors that affect the reserve on the loan portfolio as a whole. After evaluating the charge-offs and defaults experienced on our TDRs we determined that no change to our reserving methodology for TDRs was necessary to determine the ACL for loans as of September 30, 2021. ACL: Unfunded Credit Commitments We maintain a separate ACL for unfunded credit commitments that is determined using a methodology that is inherently similar to the methodology used for calculating the ACL for loans. At September 30, 2021 , our ACL estimates utilized the Moody's economic forecasts from September 2021 as mentioned above. In the third quarter of 2021, the ACL for unfunded commitments increased by $29 million from the prior quarter, driven primarily by growth in our outstanding commitments and compositional changes in our portfolio. The following table summarizes the activity relating to our ACL for unfunded credit commitments for the three and nine months ended September 30, 2021 and 2020: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 ACL: unfunded credit commitments, beginning balance $ 120 $ 99 $ 121 $ 67 Impact of adopting ASC 326 — — — 23 Provision for credit losses (1) 29 2 28 11 ACL: unfunded credit commitments, ending balance (2) $ 149 $ 101 $ 149 $ 101 (1) The provision for credit losses for unfunded credit commitments for the three and nine months ended September 30, 2021 includes a post-combination provision of $2 million related to commitments acquired from Boston Private. (2) The “ACL: unfunded credit commitments” is included as a component of “other liabilities” on our unaudited interim consolidated balance sheets. See Note 12 — “Off-Balance Sheet Arrangements, Guarantees and Other Commitments” of this report for additional disclosures related to our commitments to extend credit. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill Goodwill was $344 million at September 30, 2021 compared to $143 million at December 31, 2020, which was a result of additional goodwill recognized for the acquisition of Boston Private effective July 1, 2021. The changes in goodwill were as follows for the nine months ended September 30, 2021: (Dollars in millions) Goodwill Beginning balance at December 31, 2020 $ 143 Acquisitions 201 Ending balance at September 30, 2021 $ 344 Other Intangible Assets The components of net other intangible assets were as follows: September 30, 2021 December 31, 2020 (Dollars in millions) Gross Amount Accumulated Amortization Net Carrying Amount Gross Amount Accumulated Amortization Net Carrying Amount Other intangible assets: Customer relationships $ 127 $ 12 $ 115 $ 42 $ 8 $ 34 Other 55 14 41 36 9 27 Total other intangible assets $ 182 $ 26 $ 156 $ 78 $ 17 $ 61 For the nine months ended September 30, 2021, we recorded amortization expense of $9 million. Assuming no future impairments of other intangible assets or additional acquisitions or dispositions, the following table presents the Company's future expected amortization expense for other intangible assets that will continue to be amortized as of September 30, 2021: Years ended December 31, Other 2021 (excluding the nine months ended September 30, 2021) $ 9 2022 21 2023 19 2024 18 2025 15 2026 and thereafter 74 Total future amortization expense $ 156 |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments We primarily use derivative financial instruments to manage interest rate risk and currency exchange rate risk and to assist customers with their risk management objectives, which may include currency exchange rate risks and interest rate risks. Also, in connection with negotiating credit facilities and certain other services, we often obtain equity warrant assets giving us the right to acquire stock in private, venture-backed companies in the technology and life science/healthcare industries. Interest Rate Risk Interest rate risk is our primary market risk and can result from timing and volume differences in the repricing of our interest rate sensitive assets and liabilities and changes in market interest rates. To manage interest rate risk on our interest rate sensitive assets, we have entered into interest rate swap contracts to hedge against future changes in interest rates. We designate these interest rate swap contracts as fair value and cash flow hedges. Fair Value Hedges To manage interest rate risk on our AFS securities portfolio, we enter into pay-fixed, receive-floating interest rate swap contracts to hedge against exposure to changes in the fair value of the securities resulting from changes in interest rates. We designate these interest rate swap contracts as fair value hedges that qualify for hedge accounting under ASC 815, Derivatives and Hedging ("ASC 815") and have elected to account for a portion of them using the last-of-layer method as outlined in ASC 815. We record the fair value hedges in other assets and other liabilities. For qualifying fair value hedges, both the changes in the fair value of the derivative and the portion of the fair value adjustments associated with the last-of-layer attributable to the hedged risk will be recognized into earnings as they occur. Derivative amounts affecting earnings are recognized consistent with the classification of the hedged item in the line item "investment securities" as part of interest income, a component of consolidated net income. We assess hedge effectiveness under ASC 815 on a quarterly basis to ensure all hedges remain highly effective and hedge accounting under ASC 815 can be applied. In conjunction with the assessment of effectiveness, we assess the hedged item to ensure it is expected to be outstanding at the hedged item’s assumed maturity date and the last-of-layer method of accounting under ASC 815 can be applied. If the hedging relationship no longer exists or no longer qualifies as a hedge per ASC 815, any remaining fair value basis adjustments are allocated to the individual assets in the portfolio and amortized into earnings over a period consistent with the amortization of other discounts and premiums associated with the respective assets. As allowed under GAAP, we applied the "shortcut" method of accounting to a portion of our fair value hedges which assumes there is perfect effectiveness. The following table summarizes the amortized cost basis of hedged assets that are designated and qualify as fair value hedges and the cumulative amount of fair value hedging adjustments included in the carrying value that have been recorded on our unaudited interim consolidated balance sheets as of September 30, 2021: September 30, 2021 (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) $ 17,524 $ (13) (1) These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At September 30, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $13.4 billion, the amounts of the designated hedged items was $7.3 billion and the cumulative basis adjustments associated with these hedging relationships was $13 million. (2) The balance includes $6 million of hedging adjustments on discontinued hedging relationships at September 30, 2021. Cash Flow Hedges To manage interest rate risk on our variable-interest rate loan portfolio, we enter into interest rate swap contracts to hedge against future changes in interest rates by using hedging instruments to lock in future cash inflows that would otherwise be impacted by movements in the market interest rates. We designate these interest rate swap contracts as cash flow hedges that qualify for hedge accounting under ASC 815 and record them in other assets and other liabilities. For qualifying cash flow hedges, changes in the fair value of the derivative are recorded in AOCI and recognized in earnings as the hedged item affects earnings. Derivative amounts affecting earnings are recognized consistent with the classification of the hedged item in the line item "loans" as part of interest income, a component of consolidated net income. We assess hedge effectiveness under ASC 815 on a quarterly basis to ensure all hedges remain highly effective and hedge accounting under ASC 815 can be applied. If the hedging relationship no longer exists or no longer qualifies as a hedge per ASC 815, any amounts remaining as gain or loss in AOCI are reclassified into earnings in the line item "loans" as part of interest income, a component of consolidated net income. As of March 31, 2020, all derivatives previously classified as hedges with notional balances totaling $5.0 billion and a net asset fair value of $228 million were terminated. As of September 30, 2021, the total unrealized gains on terminated cash flow hedges remaining in AOCI was $132 million, $95 million net of tax. The unrealized gains will be reclassified into interest income as the underlying forecasted transactions impact earnings through the original maturity of the hedged forecasted transactions. The total remaining term over which the unrealized gains will be reclassified into earnings is approximately four years. Currency Exchange Risk We enter into foreign exchange forward contracts to economically reduce our foreign exchange exposure risk associated with the net difference between foreign currency denominated assets and liabilities. We do not designate any foreign exchange forward contracts as derivative instruments that qualify for hedge accounting. Gains or losses from changes in currency rates on foreign currency denominated instruments are recorded in the line item “other” as part of noninterest income, a component of consolidated net income. We may experience ineffectiveness in the economic hedging relationship, because the instruments are revalued based upon changes in the currency’s spot rate on the principal value, while the forwards are revalued on a discounted cash flow basis. We record forward agreements in gain positions in other assets and loss positions in other liabilities, while net changes in fair value are recorded in the line item “other” as part of noninterest income, a component of consolidated net income. Other Derivative Instruments Also included in our derivative instruments are equity warrant assets and client forward and option contracts, and client interest rate contracts. For further description of these other derivative instruments, refer to Note 2 — “Summary of Significant Accounting Policies" under Part II, Item 8 of our 2020 Form 10-K. Counterparty Credit Risk We are exposed to credit risk if counterparties to our derivative contracts do not perform as expected. We mitigate counterparty credit risk through credit approvals, limits, monitoring procedures and obtaining collateral, as appropriate. With respect to measuring counterparty credit risk for derivative instruments, we measure the fair value of a group of financial assets and financial liabilities on a net risk basis by counterparty portfolio. The total notional or contractual amounts and fair value of our derivative financial instruments at September 30, 2021 and December 31, 2020 were as follows: September 30, 2021 December 31, 2020 Notional or Fair Value Notional or 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) $ 9,175 $ 14 $ — $ — $ — $ — Interest rate swaps 2,125 — — — — — Derivatives not designated as hedging instruments: Currency exchange risks: Foreign exchange forwards and swaps 651 12 — 68 — — Foreign exchange forwards and swaps 80 — 1 567 — 20 Other derivative instruments: Equity warrant assets 309 274 — 253 203 — Client foreign exchange forwards and swaps 8,974 171 — 8,026 215 — Client foreign exchange forwards and swaps 8,652 — 155 7,491 — 188 Client foreign currency options 196 2 — 98 2 — Client foreign currency options 196 — 2 98 — 2 Client interest rate derivatives 2,249 115 — 1,082 68 — Client interest rate derivatives (2) 2,264 — 116 1,251 — 27 Total derivatives not designated as hedging instruments 574 274 488 237 Total derivatives $ 588 $ 274 $ 488 $ 237 (1) Derivative assets and liabilities are included in "accrued interest receivable and other assets" and "other liabilities " , respectively, on our consolidated balance sheets. (2) The amount reported reflects reductions of approximately $5 million of derivative assets and $45 million of derivative liabilities at September 30, 2021 and December 31, 2020, respectively, reflecting variation margin treated as settlement of the related derivative fair values for legal and accounting purposes as required by central clearing houses. A summary of our derivative activity and the related impact on our consolidated statements of income for the three and nine months ended September 30, 2021 and 2020 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in millions) Statement of income location 2021 2020 2021 2020 Derivatives designated as hedging instruments: Interest rate risks: Amounts reclassified from AOCI into income Interest income - loans $ 16 $ 16 $ 47 $ 34 Change in fair value of interest rate swaps hedging investment securities Interest income - investment securities taxable 5 — 18 — Change in fair value of hedged investment securities Interest income - investment securities taxable (6) — (19) — Net gains associated with interest rate risk derivatives $ 15 $ 16 $ 46 $ 34 Derivatives not designated as hedging instruments: Currency exchange risks: (Losses) gains on revaluations of internal foreign currency instruments, net Other noninterest income $ (14) $ 17 (35) $ 20 Gains (losses) on internal foreign exchange forward contracts, net Other noninterest income 14 (19) 35 (20) Net gains (losses) associated with internal currency risk $ — $ (2) $ — $ — Other derivative instruments: Gains (losses) on revaluations of client foreign currency instruments, net Other noninterest income $ 1 $ — $ 16 $ (3) (Losses) gains on client foreign exchange forward contracts, net Other noninterest income (5) 2 (15) 2 Net (losses) gains associated with client currency risk $ (4) $ 2 $ 1 $ (1) Net gains on equity warrant assets Gains on equity warrant assets, net $ 147 $ 54 $ 491 $ 94 Net gains on other derivatives Other noninterest income $ 2 $ 31 $ 4 $ 27 Balance Sheet Offsetting Certain of our derivative and other financial instruments are subject to enforceable master netting arrangements with our counterparties. These agreements provide for the net settlement of multiple contracts with a single counterparty through a single payment, in a single currency, in the event of default on or termination of any one contract. The following table summarizes our assets subject to enforceable master netting arrangements as of September 30, 2021 and December 31, 2020: 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) September 30, 2021 Derivative assets: Interest rate swaps $ 14 $ — $ 14 $ — $ (7) $ 7 Foreign exchange forwards and swaps 183 — 183 (71) (33) 79 Foreign currency options 2 — 2 — — 2 Client interest rate derivatives 115 — 115 (113) (2) — Total derivative assets 314 — 314 (184) (42) 88 Reverse repurchase, securities borrowing, and similar arrangements 216 — 216 (216) — — Total $ 530 $ — $ 530 $ (400) $ (42) $ 88 December 31, 2020 Derivative assets: Interest rate swaps $ — $ — $ — $ — $ — $ — Foreign exchange forwards and swaps 215 — 215 (76) (21) 118 Foreign currency options 2 — 2 (1) — 1 Client interest rate derivatives 68 — 68 (68) — — Total derivative assets 285 — 285 (145) (21) 119 Reverse repurchase, securities borrowing, and similar arrangements 227 — 227 (227) — — Total $ 512 $ — $ 512 $ (372) $ (21) $ 119 (1) Cash collateral received from our counterparties in relation to market value exposures of derivative contracts in our favor is recorded as a component of “short-term borrowings” on our consolidated balance sheets. The following table summarizes our liabilities subject to enforceable master netting arrangements as of September 30, 2021 and December 31, 2020: 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) September 30, 2021 Derivative liabilities: Interest rate swaps $ — $ — $ — $ — $ — $ — Foreign exchange forwards and swaps 156 — 156 (66) (14) 76 Foreign currency options 2 — 2 (1) (1) — Client interest rate derivatives 116 — 116 (50) (66) — Total derivative liabilities 274 — 274 (117) (81) 76 Repurchase, securities lending, and similar arrangements 97 — 97 — — 97 Total $ 371 $ — $ 371 $ (117) $ (81) $ 173 December 31, 2020 Derivative liabilities: Interest rate swaps $ — $ — $ — $ — $ — $ — Foreign exchange forwards and swaps 208 — 208 (84) (45) 79 Foreign currency options 2 — 2 (1) — 1 Client interest rate derivatives 27 — 27 — (26) 1 Total derivative liabilities 237 — 237 (85) (71) 81 Repurchase, securities lending, and similar arrangements — — — — — — Total $ 237 $ — $ 237 $ (85) $ (71) $ 81 (1) Cash collateral pledged to our counterparties in relation to market value exposures of derivative contracts in a liability position and repurchase agreements are recorded as a component of “cash and cash equivalents " on our consolidated balance sheets. |
Noninterest Income
Noninterest Income | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Noninterest Income | Noninterest Income All of the Company's revenue from contracts with customers within the scope of ASC 606 is recognized within noninterest income. Included below is a summary of noninterest income for the three and nine months ended September 30, 2021 and 2020: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Noninterest income: Gains on investment securities, net $ 189 $ 190 $ 661 $ 271 Gains on equity warrant assets, net 147 54 491 94 Client investment fees 20 32 55 107 Wealth management and trust fees 22 — 22 — Foreign exchange fees 65 44 189 128 Credit card fees 34 23 93 72 Deposit service charges 29 22 82 67 Lending related fees 21 13 55 38 Letters of credit and standby letters of credit fees 13 12 39 35 Investment banking revenue 90 92 335 281 Commissions 17 16 58 49 Other 25 49 97 76 Total noninterest income $ 672 $ 547 $ 2,177 $ 1,218 Gains on investment securities, net Net gains on investment securities include both gains and losses from our non-marketable and other equity securities, which include public equity securities held as a result of exercised equity warrant assets, gains and losses from sales of our AFS debt securities portfolio, when applicable, and carried interest. Our non-marketable and other equity securities portfolio primarily represents investments in venture capital and private equity funds, SPD-SVB, debt funds, private and public portfolio companies, which includes public equity securities held as a result of exercised equity warrant assets, and qualified affordable housing projects. We experience variability in the performance of our non-marketable and other equity securities from period to period, which results in net gains or losses on investment securities (both realized and unrealized). This variability is due to a number of factors, including unrealized changes in the values of our investments, changes in the amount of realized gains from distributions, changes in liquidity events and general economic and market conditions. Unrealized gains from non-marketable and other equity securities for any single period are typically driven by valuation changes. The extent to which any unrealized gains or losses will become realized is subject to a variety of factors, including, among other things, the expiration of certain sales restrictions to which these equity securities may be subject to (e.g., lock-up agreements), changes in prevailing market prices, market conditions, the actual sales or distributions of securities, and the timing of such actual sales or distributions, which, to the extent such securities are managed by our managed funds, are subject to our funds' separate discretionary sales/distributions and governance processes. Carried interest is comprised of preferential allocations of profits recognizable when the return on assets of our individual managed fund of funds and direct venture funds exceeds certain performance targets and is payable to us, as the general partners of the managed funds. The carried interest we earn is often shared with employees, who are also members of the general partner entities. We record carried interest on a quarterly basis by measuring fund performance to date versus the performance target. For our unconsolidated managed funds, carried interest is recorded as gains on investment securities, net. For our consolidated managed funds, it is recorded as a component of net income attributable to noncontrolling interests. Carried interest allocated to others is recorded as a component of net income attributable to noncontrolling interests. Any carried interest paid to us (or our employees) may be subject to reversal to the extent fund performance declines to a level where inception to date carried interest is lower than actual payments made by the funds. The limited partnership agreements for our funds provide that carried interest is generally not paid to the general partners until the funds have provided a full return of contributed capital to the limited partners. Accrued, but unpaid carried interest may be subject to reversal to the extent that the fund performance declines to a level where inception-to-date carried interest is less than prior amounts recognized. Carried interest income is accounted for under an ownership model based on ASC 323 — Equity Method of Accounting and ASC 810 — Consolidation. Our AFS securities portfolio is a fixed income investment portfolio that is managed with the objective of earning an appropriate portfolio yield over the long-term while maintaining sufficient liquidity and credit diversification as well as addressing our asset/liability management objectives. Though infrequent, sales of debt securities in our AFS securities portfolio may result in net gains or losses and are conducted pursuant to the guidelines of our investment policy related to the management of our liquidity position and interest rate risk. Gains on investment securities are recognized outside of the scope of ASC 606 as it explicitly excludes noninterest income earned from our investment-related activities. A summary of gains and losses on investment securities for the three and nine months ended September 30, 2021 and 2020 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Gains on non-marketable and other equity securities, net $ 189 $ 190 $ 661 $ 210 Gains on sales of AFS securities, net — — — 61 Total gains on investment securities, net $ 189 $ 190 $ 661 $ 271 Gains on equity warrant assets, net In connection with negotiating credit facilities and certain other services, we often obtain rights to acquire stock in the form of equity warrant assets in primarily private, venture-backed companies in the technology and life science/healthcare industries. Any changes in fair value from the grant date fair value of equity warrant assets will be recognized as increases or decreases to other assets on our balance sheet and as net gains or losses on equity warrant assets, in noninterest income, a component of consolidated net income. Gains on equity warrant assets are recognized outside of the scope of ASC 606 as it explicitly excludes noninterest income earned from our derivative-related activities. A summary of net gains on equity warrant assets for the three and nine months ended September 30, 2021 and 2020 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Equity warrant assets: Gains on exercises, net $ 91 $ 24 $ 381 $ 59 Terminations (1) — (2) (1) Changes in fair value, net 57 30 112 36 Total net gains on equity warrant assets $ 147 $ 54 $ 491 $ 94 Client investment fees Client investment fees include fees earned from discretionary investment management services for managing clients’ portfolios based on their investment policies, and strategies and objectives. Revenue is recognized on a monthly basis upon completion of our performance obligation and consideration is typically received in the subsequent month. Included in our sweep money market fees are Rule 12(b)-1 fees, revenue sharing and customer transactional-based fees. Rule 12(b)-1 fees and revenue sharing are recognized as earned based on client funds that are invested in the period, typically monthly. Transactional based fees are earned and recognized on fixed income securities when the transaction is executed on the clients' behalf. Amounts paid to third-party service providers are predominantly expensed, such that client investment fees are recorded gross of payments made to third parties. A summary of client investment fees by instrument type for the three and nine months ended September 30, 2021 and 2020 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Client investment fees by type: Sweep money market fees $ 12 $ 18 $ 31 $ 61 Asset management fees (1) 7 12 22 33 Repurchase agreement fees 1 2 2 13 Total client investment fees (2) $ 20 $ 32 $ 55 $ 107 (1) Represents fees earned from investments in third-party money market mutual funds and fixed-income securities managed by SVB Asset Management. (2) Represents fees earned on client investment funds that are maintained at third-party financial institutions and are not recorded on our balance sheet. Wealth management and trust fees Wealth management and trust fees was a new core fee income line item for the third quarter of 2021 reflective of the acquisition of Boston Private. These fees are earned for providing wealth management, retirement plan advisory, family office, financial planning, trust services and other financial advisory services to clients. The Company’s performance obligation under these contracts is satisfied over time as the services are provided. Fees are recognized monthly based on the average monthly, beginning-of-quarter, or, for a small number of clients, end-of-quarter market value of the Private Bank AUM and the applicable fee rate, depending on the terms of the contracts. Fees are also recognized monthly based either on a fixed fee amount or are based on the quarter-end (in arrears) market value of the Private Bank AUM and the applicable fee rate, depending on the terms of the contracts. No performance-based incentives are earned under wealth management contracts. Receivables are recorded on the Consolidated Balance Sheets in the "Accrued interest receivable and other assets" line item. Trust fees are earned when the Company is appointed as trustee for clients. As trustee, the Company administers the client’s trust and manages the assets of the trust, including investments and property. The Company’s performance obligation under these agreements is satisfied over time as the administration and management services are provided. Fees are recognized monthly or, in certain circumstances, quarterly based on a percentage of the market value of the account as outlined in the agreement. Payment frequency is defined in the individual contracts, which primarily stipulate monthly in arrears. No performance-based incentives are earned on trust fee contracts. Receivables are recorded on the Consolidated Balance Sheets in the "Accrued interest receivable and other assets" line item. A summary of wealth management and trust fees by instrument type for the three and nine months ended September 30, 2021 and 2020 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Wealth management and trust fees by type: Wealth management fees $ 20 $ — $ 20 $ — Trust fees 2 — 2 — Total wealth management and trust fees $ 22 $ — $ 22 $ — Foreign exchange fees Foreign exchange fees represent the income differential between purchases and sales of foreign currency on behalf of our clients, primarily from spot contracts. Foreign exchange spot contract fees are recognized upon the completion of the single performance obligation, the execution of a spot trade in exchange for a fee. In line with customary business practice, the legal right transfers to the client upon execution of a foreign exchange contract on the trade date, and as such, we currently recognize our fees based on the trade date and the transactions are typically settled within two business days. Forward contract and option premium fees are recognized outside of the scope of ASC 606 as it explicitly excludes noninterest income earned from our derivative-related activities. A summary of foreign exchange fee income by instrument type for the three and nine months ended September 30, 2021 and 2020 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Foreign exchange fees by instrument type: Spot contract commissions $ 60 $ 39 $ 175 $ 113 Forward contract commissions 5 5 13 14 Option premium fees — — 1 1 Total foreign exchange fees $ 65 $ 44 $ 189 $ 128 Credit card fees Credit card fees include interchange income from credit and debit cards and fees earned from processing transactions for merchants. Interchange income is earned after satisfying our performance obligation of providing nightly settlement services to a payment network. Costs related to rewards programs are recorded when the rewards are earned by the customer and presented as a reduction to interchange fee income. Rewards programs continue to be accounted for under ASC 310 - Receivables . Our performance obligations for merchant service fees are to transmit data and funds between the merchant and the payment network. Credit card interchange and merchant service fees are earned daily upon completion of transaction settlement services. Annual card service fees are recognized on a straight-line basis over a 12-month period and continue to be accounted for under ASC 310 - Receivables . A summary of credit card fees by instrument type for the three and nine months ended September 30, 2021 and 2020 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Credit card fees by instrument type: Card interchange fees, net $ 29 $ 18 $ 78 $ 55 Merchant service fees 4 4 12 14 Card service fees 1 1 3 3 Total credit card fees $ 34 $ 23 $ 93 $ 72 Deposit service charges Deposit service charges include fees earned from performing cash management activities and other deposit account services. Deposit services include, but are not limited to, the following: receivables services, which include merchant services, remote capture, lockbox, electronic deposit capture, and fraud control services. Payment and cash management products and services include wire transfer and automated clearing house payment services to enable clients to transfer funds more quickly, as well as business bill pay, business credit and debit cards, account analysis, and disbursement services. Deposit service charges are recognized over the period in which the related performance obligation is provided, generally on a monthly basis, and are presented in the "Disaggregation of revenue from contracts with customers" tables below. Lending related fees Unused commitment fees, minimum finance fees and unused line fees are recognized as earned on a monthly basis. Fees that qualify for syndication treatment are recognized at the completion of the syndicated loan deal for which the fees were received. Lending related fees are recognized outside of the scope of ASC 606 as it explicitly excludes noninterest income earned from our lending-related activities. A summary of lending related fees by instrument type for the three and nine months ended September 30, 2021 and 2020 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Lending related fees by instrument type: Unused commitment fees $ 14 $ 10 $ 42 $ 27 Other 7 3 13 11 Total lending related fees $ 21 $ 13 $ 55 $ 38 Letters of credit and standby letters of credit fees Commercial and standby letters of credit represent conditional commitments issued by us on behalf of a client to guarantee the performance of the client to a third party when certain specified future events have occurred. Fees generated from letters of credit and standby letters of credit are deferred as a component of other liabilities and recognized in noninterest income over the commitment period using the straight-line method, based on the likelihood that the commitment being drawn down will be remote. Letters of credit and standby letters of credit fees are recognized outside of the scope of ASC 606 as it explicitly excludes noninterest income earned from our lending related activities. Investment banking revenue We earn investment banking revenue from clients for providing services related to securities underwriting, private placements and advisory services on strategic matters such as mergers and acquisitions. Underwriting fees are attributable to public and private offerings of equity and debt securities and are recognized at the point in time when the offering has been deemed to be completed by the lead manager of the underwriting group. Once the offering is completed, the performance obligation has been satisfied; we recognize the applicable management fee as well as the underwriting fee, net of consideration payable to customers. Private placement fees are recognized at the point in time when the private placement is completed, which is generally when the client accepts capital from the fund raise. Advisory fees from mergers and acquisitions engagements are generally recognized at the point in time when the related transaction is completed. Expenses are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other deal-related expenses are expensed as incurred. We have determined that we act as principal in the majority of these transactions and therefore present expenses gross within other operating expenses. A summary of investment banking revenue by instrument type for the three and nine months ended September 30, 2021 and 2020 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Investment banking revenue: Underwriting fees $ 39 $ 85 $ 248 $ 248 Advisory fees 26 2 39 26 Private placements and other 25 5 48 7 Total investment banking revenue $ 90 $ 92 $ 335 $ 281 Commissions Commissions include commissions received from customers for the execution of agency-based brokerage transactions in listed and over-the-counter equities. The execution of each trade order represents a distinct performance obligation and the transaction price is fixed at the point in time or trade order execution. Trade execution is satisfied at the point in time that the customer has control of the asset and as such, fees are recorded on a trade date basis. Commissions are presented in the "Disaggregation of revenue from contracts with customers" tables below. Other Other noninterest income primarily includes income from fund management fees, gains from conversion of convertible debt options and service revenue. Fund management fees are comprised of fees charged directly to our managed funds of funds and direct venture funds. Fund management fees are based upon the contractual terms of the limited partnership agreements and are generally recognized as earned over the specified contract period, which is generally equal to the life of the individual fund. Fund management fees are calculated as a percentage of committed capital and collected in advance and are received quarterly. Fund management fees for certain of our limited partnership agreements are calculated as a percentage of distributions made by the funds and revenue is recorded only at the time of a distribution event. As distribution events are not predetermined for these certain funds, management fees are considered variable and constrained under ASC 606. Gains from conversion of convertible debt options represent unrealized valuation gains on loan conversion derivative assets, and realized gains from the conversion of debt instruments, convertible into a third party’s common stock upon a triggering event such as an IPO. Gains from conversion of convertible debt options are recognized outside of the scope of ASC 606 as it explicitly excludes noninterest income earned from our derivative-related activities. Other service revenue primarily consists of dividend income on FHLB/FRB stock, correspondent bank rebate income, incentive fees, or performance fees related to carried interest and other fee income. We recognize revenue when our performance obligations are met and record revenues on a daily/monthly, quarterly, semi-annual or annual basis. For event driven revenue sources, we recognize revenue when: (i) persuasive evidence of an arrangement exists, (ii) we have performed the service, provided we have no other remaining obligations to the customer, (iii) the fee is fixed or determinable and (iv) collectability is probable. A summary of other noninterest income by instrument type for the three and nine months ended September 30, 2021 and 2020 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Other noninterest income by instrument type: Fund management fees $ 15 $ 10 $ 51 $ 26 Net gains on revaluation of foreign currency instruments, net of foreign exchange forward contracts (1) (4) (1) 1 (1) Gains from conversion of convertible debt options — 30 — 30 Other service revenue 14 10 45 21 Total other noninterest income $ 25 $ 49 $ 97 $ 76 (1) Represents the net revaluation of client and internal foreign currency denominated financial instruments. We enter into foreign exchange forward contracts to economically reduce our foreign exchange exposure related to client and internal foreign currency denominated financial instruments. Disaggregation of revenue from contracts with customers The following tables present our revenues from contracts with customers disaggregated by revenue source and segment for the three and nine months ended September 30, 2021 and 2020: Three months ended September 30, 2021 Global SVB Private SVB Capital (2) SVB Other Items Total (Dollars in millions) Revenue from contracts with customers: Client investment fees $ 20 $ — $ — $ — $ — $ 20 Wealth management and trust fees — 22 — — — 22 Spot contract commissions 59 1 — — — 60 Card interchange fees, gross 52 — — — — 52 Merchant service fees 4 — — — — 4 Deposit service charges 28 — — — 1 29 Investment banking revenue — — — 90 — 90 Commissions — — — 17 — 17 Fund management fees — — 14 1 — 15 Performance fees — — 4 — — 4 Correspondent bank rebates 2 — — — — 2 Total revenue from contracts with customers $ 165 $ 23 $ 18 $ 108 $ 1 $ 315 Revenues outside the scope of ASC 606 (1) 17 2 127 23 188 357 Total noninterest income $ 182 $ 25 $ 145 $ 131 $ 189 $ 672 (1) Amounts are accounted for under separate guidance than ASC 606. (2) Global Commercial Bank’s, SVB Capital’s and SVB Leerink's components of noninterest income are shown net of noncontrolling interests. Noncontrolling interest is included within “Other Items. " Three months ended September 30, 2020 Global SVB Private SVB Capital (2) SVB Other Items Total (Dollars in millions) Revenue from contracts with customers: Client investment fees $ 31 $ 1 $ — $ — $ — $ 32 Spot contract commissions 39 — — — — 39 Card interchange fees, gross 29 — — — — 29 Merchant service fees 4 — — — — 4 Deposit service charges 22 — — — — 22 Investment banking revenue — — — 92 — 92 Commissions — — — 16 — 16 Fund management fees — — 8 2 — 10 Performance fees — — 2 — — 2 Correspondent bank rebates 1 — — — — 1 Total revenue from contracts with customers $ 126 $ 1 $ 10 $ 110 $ — $ 247 Revenues outside the scope of ASC 606 (1) 22 — 50 4 224 300 Total noninterest income $ 148 $ 1 $ 60 $ 114 $ 224 $ 547 (1) Amounts are accounted for under separate guidance than ASC 606. (2) Global Commercial Bank’s, SVB Capital’s and SVB Leerink's components of noninterest income are shown net of noncontrolling interests. Noncontrolling interest is included within “Other Items. " Nine months ended September 30, 2021 Global SVB Private SVB Capital (2) SVB Other Items Total (Dollars in millions) Revenue from contracts with customers: Client investment fees $ 53 $ 2 $ — $ — $ — $ 55 Wealth management and trust fees — 22 — — — 22 Spot contract commissions 174 1 — — — 175 Card interchange fees, gross 141 — — — 1 142 Merchant service fees 12 — — — — 12 Deposit service charges 80 — — — 2 82 Investment banking revenue — — — 335 — 335 Commissions — — — 58 — 58 Fund management fees — — 47 4 — 51 Performance fees — — 12 — — 12 Correspondent bank rebates 4 — — — — 4 Total revenue from contracts with customers $ 464 $ 25 $ 59 $ 397 $ 3 $ 948 Revenues outside the scope of ASC 606 (1) 51 2 330 53 793 1,229 Total noninterest income $ 515 $ 27 $ 389 $ 450 $ 796 $ 2,177 (1) Amounts are accounted for under separate guidance than ASC 606. (2) Global Commercial Bank’s, SVB Capital’s and SVB Leerink's components of noninterest income are shown net of noncontrolling interests. Noncontrolling interest is included within “Other Items. " Nine months ended September 30, 2020 Global SVB Private SVB Capital (2) SVB Other Items Total (Dollars in millions) Revenue from contracts with customers: Client investment fees $ 105 $ 2 $ — $ — $ — $ 107 Spot contract commissions 113 — — — — 113 Card interchange fees, gross 91 — — — 1 92 Merchant service fees 14 — — — — 14 Deposit service charges 67 — — — — 67 Investment banking revenue — — — 281 — 281 Commissions — — — 49 — 49 Fund management fees — — 22 4 — 26 Performance fees — — 4 — — 4 Correspondent bank rebates 4 — — — — 4 Total revenue from contracts with customers $ 394 $ 2 $ 26 $ 334 $ 1 $ 757 Revenues outside the scope of ASC 606 (1) 54 — 61 6 340 461 Total noninterest income $ 448 $ 2 $ 87 $ 340 $ 341 $ 1,218 (1) Amounts are accounted for under separate guidance than ASC 606. (2) Global Commercial Bank’s, SVB Capital’s and SVB Leerink's components of noninterest income are shown net of noncontrolling interests. Noncontrolling interest is included within “Other Items. " The timing of revenue recognition may differ from the timing of cash settlements or invoicing to customers. We record a receivable when revenue is recognized prior to invoicing, and unearned revenue when revenue is recognized subsequent to receipt of consideration. These assets and liabilities are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period. During the three and nine months ended September 30, 2021 and 2020, changes in our contract assets, contract liabilities and receivables were not material. Additionally, revenues recognized during the three and nine months ended September 30, 2021 and 2020 that were included in the corresponding contract liability balance at the beginning of the periods were not material. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting We have four reportable segments for management reporting purposes: Global Commercial Bank, SVB Private Bank, SVB Capital and SVB Leerink. The results of our reportable and operating segments are based on our internal management reporting process. Our Global Commercial Bank and SVB Private Bank segments primary source of revenue is from net interest income, which is primarily the difference between interest earned on loans, net of FTP, and interest paid on deposits, net of FTP. Accordingly, these segments are reported using net interest income, net of FTP. FTP is an internal measurement framework designed to assess the financial impact of a financial institution’s sources and uses of funds. It is the mechanism by which a funding credit is given for deposits raised, and a funding charge is made for funded loans. FTP is calculated at an instrument level based on account characteristics. We also evaluate performance based on provision for credit losses, noninterest income and noninterest expense, which are presented as components of segment operating profit or loss. In calculating each operating segment’s noninterest expense, we consider the direct costs incurred by the operating segment as well as certain allocated direct costs. As part of this review, we allocate certain corporate overhead costs to a corporate account. We do not allocate income tax expense or the provisions for unfunded credit commitments or HTM securities (included in provision for credit losses) to our segments. Additionally, our management reporting model is predicated on average asset balances; therefore, period-end asset balances are not presented for segment reporting purposes. Changes in an individual client’s primary relationship designation have resulted, and in the future may result, in the inclusion of certain clients in different segments in different periods. Unlike financial reporting, which benefits from the comprehensive structure provided by GAAP, our internal management reporting process is highly subjective, as there is no comprehensive, authoritative guidance for management reporting. Our management reporting process measures the performance of our operating segments based on our internal operating structure, which is subject to change from time to time, and is not necessarily comparable with similar information for other financial services companies. For reporting purposes, SVB Financial Group has four reportable segments for which we report our financial information: • Global Commercial Bank is comprised of results from the following operating segments: ◦ Our Commercial Bank products and services are provided by the Bank and its subsidiaries to commercial clients in key innovation markets. The Bank provides solutions to the financial needs of commercial clients through credit, treasury management, foreign exchange, trade finance, and other services. In addition, the Bank and its subsidiaries offer a variety of investment services and solutions to its clients that enable them to effectively manage their assets. ◦ Our Global Fund Banking Division provides banking products and services primarily to our private equity and venture capital clients. ◦ SVB Wine provides banking products and services to our premium wine industry clients, including vineyard development loans. • SVB Private Bank is the private banking division of the Bank, which now includes the financial results of Boston Private effective July 1, 2021. SVB Private Bank provides a range of personal financial solutions for consumers. Our clients are primarily private equity/venture capital professionals and executive leaders of the innovation companies they support as well as high net worth clients. We offer a customized suite of private banking services, including mortgages, home equity lines of credit, restricted and private stock loans, capital call lines of credit and other secured and unsecured lending products, as well as planning-based financial strategies, wealth management, family office, financial planning, tax planning and trust services. In addition, we provide real estate secured loans to eligible employees through our EHOP. • SVB Capital is the funds management business of SVB Financial Group, which focuses primarily on venture capital investments. SVB Capital manages funds (primarily venture capital funds) on behalf of third-party limited partners and, on a more limited basis, SVB Financial Group. The SVB Capital family of funds is comprised of direct venture funds that invest in companies, funds of funds that invest in other venture capital funds, investments in certain debt funds in which we are a strategic investor and WestRiver Group's debt fund business. SVB Capital generates income for the Company primarily from investment returns (including carried interest allocations) and management fees. • SVB Leerink is an investment bank specializing in the equity and convertible capital markets, mergers and acquisitions, equity research and sales and trading for growth and innovation-minded healthcare and life science companies and operates as a wholly-owned subsidiary of SVB Financial. SVB Leerink provides investment banking services across all subsectors of healthcare including: biotechnology, pharmaceuticals, medical devices, diagnostic and life science tools, healthcare services and digital health. SVB Leerink focuses on two primary lines of business: (i) investment banking focused on providing companies with capital-raising services, financial advice on mergers and acquisitions, sales and trading services and equity research, and (ii) sponsorship of private investment funds. The following table presents a summary of financial results of our reportable segments along with a reconciliation to our consolidated interim results. Our reportable segment information for the three and nine months ended September 30, 2021 and 2020 is as follows: (Dollars in millions) Global SVB Private SVB Capital (1) SVB Other Items (2) Total Three months ended September 30, 2021 Net interest income $ 774 $ 66 $ — $ — $ 12 $ 852 (Provision for) reduction of credit losses 29 (20) — — (30) (21) Noninterest income 182 25 145 131 189 672 Noninterest expense (3) (339) (90) (15) (142) (293) (879) Income (loss) before income tax expense (4) $ 646 $ (19) $ 130 $ (11) $ (122) $ 624 Total average loans, amortized cost $ 45,798 $ 12,506 $ — $ — $ 987 $ 59,291 Total average assets (5) (6) 152,364 14,918 730 837 13,841 182,690 Total average deposits 149,160 13,150 — — 1,082 163,392 Three months ended September 30, 2020 Net interest income (loss) $ 513 $ 19 $ — $ — $ (4) $ 528 Reduction (provision for) credit losses 38 15 — — (1) 52 Noninterest income 148 1 60 114 224 547 Noninterest expense (3) (258) (12) (11) (78) (132) (491) Income before income tax expense (4) $ 441 $ 23 $ 49 $ 36 $ 87 $ 636 Total average loans, amortized cost $ 30,764 $ 4,263 $ — $ — $ 2,292 $ 37,319 Total average assets (5) (6) 77,803 4,297 414 605 5,229 88,348 Total average deposits 74,826 2,164 — — 690 77,680 Nine months ended September 30, 2021 Net interest income $ 2,108 $ 122 $ — $ — $ 10 $ 2,240 Provision for credit losses (27) (16) — — (32) (75) Noninterest income 515 27 389 450 796 2,177 Noninterest expense (3) (919) (118) (48) (376) (707) (2,168) Income before income tax expense (4) $ 1,677 $ 15 $ 341 $ 74 $ 67 $ 2,174 Total average loans, amortized cost $ 42,628 $ 7,573 $ — $ — $ 1,642 $ 51,843 Total average assets (5) (6) 131,218 8,418 641 778 11,897 152,952 Total average deposits 128,272 6,842 — — 999 136,113 Nine months ended September 30, 2020 Net interest income $ 1,462 $ 53 $ — $ — $ 50 $ 1,565 Provision for credit losses (200) (44) — — (14) (258) Noninterest income 448 2 87 340 341 1,218 Noninterest expense (3) (725) (33) (28) (248) (336) (1,370) Income (loss) before income tax expense (4) $ 985 $ (22) $ 59 $ 92 $ 41 1,155 Total average loans, amortized cost $ 30,127 $ 4,053 $ — $ — $ 1,656 $ 35,836 Total average assets (5) (6) 69,213 4,088 430 515 5,515 79,761 Total average deposits 66,408 2,069 — — 689 69,166 (1) Global Commercial Bank’s, SVB Capital’s and SVB Leerink's components of net interest income, noninterest income, noninterest expense and total average assets are shown net of noncontrolling interests for all periods presented. Noncontrolling interest is included within “Other Items." (2) The “Other Items” column reflects the adjustments necessary to reconcile the results of the 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 Global Commercial Bank segment includes direct depreciation and amortization of $10 million and $6 million for the three months ended September 30, 2021 and 2020, respectively, and $25 million and $18 million for the nine months ended September 30, 2021 and 2020, respectively. (4) The internal reporting model used by management to assess segment performance does not calculate income tax expense by segment. Our effective tax rate is a reasonable approximation of the segment rates. (5) Total average assets equal the greater of total average assets or the sum of total average liabilities and total average stockholders' equity for each segment to reconcile the results to the consolidated financial statements prepared in conformity with GAAP. (6) Included in the total average assets for SVB Leerink and Private Bank is goodwill of $138 million and $201 million, respectively, for both the three and nine months ended September 30, 2021. Included in the total average assets for SVB Leerink is goodwill of $138 million for both the three and nine months ended September 30, 2020. |
Off-Balance Sheet Arrangements,
Off-Balance Sheet Arrangements, Guarantees and Other Commitments | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Off Balance Sheet Arrangements Guarantees And Other Commitments Additional Information [Abstract] | |
Off-Balance Sheet Arrangements, Guarantees and Other Commitments | Off-Balance Sheet Arrangements, Guarantees and Other Commitments In the normal course of business, we use financial instruments with off-balance sheet risk to meet the financing needs of our customers. These financial instruments include commitments to extend credit, commercial and standby letters of credit and commitments to invest in venture capital and private equity fund investments. These instruments involve, to varying degrees, elements of credit risk. Credit risk is defined as the possibility of sustaining a loss because other parties to the financial instrument fail to perform in accordance with the terms of the contract. Commitments to Extend Credit The following table summarizes information related to our commitments to extend credit at September 30, 2021 and December 31, 2020: (Dollars in millions) September 30, 2021 December 31, 2020 Loan commitments available for funding: (1) $ 36,808 $ 28,975 Commercial and standby letters of credit (2) 3,451 3,007 Total unfunded credit commitments $ 40,259 $ 31,982 Allowance for unfunded credit commitments (3) 149 121 (1) Represents commitments which are available for funding, due to clients meeting all collateral, compliance and financial covenants required under loan commitment agreements. (2) See below for additional information on our commercial and standby letters of credit. (3) Our allowance for credit losses for unfunded credit commitments includes an allowance for both our unfunded loan commitments and our letters of credit. Commercial and Standby Letters of Credit The table below summarizes our commercial and standby letters of credit at September 30, 2021. The maximum potential amount of future payments represents the amount that could be remitted under letters of credit if there were a total default by the guaranteed parties, without consideration of possible recoveries under recourse provisions or from the collateral held or pledged. (Dollars in millions) Expires in One Expires After Total Amount Maximum Amount Financial standby letters of credit $ 3,146 $ 107 $ 3,253 $ 3,253 Performance standby letters of credit 116 21 137 137 Commercial letters of credit 27 34 61 61 Total $ 3,289 $ 162 $ 3,451 $ 3,451 Deferred fees related to financial and performance standby letters of credit were $19 million at September 30, 2021 and $17 million at December 31, 2020. At September 30, 2021, collateral in the form of cash of $2.1 billion was available to us to reimburse losses, if any, under financial and performance standby letters of credit. Commitments to Invest in Venture Capital and Private Equity Funds We make commitments to invest in venture capital and private equity funds, which generally make investments in privately-held companies. Commitments to invest in these funds are generally made for a 10-year period from the inception of the fund. Although the limited partnership agreements governing these investments typically do not restrict the general partners from calling 100% of committed capital in one year, it is customary for these funds to call most of the capital commitments over 5 to 7 years, and in certain cases, the funds may not call 100% of committed capital. The actual timing of future cash requirements to fund these commitments is generally dependent upon the investment cycle, overall market conditions, and the nature and type of industry in which the privately held companies operate. The following table details our total capital commitments, unfunded capital commitments, and our ownership percentage in each fund at September 30, 2021: (Dollars in millions) SVBFG Capital Commitments SVBFG Unfunded SVBFG Ownership 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) 11 3 Various Debt funds (equity method accounting) 59 — Various Other fund investments (2) 257 6 Various Total $ 424 $ 15 (1) Our ownership includes direct ownership of 1.3 percent and indirect ownership interest of 3.8 percent through our investment in Strategic Investors Fund II, LP. (2) Represents commitments to 159 funds (primarily venture capital funds) where our ownership interest is generally less than five percent of the voting interests of each such fund. At September 30, 2021 we had $3 million of remaining unfunded commitments to venture capital and private equity funds by our consolidated managed funds of funds (including our interest and the noncontrolling interests) at September 30, 2021. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We are subject to income tax and non-income based taxes by the U.S. federal tax authorities as well as various state and foreign tax authorities. We have identified the U.S. federal and California state jurisdictions as major tax filings. Our U.S. federal tax returns remain open to full examination for 2017 and subsequent tax years. Our California tax returns remain open to full examination for 2016 and subsequent tax years. At September 30, 2021, our unrecognized tax benefit was $32 million, the recognition of which would reduce our income tax expense by $26 million. We do not expect that our unrecognized tax benefit will materially change in the next 12 months. We recognize interest and penalties related to income tax matters as part of income before income taxes. Interest and penalties were not material for the three and nine months ended September 30, 2021. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair Value Measurements Our AFS securities, derivative instruments and certain non-marketable and other equity securities are financial instruments recorded at fair value on a recurring basis. We make estimates regarding valuation of assets and liabilities measured at fair value in preparing our interim consolidated financial statements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (the “exit price”) in an orderly transaction between market participants at the measurement date. There is a three-level hierarchy for disclosure of assets and liabilities recorded at fair value. The classification of assets and liabilities within the hierarchy is based on whether the inputs to the valuation methodology used for measurement are observable or unobservable and on the significance of those inputs in the fair value measurement. Observable inputs reflect market-derived or market-based information obtained from independent sources, while unobservable inputs reflect our estimates about market data and views of market participants. The three levels for measuring fair value are based on the reliability of inputs and are as follows: Level 1 Fair value measurements based on quoted prices in active markets for identical assets or liabilities that we have the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment. Assets utilizing Level 1 inputs include U.S. Treasury securities, foreign government debt securities, exchange-traded equity securities, certain marketable securities accounted for under fair value accounting, and assets and liabilities related to the deferred compensation plan assumed during the merger with Boston Private. Level 2 Fair value measurements based on quoted prices in markets that are not active or for which all significant inputs are observable, directly or indirectly. Valuations for the AFS securities are provided by independent pricing service providers who have experience in valuing these securities and by comparison to and/or average of quoted market prices obtained from independent brokers. We perform a monthly analysis on the values received from third parties to ensure that the prices represent a reasonable estimate of the fair value. The procedures include, but are not limited to, initial and ongoing review of third-party pricing methodologies, review of pricing trends and monitoring of trading volumes. Additional corroboration, such as obtaining a non-binding price from a broker, may be obtained depending on the frequency of trades of the security and the level of liquidity or depth of the market. We ensure prices received from independent brokers represent a reasonable estimate of the fair value through the use of observable market inputs including comparable trades, yield curve, spreads and, when available, market indices. As a result of this analysis, if the Company determines that there is a more appropriate fair value based upon the available market data, the price received from the third party is adjusted accordingly. Below is a summary of the significant inputs used for each class of Level 2 assets and liabilities: U.S. agency debentures: Fair value measurements of U.S. agency debentures are based on the characteristics specific to bonds held, such as issuer name, issuance date, coupon rate, maturity date and any applicable issuer call option features. Valuations are based on market spreads relative to similar term benchmark market interest rates, generally U.S. Treasury securities. Agency-issued MBS: Agency-issued MBS are pools of individual conventional mortgage loans underwritten to U.S. agency standards with similar coupon rates, tenor, and other attributes such as geographic location, loan size and origination vintage. Fair value measurements of these securities are based on observable price adjustments relative to benchmark market interest rates taking into consideration estimated loan prepayment speeds. Agency-issued CMO: Agency-issued CMO are structured into classes or tranches with defined cash flow characteristics and are collateralized by U.S. agency-issued mortgage pass-through securities. Fair value measurements of these securities incorporate similar characteristics of mortgage pass-through securities such as coupon rate, tenor, geographic location, loan size and origination vintage, in addition to incorporating the effect of estimated prepayment speeds on the cash flow structure of the class or tranche. These measurements incorporate observable market spreads over an estimated average life after considering the inputs listed above. Agency-issued CMBS: Fair value measurements of these securities are based on spreads to benchmark market interest rates (usually U.S. Treasury rates or rates observable in the swaps market), prepayment speeds, loan default rate assumptions and loan loss severity assumptions on underlying loans. Foreign exchange forward and option contract assets and liabilities: Fair value measurements of these assets and liabilities are priced based on spot and forward foreign currency rates and option volatility assumptions. Interest rate derivative and interest rate swap assets and liabilities: Fair value measurements of interest rate derivatives and interest rate swaps are priced considering the coupon rate of the fixed leg of the contract and the variable coupon rate on the floating leg of the contract. Valuation is based on both spot and forward rates on the swap yield curve and the credit worthiness of the contract counterparty. Other equity securities: Fair value measurements of equity securities of public companies are priced based on quoted market prices less a discount if the securities are subject to certain sales restrictions. Certain sales restriction discounts generally range from 10 percent to 20 percent depending on the duration of the sale restrictions which typically range from three Equity warrant assets (public portfolio): Fair value measurements of equity warrant assets of publicly-traded portfolio companies are valued based on the Black-Scholes option pricing model. The model uses the price of publicly-traded companies (underlying stock price), stated strike prices, warrant expiration dates, the risk-free interest rate and market-observable option volatility assumptions. Level 3 The fair value measurement is derived from valuation techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions we believe market participants would use in pricing the asset. The valuation techniques are consistent with the market approach, income approach and/or the cost approach used to measure fair value. Below is a summary of the valuation techniques used for each class of Level 3 assets: Venture capital and private equity fund investments not measured at net asset value: Fair value measurements are based on consideration of a range of factors including, but not limited to, the price at which the investment was acquired, the term and nature of the investment, local market conditions, values for comparable securities, and as it relates to the private company, the current and projected operating performance, exit strategies and financing transactions subsequent to the acquisition of the investment. The significant unobservable inputs used in the fair value measurement include the information about each portfolio company, including actual and forecasted results, cash position, recent or planned transactions and market comparable companies. Significant changes to any one of these inputs in isolation could result in a significant change in the fair value measurement; however, we generally consider all factors available through ongoing communication with the portfolio companies and venture capital fund managers to determine whether there are changes to the portfolio company or the environment that indicate a change in the fair value measurement. Equity warrant assets (public portfolio): Fair value measurements of equity warrant assets of publicly-traded portfolio companies are valued based on the Black-Scholes option pricing model. The model uses the price of publicly-traded companies (underlying stock price), stated strike prices, warrant expiration dates, the risk-free interest rate and market-observable option volatility assumptions. Modeled asset values are further adjusted by applying a discount of up to 20 percent for certain warrants that have certain sales restrictions or other features that indicate a discount to fair value is warranted. As sale restrictions are lifted, discounts are adjusted downward to zero once all restrictions expire or are removed. Equity warrant assets (private portfolio): Fair value measurements of equity warrant assets of private portfolio companies are priced based on a Black-Scholes option pricing model to estimate the asset value by using stated strike prices, option expiration dates, risk-free interest rates and option volatility assumptions. Option volatility assumptions used in the Black-Scholes model are based on public market indices whose members operate in similar industries as companies in our private company portfolio. Option expiration dates are modified to account for estimates to actual life relative to stated expiration. Overall model asset values are further adjusted for a general lack of liquidity due to the private nature of the associated underlying company. There is a direct correlation between changes in the volatility and remaining life assumptions in isolation and the fair value measurement while there is an inverse correlation between changes in the liquidity discount assumption and the fair value measurement. The following fair value hierarchy table presents information about our assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2021: (Dollars in millions) Level 1 Level 2 Level 3 Balance at September 30, 2021 Assets: AFS securities: U.S. Treasury securities $ 9,277 $ — $ — $ 9,277 U.S. agency debentures — 208 — 208 Foreign government debt securities 15 — — 15 Residential MBS: Agency-issued MBS — 10,784 — 10,784 Agency-issued CMO — fixed rate — 1,138 — 1,138 Agency-issued CMBS — 1,562 — 1,562 Total AFS securities 9,292 13,692 — 22,984 Non-marketable and other equity securities (fair value accounting): Non-marketable securities: Venture capital and private equity fund investments measured at net asset value — — — 362 Other equity securities in public companies 43 115 — 158 Total non-marketable and other equity securities (fair value accounting) 43 115 — 520 Other assets: Foreign exchange forward, swap and option contracts — 185 — 185 Equity warrant assets — 9 265 274 Interest rate swaps — 14 — 14 Client interest rate derivatives — 115 — 115 Other assets 8 — — 8 Total assets $ 9,343 $ 14,130 $ 265 $ 24,100 Liabilities: Foreign exchange forward, swap and option contracts $ — $ 158 $ — $ 158 Client interest rate derivatives — 116 — 116 Other liabilities 8 — — 8 Total liabilities $ 8 $ 274 $ — $ 282 The following fair value hierarchy table presents information about our assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020: (Dollars in millions) Level 1 Level 2 Level 3 Balance at December 31, 2020 Assets: AFS securities: U.S. Treasury securities $ 4,470 $ — $ — $ 4,470 U.S. agency debentures — 237 — 237 Foreign government debt securities 24 — — 24 Residential MBS: Agency-issued MBS — 13,503 — 13,503 Agency-issued CMO—fixed rate — 8,107 — 8,107 Agency-issued CMBS — 4,572 — 4,572 Total AFS securities 4,494 26,419 — 30,913 Non-marketable and other equity securities (fair value accounting): Non-marketable securities: Venture capital and private equity fund investments measured at net asset value — — — 274 Other equity securities in public companies 43 238 — 281 Total non-marketable and other equity securities (fair value accounting) 43 238 — 555 Other assets: Foreign exchange forward and option contracts — 217 — 217 Equity warrant assets — 11 192 203 Client interest rate derivatives — 68 — 68 Total assets $ 4,537 $ 26,953 $ 192 $ 31,956 Liabilities: Foreign exchange forward and option contracts $ — $ 210 $ — $ 210 Client interest rate derivatives — 27 — 27 Total liabilities $ — $ 237 $ — $ 237 The following table presents additional information about Level 3 assets measured at fair value on a recurring basis for the three and nine months ended September 30, 2021 and 2020: (Dollars in millions) Beginning Balance Total Net Gains Included in Net Income (1) Sales/Exits Issuances Transfers Out of Level 3 Ending Balance Three months ended September 30, 2021 Equity warrant assets $ 257 $ 149 $ (146) $ 6 $ (1) $ 265 Three months ended September 30, 2020 Equity warrant assets 165 53 (29) 5 (1) 193 Nine months ended September 30, 2021 Equity warrant assets 192 490 (431) 18 (4) 265 Nine months ended September 30, 2020 Equity warrant assets 161 91 (74) 16 (1) 193 (1) Realized and unrealized gains (losses) are recorded in the line item “Gains on equity warrant assets, net," a component of noninterest income. The following table presents the amount of net unrealized gains and losses included in earnings attributable to Level 3 assets still held at September 30, 2021 and 2020: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Other assets: Equity warrant assets (1) $ 21 $ 26 $ 113 $ 33 Total unrealized gains, net $ 21 $ 26 $ 113 $ 33 (1) Unrealized gains and losses are recorded in the line item “Gains on equity warrant assets, net, " a component of noninterest income. The extent to which any unrealized gains or losses will become realized is subject to a variety of factors, including, among other things, the expiration of current sales restrictions to which these securities are subject, the actual sales of securities and the timing of such actual sales. The following table presents quantitative information about the significant unobservable inputs used for certain of our Level 3 fair value measurements at September 30, 2021 and December 31, 2020. We have not included in this table our venture capital and private equity fund investments (fair value accounting) as we use net asset value per share (as obtained from the general partners of the investments) as a practical expedient to determine fair value. (Dollars in millions) Fair value Valuation Technique Significant Unobservable Inputs Input Range Weighted September 30, 2021: Equity warrant assets (public portfolio) $ 4 Black-Scholes option pricing model Volatility 28.2% - 56.9% 50.4 % Risk-Free interest rate 0.04- 1.5 1.2 Sales restrictions discount (1) 10.0 - 20.0 16.7 Equity warrant assets (private portfolio) 261 Black-Scholes option pricing model Volatility 25.8 - 56.9 43.9 Risk-Free interest rate 0.04 - 1.16 0.4 Marketability discount (2) 20.8 20.8 Remaining life assumption (3) 40.0 40.0 December 31, 2020: Equity warrant assets (public portfolio) 1 Black-Scholes option pricing model Volatility 46.0% - 56.8% 49.1 % Risk-Free interest rate 0.3- 0.9 0.6 Sales restrictions discount (1) 10.0 - 20.0 10.2 Equity warrant assets (private portfolio) 191 Black-Scholes option pricing model Volatility 24.4 - 56.8 43.2 Risk-Free interest rate 0.01 - 0.52 0.1 Marketability discount (2) 20.6 20.6 Remaining life assumption (3) 40.0 40.0 (1) We adjust quoted market prices of public companies, which are subject to certain sales restrictions. Sales restriction discounts generally range from 10 percent to 20 percent depending on the duration of the sales restrictions, which typically range from three (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 September 30, 2021, the weighted average contractual remaining term was 6.6 years, compared to our estimated remaining life of 2.6 years. On a quarterly basis, a sensitivity analysis is performed on our remaining life assumption. For the three and nine months ended September 30, 2021 and 2020, we did not have any transfers between Level 3 and Level 1. All transfers from Level 3 to Level 2 for the three and nine months ended September 30, 2021 and 2020 were due to the transfer of equity warrant assets from our private portfolio to our public portfolio (see our Level 3 reconciliation above). Financial Instruments not Carried at Fair Value FASB guidance over financial instruments requires that we disclose estimated fair values for our financial instruments not carried at fair value. The following fair value hierarchy table presents the estimated fair values of our financial instruments that are not carried at fair value at September 30, 2021 and December 31, 2020: Estimated Fair Value (Dollars in millions) Carrying Amount Total Level 1 Level 2 Level 3 September 30, 2021: Financial assets: Cash and cash equivalents $ 18,940 $ 18,940 $ 18,940 $ — $ — HTM securities 82,365 81,995 — 81,995 — Non-marketable securities not measured at net asset value 350 350 — — 350 Non-marketable securities measured at net asset value 692 692 — — — Net loans 61,089 62,489 — — 62,489 FHLB and Federal Reserve Bank stock 107 107 — — 107 Financial liabilities: Short-term borrowings 97 97 — 97 — Non-maturity deposits (1) 169,833 169,833 169,833 — — Time deposits 1,349 1,350 — 1,350 — 3.50% Senior Notes 349 376 — 376 — 3.125% Senior Notes 496 535 — 535 — 1.80% Senior Notes 495 481 — 481 — 2.10% Senior Notes 496 505 — 505 — Junior subordinated debentures 90 86 — 86 — Off-balance sheet financial assets: Commitments to extend credit — 45 — — 45 December 31, 2020: Financial assets: Cash and cash equivalents $ 17,675 $ 17,675 $ 17,675 $ — $ — HTM securities 16,592 17,217 — 17,217 — Non-marketable securities not measured at net asset value 241 241 — — 241 Non-marketable securities measured at net asset value 390 390 — — — Net loans 44,734 45,324 — — 45,324 FHLB and Federal Reserve Bank stock 61 61 — — 61 Financial liabilities: Short-term borrowings 21 21 — 21 — Non-maturity deposits (1) 101,294 101,294 101,294 — — Time deposits 688 502 — 502 — 3.50% Senior Notes 349 383 — 383 — 3.125% Senior Notes 495 564 — 564 — Off-balance sheet financial assets: Commitments to extend credit — 37 — — 37 (1) Includes noninterest-bearing demand deposits, interest-bearing checking accounts, money market accounts and interest-bearing sweep deposits. Investments in Entities that Calculate Net Asset Value Per Share FASB guidance over certain fund investments requires that we disclose the fair value of funds, significant investment strategies of the investees, redemption features of the investees, restrictions on the ability to sell investments, estimate of the period of time over which the underlying assets are expected to be liquidated by the investee, and unfunded commitments related to the investments. Our investments in debt funds and venture capital and private equity fund investments generally cannot be redeemed. Alternatively, we expect distributions, if any, to be received primarily through IPO and M&A activity of the underlying assets of the fund. Subject to applicable requirements under the Volcker Rule, we do not have any plans to sell any of these fund investments. If we decide to sell these investments in the future, the investee fund’s management must approve of the buyer before the sale of the investments can be completed. The fair values of the fund investments have been estimated using the net asset value per share of the investments, adjusted for any differences between our measurement date and the date of the fund investment’s net asset value by using the most recently available financial information from the investee general partner, for example June 30 th for our September 30 th consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period. The following table is a summary of the estimated fair values of these investments and remaining unfunded commitments for each major category of these investments as of September 30, 2021: (Dollars in millions) Carrying Amount Fair Value Unfunded Commitments Non-marketable securities (fair value accounting): Venture capital and private equity fund investments (1) $ 361 $ 361 $ 9 Non-marketable securities (equity method accounting): Venture capital and private equity fund investments (2) 656 656 7 Debt funds (2) 5 5 — Other investments (2) 35 35 1 Total $ 1,057 $ 1,057 $ 17 (1) Venture capital and private equity fund investments within non-marketable securities (fair value accounting) include investments made by our managed funds of funds and one of our direct venture funds (consolidated VIEs) and investments in venture capital and private equity fund investments (unconsolidated VIEs). Collectively, these investments in venture capital and private equity funds are primarily in U.S. and global technology and life science/healthcare companies. Included in the fair value and unfunded commitments of fund investments under fair value accounting are $102 million and $2 million, respectively, attributable to noncontrolling interests. It is estimated that we will receive distributions from the fund investments over the next 10 to 13 years, depending on the age of the funds and any potential extensions of terms of the funds. (2) Venture capital and private equity fund investments, debt funds, and other fund investments within non-marketable securities (equity method accounting) include funds that invest in or lend money to primarily U.S. and global technology and life science/healthcare companies. It is estimated that we will receive distributions from the funds over the next 5 to 8 years, depending on the age of the funds and any potential extensions of the terms of the funds. |
Legal Matters
Legal Matters | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters | Legal Matters Certain lawsuits and claims arising in the ordinary course of business have been filed or are pending against us and/or our affiliates, and we may from time to time be involved in other legal or regulatory proceedings. In accordance with applicable accounting guidance, we establish accruals for all such matters, including expected settlements, when we believe it is probable that a loss has been incurred and the amount of the loss is reasonably estimable. When a loss contingency is not both probable and estimable, we do not establish an accrual. Any such loss estimates are inherently uncertain, based on currently available information and are subject to management’s judgment and various assumptions. Due to the inherent subjectivity of these estimates and unpredictability of outcomes of legal proceedings, any amounts accrued may not represent the ultimate resolution of such matters. To the extent we believe any potential loss relating to such matters may have a material impact on our liquidity, consolidated financial position, results of operations, and/or our business as a whole and is reasonably possible but not probable, we aim to disclose information relating to such potential loss. We also aim to disclose information relating to any material potential loss that is probable but not reasonably estimable. In such cases, where reasonably practicable, we aim to provide an estimate of loss or range of potential loss. No disclosures are generally made for any loss contingencies that are deemed to be remote. Based upon information available to us, our review of lawsuits and claims filed or pending against us to date and consultation with our outside legal counsel, we have not recognized a material accrual liability for any such matters, nor do we currently expect that these matters will result in a material liability to the Company. However, the outcome of litigation and other legal and regulatory matters is inherently uncertain, and it is possible that one or more of such matters currently pending or threatened could have an unanticipated material adverse effect on our liquidity, consolidated financial position, results of operations, and/or our business as a whole, in the future. |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Parties | Related PartiesWe have no material related party transactions requiring disclosure. In the ordinary course of business, the Bank may extend credit to related parties, including executive officers, directors, principal shareholders and their related interests. Additionally, we provide real estate secured loans to eligible employees through our EHOP. For additional details, see Note 19 — “Employee Compensation and Benefit Plans" under Part II, Item 8 of our 2020 Form 10-K. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Series D and Series E Preferred Stock and Senior Notes Offerings On October 28, 2021, the Company issued depositary shares each representing a 1/100th ownership interest in 1,000,000 shares of Series D Preferred Stock with a $0.001 par value and a liquidation preference of $100,000 per share, or $1,000 per depositary share. The Series D Preferred Stock is perpetual and has no stated maturity. Dividends, if approved and declared by the Board of Directors, are payable quarterly, in arrears, at a rate per annum equal to (i) 4.250 percent from the original issue date to, but excluding, November 15, 2026, and (ii) for the November 15, 2026 dividend date and during each subsequent five-year period, the five-year treasury rate (calculated three On October 28, 2021, the company also issued depositary shares each representing a 1/100th ownership interest in 600,000 shares of Series E Preferred Stock with a $0.001 par value and a liquidation preference of $100,000 per share, or $1,000 per depositary share. The Series E Preferred Stock is perpetual and has no stated maturity. Dividends, if approved and declared by the Board of Directors, are payable quarterly, in arrears, at a rate per annum equal to (i) 4.700 percent from the original issue date to, but excluding, November 15, 2031, and (ii) for the November 15, 2031 dividend date and during each subsequent ten-year period, the ten-year treasury rate (calculated three Concurrently with the offering of the Series D and Series E Preferred Stock, SVB Financial Group issued $650 million of 1.800% Senior Notes due in October 2026, with interest payments starting April 28, 2022, and payable every April 28 th and October 28 th |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | SVB Financial Group is a diversified financial services company, as well as a bank holding company and a financial holding company. SVB Financial was incorporated in the state of Delaware in March 1999. Through our various subsidiaries and divisions, we offer a diverse set of banking and financial products and services to support our clients of all sizes and stages throughout their life cycles. In these notes to our unaudited interim consolidated financial statements, when we refer to “SVB Financial Group,” “SVBFG," the “Company,” “we,” “our,” “us” or use similar words, we mean SVB Financial Group and all of its subsidiaries collectively, including Silicon Valley Bank (the “Bank”), unless the context requires otherwise. When we refer to “SVB Financial” or the “Parent” we are referring only to the parent company, SVB Financial Group (not including subsidiaries).The accompanying unaudited interim consolidated financial statements reflect all adjustments of a normal and recurring nature that are, in the opinion of management, necessary to fairly present our financial position, results of operations and cash flows in accordance with GAAP. Such unaudited interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of results to be expected for any future periods. These unaudited interim consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”). |
Use of Estimates | The preparation of unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates may change as new information is obtained. Among the more significant estimates are those that relate to: 1) ACL for loans and for unfunded credit commitments, 2) valuation of non-marketable and other equity securities, 3) valuation of equity warrant assets, 4) goodwill, intangible assets and other purchase accounting related adjustments, and 5) income taxes. |
Principles of Consolidation and Presentation | Our unaudited interim consolidated financial statements include the accounts of SVB Financial Group and consolidated entities. All significant intercompany accounts and transactions with consolidated entities have been eliminated. For a further description of our accounting policies regarding consolidation refer to Consolidated Financial Statements and Supplementary Data |
Reclassifications | Certain prior period amounts have been reclassified to conform to current period presentation. Changes include the presentation of our loan disclosures as a result of the acquisition of Boston Private as mentioned below, our table summarizing the activity relating to our ACL for loans and the consolidation of certain line items in our Consolidated Statement of Stockholders' Equity (unaudited). |
Allowance for Credit Losses: Loan Portfolio Segments and Classes of Financing Receivables | Upon completing the acquisition of Boston Private, we evaluated the impact of the acquired loan portfolio on our existing portfolio segments and classes of financing receivables, which we historically have called "risk-based segments." We have modified both levels of disaggregation to accommodate Boston Private loans. The following provides additional information regarding our revised eight portfolio segments and the additional disaggregation of our eleven classes of financing receivables: • Global Fund Banking (segment and class) – The vast majority of our Global Fund Banking ("GFB") portfolio segment consists of capital call lines of credit, the repayment of which is dependent on the payment of capital calls by the underlying limited partner investors in funds managed by certain private equity and venture capital firms. • Investor Dependent (segment) – Our Investor Dependent loans are made primarily to technology and life science/healthcare companies. These borrowers typically have modest or negative cash flows and rarely have an established record of profitable operations. Repayment of these loans may be dependent upon receipt by borrowers of additional equity financing from venture capital firms or other investors, or in some cases, a successful sale to a third party or an IPO. This portfolio segment is further disaggregated into two classes of financing receivables: ◦ Early-Stage (class) – Our Early-Stage class of financing receivable consists of pre-revenue, development-stage companies and companies that are in the early phases of commercialization, with revenues of up to $5 million. ◦ Growth Stage (class) – Our Growth Stage (Mid/Later Stages) class of financing receivable consists of growth-stage enterprises. We consider companies with revenues between $5 million and $15 million, or pre-revenue clinical-stage biotechnology companies, to be Mid-Stage, and companies with revenues in excess of $15 million to be Later Stage. • Cash Flow Dependent and Innovation Commercial and Industrial ("C&I") (segment) – These loans are made primarily to technology and life science/healthcare companies that are not Investor Dependent, i.e. repayment is not dependent on additional equity financing, a successful sale or an IPO. This portfolio segment consists of two classes of financing receivables: ◦ Cash Flow Dependent – Sponsor-Led Buyout ("SLBO") (class) – Sponsor-Led Buyout loans are typically used to assist a select group of private equity sponsors with the acquisition of businesses, are larger in size, and repayment is generally dependent upon the cash flows of the combined entities. Acquired companies are typically established, later-stage businesses of scale and characterized by reasonable levels of leverage with loan structures that include meaningful financial covenants. The sponsor’s equity contribution is often 50 percent or more of the acquisition price. ◦ Innovation C&I (class) – This class of financing receivable contains other commercial and industrial loans in innovation sectors (i.e. the technology and life science/healthcare industries). These loans are dependent on either the borrower’s cash flows or balance sheet for repayment. Cash flow dependent loans require the borrower to maintain cash flow from operations that is sufficient to service all debt. Borrowers must demonstrate normalized cash flow in excess of all fixed charges associated with operating the business. Balance sheet dependent loans include asset-based loans and are structured to require constant current asset coverage (i.e. cash, cash equivalents, accounts receivable, and, to a much lesser extent, inventory) in an amount that exceeds the outstanding debt. The repayment of these arrangements is dependent on the financial condition, and payment ability, of third parties with whom our clients do business. • Private Bank (segment and class) – Our Private Bank clients are primarily private equity/venture capital professionals and executives in the innovation companies they support as well as high net worth clients acquired from Boston Private. We offer a customized suite of private banking services, including mortgages, home equity lines of credit, restricted and private stock loans, personal capital call lines of credit, lines of credit against liquid assets and other secured and unsecured lending products. In addition, we provide owner occupied commercial mortgages to Private Bank clients and real estate secured loans to eligible employees through our Employee Home Ownership Program. • Commercial Real Estate (CRE) (segment and class) – Commercial real estate loans are generally acquisition financing for commercial properties such as office buildings, retail properties, apartment buildings, and industrial/warehouse space. • Other C&I (segment and class) – These are commercial and industrial loans, including working capital and revolving lines of credit, as well as term loans for equipment and fixed assets. These loans are primarily to clients that are not in the technology and life sciences/healthcare industries. Additionally, this portfolio segment contains commercial tax-exempt loans to not-for-profit private schools, colleges, public charter schools and other not-for-profit organizations. • Premium Wine and Other (segment) – This portfolio segment consists of two classes of financing receivables: ◦ Premium Wine (class) – Our Premium Wine clients primarily consist of wine producers, vineyards and wine industry or hospitality businesses across the Western United States. A large portion of these loans are secured by real estate collateral such as vineyards and wineries. ◦ Other (class) – Our Other class of financing receivable primarily consists of construction and land loans for financing new developments as well as financing for improvements to existing buildings. These also include our community development loans made as part of our responsibilities under the Community Reinvestment Act. |
Adoption of New Accounting Standards and Recent Accounting Pronouncements | In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which is part of the FASB’s initiative to reduce cost and complexity related to accounting for income taxes. ASU 2019-12 eliminates certain exceptions to the general principles of ASC 740, Income Taxes, and simplifies income tax accounting in several areas. We adopted the guidance on January 1, 2021, on a modified retrospective basis. The adoption did not have a material impact on our financial position, results of operations, cash flows or disclosures. |
Business Combinations and Ass_2
Business Combinations and Asset Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the allocation of the purchase price to the net assets of Boston Private as of July 1, 2021: (Dollars in millions) July 1, 2021 Cash paid $ 174 Share-based consideration 1,050 Replacement equity awards 10 Total purchase consideration $ 1,234 Fair value of net assets acquired 1,033 Goodwill $ 201 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair value of assets acquired and liabilities assumed upon the finalization of the purchase: (Dollars in millions) July 1, 2021 Assets acquired: Cash and cash equivalents $ 1,290 Investment securities 1,429 Net loans 7,217 Premises and equipment 39 Intangible assets 104 Right-of-use assets 107 Other assets 284 Total assets acquired $ 10,470 Liabilities assumed: Deposits $ 8,983 Borrowings 132 Lease liabilities 103 Other liabilities 219 Total liabilities assumed $ 9,437 Fair value of net assets acquired $ 1,033 |
Schedule of Indefinite-lived Intangible Assets Acquired as Part of Business Combination | The following table summarizes the fair value and estimated useful lives of the other intangible assets at the date of acquisition: (Dollars in millions) Estimated Fair Value Weighted Average Estimated Useful Life - in Years Other intangible assets: Customer relationships $ 85 20 Other 19 6 Total other intangible assets $ 104 |
Schedule of Credit Deteriorated Loans Acquired As Part of Business Combination | Of the $7.2 billion net loans acquired, $1.4 billion exhibited credit deterioration on the date of purchase. The following table provides a summary of these PCD loans at acquisition: (Dollars in millions) July 1, 2021 Par value of PCD loans $ 1,368 PCD ACL at acquisition (22) Non-credit premium on PCD loans 43 Purchase price of PCD loans $ 1,389 |
Stockholders' Equity and EPS (T
Stockholders' Equity and EPS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity and Earnings Per Share [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income | The following table summarizes the items reclassified out of AOCI into the Consolidated Statements of Income (unaudited) for the three and nine months ended September 30, 2021 and 2020: Three months ended September 30, Nine months ended September 30, (Dollars in millions) Income Statement Location 2021 2020 2021 2020 Reclassification adjustment for gains on AFS securities included in net income Gains on investment securities, net $ — $ — $ — $ (61) Related tax expense Income tax expense — — — 17 Reclassification adjustment for gains on cash flow hedges included in net income Net interest income (16) (16) (47) (34) Related tax expense Income tax expense 4 5 13 9 Total reclassification adjustment for gains included in net income, net of tax $ (12) $ (11) $ (34) $ (69) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The table below summarizes the activity relating to net gains and losses on our cash flow hedges included in AOCI for the three and nine months ended September 30, 2021 and 2020. Refer to Note 9 — “Derivative Financial Instruments” for additional information regarding the termination of our cash flow hedges during the quarter ended March 31, 2020. Over the next 12 months, we expect that approximately $59 million in AOCI at September 30, 2021, related to unrealized gains will be reclassified out of AOCI and recognized in net income. Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Balance, beginning of period, net of tax $ 107 $ 153 $ 129 $ (2) Net increase in fair value, net of tax — — — 168 Net realized gain reclassified to net income, net of tax (12) (12) (34) (25) Balance, end of period, net of tax $ 95 $ 141 $ 95 $ 141 |
Reconciliation of Basic EPS to Diluted EPS | The following is a reconciliation of basic EPS to diluted EPS for the three and nine months ended September 30, 2021 and 2020: Three months ended September 30, Nine months ended September 30, (Dollars in millions except per share amounts, shares in thousands) 2021 2020 2021 2020 Numerator: Net income available to common stockholders $ 365 $ 442 $ 1,399 $ 803 Denominator: Weighted average common shares outstanding—basic 57,723 51,773 54,772 51,640 Weighted average effect of dilutive securities: Stock options and ESPP 268 141 278 147 Restricted stock units and awards 530 232 567 163 Weighted average common shares outstanding—diluted 58,521 52,146 55,617 51,950 Earnings per common share: Basic $ 6.33 $ 8.53 $ 25.54 $ 15.55 Diluted 6.24 8.47 25.16 15.46 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share | The following table summarizes the weighted-average common shares excluded from the diluted EPS calculation due to the antidilutive effect for the three and nine months ended September 30, 2021 and 2020: Three months ended September 30, Nine months ended September 30, (Shares in thousands) 2021 2020 2021 2020 Stock options 56 319 31 269 Restricted stock units — 55 — 83 Total 56 374 31 352 |
Schedule of Stock by Class | The following table summarizes our preferred stock at September 30, 2021: Series Description Amount outstanding (in millions) Carrying value Shares issued and outstanding Par Value Ownership interest per depositary share Liquidation preference per depositary share 2021 dividends paid per depositary share Series A 5.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock $ 350 $ 340 350,000 $ 0.001 1/40 th $ 25 $ 0.98 Series B 4.100% Fixed-Rate Non-Cumulative Perpetual Preferred Stock 750 739 7,500 0.001 1/100 th 1,000 21.98 Series C 4.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock 1,000 985 10,000 0.001 1/100 th 1,000 10.22 |
Schedule of Stockholders Equity | The following table summarizes the changes in our consolidated equity for the three months ended September 30, 2021 and 2020: Preferred Common Stock Additional Retained Accumulated Total SVBFG Noncontrolling Interests Total (Dollars in millions, except share data) Shares Amount Balance at June 30, 2020 $ 340 51,740,714 $ — $ 1,523 $ 4,842 $ 614 $ 7,319 $ 149 $ 7,468 Common stock issued under employee benefit plans and ESOP, net of restricted stock cancellations — 47,258 — 4 — — 4 — 4 Net income — — — — 446 — 446 28 474 Capital calls and distributions, net — — — — — — — (3) (3) Other comprehensive income, net of tax — — — — — 6 6 — 6 Share-based compensation, net — — — 22 — — 22 — 22 Dividends on preferred stock — — — — (4) — (4) — (4) Balance at September 30, 2020 $ 340 51,787,972 $ — $ 1,549 $ 5,284 $ 620 $ 7,793 $ 174 $ 7,967 Balance at June 30, 2021 $ 2,064 54,530,307 $ — $ 2,755 $ 6,706 $ 142 $ 11,667 $ 300 $ 11,967 Common stock issued under employee benefit plans and ESOP, net of restricted stock cancellations — 32,195 — 2 — — 2 — 2 Issuance of Common Stock — 2,227,000 — 1,245 — — 1,245 — 1,245 Issuance of common stock for the acquisition of Boston Private — 1,887,981 — 1,060 — — 1,060 — 1,060 Net income — — — — 387 — 387 88 475 Capital calls and distributions, net — — — — — — — (19) (19) Other comprehensive income, net of tax — — — — — (77) (77) — (77) Share-based compensation, net — — — 38 — — 38 — 38 Dividends on preferred stock — — — — (22) — (22) — (22) Balance at September 30, 2021 $ 2,064 58,677,483 $ — $ 5,100 $ 7,071 $ 65 $ 14,300 $ 369 $ 14,669 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments In Variable Interest Entities [Abstract] | |
Schedule of Variable Interest Entities | The following table presents the carrying amounts and classification of variable interests in consolidated and unconsolidated VIEs as of September 30, 2021 and December 31, 2020: (Dollars in millions) Consolidated VIEs Unconsolidated VIEs Maximum Exposure to Loss in Unconsolidated VIEs September 30, 2021: Assets: Cash and cash equivalents $ 8 $ — $ — Non-marketable and other equity securities (1) 762 1,216 1,216 Accrued interest receivable and other assets (2) 24 6 — Total assets $ 794 $ 1,222 $ 1,216 Liabilities: Other liabilities (1) 17 471 — Long term debt (2) — 90 — Total liabilities $ 17 $ 561 $ — December 31, 2020: Assets: Cash and cash equivalents $ 15 $ — $ — Non-marketable and other equity securities (1) 422 859 859 Accrued interest receivable and other assets 1 — — Total assets $ 438 $ 859 $ 859 Liabilities: Other liabilities (1) 1 370 — Total liabilities $ 1 $ 370 $ — (1) Included in our unconsolidated non-marketable and other equity securities portfolio at September 30, 2021 and December 31, 2020 are investments in qualified affordable housing projects of $920 million and $616 million, respectively, and related other liabilities consisting of unfunded commitments of $471 million and $370 million, respectively. (2) Included in our unconsolidated accrued interest receivable and other assets at September 30, 2021 are investments in statutory trusts for junior subordinated debt of $6 million and $90 million included in long term debt previously issued by Boston Private and assumed in the acquisition. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table details our cash and cash equivalents at September 30, 2021 and December 31, 2020: (Dollars in millions) September 30, 2021 December 31, 2020 Cash and due from banks $ 1,185 $ 723 Interest bearing deposits with the Federal Reserve Bank 12,406 13,700 Interest bearing deposits with other institutions 5,106 3,025 Securities purchased under agreements to resell (1) 216 227 Other short-term investment securities 27 — Total cash and cash equivalents $ 18,940 $ 17,675 (1) At September 30, 2021 and December 31, 2020, securities purchased und er agreements to resell were collateralized by U.S. Treasury securities and U.S. agency securities with aggregate fair value s of $221 million a n d $232 million, respectively. None of these securities were sold or repledged as of September 30, 2021 and December 31, 2020. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Available-for-sale | The major components of our AFS investment securities portfolio at September 30, 2021 and December 31, 2020 are as follows: September 30, 2021 (Dollars in millions) Amortized Unrealized Unrealized Carrying AFS securities, at fair value: U.S. Treasury securities $ 9,122 $ 170 $ (15) $ 9,277 U.S. agency debentures 212 — (4) 208 Foreign government debt securities 15 — — 15 Residential MBS: Agency-issued MBS 10,902 69 (187) 10,784 Agency-issued CMO—fixed rate 1,129 11 (2) 1,138 Agency-issued CMBS 1,539 36 (13) 1,562 Total AFS securities $ 22,919 $ 286 $ (221) $ 22,984 December 31, 2020 (Dollars in millions) Amortized Unrealized Unrealized Carrying AFS securities, at fair value: U.S. Treasury securities $ 4,198 $ 272 $ — $ 4,470 U.S. agency debentures 234 4 (1) 237 Foreign government debt securities 24 — — 24 Residential MBS: Agency-issued MBS 13,271 233 (1) 13,503 Agency-issued CMO—fixed rate 8,077 40 (10) 8,107 Agency-issued CMBS 4,441 134 (3) 4,572 Total AFS securities $ 30,245 $ 683 $ (15) $ 30,913 |
Activity of Available-for-Sale Securities | The following table summarizes sale activity of AFS securities during the three and nine months ended September 30, 2021 and 2020 as recorded in the line item “Gains on investment securities, net," a component of noninterest income: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Sales proceeds $ 168 $ — $ 168 $ 2,654 Net realized gains and losses: Gross realized gains — — — 61 Gross realized losses — — — — Net realized gains $ — $ — $ — $ 61 For the three and nine months ended September 30, 2021 gross realized gains and gross realized losses were below $1 million. For the three months ended September 30, 2020 we |
Summary of Unrealized Losses on Available for Sale Securities | The following tables summarize our AFS securities in an unrealized loss position for which an ACL has not been recorded and summarized into categories of less than 12 months, or 12 months or longer, as of September 30, 2021 and December 31, 2020: September 30, 2021 Less than 12 months 12 months or longer (1) Total (Dollars in millions) Fair Value of Unrealized Fair Value of Unrealized Fair Value of Unrealized AFS securities: U.S. Treasury securities $ 5,172 $ (15) $ — $ — $ 5,172 $ (15) U.S. agency debentures 112 (4) — — 112 (4) Residential MBS: Agency-issued MBS 8,376 (187) — — 8,376 (187) Agency-issued CMO —fixed rate 232 (2) — — 232 (2) Agency-issued CMBS 695 (9) 81 (4) 776 (13) Total AFS securities (1) $ 14,587 $ (217) $ 81 $ (4) $ 14,668 $ (221) (1) As of September 30, 2021, we identified a total of 381 investments that were in unrealized loss positions with 2 investments in an unrealized loss position for a period of time greater than 12 months. Based on our analysis of the securities in an unrealized loss position as of September 30, 2021, the decline in value is unrelated to credit loss and is related to changes in market interest rates since purchase and therefore changes in value for securities are included in other comprehensive income. Market valuations and credit loss analyses on assets in the AFS securities portfolio are reviewed and monitored on a quarterly basis. As of September 30, 2021, we do not intend to sell any of our securities in an unrealized loss position prior to recovery of our amortized cost basis, and it is more likely than not that we will not be required to sell any of our securities prior to recovery of our amortized cost basis. None of the investments in our AFS securities portfolio were past due as of September 30, 2021. December 31, 2020 Less than 12 months 12 months or longer Total (Dollars in millions) Fair Value of Unrealized Fair Value of Unrealized Fair Value of Unrealized AFS securities: U.S. Treasury securities (1) $ 60 $ — $ — $ — $ 60 $ — U.S. agency debentures 133 (1) — — 133 (1) Residential MBS: Agency-issued MBS 904 (1) — — 904 (1) Agency-issued CMO—fixed rate 2,199 (10) — — 2,199 (10) Agency-issued CMBS 989 (3) — — 989 (3) Total AFS securities (2) $ 4,285 $ (15) $ — $ — $ 4,285 $ (15) (1) At December 31, 2020, gross unrealized losses totaled less than $1 million for U.S. Treasury AFS securities with a loss duration of less than 12 months. (2) As of December 31, 2020, we identified a total of 93 investments that were in unrealized loss positions, of which no investments are in an unrealized loss position for a period of time greater than 12 months. None of the investments in our AFS securities portfolio were past due as of December 31, 2020. |
Summary of Remaining Contractual Principal Maturities and Fully Taxable Equivalent Yields on Securities | The following table summarizes the fixed income securities, carried at fair value, classified as AFS as of September 30, 2021 by the remaining contractual principal maturities. For U.S. Treasury securities, U.S. agency debentures and foreign government debt securities, the expected maturity is the actual contractual maturity of the notes. Expected maturities for MBS may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. MBS classified as AFS typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower interest rate environments. September 30, 2021 (Dollars in millions) Total One Year After One After Five After U.S. Treasury securities $ 9,277 $ 40 $ 9,237 $ — $ — U.S. agency debentures 208 91 37 80 — Foreign government debt securities 15 15 — — — Residential MBS: Agency-issued MBS 10,784 — — — 10,784 Agency-issued CMO—fixed rate 1,138 — — — 1,138 Agency-issued CMBS 1,562 — 16 1,546 — Total $ 22,984 $ 146 $ 9,290 $ 1,626 $ 11,922 The following table summarizes the remaining contractual principal maturities on fixed income investment securities classified as HTM as of September 30, 2021. For U.S. agency debentures, the expected maturity is the actual contractual maturity of the notes. Expected remaining maturities for certain U.S. agency debentures may occur earlier than their contractual maturities because the note issuers have the right to call outstanding amounts ahead of their contractual maturity. Expected maturities for MBS may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. MBS classified as HTM typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower interest rate environments; however, we expect to collect substantially all of the recorded investment on these securities. September 30, 2021 Total One Year After One Year to After Five Years to After (Dollars in millions) Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value U.S. agency debentures $ 609 $ 622 $ 1 $ 1 $ 133 $ 137 $ 475 $ 484 $ — $ — Residential MBS: Agency-issued MBS 52,874 52,526 1 2 7 8 407 419 52,459 52,097 Agency-issued CMO—fixed rate 7,410 7,358 — — 7 7 361 368 7,042 6,983 Agency-issued CMO—variable rate 109 110 — — — — — — 109 110 Agency-issued CMBS 14,351 14,289 — — 213 212 534 550 13,604 13,527 Municipal bonds and notes 6,485 6,558 52 52 157 162 973 1,015 5,303 5,329 Corporate bonds 533 532 — — — — 533 532 — — Total $ 82,371 $ 81,995 $ 54 $ 55 $ 517 $ 526 $ 3,283 $ 3,368 $ 78,517 $ 78,046 |
Held-to-maturity Securities | The components of our HTM investment securities portfolio at September 30, 2021 and December 31, 2020 are as follows: September 30, 2021 (Dollars in millions) Amortized Unrealized Unrealized Fair Value ACL HTM securities, at cost: U.S. agency debentures (1) $ 609 $ 14 $ (1) $ 622 $ — Residential MBS: Agency-issued MBS 52,874 167 (515) 52,526 — Agency-issued CMO—fixed rate 7,410 19 (71) 7,358 — Agency-issued CMO—variable rate 109 1 — 110 — Agency-issued CMBS 14,351 58 (120) 14,289 — Municipal bonds and notes 6,485 151 (78) 6,558 1 Corporate bonds 533 2 (3) 532 5 Total HTM securities $ 82,371 $ 412 $ (788) $ 81,995 $ 6 (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. December 31, 2020 (Dollars in millions) Amortized Unrealized Unrealized Fair Value ACL HTM securities, at amortized cost: U.S. agency debentures (1) $ 402 $ 19 $ — $ 421 $ — Residential MBS: Agency-issued MBS 7,740 240 (2) 7,978 — Agency-issued CMO—fixed rate 1,735 23 — 1,758 — Agency-issued CMO—variable rate 137 1 — 138 — Agency-issued CMBS 2,943 124 — 3,067 — Municipal bonds and notes 3,635 221 (1) 3,855 — Total HTM securities $ 16,592 $ 628 $ (3) $ 17,217 $ — (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. |
Debt Securities, Held-to-maturity, Credit Quality Indicator | On a quarterly basis, management monitors the credit quality for HTM securities through the use of standard credit ratings. The following table summarizes our amortized cost of HTM securities aggregated by credit quality indicator at September 30, 2021 and December 31, 2020: (Dollars in millions) September 30, 2021 December 31, 2020 Municipal bonds and notes: Aaa $ 3,422 $ 2,070 Aa1 1,883 1,145 Aa2 981 420 Aa3 172 — A1 27 — Total municipal bonds and notes $ 6,485 $ 3,635 Corporate bonds: Aa1 $ 29 $ — Aa2 27 — Aa3 43 — A1 210 — A2 224 — Total corporate bonds $ 533 $ — |
Schedule of Nonmarketable and Other Securities | The major components of our non-marketable and other equity securities portfolio at September 30, 2021 and December 31, 2020 are as follows: (Dollars in millions) September 30, 2021 December 31, 2020 Non-marketable and other equity securities: Non-marketable securities (fair value accounting): Consolidated venture capital and private equity fund investments (1) $ 140 $ 89 Unconsolidated venture capital and private equity fund investments (2) 222 185 Other investments without a readily determinable fair value (3) 95 61 Other equity securities in public companies (fair value accounting) (4) 158 281 Non-marketable securities (equity method accounting) (5): Venture capital and private equity fund investments 656 362 Debt funds 5 5 Other investments 289 203 Investments in qualified affordable housing projects, net (6) 920 616 Total non-marketable and other equity securities $ 2,485 $ 1,802 (1) The following table shows the amounts of venture capital and private equity fund investments held by the following consolidated funds and our ownership percentage of each fund at September 30, 2021 and December 31, 2020 (fair value accounting): September 30, 2021 December 31, 2020 (Dollars in millions) Amount Ownership % Amount Ownership % Strategic Investors Fund, LP $ 5 12.6 % $ 5 12.6 % Capital Preferred Return Fund, LP 64 20.0 50 20.0 Growth Partners, LP 71 33.0 34 33.0 Total consolidated venture capital and private equity fund investments $ 140 $ 89 (2) The carrying value represents investments in 153 and 162 funds (primarily venture capital funds) at September 30, 2021 and December 31, 2020, respectively, where our ownership interest is typically less than 5% of the voting interests of each such fund and in which we do not have the ability to exercise significant influence over the partnerships operating activities and financial policies. We carry our unconsolidated venture capital and private equity fund investments at fair value based on the fund investments' net asset values per share as obtained from the general partners of the investments. For each fund investment, we adjust the net asset value per share for differences between our measurement date and the date of the fund investment’s net asset value by using the most recently available financial information from the investee general partner, for example June 30 th for our September 30 th consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period. (3) These investments include direct equity investments in private companies. The carrying value is based on the price at which the investment was acquired plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments. We consider a range of factors when adjusting the fair value of these investments, including, but not limited to, the term and nature of the investment, local market conditions, values for comparable securities, current and projected operating performance, exit strategies, financing transactions subsequent to the acquisition of the investment and a discount for certain investments that have lock-up restrictions or other features that indicate a discount to fair value is warranted. The following table shows the changes to the carrying amount of other investments without a readily determinable fair value for the nine months ended September 30, 2021: (Dollars in millions) Nine months ended September 30, 2021 Cumulative Adjustments Measurement alternative: Carrying value at September 30, 2021 $ 95 Carrying value adjustments: Impairment $ — $ (1) Upward changes for observable prices 10 13 Downward changes for observable prices (3) (6) (4) Investments classified as other equity securities (fair value accounting) represent shares held in public companies as a result of exercising public equity warrant assets and direct equity investments in public companies held by our consolidated funds. Changes in equity securities measured at fair value are recognized through net income. (5) The following table shows the carrying value and our ownership percentage of each investment at September 30, 2021 and December 31, 2020 (equity method accounting): September 30, 2021 December 31, 2020 (Dollars in millions) Amount Ownership % Amount Ownership % Venture capital and private equity fund investments: Strategic Investors Fund II, LP $ 3 8.6 % $ 4 8.6 % Strategic Investors Fund III, LP 29 5.9 16 5.9 Strategic Investors Fund IV, LP 38 5.0 25 5.0 Strategic Investors Fund V funds 92 Various 67 Various CP II, LP (i) 1 5.1 8 5.1 Other venture capital and private equity fund investments 493 Various 242 Various Total venture capital and private equity fund investments $ 656 $ 362 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. $ 152 50.0 % $ 115 50.0 % Other investments 137 Various 88 Various Total other investments $ 289 $ 203 (i) Our ownership includes direct ownership interest of 1.3 percent and indirect ownership interest of 3.8 percent through our investments in Strategic Investors Fund II, LP. (ii) Our ownership includes direct ownership interest of 11.5 percent in the fund and an indirect interest in the fund through our investment in Gold Hill Capital 2008, LLC of 4.0 percent. (6) The following table presents the balances of our investments in qualified affordable housing projects and related unfunded commitments included as a component of “Other liabilities” on our consolidated balance sheets at September 30, 2021 and December 31, 2020: (Dollars in millions) September 30, 2021 December 31, 2020 Investments in qualified affordable housing projects, net $ 920 $ 616 Other liabilities 471 370 The following table presents other information relating to our investments in qualified affordable housing projects for the three and nine months ended September 30, 2021 and 2020: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Tax credits and other tax benefits recognized $ 9 $ 15 $ 63 $ 47 Amortization expense included in provision for income taxes (i) 17 10 48 32 (i) All investments are amortized using the proportional amortization method and amortization expense is included in the provision for income taxes. |
Gain Loss On Investment Securities | The following table presents the net gains and losses on non-marketable and other equity securities for the three and nine months ended September 30, 2021 and 2020 as recorded in the line item “Gains on investment securities, net," a component of noninterest income: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Net gains (losses) on non-marketable and other equity securities: Non-marketable securities (fair value accounting): Consolidated venture capital and private equity fund investments $ 36 $ 9 $ 72 $ 13 Unconsolidated venture capital and private equity fund investments 47 16 79 15 Other investments without a readily determinable fair value (2) — 11 (4) Other equity securities in public companies (fair value accounting) (39) 113 53 119 Non-marketable securities (equity method accounting): Venture capital and private equity fund investments 144 51 438 70 Debt funds — — 2 — Other investments 3 1 6 (3) Total net gains on non-marketable and other equity securities $ 189 $ 190 $ 661 $ 210 Less: realized net gains (losses) on sales of non-marketable and other equity securities (17) 5 110 6 Net gains on non-marketable and other equity securities still held $ 206 $ 185 $ 551 $ 204 |
Loans, Allowance for Loan Los_2
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | The composition of loans at amortized cost basis broken out by class of financing receivable at September 30, 2021 and December 31, 2020 is presented in the following table: (Dollars in millions) September 30, 2021 December 31, 2020 Global fund banking $ 34,120 $ 25,543 Investor dependent: Early stage 1,550 1,486 Growth stage 3,827 3,486 Total investor dependent 5,377 4,972 Cash flow dependent - SLBO 1,895 1,989 Innovation C&I 5,916 5,136 Private bank (4) 8,370 4,901 CRE (4) 2,753 — Premium wine (4) 980 1,053 Other C&I 1,259 — Other (4) 252 28 PPP 565 1,559 Total loans (1) (2) (3) $ 61,487 $ 45,181 ACL (398) (448) Net loans $ 61,089 $ 44,733 (1) Total loans at amortized cost is net of unearned income of $240 million and $226 million at September 30, 2021 and December 31, 2020, respectively. (2) Included within our total loan portfolio are credit card loans of $548 million and $400 million at September 30, 2021 and December 31, 2020, respectively. (3) Included within our total loan portfolio are construction loans of $320 million and $118 million at September 30, 2021 and December 31, 2020, respectively. (4) Of our total loans, the table below includes those secured by real estate at amortized cost at September 30, 2021 and December 31, 2020 and were comprised of the following: (Dollars in millions) September 30, 2021 December 31, 2020 Real estate secured loans: Private bank: Loans for personal residence $ 6,684 $ 3,392 Loans to eligible employees 449 481 Home equity lines of credit 131 43 Other 136 143 Total private bank loans secured by real estate $ 7,400 $ 4,059 CRE: Multifamily and residential investment 1,047 — Retail 564 — Office and medical 540 — Manufacturing, industrial and warehouse 309 — Hospitality 155 — Other 138 — Total CRE loans secured by real estate $ 2,753 $ — Premium wine 795 824 Other 281 57 Total real estate secured loans $ 11,229 $ 4,940 |
Credit Quality Indicators, Broken out by Portfolio Segment and Class of Financing Receivables | The following tables summarize the credit quality indicators, broken out by class of financing receivable and vintage year, as of September 30, 2021 and December 31, 2020: Term Loans by Origination Year September 30, 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 $ 470 $ 111 $ 40 $ 54 $ 12 $ 6 $ 33,423 $ — $ — $ 34,116 Criticized — — — — — — 3 1 — 4 Nonperforming — — — — — — — — — — Total global fund banking $ 470 $ 111 $ 40 $ 54 $ 12 $ 6 $ 33,426 $ 1 $ — $ 34,120 Investor dependent: Early stage: Risk rating: Pass $ 605 $ 386 $ 174 $ 35 $ 8 $ 1 $ 149 $ — $ — $ 1,358 Criticized 26 99 31 5 1 — 26 — — 188 Nonperforming — — 3 1 — — — — — 4 Total early stage $ 631 $ 485 $ 208 $ 41 $ 9 $ 1 $ 175 $ — $ — $ 1,550 Growth stage: Risk rating: Pass $ 1,609 $ 1,120 $ 369 $ 113 $ 22 $ 2 $ 316 $ 5 $ — $ 3,556 Criticized 80 84 51 4 1 — 25 — — 245 Nonperforming — 14 1 3 — — 8 — — 26 Total growth stage $ 1,689 $ 1,218 $ 421 $ 120 $ 23 $ 2 $ 349 $ 5 $ — $ 3,827 Total investor dependent $ 2,320 $ 1,703 $ 629 $ 161 $ 32 $ 3 $ 524 $ 5 $ — $ 5,377 Cash flow dependent - SLBO: Risk rating: Pass $ 780 $ 489 $ 280 $ 94 $ 85 $ — $ 34 $ — $ — $ 1,762 Criticized 2 14 18 39 10 13 3 — — 99 Nonperforming — — 12 10 7 — 5 — — 34 Total cash flow dependent - SLBO $ 782 $ 503 $ 310 $ 143 $ 102 $ 13 $ 42 $ — $ — $ 1,895 Innovation C&I Risk rating: Pass $ 1,426 $ 1,298 $ 334 $ 260 $ 131 $ 3 $ 1,983 $ — $ — $ 5,435 Criticized 35 112 73 17 — — 244 — — 481 Nonperforming — — — — — — — — — — Total innovation C&I $ 1,461 $ 1,410 $ 407 $ 277 $ 131 $ 3 $ 2,227 $ — $ — $ 5,916 Private bank: Risk rating: Pass $ 2,163 $ 2,159 $ 1,259 $ 566 $ 496 $ 1,053 $ 625 $ 10 $ — $ 8,331 Criticized — — 6 2 4 13 3 — — 28 Nonperforming — — — 1 — 9 — 1 — 11 Total private bank $ 2,163 $ 2,159 $ 1,265 $ 569 $ 500 $ 1,075 $ 628 $ 11 $ — $ 8,370 CRE Risk rating: Pass $ 256 $ 249 $ 359 $ 160 $ 263 $ 927 $ 120 $ 15 $ — $ 2,349 Criticized 3 29 109 50 50 125 19 — — 385 Nonperforming — — 5 14 — — — — — 19 Total CRE $ 259 $ 278 $ 473 $ 224 $ 313 $ 1,052 $ 139 $ 15 $ — $ 2,753 Premium wine: Risk rating: Pass $ 129 $ 131 $ 182 $ 68 $ 66 $ 148 $ 114 $ 34 $ — $ 872 Criticized 2 12 11 16 — 38 12 — — 91 Nonperforming — — 7 — 10 — — — — 17 Total premium wine $ 131 $ 143 $ 200 $ 84 $ 76 $ 186 $ 126 $ 34 $ — $ 980 Other C&I Risk rating: Pass $ 159 $ 179 $ 96 $ 93 $ 33 $ 310 $ 324 $ 10 $ — $ 1,204 Criticized 5 4 10 9 2 2 15 5 — 52 Nonperforming — — — 1 — 1 1 — — 3 Total other C&I $ 164 $ 183 $ 106 $ 103 $ 35 $ 313 $ 340 $ 15 $ — $ 1,259 Other: Risk rating: Pass $ 25 $ 114 $ 97 $ 21 $ 13 $ — $ 4 $ — $ (29) $ 245 Criticized — — 1 3 3 — — — — 7 Nonperforming — — — — — — — — — — Total other $ 25 $ 114 $ 98 $ 24 $ 16 $ — $ 4 $ — $ (29) $ 252 PPP: Risk rating: Pass $ 387 $ 120 $ — $ — $ — $ — $ — $ — $ — $ 507 Criticized 27 31 — — — — — — — 58 Nonperforming — — — — — — — — — — Total PPP $ 414 $ 151 $ — $ — $ — $ — $ — $ — $ — $ 565 Total loans $ 8,189 $ 6,755 $ 3,528 $ 1,639 $ 1,217 $ 2,651 $ 37,456 $ 81 $ (29) $ 61,487 (1) These amounts consist of fees and clearing items that have not yet been allocated at the loan level. Term Loans by Origination Year December 31, 2020 (Dollars in millions) 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Global fund banking: Risk rating: Pass $ 440 $ 48 $ 69 $ 23 $ 2 $ 6 $ 24,947 $ 2 $ 25,537 Criticized — — — — — — — 6 6 Nonperforming — — — — — — — — — Total global fund banking $ 440 $ 48 $ 69 $ 23 $ 2 $ 6 $ 24,947 $ 8 $ 25,543 Investor dependent: Early stage: Risk rating: Pass $ 667 $ 370 $ 121 $ 32 $ 1 $ 1 $ 96 $ 1 $ 1,289 Criticized 47 73 26 10 4 — 19 — 179 Nonperforming 2 9 5 1 — — 1 — 18 Total early stage $ 716 $ 452 $ 152 $ 43 $ 5 $ 1 $ 116 $ 1 $ 1,486 Growth stage: Risk rating: Pass $ 1,746 $ 696 $ 316 $ 61 $ 5 $ 9 $ 325 $ 8 $ 3,166 Criticized 65 103 56 9 — 7 47 — 287 Nonperforming 17 3 4 3 — — 6 — 33 Total growth stage $ 1,828 $ 802 $ 376 $ 73 $ 5 $ 16 $ 378 $ 8 $ 3,486 Total investor dependent $ 2,544 $ 1,254 $ 528 $ 116 $ 10 $ 17 $ 494 $ 9 $ 4,972 Cash flow dependent - SLBO: Risk rating: Pass $ 791 $ 452 $ 274 $ 167 $ 37 $ — $ 75 $ — $ 1,796 Criticized — 70 39 22 13 — 9 — 153 Nonperforming — 12 16 7 — — 5 — 40 Total cash flow dependent - SLBO $ 791 $ 534 $ 329 $ 196 $ 50 $ — $ 89 $ — $ 1,989 Innovation C&I: Risk rating: Pass $ 1,718 $ 703 $ 378 $ 152 $ 39 $ — $ 1,791 $ 1 $ 4,782 Criticized 75 72 34 4 — — 163 — 348 Nonperforming — — 5 — — — 1 — 6 Total sponsor led buyout $ 1,793 $ 775 $ 417 $ 156 $ 39 $ — $ 1,955 $ 1 $ 5,136 Private bank: Risk rating: Pass $ 1,878 $ 1,153 $ 394 $ 353 $ 295 $ 406 $ 382 $ 1 $ 4,862 Criticized 3 10 5 1 5 8 1 — 33 Nonperforming — — 3 — — 2 1 — 6 Total private bank $ 1,881 $ 1,163 $ 402 $ 354 $ 300 $ 416 $ 384 $ 1 $ 4,901 Premium wine: Risk rating: Pass $ 127 $ 194 $ 71 $ 79 $ 115 $ 154 $ 135 $ 36 $ 911 Criticized 18 24 36 10 13 6 34 — 141 Nonperforming — — — — 1 — — — 1 Total Premium wine $ 145 $ 218 $ 107 $ 89 $ 129 $ 160 $ 169 $ 36 $ 1,053 Other: Risk rating: Pass $ — $ 16 $ 11 $ — $ — $ 1 $ — $ — $ 28 Criticized — — — — — — — — — Nonperforming — — — — — — — — — Total other $ — $ 16 $ 11 $ — $ — $ 1 $ — $ — $ 28 PPP: Risk rating: Pass $ 1,456 $ — $ — $ — $ — $ — $ — $ — $ 1,456 Criticized 103 — — — — — — — 103 Nonperforming — — — — — — — — — Total PPP $ 1,559 $ — $ — $ — $ — $ — $ — $ — $ 1,559 Total loans $ 9,153 $ 4,008 $ 1,863 $ 934 $ 530 $ 600 $ 28,038 $ 55 $ 45,181 |
Activity in Allowance for Loan Losses Broken out by Portfolio Segment | The following tables summarize the activity relating to our ACL for loans for the three and nine months ended September 30, 2021 and 2020, broken out by portfolio segment: Three months ended September 30, 2021 Beginning Balance June 30, 2021 Initial Allowance on PCD Loans Charge-offs Recoveries (Reduction) Provision for Credit Losses (1) Ending Balance September 30, 2021 (Dollars in millions) Global fund banking $ 66 $ — $ — $ — $ (7) $ 59 Investor dependent 158 — (17) 5 (8) 138 Cash flow dependent and innovation C&I 119 — (1) 3 (12) 109 Private bank 47 1 (1) — (16) 31 CRE — 17 — — 23 40 Other C&I — 4 — — 8 12 Premium wine and other 6 — — — 3 9 Total ACL $ 396 $ 22 $ (19) $ 8 $ (9) $ 398 (1) The provision for loan losses for the three months ended September 30, 2021 includes a post-combination provision of $44 million related to non-PCD loans from the Boston Private acquisition. Three months ended September 30, 2020 Beginning Balance June 30, 2020 Charge-offs Recoveries (Reduction) Provision for Credit Losses Foreign Currency Translation Adjustments Ending Balance September 30, 2020 (Dollars in millions) Global fund banking $ 54 $ — $ — $ (15) $ — $ 39 Investor dependent 292 (28) 4 (5) — 263 Cash flow dependent and innovation C&I 123 — — (2) — 121 Private Bank 91 — — (15) — 76 Premium wine and other 26 — — (16) 1 11 PPP 4 — — (1) — 3 Total ACL $ 590 $ (28) $ 4 $ (54) $ 1 $ 513 Nine months ended September 30, 2021 Beginning Balance December 31, 2020 Initial Allowance on PCD Loans Charge-offs Recoveries Provision (Reduction) for Credit Losses (1) Ending Balance September 30, 2021 (Dollars in millions) Global fund banking $ 46 $ — $ (80) $ — $ 93 $ 59 Investor dependent 213 — (37) 13 (51) 138 Cash flow dependent and innovation C&I 125 — (8) 3 (11) 109 Private bank 53 1 (3) — (20) 31 CRE — 17 — — 23 40 Other C&I — 4 — — 8 12 Premium wine and other 9 — (1) — 1 9 PPP 2 — — — (2) — Total ACL $ 448 $ 22 $ (129) $ 16 $ 41 $ 398 (1) The provision for loan losses for the nine months ended September 30, 2021 includes a post-combination provision of $44 million related to non-PCD loans from the Boston Private acquisition. Nine months ended September 30, 2020 Beginning Balance December 31, 2019 Impact of Adopting ASC 326 Charge-offs Recoveries Provision (Reduction) for Credit Losses Foreign Currency Translation Adjustments Ending Balance September 30, 2020 (Dollars in millions) Global fund banking $ 107 $ (70) $ — $ — $ 2 $ — $ 39 Investor dependent 82 72 (67) 12 165 (1) 263 Cash flow dependent and innovation C&I 81 (1) (11) 3 50 (1) 121 Private bank 22 12 (2) — 44 — 76 Premium wine and other 13 12 — 1 (17) 2 11 PPP — — — — 3 — 3 Total ACL $ 305 $ 25 $ (80) $ 16 $ 247 $ — $ 513 The following table summarizes the activity relating to our ACL for unfunded credit commitments for the three and nine months ended September 30, 2021 and 2020: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 ACL: unfunded credit commitments, beginning balance $ 120 $ 99 $ 121 $ 67 Impact of adopting ASC 326 — — — 23 Provision for credit losses (1) 29 2 28 11 ACL: unfunded credit commitments, ending balance (2) $ 149 $ 101 $ 149 $ 101 (1) The provision for credit losses for unfunded credit commitments for the three and nine months ended September 30, 2021 includes a post-combination provision of $2 million related to commitments acquired from Boston Private. (2) The “ACL: unfunded credit commitments” is included as a component of “other liabilities” on our unaudited interim consolidated balance sheets. See Note 12 — “Off-Balance Sheet Arrangements, Guarantees and Other Commitments” of this report for additional disclosures related to our commitments to extend credit. |
Financing Receivable, Past Due | The following table summarizes the aging of our loans broken out by class of financing receivable as of September 30, 2021 and December 31, 2020: (Dollars in millions) 30 - 59 60 - 89 Equal to or Greater Total Past Current Total Loans Past Due September 30, 2021: Global fund banking $ — $ — $ — $ — $ 34,120 $ 34,120 $ — Investor dependent: Early stage 1 — — 1 1,549 1,550 — Growth stage 2 — — 2 3,825 3,827 — Total investor dependent 3 — — 3 5,374 5,377 — Cash flow dependent - SLBO — — — — 1,895 1,895 — Innovation C&I 1 3 — 4 5,912 5,916 — Private bank 1 2 8 11 8,359 8,370 2 CRE 14 — — 14 2,739 2,753 — Premium wine — — 17 17 963 980 — Other C&I 3 1 1 5 1,254 1,259 — Other — — — — 252 252 — PPP — — 1 1 564 565 1 Total loans $ 22 $ 6 $ 27 $ 55 $ 61,432 $ 61,487 $ 3 December 31, 2020: Global fund banking $ 28 $ — $ — $ 28 $ 25,515 $ 25,543 $ — Investor dependent: Early stage 6 2 — 8 1,478 1,486 — Growth stage 11 — 1 12 3,474 3,486 — Total investor dependent 17 2 1 20 4,952 4,972 — Cash flow dependent - SLBO — — — — 1,989 1,989 — Innovation C&I 7 1 — 8 5,128 5,136 — Private bank 4 4 — 8 4,893 4,901 — Premium wine 3 — 1 4 1,049 1,053 — Other — — — — 28 28 — PPP — — — — 1,559 1,559 — Total loans $ 59 $ 7 $ 2 $ 68 $ 45,113 $ 45,181 $ — |
Financing Receivable, Nonaccrual | The following table summarizes our nonaccrual loans with no allowance for credit loss at September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 (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 $ 4 $ — $ 18 $ — Growth stage 26 — 33 3 Total investor dependent 30 — 51 3 Cash flow dependent - SLBO 34 — 40 — Innovation C&I — — 6 1 Private bank 11 2 6 3 CRE 19 — — — Premium wine 17 17 1 1 Other C&I 3 — — — Total nonaccrual loans (1) $ 114 $ 19 $ 104 $ 8 (1) Nonaccrual loans at September 30, 2021 include $31 million of loans that were acquired from Boston Private. |
Summary of Loans Modified in Troubled Debt Restructurings ("TDRs") by Risk-based Segment | The following table summarizes our loans modified in TDRs, broken out by class of financing receivable at September 30, 2021 and December 31, 2020: (Dollars in millions) September 30, 2021 December 31, 2020 Loans modified in TDRs: Investor dependent: Early stage $ — $ 7 Growth stage 26 29 Total investor dependent 26 36 Cash flow dependent - SLBO 34 22 Innovation C&I — 1 Private bank 10 — CRE 48 — Premium wine 2 2 Other C&I 2 — Total loans modified in TDRs (1) $ 122 $ 61 (1) Loans modified in TDRs at September 30, 2021 include 48 loans with a total balance of $60 million that were acquired from Boston Private. |
Recorded Investment in Loans Modified in TDRs | The following table summarizes the recorded investment in loans modified in TDRs, broken out by class of financing receivable, for modifications made during the three and nine months ended September 30, 2021 and 2020: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Loans modified in TDRs during the period: Investor dependent: Early stage $ — $ 4 $ 1 $ 4 Growth stage 8 — 8 4 Total investor dependent 8 4 9 8 Cash flow dependent - SLBO — 21 12 21 Innovation C&I — 1 — 2 Private bank 2 — 2 — CRE 43 — 43 — Premium wine — — — 1 Total loans modified in TDRs during the period (1) (2) $ 53 $ 26 $ 66 $ 32 (1) There were no partial charge-offs for the three months ended September 30, 2021 and $7 million for the nine months then ended, compared to $14 million and $31 million of partial charge-offs for the three and nine months ended September 30, 2020, respectively. (2) Loans modified in TDRs during the three and nine months ended September 30, 2021 include $45 million of loans acquired from Boston Private that were subsequently modified in TDRs. |
Troubled Debt Restructurings On Financing Receivables Subsequently Defaulted Table | The following table summarizes the recorded investment in loans modified in TDRs within the previous 12 months that subsequently defaulted during the three and nine months ended September 30, 2021 and September 30, 2020: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 TDRs modified within the previous 12 months that defaulted during the period: Premium wine $ — $ 1 $ — $ 1 Total TDRs modified within the previous 12 months that defaulted in the period $ — $ 1 $ — $ 1 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in goodwill were as follows for the nine months ended September 30, 2021: (Dollars in millions) Goodwill Beginning balance at December 31, 2020 $ 143 Acquisitions 201 Ending balance at September 30, 2021 $ 344 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The components of net other intangible assets were as follows: September 30, 2021 December 31, 2020 (Dollars in millions) Gross Amount Accumulated Amortization Net Carrying Amount Gross Amount Accumulated Amortization Net Carrying Amount Other intangible assets: Customer relationships $ 127 $ 12 $ 115 $ 42 $ 8 $ 34 Other 55 14 41 36 9 27 Total other intangible assets $ 182 $ 26 $ 156 $ 78 $ 17 $ 61 |
Finite-lived Intangible Assets Amortization Expense | For the nine months ended September 30, 2021, we recorded amortization expense of $9 million. Assuming no future impairments of other intangible assets or additional acquisitions or dispositions, the following table presents the Company's future expected amortization expense for other intangible assets that will continue to be amortized as of September 30, 2021: Years ended December 31, Other 2021 (excluding the nine months ended September 30, 2021) $ 9 2022 21 2023 19 2024 18 2025 15 2026 and thereafter 74 Total future amortization expense $ 156 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following table summarizes the amortized cost basis of hedged assets that are designated and qualify as fair value hedges and the cumulative amount of fair value hedging adjustments included in the carrying value that have been recorded on our unaudited interim consolidated balance sheets as of September 30, 2021: September 30, 2021 (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) $ 17,524 $ (13) (1) These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At September 30, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $13.4 billion, the amounts of the designated hedged items was $7.3 billion and the cumulative basis adjustments associated with these hedging relationships was $13 million. (2) The balance includes $6 million of hedging adjustments on discontinued hedging relationships at September 30, 2021. |
Total Notional or Contractual Amounts, Fair Value, Collateral and Net Exposure of Derivative Financial Instruments | The total notional or contractual amounts and fair value of our derivative financial instruments at September 30, 2021 and December 31, 2020 were as follows: September 30, 2021 December 31, 2020 Notional or Fair Value Notional or 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) $ 9,175 $ 14 $ — $ — $ — $ — Interest rate swaps 2,125 — — — — — Derivatives not designated as hedging instruments: Currency exchange risks: Foreign exchange forwards and swaps 651 12 — 68 — — Foreign exchange forwards and swaps 80 — 1 567 — 20 Other derivative instruments: Equity warrant assets 309 274 — 253 203 — Client foreign exchange forwards and swaps 8,974 171 — 8,026 215 — Client foreign exchange forwards and swaps 8,652 — 155 7,491 — 188 Client foreign currency options 196 2 — 98 2 — Client foreign currency options 196 — 2 98 — 2 Client interest rate derivatives 2,249 115 — 1,082 68 — Client interest rate derivatives (2) 2,264 — 116 1,251 — 27 Total derivatives not designated as hedging instruments 574 274 488 237 Total derivatives $ 588 $ 274 $ 488 $ 237 (1) Derivative assets and liabilities are included in "accrued interest receivable and other assets" and "other liabilities " , respectively, on our consolidated balance sheets. (2) The amount reported reflects reductions of approximately $5 million of derivative assets and $45 million of derivative liabilities at September 30, 2021 and December 31, 2020, respectively, reflecting variation margin treated as settlement of the related derivative fair values for legal and accounting purposes as required by central clearing houses. |
Summary of Derivative Activity and Related Impact on Consolidated Statements of Income | A summary of our derivative activity and the related impact on our consolidated statements of income for the three and nine months ended September 30, 2021 and 2020 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in millions) Statement of income location 2021 2020 2021 2020 Derivatives designated as hedging instruments: Interest rate risks: Amounts reclassified from AOCI into income Interest income - loans $ 16 $ 16 $ 47 $ 34 Change in fair value of interest rate swaps hedging investment securities Interest income - investment securities taxable 5 — 18 — Change in fair value of hedged investment securities Interest income - investment securities taxable (6) — (19) — Net gains associated with interest rate risk derivatives $ 15 $ 16 $ 46 $ 34 Derivatives not designated as hedging instruments: Currency exchange risks: (Losses) gains on revaluations of internal foreign currency instruments, net Other noninterest income $ (14) $ 17 (35) $ 20 Gains (losses) on internal foreign exchange forward contracts, net Other noninterest income 14 (19) 35 (20) Net gains (losses) associated with internal currency risk $ — $ (2) $ — $ — Other derivative instruments: Gains (losses) on revaluations of client foreign currency instruments, net Other noninterest income $ 1 $ — $ 16 $ (3) (Losses) gains on client foreign exchange forward contracts, net Other noninterest income (5) 2 (15) 2 Net (losses) gains associated with client currency risk $ (4) $ 2 $ 1 $ (1) Net gains on equity warrant assets Gains on equity warrant assets, net $ 147 $ 54 $ 491 $ 94 Net gains on other derivatives Other noninterest income $ 2 $ 31 $ 4 $ 27 |
Offsetting Assets | The following table summarizes our assets subject to enforceable master netting arrangements as of September 30, 2021 and December 31, 2020: 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) September 30, 2021 Derivative assets: Interest rate swaps $ 14 $ — $ 14 $ — $ (7) $ 7 Foreign exchange forwards and swaps 183 — 183 (71) (33) 79 Foreign currency options 2 — 2 — — 2 Client interest rate derivatives 115 — 115 (113) (2) — Total derivative assets 314 — 314 (184) (42) 88 Reverse repurchase, securities borrowing, and similar arrangements 216 — 216 (216) — — Total $ 530 $ — $ 530 $ (400) $ (42) $ 88 December 31, 2020 Derivative assets: Interest rate swaps $ — $ — $ — $ — $ — $ — Foreign exchange forwards and swaps 215 — 215 (76) (21) 118 Foreign currency options 2 — 2 (1) — 1 Client interest rate derivatives 68 — 68 (68) — — Total derivative assets 285 — 285 (145) (21) 119 Reverse repurchase, securities borrowing, and similar arrangements 227 — 227 (227) — — Total $ 512 $ — $ 512 $ (372) $ (21) $ 119 (1) Cash collateral received from our counterparties in relation to market value exposures of derivative contracts in our favor is recorded as a component of “short-term borrowings” on our consolidated balance sheets. |
Offsetting Liabilities | The following table summarizes our liabilities subject to enforceable master netting arrangements as of September 30, 2021 and December 31, 2020: 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) September 30, 2021 Derivative liabilities: Interest rate swaps $ — $ — $ — $ — $ — $ — Foreign exchange forwards and swaps 156 — 156 (66) (14) 76 Foreign currency options 2 — 2 (1) (1) — Client interest rate derivatives 116 — 116 (50) (66) — Total derivative liabilities 274 — 274 (117) (81) 76 Repurchase, securities lending, and similar arrangements 97 — 97 — — 97 Total $ 371 $ — $ 371 $ (117) $ (81) $ 173 December 31, 2020 Derivative liabilities: Interest rate swaps $ — $ — $ — $ — $ — $ — Foreign exchange forwards and swaps 208 — 208 (84) (45) 79 Foreign currency options 2 — 2 (1) — 1 Client interest rate derivatives 27 — 27 — (26) 1 Total derivative liabilities 237 — 237 (85) (71) 81 Repurchase, securities lending, and similar arrangements — — — — — — Total $ 237 $ — $ 237 $ (85) $ (71) $ 81 (1) Cash collateral pledged to our counterparties in relation to market value exposures of derivative contracts in a liability position and repurchase agreements are recorded as a component of “cash and cash equivalents " on our consolidated balance sheets. |
Noninterest Income (Tables)
Noninterest Income (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Summary of Noninterest Income | Included below is a summary of noninterest income for the three and nine months ended September 30, 2021 and 2020: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Noninterest income: Gains on investment securities, net $ 189 $ 190 $ 661 $ 271 Gains on equity warrant assets, net 147 54 491 94 Client investment fees 20 32 55 107 Wealth management and trust fees 22 — 22 — Foreign exchange fees 65 44 189 128 Credit card fees 34 23 93 72 Deposit service charges 29 22 82 67 Lending related fees 21 13 55 38 Letters of credit and standby letters of credit fees 13 12 39 35 Investment banking revenue 90 92 335 281 Commissions 17 16 58 49 Other 25 49 97 76 Total noninterest income $ 672 $ 547 $ 2,177 $ 1,218 |
Components of Gains and Losses (Realized and Unrealized) on Investment Securities | A summary of gains and losses on investment securities for the three and nine months ended September 30, 2021 and 2020 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Gains on non-marketable and other equity securities, net $ 189 $ 190 $ 661 $ 210 Gains on sales of AFS securities, net — — — 61 Total gains on investment securities, net $ 189 $ 190 $ 661 $ 271 |
Components of Gains on Equity Warrant Assets | A summary of net gains on equity warrant assets for the three and nine months ended September 30, 2021 and 2020 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Equity warrant assets: Gains on exercises, net $ 91 $ 24 $ 381 $ 59 Terminations (1) — (2) (1) Changes in fair value, net 57 30 112 36 Total net gains on equity warrant assets $ 147 $ 54 $ 491 $ 94 |
Components of Client Investment Fees | A summary of client investment fees by instrument type for the three and nine months ended September 30, 2021 and 2020 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Client investment fees by type: Sweep money market fees $ 12 $ 18 $ 31 $ 61 Asset management fees (1) 7 12 22 33 Repurchase agreement fees 1 2 2 13 Total client investment fees (2) $ 20 $ 32 $ 55 $ 107 (1) Represents fees earned from investments in third-party money market mutual funds and fixed-income securities managed by SVB Asset Management. (2) Represents fees earned on client investment funds that are maintained at third-party financial institutions and are not recorded on our balance sheet. |
Components of Wealth Management and Trust Fees | A summary of wealth management and trust fees by instrument type for the three and nine months ended September 30, 2021 and 2020 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Wealth management and trust fees by type: Wealth management fees $ 20 $ — $ 20 $ — Trust fees 2 — 2 — Total wealth management and trust fees $ 22 $ — $ 22 $ — |
Components of Foreign Exchange Fees | A summary of foreign exchange fee income by instrument type for the three and nine months ended September 30, 2021 and 2020 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Foreign exchange fees by instrument type: Spot contract commissions $ 60 $ 39 $ 175 $ 113 Forward contract commissions 5 5 13 14 Option premium fees — — 1 1 Total foreign exchange fees $ 65 $ 44 $ 189 $ 128 |
Components of Credit Card Fees | A summary of credit card fees by instrument type for the three and nine months ended September 30, 2021 and 2020 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Credit card fees by instrument type: Card interchange fees, net $ 29 $ 18 $ 78 $ 55 Merchant service fees 4 4 12 14 Card service fees 1 1 3 3 Total credit card fees $ 34 $ 23 $ 93 $ 72 |
Components of Lending Related Fees | A summary of lending related fees by instrument type for the three and nine months ended September 30, 2021 and 2020 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Lending related fees by instrument type: Unused commitment fees $ 14 $ 10 $ 42 $ 27 Other 7 3 13 11 Total lending related fees $ 21 $ 13 $ 55 $ 38 |
Schedule of Investment Banking Revenue | A summary of investment banking revenue by instrument type for the three and nine months ended September 30, 2021 and 2020 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Investment banking revenue: Underwriting fees $ 39 $ 85 $ 248 $ 248 Advisory fees 26 2 39 26 Private placements and other 25 5 48 7 Total investment banking revenue $ 90 $ 92 $ 335 $ 281 |
Summary of Other Noninterest Income | A summary of other noninterest income by instrument type for the three and nine months ended September 30, 2021 and 2020 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Other noninterest income by instrument type: Fund management fees $ 15 $ 10 $ 51 $ 26 Net gains on revaluation of foreign currency instruments, net of foreign exchange forward contracts (1) (4) (1) 1 (1) Gains from conversion of convertible debt options — 30 — 30 Other service revenue 14 10 45 21 Total other noninterest income $ 25 $ 49 $ 97 $ 76 (1) Represents the net revaluation of client and internal foreign currency denominated financial instruments. We enter into foreign exchange forward contracts to economically reduce our foreign exchange exposure related to client and internal foreign currency denominated financial instruments. |
Disaggregation of Revenue | The following tables present our revenues from contracts with customers disaggregated by revenue source and segment for the three and nine months ended September 30, 2021 and 2020: Three months ended September 30, 2021 Global SVB Private SVB Capital (2) SVB Other Items Total (Dollars in millions) Revenue from contracts with customers: Client investment fees $ 20 $ — $ — $ — $ — $ 20 Wealth management and trust fees — 22 — — — 22 Spot contract commissions 59 1 — — — 60 Card interchange fees, gross 52 — — — — 52 Merchant service fees 4 — — — — 4 Deposit service charges 28 — — — 1 29 Investment banking revenue — — — 90 — 90 Commissions — — — 17 — 17 Fund management fees — — 14 1 — 15 Performance fees — — 4 — — 4 Correspondent bank rebates 2 — — — — 2 Total revenue from contracts with customers $ 165 $ 23 $ 18 $ 108 $ 1 $ 315 Revenues outside the scope of ASC 606 (1) 17 2 127 23 188 357 Total noninterest income $ 182 $ 25 $ 145 $ 131 $ 189 $ 672 (1) Amounts are accounted for under separate guidance than ASC 606. (2) Global Commercial Bank’s, SVB Capital’s and SVB Leerink's components of noninterest income are shown net of noncontrolling interests. Noncontrolling interest is included within “Other Items. " Three months ended September 30, 2020 Global SVB Private SVB Capital (2) SVB Other Items Total (Dollars in millions) Revenue from contracts with customers: Client investment fees $ 31 $ 1 $ — $ — $ — $ 32 Spot contract commissions 39 — — — — 39 Card interchange fees, gross 29 — — — — 29 Merchant service fees 4 — — — — 4 Deposit service charges 22 — — — — 22 Investment banking revenue — — — 92 — 92 Commissions — — — 16 — 16 Fund management fees — — 8 2 — 10 Performance fees — — 2 — — 2 Correspondent bank rebates 1 — — — — 1 Total revenue from contracts with customers $ 126 $ 1 $ 10 $ 110 $ — $ 247 Revenues outside the scope of ASC 606 (1) 22 — 50 4 224 300 Total noninterest income $ 148 $ 1 $ 60 $ 114 $ 224 $ 547 (1) Amounts are accounted for under separate guidance than ASC 606. (2) Global Commercial Bank’s, SVB Capital’s and SVB Leerink's components of noninterest income are shown net of noncontrolling interests. Noncontrolling interest is included within “Other Items. " Nine months ended September 30, 2021 Global SVB Private SVB Capital (2) SVB Other Items Total (Dollars in millions) Revenue from contracts with customers: Client investment fees $ 53 $ 2 $ — $ — $ — $ 55 Wealth management and trust fees — 22 — — — 22 Spot contract commissions 174 1 — — — 175 Card interchange fees, gross 141 — — — 1 142 Merchant service fees 12 — — — — 12 Deposit service charges 80 — — — 2 82 Investment banking revenue — — — 335 — 335 Commissions — — — 58 — 58 Fund management fees — — 47 4 — 51 Performance fees — — 12 — — 12 Correspondent bank rebates 4 — — — — 4 Total revenue from contracts with customers $ 464 $ 25 $ 59 $ 397 $ 3 $ 948 Revenues outside the scope of ASC 606 (1) 51 2 330 53 793 1,229 Total noninterest income $ 515 $ 27 $ 389 $ 450 $ 796 $ 2,177 (1) Amounts are accounted for under separate guidance than ASC 606. (2) Global Commercial Bank’s, SVB Capital’s and SVB Leerink's components of noninterest income are shown net of noncontrolling interests. Noncontrolling interest is included within “Other Items. " Nine months ended September 30, 2020 Global SVB Private SVB Capital (2) SVB Other Items Total (Dollars in millions) Revenue from contracts with customers: Client investment fees $ 105 $ 2 $ — $ — $ — $ 107 Spot contract commissions 113 — — — — 113 Card interchange fees, gross 91 — — — 1 92 Merchant service fees 14 — — — — 14 Deposit service charges 67 — — — — 67 Investment banking revenue — — — 281 — 281 Commissions — — — 49 — 49 Fund management fees — — 22 4 — 26 Performance fees — — 4 — — 4 Correspondent bank rebates 4 — — — — 4 Total revenue from contracts with customers $ 394 $ 2 $ 26 $ 334 $ 1 $ 757 Revenues outside the scope of ASC 606 (1) 54 — 61 6 340 461 Total noninterest income $ 448 $ 2 $ 87 $ 340 $ 341 $ 1,218 (1) Amounts are accounted for under separate guidance than ASC 606. (2) Global Commercial Bank’s, SVB Capital’s and SVB Leerink's components of noninterest income are shown net of noncontrolling interests. Noncontrolling interest is included within “Other Items. " |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Our reportable segment information for the three and nine months ended September 30, 2021 and 2020 is as follows: (Dollars in millions) Global SVB Private SVB Capital (1) SVB Other Items (2) Total Three months ended September 30, 2021 Net interest income $ 774 $ 66 $ — $ — $ 12 $ 852 (Provision for) reduction of credit losses 29 (20) — — (30) (21) Noninterest income 182 25 145 131 189 672 Noninterest expense (3) (339) (90) (15) (142) (293) (879) Income (loss) before income tax expense (4) $ 646 $ (19) $ 130 $ (11) $ (122) $ 624 Total average loans, amortized cost $ 45,798 $ 12,506 $ — $ — $ 987 $ 59,291 Total average assets (5) (6) 152,364 14,918 730 837 13,841 182,690 Total average deposits 149,160 13,150 — — 1,082 163,392 Three months ended September 30, 2020 Net interest income (loss) $ 513 $ 19 $ — $ — $ (4) $ 528 Reduction (provision for) credit losses 38 15 — — (1) 52 Noninterest income 148 1 60 114 224 547 Noninterest expense (3) (258) (12) (11) (78) (132) (491) Income before income tax expense (4) $ 441 $ 23 $ 49 $ 36 $ 87 $ 636 Total average loans, amortized cost $ 30,764 $ 4,263 $ — $ — $ 2,292 $ 37,319 Total average assets (5) (6) 77,803 4,297 414 605 5,229 88,348 Total average deposits 74,826 2,164 — — 690 77,680 Nine months ended September 30, 2021 Net interest income $ 2,108 $ 122 $ — $ — $ 10 $ 2,240 Provision for credit losses (27) (16) — — (32) (75) Noninterest income 515 27 389 450 796 2,177 Noninterest expense (3) (919) (118) (48) (376) (707) (2,168) Income before income tax expense (4) $ 1,677 $ 15 $ 341 $ 74 $ 67 $ 2,174 Total average loans, amortized cost $ 42,628 $ 7,573 $ — $ — $ 1,642 $ 51,843 Total average assets (5) (6) 131,218 8,418 641 778 11,897 152,952 Total average deposits 128,272 6,842 — — 999 136,113 Nine months ended September 30, 2020 Net interest income $ 1,462 $ 53 $ — $ — $ 50 $ 1,565 Provision for credit losses (200) (44) — — (14) (258) Noninterest income 448 2 87 340 341 1,218 Noninterest expense (3) (725) (33) (28) (248) (336) (1,370) Income (loss) before income tax expense (4) $ 985 $ (22) $ 59 $ 92 $ 41 1,155 Total average loans, amortized cost $ 30,127 $ 4,053 $ — $ — $ 1,656 $ 35,836 Total average assets (5) (6) 69,213 4,088 430 515 5,515 79,761 Total average deposits 66,408 2,069 — — 689 69,166 (1) Global Commercial Bank’s, SVB Capital’s and SVB Leerink's components of net interest income, noninterest income, noninterest expense and total average assets are shown net of noncontrolling interests for all periods presented. Noncontrolling interest is included within “Other Items." (2) The “Other Items” column reflects the adjustments necessary to reconcile the results of the 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 Global Commercial Bank segment includes direct depreciation and amortization of $10 million and $6 million for the three months ended September 30, 2021 and 2020, respectively, and $25 million and $18 million for the nine months ended September 30, 2021 and 2020, respectively. (4) The internal reporting model used by management to assess segment performance does not calculate income tax expense by segment. Our effective tax rate is a reasonable approximation of the segment rates. (5) Total average assets equal the greater of total average assets or the sum of total average liabilities and total average stockholders' equity for each segment to reconcile the results to the consolidated financial statements prepared in conformity with GAAP. (6) Included in the total average assets for SVB Leerink and Private Bank is goodwill of $138 million and $201 million, respectively, for both the three and nine months ended September 30, 2021. Included in the total average assets for SVB Leerink is goodwill of $138 million for both the three and nine months ended September 30, 2020. |
Off-Balance Sheet Arrangement_2
Off-Balance Sheet Arrangements, Guarantees and Other Commitments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Off Balance Sheet Arrangements Guarantees And Other Commitments Additional Information [Abstract] | |
Summary Information Related to Commitments to Extend Credit (Excluding Letters of Credit) | The following table summarizes information related to our commitments to extend credit at September 30, 2021 and December 31, 2020: (Dollars in millions) September 30, 2021 December 31, 2020 Loan commitments available for funding: (1) $ 36,808 $ 28,975 Commercial and standby letters of credit (2) 3,451 3,007 Total unfunded credit commitments $ 40,259 $ 31,982 Allowance for unfunded credit commitments (3) 149 121 (1) Represents commitments which are available for funding, due to clients meeting all collateral, compliance and financial covenants required under loan commitment agreements. (2) See below for additional information on our commercial and standby letters of credit. (3) Our allowance for credit losses for unfunded credit commitments includes an allowance for both our unfunded loan commitments and our letters of credit. |
Summary of Commercial and Standby Letters of Credit | The table below summarizes our commercial and standby letters of credit at September 30, 2021. The maximum potential amount of future payments represents the amount that could be remitted under letters of credit if there were a total default by the guaranteed parties, without consideration of possible recoveries under recourse provisions or from the collateral held or pledged. (Dollars in millions) Expires in One Expires After Total Amount Maximum Amount Financial standby letters of credit $ 3,146 $ 107 $ 3,253 $ 3,253 Performance standby letters of credit 116 21 137 137 Commercial letters of credit 27 34 61 61 Total $ 3,289 $ 162 $ 3,451 $ 3,451 |
Total Capital Commitments, Unfunded Capital Commitments, and Ownership in Each Fund | The following table details our total capital commitments, unfunded capital commitments, and our ownership percentage in each fund at September 30, 2021: (Dollars in millions) SVBFG Capital Commitments SVBFG Unfunded SVBFG Ownership 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) 11 3 Various Debt funds (equity method accounting) 59 — Various Other fund investments (2) 257 6 Various Total $ 424 $ 15 (1) Our ownership includes direct ownership of 1.3 percent and indirect ownership interest of 3.8 percent through our investment in Strategic Investors Fund II, LP. (2) Represents commitments to 159 funds (primarily venture capital funds) where our ownership interest is generally less than five percent of the voting interests of each such fund. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Hierarchy Tables Present Information about Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following fair value hierarchy table presents information about our assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2021: (Dollars in millions) Level 1 Level 2 Level 3 Balance at September 30, 2021 Assets: AFS securities: U.S. Treasury securities $ 9,277 $ — $ — $ 9,277 U.S. agency debentures — 208 — 208 Foreign government debt securities 15 — — 15 Residential MBS: Agency-issued MBS — 10,784 — 10,784 Agency-issued CMO — fixed rate — 1,138 — 1,138 Agency-issued CMBS — 1,562 — 1,562 Total AFS securities 9,292 13,692 — 22,984 Non-marketable and other equity securities (fair value accounting): Non-marketable securities: Venture capital and private equity fund investments measured at net asset value — — — 362 Other equity securities in public companies 43 115 — 158 Total non-marketable and other equity securities (fair value accounting) 43 115 — 520 Other assets: Foreign exchange forward, swap and option contracts — 185 — 185 Equity warrant assets — 9 265 274 Interest rate swaps — 14 — 14 Client interest rate derivatives — 115 — 115 Other assets 8 — — 8 Total assets $ 9,343 $ 14,130 $ 265 $ 24,100 Liabilities: Foreign exchange forward, swap and option contracts $ — $ 158 $ — $ 158 Client interest rate derivatives — 116 — 116 Other liabilities 8 — — 8 Total liabilities $ 8 $ 274 $ — $ 282 The following fair value hierarchy table presents information about our assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020: (Dollars in millions) Level 1 Level 2 Level 3 Balance at December 31, 2020 Assets: AFS securities: U.S. Treasury securities $ 4,470 $ — $ — $ 4,470 U.S. agency debentures — 237 — 237 Foreign government debt securities 24 — — 24 Residential MBS: Agency-issued MBS — 13,503 — 13,503 Agency-issued CMO—fixed rate — 8,107 — 8,107 Agency-issued CMBS — 4,572 — 4,572 Total AFS securities 4,494 26,419 — 30,913 Non-marketable and other equity securities (fair value accounting): Non-marketable securities: Venture capital and private equity fund investments measured at net asset value — — — 274 Other equity securities in public companies 43 238 — 281 Total non-marketable and other equity securities (fair value accounting) 43 238 — 555 Other assets: Foreign exchange forward and option contracts — 217 — 217 Equity warrant assets — 11 192 203 Client interest rate derivatives — 68 — 68 Total assets $ 4,537 $ 26,953 $ 192 $ 31,956 Liabilities: Foreign exchange forward and option contracts $ — $ 210 $ — $ 210 Client interest rate derivatives — 27 — 27 Total liabilities $ — $ 237 $ — $ 237 |
Additional Information about Level 3 Assets Measured at Fair Value on a Recurring Basis | The following table presents additional information about Level 3 assets measured at fair value on a recurring basis for the three and nine months ended September 30, 2021 and 2020: (Dollars in millions) Beginning Balance Total Net Gains Included in Net Income (1) Sales/Exits Issuances Transfers Out of Level 3 Ending Balance Three months ended September 30, 2021 Equity warrant assets $ 257 $ 149 $ (146) $ 6 $ (1) $ 265 Three months ended September 30, 2020 Equity warrant assets 165 53 (29) 5 (1) 193 Nine months ended September 30, 2021 Equity warrant assets 192 490 (431) 18 (4) 265 Nine months ended September 30, 2020 Equity warrant assets 161 91 (74) 16 (1) 193 (1) Realized and unrealized gains (losses) are recorded in the line item “Gains on equity warrant assets, net," a component of noninterest income. |
Unrealized Gains Included in Earnings Attributable to Level 3 Assets Held | The following table presents the amount of net unrealized gains and losses included in earnings attributable to Level 3 assets still held at September 30, 2021 and 2020: Three months ended September 30, Nine months ended September 30, (Dollars in millions) 2021 2020 2021 2020 Other assets: Equity warrant assets (1) $ 21 $ 26 $ 113 $ 33 Total unrealized gains, net $ 21 $ 26 $ 113 $ 33 (1) Unrealized gains and losses are recorded in the line item “Gains on equity warrant assets, net, " a component of noninterest income. |
Quantitative Information About Significant Unobservable Inputs | The following table presents quantitative information about the significant unobservable inputs used for certain of our Level 3 fair value measurements at September 30, 2021 and December 31, 2020. We have not included in this table our venture capital and private equity fund investments (fair value accounting) as we use net asset value per share (as obtained from the general partners of the investments) as a practical expedient to determine fair value. (Dollars in millions) Fair value Valuation Technique Significant Unobservable Inputs Input Range Weighted September 30, 2021: Equity warrant assets (public portfolio) $ 4 Black-Scholes option pricing model Volatility 28.2% - 56.9% 50.4 % Risk-Free interest rate 0.04- 1.5 1.2 Sales restrictions discount (1) 10.0 - 20.0 16.7 Equity warrant assets (private portfolio) 261 Black-Scholes option pricing model Volatility 25.8 - 56.9 43.9 Risk-Free interest rate 0.04 - 1.16 0.4 Marketability discount (2) 20.8 20.8 Remaining life assumption (3) 40.0 40.0 December 31, 2020: Equity warrant assets (public portfolio) 1 Black-Scholes option pricing model Volatility 46.0% - 56.8% 49.1 % Risk-Free interest rate 0.3- 0.9 0.6 Sales restrictions discount (1) 10.0 - 20.0 10.2 Equity warrant assets (private portfolio) 191 Black-Scholes option pricing model Volatility 24.4 - 56.8 43.2 Risk-Free interest rate 0.01 - 0.52 0.1 Marketability discount (2) 20.6 20.6 Remaining life assumption (3) 40.0 40.0 (1) We adjust quoted market prices of public companies, which are subject to certain sales restrictions. Sales restriction discounts generally range from 10 percent to 20 percent depending on the duration of the sales restrictions, which typically range from three (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. |
Summary of Estimated Fair Values of Financial Instruments Not Carried at Fair Value | The following fair value hierarchy table presents the estimated fair values of our financial instruments that are not carried at fair value at September 30, 2021 and December 31, 2020: Estimated Fair Value (Dollars in millions) Carrying Amount Total Level 1 Level 2 Level 3 September 30, 2021: Financial assets: Cash and cash equivalents $ 18,940 $ 18,940 $ 18,940 $ — $ — HTM securities 82,365 81,995 — 81,995 — Non-marketable securities not measured at net asset value 350 350 — — 350 Non-marketable securities measured at net asset value 692 692 — — — Net loans 61,089 62,489 — — 62,489 FHLB and Federal Reserve Bank stock 107 107 — — 107 Financial liabilities: Short-term borrowings 97 97 — 97 — Non-maturity deposits (1) 169,833 169,833 169,833 — — Time deposits 1,349 1,350 — 1,350 — 3.50% Senior Notes 349 376 — 376 — 3.125% Senior Notes 496 535 — 535 — 1.80% Senior Notes 495 481 — 481 — 2.10% Senior Notes 496 505 — 505 — Junior subordinated debentures 90 86 — 86 — Off-balance sheet financial assets: Commitments to extend credit — 45 — — 45 December 31, 2020: Financial assets: Cash and cash equivalents $ 17,675 $ 17,675 $ 17,675 $ — $ — HTM securities 16,592 17,217 — 17,217 — Non-marketable securities not measured at net asset value 241 241 — — 241 Non-marketable securities measured at net asset value 390 390 — — — Net loans 44,734 45,324 — — 45,324 FHLB and Federal Reserve Bank stock 61 61 — — 61 Financial liabilities: Short-term borrowings 21 21 — 21 — Non-maturity deposits (1) 101,294 101,294 101,294 — — Time deposits 688 502 — 502 — 3.50% Senior Notes 349 383 — 383 — 3.125% Senior Notes 495 564 — 564 — Off-balance sheet financial assets: Commitments to extend credit — 37 — — 37 (1) Includes noninterest-bearing demand deposits, interest-bearing checking accounts, money market accounts and interest-bearing sweep deposits. |
Summary of Estimated Fair Values of Investments and Remaining Unfunded Commitments for Each Major Category of Investments | The following table is a summary of the estimated fair values of these investments and remaining unfunded commitments for each major category of these investments as of September 30, 2021: (Dollars in millions) Carrying Amount Fair Value Unfunded Commitments Non-marketable securities (fair value accounting): Venture capital and private equity fund investments (1) $ 361 $ 361 $ 9 Non-marketable securities (equity method accounting): Venture capital and private equity fund investments (2) 656 656 7 Debt funds (2) 5 5 — Other investments (2) 35 35 1 Total $ 1,057 $ 1,057 $ 17 (1) Venture capital and private equity fund investments within non-marketable securities (fair value accounting) include investments made by our managed funds of funds and one of our direct venture funds (consolidated VIEs) and investments in venture capital and private equity fund investments (unconsolidated VIEs). Collectively, these investments in venture capital and private equity funds are primarily in U.S. and global technology and life science/healthcare companies. Included in the fair value and unfunded commitments of fund investments under fair value accounting are $102 million and $2 million, respectively, attributable to noncontrolling interests. It is estimated that we will receive distributions from the fund investments over the next 10 to 13 years, depending on the age of the funds and any potential extensions of terms of the funds. (2) Venture capital and private equity fund investments, debt funds, and other fund investments within non-marketable securities (equity method accounting) include funds that invest in or lend money to primarily U.S. and global technology and life science/healthcare companies. It is estimated that we will receive distributions from the funds over the next 5 to 8 years, depending on the age of the funds and any potential extensions of the terms of the funds. |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($)portfolio_segmentclass_financing_receivable | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of portfolio segments | portfolio_segment | 8 |
Number of classes of financing receivables | class_financing_receivable | 11 |
Significant Accounting Policies [Line Items] | |
Risk-based segments, revenue threshold of subcategories | $ 5 |
Lower Limit | Investor dependent | Growth stage | Mid stage | |
Significant Accounting Policies [Line Items] | |
Risk-based segments, revenue threshold of subcategories | 5 |
Lower Limit | Investor dependent | Growth stage | Later stage | |
Significant Accounting Policies [Line Items] | |
Risk-based segments, revenue threshold of subcategories | $ 15 |
Lower Limit | Cash flow dependent and innovation C&I (Commercial and Industrial) | Cash flow dependent - SLBO | |
Significant Accounting Policies [Line Items] | |
Sponsor equity contribution, percentage of acquisition price | 50.00% |
Upper Limit | Investor dependent | Growth stage | Mid stage | |
Significant Accounting Policies [Line Items] | |
Risk-based segments, revenue threshold of subcategories | $ 15 |
Business Combinations and Ass_3
Business Combinations and Asset Acquisitions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 01, 2021 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 344 | $ 344 | $ 143 | ||
Boston Private | |||||
Business Acquisition [Line Items] | |||||
Percentage of voting equity interests acquired | 100.00% | ||||
Consideration transferred in acquisition | $ 1,234 | ||||
Cash paid for each share of Boston Private common stock | $ 2.10 | ||||
Number of shares of SIVB common stock that each share of Boston Private common stock was converted | 0.0228 | ||||
Shares of common stock issued for acquisition | 1,900,000 | ||||
Additional number of SIVB shares registered issuable upon the exercise, vesting or settlement of converted legacy Boston Private equity awards | 99,000 | ||||
Intangible assets | $ 104 | ||||
Goodwill | 201 | ||||
Net loans | 7,217 | ||||
Purchase price of PCD loans | $ 1,389 | ||||
Acquisition-related expenses | $ 9 | $ 6 | $ 22 |
Business Combination - Allocati
Business Combination - Allocation of Purchase Price (Details) - USD ($) $ in Millions | Jul. 01, 2021 | Sep. 30, 2021 |
Business Acquisition [Line Items] | ||
Goodwill | $ 201 | |
Boston Private | ||
Business Acquisition [Line Items] | ||
Cash paid | $ 174 | |
Share-based consideration | 1,050 | |
Replacement equity awards | 10 | |
Total purchase consideration | 1,234 | |
Fair value of net assets acquired | 1,033 | |
Goodwill | $ 201 |
Business Combination - Assets A
Business Combination - Assets Acquired and Liabilities Assumed (Details) - Boston Private $ in Millions | Jul. 01, 2021USD ($) |
Business Acquisition [Line Items] | |
Cash and cash equivalents | $ 1,290 |
Investment securities | 1,429 |
Net loans | 7,217 |
Premises and equipment | 39 |
Intangible assets | 104 |
Right-of-use assets | 107 |
Other assets | 284 |
Total assets acquired | 10,470 |
Deposits | 8,983 |
Borrowings | 132 |
Lease liabilities | 103 |
Other liabilities | 219 |
Total liabilities assumed | 9,437 |
Fair value of net assets acquired | $ 1,033 |
Business Combination - Fair Val
Business Combination - Fair Value and Estimated Useful Lives of the Other Intangible Assets (Details) - Boston Private $ in Millions | Jul. 01, 2021USD ($) |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 104 |
Customer relationships | |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 85 |
Weighted Average Estimated Useful Life - in Years | 20 years |
Other | |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 19 |
Weighted Average Estimated Useful Life - in Years | 6 years |
Business Combination - Purchase
Business Combination - Purchase Credit Deteriorated Loans (Details) - Boston Private $ in Millions | Jul. 01, 2021USD ($) |
Business Acquisition [Line Items] | |
Net loans acquired | $ 7,217 |
Par value of PCD loans | 1,368 |
PCD ACL at acquisition | (22) |
Non-credit premium on PCD loans | 43 |
Purchase price of PCD loans | $ 1,389 |
Stockholders' Equity and EPS -
Stockholders' Equity and EPS - Reclassification out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains on investment securities, net | $ 189 | $ 190 | $ 661 | $ 271 |
Related tax benefit | (149) | (162) | (509) | (300) |
Net interest income | 852 | 528 | 2,240 | 1,565 |
Total reclassification adjustment for gains included in net income, net of tax | 365 | 442 | 1,399 | 803 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassification adjustment for gains included in net income, net of tax | (12) | (11) | (34) | (69) |
Accumulated Net Investment Gain (Loss) Attributable to Parent | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains on investment securities, net | 0 | 0 | 0 | (61) |
Related tax benefit | 0 | 0 | 0 | 17 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Related tax benefit | (4) | (5) | 13 | 9 |
Net interest income | $ (16) | $ (16) | $ (47) | $ (34) |
Stockholders' Equity and EPS _2
Stockholders' Equity and EPS - Activity Related to Net Gains on Cash Flow Hedges in AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cash flow hedge gains expected to reclassified out of AOCI over next 12 months | $ 59 | |||
Balance, beginning of period, net of tax | 11,967 | $ 7,468 | $ 8,433 | $ 6,621 |
Balance, end of period, net of tax | 14,669 | 7,967 | 14,669 | 7,967 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period, net of tax | 107 | 153 | 129 | (2) |
Net increase in fair value, net of tax | 0 | 0 | 0 | 168 |
Net realized gain reclassified to net income, net of tax | (12) | (12) | (34) | (25) |
Balance, end of period, net of tax | $ 95 | $ 141 | $ 95 | $ 141 |
Stockholders' Equity and EPS _3
Stockholders' Equity and EPS - Reconciliation of Basic EPS to Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator: | ||||
Net income available to common stockholders | $ 365 | $ 442 | $ 1,399 | $ 803 |
Denominator: | ||||
Weighted average common shares outstanding-basic (in shares) | 57,723 | 51,773 | 54,772 | 51,640 |
Weighted average common shares outstanding—diluted (in shares) | 58,521 | 52,146 | 55,617 | 51,950 |
Earnings per common share: | ||||
Basic (dollars per share) | $ 6.33 | $ 8.53 | $ 25.54 | $ 15.55 |
Diluted (dollars per share) | $ 6.24 | $ 8.47 | $ 25.16 | $ 15.46 |
Stock options and ESPP | ||||
Denominator: | ||||
Weighted average effect of dilutive securities (in shares) | 268 | 141 | 278 | 147 |
Restricted stock units and awards | ||||
Denominator: | ||||
Weighted average effect of dilutive securities (in shares) | 530 | 232 | 567 | 163 |
Stockholders' Equity and EPS _4
Stockholders' Equity and EPS - Common Shares Excluded from Diluted EPS Calculation as They Were Deemed to be Anti-Dilutive (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from diluted earnings per share calculation | 56 | 374 | 31 | 352 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from diluted earnings per share calculation | 56 | 319 | 31 | 269 |
Restricted stock units and awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from diluted earnings per share calculation | 0 | 55 | 0 | 83 |
Stockholders' Equity and EPS _5
Stockholders' Equity and EPS - Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 12, 2021 | Jul. 01, 2021 | Apr. 14, 2021 | Mar. 22, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||||||
Common stock, shares, issued | 58,677,483 | 51,888,463 | ||||
Boston Private | ||||||
Class of Stock [Line Items] | ||||||
Number of shares of SIVB common stock that each share of Boston Private common stock was converted | 0.0228 | |||||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares, issued | 2,227,000 | 300,000 | 2,000,000 | |||
Shares issued, price per share | $ 564 | $ 500 | ||||
Net proceeds after deducting discounts and commissions | $ 1,200 | $ 146 | $ 972 | |||
Common Stock | Boston Private | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock for the acquisition of Boston Private (in shares) | 1,887,981 | |||||
Number of shares of SIVB common stock that each share of Boston Private common stock was converted | 0.0228 |
Stockholders' Equity and EPS _6
Stockholders' Equity and EPS - Preferred Stock (Details) | May 13, 2021$ / sharesshares | Feb. 02, 2021$ / sharesshares | Dec. 09, 2019$ / sharesshares | Sep. 30, 2021$ / shares | Dec. 31, 2020$ / shares |
Class of Stock [Line Items] | |||||
Preferred stock, par value, in usd per share | $ 0.001 | $ 0.001 | |||
Series A Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, dividend rate, percentage | 5.25% | ||||
Preferred stock, depositary shares issued | shares | 14,000,000 | ||||
Preferred stock, depository share ownership interest | 0.025 | ||||
Preferred stock, par value, in usd per share | $ 0.001 | $ 0.001 | |||
Preferred stock, liquidation preference per share, in usd per share | 1,000 | ||||
Preferred stock, liquidation preference per depositary share | $ 25 | ||||
Series B Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, dividend rate, percentage | 4.10% | ||||
Preferred stock, depositary shares issued | shares | 750,000 | ||||
Preferred stock, depository share ownership interest | 0.01 | ||||
Preferred stock, par value, in usd per share | $ 0.001 | $ 0.001 | |||
Preferred stock, liquidation preference per share, in usd per share | 100,000 | ||||
Preferred stock, liquidation preference per depositary share | $ 1,000 | ||||
Preferred stock, period dividend rate reset using the ten-year treasury rate | 10 years | ||||
Preferred stock, number of business days prior to each reset date dividend rate calculated | 3 days | ||||
Preferred stock, number of days used for average yields on actively traded US Treasury securities | 5 days | ||||
Preferred stock, margin used for dividend rate at reset | 3.064% | ||||
Series C Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, dividend rate, percentage | 4.00% | ||||
Preferred stock, depositary shares issued | shares | 1,000,000 | ||||
Preferred stock, depository share ownership interest | 0.01 | ||||
Preferred stock, par value, in usd per share | $ 0.001 | $ 0.001 | |||
Preferred stock, liquidation preference per share, in usd per share | 100,000 | ||||
Preferred stock, liquidation preference per depositary share | $ 1,000 | $ 1,000 | |||
Preferred stock, number of business days prior to each reset date dividend rate calculated | 3 days | ||||
Preferred stock, number of days used for average yields on actively traded US Treasury securities | 5 days | ||||
Preferred stock, period dividend rate reset using the five-year treasury rate | 5 years | ||||
Preferred stock, margin used for dividend rate at reset | 3.202% |
Stockholders' Equity and EPS _7
Stockholders' Equity and EPS - Preferred Stock Summary (Details) $ / shares in Units, $ in Millions | 9 Months Ended | ||||
Sep. 30, 2021USD ($)$ / sharesshares | May 13, 2021$ / shares | Feb. 02, 2021$ / shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 09, 2019$ / shares | |
Class of Stock [Line Items] | |||||
Carrying value | $ | $ 2,064 | $ 340 | |||
Shares issued and outstanding | shares | 367,500 | 350,000 | |||
Par Value | $ 0.001 | $ 0.001 | |||
Preferred Stock, Series A | |||||
Class of Stock [Line Items] | |||||
Amount outstanding | $ | $ 350 | ||||
Carrying value | $ | $ 340 | ||||
Shares issued and outstanding | shares | 350,000 | ||||
Par Value | $ 0.001 | $ 0.001 | |||
Preferred stock, depository share ownership interest | 0.025 | ||||
Preferred stock, liquidation preference per depositary share | $ 25 | ||||
2021 dividends paid per depository share, usd per share | $ 0.98 | ||||
Series B Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Amount outstanding | $ | $ 750 | ||||
Carrying value | $ | $ 739 | ||||
Shares issued and outstanding | shares | 7,500 | ||||
Par Value | $ 0.001 | $ 0.001 | |||
Preferred stock, depository share ownership interest | 0.01 | ||||
Preferred stock, liquidation preference per depositary share | 1,000 | ||||
2021 dividends paid per depository share, usd per share | $ 21.98 | ||||
Series C Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Amount outstanding | $ | $ 1,000 | ||||
Carrying value | $ | $ 985 | ||||
Shares issued and outstanding | shares | 10,000 | ||||
Par Value | $ 0.001 | $ 0.001 | |||
Preferred stock, depository share ownership interest | 0.01 | ||||
Preferred stock, liquidation preference per depositary share | $ 1,000 | $ 1,000 | |||
2021 dividends paid per depository share, usd per share | $ 10.22 |
Stockholders' Equity and EPS _8
Stockholders' Equity and EPS - QTD Stockholders' Equity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stockholders Equity Note [Line Items] | ||||
Balance, beginning of period, net of tax | $ 11,967 | $ 7,468 | $ 8,433 | $ 6,621 |
Common stock issued under employee benefit plans, net of restricted stock cancellations | 2 | 4 | (1) | 18 |
Net income | 475 | 474 | 1,665 | 855 |
Capital calls and distributions, net | (19) | (3) | (70) | (17) |
Other comprehensive income, net of tax | (77) | 6 | ||
Share-based compensation, net | 38 | 22 | 93 | 61 |
Dividends on preferred stock | (22) | (4) | (40) | (12) |
Balance, end of period, net of tax | 14,669 | 7,967 | 14,669 | 7,967 |
Common Stock | ||||
Stockholders Equity Note [Line Items] | ||||
Issuance of stock | 1,245 | 2,363 | ||
Issuance of common stock for the acquisition of Boston Private | 1,060 | 1,060 | ||
Noncumulative Preferred Stock | ||||
Stockholders Equity Note [Line Items] | ||||
Issuance of stock | 1,724 | |||
Preferred Stock | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, beginning of period, net of tax | 2,064 | 340 | 340 | 340 |
Balance, end of period, net of tax | $ 2,064 | $ 340 | $ 2,064 | $ 340 |
Preferred Stock | Noncumulative Preferred Stock | ||||
Stockholders Equity Note [Line Items] | ||||
Issuance of stock (in shares) | 1,724,000,000 | |||
Common Stock | ||||
Stockholders Equity Note [Line Items] | ||||
Balance (in shares) | 54,530,307 | 51,740,714 | 51,888,463 | 51,655,607 |
Balance, beginning of period, net of tax | $ 0 | $ 0 | $ 0 | $ 0 |
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 32,195 | 47,258 | 374,039 | 376,588 |
Common stock issued under employee benefit plans, net of restricted stock cancellations | $ 0 | $ 0 | ||
Balance (in shares) | 58,677,483 | 51,787,972 | 58,677,483 | 51,787,972 |
Balance, end of period, net of tax | $ 0 | $ 0 | $ 0 | $ 0 |
Common Stock | Common Stock | ||||
Stockholders Equity Note [Line Items] | ||||
Issuance of stock (in shares) | 2,227,000 | 4,527,000 | ||
Issuance of stock | $ 0 | $ 0 | ||
Issuance of common stock for the acquisition of Boston Private (in shares) | 1,887,981 | 1,887,981 | ||
Issuance of common stock for the acquisition of Boston Private | $ 0 | $ 0 | ||
Additional Paid-in Capital | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, beginning of period, net of tax | 2,755 | 1,523 | 1,585 | 1,470 |
Common stock issued under employee benefit plans, net of restricted stock cancellations | 2 | 4 | (1) | 18 |
Share-based compensation, net | 38 | 22 | 93 | 61 |
Balance, end of period, net of tax | 5,100 | 1,549 | 5,100 | 1,549 |
Additional Paid-in Capital | Common Stock | ||||
Stockholders Equity Note [Line Items] | ||||
Issuance of stock | 1,245 | 2,363 | ||
Issuance of common stock for the acquisition of Boston Private | 1,060 | 1,060 | ||
Retained Earnings | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, beginning of period, net of tax | 6,706 | 4,842 | 5,672 | 4,576 |
Net income | 387 | 446 | 1,439 | 815 |
Dividends on preferred stock | (22) | (4) | 40 | (12) |
Balance, end of period, net of tax | 7,071 | 5,284 | 7,071 | 5,284 |
Accumulated Other Comprehensive Income | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, beginning of period, net of tax | 142 | 614 | 623 | 84 |
Other comprehensive income, net of tax | 6 | |||
Balance, end of period, net of tax | 65 | 620 | 65 | 620 |
Total SVBFG Stockholders’ Equity | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, beginning of period, net of tax | 11,667 | 7,319 | 8,220 | 6,470 |
Common stock issued under employee benefit plans, net of restricted stock cancellations | 2 | 4 | (1) | 18 |
Net income | 387 | 446 | 1,439 | 815 |
Other comprehensive income, net of tax | (77) | 6 | ||
Share-based compensation, net | 38 | 22 | 93 | 61 |
Dividends on preferred stock | (22) | (4) | (40) | (12) |
Balance, end of period, net of tax | 14,300 | 7,793 | 14,300 | 7,793 |
Total SVBFG Stockholders’ Equity | Common Stock | ||||
Stockholders Equity Note [Line Items] | ||||
Issuance of stock | 1,245 | 2,363 | ||
Issuance of common stock for the acquisition of Boston Private | 1,060 | 1,060 | ||
Total SVBFG Stockholders’ Equity | Noncumulative Preferred Stock | ||||
Stockholders Equity Note [Line Items] | ||||
Issuance of stock | 1,724 | |||
Noncontrolling Interests | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, beginning of period, net of tax | 300 | 149 | 213 | 151 |
Net income | 88 | 28 | 226 | 40 |
Capital calls and distributions, net | (19) | (3) | (70) | (17) |
Balance, end of period, net of tax | $ 369 | $ 174 | $ 369 | $ 174 |
Variable Interest Entities - Ca
Variable Interest Entities - Carrying Amounts and Classification of Significant Variable Interests (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Cash and cash equivalents | $ 18,940 | $ 17,675 |
Non-marketable and other equity securities | 2,485 | 1,802 |
Accrued interest receivable and other assets | 2,074 | 3,206 |
Total assets | 190,996 | 115,511 |
Other liabilities | 2,733 | 3,972 |
Long-term debt | 1,925 | 844 |
Total liabilities | 176,327 | 107,078 |
Maximum exposure to loss in unconsolidated VIEs | 1,216 | 859 |
Investments in qualified affordable housing projects, net | 920 | 616 |
Consolidated | ||
Variable Interest Entity [Line Items] | ||
Cash and cash equivalents | 8 | 15 |
Non-marketable and other equity securities | 762 | 422 |
Accrued interest receivable and other assets | 24 | 1 |
Total assets | 794 | 438 |
Other liabilities | 17 | 1 |
Long-term debt | 0 | |
Total liabilities | 17 | 1 |
Maximum exposure to loss in unconsolidated VIEs | 777 | |
Unconsolidated | ||
Variable Interest Entity [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Non-marketable and other equity securities | 1,216 | 859 |
Accrued interest receivable and other assets | 6 | 0 |
Total assets | 1,222 | 859 |
Other liabilities | 471 | 370 |
Long-term debt | 90 | |
Total liabilities | 561 | 370 |
Non-marketable securities | Unconsolidated | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss in unconsolidated VIEs | $ 1,216 | $ 859 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) $ in Millions | Sep. 30, 2021USD ($)entity | Dec. 31, 2020USD ($) |
Investments In Variable Interest Entities [Abstract] | ||
Number of consolidated entities | entity | 3 | |
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss in unconsolidated VIEs | $ 1,216 | $ 859 |
Total assets | 190,996 | 115,511 |
Trust preferred securities | 90 | |
Consolidated | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss in unconsolidated VIEs | 777 | |
Total assets | 794 | 438 |
Unconsolidated | ||
Variable Interest Entity [Line Items] | ||
Total assets | $ 1,222 | $ 859 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||
Cash and due from banks | $ 1,185 | $ 723 |
Interest bearing deposits with the Federal Reserve Bank | 12,406 | 13,700 |
Interest bearing deposits with other institutions | 5,106 | 3,025 |
Securities purchased under agreements to resell | 216 | 227 |
Other short-term investment securities | 27 | 0 |
Total cash and cash equivalents | $ 18,940 | $ 17,675 |
Cash and Cash Equivalents - S_2
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Footnote Information) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | ||
Fair value of securities purchased under agreements to resell | $ 221,000,000 | $ 232,000,000 |
Securities received as collateral, amount repledged and sold | $ 0 | $ 0 |
Investment Securities - Compone
Investment Securities - Components of Available-for-Sale Investment Securities Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 22,919,000 | $ 30,245,000 |
Unrealized Gains | 286,000 | 683,000 |
Unrealized Losses | (221,000) | (15,000) |
Carrying value | 22,984,000 | 30,913,000 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 9,122,000 | 4,198,000 |
Unrealized Gains | 170,000 | 272,000 |
Unrealized Losses | (15,000) | 0 |
Carrying value | 9,277,000 | 4,470,000 |
U.S. agency debentures | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 212,000 | 234,000 |
Unrealized Gains | 0 | 4,000 |
Unrealized Losses | (4,000) | (1,000) |
Carrying value | 208,000 | 237,000 |
Foreign government debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 15,000 | 24,000 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Carrying value | 15,000 | 24,000 |
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 10,902,000 | 13,271,000 |
Unrealized Gains | 69,000 | 233,000 |
Unrealized Losses | (187,000) | (1,000) |
Carrying value | 10,784,000 | 13,503,000 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,129,000 | 8,077,000 |
Unrealized Gains | 11,000 | 40,000 |
Unrealized Losses | (2,000) | (10,000) |
Carrying value | 1,138,000 | 8,107,000 |
Agency-issued commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,539,000 | 4,441,000 |
Unrealized Gains | 36,000 | 134,000 |
Unrealized Losses | (13,000) | (3,000) |
Carrying value | $ 1,562,000 | $ 4,572,000 |
Investment Securities - Activit
Investment Securities - Activity of Available-for-Sale Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Sales proceeds | $ 168 | $ 0 | $ 168 | $ 2,654 |
Gross realized gains (less than $1 million for 3 and 9 months ended 9/30/2021) | 0 | 0 | 0 | 61 |
Gross realized losses (less than $1 million for 3 and 9 months ended 9/30/2021) | 0 | 0 | 0 | 0 |
Net realized gains | $ 0 | $ 0 | $ 0 | $ 61 |
Investment Securities - Summary
Investment Securities - Summary of Unrealized Losses on Available-for-Sale Securities (Details) $ in Millions | Sep. 30, 2021USD ($)Investment | Dec. 31, 2020USD ($)Investment |
Debt Securities, Available-for-sale [Line Items] | ||
Number of investments in unrealized loss position | Investment | 381 | 93 |
Number of investments with unrealized losses greater than 12 months | Investment | 2 | 0 |
Fair Value of Investments, Less than 12 months | $ 14,587 | $ 4,285 |
Unrealized Losses, Less than 12 months (less than $1 million at December 31, 2020 for U.S. Treasury AFS) | 217 | 15 |
Fair Value of Investments, 12 months or longer | 81 | 0 |
Unrealized Losses, 12 months or longer | 4 | 0 |
Fair Value of Investments | 14,668 | 4,285 |
Unrealized Losses | 221 | 15 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value of Investments, Less than 12 months | 5,172 | 60 |
Unrealized Losses, Less than 12 months (less than $1 million at December 31, 2020 for U.S. Treasury AFS) | 15 | 0 |
Fair Value of Investments, 12 months or longer | 0 | 0 |
Unrealized Losses, 12 months or longer | 0 | 0 |
Fair Value of Investments | 5,172 | 60 |
Unrealized Losses | 15 | 0 |
U.S. agency debentures | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value of Investments, Less than 12 months | 112 | 133 |
Unrealized Losses, Less than 12 months (less than $1 million at December 31, 2020 for U.S. Treasury AFS) | 4 | 1 |
Fair Value of Investments, 12 months or longer | 0 | 0 |
Unrealized Losses, 12 months or longer | 0 | 0 |
Fair Value of Investments | 112 | 133 |
Unrealized Losses | 4 | 1 |
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value of Investments, Less than 12 months | 8,376 | 904 |
Unrealized Losses, Less than 12 months (less than $1 million at December 31, 2020 for U.S. Treasury AFS) | 187 | 1 |
Fair Value of Investments, 12 months or longer | 0 | 0 |
Unrealized Losses, 12 months or longer | 0 | 0 |
Fair Value of Investments | 8,376 | 904 |
Unrealized Losses | 187 | 1 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value of Investments, Less than 12 months | 232 | 2,199 |
Unrealized Losses, Less than 12 months (less than $1 million at December 31, 2020 for U.S. Treasury AFS) | 2 | 10 |
Fair Value of Investments, 12 months or longer | 0 | 0 |
Unrealized Losses, 12 months or longer | 0 | 0 |
Fair Value of Investments | 232 | 2,199 |
Unrealized Losses | 2 | 10 |
Agency-issued commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value of Investments, Less than 12 months | 695 | 989 |
Unrealized Losses, Less than 12 months (less than $1 million at December 31, 2020 for U.S. Treasury AFS) | 9 | 3 |
Fair Value of Investments, 12 months or longer | 81 | 0 |
Unrealized Losses, 12 months or longer | 4 | 0 |
Fair Value of Investments | 776 | 989 |
Unrealized Losses | $ 13 | $ 3 |
Investment Securities - Summa_2
Investment Securities - Summary of Remaining Contractual Principal Maturities for Available-for-Sale Securities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Total | $ 22,984 | $ 30,913 |
One Year or Less | 146 | |
After One Year to Five Years | 9,290 | |
After Five Years to Ten Years | 1,626 | |
After Ten Years | 11,922 | |
U.S. treasury securities | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Total | 9,277 | 4,470 |
One Year or Less | 40 | |
After One Year to Five Years | 9,237 | |
After Five Years to Ten Years | 0 | |
After Ten Years | 0 | |
U.S. agency debentures | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Total | 208 | 237 |
One Year or Less | 91 | |
After One Year to Five Years | 37 | |
After Five Years to Ten Years | 80 | |
After Ten Years | 0 | |
Foreign government debt securities | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Total | 15 | 24 |
One Year or Less | 15 | |
After One Year to Five Years | 0 | |
After Five Years to Ten Years | 0 | |
After Ten Years | 0 | |
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Total | 10,784 | 13,503 |
One Year or Less | 0 | |
After One Year to Five Years | 0 | |
After Five Years to Ten Years | 0 | |
After Ten Years | 10,784 | |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Total | 1,138 | 8,107 |
One Year or Less | 0 | |
After One Year to Five Years | 0 | |
After Five Years to Ten Years | 0 | |
After Ten Years | 1,138 | |
Agency-issued commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Total | 1,562 | $ 4,572 |
One Year or Less | 0 | |
After One Year to Five Years | 16 | |
After Five Years to Ten Years | 1,546 | |
After Ten Years | $ 0 | |
Available-for-sale Securities | Lower Limit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Mortgage-backed securities contractual maturities (in years) | 10 years | |
Available-for-sale Securities | Upper Limit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Mortgage-backed securities contractual maturities (in years) | 30 years |
Investment Securities - Compo_2
Investment Securities - Components of Held-to-Maturity Investment Securities (Details) - USD ($) $ in Thousands | 9 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Available-for-sale securities, transferred to held-to-maturity Securities | $ 8,800,000 | |||||
Available-for-sale securities, transferred to held-to-maturity securities, unrealized gain (loss) | 132,000 | |||||
Amortized Cost | 82,371,000 | $ 16,592,000 | ||||
Unrealized Gains | 412,000 | 628,000 | ||||
Unrealized Losses | (788,000) | (3,000) | ||||
Fair Value | 81,995,000 | 17,217,000 | ||||
Allowance for Credit Losses | 6,000 | $ 5,000 | 0 | $ 1,000 | $ 1,000 | $ 1,000 |
U.S. agency debentures | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized Cost | 609,000 | 402,000 | ||||
Unrealized Gains | 14,000 | 19,000 | ||||
Unrealized Losses | (1,000) | 0 | ||||
Fair Value | 622,000 | 421,000 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized Cost | 52,874,000 | 7,740,000 | ||||
Unrealized Gains | 167,000 | 240,000 | ||||
Unrealized Losses | (515,000) | (2,000) | ||||
Fair Value | 52,526,000 | 7,978,000 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized Cost | 7,410,000 | 1,735,000 | ||||
Unrealized Gains | 19,000 | 23,000 | ||||
Unrealized Losses | (71,000) | 0 | ||||
Fair Value | 7,358,000 | 1,758,000 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—variable rate | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized Cost | 109,000 | 137,000 | ||||
Unrealized Gains | 1,000 | 1,000 | ||||
Unrealized Losses | 0 | 0 | ||||
Fair Value | 110,000 | 138,000 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Agency-issued commercial mortgage-backed securities | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized Cost | 14,351,000 | 2,943,000 | ||||
Unrealized Gains | 58,000 | 124,000 | ||||
Unrealized Losses | (120,000) | 0 | ||||
Fair Value | 14,289,000 | 3,067,000 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Municipal bonds and notes | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized Cost | 6,485,000 | 3,635,000 | ||||
Unrealized Gains | 151,000 | 221,000 | ||||
Unrealized Losses | (78,000) | (1,000) | ||||
Fair Value | 6,558,000 | 3,855,000 | ||||
Allowance for Credit Losses | 1,000 | 0 | ||||
Corporate bonds | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized Cost | 533,000 | $ 0 | ||||
Unrealized Gains | 2,000 | |||||
Unrealized Losses | (3,000) | |||||
Fair Value | 532,000 | |||||
Allowance for Credit Losses | $ 5,000 |
Investment Securities - Allowan
Investment Securities - Allowance for Credit Losses for HTM Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | |||||
Beginning Balance / Day One Impact of adopting ASC 326 | $ 5,000 | $ 1,000 | $ 0 | $ 1,000 | |
Provision for Credit Losses (less than $1 million for 3 months ended September 30, 2021) | 1,000 | 1,000 | 6,000 | 1,000 | |
Ending Balance | 6,000 | 1,000 | 6,000 | 1,000 | |
Accrued interest receivable and other assets | Held-to-maturity Securities | |||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | |||||
Accrued interest receivable | 179,000 | 179,000 | $ 55,000 | ||
Municipal bonds and notes | |||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | |||||
Beginning Balance / Day One Impact of adopting ASC 326 | 0 | ||||
Ending Balance | 1,000 | 1,000 | |||
Corporate bonds | |||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | |||||
Ending Balance | $ 5,000 | $ 5,000 | |||
Cumulative adjustment for the adoption of amendment | |||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | |||||
Beginning Balance / Day One Impact of adopting ASC 326 | $ 1,000 | $ 1,000 |
Investment Securities - Credit
Investment Securities - Credit Quality Indicators (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | $ 82,371 | $ 16,592 |
Municipal bonds and notes | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 6,485 | 3,635 |
Municipal bonds and notes | Aaa | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 3,422 | 2,070 |
Municipal bonds and notes | Aa1 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 1,883 | 1,145 |
Municipal bonds and notes | Aa2 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 981 | 420 |
Municipal bonds and notes | Aa3 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 172 | 0 |
Municipal bonds and notes | A1 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 27 | 0 |
Corporate bonds | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 533 | 0 |
Corporate bonds | Aa1 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 29 | 0 |
Corporate bonds | Aa2 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 27 | 0 |
Corporate bonds | Aa3 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 43 | 0 |
Corporate bonds | A1 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | 210 | 0 |
Corporate bonds | A2 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Held-to-maturity securities, amortized cost | $ 224 | $ 0 |
Investment Securities - Summa_3
Investment Securities - Summary of Remaining Contractual Principal Maturities for Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | $ 81,995,000 | $ 17,217,000 |
U.S. agency debentures | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 622,000 | 421,000 |
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 52,526,000 | 7,978,000 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 7,358,000 | 1,758,000 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—variable rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 110,000 | 138,000 |
Agency-issued commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 14,289,000 | 3,067,000 |
Municipal bonds and notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 6,558,000 | $ 3,855,000 |
After One Year to Five Years, Amortized Cost | 157,000 | |
After Five Years to Ten Years, Amortized Cost | 973,000 | |
Corporate bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 532,000 | |
After One Year to Five Years, Amortized Cost | 0 | |
After Five Years to Ten Years, Amortized Cost | 533,000 | |
Held-to-maturity Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 82,371,000 | |
Fair Value | 81,995,000 | |
One Year or Less, Amortized Cost | 54,000 | |
One Year or Less, Fair Value | 55,000 | |
After One Year to Five Years, Amortized Cost | 517,000 | |
After One Year to Five Years, Fair Value | 526,000 | |
After Five Years to Ten Years, Amortized Cost | 3,283,000 | |
After Five Years to Ten Years, Fair Value | 3,368,000 | |
After Ten Years, Amortized Cost | 78,517,000 | |
After Ten Years, Fair Value | $ 78,046,000 | |
Held-to-maturity Securities | Lower Limit | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Mortgage-backed securities contractual maturities (in years) | 10 years | |
Held-to-maturity Securities | Upper Limit | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Mortgage-backed securities contractual maturities (in years) | 30 years | |
Held-to-maturity Securities | U.S. agency debentures | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 609,000 | |
Fair Value | 622,000 | |
One Year or Less, Amortized Cost | 1,000 | |
One Year or Less, Fair Value | 1,000 | |
After One Year to Five Years, Amortized Cost | 133,000 | |
After One Year to Five Years, Fair Value | 137,000 | |
After Five Years to Ten Years, Amortized Cost | 475,000 | |
After Five Years to Ten Years, Fair Value | 484,000 | |
After Ten Years, Amortized Cost | 0 | |
After Ten Years, Fair Value | 0 | |
Held-to-maturity Securities | Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 52,874,000 | |
Fair Value | 52,526,000 | |
One Year or Less, Amortized Cost | 1,000 | |
One Year or Less, Fair Value | 2,000 | |
After One Year to Five Years, Amortized Cost | 7,000 | |
After One Year to Five Years, Fair Value | 8,000 | |
After Five Years to Ten Years, Amortized Cost | 407,000 | |
After Five Years to Ten Years, Fair Value | 419,000 | |
After Ten Years, Amortized Cost | 52,459,000 | |
After Ten Years, Fair Value | 52,097,000 | |
Held-to-maturity Securities | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 7,410,000 | |
Fair Value | 7,358,000 | |
One Year or Less, Amortized Cost | 0 | |
One Year or Less, Fair Value | 0 | |
After One Year to Five Years, Amortized Cost | 7,000 | |
After One Year to Five Years, Fair Value | 7,000 | |
After Five Years to Ten Years, Amortized Cost | 361,000 | |
After Five Years to Ten Years, Fair Value | 368,000 | |
After Ten Years, Amortized Cost | 7,042,000 | |
After Ten Years, Fair Value | 6,983,000 | |
Held-to-maturity Securities | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—variable rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 109,000 | |
Fair Value | 110,000 | |
One Year or Less, Amortized Cost | 0 | |
One Year or Less, Fair Value | 0 | |
After One Year to Five Years, Amortized Cost | 0 | |
After One Year to Five Years, Fair Value | 0 | |
After Five Years to Ten Years, Amortized Cost | 0 | |
After Five Years to Ten Years, Fair Value | 0 | |
After Ten Years, Amortized Cost | 109,000 | |
After Ten Years, Fair Value | 110,000 | |
Held-to-maturity Securities | Agency-issued commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 14,351,000 | |
Fair Value | 14,289,000 | |
One Year or Less, Amortized Cost | 0 | |
One Year or Less, Fair Value | 0 | |
After One Year to Five Years, Amortized Cost | 213,000 | |
After One Year to Five Years, Fair Value | 212,000 | |
After Five Years to Ten Years, Amortized Cost | 534,000 | |
After Five Years to Ten Years, Fair Value | 550,000 | |
After Ten Years, Amortized Cost | 13,604,000 | |
After Ten Years, Fair Value | 13,527,000 | |
Held-to-maturity Securities | Municipal bonds and notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 6,485,000 | |
Fair Value | 6,558,000 | |
One Year or Less, Amortized Cost | 52,000 | |
One Year or Less, Fair Value | 52,000 | |
After One Year to Five Years, Fair Value | 162,000 | |
After Five Years to Ten Years, Fair Value | 1,015,000 | |
After Ten Years, Amortized Cost | 5,303,000 | |
After Ten Years, Fair Value | 5,329,000 | |
Held-to-maturity Securities | Corporate bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 533,000 | |
Fair Value | 532,000 | |
One Year or Less, Amortized Cost | 0 | |
One Year or Less, Fair Value | 0 | |
After One Year to Five Years, Fair Value | 0 | |
After Five Years to Ten Years, Fair Value | 532,000 | |
After Ten Years, Amortized Cost | 0 | |
After Ten Years, Fair Value | $ 0 |
Investment Securities - Compo_3
Investment Securities - Components of Non-marketable and Other Equity Securities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Investment Holdings [Line Items] | ||
Investments in qualified affordable housing projects, net | $ 920 | $ 616 |
Non-marketable and other equity securities | 2,485 | 1,802 |
Fair value accounting | Consolidated venture capital and private equity fund investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 140 | 89 |
Fair value accounting | Unconsolidated venture capital and private equity fund investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 222 | 185 |
Fair value accounting | Equity securities | ||
Investment Holdings [Line Items] | ||
Other equity securities in public companies (fair value accounting) | 158 | 281 |
Fair value accounting | Other investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 95 | 61 |
Equity method accounting | Consolidated venture capital and private equity fund investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 656 | 362 |
Equity method accounting | Unconsolidated venture capital and private equity fund investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 656 | 362 |
Equity method accounting | Debt funds | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 5 | 5 |
Equity method accounting | Other investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | $ 289 | $ 203 |
Investment Securities - Summa_4
Investment Securities - Summary of Venture Capital and Private Equity Fund Investments Held by Consolidated Funds and Percentage Ownership (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair value accounting | Consolidated venture capital and private equity fund investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | $ 140 | $ 89 |
Investment Securities - Non-mar
Investment Securities - Non-marketable and Other Securities Additional Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)Investment | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)Investment | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)Investment | |
Investment Holdings [Line Items] | |||||
Investments in qualified affordable housing projects, net | $ 920 | $ 920 | $ 616 | ||
Other liabilities | 471 | 471 | 370 | ||
Tax credits and other tax benefits recognized | 9 | $ 15 | 63 | $ 47 | |
Amortization expense included in provision for income taxes | 17 | $ 10 | 48 | $ 32 | |
Fair value accounting | Unconsolidated venture capital and private equity fund investments | |||||
Investment Holdings [Line Items] | |||||
Nonmarketable securities | $ 222 | $ 222 | $ 185 | ||
Upper Limit | |||||
Investment Holdings [Line Items] | |||||
Percentage of ownership (less than 5%) | 5.00% | ||||
Non-marketable securities | Fair value accounting | Unconsolidated venture capital and private equity fund investments | |||||
Investment Holdings [Line Items] | |||||
Number of investments | Investment | 153 | 153 | 162 |
Investment Securities - Changes
Investment Securities - Changes to Carrying Amount of Other Investments without Readily Determinable Fair Value (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
September 30, 2021 | $ 95 |
Year End Adjustments: | |
Impairment | 0 |
Upward changes for observable prices | 10 |
Downward changes for observable prices | (3) |
Cumulative Adjustments | |
Impairment | (1) |
Upward changes for observable prices | 13 |
Downward changes for observable prices | $ (6) |
Investment Securities - Carryin
Investment Securities - Carrying Value and Ownership Percentage of Investments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Consolidated venture capital and private equity fund investments | Fair value accounting | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | $ 140 | $ 89 | |
Consolidated venture capital and private equity fund investments | Fair value accounting | Strategic Investors Fund, LP | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 5 | 5 | |
Consolidated venture capital and private equity fund investments | Fair value accounting | Capital Preferred Return Fund, LP | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 64 | 50 | |
Consolidated venture capital and private equity fund investments | Fair value accounting | Growth Partners, LP | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 71 | 34 | |
Consolidated venture capital and private equity fund investments | Equity method accounting | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 656 | 362 | |
Consolidated venture capital and private equity fund investments | Equity method accounting | Strategic Investors Fund II, LP | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 3 | 4 | |
Consolidated venture capital and private equity fund investments | Equity method accounting | Strategic Investors Fund III, LP | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 29 | 16 | |
Consolidated venture capital and private equity fund investments | Equity method accounting | Strategic Investors Fund IV, LP | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 38 | 25 | |
Consolidated venture capital and private equity fund investments | Equity method accounting | Strategic Investors Fund V funds | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 92 | 67 | |
Consolidated venture capital and private equity fund investments | Equity method accounting | CP II, LP | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 1 | 8 | |
Consolidated venture capital and private equity fund investments | Equity method accounting | Other venture capital and private equity fund investments | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 493 | 242 | |
Debt funds | Equity method accounting | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 5 | 5 | |
Debt funds | Equity method accounting | Gold Hill Capital 2008, LP | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 4 | 4 | |
Debt funds | Equity method accounting | Other debt funds | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 1 | 1 | |
Other investments | Fair value accounting | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 95 | 61 | |
Other investments | Equity method accounting | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 289 | 203 | |
Other investments | Equity method accounting | SPD Silicon Valley Bank Co., Ltd. | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 152 | 115 | |
Other investments | Equity method accounting | Other investments | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | $ 137 | $ 88 | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Fair value accounting | Strategic Investors Fund, LP | |||
Investment Holdings [Line Items] | |||
Percentage of ownership (less than 5%) | 12.60% | 12.60% | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Fair value accounting | Capital Preferred Return Fund, LP | |||
Investment Holdings [Line Items] | |||
Percentage of ownership (less than 5%) | 20.00% | 20.00% | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Fair value accounting | Growth Partners, LP | |||
Investment Holdings [Line Items] | |||
Percentage of ownership (less than 5%) | 33.00% | 33.00% | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Equity method accounting | Strategic Investors Fund II, LP | |||
Investment Holdings [Line Items] | |||
Percentage of ownership (less than 5%) | 8.60% | 8.60% | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Equity method accounting | Strategic Investors Fund III, LP | |||
Investment Holdings [Line Items] | |||
Percentage of ownership (less than 5%) | 5.90% | 5.90% | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Equity method accounting | Strategic Investors Fund IV, LP | |||
Investment Holdings [Line Items] | |||
Percentage of ownership (less than 5%) | 5.00% | 5.00% | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Equity method accounting | CP II, LP | |||
Investment Holdings [Line Items] | |||
Percentage of ownership (less than 5%) | 5.10% | 5.10% | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Equity method accounting | CP II, LP | Direct ownership interest | |||
Investment Holdings [Line Items] | |||
Percentage of ownership (less than 5%) | 1.30% | ||
Non-marketable securities | Consolidated venture capital and private equity fund investments | Equity method accounting | CP II, LP | Indirect ownership interest | |||
Investment Holdings [Line Items] | |||
Percentage of ownership (less than 5%) | 3.80% | ||
Non-marketable securities | Debt funds | Equity method accounting | Direct ownership interest | |||
Investment Holdings [Line Items] | |||
Percentage of ownership (less than 5%) | 11.50% | ||
Non-marketable securities | Debt funds | Equity method accounting | Indirect ownership interest | |||
Investment Holdings [Line Items] | |||
Percentage of ownership (less than 5%) | 4.00% | ||
Non-marketable securities | Debt funds | Equity method accounting | Gold Hill Capital 2008, LP | |||
Investment Holdings [Line Items] | |||
Percentage of ownership (less than 5%) | 15.50% | 15.50% | |
Non-marketable securities | Other investments | Equity method accounting | SPD Silicon Valley Bank Co., Ltd. | |||
Investment Holdings [Line Items] | |||
Percentage of ownership (less than 5%) | 50.00% | 50.00% |
Investment Securities - Net Gai
Investment Securities - Net Gains on Non-marketable and Other Equity Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Gain (Loss) on Securities [Line Items] | ||||
Total net gains on non-marketable and other equity securities | $ 189 | $ 190 | $ 661 | $ 210 |
Non-marketable securities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Less: realized net gains (losses) on sales of non-marketable and other equity securities | (17) | 5 | 110 | 6 |
Net gains on non-marketable and other equity securities still held | 206 | 185 | 551 | 204 |
Non-marketable securities | Fair value accounting | Consolidated venture capital and private equity fund investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Total net gains on non-marketable and other equity securities | 36 | 9 | 72 | 13 |
Non-marketable securities | Fair value accounting | Unconsolidated venture capital and private equity fund investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Total net gains on non-marketable and other equity securities | 47 | 16 | 79 | 15 |
Non-marketable securities | Fair value accounting | Other investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Total net gains on non-marketable and other equity securities | (2) | 0 | 11 | (4) |
Non-marketable securities | Equity method accounting | Consolidated venture capital and private equity fund investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Total net gains on non-marketable and other equity securities | 144 | 51 | 438 | 70 |
Non-marketable securities | Equity method accounting | Debt funds | ||||
Gain (Loss) on Securities [Line Items] | ||||
Total net gains on non-marketable and other equity securities | 0 | 0 | 2 | 0 |
Non-marketable securities | Equity method accounting | Other investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Total net gains on non-marketable and other equity securities | 3 | 1 | 6 | (3) |
Other equity securities | Fair value accounting | ||||
Gain (Loss) on Securities [Line Items] | ||||
Total net gains on non-marketable and other equity securities | $ (39) | $ 113 | $ 53 | $ 119 |
Loans, Allowance for Loan Los_3
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Composition of Loans, Net of Unearned Income (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | $ 61,487 | $ 45,181 | ||||
ACL | (398) | $ (396) | (448) | $ (513) | $ (590) | $ (305) |
Net loans | 61,089 | 44,733 | ||||
Unearned income on loans | 240 | 226 | ||||
Credit cards | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 548 | 400 | ||||
Construction loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 320 | 118 | ||||
Global fund banking | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 34,120 | 25,543 | ||||
ACL | (59) | (66) | (46) | (39) | (54) | (107) |
Investor dependent | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 5,377 | 4,972 | ||||
ACL | (138) | (158) | (213) | (263) | (292) | (82) |
Investor dependent | Early stage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 1,550 | 1,486 | ||||
Investor dependent | Growth stage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 3,827 | 3,486 | ||||
Cash flow dependent and innovation C&I (Commercial and Industrial) | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
ACL | (109) | (119) | (125) | (121) | (123) | (81) |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Cash flow dependent - SLBO | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 1,895 | 1,989 | ||||
Cash flow dependent and innovation C&I (Commercial and Industrial) | Innovation C&I | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 5,916 | 5,136 | ||||
Private bank | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 8,370 | 4,901 | ||||
ACL | (31) | (47) | (53) | (76) | (91) | (22) |
CRE | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 2,753 | 0 | ||||
ACL | (40) | 0 | 0 | |||
Other C&I | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 1,259 | 0 | ||||
ACL | (12) | 0 | 0 | |||
Premium wine and other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
ACL | (9) | $ (6) | (9) | (11) | (26) | (13) |
Premium wine and other | Premium wine | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 980 | 1,053 | ||||
Premium wine and other | Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 252 | 28 | ||||
PPP Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 565 | 1,559 | ||||
ACL | $ 0 | $ (2) | $ (3) | $ (4) | $ 0 |
Loans, Allowance for Loan Los_4
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Composition of Loans, Net of Unearned Income (Additional Information) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | $ 61,487 | $ 45,181 |
Private bank | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 8,370 | 4,901 |
CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 2,753 | 0 |
Premium wine and other | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 980 | 1,053 |
Premium wine and other | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 252 | 28 |
Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 11,229 | 4,940 |
Real estate secured loans | Private bank | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 7,400 | 4,059 |
Real estate secured loans | Private bank | Loans for personal residence | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 6,684 | 3,392 |
Real estate secured loans | Private bank | Loans to eligible employees | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 449 | 481 |
Real estate secured loans | Private bank | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 131 | 43 |
Real estate secured loans | Private bank | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 136 | 143 |
Real estate secured loans | CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 2,753 | 0 |
Real estate secured loans | CRE | Multifamily and residential investment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 1,047 | 0 |
Real estate secured loans | CRE | Retail | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 564 | 0 |
Real estate secured loans | CRE | Office and medical | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 540 | 0 |
Real estate secured loans | CRE | Manufacturing, industrial and warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 309 | 0 |
Real estate secured loans | CRE | Hospitality | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 155 | 0 |
Real estate secured loans | CRE | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 138 | 0 |
Real estate secured loans | Premium wine and other | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 795 | 824 |
Real estate secured loans | Premium wine and other | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | $ 281 | $ 57 |
Loans, Allowance for Loan Los_5
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Credit Quality Indicators, Broken out by Risk-Based Segments and Vintage Year (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | $ 8,189 | $ 9,153 |
Year Two | 6,755 | 4,008 |
Year Three | 3,528 | 1,863 |
Year Four | 1,639 | 934 |
Year Five | 1,217 | 530 |
Prior | 2,651 | 600 |
Revolving Loans | 37,456 | 28,038 |
Revolving Loans Converted to Term Loans | 81 | 55 |
Unallocated | (29) | |
Loans, amortized cost | 61,487 | 45,181 |
Global fund banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 470 | 440 |
Year Two | 111 | 48 |
Year Three | 40 | 69 |
Year Four | 54 | 23 |
Year Five | 12 | 2 |
Prior | 6 | 6 |
Revolving Loans | 33,426 | 24,947 |
Revolving Loans Converted to Term Loans | 1 | 8 |
Unallocated | 0 | |
Loans, amortized cost | 34,120 | 25,543 |
Global fund banking | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Unallocated | 0 | |
Loans, amortized cost | 0 | 0 |
Global fund banking | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 470 | 440 |
Year Two | 111 | 48 |
Year Three | 40 | 69 |
Year Four | 54 | 23 |
Year Five | 12 | 2 |
Prior | 6 | 6 |
Revolving Loans | 33,423 | 24,947 |
Revolving Loans Converted to Term Loans | 0 | 2 |
Unallocated | 0 | |
Loans, amortized cost | 34,116 | 25,537 |
Global fund banking | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 3 | 0 |
Revolving Loans Converted to Term Loans | 1 | 6 |
Unallocated | 0 | |
Loans, amortized cost | 4 | 6 |
Investor dependent | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 2,320 | 2,544 |
Year Two | 1,703 | 1,254 |
Year Three | 629 | 528 |
Year Four | 161 | 116 |
Year Five | 32 | 10 |
Prior | 3 | 17 |
Revolving Loans | 524 | 494 |
Revolving Loans Converted to Term Loans | 5 | 9 |
Unallocated | 0 | |
Loans, amortized cost | 5,377 | 4,972 |
Investor dependent | Early stage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 631 | 716 |
Year Two | 485 | 452 |
Year Three | 208 | 152 |
Year Four | 41 | 43 |
Year Five | 9 | 5 |
Prior | 1 | 1 |
Revolving Loans | 175 | 116 |
Revolving Loans Converted to Term Loans | 0 | 1 |
Unallocated | 0 | |
Loans, amortized cost | 1,550 | 1,486 |
Investor dependent | Early stage | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 2 |
Year Two | 0 | 9 |
Year Three | 3 | 5 |
Year Four | 1 | 1 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 1 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Unallocated | 0 | |
Loans, amortized cost | 4 | 18 |
Investor dependent | Early stage | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 605 | 667 |
Year Two | 386 | 370 |
Year Three | 174 | 121 |
Year Four | 35 | 32 |
Year Five | 8 | 1 |
Prior | 1 | 1 |
Revolving Loans | 149 | 96 |
Revolving Loans Converted to Term Loans | 0 | 1 |
Unallocated | 0 | |
Loans, amortized cost | 1,358 | 1,289 |
Investor dependent | Early stage | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 26 | 47 |
Year Two | 99 | 73 |
Year Three | 31 | 26 |
Year Four | 5 | 10 |
Year Five | 1 | 4 |
Prior | 0 | 0 |
Revolving Loans | 26 | 19 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Unallocated | 0 | |
Loans, amortized cost | 188 | 179 |
Investor dependent | Growth stage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 1,689 | 1,828 |
Year Two | 1,218 | 802 |
Year Three | 421 | 376 |
Year Four | 120 | 73 |
Year Five | 23 | 5 |
Prior | 2 | 16 |
Revolving Loans | 349 | 378 |
Revolving Loans Converted to Term Loans | 5 | 8 |
Unallocated | 0 | |
Loans, amortized cost | 3,827 | 3,486 |
Investor dependent | Growth stage | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 17 |
Year Two | 14 | 3 |
Year Three | 1 | 4 |
Year Four | 3 | 3 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 8 | 6 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Unallocated | 0 | |
Loans, amortized cost | 26 | 33 |
Investor dependent | Growth stage | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 1,609 | 1,746 |
Year Two | 1,120 | 696 |
Year Three | 369 | 316 |
Year Four | 113 | 61 |
Year Five | 22 | 5 |
Prior | 2 | 9 |
Revolving Loans | 316 | 325 |
Revolving Loans Converted to Term Loans | 5 | 8 |
Unallocated | 0 | |
Loans, amortized cost | 3,556 | 3,166 |
Investor dependent | Growth stage | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 80 | 65 |
Year Two | 84 | 103 |
Year Three | 51 | 56 |
Year Four | 4 | 9 |
Year Five | 1 | 0 |
Prior | 0 | 7 |
Revolving Loans | 25 | 47 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Unallocated | 0 | |
Loans, amortized cost | 245 | 287 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Cash flow dependent - SLBO | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 782 | 791 |
Year Two | 503 | 534 |
Year Three | 310 | 329 |
Year Four | 143 | 196 |
Year Five | 102 | 50 |
Prior | 13 | 0 |
Revolving Loans | 42 | 89 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Unallocated | 0 | |
Loans, amortized cost | 1,895 | 1,989 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Cash flow dependent - SLBO | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 12 |
Year Three | 12 | 16 |
Year Four | 10 | 7 |
Year Five | 7 | 0 |
Prior | 0 | 0 |
Revolving Loans | 5 | 5 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Unallocated | 0 | |
Loans, amortized cost | 34 | 40 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Cash flow dependent - SLBO | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 780 | 791 |
Year Two | 489 | 452 |
Year Three | 280 | 274 |
Year Four | 94 | 167 |
Year Five | 85 | 37 |
Prior | 0 | 0 |
Revolving Loans | 34 | 75 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Unallocated | 0 | |
Loans, amortized cost | 1,762 | 1,796 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Cash flow dependent - SLBO | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 2 | 0 |
Year Two | 14 | 70 |
Year Three | 18 | 39 |
Year Four | 39 | 22 |
Year Five | 10 | 13 |
Prior | 13 | 0 |
Revolving Loans | 3 | 9 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Unallocated | 0 | |
Loans, amortized cost | 99 | 153 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Innovation C&I | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 1,461 | 1,793 |
Year Two | 1,410 | 775 |
Year Three | 407 | 417 |
Year Four | 277 | 156 |
Year Five | 131 | 39 |
Prior | 3 | 0 |
Revolving Loans | 2,227 | 1,955 |
Revolving Loans Converted to Term Loans | 0 | 1 |
Unallocated | 0 | |
Loans, amortized cost | 5,916 | 5,136 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Innovation C&I | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 5 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 1 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Unallocated | 0 | |
Loans, amortized cost | 0 | 6 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Innovation C&I | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 1,426 | 1,718 |
Year Two | 1,298 | 703 |
Year Three | 334 | 378 |
Year Four | 260 | 152 |
Year Five | 131 | 39 |
Prior | 3 | 0 |
Revolving Loans | 1,983 | 1,791 |
Revolving Loans Converted to Term Loans | 0 | 1 |
Unallocated | 0 | |
Loans, amortized cost | 5,435 | 4,782 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Innovation C&I | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 35 | 75 |
Year Two | 112 | 72 |
Year Three | 73 | 34 |
Year Four | 17 | 4 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 244 | 163 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Unallocated | 0 | |
Loans, amortized cost | 481 | 348 |
Private bank | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 2,163 | 1,881 |
Year Two | 2,159 | 1,163 |
Year Three | 1,265 | 402 |
Year Four | 569 | 354 |
Year Five | 500 | 300 |
Prior | 1,075 | 416 |
Revolving Loans | 628 | 384 |
Revolving Loans Converted to Term Loans | 11 | 1 |
Unallocated | 0 | |
Loans, amortized cost | 8,370 | 4,901 |
Private bank | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 3 |
Year Four | 1 | 0 |
Year Five | 0 | 0 |
Prior | 9 | 2 |
Revolving Loans | 0 | 1 |
Revolving Loans Converted to Term Loans | 1 | 0 |
Unallocated | 0 | |
Loans, amortized cost | 11 | 6 |
Private bank | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 2,163 | 1,878 |
Year Two | 2,159 | 1,153 |
Year Three | 1,259 | 394 |
Year Four | 566 | 353 |
Year Five | 496 | 295 |
Prior | 1,053 | 406 |
Revolving Loans | 625 | 382 |
Revolving Loans Converted to Term Loans | 10 | 1 |
Unallocated | 0 | |
Loans, amortized cost | 8,331 | 4,862 |
Private bank | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 3 |
Year Two | 0 | 10 |
Year Three | 6 | 5 |
Year Four | 2 | 1 |
Year Five | 4 | 5 |
Prior | 13 | 8 |
Revolving Loans | 3 | 1 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Unallocated | 0 | |
Loans, amortized cost | 28 | 33 |
CRE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 259 | |
Year Two | 278 | |
Year Three | 473 | |
Year Four | 224 | |
Year Five | 313 | |
Prior | 1,052 | |
Revolving Loans | 139 | |
Revolving Loans Converted to Term Loans | 15 | |
Unallocated | 0 | |
Loans, amortized cost | 2,753 | 0 |
CRE | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | |
Year Two | 0 | |
Year Three | 5 | |
Year Four | 14 | |
Year Five | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Unallocated | 0 | |
Loans, amortized cost | 19 | |
CRE | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 256 | |
Year Two | 249 | |
Year Three | 359 | |
Year Four | 160 | |
Year Five | 263 | |
Prior | 927 | |
Revolving Loans | 120 | |
Revolving Loans Converted to Term Loans | 15 | |
Unallocated | 0 | |
Loans, amortized cost | 2,349 | |
CRE | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 3 | |
Year Two | 29 | |
Year Three | 109 | |
Year Four | 50 | |
Year Five | 50 | |
Prior | 125 | |
Revolving Loans | 19 | |
Revolving Loans Converted to Term Loans | 0 | |
Unallocated | 0 | |
Loans, amortized cost | 385 | |
Premium wine and other | Premium wine | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 131 | 145 |
Year Two | 143 | 218 |
Year Three | 200 | 107 |
Year Four | 84 | 89 |
Year Five | 76 | 129 |
Prior | 186 | 160 |
Revolving Loans | 126 | 169 |
Revolving Loans Converted to Term Loans | 34 | 36 |
Unallocated | 0 | |
Loans, amortized cost | 980 | 1,053 |
Premium wine and other | Premium wine | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 7 | 0 |
Year Four | 0 | 0 |
Year Five | 10 | 1 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Unallocated | 0 | |
Loans, amortized cost | 17 | 1 |
Premium wine and other | Premium wine | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 129 | 127 |
Year Two | 131 | 194 |
Year Three | 182 | 71 |
Year Four | 68 | 79 |
Year Five | 66 | 115 |
Prior | 148 | 154 |
Revolving Loans | 114 | 135 |
Revolving Loans Converted to Term Loans | 34 | 36 |
Unallocated | 0 | |
Loans, amortized cost | 872 | 911 |
Premium wine and other | Premium wine | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 2 | 18 |
Year Two | 12 | 24 |
Year Three | 11 | 36 |
Year Four | 16 | 10 |
Year Five | 0 | 13 |
Prior | 38 | 6 |
Revolving Loans | 12 | 34 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Unallocated | 0 | |
Loans, amortized cost | 91 | 141 |
Premium wine and other | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 25 | 0 |
Year Two | 114 | 16 |
Year Three | 98 | 11 |
Year Four | 24 | 0 |
Year Five | 16 | 0 |
Prior | 0 | 1 |
Revolving Loans | 4 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Unallocated | (29) | |
Loans, amortized cost | 252 | 28 |
Premium wine and other | Other | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Unallocated | 0 | |
Loans, amortized cost | 0 | 0 |
Premium wine and other | Other | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 25 | 0 |
Year Two | 114 | 16 |
Year Three | 97 | 11 |
Year Four | 21 | 0 |
Year Five | 13 | 0 |
Prior | 0 | 1 |
Revolving Loans | 4 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Unallocated | (29) | |
Loans, amortized cost | 245 | 28 |
Premium wine and other | Other | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 1 | 0 |
Year Four | 3 | 0 |
Year Five | 3 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Unallocated | 0 | |
Loans, amortized cost | 7 | 0 |
Other C&I | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 164 | |
Year Two | 183 | |
Year Three | 106 | |
Year Four | 103 | |
Year Five | 35 | |
Prior | 313 | |
Revolving Loans | 340 | |
Revolving Loans Converted to Term Loans | 15 | |
Unallocated | 0 | |
Loans, amortized cost | 1,259 | 0 |
Other C&I | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | |
Year Two | 0 | |
Year Three | 0 | |
Year Four | 1 | |
Year Five | 0 | |
Prior | 1 | |
Revolving Loans | 1 | |
Revolving Loans Converted to Term Loans | 0 | |
Unallocated | 0 | |
Loans, amortized cost | 3 | |
Other C&I | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 159 | |
Year Two | 179 | |
Year Three | 96 | |
Year Four | 93 | |
Year Five | 33 | |
Prior | 310 | |
Revolving Loans | 324 | |
Revolving Loans Converted to Term Loans | 10 | |
Unallocated | 0 | |
Loans, amortized cost | 1,204 | |
Other C&I | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 5 | |
Year Two | 4 | |
Year Three | 10 | |
Year Four | 9 | |
Year Five | 2 | |
Prior | 2 | |
Revolving Loans | 15 | |
Revolving Loans Converted to Term Loans | 5 | |
Unallocated | 0 | |
Loans, amortized cost | 52 | |
PPP Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 414 | 1,559 |
Year Two | 151 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Unallocated | 0 | |
Loans, amortized cost | 565 | 1,559 |
PPP Loans | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Unallocated | 0 | |
Loans, amortized cost | 0 | 0 |
PPP Loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 387 | 1,456 |
Year Two | 120 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Unallocated | 0 | |
Loans, amortized cost | 507 | 1,456 |
PPP Loans | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 27 | 103 |
Year Two | 31 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Unallocated | 0 | |
Loans, amortized cost | $ 58 | $ 103 |
Loans, Allowance for Loan Los_6
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Activity Relating to our Allowance for Credit Losses for Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Increase in allowance for credit loss | $ 2 | |||||
Allowance for credit loss, beginning balance | 396 | $ 590 | $ 448 | $ 305 | ||
Initial Allowance on PCD Loans | $ 22 | $ 22 | ||||
Charge-offs | (19) | (28) | (129) | (80) | ||
Recoveries | 8 | 4 | 16 | 16 | ||
(Reduction) Provision for Credit Losses | (9) | (54) | 41 | 247 | ||
Foreign Currency Translation Adjustments | 1 | 0 | ||||
Allowance for credit loss, ending balance | 398 | 513 | 398 | 513 | ||
Boston Private | Non-PCD Loans | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
(Reduction) Provision for Credit Losses | 44 | |||||
Impact of adopting ASC 326 | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for credit loss, beginning balance | 25 | |||||
Accrued interest receivable and other assets | Loans | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Accrued interest receivable | 160 | 160 | 126 | |||
Global fund banking | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for credit loss, beginning balance | 66 | 54 | 46 | 107 | ||
Initial Allowance on PCD Loans | 0 | 0 | ||||
Charge-offs | 0 | 0 | (80) | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
(Reduction) Provision for Credit Losses | (7) | (15) | 93 | 2 | ||
Foreign Currency Translation Adjustments | 0 | 0 | ||||
Allowance for credit loss, ending balance | 59 | 39 | 59 | 39 | ||
Global fund banking | Impact of adopting ASC 326 | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for credit loss, beginning balance | (70) | |||||
Investor dependent | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for credit loss, beginning balance | 158 | 292 | 213 | 82 | ||
Initial Allowance on PCD Loans | 0 | 0 | ||||
Charge-offs | (17) | (28) | (37) | (67) | ||
Recoveries | 5 | 4 | 13 | 12 | ||
(Reduction) Provision for Credit Losses | (8) | (5) | (51) | 165 | ||
Foreign Currency Translation Adjustments | 0 | (1) | ||||
Allowance for credit loss, ending balance | 138 | 263 | 138 | 263 | ||
Investor dependent | Impact of adopting ASC 326 | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for credit loss, beginning balance | 72 | |||||
Cash flow dependent and innovation C&I (Commercial and Industrial) | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for credit loss, beginning balance | 119 | 123 | 125 | 81 | ||
Initial Allowance on PCD Loans | 0 | 0 | ||||
Charge-offs | (1) | 0 | (8) | (11) | ||
Recoveries | 3 | 0 | 3 | 3 | ||
(Reduction) Provision for Credit Losses | (12) | (2) | (11) | 50 | ||
Foreign Currency Translation Adjustments | 0 | (1) | ||||
Allowance for credit loss, ending balance | 109 | 121 | 109 | 121 | ||
Cash flow dependent and innovation C&I (Commercial and Industrial) | Impact of adopting ASC 326 | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for credit loss, beginning balance | (1) | |||||
Private bank | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for credit loss, beginning balance | 47 | 91 | 53 | 22 | ||
Initial Allowance on PCD Loans | 1 | 1 | ||||
Charge-offs | (1) | 0 | (3) | (2) | ||
Recoveries | 0 | 0 | 0 | 0 | ||
(Reduction) Provision for Credit Losses | (16) | (15) | (20) | 44 | ||
Foreign Currency Translation Adjustments | 0 | 0 | ||||
Allowance for credit loss, ending balance | 31 | 76 | 31 | 76 | ||
Private bank | Impact of adopting ASC 326 | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for credit loss, beginning balance | 12 | |||||
CRE | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for credit loss, beginning balance | 0 | 0 | ||||
Initial Allowance on PCD Loans | 17 | 17 | ||||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 0 | ||||
(Reduction) Provision for Credit Losses | 23 | 23 | ||||
Allowance for credit loss, ending balance | 40 | 40 | ||||
Other C&I | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for credit loss, beginning balance | 0 | 0 | ||||
Initial Allowance on PCD Loans | 4 | 4 | ||||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 0 | ||||
(Reduction) Provision for Credit Losses | 8 | 8 | ||||
Allowance for credit loss, ending balance | 12 | 12 | ||||
Premium wine and other | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for credit loss, beginning balance | 6 | 26 | 9 | 13 | ||
Initial Allowance on PCD Loans | $ 0 | 0 | ||||
Charge-offs | 0 | 0 | (1) | 0 | ||
Recoveries | 0 | 0 | 0 | 1 | ||
(Reduction) Provision for Credit Losses | 3 | (16) | 1 | (17) | ||
Foreign Currency Translation Adjustments | 1 | 2 | ||||
Allowance for credit loss, ending balance | 9 | 11 | 9 | 11 | ||
Premium wine and other | Impact of adopting ASC 326 | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for credit loss, beginning balance | 12 | |||||
PPP Loans | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for credit loss, beginning balance | 4 | 2 | 0 | |||
Initial Allowance on PCD Loans | $ 0 | |||||
Charge-offs | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 0 | |||
(Reduction) Provision for Credit Losses | (1) | (2) | 3 | |||
Foreign Currency Translation Adjustments | 0 | 0 | ||||
Allowance for credit loss, ending balance | $ 0 | $ 3 | $ 0 | 3 | ||
PPP Loans | Impact of adopting ASC 326 | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for credit loss, beginning balance | $ 0 |
Loans, Allowance for Loan Los_7
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Summary of the Aging of Loans Broken out by Risk-based Segments (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | $ 61,487 | $ 45,181 |
Loans Past Due 90 Days or More Still Accruing Interest | 3 | 0 |
30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 22 | 59 |
60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 6 | 7 |
Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 27 | 2 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 55 | 68 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 61,432 | 45,113 |
Global fund banking | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 34,120 | 25,543 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Global fund banking | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 28 |
Global fund banking | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 0 |
Global fund banking | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 0 |
Global fund banking | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 28 |
Global fund banking | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 34,120 | 25,515 |
Investor dependent | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 5,377 | 4,972 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Investor dependent | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 3 | 17 |
Investor dependent | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 2 |
Investor dependent | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 1 |
Investor dependent | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 3 | 20 |
Investor dependent | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 5,374 | 4,952 |
Investor dependent | Early stage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 1,550 | 1,486 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Investor dependent | Early stage | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 1 | 6 |
Investor dependent | Early stage | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 2 |
Investor dependent | Early stage | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 0 |
Investor dependent | Early stage | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 1 | 8 |
Investor dependent | Early stage | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 1,549 | 1,478 |
Investor dependent | Growth stage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 3,827 | 3,486 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Investor dependent | Growth stage | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 2 | 11 |
Investor dependent | Growth stage | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 0 |
Investor dependent | Growth stage | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 1 |
Investor dependent | Growth stage | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 2 | 12 |
Investor dependent | Growth stage | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 3,825 | 3,474 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Cash flow dependent - SLBO | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 1,895 | 1,989 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Cash flow dependent - SLBO | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 0 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Cash flow dependent - SLBO | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 0 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Cash flow dependent - SLBO | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 0 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Cash flow dependent - SLBO | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 0 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Cash flow dependent - SLBO | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 1,895 | 1,989 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Innovation C&I | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 5,916 | 5,136 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Innovation C&I | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 1 | 7 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Innovation C&I | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 3 | 1 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Innovation C&I | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 0 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Innovation C&I | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 4 | 8 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Innovation C&I | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 5,912 | 5,128 |
Private bank | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 8,370 | 4,901 |
Loans Past Due 90 Days or More Still Accruing Interest | 2 | 0 |
Private bank | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 1 | 4 |
Private bank | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 2 | 4 |
Private bank | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 8 | 0 |
Private bank | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 11 | 8 |
Private bank | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 8,359 | 4,893 |
CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 2,753 | 0 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
CRE | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 14 | |
CRE | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | |
CRE | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | |
CRE | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 14 | |
CRE | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 2,739 | |
Premium wine and other | Premium wine | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 980 | 1,053 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Premium wine and other | Premium wine | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 3 |
Premium wine and other | Premium wine | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 0 |
Premium wine and other | Premium wine | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 17 | 1 |
Premium wine and other | Premium wine | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 17 | 4 |
Premium wine and other | Premium wine | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 963 | 1,049 |
Premium wine and other | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 252 | 28 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Premium wine and other | Other | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 0 |
Premium wine and other | Other | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 0 |
Premium wine and other | Other | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 0 |
Premium wine and other | Other | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 0 |
Premium wine and other | Other | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 252 | 28 |
Other C&I | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 1,259 | 0 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Other C&I | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 3 | |
Other C&I | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 1 | |
Other C&I | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 1 | |
Other C&I | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 5 | |
Other C&I | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 1,254 | |
PPP Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 565 | 1,559 |
Loans Past Due 90 Days or More Still Accruing Interest | 1 | 0 |
PPP Loans | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 0 |
PPP Loans | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 0 | 0 |
PPP Loans | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 1 | 0 |
PPP Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | 1 | 0 |
PPP Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, amortized cost | $ 564 | $ 1,559 |
Loans, Allowance for Loan Los_8
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Nonaccrual Loans with No Allowance for Credit Loss (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans | $ 114,000 | $ 104,000 |
Nonaccrual Loans with no Allowance for Credit Loss | 19,000 | 8,000 |
Boston Private | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans | 31,000 | |
Investor dependent | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans | 30,000 | 51,000 |
Nonaccrual Loans with no Allowance for Credit Loss | 0 | 3,000 |
Investor dependent | Early stage | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans | 4,000 | 18,000 |
Nonaccrual Loans with no Allowance for Credit Loss | 0 | 0 |
Investor dependent | Growth stage | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans | 26,000 | 33,000 |
Nonaccrual Loans with no Allowance for Credit Loss | 0 | 3,000 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Cash flow dependent - SLBO | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans | 34,000 | 40,000 |
Nonaccrual Loans with no Allowance for Credit Loss | 0 | 0 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Innovation C&I | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans | 0 | 6,000 |
Nonaccrual Loans with no Allowance for Credit Loss | 0 | 1,000 |
Private bank | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans | 11,000 | 6,000 |
Nonaccrual Loans with no Allowance for Credit Loss | 2,000 | 3,000 |
CRE | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans | 19,000 | 0 |
Nonaccrual Loans with no Allowance for Credit Loss | 0 | 0 |
Premium wine and other | Premium wine | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans | 17,000 | 1,000 |
Nonaccrual Loans with no Allowance for Credit Loss | 17,000 | 1,000 |
Other C&I | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans | 3,000 | 0 |
Nonaccrual Loans with no Allowance for Credit Loss | $ 0 | $ 0 |
Loans, Allowance for Loan Los_9
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Summary of Loans Modified in Troubled Debt Restructurings (TDRs) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)troubled_debt_restructuring | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of TDRs | troubled_debt_restructuring | 57 | ||||
Loans modified in TDRs | $ 122,000 | $ 122,000 | $ 61,000 | ||
Unfunded commitments available for funding associated with TDRs (less than) | 1,000 | 1,000 | |||
Loans modified in TDRs during the period | 53,000 | $ 26,000 | 66,000 | $ 32,000 | |
Payment deferrals | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs during the period | 17,000 | 25,000 | 30,000 | 31,000 | |
Extended Maturity | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs during the period | 14,000 | 14,000 | |||
Payment Deferral and Extended Maturity | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs during the period | 22,000 | $ 22,000 | |||
Boston Private | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of TDRs | troubled_debt_restructuring | 48 | ||||
Loans modified in TDRs | 60,000 | $ 60,000 | |||
Loans modified in TDRs during the period | 45,000 | 45,000 | |||
Investor dependent | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs | 26,000 | 26,000 | 36,000 | ||
Loans modified in TDRs during the period | 8,000 | 4,000 | 9,000 | 8,000 | |
Investor dependent | Early stage | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs | 0 | 0 | 7,000 | ||
Loans modified in TDRs during the period | 0 | 4,000 | 1,000 | 4,000 | |
Investor dependent | Growth stage | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs | 26,000 | 26,000 | 29,000 | ||
Loans modified in TDRs during the period | 8,000 | 0 | 8,000 | 4,000 | |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Cash flow dependent - SLBO | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs | 34,000 | 34,000 | 22,000 | ||
Loans modified in TDRs during the period | 0 | 21,000 | 12,000 | 21,000 | |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Innovation C&I | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs | 0 | 0 | 1,000 | ||
Loans modified in TDRs during the period | 0 | 1,000 | 0 | 2,000 | |
Private bank | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs | 10,000 | 10,000 | 0 | ||
Loans modified in TDRs during the period | 2,000 | 0 | 2,000 | 0 | |
CRE | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs | 48,000 | 48,000 | 0 | ||
Loans modified in TDRs during the period | 43,000 | 0 | 43,000 | 0 | |
Premium wine and other | Premium wine | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs | 2,000 | 2,000 | 2,000 | ||
Loans modified in TDRs during the period | 0 | $ 0 | 0 | $ 1,000 | |
Other C&I | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs | $ 2,000 | $ 2,000 | $ 0 |
Loans, Allowance for Loan Lo_10
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Recorded Investment in Loans Modified in TDRs (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | $ 53,000,000 | $ 26,000,000 | $ 66,000,000 | $ 32,000,000 |
Partial charge-offs on loans classified as TDRs | 0 | 14,000,000 | 7,000,000 | 31,000,000 |
Boston Private | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 45,000,000 | 45,000,000 | ||
Payment deferrals | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 17,000,000 | 25,000,000 | 30,000,000 | 31,000,000 |
Principal forgiveness | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 1,000,000 | 1,000,000 | ||
Extended Maturity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 14,000,000 | 14,000,000 | ||
Investor dependent | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 8,000,000 | 4,000,000 | 9,000,000 | 8,000,000 |
Investor dependent | Early stage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 0 | 4,000,000 | 1,000,000 | 4,000,000 |
Investor dependent | Growth stage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 8,000,000 | 0 | 8,000,000 | 4,000,000 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Cash flow dependent - SLBO | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 0 | 21,000,000 | 12,000,000 | 21,000,000 |
Cash flow dependent and innovation C&I (Commercial and Industrial) | Innovation C&I | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 0 | 1,000,000 | 0 | 2,000,000 |
Private bank | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 2,000,000 | 0 | 2,000,000 | 0 |
CRE | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 43,000,000 | 0 | 43,000,000 | 0 |
Premium wine and other | Premium wine | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | $ 0 | $ 0 | $ 0 | $ 1,000,000 |
Loans, Allowance for Loan Lo_11
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Recorded Investment in Loans Modified in TDRs within Previous 12 months Subsequently Defaulted (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment in loans modified in TDRs | $ 0 | $ 1 | $ 0 | $ 1 |
Premium wine and other | Premium wine | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment in loans modified in TDRs | $ 0 | $ 1 | $ 0 | $ 1 |
Loans, Allowance for Loan Lo_12
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Allowance for Credit Losses: Unfunded Credit Commitments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | $ 396 | $ 590 | $ 448 | $ 305 |
Provision for credit losses (1) | (9) | (54) | 41 | 247 |
Allowance for credit loss, ending balance | 398 | 513 | 398 | 513 |
Increase in allowance for credit loss | 2 | |||
Cumulative adjustment for the adoption of amendment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 25 | |||
Unfunded Credit Commitments | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 120 | 99 | 121 | 67 |
Provision for credit losses (1) | 29 | 2 | 28 | 11 |
Allowance for credit loss, ending balance | 149 | 101 | 149 | 101 |
Increase in allowance for credit loss | 29 | |||
Unfunded Credit Commitments | Boston Private | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses (1) | 2 | 2 | ||
Unfunded Credit Commitments | Cumulative adjustment for the adoption of amendment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | $ 0 | $ 0 | $ 0 | $ 23 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 344 | $ 143 |
Amortization expense | $ 9 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Goodwill Rollforward (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Beginning Balance | $ 143 |
Goodwill | 201 |
Goodwill, Ending Balance | $ 344 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Other intangible assets: | ||
Estimated Fair Value | $ 182 | $ 78 |
Accumulated Amortization | 26 | 17 |
Net Carrying Amount | 156 | 61 |
Customer relationships | ||
Other intangible assets: | ||
Estimated Fair Value | 127 | 42 |
Accumulated Amortization | 12 | 8 |
Net Carrying Amount | 115 | 34 |
Other | ||
Other intangible assets: | ||
Estimated Fair Value | 55 | 36 |
Accumulated Amortization | 14 | 9 |
Net Carrying Amount | $ 41 | $ 27 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2021 (excluding the nine months ended September 30, 2021) | $ 9 | |
2022 | 21 | |
2023 | 19 | |
2024 | 18 | |
2025 | 15 | |
2026 and thereafter | 74 | |
Net Carrying Amount | $ 156 | $ 61 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Fair Value Hedges (Details) - Interest rate swaps - Other assets - Derivatives designated as hedging instruments $ in Millions | Sep. 30, 2021USD ($) |
Derivative [Line Items] | |
Amortized Cost Basis of the Hedged Assets | $ 17,524 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (2) | (13) |
Amortized cost of hedged items where the hedged item is the last layer expected to be remaining at the end of the hedging relationship | 13,400 |
Amount of hedged items where the hedged item is the last layer expected to be remaining at the end of the hedging relationship | 7,300 |
Cumulative adjustments of hedged items where the hedged item is the last layer expected to be remaining at the end of the hedging relationship | 13 |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | $ 6 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Cash Flow Hedges (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Mar. 31, 2021 | |
Derivative [Line Items] | ||
Unrealized gain on terminated cash flow hedge remaining in AOCI, before tax | $ 132 | |
Unrealized gain on terminated cash flow hedge remaining in AOCI, net of tax | $ 95 | |
Term unrealized gains reclassified into earnings | 4 years | |
Derivatives designated as hedging instruments | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 5,000 | |
Derivatives net asset fair value | $ 228 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Total Notional or Contractual Amounts, Fair Value, Collateral and Net Exposure of Derivative Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Derivative Assets | $ 314 | $ 285 |
Derivative Liabilities | 274 | 237 |
Derivative Assets, Total | 588 | 488 |
Derivative Liabilities, Total | 274 | 237 |
Reduction in derivative liabilities due to rules of clearing houses | 5 | 45 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Assets | 14 | 0 |
Derivative Liabilities | 0 | 0 |
Foreign exchange forwards and swaps | ||
Derivative [Line Items] | ||
Derivative Assets | 183 | 215 |
Derivative Liabilities | 156 | 208 |
Client foreign currency options | ||
Derivative [Line Items] | ||
Derivative Assets | 2 | 2 |
Derivative Liabilities | 2 | 2 |
Client interest rate derivatives | ||
Derivative [Line Items] | ||
Derivative Assets | 115 | 68 |
Derivative Liabilities | 116 | 27 |
Derivatives designated as hedging instruments | Interest rate swaps | Other assets | ||
Derivative [Line Items] | ||
Derivative Asset, Notional or Contractual Amount | 9,175 | 0 |
Derivative Assets | 14 | 0 |
Derivatives designated as hedging instruments | Interest rate swaps | Other liabilities | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 2,125 | 0 |
Derivative Liabilities | 0 | 0 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Derivative Assets | 574 | 488 |
Derivative Liabilities | 274 | 237 |
Derivatives not designated as hedging instruments | Foreign exchange forwards and swaps | Other assets | ||
Derivative [Line Items] | ||
Derivative Asset, Notional or Contractual Amount | 651 | 68 |
Derivative Liabilities | 12 | 0 |
Derivatives not designated as hedging instruments | Foreign exchange forwards and swaps | Other liabilities | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 80 | 567 |
Derivative Liabilities | 1 | 20 |
Derivatives not designated as hedging instruments | Equity warrant assets | Other assets | ||
Derivative [Line Items] | ||
Derivative Asset, Notional or Contractual Amount | 309 | 253 |
Derivative Assets | 274 | 203 |
Derivatives not designated as hedging instruments | Client foreign exchange forwards and swaps | Other assets | ||
Derivative [Line Items] | ||
Derivative Asset, Notional or Contractual Amount | 8,974 | 8,026 |
Derivative Assets | 171 | 215 |
Derivatives not designated as hedging instruments | Client foreign exchange forwards and swaps | Other liabilities | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 8,652 | 7,491 |
Derivative Liabilities | 155 | 188 |
Derivatives not designated as hedging instruments | Client foreign currency options | Other assets | ||
Derivative [Line Items] | ||
Derivative Asset, Notional or Contractual Amount | 196 | 98 |
Derivative Assets | 2 | 2 |
Derivatives not designated as hedging instruments | Client foreign currency options | Other liabilities | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 196 | 98 |
Derivative Liabilities | 2 | 2 |
Derivatives not designated as hedging instruments | Client interest rate derivatives | Other assets | ||
Derivative [Line Items] | ||
Derivative Asset, Notional or Contractual Amount | 2,249 | 1,082 |
Derivative Assets | 115 | 68 |
Derivatives not designated as hedging instruments | Client interest rate derivatives | Other liabilities | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 2,264 | 1,251 |
Derivative Liabilities | $ 116 | $ 27 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Summary of Derivative Activity and Related Impact on Consolidated Statements of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | $ (5) | $ 88 | ||
Interest rate risks | Derivatives designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | $ 15 | $ 16 | 46 | 34 |
Interest rate risks | Derivatives designated as hedging instruments | Reclassification out of Accumulated Other Comprehensive Income | Interest income - loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | 16 | 16 | 47 | 34 |
Interest rate risks | Derivatives designated as hedging instruments | Change In Fair Value Of Interest Rate Swaps Hedging Investment Securities | Interest income - loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | 5 | 0 | 18 | 0 |
Interest rate risks | Derivatives designated as hedging instruments | Change In Fair Value Of Hedged Investment Securities | Interest income - loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | (6) | 0 | (19) | 0 |
Currency exchange risk | Derivatives not designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | 0 | (2) | 0 | 0 |
Currency exchange risk | Derivatives not designated as hedging instruments | Revaluations of internal foreign currency instruments, net | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | (14) | 17 | (35) | 20 |
Currency exchange risk | Derivatives not designated as hedging instruments | Foreign exchange forward contracts, net | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | 14 | (19) | 35 | (20) |
Other derivative instruments | Derivatives not designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | (4) | 2 | 1 | (1) |
Other derivative instruments | Derivatives not designated as hedging instruments | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | 2 | 31 | 4 | 27 |
Other derivative instruments | Derivatives not designated as hedging instruments | Revaluations of internal foreign currency instruments, net | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | 1 | 0 | 16 | (3) |
Other derivative instruments | Derivatives not designated as hedging instruments | Foreign exchange forward contracts, net | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | (5) | 2 | (15) | 2 |
Equity warrant assets | Derivatives not designated as hedging instruments | Gains on equity warrant assets, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | $ 147 | $ 54 | $ 491 | $ 94 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Balance Sheet Offsetting, Assets (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative Assets | ||
Gross Amounts of Recognized Assets | $ 314 | $ 285 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 314 | 285 |
Financial Instruments (Collateral) | (184) | (145) |
Cash Collateral Received | (42) | (21) |
Net Amount | 88 | 119 |
Reverse repurchase, securities borrowing, and similar arrangements | ||
Gross Amounts of Recognized Assets | 216 | 227 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 216 | 227 |
Financial Instruments (Collateral) | (216) | (227) |
Cash Collateral Received | 0 | 0 |
Net Amount | 0 | 0 |
Total | ||
Gross Amounts of Recognized Assets | 530 | 512 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 530 | 512 |
Financial Instruments (Collateral) | (400) | (372) |
Cash Collateral Received | (42) | (21) |
Net Amount | 88 | 119 |
Interest rate swaps | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 14 | 0 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 14 | 0 |
Derivative Asset, Not Offset, Policy Election Deduction | 0 | 0 |
Cash Collateral Received | (7) | 0 |
Net Amount | 7 | 0 |
Foreign exchange forwards and swaps | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 183 | 215 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 183 | 215 |
Derivative Asset, Not Offset, Policy Election Deduction | (71) | (76) |
Cash Collateral Received | (33) | (21) |
Net Amount | 79 | 118 |
Client foreign currency options | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 2 | 2 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 2 | 2 |
Derivative Asset, Not Offset, Policy Election Deduction | 0 | (1) |
Cash Collateral Received | 0 | 0 |
Net Amount | 2 | 1 |
Client interest rate derivatives | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 115 | 68 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 115 | 68 |
Derivative Asset, Not Offset, Policy Election Deduction | (113) | (68) |
Cash Collateral Received | (2) | 0 |
Net Amount | $ 0 | $ 0 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Balance Sheet Offsetting, Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | $ 274 | $ 237 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 274 | 237 |
Financial Instruments (Collateral) | (117) | (85) |
Cash Collateral Pledged | (81) | (71) |
Net Amount | 76 | 81 |
Repurchase, securities lending, and similar arrangements | ||
Securities Sold under Agreements to Repurchase, Gross | 97 | 0 |
Securities Sold under Agreements to Repurchase, Asset | 0 | 0 |
Securities Sold under Agreements to Repurchase | 97 | 0 |
Financial Instruments (Collateral) | 0 | 0 |
Cash Collateral Pledged | 0 | 0 |
Net Amount | 97 | 0 |
Total | ||
Gross Amounts of Recognized Liabilities | 371 | 237 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 371 | 237 |
Financial Instruments (Collateral) | (117) | (85) |
Cash Collateral Pledged | (81) | (71) |
Net Amount | 173 | 81 |
Interest rate swaps | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 0 | 0 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 0 | 0 |
Derivative Liability, Not Offset, Policy Election Deduction | 0 | 0 |
Cash Collateral Pledged | 0 | 0 |
Net Amount | 0 | 0 |
Foreign exchange forwards and swaps | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 156 | 208 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 156 | 208 |
Derivative Liability, Not Offset, Policy Election Deduction | (66) | (84) |
Cash Collateral Pledged | (14) | (45) |
Net Amount | 76 | 79 |
Client foreign currency options | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 2 | 2 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 2 | 2 |
Derivative Liability, Not Offset, Policy Election Deduction | (1) | (1) |
Cash Collateral Pledged | (1) | 0 |
Net Amount | 0 | 1 |
Client interest rate derivatives | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 116 | 27 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 116 | 27 |
Derivative Liability, Not Offset, Policy Election Deduction | (50) | 0 |
Cash Collateral Pledged | (66) | (26) |
Net Amount | $ 0 | $ 1 |
Noninterest Income - Summary of
Noninterest Income - Summary of Noninterest Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income and Expenses [Abstract] | ||||
Gains on investment securities, net | $ 189 | $ 190 | $ 661 | $ 271 |
Gains on equity warrant assets, net | 147 | 54 | 491 | 94 |
Client investment fees | 20 | 32 | 55 | 107 |
Wealth management and trust fees | 22 | 0 | 22 | 0 |
Foreign exchange fees | 65 | 44 | 189 | 128 |
Credit card fees | 34 | 23 | 93 | 72 |
Deposit service charges | 29 | 22 | 82 | 67 |
Lending related fees | 21 | 13 | 55 | 38 |
Letters of credit and standby letters of credit fees | 13 | 12 | 39 | 35 |
Investment banking revenue | 90 | 92 | 335 | 281 |
Commissions | 17 | 16 | 58 | 49 |
Other | 25 | 49 | 97 | 76 |
Total noninterest income | $ 672 | $ 547 | $ 2,177 | $ 1,218 |
Noninterest Income - Gains and
Noninterest Income - Gains and Losses on Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income and Expenses [Abstract] | ||||
Total net gains on non-marketable and other equity securities | $ 189 | $ 190 | $ 661 | $ 210 |
Gains on sales of AFS securities, net | 0 | 0 | 0 | 61 |
Gains on investment securities, net | $ 189 | $ 190 | $ 661 | $ 271 |
Noninterest Income - Gains an_2
Noninterest Income - Gains and Losses on Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income and Expenses [Abstract] | ||||
Gains on exercises, net | $ 91 | $ 24 | $ 381 | $ 59 |
Terminations | (1) | 0 | (2) | (1) |
Changes in fair value, net | 57 | 30 | 112 | 36 |
Gains on equity warrant assets, net | $ 147 | $ 54 | $ 491 | $ 94 |
Noninterest Income - Client Inv
Noninterest Income - Client Investment Fees (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 315 | $ 247 | $ 948 | $ 757 |
Sweep money market fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 12 | 18 | 31 | 61 |
Asset management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 7 | 12 | 22 | 33 |
Repurchase agreement fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1 | 2 | 2 | 13 |
Client investment fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 20 | $ 32 | $ 55 | $ 107 |
Noninterest Income - Wealth Man
Noninterest Income - Wealth Management and Trust Fees (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income and Expenses [Abstract] | ||||
Wealth management fees | $ 20 | $ 0 | $ 20 | $ 0 |
Trust fees | 2 | 0 | 2 | 0 |
Wealth management and trust fees | $ 22 | $ 0 | $ 22 | $ 0 |
Noninterest Income - Foreign Ex
Noninterest Income - Foreign Exchange Fees (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 315 | $ 247 | $ 948 | $ 757 |
Revenue not from contract with customer | 357 | 300 | 1,229 | 461 |
Foreign exchange fees | 65 | 44 | 189 | 128 |
Spot contract commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 60 | 39 | 175 | 113 |
Forward contract commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customer | 5 | 5 | 13 | 14 |
Option premium fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customer | $ 0 | $ 0 | $ 1 | $ 1 |
Noninterest Income - Credit Car
Noninterest Income - Credit Card Fees (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Card interchange fees, net | $ 29 | $ 18 | $ 78 | $ 55 |
Revenue from contracts with customers | 315 | 247 | 948 | 757 |
Revenue not from contract with customer | 357 | 300 | 1,229 | 461 |
Total credit card fees | 34 | 23 | 93 | 72 |
Merchant service fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4 | 4 | 12 | 14 |
Card service fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customer | $ 1 | $ 1 | $ 3 | $ 3 |
Noninterest Income - Lending Re
Noninterest Income - Lending Related Fees (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Lending related fees | $ 21 | $ 13 | $ 55 | $ 38 |
Unused commitment fees | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Lending related fees | 14 | 10 | 42 | 27 |
Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Lending related fees | $ 7 | $ 3 | $ 13 | $ 11 |
Noninterest Income - Investment
Noninterest Income - Investment Banking Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Investment banking revenue: | ||||
Underwriting fees | $ 39 | $ 85 | $ 248 | $ 248 |
Advisory fees | 26 | 2 | 39 | 26 |
Private placements and other | 25 | 5 | 48 | 7 |
Total investment banking revenue | $ 90 | $ 92 | $ 335 | $ 281 |
Noninterest Income - Summary _2
Noninterest Income - Summary of Other Noninterest Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Revenue from contracts with customers | $ 315 | $ 247 | $ 948 | $ 757 |
Net gains on revaluation of foreign currency instruments, net of foreign exchange forward contracts | (4) | (1) | 1 | (1) |
Gains from conversion of convertible debt options | 0 | 30 | 0 | 30 |
Other service revenue | 14 | 10 | 45 | 21 |
Other | 25 | 49 | 97 | 76 |
Fund management fees | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Revenue from contracts with customers | $ 15 | $ 10 | $ 51 | $ 26 |
Noninterest Income - Disaggrega
Noninterest Income - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 315 | $ 247 | $ 948 | $ 757 |
Revenues outside the scope of ASC 606 | 357 | 300 | 1,229 | 461 |
Noninterest income | 672 | 547 | 2,177 | 1,218 |
Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1 | 0 | 3 | 1 |
Revenues outside the scope of ASC 606 | 188 | 224 | 793 | 340 |
Noninterest income | 189 | 224 | 796 | 341 |
Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 165 | 126 | 464 | 394 |
Revenues outside the scope of ASC 606 | 17 | 22 | 51 | 54 |
Noninterest income | 182 | 148 | 515 | 448 |
SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 23 | 1 | 25 | 2 |
Revenues outside the scope of ASC 606 | 2 | 0 | 2 | 0 |
Noninterest income | 25 | 1 | 27 | 2 |
SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 18 | 10 | 59 | 26 |
Revenues outside the scope of ASC 606 | 127 | 50 | 330 | 61 |
Noninterest income | 145 | 60 | 389 | 87 |
SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 108 | 110 | 397 | 334 |
Revenues outside the scope of ASC 606 | 23 | 4 | 53 | 6 |
Noninterest income | 131 | 114 | 450 | 340 |
Investment banking revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 20 | 32 | 55 | 107 |
Investment banking revenue | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Investment banking revenue | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 20 | 31 | 53 | 105 |
Investment banking revenue | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 1 | 2 | 2 |
Investment banking revenue | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Investment banking revenue | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Wealth management and trust fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 22 | 22 | ||
Wealth management and trust fees | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Wealth management and trust fees | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Wealth management and trust fees | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 22 | 22 | ||
Wealth management and trust fees | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Wealth management and trust fees | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Spot contract commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 60 | 39 | 175 | 113 |
Spot contract commissions | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Spot contract commissions | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 59 | 39 | 174 | 113 |
Spot contract commissions | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1 | 0 | 1 | 0 |
Spot contract commissions | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Spot contract commissions | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Card interchange fees, gross | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 52 | 29 | 142 | 92 |
Card interchange fees, gross | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 1 | 1 |
Card interchange fees, gross | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 52 | 29 | 141 | 91 |
Card interchange fees, gross | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Card interchange fees, gross | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Card interchange fees, gross | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Merchant service fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4 | 4 | 12 | 14 |
Merchant service fees | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Merchant service fees | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4 | 4 | 12 | 14 |
Merchant service fees | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Merchant service fees | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Merchant service fees | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Deposit service charges | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 29 | 22 | 82 | 67 |
Deposit service charges | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1 | 0 | 2 | 0 |
Deposit service charges | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 28 | 22 | 80 | 67 |
Deposit service charges | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Deposit service charges | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Deposit service charges | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Investment banking revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 90 | 92 | 335 | 281 |
Investment banking revenue | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Investment banking revenue | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Investment banking revenue | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Investment banking revenue | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Investment banking revenue | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 90 | 92 | 335 | 281 |
Commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 17 | 16 | 58 | 49 |
Commissions | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Commissions | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Commissions | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Commissions | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Commissions | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 17 | 16 | 58 | 49 |
Fund management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 15 | 10 | 51 | 26 |
Fund management fees | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Fund management fees | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Fund management fees | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Fund management fees | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 14 | 8 | 47 | 22 |
Fund management fees | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1 | 2 | 4 | 4 |
Performance fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4 | 2 | 12 | 4 |
Performance fees | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Performance fees | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Performance fees | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Performance fees | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4 | 2 | 12 | 4 |
Performance fees | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Correspondent bank rebates | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2 | 1 | 4 | 4 |
Correspondent bank rebates | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Correspondent bank rebates | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2 | 1 | 4 | 4 |
Correspondent bank rebates | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Correspondent bank rebates | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Correspondent bank rebates | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 3 Months Ended |
Sep. 30, 2021Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Segment Reporting - Segment Inf
Segment Reporting - Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net interest income | $ 852 | $ 528 | $ 2,240 | $ 1,565 |
(Provision for) reduction of credit losses | (21) | 52 | (75) | (258) |
Noninterest income | 672 | 547 | 2,177 | 1,218 |
Noninterest expense | (879) | (491) | (2,168) | (1,370) |
Income before income tax expense | 624 | 636 | 2,174 | 1,155 |
Total average loans, amortized cost | 59,291 | 37,319 | 51,843 | 35,836 |
Total average assets | 182,690 | 88,348 | 152,952 | 79,761 |
Total average deposits | 163,392 | 77,680 | 136,113 | 69,166 |
Global Commercial Bank | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 182 | 148 | 515 | 448 |
SVB Private Bank | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 25 | 1 | 27 | 2 |
SVB Capital | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 145 | 60 | 389 | 87 |
SVB Leerink | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 131 | 114 | 450 | 340 |
Operating segments | Global Commercial Bank | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 774 | 513 | 2,108 | 1,462 |
(Provision for) reduction of credit losses | 29 | 38 | (27) | (200) |
Noninterest income | 182 | 148 | 515 | 448 |
Noninterest expense | (339) | (258) | (919) | (725) |
Income before income tax expense | 646 | 441 | 1,677 | 985 |
Total average loans, amortized cost | 45,798 | 30,764 | 42,628 | 30,127 |
Total average assets | 152,364 | 77,803 | 131,218 | 69,213 |
Total average deposits | 149,160 | 74,826 | 128,272 | 66,408 |
Operating segments | SVB Private Bank | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 66 | 19 | 122 | 53 |
(Provision for) reduction of credit losses | (20) | 15 | (16) | (44) |
Noninterest income | 25 | 1 | 27 | 2 |
Noninterest expense | (90) | (12) | (118) | (33) |
Income before income tax expense | (19) | 23 | 15 | (22) |
Total average loans, amortized cost | 12,506 | 4,263 | 7,573 | 4,053 |
Total average assets | 14,918 | 4,297 | 8,418 | 4,088 |
Total average deposits | 13,150 | 2,164 | 6,842 | 2,069 |
Operating segments | SVB Capital | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 0 | 0 | 0 | 0 |
(Provision for) reduction of credit losses | 0 | 0 | 0 | 0 |
Noninterest income | 145 | 60 | 389 | 87 |
Noninterest expense | (15) | (11) | (48) | (28) |
Income before income tax expense | 130 | 49 | 341 | 59 |
Total average loans, amortized cost | 0 | 0 | 0 | 0 |
Total average assets | 730 | 414 | 641 | 430 |
Total average deposits | 0 | 0 | 0 | 0 |
Operating segments | SVB Leerink | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 0 | 0 | 0 | 0 |
(Provision for) reduction of credit losses | 0 | 0 | 0 | 0 |
Noninterest income | 131 | 114 | 450 | 340 |
Noninterest expense | (142) | (78) | (376) | (248) |
Income before income tax expense | (11) | 36 | 74 | 92 |
Total average loans, amortized cost | 0 | 0 | 0 | 0 |
Total average assets | 837 | 605 | 778 | 515 |
Total average deposits | 0 | 0 | 0 | 0 |
Other Items | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 12 | (4) | 10 | 50 |
(Provision for) reduction of credit losses | (30) | (1) | (32) | (14) |
Noninterest income | 189 | 224 | 796 | 341 |
Noninterest expense | (293) | (132) | (707) | (336) |
Income before income tax expense | (122) | 87 | 67 | 41 |
Total average loans, amortized cost | 987 | 2,292 | 1,642 | 1,656 |
Total average assets | 13,841 | 5,229 | 11,897 | 5,515 |
Total average deposits | $ 1,082 | $ 690 | $ 999 | $ 689 |
Segment Reporting - Segment I_2
Segment Reporting - Segment Information (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Goodwill | $ 344 | $ 344 | $ 143 | ||
Operating segments | Global Commercial Bank | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 10 | $ 6 | 25 | $ 18 | |
Operating segments | SVB Leerink | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | 138 | $ 138 | 138 | $ 138 | |
Operating segments | SVB Private Bank | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | $ 201 | $ 201 |
Off-Balance Sheet Arrangement_3
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Summary Information Related to Commitments to Extend Credit (Excluding Letters of Credit) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure Off Balance Sheet Arrangements Guarantees And Other Commitments Additional Information [Abstract] | ||||||
Loan commitments available for funding | $ 36,808 | $ 28,975 | ||||
Commercial and standby letters of credit | 3,451 | 3,007 | ||||
Total unfunded credit commitments | 40,259 | 31,982 | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for credit losses: loans | 398 | $ 396 | 448 | $ 513 | $ 590 | $ 305 |
Unfunded Credit Commitments | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for credit losses: loans | $ 149 | $ 120 | $ 121 | $ 101 | $ 99 | $ 67 |
Off-Balance Sheet Arrangement_4
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Summary of Commercial and Standby Letters of Credit (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Guarantor Obligations [Line Items] | ||
Expires in One Year or Less | $ 3,289 | |
Expires After One Year | 162 | |
Total Amount Outstanding | 3,451 | $ 3,007 |
Maximum Amount of Future Payments | 3,451 | |
Financial standby letters of credit | ||
Guarantor Obligations [Line Items] | ||
Expires in One Year or Less | 3,146 | |
Expires After One Year | 107 | |
Total Amount Outstanding | 3,253 | |
Maximum Amount of Future Payments | 3,253 | |
Performance standby letters of credit | ||
Guarantor Obligations [Line Items] | ||
Expires in One Year or Less | 116 | |
Expires After One Year | 21 | |
Total Amount Outstanding | 137 | |
Maximum Amount of Future Payments | 137 | |
Commercial letters of credit | ||
Guarantor Obligations [Line Items] | ||
Expires in One Year or Less | 27 | |
Expires After One Year | 34 | |
Total Amount Outstanding | 61 | |
Maximum Amount of Future Payments | $ 61 |
Off-Balance Sheet Arrangement_5
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Summary of Commercial and Standby Letters of Credit (Additional Information) (Details) - Standby Letter of Credit - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Line Items] | ||
Deferred fees | $ 19 | $ 17 |
Collateral in the form of cash | $ 2,100 |
Off-Balance Sheet Arrangement_6
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Total Capital Commitments, Unfunded Capital Commitments, and Our Ownership in Each Fund (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2021USD ($) | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Unfunded Commitments | $ 3 |
Parent Company | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | 424 |
SVBFG Unfunded Commitments | 15 |
Parent Company | CP II, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | 1 |
SVBFG Unfunded Commitments | $ 0 |
SVBFG Ownership of each Fund | 5.10% |
Parent Company | Strategic Investors Fund II, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 15 |
SVBFG Unfunded Commitments | $ 1 |
SVBFG Ownership of each Fund | 8.60% |
Parent Company | Strategic Investors Fund III, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 15 |
SVBFG Unfunded Commitments | $ 1 |
SVBFG Ownership of each Fund | 5.90% |
Parent Company | Strategic Investors Fund IV, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 12 |
SVBFG Unfunded Commitments | $ 2 |
SVBFG Ownership of each Fund | 5.00% |
Parent Company | Strategic Investors Fund V funds | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 1 |
SVBFG Unfunded Commitments | 0 |
Parent Company | Other venture capital and private equity fund investments | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | 11 |
SVBFG Unfunded Commitments | 3 |
Parent Company | Debt funds (equity method accounting) | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | 59 |
SVBFG Unfunded Commitments | 0 |
Parent Company | Other fund investments | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | 257 |
SVBFG Unfunded Commitments | 6 |
Parent Company | Capital Preferred Return Fund, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | 13 |
SVBFG Unfunded Commitments | $ 0 |
SVBFG Ownership of each Fund | 20.00% |
Parent Company | Growth Partners, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 25 |
SVBFG Unfunded Commitments | $ 1 |
SVBFG Ownership of each Fund | 33.00% |
Parent Company | Strategic Investors Fund, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 15 |
SVBFG Unfunded Commitments | $ 1 |
SVBFG Ownership of each Fund | 12.60% |
Off-Balance Sheet Arrangement_7
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Total Capital Commitments, Unfunded Capital Commitments, and Our Ownership in Each Fund (Additional Information) (Details) - Investment | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Upper Limit | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Percentage of ownership (less than 5%) | 5.00% | |
Consolidated venture capital and private equity fund investments | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Commitments to invest, period from the inception of the fund | 10 years | |
Call unrestricted, percentage of committed capital | 100.00% | |
Consolidated venture capital and private equity fund investments | Lower Limit | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Expected commitment period to invest in venture capital and private equity funds (in years) | 5 years | |
Consolidated venture capital and private equity fund investments | Upper Limit | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Expected commitment period to invest in venture capital and private equity funds (in years) | 7 years | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Equity method accounting | CP II, LP | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Percentage of ownership (less than 5%) | 5.10% | 5.10% |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Equity method accounting | Other fund investments | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Number of other funds with investment commitments | 159 | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Equity method accounting | Other fund investments | Upper Limit | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Percentage of ownership (less than 5%) | 5.00% | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Direct ownership interest | Equity method accounting | CP II, LP | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Percentage of ownership (less than 5%) | 1.30% | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Indirect ownership interest | Equity method accounting | CP II, LP | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Percentage of ownership (less than 5%) | 3.80% |
Off-Balance Sheet Arrangement_8
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Remaining Unfunded Commitments to Venture Capital or Private Equity Funds by our Consolidated Managed Funds (Details) $ in Millions | Sep. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | $ 3 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | Sep. 30, 2021USD ($) |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits | $ 32 |
Income tax reduction from recognized tax benefit | $ 26 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | $ 22,984 | $ 22,984 | $ 30,913 |
Derivative Assets | 314 | 314 | 285 |
Derivative Liabilities | 274 | 274 | 237 |
Interest rate swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 14 | 14 | 0 |
Derivative Liabilities | 0 | 0 | 0 |
Client interest rate derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 115 | 115 | 68 |
Derivative Liabilities | 116 | 116 | 27 |
U.S. treasury securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 9,277 | 9,277 | 4,470 |
U.S. agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 208 | 208 | 237 |
Foreign government debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 15 | 15 | 24 |
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 10,784 | 10,784 | 13,503 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 1,138 | 1,138 | 8,107 |
Agency-issued commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 1,562 | 1,562 | 4,572 |
Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 22,984 | 22,984 | 30,913 |
Total assets | 24,100 | 24,100 | 31,956 |
Total liabilities | 282 | 282 | 237 |
Recurring | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other assets | 8 | 8 | |
Recurring | Foreign exchange contract | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 185 | 185 | 217 |
Recurring | Foreign exchange contract | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 158 | 158 | 210 |
Recurring | Equity warrant assets | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 274 | 274 | 203 |
Recurring | Interest rate swaps | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 14 | 14 | |
Recurring | Client interest rate derivatives | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 115 | 115 | 68 |
Recurring | Client interest rate derivatives | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 116 | 116 | 27 |
Other liabilities | 8 | 8 | |
Recurring | Fair value accounting | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-marketable securities | 520 | 520 | 555 |
Recurring | Other securities | Fair value accounting | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-marketable securities | 158 | 158 | 281 |
Recurring | U.S. treasury securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 9,277 | 9,277 | 4,470 |
Recurring | U.S. agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 208 | 208 | 237 |
Recurring | Foreign government debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 15 | 15 | 24 |
Recurring | Residential mortgage-backed securities | Agency-issued mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 10,784 | 10,784 | 13,503 |
Recurring | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 1,138 | 1,138 | 8,107 |
Recurring | Agency-issued commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 1,562 | 1,562 | 4,572 |
Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 9,292 | 9,292 | 4,494 |
Total assets | 9,343 | 9,343 | 4,537 |
Total liabilities | 8 | 8 | 0 |
Recurring | Level 1 | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other assets | 8 | 8 | |
Recurring | Level 1 | Foreign exchange contract | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 0 | 0 | 0 |
Recurring | Level 1 | Foreign exchange contract | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 0 | 0 | 0 |
Recurring | Level 1 | Equity warrant assets | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 0 | 0 | 0 |
Recurring | Level 1 | Interest rate swaps | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 0 | 0 | |
Recurring | Level 1 | Client interest rate derivatives | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 0 | 0 | 0 |
Recurring | Level 1 | Client interest rate derivatives | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 0 | 0 | 0 |
Other liabilities | 8 | 8 | |
Recurring | Level 1 | Fair value accounting | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-marketable securities | 43 | 43 | 43 |
Recurring | Level 1 | Other securities | Fair value accounting | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-marketable securities | 43 | 43 | 43 |
Recurring | Level 1 | U.S. treasury securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 9,277 | 9,277 | 4,470 |
Recurring | Level 1 | U.S. agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 0 | 0 | 0 |
Recurring | Level 1 | Foreign government debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 15 | 15 | 24 |
Recurring | Level 1 | Residential mortgage-backed securities | Agency-issued mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 0 | 0 | 0 |
Recurring | Level 1 | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 0 | 0 | 0 |
Recurring | Level 1 | Agency-issued commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 0 | 0 | 0 |
Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 13,692 | 13,692 | 26,419 |
Total assets | 14,130 | 14,130 | 26,953 |
Total liabilities | 274 | 274 | 237 |
Recurring | Level 2 | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other assets | 0 | 0 | |
Recurring | Level 2 | Foreign exchange contract | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 185 | 185 | 217 |
Recurring | Level 2 | Foreign exchange contract | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 158 | 158 | 210 |
Recurring | Level 2 | Equity warrant assets | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 9 | 9 | 11 |
Recurring | Level 2 | Interest rate swaps | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 14 | 14 | |
Recurring | Level 2 | Client interest rate derivatives | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 115 | 115 | 68 |
Recurring | Level 2 | Client interest rate derivatives | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 116 | 116 | 27 |
Other liabilities | 0 | 0 | |
Recurring | Level 2 | Fair value accounting | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-marketable securities | 115 | 115 | 238 |
Recurring | Level 2 | Other securities | Fair value accounting | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-marketable securities | 115 | 115 | 238 |
Recurring | Level 2 | U.S. treasury securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 0 | 0 | 0 |
Recurring | Level 2 | U.S. agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 208 | 208 | 237 |
Recurring | Level 2 | Foreign government debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 0 | 0 | 0 |
Recurring | Level 2 | Residential mortgage-backed securities | Agency-issued mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 10,784 | 10,784 | 13,503 |
Recurring | Level 2 | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 1,138 | 1,138 | 8,107 |
Recurring | Level 2 | Agency-issued commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 1,562 | 1,562 | 4,572 |
Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 0 | 0 | 0 |
Total assets | 265 | 265 | 192 |
Total liabilities | 0 | 0 | 0 |
Recurring | Level 3 | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other assets | 0 | 0 | |
Recurring | Level 3 | Foreign exchange contract | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 0 | 0 | 0 |
Recurring | Level 3 | Foreign exchange contract | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 0 | 0 | 0 |
Recurring | Level 3 | Equity warrant assets | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 265 | 265 | 192 |
Recurring | Level 3 | Interest rate swaps | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 0 | 0 | |
Recurring | Level 3 | Client interest rate derivatives | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 0 | 0 | 0 |
Recurring | Level 3 | Client interest rate derivatives | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 0 | 0 | 0 |
Other liabilities | 0 | 0 | |
Recurring | Level 3 | Fair value accounting | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-marketable securities | 0 | 0 | 0 |
Recurring | Level 3 | Other securities | Fair value accounting | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-marketable securities | 0 | 0 | 0 |
Recurring | Level 3 | U.S. treasury securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 0 | 0 | 0 |
Recurring | Level 3 | U.S. agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 0 | 0 | 0 |
Recurring | Level 3 | Foreign government debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 0 | 0 | 0 |
Recurring | Level 3 | Residential mortgage-backed securities | Agency-issued mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 0 | 0 | 0 |
Recurring | Level 3 | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 0 | 0 | 0 |
Recurring | Level 3 | Agency-issued commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value | 0 | 0 | 0 |
Recurring | Measured at net asset value | Consolidated venture capital and private equity fund investments | Fair value accounting | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-marketable securities | $ 362 | $ 362 | $ 274 |
Lower Limit | Other equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, sales restriction, period | 3 years | ||
Lower Limit | Level 3 | Equity warrant asset, public portfolio | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, sales restriction, period | 3 months | ||
Upper Limit | Other equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, sales restriction, period | 6 months | ||
Upper Limit | Level 3 | Equity warrant asset, public portfolio | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, sales restriction, period | 6 months | ||
Sales restrictions discount | Level 3 | Equity warrant asset, public portfolio | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input | 0.100 | 0.100 | |
Sales restrictions discount | Lower Limit | Other equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input | 0.10 | 0.10 | |
Sales restrictions discount | Lower Limit | Level 3 | Equity warrant asset, public portfolio | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input | 0.10 | 0.10 | 0.100 |
Sales restrictions discount | Upper Limit | Other equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input | 0.20 | 0.20 | |
Sales restrictions discount | Upper Limit | Equity warrant asset, public portfolio | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input | 0.20 | 0.20 | |
Sales restrictions discount | Upper Limit | Level 3 | Equity warrant asset, public portfolio | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input | 0.20 | 0.20 | 0.200 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Additional Information about Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - Recurring - Equity warrant assets - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | $ 257 | $ 165 | $ 192 | $ 161 |
Total Net Gains Included in Net Income | 149 | 53 | 490 | 91 |
Sales/Exits | (146) | (29) | (431) | (74) |
Issuances | 6 | 5 | 18 | 16 |
Transfers Into Level 3 | (1) | (1) | (4) | (1) |
Ending Balance | $ 265 | $ 193 | $ 265 | $ 193 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Unrealized Gains Included in Earnings Attributable to Level 3 Assets Held (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Unrealized Gains (Losses) [Line Items] | ||||
Unrealized gains included in earnings attributable to Level 3 assets still held | $ 21 | $ 26 | $ 113 | $ 33 |
Equity warrant assets | Other assets | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Unrealized Gains (Losses) [Line Items] | ||||
Unrealized gains included in earnings attributable to Level 3 assets still held | $ 21 | $ 26 | $ 113 | $ 33 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Quantitative Information About Significant Unobservable Inputs (Details) $ in Millions | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Sales restrictions discount | Equity warrant asset, public portfolio | Upper Limit | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted Average | 0.20 | |
Level 3 | Equity warrant asset, public portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 4 | $ 1 |
Level 3 | Equity warrant assets, private portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value | $ 261 | $ 191 |
Level 3 | Volatility | Equity warrant asset, public portfolio | Lower Limit | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted Average | 0.282 | 0.460 |
Level 3 | Volatility | Equity warrant asset, public portfolio | Upper Limit | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted Average | 0.569 | 0.568 |
Level 3 | Volatility | Equity warrant asset, public portfolio | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted Average | 0.504 | 0.491 |
Level 3 | Volatility | Equity warrant assets, private portfolio | Lower Limit | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted Average | 0.258 | 0.244 |
Level 3 | Volatility | Equity warrant assets, private portfolio | Upper Limit | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted Average | 0.569 | 0.568 |
Level 3 | Volatility | Equity warrant assets, private portfolio | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted Average | 0.439 | 0.432 |
Level 3 | Risk-Free interest rate | Equity warrant asset, public portfolio | Lower Limit | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted Average | 0.0004 | 0.003 |
Level 3 | Risk-Free interest rate | Equity warrant asset, public portfolio | Upper Limit | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted Average | 0.015 | 0.009 |
Level 3 | Risk-Free interest rate | Equity warrant asset, public portfolio | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted Average | 0.012 | 0.006 |
Level 3 | Risk-Free interest rate | Equity warrant assets, private portfolio | Lower Limit | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted Average | 0.0004 | 0.0001 |
Level 3 | Risk-Free interest rate | Equity warrant assets, private portfolio | Upper Limit | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted Average | 0.0116 | 0.0052 |
Level 3 | Risk-Free interest rate | Equity warrant assets, private portfolio | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted Average | 0.004 | 0.001 |
Level 3 | Sales restrictions discount | Equity warrant asset, public portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted Average | 0.100 | |
Level 3 | Sales restrictions discount | Equity warrant asset, public portfolio | Lower Limit | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted Average | 0.10 | 0.100 |
Level 3 | Sales restrictions discount | Equity warrant asset, public portfolio | Upper Limit | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted Average | 0.20 | 0.200 |
Level 3 | Sales restrictions discount | Equity warrant asset, public portfolio | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted Average | 0.167 | 0.102 |
Level 3 | Marketability discount | Equity warrant assets, private portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted Average | 0.208 | 0.206 |
Level 3 | Marketability discount | Equity warrant assets, private portfolio | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted Average | 0.208 | 0.206 |
Level 3 | Remaining life assumption | Equity warrant assets, private portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted Average | 0.400 | 0.400 |
Level 3 | Remaining life assumption | Equity warrant assets, private portfolio | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted Average | 0.400 | 0.400 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Quantitative Information About Significant Unobservable Inputs (Additional Information) (Details) | 3 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Equity warrant assets, private portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Weighted average remaining life | 6 years 7 months 6 days | |
Weighted average remaining life | 2 years 7 months 6 days | |
Sales restrictions discount | Upper Limit | Equity warrant asset, public portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Measurement input | 0.20 | |
Level 3 | Lower Limit | Equity warrant asset, public portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, sales restriction, period | 3 months | |
Level 3 | Upper Limit | Equity warrant asset, public portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, sales restriction, period | 6 months | |
Level 3 | Sales restrictions discount | Equity warrant asset, public portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Measurement input | 0.100 | |
Level 3 | Sales restrictions discount | Lower Limit | Equity warrant asset, public portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Measurement input | 0.10 | 0.100 |
Level 3 | Sales restrictions discount | Upper Limit | Equity warrant asset, public portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Measurement input | 0.20 | 0.200 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Financial Instruments not Carried at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
HTM securities | $ 81,995,000 | $ 17,217,000 |
Net loans | 61,089,000 | 44,733,000 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 18,940,000 | 17,675,000 |
HTM securities | 82,365,000 | 16,592,000 |
Non-marketable securities not measured at net asset value | 350,000 | 241,000 |
Non-marketable securities measured at net asset value | 692,000 | 390,000 |
Net loans | 61,089,000 | 44,734,000 |
FHLB and Federal Reserve Bank stock | 107,000 | 61,000 |
Non-maturity deposits | 169,833,000 | 101,294,000 |
Time deposits | 1,349,000 | 688,000 |
Commitments to extend credit | 0 | 0 |
Carrying Amount | Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 97,000 | 21,000 |
Carrying Amount | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 349,000 | 349,000 |
Carrying Amount | 3.125% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 496,000 | 495,000 |
Carrying Amount | 1.800% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 495,000 | |
Carrying Amount | 2.100% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 496,000 | |
Junior subordinated debentures | 90,000 | |
Estimate of Fair Value Measurement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 18,940,000 | 17,675,000 |
HTM securities | 81,995,000 | 17,217,000 |
Non-marketable securities not measured at net asset value | 350,000 | 241,000 |
Non-marketable securities measured at net asset value | 692,000 | 390,000 |
Net loans | 62,489,000 | 45,324,000 |
FHLB and Federal Reserve Bank stock | 107,000 | 61,000 |
Non-maturity deposits | 169,833,000 | 101,294,000 |
Time deposits | 1,350,000 | 502,000 |
Commitments to extend credit | 45,000 | 37,000 |
Estimate of Fair Value Measurement | Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 97,000 | 21,000 |
Estimate of Fair Value Measurement | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 376,000 | 383,000 |
Estimate of Fair Value Measurement | 3.125% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 535,000 | 564,000 |
Estimate of Fair Value Measurement | 1.800% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 481,000 | |
Estimate of Fair Value Measurement | 2.100% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 505,000 | |
Junior subordinated debentures | 86,000 | |
Estimate of Fair Value Measurement | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 18,940,000 | 17,675,000 |
HTM securities | 0 | 0 |
Non-marketable securities not measured at net asset value | 0 | 0 |
Non-marketable securities measured at net asset value | 0 | 0 |
Net loans | 0 | 0 |
FHLB and Federal Reserve Bank stock | 0 | 0 |
Non-maturity deposits | 169,833,000 | 101,294,000 |
Time deposits | 0 | 0 |
Commitments to extend credit | 0 | 0 |
Estimate of Fair Value Measurement | Level 1 | Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 0 | 0 |
Estimate of Fair Value Measurement | Level 1 | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 0 | 0 |
Estimate of Fair Value Measurement | Level 1 | 3.125% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 0 | 0 |
Estimate of Fair Value Measurement | Level 1 | 1.800% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 0 | |
Estimate of Fair Value Measurement | Level 1 | 2.100% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 0 | |
Junior subordinated debentures | 0 | |
Estimate of Fair Value Measurement | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
HTM securities | 81,995,000 | 17,217,000 |
Non-marketable securities not measured at net asset value | 0 | 0 |
Non-marketable securities measured at net asset value | 0 | 0 |
Net loans | 0 | 0 |
FHLB and Federal Reserve Bank stock | 0 | 0 |
Non-maturity deposits | 0 | 0 |
Time deposits | 1,350,000 | 502,000 |
Commitments to extend credit | 0 | 0 |
Estimate of Fair Value Measurement | Level 2 | Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 97,000 | 21,000 |
Estimate of Fair Value Measurement | Level 2 | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 376,000 | 383,000 |
Estimate of Fair Value Measurement | Level 2 | 3.125% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 535,000 | 564,000 |
Estimate of Fair Value Measurement | Level 2 | 1.800% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 481,000 | |
Estimate of Fair Value Measurement | Level 2 | 2.100% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 505,000 | |
Junior subordinated debentures | 86,000 | |
Estimate of Fair Value Measurement | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
HTM securities | 0 | 0 |
Non-marketable securities not measured at net asset value | 350,000 | 241,000 |
Non-marketable securities measured at net asset value | 0 | 0 |
Net loans | 62,489,000 | 45,324,000 |
FHLB and Federal Reserve Bank stock | 107,000 | 61,000 |
Non-maturity deposits | 0 | 0 |
Time deposits | 0 | 0 |
Commitments to extend credit | 45,000 | 37,000 |
Estimate of Fair Value Measurement | Level 3 | Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 0 | 0 |
Estimate of Fair Value Measurement | Level 3 | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 0 | 0 |
Estimate of Fair Value Measurement | Level 3 | 3.125% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 0 | $ 0 |
Estimate of Fair Value Measurement | Level 3 | 1.800% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 0 | |
Estimate of Fair Value Measurement | Level 3 | 2.100% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 0 | |
Junior subordinated debentures | $ 0 |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Investments and Remaining Unfunded Commitments for Each Major Category of Investments (Details) $ in Millions | Sep. 30, 2021USD ($) |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | $ 1,057 |
Fair Value | 1,057 |
Unfunded Commitments | 17 |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Fair value accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 361 |
Fair Value | 361 |
Unfunded Commitments | 9 |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Equity method accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 656 |
Fair Value | 656 |
Unfunded Commitments | 7 |
Non-marketable securities | Debt funds | Equity method accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 5 |
Fair Value | 5 |
Unfunded Commitments | 0 |
Non-marketable securities | Other investments | Equity method accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 35 |
Fair Value | 35 |
Unfunded Commitments | $ 1 |
Fair Value of Financial Inst_10
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Investments and Remaining Unfunded Commitments for Each Major Category of Investments (Textual) (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2021USD ($) | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | $ 1,057 |
Unfunded commitments | 17 |
Non-marketable securities | Venture capital and private equity fund investments | Fair value accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | 361 |
Unfunded commitments | $ 9 |
Non-marketable securities | Venture capital and private equity fund investments | Fair value accounting | Lower Limit | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Period distributions from fund investments to be received | 10 years |
Non-marketable securities | Venture capital and private equity fund investments | Fair value accounting | Upper Limit | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Period distributions from fund investments to be received | 13 years |
Non-marketable securities | Venture capital and private equity fund investments | Equity method accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | $ 656 |
Unfunded commitments | 7 |
Non-marketable securities | Venture capital and private equity fund investments | Noncontrolling Interests | Fair value accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | 102 |
Unfunded commitments | 2 |
Non-marketable securities | Other investments | Equity method accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | 35 |
Unfunded commitments | $ 1 |
Non-marketable securities | Other investments | Equity method accounting | Lower Limit | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Period distributions from fund investments to be received | 5 years |
Non-marketable securities | Other investments | Equity method accounting | Upper Limit | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Period distributions from fund investments to be received | 8 years |
Subsequent Events (Details)
Subsequent Events (Details) | Oct. 28, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)$ / shares |
Subsequent Event [Line Items] | |||
Preferred stock, par value, in usd per share | $ 0.001 | $ 0.001 | |
Long-term debt | $ | $ 1,925,000,000 | $ 844,000,000 | |
Subsequent Event | Senior Notes | 1.800% Senior Notes Due October 2026 | |||
Subsequent Event [Line Items] | |||
Long-term debt | $ | $ 650,000,000 | ||
Interest rate on senior notes | 1.80% | ||
Subsequent Event | Series D Preferred Stock | |||
Subsequent Event [Line Items] | |||
Preferred stock, depository share ownership interest | 0.01 | ||
Preferred stock, depositary shares issued | shares | 1,000,000 | ||
Preferred stock, par value, in usd per share | $ 0.001 | ||
Preferred stock, liquidation preference per share, in usd per share | 100,000 | ||
Preferred stock, liquidation preference per depositary share | $ 1,000 | ||
Preferred stock, dividend rate, percentage | 4.25% | ||
Preferred stock, period dividend rate reset using the five-year treasury rate | 5 years | ||
Preferred stock, number of business days prior to each reset date dividend rate calculated | 3 days | ||
Preferred stock, number of days used for average yields on actively traded US Treasury securities | 5 days | ||
Preferred stock, margin used for dividend rate at reset | 3.074% | ||
Subsequent Event | Series E Preferred Stock | |||
Subsequent Event [Line Items] | |||
Preferred stock, depository share ownership interest | 0.01 | ||
Preferred stock, depositary shares issued | shares | 600,000 | ||
Preferred stock, par value, in usd per share | $ 0.001 | ||
Preferred stock, liquidation preference per share, in usd per share | 100,000 | ||
Preferred stock, liquidation preference per depositary share | $ 1,000 | ||
Preferred stock, dividend rate, percentage | 4.70% | ||
Preferred stock, period dividend rate reset using the ten-year treasury rate | 10 years | ||
Preferred stock, number of business days prior to each reset date dividend rate calculated | 3 days | ||
Preferred stock, number of days used for average yields on actively traded US Treasury securities | 5 days | ||
Preferred stock, margin used for dividend rate at reset | 3.064% |