Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'SIVB | ' |
Entity Registrant Name | 'SVB FINANCIAL GROUP | ' |
Entity Central Index Key | '0000719739 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 50,849,278 |
Interim_Consolidated_Balance_S
Interim Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ||
Cash and cash equivalents | $1,872,537 | $1,538,779 | ||
Available-for-sale securities, at fair value (cost of $13,322,059 and $12,055,524, respectively) | 13,333,436 | 11,986,821 | ||
Held-to-maturity securities, at cost (fair value of $6,613,893 and $0, respectively) | 6,662,025 | 0 | ||
Non-marketable and other securities | 1,703,550 | 1,595,494 | ||
Total investment securities | 21,699,011 | 13,582,315 | ||
Loans, net of unearned income | 12,017,181 | [1] | 10,906,386 | [1] |
Allowance for loan losses | -129,061 | -142,886 | ||
Net loans | 11,888,120 | 10,763,500 | ||
Premises and equipment, net of accumulated depreciation and amortization | 74,375 | 67,485 | ||
Accrued interest receivable and other assets | 506,964 | 465,110 | ||
Total assets | 36,041,007 | 26,417,189 | ||
Liabilities: | ' | ' | ||
Noninterest-bearing demand deposits | 22,461,068 | 15,894,360 | ||
Interest-bearing deposits | 8,662,067 | 6,578,619 | ||
Total deposits | 31,123,135 | 22,472,979 | ||
Short-term borrowings | 6,630 | 5,080 | ||
Other liabilities | 517,462 | 404,586 | ||
Long-term debt | 453,764 | 455,216 | ||
Total liabilities | 32,100,991 | 23,337,861 | ||
Commitments and contingencies (Note 11 and Note 14) | ' | ' | ||
SVBFG stockholders’ equity: | ' | ' | ||
Preferred stock, $0.001 par value, 20,000,000 shares authorized; no shares issued and outstanding | 0 | 0 | ||
Common stock, $0.001 par value, 150,000,000 shares authorized; 50,820,946 shares and 45,800,418 shares outstanding, respectively | 51 | 46 | ||
Additional paid-in capital | 1,107,337 | 624,256 | ||
Retained earnings | 1,595,825 | 1,390,732 | ||
Accumulated other comprehensive income (loss) | 18,744 | -48,764 | ||
Total SVBFG stockholders’ equity | 2,721,957 | 1,966,270 | ||
Noncontrolling interests | 1,218,059 | 1,113,058 | ||
Total equity | 3,940,016 | 3,079,328 | ||
Total liabilities and total equity | $36,041,007 | $26,417,189 | ||
[1] | Included within our total loan portfolio are credit card loans of $122 million and $85 million at September 30, 2014 and December 31, 2013, respectively. |
Interim_Consolidated_Balance_S1
Interim Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Available-for-sale securities, cost | $13,322,059 | $12,055,524 |
Held-to-maturity securities | $6,613,893 | $0 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares outstanding | 50,820,946 | 45,800,418 |
Interim_Consolidated_Statement
Interim Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Interest income: | ' | ' | ' | ' | ||||
Loans | $153,292 | $139,687 | $449,144 | $395,216 | ||||
Investment securities: | ' | ' | ' | ' | ||||
Taxable | 73,540 | 43,604 | 191,384 | 134,013 | ||||
Non-taxable | 772 | 797 | 2,362 | 2,403 | ||||
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities | 1,722 | 1,152 | 5,301 | 2,605 | ||||
Total interest income | 229,326 | 185,240 | 648,191 | 534,237 | ||||
Interest expense: | ' | ' | ' | ' | ||||
Deposits | 2,961 | 2,397 | 8,933 | 6,533 | ||||
Borrowings | 5,800 | 5,747 | 17,400 | 17,358 | ||||
Total interest expense | 8,761 | 8,144 | 26,333 | 23,891 | ||||
Net interest income | 220,565 | 177,096 | 621,858 | 510,346 | ||||
Provision for loan losses | 16,610 | 10,638 | 19,051 | 35,023 | ||||
Net interest income after provision for loan losses | 203,955 | 166,458 | 602,807 | 475,323 | ||||
Noninterest income: | ' | ' | ' | ' | ||||
Gains on investment securities, net | 5,644 | 187,862 | 172,236 | 255,861 | ||||
Gains on derivative instruments, net | 26,538 | 9,422 | 63,480 | 27,802 | ||||
Foreign exchange fees | 17,911 | 13,667 | 53,035 | 41,529 | ||||
Credit card fees | 10,909 | 8,188 | 31,440 | 23,245 | ||||
Deposit service charges | 10,126 | 8,902 | 29,344 | 26,602 | ||||
Lending related fees | 6,029 | 5,265 | 18,208 | 13,835 | ||||
Letters of credit and standby letters of credit fees | 4,557 | 3,790 | 11,507 | 10,879 | ||||
Client investment fees | 3,814 | 3,393 | 10,751 | 10,392 | ||||
Other | -5,361 | 17,161 | 14,601 | 24,348 | ||||
Total noninterest income | 80,167 | 257,650 | 404,602 | 434,493 | ||||
Noninterest expense: | ' | ' | ' | ' | ||||
Compensation and benefits | 99,932 | 96,869 | 302,259 | 270,315 | ||||
Professional services | 26,081 | 18,966 | 68,383 | 52,759 | ||||
Premises and equipment | 12,631 | 12,171 | 36,267 | 34,298 | ||||
Business development and travel | 10,022 | 7,378 | 29,465 | 23,433 | ||||
Net occupancy | 7,437 | 5,898 | 22,436 | 17,460 | ||||
FDIC assessments | 4,587 | 2,913 | 13,660 | 9,148 | ||||
Correspondent bank fees | 3,278 | 2,906 | 9,755 | 9,009 | ||||
Provision for unfunded credit commitments | 2,225 | 2,774 | 5,533 | 6,135 | ||||
Other | 15,796 | 10,649 | 40,113 | 30,273 | ||||
Total noninterest expense | 181,989 | [1] | 160,524 | [1] | 527,871 | [1] | 452,830 | [1] |
Income before income tax expense | 102,133 | [2] | 263,584 | [2] | 479,538 | [2] | 456,986 | [2] |
Income tax expense | 38,961 | 47,404 | 131,460 | 103,773 | ||||
Net income before noncontrolling interests | 63,172 | 216,180 | 348,078 | 353,213 | ||||
Net income attributable to noncontrolling interests | -177 | -148,559 | -142,985 | -196,117 | ||||
Net income available to common stockholders | $62,995 | $67,621 | $205,093 | $157,096 | ||||
Earnings per common share—basic (dollars per share) | $1.24 | $1.48 | $4.25 | $3.48 | ||||
Earnings per common share—diluted (dollars per share) | $1.22 | $1.46 | $4.17 | $3.43 | ||||
[1] | The Global Commercial Bank segment includes direct depreciation and amortization of $5.4 million and $4.9 million for the three months ended September 30, 2014 and 2013, respectively and $15.4 million and $14.0 million for the nine months ended September 30, 2014 and 2013, respectively. | |||||||
[2] | 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. |
Interim_Consolidated_Statement1
Interim Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income before noncontrolling interests | $63,172 | $216,180 | $348,078 | $353,213 |
Change in cumulative translation (loss) income: | ' | ' | ' | ' |
Foreign currency translation loss | -2,259 | -1,540 | -638 | -6,341 |
Related tax benefit | 935 | 631 | 281 | 2,539 |
Change in unrealized (losses) gains on available-for-sale securities: | ' | ' | ' | ' |
Unrealized holding (losses) gains | -48,724 | 27,289 | 62,669 | -167,021 |
Related tax benefit (expense) | 19,716 | -11,032 | -25,292 | 68,299 |
Reclassification adjustment for losses (gains) included in net income | 990 | -219 | 17,411 | -949 |
Related tax (benefit) expense | -400 | 85 | -7,030 | 363 |
Cumulative-effect adjustment for unrealized gains on securities transferred from available-for-sale to held-to-maturity | 0 | 0 | 37,700 | 0 |
Related tax expense | 0 | 0 | -15,178 | 0 |
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity | -2,996 | 0 | -4,043 | 0 |
Related tax benefit | 1,206 | 0 | 1,628 | 0 |
Other comprehensive (loss) income, net of tax | -31,532 | 15,214 | 67,508 | -103,110 |
Comprehensive income | 31,640 | 231,394 | 415,586 | 250,103 |
Comprehensive income attributable to noncontrolling interests | -177 | -148,559 | -142,985 | -196,117 |
Comprehensive income attributable to SVBFG | $31,463 | $82,835 | $272,601 | $53,986 |
Interim_Consolidated_Statement2
Interim Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total SVBFG Stockholders’ Equity | Noncontrolling Interests |
In Thousands, except Share data, unless otherwise specified | |||||||
Balance at Dec. 31, 2012 | $2,605,233 | $45 | $547,079 | $1,174,878 | $108,553 | $1,830,555 | $774,678 |
Balance (in shares) at Dec. 31, 2012 | ' | 44,627,182 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | ' | 906,242 | ' | ' | ' | ' | ' |
Common stock issued under employee benefit plans, net of restricted stock cancellations | 33,242 | 1 | 33,241 | ' | ' | 33,242 | ' |
Common stock issued under ESOP (in shares) | ' | 74,946 | ' | ' | ' | ' | ' |
Common stock issued under ESOP | 5,166 | ' | 5,166 | ' | ' | 5,166 | ' |
Income tax benefit from stock options exercised, vesting of restricted stock and other | 3,148 | ' | 3,148 | ' | ' | 3,148 | ' |
Net income | 353,213 | ' | ' | 157,096 | ' | 157,096 | 196,117 |
Capital calls and distributions, net | 7,922 | ' | ' | ' | ' | ' | 7,922 |
Net change in unrealized gains and losses on available-for-sale securities, net of tax | -99,308 | ' | ' | ' | -99,308 | -99,308 | ' |
Foreign currency translation adjustments, net of tax | -3,802 | ' | ' | ' | -3,802 | -3,802 | ' |
Share-based compensation expense | 18,826 | ' | 18,826 | ' | ' | 18,826 | ' |
Other, net | 4 | ' | 3 | 1 | ' | 4 | ' |
Balance at Sep. 30, 2013 | 2,923,644 | 46 | 607,463 | 1,331,975 | 5,443 | 1,944,927 | 978,717 |
Balance (in shares) at Sep. 30, 2013 | ' | 45,608,370 | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | 3,079,328 | 46 | 624,256 | 1,390,732 | -48,764 | 1,966,270 | 1,113,058 |
Balance (in shares) at Dec. 31, 2013 | ' | 45,800,418 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | ' | 504,766 | ' | ' | ' | ' | ' |
Common stock issued under employee benefit plans, net of restricted stock cancellations | 13,878 | ' | 13,878 | ' | ' | 13,878 | ' |
Common stock issued under ESOP (in shares) | ' | 30,762 | ' | ' | ' | ' | ' |
Common stock issued under ESOP | 3,890 | ' | 3,890 | ' | ' | 3,890 | ' |
Income tax benefit from stock options exercised, vesting of restricted stock and other | 7,973 | ' | 7,973 | ' | ' | 7,973 | ' |
Net income | 348,078 | ' | ' | 205,093 | ' | 205,093 | 142,985 |
Capital calls and distributions, net | -37,984 | ' | ' | ' | ' | ' | -37,984 |
Net change in unrealized gains and losses on available-for-sale securities, net of tax | 47,758 | ' | ' | ' | 47,758 | 47,758 | ' |
Cumulative-effect for unrealized gains on securities transferred from available-for-sale to held-to-maturity, net of tax | 22,522 | ' | ' | ' | 22,522 | 22,522 | ' |
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, net of tax | -2,415 | ' | ' | ' | -2,415 | -2,415 | ' |
Foreign currency translation adjustments, net of tax | -357 | ' | ' | ' | -357 | -357 | ' |
Common stock issued in public offering (shares) | ' | 4,485,000 | ' | ' | ' | ' | ' |
Common stock issued in public offering | 434,866 | 5 | 434,861 | ' | ' | 434,866 | ' |
Share-based compensation expense | 22,479 | ' | 22,479 | ' | ' | 22,479 | ' |
Balance at Sep. 30, 2014 | $3,940,016 | $51 | $1,107,337 | $1,595,825 | $18,744 | $2,721,957 | $1,218,059 |
Balance (in shares) at Sep. 30, 2014 | ' | 50,820,946 | ' | ' | ' | ' | ' |
Interim_Consolidated_Statement3
Interim Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income before noncontrolling interests | $348,078 | $353,213 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for loan losses | 19,051 | 35,023 |
Provision for unfunded credit commitments | 5,533 | 6,135 |
Changes in fair values of derivatives, net | 11,087 | -16,594 |
Gains on investment securities, net | -172,236 | -255,861 |
Depreciation and amortization | 29,041 | 26,474 |
Amortization of premiums and discounts on investment securities, net | 18,700 | 21,040 |
Tax expense from stock exercises | -1 | -1,353 |
Amortization of share-based compensation | 22,285 | 18,945 |
Amortization of deferred loan fees | -59,550 | -51,941 |
Deferred income tax benefit | -17,897 | -3,488 |
Changes in other assets and liabilities: | ' | ' |
Accrued interest receivable and payable, net | -17,488 | -5,183 |
Accounts receivable and payable, net | -12,890 | 1,463 |
Income tax payable and receivable, net | -14,234 | -7,787 |
Accrued compensation | -24,241 | -7,481 |
Foreign exchange spot contracts, net | 97,357 | 12,442 |
Other, net | -25,388 | -27,005 |
Net cash provided by operating activities | 207,207 | 98,042 |
Cash flows from investing activities: | ' | ' |
Purchases of available-for-sale securities | -8,060,750 | -906,495 |
Proceeds from sales of available-for-sale securities | 32,135 | 10,207 |
Proceeds from maturities and pay downs of available-for-sale securities | 1,352,369 | 1,879,424 |
Purchases of held-to-maturity securities | -1,577,634 | 0 |
Proceeds from maturities and pay downs of held-to-maturity securities | 327,913 | 0 |
Purchases of non-marketable and other securities (cost and equity method accounting) | -23,965 | -20,019 |
Proceeds from sales and distributions of non-marketable and other securities (cost and equity method accounting) | 47,478 | 47,069 |
Purchases of non-marketable and other securities (fair value accounting) | -182,247 | -108,663 |
Proceeds from sales and distributions of non-marketable and other securities (fair value accounting) | 264,389 | 103,105 |
Net increase in loans | -1,103,447 | -867,075 |
Proceeds from recoveries of charged-off loans | 5,313 | 8,163 |
Purchases of premises and equipment | -29,332 | -20,837 |
Net cash (used for) provided by investing activities | -8,947,778 | 124,879 |
Cash flows from financing activities: | ' | ' |
Net increase in deposits | 8,650,156 | 820,539 |
Increase (decrease) in short-term borrowings | 1,550 | -160,530 |
Capital contributions from noncontrolling interests, net of distributions | -37,984 | 7,922 |
Tax benefit from stock exercises | 7,973 | 4,501 |
Proceeds from issuance of common stock, ESPP, and ESOP | 17,768 | 38,408 |
Net proceeds from public equity offering | 434,866 | 0 |
Net cash provided by financing activities | 9,074,329 | 710,840 |
Net increase in cash and cash equivalents | 333,758 | 933,761 |
Cash and cash equivalents at beginning of period | 1,538,779 | 1,008,983 |
Cash and cash equivalents at end of period | 1,872,537 | 1,942,744 |
Cash paid during the period for: | ' | ' |
Interest | 30,259 | 28,339 |
Income taxes | 154,746 | 107,282 |
Noncash items during the period: | ' | ' |
Changes in unrealized gains and losses on available-for-sale securities, net of tax | 47,758 | -99,308 |
Adjusted cost of transferred securities | 5,418,572 | ' |
Transfers from available-for-sale securities to held-to-maturity | $6,662,025 | $0 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |
Sep. 30, 2014 | ||
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 financial holding company. SVB Financial was incorporated in the state of Delaware in March 1999. Through our various subsidiaries and divisions, we offer a variety 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 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, unless the context requires otherwise. | ||
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, 2014 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, 2013 (“2013 Form 10-K”). | ||
During the second quarter of 2014, we re-designated certain securities from the classification of "available-for-sale" ("AFS") to "held-to-maturity" ("HTM"). Transfers of investment securities into the held-to-maturity category from the available-for-sale category are made at fair value at the date of transfer. The unrealized gains (losses), net of tax, are retained in other comprehensive income, and the carrying value of the held-to-maturity securities are 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. Other than the re-designation of securities from AFS to HTM, 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 2013 Form 10-K. | ||
The preparation of unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates may change as new information is obtained. Significant items that are subject to such estimates include measurements of fair value, the valuation of non-marketable securities, the valuation of equity warrant assets, the adequacy of the allowance for loan losses and reserve for unfunded credit commitments, and the recognition and measurement of income tax assets and liabilities. | ||
Principles of Consolidation and Presentation | ||
Our consolidated financial statements include the accounts of SVB Financial Group and entities in which we have a controlling financial interest. We determine whether we have a controlling financial interest in an entity by evaluating whether the entity is a voting interest entity or a VIE and whether the applicable accounting guidance requires consolidation. All significant intercompany accounts and transactions have been eliminated. | ||
Voting interest entities are entities that have sufficient equity and provide the equity investors voting rights that enable them to make significant decisions relating to the entity’s operations. For these types of entities, the Company’s determination of whether it has a controlling interest is based on ownership of the majority of the entities’ voting equity interest or through control of management of the entities. | ||
VIEs are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. We determine whether we have a controlling financial interest in a VIE by considering whether our involvement with the VIE is significant and whether we are the primary beneficiary based on the following: | ||
1 | We have the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; | |
2 | The aggregate indirect and direct variable interests held by the Company have the obligation to absorb losses or the right to receive benefits from the entity that could be significant to the VIE; and, | |
3 | Qualitative and quantitative factors regarding the nature, size, and form of our involvement with the VIE. | |
Voting interest entities in which we have a controlling financial interest or by which we control through management rights are consolidated into our financial statements. | ||
We have not provided financial or other support during the periods presented to any VIE that we were not previously contractually required to provide. We are variable interest holders in certain partnerships for which we are not the primary beneficiary. We perform on-going reassessments on the status of the entities and whether facts or circumstances have changed in relation to previously evaluated voting interest entities and our involvement in VIEs which could cause our consolidation conclusion to change. | ||
Impact of Adopting ASU No. 2013-08, Amendments to the Scope, Measurement and Disclosure Requirement for Investment Companies | ||
In June 2013, the FASB issued an accounting standards update, which modified the guidance in ASC 946 for determining whether an entity is an investment company, as well as the measurement and disclosure requirements for investment companies. The ASU does not change current accounting where a noninvestment company parent retains the specialized accounting applied by an investment company subsidiary in consolidation. ASU 2013-08 was effective on a prospective basis for the interim and annual reporting periods beginning after December 15, 2013, and was therefore adopted in the first quarter of 2014. This standard did not have any impact on our financial position, results of operations or stockholders' equity. | ||
Impact of Adopting ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | ||
In July 2013, the FASB issued a new accounting standard which requires an unrecognized tax benefit to be presented as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward that the entity intends to use and is available for settlement at the reporting date. ASU 2013-11 was effective for, and adopted by the Company, in the first quarter of 2014. The adoption of ASU 2013-11 did not have a material impact on our financial position, results of operations or stockholders' equity. | ||
Recently Issued Accounting Pronouncements | ||
In January 2014, the FASB issued a new accounting standard (ASU 2014-01, Investments - Equity Method and Joint Ventures (Topic 323), Accounting for Investments in Qualified Affordable Housing Projects), which permits entities that invest in qualified affordable housing projects through limited liability entities that are flow-through entities for tax purposes to make an accounting policy election to use proportional amortization method or apply an equity or cost method. If the proportional amortization method is elected, retrospective presentation is required for prior periods. The guidance is effective on a retrospective basis for the interim and annual reporting periods beginning after December 15, 2014, with early adoption available. We are currently assessing the impact of this guidance, however, we do not expect it to have a material impact on our financial position, results of operations or stockholders' equity. | ||
In May 2014, the FASB issued a new accounting standard (ASU 2014-09, Revenue from Contracts with Customers (Topic 606)), which provides revenue recognition guidance that is intended to create greater consistency with respect to how and when revenue from contracts with customers is shown in the income statement. The guidance requires that revenue from contracts with customers be recognized upon delivery of a good or service based on the amount of consideration expected to be received, and requires additional disclosures about revenue. The guidance will be effective on a retrospective basis beginning on January 1, 2017. We do not expect the adoption of this guidance to have a material impact on our financial position, results of operations or stockholders' equity. | ||
In August 2014, the FASB issued a new accounting standard (ASU 2014-15, Going Concern (Topic 205-40)), which requires management to evaluate for each annual and interim reporting period whether there is substantial doubt about an entity's ability to continue as a going concern. The guidance will be effective for annual and quarterly periods ending after December 15, 2016 with early adoption permitted. We are currently developing processes and controls to adopt this guidance by the adoption period and do not expect the adoption of this guidance to have a material impact on our financial position, results of operations or stockholders' equity. | ||
Reclassifications | ||
Certain prior period amounts have been reclassified to conform to current period presentations. |
Stockholders_Equity_and_EPS
Stockholders' Equity and EPS | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Equity and Earnings Per Share [Abstract] | ' | ||||||||||||||||||
Stockholders' Equity and EPS | ' | ||||||||||||||||||
Stockholders’ Equity and EPS | |||||||||||||||||||
Common Stock | |||||||||||||||||||
In the second quarter of 2014, to support the continued growth of our balance sheet, we completed a registered public offering of 4,485,000 shares of our common stock at an offering price of $101.00 per share. We received net proceeds of $434.9 million after deducting underwriting discounts and commissions. | |||||||||||||||||||
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 issued for stock options and restricted stock units outstanding under our equity incentive plans 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, 2014 and 2013: | |||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||
(Dollars and shares in thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Numerator: | |||||||||||||||||||
Net income available to common stockholders | $ | 62,995 | $ | 67,621 | $ | 205,093 | $ | 157,096 | |||||||||||
Denominator: | |||||||||||||||||||
Weighted average common shares outstanding-basic | 50,752 | 45,580 | 48,281 | 45,180 | |||||||||||||||
Weighted average effect of dilutive securities: | |||||||||||||||||||
Stock options and ESPP | 534 | 429 | 580 | 405 | |||||||||||||||
Restricted stock units | 285 | 193 | 339 | 180 | |||||||||||||||
Denominator for diluted calculation | 51,571 | 46,202 | 49,200 | 45,765 | |||||||||||||||
Earnings per common share: | |||||||||||||||||||
Basic | $ | 1.24 | $ | 1.48 | $ | 4.25 | $ | 3.48 | |||||||||||
Diluted | $ | 1.22 | $ | 1.46 | $ | 4.17 | $ | 3.43 | |||||||||||
The following table summarizes the weighted-average common shares excluded from the diluted EPS calculation as they were deemed to be antidilutive for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||
(Shares in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Stock options | 241 | 343 | 140 | 546 | |||||||||||||||
Restricted stock units | 1 | — | 2 | 1 | |||||||||||||||
Total | 242 | 343 | 142 | 547 | |||||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||||||||
The following table summarizes the items reclassified out of accumulated other comprehensive income into the Consolidated Statements of Income (unaudited) for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||
(Dollars in thousands) | Income Statement Location | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Reclassification adjustment for losses (gains) included in net income | Gains on investment securities, net | $ | 990 | $ | (219 | ) | $ | 17,411 | $ | (949 | ) | ||||||||
Related tax (benefit) expense | Income tax expense | (400 | ) | 85 | (7,030 | ) | 363 | ||||||||||||
Total reclassification adjustment for losses (gains) included in net income, net of tax | $ | 590 | $ | (134 | ) | $ | 10,381 | $ | (586 | ) | |||||||||
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
Share-Based Compensation | |||||||||||||||||
For the three and nine months ended September 30, 2014 and 2013, we recorded share-based compensation and related tax benefits as follows: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Share-based compensation expense | $ | 7,520 | $ | 6,723 | $ | 22,285 | $ | 18,945 | |||||||||
Income tax benefit related to share-based compensation expense | (2,676 | ) | (2,243 | ) | (7,351 | ) | (5,801 | ) | |||||||||
Unrecognized Compensation Expense | |||||||||||||||||
As of September 30, 2014, unrecognized share-based compensation expense was as follows: | |||||||||||||||||
(Dollars in thousands) | Unrecognized | Average | |||||||||||||||
Expense | Expected | ||||||||||||||||
Recognition | |||||||||||||||||
Period - in Years | |||||||||||||||||
Stock options | $ | 16,282 | 2.64 | ||||||||||||||
Restricted stock units | 35,324 | 2.56 | |||||||||||||||
Total unrecognized share-based compensation expense | $ | 51,606 | |||||||||||||||
Share-Based Payment Award Activity | |||||||||||||||||
The table below provides stock option information related to the 2006 Equity Incentive Plan for the nine months ended September 30, 2014: | |||||||||||||||||
Options | Weighted | Weighted Average Remaining Contractual Life in Years | Aggregate | ||||||||||||||
Average | Intrinsic Value | ||||||||||||||||
Exercise Price | of In-The- | ||||||||||||||||
Money | |||||||||||||||||
Options | |||||||||||||||||
Outstanding at December 31, 2013 | 1,514,159 | $ | 55.27 | ||||||||||||||
Granted | 239,383 | 108.27 | |||||||||||||||
Exercised | (283,498 | ) | 47.56 | ||||||||||||||
Forfeited | (21,975 | ) | 71.17 | ||||||||||||||
Outstanding at September 30, 2014 | 1,448,069 | 65.3 | 4.25 | $ | 67,825,947 | ||||||||||||
Vested and expected to vest at September 30, 2014 | 1,397,466 | 64.55 | 4.2 | 66,495,669 | |||||||||||||
Exercisable at September 30, 2014 | 727,829 | 50.48 | 3.08 | 44,843,070 | |||||||||||||
The aggregate intrinsic value of outstanding options shown in the table above represents the pretax intrinsic value based on our closing stock price of $112.09 as of September 30, 2014. The total intrinsic value of options exercised during the three and nine months ended September 30, 2014 was $7.7 million and $18.4 million, respectively, compared to $6.5 million and $18.4 million for the comparable 2013 period. | |||||||||||||||||
The table below provides information for restricted stock units under the 2006 Equity Incentive Plan for the nine months ended September 30, 2014: | |||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||
Nonvested at December 31, 2013 | 682,347 | $ | 65.93 | ||||||||||||||
Granted | 197,687 | 107.85 | |||||||||||||||
Vested | (200,856 | ) | 64.05 | ||||||||||||||
Forfeited | (25,268 | ) | 73.02 | ||||||||||||||
Nonvested at September 30, 2014 | 653,910 | 78.91 | |||||||||||||||
Cash_and_Cash_Equivalents
Cash and Cash Equivalents | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
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, 2014 and December 31, 2013: | |||||||||
(Dollars in thousands) | 30-Sep-14 | 31-Dec-13 | |||||||
Cash and due from banks (1) | $ | 1,815,581 | $ | 1,349,688 | |||||
Securities purchased under agreements to resell (2) | 50,834 | 172,989 | |||||||
Other short-term investment securities | 6,122 | 16,102 | |||||||
Total cash and cash equivalents | $ | 1,872,537 | $ | 1,538,779 | |||||
-1 | At September 30, 2014 and December 31, 2013, $883 million and $715 million, respectively, of our cash and due from banks was deposited at the Federal Reserve Bank and was earning interest at the Federal Funds target rate, and interest-earning deposits in other financial institutions were $442 million and $300 million, respectively. | ||||||||
-2 | At September 30, 2014 and December 31, 2013, securities purchased under agreements to resell were collateralized by U.S. Treasury securities and U.S. agency securities with aggregate fair values of $52 million and $176 million, respectively. None of these securities received as collateral were sold or repledged as of September 30, 2014 or December 31, 2013. |
Investment_Securities
Investment Securities | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Investment Securities | ' | |||||||||||||||||||||||||||||||||||
Investment Securities | ||||||||||||||||||||||||||||||||||||
Our investment securities portfolio consists of an available-for-sale securities portfolio and a held-to-maturity securities portfolio, both of which represent interest-earning investment securities, and a non-marketable and other securities portfolio, which primarily represents investments managed as part of our funds management business. | ||||||||||||||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||||||||||||||
The major components of our available-for-sale investment securities portfolio at September 30, 2014 and December 31, 2013 are as follows: | ||||||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Unrealized | Unrealized | Carrying | ||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||||||
Available-for-sale securities, at fair value: | ||||||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | 6,886,952 | $ | 2,245 | $ | (12,898 | ) | $ | 6,876,299 | |||||||||||||||||||||||||||
U.S. agency debentures | 3,592,129 | 28,744 | (15,040 | ) | 3,605,833 | |||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 2,003,337 | 20,671 | (18,075 | ) | 2,005,933 | |||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 830,139 | 5,818 | — | 835,957 | ||||||||||||||||||||||||||||||||
Equity securities | 9,502 | 749 | (837 | ) | 9,414 | |||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 13,322,059 | $ | 58,227 | $ | (46,850 | ) | $ | 13,333,436 | |||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Unrealized | Unrealized | Carrying | ||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||||||
Available-for-sale securities, at fair value: | ||||||||||||||||||||||||||||||||||||
U.S. agency debentures | $ | 4,344,652 | $ | 41,365 | $ | (40,785 | ) | $ | 4,345,232 | |||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 2,472,528 | 17,189 | (16,141 | ) | 2,473,576 | |||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 3,386,670 | 24,510 | (85,422 | ) | 3,325,758 | |||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 1,183,333 | 3,363 | (123 | ) | 1,186,573 | |||||||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | 581,475 | 552 | (17,423 | ) | 564,604 | |||||||||||||||||||||||||||||||
Municipal bonds and notes | 82,024 | 4,024 | (21 | ) | 86,027 | |||||||||||||||||||||||||||||||
Equity securities | 4,842 | 692 | (483 | ) | 5,051 | |||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 12,055,524 | $ | 91,695 | $ | (160,398 | ) | $ | 11,986,821 | |||||||||||||||||||||||||||
The following table summarizes our unrealized losses on our available-for-sale securities portfolio into categories of less than 12 months and 12 months or longer as of September 30, 2014: | ||||||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value of | Unrealized | Fair Value of | Unrealized | Fair Value of | Unrealized | ||||||||||||||||||||||||||||||
Investments | Losses | Investments | Losses | Investments | Losses | |||||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | 4,736,436 | $ | (12,898 | ) | $ | — | $ | — | $ | 4,736,436 | $ | (12,898 | ) | ||||||||||||||||||||||
U.S. agency debentures | 688,808 | (2,373 | ) | 553,231 | (12,667 | ) | 1,242,039 | (15,040 | ) | |||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 659,886 | (2,523 | ) | 469,850 | (15,552 | ) | 1,129,736 | (18,075 | ) | |||||||||||||||||||||||||||
Equity securities | 5,546 | (837 | ) | — | — | 5,546 | (837 | ) | ||||||||||||||||||||||||||||
Total temporarily impaired securities: (1) | $ | 6,090,676 | $ | (18,631 | ) | $ | 1,023,081 | $ | (28,219 | ) | $ | 7,113,757 | $ | (46,850 | ) | |||||||||||||||||||||
-1 | As of September 30, 2014, we identified a total of 182 investments that were in unrealized loss positions, of which 34 investments totaling $1.0 billion with unrealized losses of $28.2 million have been in an impaired position for a period of time greater than 12 months. As of September 30, 2014, we do not intend to sell any impaired fixed income investment securities prior to recovery of our adjusted 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 adjusted cost basis. Based on our analysis as of September 30, 2014, we deem all impairments to be temporary, and therefore changes in value for our temporarily impaired securities as of the same date are included in other comprehensive income. Market valuations and impairment analyses on assets in the available-for-sale securities portfolio are reviewed and monitored on a quarterly basis. | |||||||||||||||||||||||||||||||||||
The following table summarizes our unrealized losses on our available-for-sale securities portfolio into categories of less than 12 months and 12 months or longer as of December 31, 2013: | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value of | Unrealized | Fair Value of | Unrealized | Fair Value of | Unrealized | ||||||||||||||||||||||||||||||
Investments | Losses | Investments | Losses | Investments | Losses | |||||||||||||||||||||||||||||||
U.S. agency debentures | $ | 1,821,045 | $ | (40,785 | ) | $ | — | $ | — | $ | 1,821,045 | $ | (40,785 | ) | ||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 1,480,870 | (14,029 | ) | 19,830 | (2,112 | ) | 1,500,700 | (16,141 | ) | |||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 2,098,137 | (79,519 | ) | 134,420 | (5,903 | ) | 2,232,557 | (85,422 | ) | |||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 109,699 | (123 | ) | — | — | 109,699 | (123 | ) | ||||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | 464,171 | (17,423 | ) | — | — | 464,171 | (17,423 | ) | ||||||||||||||||||||||||||||
Municipal bonds and notes | 3,404 | (21 | ) | — | — | 3,404 | (21 | ) | ||||||||||||||||||||||||||||
Equity securities | 910 | (483 | ) | — | — | 910 | (483 | ) | ||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 5,978,236 | $ | (152,383 | ) | $ | 154,250 | $ | (8,015 | ) | $ | 6,132,486 | $ | (160,398 | ) | |||||||||||||||||||||
The following table summarizes the remaining contractual principal maturities and fully taxable equivalent yields on fixed income investment securities classified as available-for-sale as of September 30, 2014. The weighted average yield is computed using the amortized cost of fixed income investment securities, which are reported at fair value. For U.S. Treasury securities, the expected maturity is the actual contractual maturity of the notes. Expected remaining maturities for certain U.S. agency debentures may occur earlier than their contractual maturities because the note issuers have the right to call outstanding amounts ahead of their contractual maturity. Expected maturities for mortgage-backed securities may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. Mortgage-backed securities classified as available-for-sale typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower rate environments. | ||||||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||||||
Total | One Year | After One Year to | After Five Years to | After | ||||||||||||||||||||||||||||||||
or Less | Five Years | Ten Years | Ten Years | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying | Weighted- | Carrying | Weighted- | Carrying | Weighted- | Carrying | Weighted- | Carrying | Weighted- | ||||||||||||||||||||||||||
Value | Average | Value | Average | Value | Average | Value | Average | Value | Average | |||||||||||||||||||||||||||
Yield | Yield | Yield | Yield | Yield | ||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | 6,876,299 | 1.08 | % | $ | 100,189 | 0.15 | % | $ | 6,041,278 | 0.99 | % | $ | 734,832 | 1.97 | % | $ | — | — | % | ||||||||||||||||
U.S. agency debentures | 3,605,833 | 1.63 | 695,199 | 1.64 | 2,225,869 | 1.52 | 684,765 | 2.01 | — | — | ||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - fixed rate | 2,005,933 | 2.01 | — | — | — | — | 483,473 | 2.59 | 1,522,460 | 1.83 | ||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - variable rate | 835,957 | 0.71 | — | — | — | — | — | — | 835,957 | 0.71 | ||||||||||||||||||||||||||
Total | $ | 13,324,022 | 1.35 | $ | 795,388 | 1.45 | $ | 8,267,147 | 1.13 | $ | 1,903,070 | 2.14 | $ | 2,358,417 | 1.43 | |||||||||||||||||||||
Held-to-Maturity Securities | ||||||||||||||||||||||||||||||||||||
During the second quarter of 2014, we re-designated certain securities from the classification of “available-for-sale” to “held-to-maturity." The securities re-designated primarily consisted of agency-issued mortgage securities and collateralized mortgage obligations ("CMOs") with a total carrying value of $5.4 billion at June 1, 2014. At the time of re-designation the securities had net unrealized gains totaling $22.5 million, net of tax, recorded in other comprehensive income and are being amortized over the life of the securities in a manner consistent with the amortization of a premium or discount. Our decision to re-designate the securities was based on our ability and intent to hold these securities to maturity. Factors used in assessing the ability to hold these securities to maturity were future liquidity needs and sources of funding. Held-to-maturity securities are carried on the balance sheet at amortized cost and the changes in the value of these securities, other than impairment charges, are not reported on the financial statements. | ||||||||||||||||||||||||||||||||||||
The major components of our held-to-maturity investment securities portfolio at September 30, 2014 are as follows: | ||||||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||||||||||||||
Held-to-maturity securities, at cost: | ||||||||||||||||||||||||||||||||||||
U.S. agency debentures (1) | $ | 349,993 | $ | 1,588 | $ | (1,165 | ) | $ | 350,416 | |||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 2,919,715 | 16 | (20,712 | ) | 2,899,019 | |||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 2,489,538 | 384 | (24,052 | ) | 2,465,870 | |||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 139,182 | 7 | (14 | ) | 139,175 | |||||||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | 679,379 | 350 | (4,391 | ) | 675,338 | |||||||||||||||||||||||||||||||
Municipal bonds and notes | 84,218 | 81 | (224 | ) | 84,075 | |||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | 6,662,025 | $ | 2,426 | $ | (50,558 | ) | $ | 6,613,893 | |||||||||||||||||||||||||||
-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. | |||||||||||||||||||||||||||||||||||
The following table summarizes our unrealized losses on our held-to-maturity securities portfolio into categories of less than 12 months and 12 months or longer as of September 30, 2014: | ||||||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer (1) | Total | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value of | Unrealized | Fair Value of | Unrealized | Fair Value of | Unrealized | ||||||||||||||||||||||||||||||
Investments | Losses | Investments | Losses | Investments | Losses | |||||||||||||||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||||||||||||||
U.S. agency debentures | $ | 205,383 | $ | (837 | ) | $ | 47,987 | $ | (328 | ) | $ | 253,370 | $ | (1,165 | ) | |||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 2,890,039 | (20,712 | ) | — | — | 2,890,039 | (20,712 | ) | ||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 1,316,900 | (12,438 | ) | 806,042 | (11,614 | ) | 2,122,942 | (24,052 | ) | |||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 77,567 | (14 | ) | — | — | 77,567 | (14 | ) | ||||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | 578,687 | (4,391 | ) | — | — | 578,687 | (4,391 | ) | ||||||||||||||||||||||||||||
Municipal bonds and notes | 55,365 | (224 | ) | — | — | 55,365 | (224 | ) | ||||||||||||||||||||||||||||
Total temporarily impaired securities (2): | $ | 5,123,941 | $ | (38,616 | ) | $ | 854,029 | $ | (11,942 | ) | $ | 5,977,970 | $ | (50,558 | ) | |||||||||||||||||||||
-1 | Represents securities in an unrealized loss position for twelve months or longer in which the amortized cost basis was re-set for those securities re-designated from AFS to HTM effective June 1, 2014. | |||||||||||||||||||||||||||||||||||
-2 | As of September 30, 2014, we identified a total of 329 investments that were in unrealized loss positions, of which 28 investments totaling $854.0 million with unrealized losses of $11.9 million have been in an impaired position for a period of time greater than 12 months. As of September 30, 2014, we do not intend to sell any impaired fixed income investment securities prior to recovery of our adjusted 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 adjusted cost basis, which is consistent with our classification of these securities. Based on our analysis as of September 30, 2014, we deem all impairments to be temporary. Market valuations and impairment analyses on assets in the held-to-maturity securities portfolio are reviewed and monitored on a quarterly basis. | |||||||||||||||||||||||||||||||||||
The following table summarizes the remaining contractual principal maturities and fully taxable equivalent yields on fixed income investment securities classified as held-to-maturity as of September 30, 2014. Interest income on certain municipal bonds and notes (non-taxable investments) are presented on a fully taxable equivalent basis using the federal statutory tax rate of 35%. The weighted average yield is computed using the amortized cost of fixed income investment securities, which are reported at fair value. Expected remaining maturities for certain U.S. agency debentures may occur earlier than their contractual maturities because the note issuers have the right to call outstanding amounts ahead of their contractual maturity. Expected maturities for mortgage-backed securities may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. Mortgage-backed securities classified as held-to-maturity typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower rate environments. | ||||||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||||||
Total | One Year | After One Year to | After Five Years to | After | ||||||||||||||||||||||||||||||||
or Less | Five Years | Ten Years | Ten Years | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Weighted- | Amortized Cost | Weighted- | Amortized Cost | Weighted- | Amortized Cost | Weighted- | Amortized Cost | Weighted- | ||||||||||||||||||||||||||
Average | Average | Average | Average | Average | ||||||||||||||||||||||||||||||||
Yield | Yield | Yield | Yield | Yield | ||||||||||||||||||||||||||||||||
U.S. agency debentures | $ | 349,993 | 2.9 | % | $ | — | — | % | $ | — | — | % | $ | 349,993 | 2.9 | % | $ | — | — | % | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 2,919,715 | 2.42 | — | — | 45,081 | 2.39 | 901,721 | 2.2 | 1,972,913 | 2.52 | ||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - fixed rate | 2,489,538 | 1.68 | — | — | — | — | — | — | 2,489,538 | 1.68 | ||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - variable rate | 139,182 | 0.65 | — | — | — | — | — | — | 139,182 | 0.65 | ||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | 679,379 | 2.16 | — | — | — | — | — | — | 679,379 | 2.16 | ||||||||||||||||||||||||||
Municipal bonds and notes | 84,218 | 6 | 3,470 | 5.37 | 27,900 | 5.84 | 40,475 | 6.07 | 12,373 | 6.3 | ||||||||||||||||||||||||||
Total | $ | 6,662,025 | 2.15 | $ | 3,470 | 5.37 | $ | 72,981 | 3.71 | $ | 1,292,189 | 2.51 | $ | 5,293,385 | 2.03 | |||||||||||||||||||||
Non-marketable and Other Securities | ||||||||||||||||||||||||||||||||||||
The major components of our non-marketable and other investment securities portfolio at September 30, 2014 and December 31, 2013 are as follows: | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||
Non-marketable and other securities: | ||||||||||||||||||||||||||||||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments (1) | $ | 1,078,911 | $ | 862,972 | ||||||||||||||||||||||||||||||||
Other venture capital investments (2) | 43,863 | 32,839 | ||||||||||||||||||||||||||||||||||
Other securities (fair value accounting) (3) | 181,265 | 321,374 | ||||||||||||||||||||||||||||||||||
Non-marketable securities (equity method accounting): | ||||||||||||||||||||||||||||||||||||
Other investments (4) | 141,913 | 142,883 | ||||||||||||||||||||||||||||||||||
Low income housing tax credit funds | 98,417 | 72,241 | ||||||||||||||||||||||||||||||||||
Non-marketable securities (cost method accounting): | ||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments (5) | 142,710 | 148,994 | ||||||||||||||||||||||||||||||||||
Other investments | 16,471 | 14,191 | ||||||||||||||||||||||||||||||||||
Total non-marketable and other securities | $ | 1,703,550 | $ | 1,595,494 | ||||||||||||||||||||||||||||||||
-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, 2014 and December 31, 2013 (fair value accounting): | |||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||||||||||||||||||||||||
SVB Strategic Investors Fund, LP | $ | 25,625 | 12.6 | % | $ | 29,104 | 12.6 | % | ||||||||||||||||||||||||||||
SVB Strategic Investors Fund II, LP | 92,681 | 8.6 | 96,185 | 8.6 | ||||||||||||||||||||||||||||||||
SVB Strategic Investors Fund III, LP | 248,816 | 5.9 | 260,272 | 5.9 | ||||||||||||||||||||||||||||||||
SVB Strategic Investors Fund IV, LP | 308,332 | 5 | 226,729 | 5 | ||||||||||||||||||||||||||||||||
Strategic Investors Fund V Funds | 214,863 | Various | 118,181 | Various | ||||||||||||||||||||||||||||||||
Strategic Investors Fund VI Funds | 56,958 | 0.2 | 7,944 | 0.2 | ||||||||||||||||||||||||||||||||
SVB Capital Preferred Return Fund, LP | 61,876 | 20 | 59,028 | 20 | ||||||||||||||||||||||||||||||||
SVB Capital—NT Growth Partners, LP | 61,818 | 33 | 61,126 | 33 | ||||||||||||||||||||||||||||||||
SVB Capital Partners II, LP (i) | 302 | 5.1 | 708 | 5.1 | ||||||||||||||||||||||||||||||||
Other private equity fund (ii) | 7,640 | 58.2 | 3,695 | 58.2 | ||||||||||||||||||||||||||||||||
Total venture capital and private equity fund investments | $ | 1,078,911 | $ | 862,972 | ||||||||||||||||||||||||||||||||
(i) | At September 30, 2014, we had a direct ownership interest of 1.3 percent and an indirect ownership interest of 3.8 percent in the fund through our ownership interest of SVB Strategic Investors Fund II, LP. | |||||||||||||||||||||||||||||||||||
(ii) | At September 30, 2014, we had a direct ownership interest of 41.5 percent and indirect ownership interests of 12.6 percent and 4.1 percent in the fund through our ownership interest of SVB Capital—NT Growth Partners, LP and SVB Capital Preferred Return Fund, LP, respectively. | |||||||||||||||||||||||||||||||||||
-2 | The following table shows the amounts of other venture capital investments held by the following consolidated funds and our ownership percentage of each fund at September 30, 2014 and December 31, 2013 (fair value accounting): | |||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||||||||||||||||||||||||
Silicon Valley BancVentures, LP | $ | 5,616 | 10.7 | % | $ | 6,564 | 10.7 | % | ||||||||||||||||||||||||||||
SVB Capital Partners II, LP (i) | 17,802 | 5.1 | 22,684 | 5.1 | ||||||||||||||||||||||||||||||||
Capital Partners III, LP | 15,000 | 0.4 | — | — | ||||||||||||||||||||||||||||||||
SVB Capital Shanghai Yangpu Venture Capital Fund | 5,445 | 6.8 | 3,591 | 6.8 | ||||||||||||||||||||||||||||||||
Total other venture capital investments | $ | 43,863 | $ | 32,839 | ||||||||||||||||||||||||||||||||
(i) | At September 30, 2014, we had a direct ownership interest of 1.3 percent and an indirect ownership interest of 3.8 percent in the fund through our ownership of SVB Strategic Investors Fund II, LP. | |||||||||||||||||||||||||||||||||||
-3 | Investments classified as other securities (fair value accounting) represent direct equity investments in public companies held by our consolidated funds. At September 30, 2014, the amount primarily includes total unrealized gains of $143.8 million in one public company, FireEye, Inc. ("FireEye"). The extent to which any unrealized gains (or losses) will become realized is subject to a variety of factors, including among other things, changes in prevailing market prices and the timing of any sales or distribution of securities, which are subject to our funds' separate discretionary securities sales/distribution and governance processes and may also be constrained by lock-up agreements. None of the FireEye related investments currently are subject to a lock-up agreement. | |||||||||||||||||||||||||||||||||||
-4 | The following table shows the carrying value and our ownership percentage of each investment at September 30, 2014 and December 31, 2013 (equity method accounting): | |||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||||||||||||||||||||||||
Gold Hill Capital 2008, LP (i) | $ | 20,685 | 15.5 | % | $ | 21,867 | 15.5 | % | ||||||||||||||||||||||||||||
China Joint Venture investment | 79,457 | 50 | 79,940 | 50 | ||||||||||||||||||||||||||||||||
Other investments | 41,771 | Various | 41,076 | Various | ||||||||||||||||||||||||||||||||
Total other investments (equity method accounting) | $ | 141,913 | $ | 142,883 | ||||||||||||||||||||||||||||||||
(i) | At September 30, 2014, we had a 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. | |||||||||||||||||||||||||||||||||||
-5 | Represents investments in 281 and 288 funds (primarily venture capital funds) at September 30, 2014 and December 31, 2013, 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. The carrying value, and estimated fair value, of these venture capital and private equity fund investments (cost method accounting) was $143 million, and $240 million, respectively, as of September 30, 2014. The carrying value, and estimated fair value, of these venture capital and private equity fund investments (cost method accounting) was $149 million and $215 million, respectively, as of December 31, 2013. | |||||||||||||||||||||||||||||||||||
The following table presents the components of gains and losses (realized and unrealized) on investment securities for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Gross gains on investment securities: | ||||||||||||||||||||||||||||||||||||
Available-for-sale securities, at fair value (1) | $ | 45 | $ | 317 | $ | 642 | $ | 3,167 | ||||||||||||||||||||||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | 69,044 | 35,826 | 268,483 | 107,546 | ||||||||||||||||||||||||||||||||
Other venture capital investments | 6,779 | 5,180 | 11,334 | 8,020 | ||||||||||||||||||||||||||||||||
Other securities (fair value accounting) (2) | 5,444 | 143,840 | 136,010 | 148,185 | ||||||||||||||||||||||||||||||||
Non-marketable securities (equity method accounting): | ||||||||||||||||||||||||||||||||||||
Other investments | 2,239 | 6,569 | 8,767 | 14,038 | ||||||||||||||||||||||||||||||||
Non-marketable securities (cost method accounting): | ||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | 2,641 | 5,016 | 7,706 | 6,806 | ||||||||||||||||||||||||||||||||
Other investments | 19 | 34 | 5,174 | 370 | ||||||||||||||||||||||||||||||||
Total gross gains on investment securities | 86,211 | 196,782 | 438,116 | 288,132 | ||||||||||||||||||||||||||||||||
Gross losses on investment securities: | ||||||||||||||||||||||||||||||||||||
Available-for-sale securities, at fair value (1) | (1,035 | ) | (98 | ) | (18,052 | ) | (2,218 | ) | ||||||||||||||||||||||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | (25,584 | ) | (1,575 | ) | (76,243 | ) | (17,020 | ) | ||||||||||||||||||||||||||||
Other venture capital investments | (1,233 | ) | (587 | ) | (3,274 | ) | (2,241 | ) | ||||||||||||||||||||||||||||
Other securities (fair value accounting) (2) | (52,264 | ) | (75 | ) | (166,051 | ) | (2,609 | ) | ||||||||||||||||||||||||||||
Non-marketable securities (equity method accounting): | ||||||||||||||||||||||||||||||||||||
Other investments | (179 | ) | (1,944 | ) | (1,219 | ) | (2,421 | ) | ||||||||||||||||||||||||||||
Non-marketable securities (cost method accounting): | ||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments (3) | (272 | ) | (689 | ) | (781 | ) | (1,462 | ) | ||||||||||||||||||||||||||||
Other investments | — | (3,952 | ) | (260 | ) | (4,300 | ) | |||||||||||||||||||||||||||||
Total gross losses on investment securities | (80,567 | ) | (8,920 | ) | (265,880 | ) | (32,271 | ) | ||||||||||||||||||||||||||||
Gains on investment securities, net | $ | 5,644 | $ | 187,862 | $ | 172,236 | $ | 255,861 | ||||||||||||||||||||||||||||
-1 | Includes realized gains (losses) on sales of available-for-sale equity securities that are recognized in the income statement. Unrealized gains (losses) on available-for-sale fixed income and equity securities are recognized in other comprehensive income. The cost basis of available-for-sale securities sold is determined on a specific identification basis. | |||||||||||||||||||||||||||||||||||
-2 | Other securities (fair value accounting) includes net losses of $49.8 million for the three months ended September 30, 2014, and net losses of $21.7 million (including $66.5 million of realized gains) for the nine months ended September 30, 2014, attributable to one public company, FireEye. The extent to which any unrealized gains (or losses) will become realized is subject to a variety of factors, including among other things, changes in prevailing market prices and the timing of any sales or distribution of securities, which are subject to our securities sales and governance processes and may also be constrained by lock-up agreements. None of the FireEye related investments currently are subject to a lock-up agreement. | |||||||||||||||||||||||||||||||||||
-3 | For the three months ended September 30, 2014 and 2013, includes OTTI losses of $0.3 million from the declines in value for 5 of the 281 investments and $0.4 million from the declines in value for 12 of the 293 investments, respectively. For the nine months ended September 30, 2014 and 2013, includes OTTI losses of $0.7 million from the declines in value for 22 of the 281 investments and $1.2 million from the declines in value for 37 of the 293 investments, respectively. We concluded that any declines in value for the remaining investments were temporary, and as such, no OTTI was required to be recognized. |
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | |||||||||||||||||||||||||||||
We serve a variety of commercial clients in the technology, life science, venture capital/private equity and premium wine industries. Our technology clients generally tend to be in the industries of hardware (semiconductors, communications and electronics), software and related services, and energy and resource innovation ("ERI"). Because of the diverse nature of ERI products and services, for our loan-related reporting purposes, ERI-related loans are reported under our hardware, software, life science and other commercial loan categories, as applicable. Our life science clients are concentrated in the medical devices and biotechnology sectors. Loans made to venture capital/private equity firm clients typically enable them to fund investments prior to their receipt of funds from capital calls. Loans to the premium wine industry focus on vineyards and wineries that produce grapes and wines of high quality. | |||||||||||||||||||||||||||||
In addition to commercial loans, we make consumer loans through SVB Private Bank and provide real estate secured loans to eligible employees through our EHOP. Our private banking clients are primarily venture capital/private equity professionals and executive leaders in the innovation companies they support. These products and services include real estate secured home equity lines of credit, which may be used to finance real estate investments and loans used to purchase, renovate or refinance personal residences. These products and services also include restricted stock purchase loans and capital call lines of credit. | |||||||||||||||||||||||||||||
We also provide community development loans made as part of our responsibilities under the Community Reinvestment Act. These loans are included within “Construction loans” below and are primarily secured by real estate. | |||||||||||||||||||||||||||||
The composition of loans, net of unearned income of $95 million and $89 million at September 30, 2014 and December 31, 2013, respectively, is presented in the following table: | |||||||||||||||||||||||||||||
(Dollars in thousands) | 30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 4,503,369 | $ | 4,102,636 | |||||||||||||||||||||||||
Hardware | 1,072,102 | 1,213,032 | |||||||||||||||||||||||||||
Venture capital/private equity | 2,921,184 | 2,386,054 | |||||||||||||||||||||||||||
Life science | 1,245,527 | 1,170,220 | |||||||||||||||||||||||||||
Premium wine | 186,675 | 149,841 | |||||||||||||||||||||||||||
Other | 241,815 | 288,904 | |||||||||||||||||||||||||||
Total commercial loans | 10,170,672 | 9,310,687 | |||||||||||||||||||||||||||
Real estate secured loans: | |||||||||||||||||||||||||||||
Premium wine (1) | 562,893 | 514,993 | |||||||||||||||||||||||||||
Consumer loans (2) | 1,047,935 | 873,255 | |||||||||||||||||||||||||||
Other | 30,152 | 30,743 | |||||||||||||||||||||||||||
Total real estate secured loans | 1,640,980 | 1,418,991 | |||||||||||||||||||||||||||
Construction loans | 80,102 | 76,997 | |||||||||||||||||||||||||||
Consumer loans | 125,427 | 99,711 | |||||||||||||||||||||||||||
Total loans, net of unearned income (3) | $ | 12,017,181 | $ | 10,906,386 | |||||||||||||||||||||||||
-1 | Included in our premium wine portfolio are gross construction loans of $111 million and $112 million at September 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||
-2 | Consumer loans secured by real estate at September 30, 2014 and December 31, 2013 were comprised of the following: | ||||||||||||||||||||||||||||
(Dollars in thousands) | 30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||
Loans for personal residence | $ | 860,024 | $ | 685,327 | |||||||||||||||||||||||||
Loans to eligible employees | 129,979 | 121,548 | |||||||||||||||||||||||||||
Home equity lines of credit | 57,932 | 66,380 | |||||||||||||||||||||||||||
Consumer loans secured by real estate | $ | 1,047,935 | $ | 873,255 | |||||||||||||||||||||||||
-3 | Included within our total loan portfolio are credit card loans of $122 million and $85 million at September 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||
Credit Quality | |||||||||||||||||||||||||||||
The composition of loans, net of unearned income of $95 million and $89 million at September 30, 2014 and December 31, 2013, respectively, broken out by portfolio segment and class of financing receivable, is as follows: | |||||||||||||||||||||||||||||
(Dollars in thousands) | September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 4,503,369 | $ | 4,102,636 | |||||||||||||||||||||||||
Hardware | 1,072,102 | 1,213,032 | |||||||||||||||||||||||||||
Venture capital/private equity | 2,921,184 | 2,386,054 | |||||||||||||||||||||||||||
Life science | 1,245,527 | 1,170,220 | |||||||||||||||||||||||||||
Premium wine | 749,568 | 664,834 | |||||||||||||||||||||||||||
Other | 352,069 | 396,644 | |||||||||||||||||||||||||||
Total commercial loans | 10,843,819 | 9,933,420 | |||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Real estate secured loans | 1,047,935 | 873,255 | |||||||||||||||||||||||||||
Other consumer loans | 125,427 | 99,711 | |||||||||||||||||||||||||||
Total consumer loans | 1,173,362 | 972,966 | |||||||||||||||||||||||||||
Total loans, net of unearned income | $ | 12,017,181 | $ | 10,906,386 | |||||||||||||||||||||||||
The following table summarizes the aging of our gross loans, broken out by portfolio segment and class of financing receivable as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
(Dollars in thousands) | 30 - 59 | 60 - 89 | Greater | Total Past | Current | Loans Past Due | |||||||||||||||||||||||
Days Past | Days Past | Than 90 | Due | 90 Days or | |||||||||||||||||||||||||
Due | Due | Days Past | More Still | ||||||||||||||||||||||||||
Due | Accruing | ||||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 4,565 | $ | 4,334 | $ | 125 | $ | 9,024 | $ | 4,527,570 | $ | 125 | |||||||||||||||||
Hardware | 247 | 3,609 | — | 3,856 | 1,078,234 | — | |||||||||||||||||||||||
Venture capital/private equity | 5 | 3 | — | 8 | 2,948,327 | — | |||||||||||||||||||||||
Life science | 265 | 2,573 | — | 2,838 | 1,253,292 | — | |||||||||||||||||||||||
Premium wine | 5 | — | — | 5 | 750,726 | — | |||||||||||||||||||||||
Other | 66 | 65 | — | 131 | 354,456 | — | |||||||||||||||||||||||
Total commercial loans | 5,153 | 10,584 | 125 | 15,862 | 10,912,605 | 125 | |||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Real estate secured loans | 1,250 | — | — | 1,250 | 1,046,029 | — | |||||||||||||||||||||||
Other consumer loans | 32 | 1 | — | 33 | 125,008 | — | |||||||||||||||||||||||
Total consumer loans | 1,282 | 1 | — | 1,283 | 1,171,037 | — | |||||||||||||||||||||||
Total gross loans excluding impaired loans | 6,435 | 10,585 | 125 | 17,145 | 12,083,642 | 125 | |||||||||||||||||||||||
Impaired loans | 251 | 211 | 1,062 | 1,524 | 10,163 | — | |||||||||||||||||||||||
Total gross loans | $ | 6,686 | $ | 10,796 | $ | 1,187 | $ | 18,669 | $ | 12,093,805 | $ | 125 | |||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 9,804 | $ | 1,291 | $ | 99 | $ | 11,194 | $ | 4,102,546 | $ | 99 | |||||||||||||||||
Hardware | 2,679 | 3,965 | — | 6,644 | 1,198,169 | — | |||||||||||||||||||||||
Venture capital/private equity | 4 | — | — | 4 | 2,408,382 | — | |||||||||||||||||||||||
Life science | 395 | 131 | — | 526 | 1,179,462 | — | |||||||||||||||||||||||
Premium wine | — | — | — | — | 665,755 | — | |||||||||||||||||||||||
Other | 1,580 | 142 | — | 1,722 | 397,416 | — | |||||||||||||||||||||||
Total commercial loans | 14,462 | 5,529 | 99 | 20,090 | 9,951,730 | 99 | |||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Real estate secured loans | 240 | — | — | 240 | 872,586 | — | |||||||||||||||||||||||
Other consumer loans | 8 | — | — | 8 | 98,965 | — | |||||||||||||||||||||||
Total consumer loans | 248 | — | — | 248 | 971,551 | — | |||||||||||||||||||||||
Total gross loans excluding impaired loans | 14,710 | 5,529 | 99 | 20,338 | 10,923,281 | 99 | |||||||||||||||||||||||
Impaired loans | 4,657 | 7,043 | 4,339 | 16,039 | 35,610 | — | |||||||||||||||||||||||
Total gross loans | $ | 19,367 | $ | 12,572 | $ | 4,438 | $ | 36,377 | $ | 10,958,891 | $ | 99 | |||||||||||||||||
The following table summarizes our impaired loans as they relate to our allowance for loan losses, broken out by portfolio segment and class of financing receivable as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
(Dollars in thousands) | Impaired loans for | Impaired loans for | Total carrying value of impaired loans | Total unpaid | |||||||||||||||||||||||||
which there is a | which there is no | principal of impaired loans | |||||||||||||||||||||||||||
related allowance | related allowance | ||||||||||||||||||||||||||||
for loan losses | for loan losses | ||||||||||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 8,730 | $ | — | $ | 8,730 | $ | 12,069 | |||||||||||||||||||||
Life science | 1,000 | — | 1,000 | 1,000 | |||||||||||||||||||||||||
Premium wine | — | 1,339 | 1,339 | 1,752 | |||||||||||||||||||||||||
Other | 186 | — | 186 | 798 | |||||||||||||||||||||||||
Total commercial loans | 9,916 | 1,339 | 11,255 | 15,619 | |||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Real estate secured loans | — | 208 | 208 | 1,416 | |||||||||||||||||||||||||
Other consumer loans | 224 | — | 224 | 526 | |||||||||||||||||||||||||
Total consumer loans | 224 | 208 | 432 | 1,942 | |||||||||||||||||||||||||
Total | $ | 10,140 | $ | 1,547 | $ | 11,687 | $ | 17,561 | |||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 27,308 | $ | 310 | $ | 27,618 | $ | 28,316 | |||||||||||||||||||||
Hardware | 19,329 | 338 | 19,667 | 35,317 | |||||||||||||||||||||||||
Venture capital/private equity | 40 | — | 40 | 40 | |||||||||||||||||||||||||
Life science | — | 1,278 | 1,278 | 4,727 | |||||||||||||||||||||||||
Premium wine | — | 1,442 | 1,442 | 1,778 | |||||||||||||||||||||||||
Other | 690 | — | 690 | 718 | |||||||||||||||||||||||||
Total commercial loans | 47,367 | 3,368 | 50,735 | 70,896 | |||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Real estate secured loans | — | 244 | 244 | 1,434 | |||||||||||||||||||||||||
Other consumer loans | 670 | — | 670 | 941 | |||||||||||||||||||||||||
Total consumer loans | 670 | 244 | 914 | 2,375 | |||||||||||||||||||||||||
Total | $ | 48,037 | $ | 3,612 | $ | 51,649 | $ | 73,271 | |||||||||||||||||||||
The following table summarizes our average impaired loans, broken out by portfolio segment and class of financing receivable for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Average impaired loans: | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 10,651 | $ | 4,306 | $ | 13,690 | $ | 4,631 | |||||||||||||||||||||
Hardware | 1,540 | 25,456 | 8,140 | 24,536 | |||||||||||||||||||||||||
Venture capital/private equity | — | 75 | — | 35 | |||||||||||||||||||||||||
Life science | 333 | — | 636 | 303 | |||||||||||||||||||||||||
Premium wine | 1,364 | 1,502 | 1,398 | 2,458 | |||||||||||||||||||||||||
Other | 674 | 3,648 | 1,383 | 4,344 | |||||||||||||||||||||||||
Total commercial loans | 14,562 | 34,987 | 25,247 | 36,307 | |||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Real estate secured loans | 212 | 3,426 | 224 | 3,391 | |||||||||||||||||||||||||
Other consumer loans | 261 | 866 | 375 | 1,021 | |||||||||||||||||||||||||
Total consumer loans | 473 | 4,292 | 599 | 4,412 | |||||||||||||||||||||||||
Total average impaired loans | $ | 15,035 | $ | 39,279 | $ | 25,846 | $ | 40,719 | |||||||||||||||||||||
The following tables summarize the activity relating to our allowance for loan losses for the three and nine months ended September 30, 2014 and 2013, broken out by portfolio segment: | |||||||||||||||||||||||||||||
Three months ended September 30, 2014 (dollars in thousands) | Beginning Balance June 30, 2014 | Charge-offs | Recoveries | Provision for | Ending Balance September 30, 2014 | ||||||||||||||||||||||||
(Reduction of) Loan Losses | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 53,239 | $ | (6,907 | ) | $ | 790 | $ | 11,078 | $ | 58,200 | ||||||||||||||||||
Hardware | 24,780 | (2,643 | ) | 113 | 2,491 | 24,741 | |||||||||||||||||||||||
Venture capital/private equity | 19,004 | — | — | 845 | 19,849 | ||||||||||||||||||||||||
Life science | 10,597 | — | 53 | 1,591 | 12,241 | ||||||||||||||||||||||||
Premium wine | 3,546 | (35 | ) | — | 710 | 4,221 | |||||||||||||||||||||||
Other | 3,218 | (1,072 | ) | 1,306 | (530 | ) | 2,922 | ||||||||||||||||||||||
Total commercial loans | 114,384 | (10,657 | ) | 2,262 | 16,185 | 122,174 | |||||||||||||||||||||||
Consumer loans | 6,344 | — | 118 | 425 | 6,887 | ||||||||||||||||||||||||
Total allowance for loan losses | $ | 120,728 | $ | (10,657 | ) | $ | 2,380 | $ | 16,610 | $ | 129,061 | ||||||||||||||||||
Nine months ended September 30, 2014 (dollars in thousands) | Beginning Balance December 31, 2013 | Charge-offs | Recoveries | Provision for Loan Losses | Ending Balance September 30, 2014 | ||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 64,084 | $ | (18,932 | ) | $ | 1,023 | $ | 12,025 | $ | 58,200 | ||||||||||||||||||
Hardware | 36,553 | (15,230 | ) | 2,070 | 1,348 | 24,741 | |||||||||||||||||||||||
Venture capital/private equity | 16,385 | — | — | 3,464 | 19,849 | ||||||||||||||||||||||||
Life science | 11,926 | (930 | ) | 341 | 904 | 12,241 | |||||||||||||||||||||||
Premium wine | 3,914 | (35 | ) | 238 | 104 | 4,221 | |||||||||||||||||||||||
Other | 3,680 | (3,062 | ) | 1,316 | 988 | 2,922 | |||||||||||||||||||||||
Total commercial loans | 136,542 | (38,189 | ) | 4,988 | 18,833 | 122,174 | |||||||||||||||||||||||
Consumer loans | 6,344 | — | 325 | 218 | 6,887 | ||||||||||||||||||||||||
Total allowance for loan losses | $ | 142,886 | $ | (38,189 | ) | $ | 5,313 | $ | 19,051 | $ | 129,061 | ||||||||||||||||||
Three months ended September 30, 2013 (dollars in thousands) | Beginning Balance June 30, 2013 | Charge-offs | Recoveries | Provision for | Ending Balance September 30, 2013 | ||||||||||||||||||||||||
(Reduction of) Loan Losses | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 46,798 | $ | (2,527 | ) | $ | 816 | $ | 4,369 | $ | 49,456 | ||||||||||||||||||
Hardware | 33,188 | (5,544 | ) | 1,149 | 7,370 | 36,163 | |||||||||||||||||||||||
Venture capital/private equity | 13,593 | — | — | 617 | 14,210 | ||||||||||||||||||||||||
Life science | 11,741 | (57 | ) | 246 | (780 | ) | 11,150 | ||||||||||||||||||||||
Premium wine | 3,793 | — | 4 | 81 | 3,878 | ||||||||||||||||||||||||
Other | 3,654 | (21 | ) | 77 | (24 | ) | 3,686 | ||||||||||||||||||||||
Total commercial loans | 112,767 | (8,149 | ) | 2,292 | 11,633 | 118,543 | |||||||||||||||||||||||
Consumer loans | 6,804 | — | 382 | (995 | ) | 6,191 | |||||||||||||||||||||||
Total allowance for loan losses | $ | 119,571 | $ | (8,149 | ) | $ | 2,674 | $ | 10,638 | $ | 124,734 | ||||||||||||||||||
Nine months ended September 30, 2013 (dollars in thousands) | Beginning Balance December 31, 2012 | Charge-offs | Recoveries | Provision for | Ending Balance September 30, 2013 | ||||||||||||||||||||||||
(Reduction of) Loan Losses | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 42,648 | $ | (7,619 | ) | $ | 1,455 | $ | 12,972 | $ | 49,456 | ||||||||||||||||||
Hardware | 29,761 | (11,975 | ) | 1,998 | 16,379 | 36,163 | |||||||||||||||||||||||
Venture capital/private equity | 9,963 | — | — | 4,247 | 14,210 | ||||||||||||||||||||||||
Life science | 13,606 | (2,618 | ) | 1,335 | (1,173 | ) | 11,150 | ||||||||||||||||||||||
Premium wine | 3,523 | — | 135 | 220 | 3,878 | ||||||||||||||||||||||||
Other | 3,912 | (6,069 | ) | 2,458 | 3,385 | 3,686 | |||||||||||||||||||||||
Total commercial loans | 103,413 | (28,281 | ) | 7,381 | 36,030 | 118,543 | |||||||||||||||||||||||
Consumer loans | 7,238 | (869 | ) | 829 | (1,007 | ) | 6,191 | ||||||||||||||||||||||
Total allowance for loan losses | $ | 110,651 | $ | (29,150 | ) | $ | 8,210 | $ | 35,023 | $ | 124,734 | ||||||||||||||||||
The following table summarizes the allowance for loan losses individually and collectively evaluated for impairment as of September 30, 2014 and December 31, 2013, broken out by portfolio segment: | |||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||
Individually Evaluated for | Collectively Evaluated for | Individually Evaluated for | Collectively Evaluated for | ||||||||||||||||||||||||||
Impairment | Impairment | Impairment | Impairment | ||||||||||||||||||||||||||
(Dollars in thousands) | Allowance for loan losses | Recorded investment in loans | Allowance for loan losses | Recorded investment in loans | Allowance for loan losses | Recorded investment in loans | Allowance for loan losses | Recorded investment in loans | |||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 2,057 | $ | 8,730 | $ | 56,143 | $ | 4,494,639 | $ | 11,261 | $ | 27,617 | $ | 52,823 | $ | 4,075,019 | |||||||||||||
Hardware | — | — | 24,741 | 1,072,102 | 9,673 | 19,667 | 26,880 | 1,193,365 | |||||||||||||||||||||
Venture capital/private equity | — | — | 19,849 | 2,921,184 | 19 | 39 | 16,366 | 2,386,015 | |||||||||||||||||||||
Life science | 191 | 1,000 | 12,050 | 1,244,527 | — | 1,278 | 11,926 | 1,168,942 | |||||||||||||||||||||
Premium wine | — | 1,339 | 4,221 | 748,229 | — | 1,442 | 3,914 | 663,392 | |||||||||||||||||||||
Other | 4 | 186 | 2,918 | 351,883 | 156 | 690 | 3,524 | 395,954 | |||||||||||||||||||||
Total commercial loans | 2,252 | 11,255 | 119,922 | 10,832,564 | 21,109 | 50,733 | 115,433 | 9,882,687 | |||||||||||||||||||||
Consumer loans | 73 | 432 | 6,814 | 1,172,930 | 168 | 915 | 6,176 | 972,051 | |||||||||||||||||||||
Total | $ | 2,325 | $ | 11,687 | $ | 126,736 | $ | 12,005,494 | $ | 21,277 | $ | 51,648 | $ | 121,609 | $ | 10,854,738 | |||||||||||||
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 “Performing (Criticized)”. A majority of our Performing (Criticized) loans are from our SVB Accelerator practice, serving our emerging or early stage clients. Loans risk-rated 8 and 9 are loans that are considered to be impaired and are on nonaccrual status. Loans are placed on nonaccrual status when they become 90 days past due as to principal or interest payments (unless the principal and interest are well secured and in the process of collection), or when we have determined, based upon most recent available information, that the timely collection of principal or interest is not probable; these loans are deemed “impaired” (For further description of nonaccrual loans, refer to Note 2—“Summary of Significant Accounting Policies” under Part II, Item 8 of our 2013 Form 10-K). Loans rated 10 are charged-off and are not included as part of our loan portfolio balance. We review our credit quality indicators for performance and appropriateness of risk ratings as part of our evaluation process for our allowance for loan losses. | |||||||||||||||||||||||||||||
The following table summarizes the credit quality indicators, broken out by portfolio segment and class of financing receivables as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Performing | Impaired | Total | |||||||||||||||||||||||||
(Criticized) | |||||||||||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 4,179,638 | $ | 356,956 | $ | 8,730 | $ | 4,545,324 | |||||||||||||||||||||
Hardware | 885,407 | 196,683 | — | 1,082,090 | |||||||||||||||||||||||||
Venture capital/private equity | 2,932,711 | 15,624 | — | 2,948,335 | |||||||||||||||||||||||||
Life science | 1,093,451 | 162,679 | 1,000 | 1,257,130 | |||||||||||||||||||||||||
Premium wine | 732,605 | 18,126 | 1,339 | 752,070 | |||||||||||||||||||||||||
Other | 338,187 | 16,400 | 186 | 354,773 | |||||||||||||||||||||||||
Total commercial loans | 10,161,999 | 766,468 | 11,255 | 10,939,722 | |||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Real estate secured loans | 1,042,547 | 4,732 | 208 | 1,047,487 | |||||||||||||||||||||||||
Other consumer loans | 122,736 | 2,305 | 224 | 125,265 | |||||||||||||||||||||||||
Total consumer loans | 1,165,283 | 7,037 | 432 | 1,172,752 | |||||||||||||||||||||||||
Total gross loans | $ | 11,327,282 | $ | 773,505 | $ | 11,687 | $ | 12,112,474 | |||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 3,875,043 | $ | 238,697 | $ | 27,618 | $ | 4,141,358 | |||||||||||||||||||||
Hardware | 995,055 | 209,758 | 19,667 | 1,224,480 | |||||||||||||||||||||||||
Venture capital/private equity | 2,408,386 | — | 40 | 2,408,426 | |||||||||||||||||||||||||
Life science | 1,091,993 | 87,995 | 1,278 | 1,181,266 | |||||||||||||||||||||||||
Premium wine | 652,747 | 13,008 | 1,442 | 667,197 | |||||||||||||||||||||||||
Other | 383,602 | 15,536 | 690 | 399,828 | |||||||||||||||||||||||||
Total commercial loans | 9,406,826 | 564,994 | 50,735 | 10,022,555 | |||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Real estate secured loans | 868,789 | 4,037 | 244 | 873,070 | |||||||||||||||||||||||||
Other consumer loans | 95,586 | 3,387 | 670 | 99,643 | |||||||||||||||||||||||||
Total consumer loans | 964,375 | 7,424 | 914 | 972,713 | |||||||||||||||||||||||||
Total gross loans | $ | 10,371,201 | $ | 572,418 | $ | 51,649 | $ | 10,995,268 | |||||||||||||||||||||
TDRs | |||||||||||||||||||||||||||||
As of September 30, 2014 we had 10 TDRs with a total carrying value of $10.3 million where concessions have been granted to borrowers experiencing financial difficulties, in an attempt to maximize collection. There were unfunded commitments available for funding of $0.8 million to the clients associated with these TDRs as of September 30, 2014. The following table summarizes our loans modified in TDRs, broken out by portfolio segment and class of financing receivables at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
(Dollars in thousands) | 30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||
Loans modified in TDRs: | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 7,848 | $ | 5,860 | |||||||||||||||||||||||||
Hardware | — | 13,329 | |||||||||||||||||||||||||||
Venture capital/ private equity | — | 77 | |||||||||||||||||||||||||||
Premium wine | 1,953 | 1,442 | |||||||||||||||||||||||||||
Other | 275 | 1,055 | |||||||||||||||||||||||||||
Total commercial loans | 10,076 | 21,763 | |||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Other consumer loans | 224 | 670 | |||||||||||||||||||||||||||
Total consumer loans | 224 | 670 | |||||||||||||||||||||||||||
Total | $ | 10,300 | $ | 22,433 | |||||||||||||||||||||||||
The following table summarizes the recorded investment in loans modified in TDRs, broken out by portfolio segment and class of financing receivable, for modifications made during the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Loans modified in TDRs during the period: | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 496 | $ | 1,007 | $ | 7,848 | $ | 1,007 | |||||||||||||||||||||
Hardware | — | 6,330 | — | 7,783 | |||||||||||||||||||||||||
Venture capital/ private equity | — | — | — | 88 | |||||||||||||||||||||||||
Premium wine | — | — | 614 | — | |||||||||||||||||||||||||
Other | — | — | — | 734 | |||||||||||||||||||||||||
Total commercial loans | 496 | 7,337 | 8,462 | 9,612 | |||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Other consumer loans | — | — | — | 41 | |||||||||||||||||||||||||
Total consumer loans | — | — | — | 41 | |||||||||||||||||||||||||
Total loans modified in TDRs during the period (1) | $ | 496 | $ | 7,337 | $ | 8,462 | $ | 9,653 | |||||||||||||||||||||
-1 | There were no partial charge-offs on loans classified as TDRs for the three and nine months ended September 30, 2014. There were partial charge-offs of $1.2 million and $2.4 million on loans classified as TDRs for the three and nine months ended September 30, 2013, respectively. | ||||||||||||||||||||||||||||
During the three months ended September 30, 2014, new TDRs of $0.5 million were modified through payment deferrals granted to our clients. During the nine months ended September 30, 2014, new TDRs of $7.1 million were modified through payment deferrals granted to our clients and $1.3 million were modified through partial forgiveness of principal. | |||||||||||||||||||||||||||||
During the three and nine months ended September 30, 2013, new TDRs of $7.3 million and $9.7 million, respectively, were modified through payment deferrals granted to our clients and no principal or interest was forgiven. | |||||||||||||||||||||||||||||
The related allowance for loan losses for the majority of our TDRs is determined on an individual basis by comparing the carrying value of the loan to the present value of the estimated future cash flows, discounted at the pre-modification contractual interest rate. For certain TDRs, the related allowance for loan losses is determined based on the fair value of the collateral if the loan is collateral dependent. | |||||||||||||||||||||||||||||
There were no loans modified in TDRs within the previous 12 months that subsequently defaulted during the three and nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||
Charge-offs and defaults on previously restructured loans are evaluated to determine the impact to the allowance for loan losses, if any. The evaluation of these defaults may impact the assumptions used in calculating the reserve on other TDRs and impaired 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 was necessary to determine the allowance for loan losses as of September 30, 2014. |
ShortTerm_Borrowings_and_LongT
Short-Term Borrowings and Long-Term Debt | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||
Short-Term Borrowings and Long-Term Debt | ' | ||||||||||||||
Short-Term Borrowings and Long-Term Debt | |||||||||||||||
The following table represents outstanding short-term borrowings and long-term debt at September 30, 2014 and December 31, 2013: | |||||||||||||||
Carrying Value | |||||||||||||||
(Dollars in thousands) | Maturity | Principal value at September 30, 2014 | September 30, | December 31, | |||||||||||
2014 | 2013 | ||||||||||||||
Short-term borrowings: | |||||||||||||||
Other short-term borrowings | -1 | $ | 6,630 | $ | 6,630 | $ | 5,080 | ||||||||
Total short-term borrowings | $ | 6,630 | $ | 5,080 | |||||||||||
Long-term debt: | |||||||||||||||
5.375% Senior Notes | 15-Sep-20 | $ | 350,000 | $ | 348,378 | $ | 348,209 | ||||||||
6.05% Subordinated Notes (2) | June 1, 2017 | 45,964 | 50,497 | 51,987 | |||||||||||
7.0% Junior Subordinated Debentures | October 15, 2033 | 50,000 | 54,889 | 55,020 | |||||||||||
Total long-term debt | $ | 453,764 | $ | 455,216 | |||||||||||
-1 | Represents cash collateral received from certain counterparties in relation to market value exposures of derivative contracts in our favor, primarily for our interest rate swap agreement related to our 6.05% Subordinated Notes. | ||||||||||||||
-2 | At September 30, 2014 and December 31, 2013, included in the carrying value of our 6.05% Subordinated Notes was an interest rate swap valued at $5.0 million and $6.5 million, respectively, related to hedge accounting associated with the notes. | ||||||||||||||
Interest expense related to long-term debt was $5.8 million and $17.4 million for the three and nine months ended September 30, 2014, and $5.7 million and $17.4 million for the three and nine months ended September 30, 2013. Interest expense is net of the hedge accounting impact from our interest rate swap agreement related to our 6.05% Subordinated Notes. The weighted average interest rate associated with our short-term borrowings as of September 30, 2014 was 0.07 percent. | |||||||||||||||
Available Lines of Credit | |||||||||||||||
We have certain facilities in place to enable us to access short-term borrowings on a secured (using high-quality fixed income securities as collateral) and an unsecured basis. These include repurchase agreements and uncommitted federal funds lines with various financial institutions. As of September 30, 2014, we did not borrow against our uncommitted federal funds lines. We also pledge securities to the FHLB of San Francisco and the discount window at the Federal Reserve Bank. The market value of collateral pledged to the FHLB of San Francisco (comprised primarily of U.S. agency debentures and mortgage securities) at September 30, 2014 totaled $1.2 billion, all of which was unused and available to support additional borrowings. The market value of collateral pledged at the discount window of the Federal Reserve Bank at September 30, 2014 totaled $517 million, all of which was unused and available to support additional borrowings. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||||||||||||||||
We primarily use derivative financial instruments to manage interest rate risk, currency exchange rate risk, and to assist customers with their risk management objectives. 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 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 for our 6.05% Subordinated Notes, we entered into a fixed-for-floating interest rate swap agreement at the time of debt issuance based upon LIBOR with matched-terms. Net cash benefits associated with our interest rate swap is recorded as a reduction in “Interest expense—Borrowings,” a component of net interest income. The fair value of our interest rate swap is calculated using a discounted cash flow method and adjusted for credit valuation associated with counterparty risk. Changes in the fair value of the interest rate swap are reflected in either other assets (if in an asset position) or other liabilities (if in a liability position). | |||||||||||||||||||||||||||||||||||
We assess hedge effectiveness under ASC 815, Derivatives and Hedging, using the long-haul method. Any differences associated with our interest rate swap that arise as a result of hedge ineffectiveness is recorded through net gains on derivative instruments, in noninterest income, a component of consolidated net income. | |||||||||||||||||||||||||||||||||||
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, primarily in Pound Sterling and Euro. We do not designate any foreign exchange forward contracts as derivative instruments that qualify for hedge accounting. Changes in currency rates on foreign currency denominated instruments are included in other noninterest income, a component of noninterest 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 through net gains on derivative instruments, in noninterest income, a component of consolidated net income. Additionally, through our global banking operations we maintain customer deposits denominated in the Euro and Pound Sterling which are used to fund certain loans in these currencies to limit our exposure to currency fluctuations. | |||||||||||||||||||||||||||||||||||
Other Derivative Instruments | |||||||||||||||||||||||||||||||||||
Equity Warrant Assets | |||||||||||||||||||||||||||||||||||
Our equity warrant assets are concentrated in private, venture-backed companies in the technology and life science industries. Most of these warrant agreements contain net share settlement provisions, which permit us to pay the warrant exercise price using shares issuable under the warrant (“cashless exercise”). We value our equity warrant assets using a modified Black-Scholes option pricing model, which incorporates assumptions about the underlying asset value, volatility, and the risk-free rate. We make valuation adjustments for estimated remaining life and marketability for warrants issued by private companies. Equity warrant assets are recorded at fair value in other assets, while changes in their fair value are recorded through net gains on derivative instruments, in noninterest income, a component of consolidated net income. | |||||||||||||||||||||||||||||||||||
Loan Conversion Options | |||||||||||||||||||||||||||||||||||
In connection with negotiating certain credit facilities, we occasionally extend loan facilities which have convertible option features. The convertible loans may be converted into a certain number of shares determined by dividing the principal amount of the loan by the applicable conversion price. Because our loan conversion options have underlying and notional values and had no initial net investment, these assets qualify as derivative instruments. We value our loan conversion options using a modified Black-Scholes option pricing model, which incorporates assumptions about the underlying asset value, volatility, and the risk-free rate. Loan conversion options are recorded at fair value in other assets, while changes in their fair value are recorded through net gains on derivative instruments, in noninterest income, a component of consolidated net income. | |||||||||||||||||||||||||||||||||||
Other Derivatives | |||||||||||||||||||||||||||||||||||
We sell forward and option contracts to clients who wish to mitigate their foreign currency exposure. We economically reduce the currency risk from this business by entering into opposite way contracts with correspondent banks. These relationships do not qualify for hedge accounting. The contracts generally have terms of one year or less, although we may have contracts extending for up to five years. Generally, we have not experienced nonperformance on these contracts, have not incurred credit losses, and anticipate performance by all counterparties to such agreements. Contracts in an asset position are included in other assets and contracts in a liability position are included in other liabilities. The net change in the fair value of these contracts is recorded through net gains on derivative instruments, in noninterest income, a component of consolidated net income. | |||||||||||||||||||||||||||||||||||
We sell interest rate contracts to clients who wish to mitigate their interest rate exposure. We economically reduce the interest rate risk from this business by entering into opposite way contracts with correspondent banks. We do not designate any of these contracts (which are derivative instruments) as qualifying for hedge accounting. Contracts in an asset position are included in other assets and contracts in a liability position are included in other liabilities. The net change in the fair value of these derivatives is recorded through net gains on derivative instruments, in noninterest income, a component of consolidated net income. | |||||||||||||||||||||||||||||||||||
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, fair value, collateral and net exposure of our derivative financial instruments at September 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Balance Sheet | Notional or | Fair Value | Collateral | Net | Notional or | Fair Value | Collateral | Net | ||||||||||||||||||||||||||
Location | Contractual | -1 | Exposure | Contractual | -1 | Exposure | |||||||||||||||||||||||||||||
Amount | -2 | Amount | -2 | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rate risks: | |||||||||||||||||||||||||||||||||||
Interest rate swaps | Other assets | $ | 45,964 | $ | 4,965 | $ | 3,910 | $ | 1,055 | $ | 45,964 | $ | 6,492 | $ | 5,080 | $ | 1,412 | ||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Currency exchange risks: | |||||||||||||||||||||||||||||||||||
Foreign exchange forwards | Other assets | 33,840 | 1,032 | 1,935 | (903 | ) | 140,760 | 1,423 | — | 1,423 | |||||||||||||||||||||||||
Foreign exchange forwards | Other liabilities | 30,306 | (387 | ) | — | (387 | ) | 62,649 | (634 | ) | — | (634 | ) | ||||||||||||||||||||||
Net exposure | 645 | 1,935 | (1,290 | ) | 789 | — | 789 | ||||||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||||||||||||
Equity warrant assets | Other assets | 186,853 | 94,960 | — | 94,960 | 179,934 | 103,513 | — | 103,513 | ||||||||||||||||||||||||||
Other derivatives: | |||||||||||||||||||||||||||||||||||
Client foreign exchange forwards | Other assets | 526,329 | 16,111 | 785 | 15,326 | 424,983 | 13,673 | — | 13,673 | ||||||||||||||||||||||||||
Client foreign exchange forwards | Other liabilities | 483,262 | (15,355 | ) | — | (15,355 | ) | 367,079 | (11,549 | ) | — | (11,549 | ) | ||||||||||||||||||||||
Client foreign currency options | Other assets | 6,500 | 91 | — | 91 | 91,854 | 434 | — | 434 | ||||||||||||||||||||||||||
Client foreign currency options | Other liabilities | 6,500 | (91 | ) | — | (91 | ) | 91,854 | (434 | ) | — | (434 | ) | ||||||||||||||||||||||
Loan conversion options | Other assets | 1,442 | — | — | — | 3,455 | 314 | — | 314 | ||||||||||||||||||||||||||
Client interest rate derivatives | Other assets | 359,074 | 2,173 | — | 2,173 | 216,773 | 1,265 | — | 1,265 | ||||||||||||||||||||||||||
Client interest rate derivatives | Other liabilities | 359,074 | (2,317 | ) | — | (2,317 | ) | 216,773 | (1,396 | ) | — | (1,396 | ) | ||||||||||||||||||||||
Net exposure | 612 | 785 | (173 | ) | 2,307 | — | 2,307 | ||||||||||||||||||||||||||||
Net | $ | 101,182 | $ | 6,630 | $ | 94,552 | $ | 113,101 | $ | 5,080 | $ | 108,021 | |||||||||||||||||||||||
-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. | ||||||||||||||||||||||||||||||||||
-2 | Net exposure for contracts in a gain position reflects the replacement cost in the event of nonperformance by all such counterparties. The credit ratings of our institutional counterparties as of September 30, 2014 remain at investment grade or higher and there were no material changes in their credit ratings during the three and nine months ended September 30, 2014. | ||||||||||||||||||||||||||||||||||
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, 2014 and 2013 is as follows: | |||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Statement of income location | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rate risks: | |||||||||||||||||||||||||||||||||||
Net cash benefit associated with interest rate swaps | Interest expense—borrowings | $ | 638 | $ | 634 | $ | 1,915 | $ | 1,901 | ||||||||||||||||||||||||||
Changes in fair value of interest rate swaps | Net gains on derivative instruments | (12 | ) | (7 | ) | (37 | ) | 20 | |||||||||||||||||||||||||||
Net gains associated with interest rate risk derivatives | $ | 626 | $ | 627 | $ | 1,878 | $ | 1,921 | |||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Currency exchange risks: | |||||||||||||||||||||||||||||||||||
(Losses) gains on revaluations of foreign currency instruments | Other noninterest income | $ | (12,640 | ) | $ | 8,101 | $ | (12,347 | ) | $ | 451 | ||||||||||||||||||||||||
Gains (losses) on internal foreign exchange forward contracts, net | Net gains on derivative instruments | 12,529 | (8,423 | ) | 12,038 | (1,511 | ) | ||||||||||||||||||||||||||||
Net (losses) associated with currency risk | $ | (111 | ) | $ | (322 | ) | $ | (309 | ) | $ | (1,060 | ) | |||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||||||||||||
Net gains on equity warrant assets | Net gains on derivative instruments | $ | 13,157 | $ | 18,780 | $ | 50,859 | $ | 29,475 | ||||||||||||||||||||||||||
Gains (losses) on client foreign exchange forward contracts, net | Net gains on derivative instruments | $ | 886 | $ | (411 | ) | $ | 1,358 | $ | (237 | ) | ||||||||||||||||||||||||
Net (losses) gains on other derivatives (1) | Net gains on derivative instruments | $ | (22 | ) | $ | (517 | ) | $ | (738 | ) | $ | 55 | |||||||||||||||||||||||
-1 | Primarily represents the change in fair value of loan conversion options. | ||||||||||||||||||||||||||||||||||
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, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position But Subject to Master Netting Arrangements | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 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 | Financial Instruments | Cash Collateral Received | Net Amount | |||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||||
Derivative Assets: | |||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 4,965 | $ | — | $ | 4,965 | $ | (1,055 | ) | $ | (3,910 | ) | $ | — | |||||||||||||||||||||
Foreign exchange forwards | 17,143 | — | 17,143 | (8,002 | ) | (2,720 | ) | 6,421 | |||||||||||||||||||||||||||
Foreign currency options | 92 | (1 | ) | 91 | (91 | ) | — | — | |||||||||||||||||||||||||||
Client interest rate derivatives | 2,173 | — | 2,173 | (2,173 | ) | — | — | ||||||||||||||||||||||||||||
Total derivative assets: | 24,373 | (1 | ) | 24,372 | (11,321 | ) | (6,630 | ) | 6,421 | ||||||||||||||||||||||||||
Reverse repurchase, securities borrowing, and similar arrangements | 50,834 | — | 50,834 | (50,834 | ) | — | — | ||||||||||||||||||||||||||||
Total | $ | 75,207 | $ | (1 | ) | $ | 75,206 | $ | (62,155 | ) | $ | (6,630 | ) | $ | 6,421 | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||
Derivative Assets: | |||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 6,492 | $ | — | $ | 6,492 | $ | (1,412 | ) | $ | (5,080 | ) | $ | — | |||||||||||||||||||||
Foreign exchange forwards | 15,096 | — | 15,096 | (6,735 | ) | — | 8,361 | ||||||||||||||||||||||||||||
Foreign currency options | 504 | (70 | ) | 434 | (155 | ) | — | 279 | |||||||||||||||||||||||||||
Client interest rate derivatives | 1,265 | — | 1,265 | (256 | ) | — | 1,009 | ||||||||||||||||||||||||||||
Total derivative assets: | 23,357 | (70 | ) | 23,287 | (8,558 | ) | (5,080 | ) | 9,649 | ||||||||||||||||||||||||||
Reverse repurchase, securities borrowing, and similar arrangements | 172,989 | — | 172,989 | (172,989 | ) | — | — | ||||||||||||||||||||||||||||
Total | $ | 196,346 | $ | (70 | ) | $ | 196,276 | $ | (181,547 | ) | $ | (5,080 | ) | $ | 9,649 | ||||||||||||||||||||
The following table summarizes our liabilities subject to enforceable master netting arrangements as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position But Subject to Master Netting Arrangements | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 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 | Financial Instruments | Cash Collateral Pledged | Net Amount | |||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||||
Derivative Liabilities: | |||||||||||||||||||||||||||||||||||
Foreign exchange forwards | $ | 15,742 | $ | — | $ | 15,742 | $ | (9,294 | ) | $ | — | $ | 6,448 | ||||||||||||||||||||||
Foreign currency options | 92 | (1 | ) | 91 | — | — | 91 | ||||||||||||||||||||||||||||
Client interest rate derivatives | 2,317 | — | 2,317 | (2,317 | ) | — | — | ||||||||||||||||||||||||||||
Total derivative liabilities: | 18,151 | (1 | ) | 18,150 | (11,611 | ) | — | 6,539 | |||||||||||||||||||||||||||
Repurchase, securities lending, and similar arrangements | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 18,151 | $ | (1 | ) | $ | 18,150 | $ | (11,611 | ) | $ | — | $ | 6,539 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||
Derivative Liabilities: | |||||||||||||||||||||||||||||||||||
Foreign exchange forwards | $ | 12,183 | $ | — | $ | 12,183 | $ | (8,282 | ) | $ | — | $ | 3,901 | ||||||||||||||||||||||
Foreign currency options | 504 | (70 | ) | 434 | (279 | ) | — | 155 | |||||||||||||||||||||||||||
Client interest rate derivatives | 1,396 | — | 1,396 | (1,087 | ) | — | 309 | ||||||||||||||||||||||||||||
Total derivative liabilities: | 14,083 | (70 | ) | 14,013 | (9,648 | ) | — | 4,365 | |||||||||||||||||||||||||||
Repurchase, securities lending, and similar arrangements | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 14,083 | $ | (70 | ) | $ | 14,013 | $ | (9,648 | ) | $ | — | $ | 4,365 | |||||||||||||||||||||
Other_Noninterest_Loss_Income_
Other Noninterest (Loss) Income and Other Noninterest Expense | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||||||
Other Noninterest (Loss) Income and Other Noninterest Expense | ' | ||||||||||||||||
Other Noninterest (Loss) Income and Other Noninterest Expense | |||||||||||||||||
A summary of other noninterest (loss) income for the three and nine months ended September 30, 2014 and 2013 is as follows: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Fund management fees | $ | 3,574 | $ | 2,822 | $ | 9,888 | $ | 8,531 | |||||||||
Service-based fee income | 2,180 | 1,901 | 6,459 | 5,706 | |||||||||||||
(Losses) gains on revaluation of foreign currency instruments (1) | (12,640 | ) | 8,069 | (12,347 | ) | 444 | |||||||||||
Other (2) | 1,525 | 4,369 | 10,601 | 9,667 | |||||||||||||
Total other noninterest (loss) income | $ | (5,361 | ) | $ | 17,161 | $ | 14,601 | $ | 24,348 | ||||||||
-1 | Represents the revaluation of foreign currency denominated financial instruments issued and held by us, primarily loans, deposits and cash. | ||||||||||||||||
-2 | Includes dividends on FHLB/FRB stock, correspondent bank rebate income and other fee income. | ||||||||||||||||
A summary of other noninterest expense for the three and nine months ended September 30, 2014 and 2013 is as follows: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Client services | $ | 3,215 | $ | 1,920 | $ | 8,160 | $ | 5,711 | |||||||||
Tax credit fund amortization | 2,228 | 1,519 | 6,758 | 4,174 | |||||||||||||
Data processing services | 2,229 | 2,020 | 6,497 | 5,814 | |||||||||||||
Telephone | 1,931 | 1,571 | 5,217 | 4,640 | |||||||||||||
Postage and supplies | 763 | 559 | 2,248 | 1,777 | |||||||||||||
Dues and publications | 719 | 399 | 1,852 | 1,302 | |||||||||||||
Other | 4,711 | 2,661 | 9,381 | 6,855 | |||||||||||||
Total other noninterest expense | $ | 15,796 | $ | 10,649 | $ | 40,113 | $ | 30,273 | |||||||||
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||
Segment Reporting | |||||||||||||||||||||
We have three reportable segments for management reporting purposes: Global Commercial Bank, SVB Private Bank and SVB Capital. The results of our operating segments are based on our internal management reporting process. | |||||||||||||||||||||
Our operating segments’ primary source of revenue is from net interest income, which is primarily the difference between interest earned on loans, net of funds transfer pricing (“FTP”), and interest paid on deposits, net of FTP. Accordingly, our 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 an earnings credit is given for deposits raised, and an earnings 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 loan 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 taxes 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 three operating segments for which we report our financial information: | |||||||||||||||||||||
• | Global Commercial Bank is comprised of results from the following: | ||||||||||||||||||||
◦ | Our Commercial Bank products and services are provided by the Bank to commercial clients in the technology, life science and clean technology (energy and resource innovation) industries. The Bank provides solutions to the financial needs of commercial clients, through credit, global treasury management, foreign exchange, global trade finance, and other services. It serves clients within the United States, as well as non-U.S. clients in key international entrepreneurial markets. In addition, the Bank and its subsidiaries offer a variety of investment services and solutions, including investment advisory and broker-dealer services. | ||||||||||||||||||||
◦ | Our Private Equity Division provides banking products and services primarily to our venture capital and private equity clients. | ||||||||||||||||||||
◦ | Our Wine practice provides banking products and services to our premium wine industry clients. This practice is formerly known as SVB Specialty Lending and included our Community Development Finance practice which makes loans as part of our responsibilities under the Community Reinvestment Act. During the third quarter of 2014, management realigned the organizational structure of our Community Development Finance practice in order to improve its oversight and compliance for loans made as part of our responsibilities under the Community Reinvestment Act. This practice, formerly included in the GCB results, has been moved into "Other Items". Prior period results have been recast to conform to the new composition of these reportable segments and had no material effect on either the Global Commercial Bank or Other reporting segments. | ||||||||||||||||||||
◦ | SVB Analytics provides equity valuation services to companies and venture capital/private equity firms. | ||||||||||||||||||||
◦ | Debt Fund Investments is comprised of our investments in certain debt funds. | ||||||||||||||||||||
• | SVB Private Bank is the private banking division of the Bank, which provides banking products and a range of personal financial solutions for consumers. Our clients are primarily venture capital/private equity professionals and executive leaders of the innovation companies they support. We offer a customized suite of private banking services, including mortgages, home equity lines of credit, restricted stock purchase loans, capital call lines of credit and other secured and unsecured lending, as well as cash and wealth management services. | ||||||||||||||||||||
• | SVB Capital is the venture capital investment arm of SVBFG, which focuses primarily on funds management. SVB Capital manages funds (primarily venture capital funds) on behalf of third party limited partners and SVB Financial Group. The SVB Capital family of funds is comprised of funds of funds and direct venture funds. SVB Capital generates income for the Company primarily through management fees, carried interest arrangements and returns through the Company’s investments in the funds. | ||||||||||||||||||||
The summary financial results of our operating segments are presented along with a reconciliation to our consolidated interim results. | |||||||||||||||||||||
Our segment information for the three and nine months ended September 30, 2014 and 2013 is as follows: | |||||||||||||||||||||
(Dollars in thousands) | Global | SVB Private | SVB Capital (1) | Other Items (2) | Total | ||||||||||||||||
Commercial | Bank | ||||||||||||||||||||
Bank (1) | |||||||||||||||||||||
Three months ended September 30, 2014 | |||||||||||||||||||||
Net interest income | $ | 187,184 | $ | 7,344 | $ | 12 | $ | 26,025 | $ | 220,565 | |||||||||||
(Provision for) loan losses | (16,185 | ) | (425 | ) | — | — | (16,610 | ) | |||||||||||||
Noninterest income | 57,756 | 491 | 1,064 | 20,856 | 80,167 | ||||||||||||||||
Noninterest expense (3) | (128,685 | ) | (2,574 | ) | (3,036 | ) | (47,694 | ) | (181,989 | ) | |||||||||||
Income (loss) before income tax expense (4) | $ | 100,070 | $ | 4,836 | $ | (1,960 | ) | $ | (813 | ) | $ | 102,133 | |||||||||
Total average loans, net of unearned income | $ | 10,192,945 | $ | 1,190,986 | $ | — | $ | 55,590 | $ | 11,439,521 | |||||||||||
Total average assets (5) | 31,809,853 | 1,129,947 | 302,949 | 1,355,536 | 34,598,285 | ||||||||||||||||
Total average deposits | 28,795,499 | 877,701 | — | 53,084 | 29,726,284 | ||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||
Net interest income | $ | 162,371 | $ | 6,195 | $ | 1 | $ | 8,529 | $ | 177,096 | |||||||||||
(Provision for) loan losses | (11,633 | ) | 995 | — | — | (10,638 | ) | ||||||||||||||
Noninterest income | 49,991 | 380 | 35,457 | 171,822 | 257,650 | ||||||||||||||||
Noninterest expense (3) | (107,495 | ) | (2,484 | ) | (2,728 | ) | (47,817 | ) | (160,524 | ) | |||||||||||
Income before income tax expense (4) | $ | 93,234 | $ | 5,086 | $ | 32,730 | $ | 132,534 | $ | 263,584 | |||||||||||
Total average loans, net of unearned income | $ | 8,576,443 | $ | 942,411 | $ | — | $ | 27,087 | $ | 9,545,941 | |||||||||||
Total average assets (5) | 21,336,583 | 998,640 | 329,680 | 407,831 | 23,072,734 | ||||||||||||||||
Total average deposits | 18,994,374 | 535,611 | — | 29,903 | 19,559,888 | ||||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||
Net interest income | $ | 541,375 | $ | 23,529 | $ | 55 | $ | 56,899 | $ | 621,858 | |||||||||||
(Provision for) reduction of loan losses | (18,833 | ) | (218 | ) | — | — | (19,051 | ) | |||||||||||||
Noninterest income | 169,414 | 1,121 | 35,617 | 198,450 | 404,602 | ||||||||||||||||
Noninterest expense (3) | (374,289 | ) | (7,709 | ) | (8,815 | ) | (137,058 | ) | (527,871 | ) | |||||||||||
Income before income tax expense (4) | $ | 317,667 | $ | 16,723 | $ | 26,857 | $ | 118,291 | $ | 479,538 | |||||||||||
Total average loans, net of unearned income | $ | 9,917,115 | $ | 1,120,647 | $ | — | $ | 60,635 | $ | 11,098,397 | |||||||||||
Total average assets (5) | 28,828,400 | 1,027,707 | 328,048 | 1,221,098 | 31,405,253 | ||||||||||||||||
Total average deposits | 26,020,715 | 805,167 | — | 56,231 | 26,882,113 | ||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||
Net interest income | $ | 465,893 | $ | 18,226 | $ | 5 | $ | 26,222 | $ | 510,346 | |||||||||||
(Provision for) reduction of loan losses | (36,030 | ) | 1,007 | — | — | (35,023 | ) | ||||||||||||||
Noninterest income | 144,893 | 867 | 48,179 | 240,554 | 434,493 | ||||||||||||||||
Noninterest expense (3) | (313,080 | ) | (6,263 | ) | (7,871 | ) | (125,616 | ) | (452,830 | ) | |||||||||||
Income before income tax expense (4) | $ | 261,676 | $ | 13,837 | $ | 40,313 | $ | 141,160 | $ | 456,986 | |||||||||||
Total average loans, net of unearned income | $ | 8,175,626 | $ | 886,679 | $ | — | $ | 23,874 | $ | 9,086,179 | |||||||||||
Total average assets (5) | 20,732,425 | 910,551 | 277,136 | 575,980 | 22,496,092 | ||||||||||||||||
Total average deposits | 18,480,510 | 493,204 | — | 15,646 | 18,989,360 | ||||||||||||||||
-1 | Global Commercial Bank’s and SVB Capital’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" as discussed below. | ||||||||||||||||||||
-2 | The "Other Items" column reflects the adjustments necessary to reconcile the results of the operating segments to the consolidated financial statements prepared in conformity with GAAP. Noninterest income is primarily attributable to noncontrolling interests and gains on equity warrant assets. Noninterest expense primarily consists of expenses associated with corporate support functions such as finance, human resources, marketing, legal and other expenses. Additionally, average assets primarily consist of cash and cash equivalents and loans from our Community Development Finance practice as part of our responsibilities under the Community Reinvestment Act. | ||||||||||||||||||||
-3 | The Global Commercial Bank segment includes direct depreciation and amortization of $5.4 million and $4.9 million for the three months ended September 30, 2014 and 2013, respectively and $15.4 million and $14.0 million for the nine months ended September 30, 2014 and 2013, 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 liabilities and total stockholders’ equity for each segment. |
OffBalance_Sheet_Arrangements_
Off-Balance Sheet Arrangements, Guarantees and Other Commitments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 credit risk to varying degrees. 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, 2014 and December 31, 2013: | |||||||||||||||||
(Dollars in thousands) | September 30, | December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Loan commitments available for funding: (1) | |||||||||||||||||
Fixed interest rate commitments | $ | 1,434,100 | $ | 1,392,781 | |||||||||||||
Variable interest rate commitments | 12,059,816 | 9,101,973 | |||||||||||||||
Total loan commitments available for funding | 13,493,916 | 10,494,754 | |||||||||||||||
Commercial and standby letters of credit (2) | 1,137,721 | 975,968 | |||||||||||||||
Total unfunded credit commitments | $ | 14,631,637 | $ | 11,470,722 | |||||||||||||
Commitments unavailable for funding (3) | $ | 1,691,660 | $ | 1,006,168 | |||||||||||||
Maximum lending limits for accounts receivable factoring arrangements (4) | 1,004,402 | 894,276 | |||||||||||||||
Reserve for unfunded credit commitments (5) | 35,489 | 29,983 | |||||||||||||||
-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 | Represents commitments which are currently unavailable for funding, due to clients failing to meet all collateral, compliance and financial covenants under loan commitment agreements. | ||||||||||||||||
-4 | We extend credit under accounts receivable factoring arrangements when our clients’ sales invoices are deemed creditworthy under existing underwriting practices. | ||||||||||||||||
-5 | Our reserve 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, 2014. 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 thousands) | Expires In One | Expires After | Total Amount | Maximum Amount | |||||||||||||
Year or Less | One Year | Outstanding | of Future Payments | ||||||||||||||
Financial standby letters of credit | $ | 936,790 | $ | 129,337 | $ | 1,066,127 | $ | 1,066,127 | |||||||||
Performance standby letters of credit | 57,058 | 8,162 | 65,220 | 65,220 | |||||||||||||
Commercial letters of credit | 6,374 | — | 6,374 | 6,374 | |||||||||||||
Total | $ | 1,000,222 | $ | 137,499 | $ | 1,137,721 | $ | 1,137,721 | |||||||||
Deferred fees related to financial and performance standby letters of credit were $8.4 million at September 30, 2014 and $8.2 million at December 31, 2013. At September 30, 2014, collateral in the form of cash of $465.3 million and available-for-sale securities of $1.3 million were 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 in turn make investments generally in, or in some cases make loans to, 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 generally call most of the capital commitments over 5 to 7 years; however in certain cases, the funds may not call 100% of committed capital over the life of the fund. 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, 2014: | |||||||||||||||||
Our Ownership in Venture Capital/Private Equity Funds | SVBFG Capital Commitments | SVBFG Unfunded | SVBFG Ownership | ||||||||||||||
(Dollars in thousands) | Commitments | of each Fund (4) | |||||||||||||||
Silicon Valley BancVentures, LP | $ | 6,000 | $ | 270 | 10.7 | % | |||||||||||
SVB Capital Partners II, LP (1) | 1,200 | 162 | 5.1 | ||||||||||||||
Capital Partners III, LP | 750 | 649 | 0.4 | ||||||||||||||
SVB Capital Shanghai Yangpu Venture Capital Fund | 945 | 163 | 6.8 | ||||||||||||||
SVB Strategic Investors Fund, LP | 15,300 | 688 | 12.6 | ||||||||||||||
SVB Strategic Investors Fund II, LP | 15,000 | 1,050 | 8.6 | ||||||||||||||
SVB Strategic Investors Fund III, LP | 15,000 | 1,425 | 5.9 | ||||||||||||||
SVB Strategic Investors Fund IV, LP | 12,239 | 2,325 | 5 | ||||||||||||||
Strategic Investors Fund V Funds | 515 | 239 | Various | ||||||||||||||
Strategic Investors Fund VI Funds | 500 | 402 | 0.2 | ||||||||||||||
Strategic Investors Fund VII Funds | 500 | 500 | 0.2 | ||||||||||||||
SVB Capital Preferred Return Fund, LP | 12,688 | — | 20 | ||||||||||||||
SVB Capital—NT Growth Partners, LP | 24,670 | 1,340 | 33 | ||||||||||||||
Other private equity fund (2) | 9,338 | — | 58.2 | ||||||||||||||
Partners for Growth, LP | 25,000 | 9,750 | 50 | ||||||||||||||
Debt funds (equity method accounting) | 64,574 | 4,950 | Various | ||||||||||||||
Other fund investments (3) | 300,461 | 22,909 | Various | ||||||||||||||
Total | $ | 504,680 | $ | 46,822 | |||||||||||||
-1 | Our ownership includes direct ownership of 1.3 percent and indirect ownership interest of 3.8 percent through our investment in SVB Strategic Investors Fund II, LP. | ||||||||||||||||
-2 | Our ownership includes direct ownership of 41.5 percent and indirect ownership interests of 12.6 percent and 4.1 percent in the fund through our ownership interest of SVB Capital - NT Growth Partners, LP and SVB Capital Preferred Return Fund, LP, respectively. | ||||||||||||||||
-3 | Represents commitments to 286 funds (primarily venture capital funds) where our ownership interest is generally less than 5 percent of the voting interests of each such fund. | ||||||||||||||||
-4 | We are subject to the Volcker Rule, which restricts or limits our sponsorship of and ownership of interests in “covered” funds including venture capital and private equity funds. For funds that we sponsor, the Volcker Rule limits the amount of our investment to 3% of the fund, and our aggregate investments in all such funds must not exceed 3% of our Tier 1 capital. The current deadline to conform to these limits is July 21, 2015. The time period to divest an investment that is not permitted by the final rule may be extended by the Federal Reserve Board for up to two one-year general extensions, and one additional extension up to five additional years for investments in funds that are considered illiquid. We intend to seek the maximum extensions available to us. However, there is no guarantee that the Federal Reserve Board will grant any of these extensions. See “Business - Supervision and Regulation” under Item 1 of Part I of our 2013 Form 10-K. | ||||||||||||||||
The following table details the amounts of remaining unfunded commitments to venture capital and private equity funds by our consolidated managed funds of funds (including our interest and the noncontrolling interests) at September 30, 2014: | |||||||||||||||||
Limited Partnership | Unfunded | ||||||||||||||||
(Dollars in thousands) | Commitments | ||||||||||||||||
SVB Strategic Investors Fund, LP | $ | 2,250 | |||||||||||||||
SVB Strategic Investors Fund II, LP | 5,589 | ||||||||||||||||
SVB Strategic Investors Fund III, LP | 15,641 | ||||||||||||||||
SVB Strategic Investors Fund IV, LP | 41,205 | ||||||||||||||||
Strategic Investors Fund V Funds | 162,335 | ||||||||||||||||
Strategic Investors Fund VI Funds | 239,268 | ||||||||||||||||
SVB Capital Preferred Return Fund, LP | 5,886 | ||||||||||||||||
SVB Capital—NT Growth Partners, LP | 6,044 | ||||||||||||||||
Other private equity fund | 243 | ||||||||||||||||
Total | $ | 478,461 | |||||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
We are subject to income tax in the U.S. federal jurisdiction and various state and foreign jurisdictions and have identified our federal tax return and tax returns in California and Massachusetts as major tax filings. U.S. federal tax examinations through 2009 have been concluded. Our U.S. federal tax returns for 2008, 2010 and subsequent years remain open to examination. Our California tax returns for 2008 and subsequent tax years remain open to examination. Massachusetts tax returns for 2008, 2010 and subsequent years remain open to examination. | |
At September 30, 2014, our unrecognized tax benefit was $0.4 million, the recognition of which would reduce our income tax expense by $0.3 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, 2014. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||||
Our available-for-sale securities, derivative instruments and certain non-marketable and other 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 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, exchange-traded equity securities and certain marketable securities accounted for under fair value accounting. | |||||||||||||||||||||||||||||||||
Level 2 | |||||||||||||||||||||||||||||||||
Fair value measurements based on quoted prices in markets that are not active or for which all significant inputs are observable, directly or indirectly. Valuations for the available-for-sale securities are provided by third party external pricing service providers. We review the methodologies used to determine the fair value, including understanding the nature and observability of the inputs used to determine the price. 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. The valuation methodology that is generally used for the Level 2 assets is the income approach. 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, coupon rate, maturity date and any applicable issuer call option features. Valuations are based on market spreads relative to similar term benchmark market interest rates, generally U.S. Treasury securities. | |||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities: Agency-issued mortgage-backed securities are pools of individual conventional mortgage loans underwritten to U.S. agency standards with similar coupon rates, tenor, and other attributes such as geographic location, loan size and origination vintage. Fair value measurements of these securities are based on observable price adjustments relative to benchmark market interest rates taking into consideration estimated loan prepayment speeds. | |||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations: Agency-issued collateralized mortgage obligations are structured into classes or tranches with defined cash flow characteristics and are collateralized by U.S. agency-issued mortgage pass-through securities. Fair value measurements of these securities incorporate similar characteristics of mortgage pass-through securities such as coupon rate, tenor, geographic location, loan size and origination vintage, in addition to incorporating the effect of estimated prepayment speeds on the cash flow structure of the class or tranche. These measurements incorporate observable market spreads over an estimated average life after considering the inputs listed above. | |||||||||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities: Fair value measurements of these securities are based on spreads to benchmark market interest rates (usually U.S. Treasury rates or rates observable in the swaps market), prepayment speeds, loan default rate assumptions and loan loss severity assumptions on underlying loans. | |||||||||||||||||||||||||||||||||
Municipal bonds and notes: Bonds issued by municipal governments generally have stated coupon rates, final maturity dates and are subject to being called ahead of the final maturity date at the option of the issuer. Fair value measurements of these securities are priced based on spreads to other municipal benchmark bonds with similar characteristics; or, relative to market rates on U.S. Treasury bonds of similar maturity. | |||||||||||||||||||||||||||||||||
Interest rate swap assets: Fair value measurements of interest rate swaps are priced considering the coupon rate of the fixed leg of the contract and the variable coupon 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. | |||||||||||||||||||||||||||||||||
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 and the credit worthiness of the contract counterparty. | |||||||||||||||||||||||||||||||||
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. Below is a summary of the valuation techniques used for each class of Level 3 assets: | |||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments: Fair value measurements are based on the net asset value per share as obtained from the investee funds' management, as the funds do not have a readily determinable fair value and the funds prepare their financial statements using guidance consistent with fair value accounting. We account for differences between our measurement date and the date of the fund investment’s net asset value by using the most recent available financial information from the investee general partner, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period. | |||||||||||||||||||||||||||||||||
Other venture capital investments: 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. | |||||||||||||||||||||||||||||||||
Other 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. Marketability discounts generally range from 10% to 20% depending on the duration of the sale restrictions which typically range from 3 to 6 months. | |||||||||||||||||||||||||||||||||
Equity warrant assets (public portfolio): Fair value measurements of equity warrant assets of publicly-traded portfolio companies are valued based on the Black-Scholes option pricing model. The model uses the price of publicly-traded companies (underlying stock price), stated strike prices, warrant expiration dates, the risk-free interest rate and market-observable option volatility assumptions. Modeled asset values are further adjusted by applying a discount of up to 20% for certain warrants that have lockup restrictions or other features that indicate a discount to fair value is warranted. As a lock-up term nears, and other sale restrictions are lifted, discounts are adjusted downward to 0 percent 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 modified 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 modified 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. | |||||||||||||||||||||||||||||||||
It is our policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements. When available, we use quoted market prices to measure fair value. If market prices are not available, fair value measurement is based upon valuation techniques that use primarily market-based or independently-sourced market parameters, including interest rate yield curves, prepayment speeds, option volatilities and currency rates. Substantially all of our financial instruments use the foregoing methodologies, and are categorized as a Level 1 or Level 2 measurement in the fair value hierarchy. However, in certain cases, when market observable inputs for our valuation techniques may not be readily available, we are required to make judgments about assumptions we believe market participants would use in estimating the fair value of the financial instrument, and based on the significance of those judgments, the measurement may be determined to be a Level 3 fair value measurement. | |||||||||||||||||||||||||||||||||
The degree of management judgment involved in determining the fair value of a financial instrument is dependent upon the availability of quoted market prices or observable market parameters. For financial instruments that trade actively and have quoted market prices or observable market parameters, there is minimal subjectivity involved in measuring fair value. When observable market prices and parameters are not fully available, management judgment is necessary to estimate fair value. For inactive markets, there is little information, if any, to evaluate if individual transactions are orderly. Accordingly, we are required to estimate, based upon all available facts and circumstances, the degree to which orderly transactions are occurring and provide more weighting to price quotes that are based upon orderly transactions. In addition, changes in the market conditions may reduce the availability of quoted prices or observable data. For example, reduced liquidity in the capital markets or changes in secondary market activities could result in observable market inputs becoming unavailable. Therefore, when market data is not available, we use valuation techniques requiring more management judgment to estimate the appropriate fair value measurement. Accordingly, the degree of judgment exercised by management in determining fair value is greater for financial assets and liabilities categorized as Level 3. | |||||||||||||||||||||||||||||||||
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, 2014: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Balance at September 30, 2014 | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | 6,876,299 | $ | — | $ | — | $ | 6,876,299 | |||||||||||||||||||||||||
U.S. agency debentures | — | 3,605,833 | — | 3,605,833 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - fixed rate | — | 2,005,933 | — | 2,005,933 | |||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - variable rate | — | 835,957 | — | 835,957 | |||||||||||||||||||||||||||||
Equity securities | 4,211 | 5,203 | — | 9,414 | |||||||||||||||||||||||||||||
Total available-for-sale securities | 6,880,510 | 6,452,926 | — | 13,333,436 | |||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||
Non-marketable securities: | |||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | — | — | 1,078,911 | 1,078,911 | |||||||||||||||||||||||||||||
Other venture capital investments | — | — | 43,863 | 43,863 | |||||||||||||||||||||||||||||
Other securities | 181,265 | — | — | 181,265 | |||||||||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting) | 181,265 | — | 1,122,774 | 1,304,039 | |||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||
Interest rate swaps | — | 4,965 | — | 4,965 | |||||||||||||||||||||||||||||
Foreign exchange forward and option contracts | — | 17,234 | — | 17,234 | |||||||||||||||||||||||||||||
Equity warrant assets | — | 1,563 | 93,397 | 94,960 | |||||||||||||||||||||||||||||
Client interest rate derivatives | — | 2,173 | — | 2,173 | |||||||||||||||||||||||||||||
Total assets (1) | $ | 7,061,775 | $ | 6,478,861 | $ | 1,216,171 | $ | 14,756,807 | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Foreign exchange forward and option contracts | $ | — | $ | 15,833 | $ | — | $ | 15,833 | |||||||||||||||||||||||||
Client interest rate derivatives | — | 2,317 | — | 2,317 | |||||||||||||||||||||||||||||
Total liabilities | $ | — | $ | 18,150 | $ | — | $ | 18,150 | |||||||||||||||||||||||||
-1 | Included in Level 1 and Level 3 assets are $163.6 million and $1.0 billion, respectively, attributable to noncontrolling interests calculated based on the ownership percentages of the noncontrolling interests. | ||||||||||||||||||||||||||||||||
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, 2013: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2013 | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||
U.S. agency debentures | $ | — | $ | 4,345,232 | $ | — | $ | 4,345,232 | |||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | — | 2,473,576 | — | 2,473,576 | |||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - fixed rate | — | 3,325,758 | — | 3,325,758 | |||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - variable rate | — | 1,186,573 | — | 1,186,573 | |||||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | — | 564,604 | — | 564,604 | |||||||||||||||||||||||||||||
Municipal bonds and notes | — | 86,027 | — | 86,027 | |||||||||||||||||||||||||||||
Equity securities | 3,732 | 1,319 | — | 5,051 | |||||||||||||||||||||||||||||
Total available-for-sale securities | 3,732 | 11,983,089 | — | 11,986,821 | |||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||
Non-marketable securities: | |||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | — | — | 862,972 | 862,972 | |||||||||||||||||||||||||||||
Other venture capital investments | — | — | 32,839 | 32,839 | |||||||||||||||||||||||||||||
Other Securities | 2,125 | — | 319,249 | 321,374 | |||||||||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting) | 2,125 | — | 1,215,060 | 1,217,185 | |||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||
Interest rate swaps | — | 6,492 | — | 6,492 | |||||||||||||||||||||||||||||
Foreign exchange forward and option contracts | — | 15,530 | — | 15,530 | |||||||||||||||||||||||||||||
Equity warrant assets | — | 3,622 | 99,891 | 103,513 | |||||||||||||||||||||||||||||
Loan conversion options | — | 314 | — | 314 | |||||||||||||||||||||||||||||
Client interest rate derivatives | — | 1,265 | — | 1,265 | |||||||||||||||||||||||||||||
Total assets (1) | $ | 5,857 | $ | 12,010,312 | $ | 1,314,951 | $ | 13,331,120 | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Foreign exchange forward and option contracts | $ | — | $ | 12,617 | $ | — | $ | 12,617 | |||||||||||||||||||||||||
Client interest rate derivatives | — | 1,396 | — | 1,396 | |||||||||||||||||||||||||||||
Total liabilities | $ | — | $ | 14,013 | $ | — | $ | 14,013 | |||||||||||||||||||||||||
-1 | Included in Level 1 and Level 3 assets are $2.0 million and $1.1 billion, respectively, attributable to noncontrolling interests calculated based on the ownership percentages of the noncontrolling interests. | ||||||||||||||||||||||||||||||||
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, 2014 and 2013, respectively: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Beginning | Total Realized and Unrealized Gains (Losses) Included in Income | Purchases | Sales | Issuances | Distributions and Other Settlements | Transfers Out of Level 3 | Ending | |||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||||||
Three months ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | $ | 1,040,522 | $ | 43,460 | $ | 49,037 | $ | — | $ | — | $ | (54,108 | ) | $ | — | $ | 1,078,911 | ||||||||||||||||
Other venture capital investments | 43,747 | 5,546 | 6,304 | (11,122 | ) | — | (612 | ) | — | 43,863 | |||||||||||||||||||||||
Other securities (fair value accounting) | 5,808 | — | — | — | — | — | (5,808 | ) | — | ||||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting)(1) | 1,090,077 | 49,006 | 55,341 | (11,122 | ) | — | (54,720 | ) | (5,808 | ) | 1,122,774 | ||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||
Equity warrant assets (2) | 87,151 | 13,805 | — | (10,564 | ) | 2,932 | 510 | (437 | ) | 93,397 | |||||||||||||||||||||||
Total assets | $ | 1,177,228 | $ | 62,811 | $ | 55,341 | $ | (21,686 | ) | $ | 2,932 | $ | (54,210 | ) | $ | (6,245 | ) | $ | 1,216,171 | ||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | $ | 741,522 | $ | 34,288 | $ | 41,704 | $ | — | $ | — | $ | (44,015 | ) | $ | — | $ | 773,499 | ||||||||||||||||
Other venture capital investments | 123,493 | 4,530 | 1,016 | 4 | — | (73,684 | ) | — | 55,359 | ||||||||||||||||||||||||
Other securities (fair value accounting) | — | 143,301 | — | — | — | 73,753 | — | 217,054 | |||||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting) (1) | 865,015 | 182,119 | 42,720 | 4 | — | (43,946 | ) | — | 1,045,912 | ||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||
Equity warrant assets (2) | 73,229 | 18,215 | — | (6,366 | ) | 2,995 | 365 | (312 | ) | 88,126 | |||||||||||||||||||||||
Total assets | $ | 938,244 | $ | 200,334 | $ | 42,720 | $ | (6,362 | ) | $ | 2,995 | $ | (43,581 | ) | $ | (312 | ) | $ | 1,134,038 | ||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | $ | 862,972 | $ | 192,240 | $ | 159,448 | $ | — | $ | — | $ | (135,749 | ) | $ | — | $ | 1,078,911 | ||||||||||||||||
Other venture capital investments | 32,839 | 8,060 | 22,800 | (15,561 | ) | — | (4,149 | ) | (126 | ) | 43,863 | ||||||||||||||||||||||
Other securities (fair value accounting) | 319,249 | 104,310 | — | (46,840 | ) | — | 3,417 | (380,136 | ) | — | |||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting) (1) | 1,215,060 | 304,610 | 182,248 | (62,401 | ) | — | (136,481 | ) | (380,262 | ) | 1,122,774 | ||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||
Equity warrant assets (2) | 99,891 | 51,325 | — | (67,201 | ) | 9,098 | 1,718 | (1,434 | ) | 93,397 | |||||||||||||||||||||||
Total assets | $ | 1,314,951 | $ | 355,935 | $ | 182,248 | $ | (129,602 | ) | $ | 9,098 | $ | (134,763 | ) | $ | (381,696 | ) | $ | 1,216,171 | ||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | $ | 665,921 | $ | 90,526 | $ | 107,022 | $ | — | $ | — | $ | (89,970 | ) | $ | — | $ | 773,499 | ||||||||||||||||
Other venture capital investments | 127,091 | 5,779 | 1,210 | (381 | ) | — | (74,779 | ) | (3,561 | ) | 55,359 | ||||||||||||||||||||||
Other securities (fair value accounting) | — | 143,301 | — | — | — | 73,753 | — | 217,054 | |||||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting) (1) | 793,012 | 239,606 | 108,232 | (381 | ) | — | (90,996 | ) | (3,561 | ) | 1,045,912 | ||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||
Equity warrant assets (2) | 66,129 | 26,142 | — | (10,805 | ) | 7,309 | 1,743 | (2,392 | ) | 88,126 | |||||||||||||||||||||||
Total assets | $ | 859,141 | $ | 265,748 | $ | 108,232 | $ | (11,186 | ) | $ | 7,309 | $ | (89,253 | ) | $ | (5,953 | ) | $ | 1,134,038 | ||||||||||||||
-1 | Realized and unrealized gains (losses) are recorded in the line items “gains on investment securities, net”, and “other noninterest income”, components of noninterest income. | ||||||||||||||||||||||||||||||||
-2 | Realized and unrealized gains (losses) are recorded in the line item “gains on derivative instruments, net”, a component of noninterest income. | ||||||||||||||||||||||||||||||||
The following table presents the amount of unrealized gains (losses) included in earnings (which is inclusive of noncontrolling interest) attributable to Level 3 assets still held at September 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | $ | 57,967 | $ | 32,694 | $ | 207,885 | $ | 89,705 | |||||||||||||||||||||||||
Other venture capital investments | (1,231 | ) | 4,603 | 78 | 5,720 | ||||||||||||||||||||||||||||
Other securities (fair value accounting) | — | 143,301 | 78,967 | 143,301 | |||||||||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting) (1) | 56,736 | 180,598 | 286,930 | 238,726 | |||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||
Equity warrant assets (2) | 6,911 | 14,205 | 17,777 | 19,788 | |||||||||||||||||||||||||||||
Total unrealized gains, net | $ | 63,647 | $ | 194,803 | $ | 304,707 | $ | 258,514 | |||||||||||||||||||||||||
Unrealized gains attributable to noncontrolling interests | $ | 47,165 | $ | 164,871 | $ | 193,841 | $ | 215,340 | |||||||||||||||||||||||||
-1 | Unrealized gains (losses) are recorded in the line items “gains on investment securities, net”, and “other noninterest income”, components of noninterest income. | ||||||||||||||||||||||||||||||||
-2 | Unrealized gains (losses) are recorded in the line item “gains on derivative instruments, net”, a component of noninterest income. | ||||||||||||||||||||||||||||||||
The following table presents quantitative information about the significant unobservable inputs used for certain of our Level 3 fair value measurements at September 30, 2014 and December 31, 2013. 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 thousands) | Fair value | Valuation Technique | Significant Unobservable Inputs | Weighted | |||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||||||||||
Other venture capital investments (fair value accounting) | $ | 43,863 | Private company equity pricing | -1 | (1 | ) | |||||||||||||||||||||||||||
Equity warrant assets (public portfolio) | 529 | Modified Black-Scholes option pricing model | Volatility | 43.9 | % | ||||||||||||||||||||||||||||
Risk-Free interest rate | 2.1 | % | |||||||||||||||||||||||||||||||
Sales restrictions discount (2) | 15.7 | % | |||||||||||||||||||||||||||||||
Equity warrant assets (private portfolio) | 92,868 | Modified Black-Scholes option pricing model | Volatility | 38.2 | % | ||||||||||||||||||||||||||||
Risk-Free interest rate | 1 | % | |||||||||||||||||||||||||||||||
Marketability discount (3) | 20 | % | |||||||||||||||||||||||||||||||
Remaining life assumption (4) | 45 | % | |||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Other venture capital investments (fair value accounting) | $ | 32,839 | Private company equity pricing | -1 | (1 | ) | |||||||||||||||||||||||||||
Other securities | 319,249 | Modified stock price | Sales restrictions discount (2) | 12 | % | ||||||||||||||||||||||||||||
Equity warrant assets (public portfolio) | 24,217 | Modified Black-Scholes option pricing model | Volatility | 41.3 | % | ||||||||||||||||||||||||||||
Risk-Free interest rate | 1.7 | % | |||||||||||||||||||||||||||||||
Sales restrictions discount (2) | 13.7 | % | |||||||||||||||||||||||||||||||
Equity warrant assets (private portfolio) | 75,674 | Modified Black-Scholes option pricing model | Volatility | 40.1 | % | ||||||||||||||||||||||||||||
Risk-Free interest rate | 0.8 | % | |||||||||||||||||||||||||||||||
Marketability discount (3) | 22.5 | % | |||||||||||||||||||||||||||||||
Remaining life assumption (4) | 45 | % | |||||||||||||||||||||||||||||||
-1 | In determining the fair value of our other venture capital investment portfolio, we evaluate a variety of factors related to each underlying private portfolio company including, but not limited to, actual and forecasted results, cash position, recent or planned transactions and market comparable companies. Additionally, we have ongoing communication with the portfolio companies and venture capital fund managers, to determine whether there is a material change in fair value. These factors are specific to each portfolio company and a weighted average or range of values of the unobservable inputs is not meaningful. | ||||||||||||||||||||||||||||||||
-2 | We adjust quoted market prices of public companies, which are subject to certain sales restrictions. Sales restriction discounts generally range from 10 percent to 20 percent depending on the duration of the sales restrictions, which typically range from 3 to 6 months. | ||||||||||||||||||||||||||||||||
-3 | Our marketability discount is applied to all private company warrants to account for a general lack of liquidity due to the private nature of the associated underlying company. The quantitative measure used is based on long-run averages and is influenced over time by various factors, including market conditions. On a quarterly basis, a sensitivity analysis is performed on our marketability discount. | ||||||||||||||||||||||||||||||||
-4 | We adjust the contractual remaining term of private company warrants based on our estimate of the actual remaining life, which we determine by utilizing historical data on cancellations and exercises. At September 30, 2014, the weighted average contractual remaining term was 6.25 years, compared to our estimated remaining life of 2.81 years. On a quarterly basis, a sensitivity analysis is performed on our remaining life assumption. | ||||||||||||||||||||||||||||||||
For the three and nine months ended September 30, 2014 and 2013, we did not have any material transfers between Level 2 and Level 1. Transfers from Level 3 to Level 1 for the three months ended September 30, 2014 include $5.8 million as a result of the expiration of lockup and other restrictions on one of our other securities portfolio companies. Transfers from Level 3 to Level 1 for the nine months ended September 30, 2014 included $380.1 million as a result of the expiration of lockup and other restrictions on certain of our other securities. Transfers from Level 3 to Level 2 for the nine months ended September 30, 2013 include $3.6 million due to the IPO of one of our portfolio companies. | |||||||||||||||||||||||||||||||||
All other transfers from Level 3 to Level 2 for the three and nine months ended September 30, 2014 and 2013 were due to the transfer of equity warrant assets from our private portfolio to our public portfolio (see our Level 3 reconciliation above). All amounts reported as transfers represent the fair value as of the date of the change in circumstances that caused the transfer. | |||||||||||||||||||||||||||||||||
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. Fair value estimates, methods and assumptions, set forth below for our financial instruments, are made solely to comply with these requirements. | |||||||||||||||||||||||||||||||||
Fair values are based on estimates or calculations at the transaction level using present value techniques in instances where quoted market prices are not available. Because broadly traded markets do not exist for many of our financial instruments, the fair value calculations attempt to incorporate the effect of current market conditions at a specific time. The aggregation of the fair value calculations presented herein does not represent, and should not be construed to represent, the underlying value of the Company. | |||||||||||||||||||||||||||||||||
The following describes the methods and assumptions used in estimating the fair values of financial instruments, excluding financial instruments already recorded at fair value as described above. | |||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||||||||||||
Cash and cash equivalents include cash on hand, cash balances due from banks, interest-earning deposits, securities purchased under agreements to resell and other short-term investment securities. The carrying amount is a reasonable estimate of fair value because of the insignificant risk of changes in fair value due to changes in market interest rates, and the instruments are purchased in conjunction with our cash management activities. | |||||||||||||||||||||||||||||||||
Held-to-Maturity Securities | |||||||||||||||||||||||||||||||||
Held-to-maturity securities include similar investments held in our available-for-sale securities portfolio and are valued using the same methodologies. All securities included in our held-to-maturity securities portfolio are valued using Level 2 inputs. Refer to Level 2 fair value measurements above for significant inputs used in the valuation of our held-to-maturity investment securities. | |||||||||||||||||||||||||||||||||
Non-Marketable Securities (Cost and Equity Method Accounting) | |||||||||||||||||||||||||||||||||
Non-marketable securities includes other investments (equity method accounting), low income housing tax credit funds (equity method accounting), venture capital and private equity fund investments (cost method accounting), and other venture capital investments (cost method accounting). Other investments (equity method accounting) include our investment in SPD Silicon Valley Bank ("SPD-SVB"), our joint venture bank in China. At this time, the carrying value of our investment in SPD-SVB is a reasonable estimate of fair value. The fair value of the remaining other investments (equity method accounting) and the fair value of venture capital and private equity fund investments (cost method accounting) and other venture capital investments (cost method accounting) is based on financial information obtained from the investee or obtained from the fund investments’ or debt fund investments’ respective general partners. For private company investments, estimated fair value is 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, current and projected operating performance, exit strategies, and financing transactions subsequent to the acquisition of the investment. For our fund investments, we utilize the net asset value per share as obtained from the general partners of the investments. 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 30th for our September 30th 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 carrying value of our low income housing tax credit funds (equity method accounting) is a reasonable estimate of fair value. | |||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||
The fair value of fixed and variable rate loans is estimated by discounting contractual cash flows using rates that reflect current pricing for similar loans and the projected forward yield curve. This method is not based on the exit price concept of fair value required under ASC 820, Fair Value Measurements and Disclosures. | |||||||||||||||||||||||||||||||||
FHLB and Federal Reserve Bank Stock | |||||||||||||||||||||||||||||||||
Investments in FHLB and Federal Reserve Bank stock are recorded at cost. The carrying amounts of these investments are reasonable estimates of fair value because the securities are restricted to member banks and they do not have a readily determinable market value. | |||||||||||||||||||||||||||||||||
Accrued Interest Receivable and Payable | |||||||||||||||||||||||||||||||||
The carrying amounts of accrued interest receivable and payable are reasonable estimates of fair value due to the short-term nature of these balances. | |||||||||||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||||||||
The fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, interest-bearing checking accounts, money market accounts and interest-bearing sweep deposits is equal to the amount payable on demand at the measurement date. The fair value of time deposits is estimated by discounting the cash flows using our cost of borrowings and the projected forward yield curve over their remaining contractual term. | |||||||||||||||||||||||||||||||||
Short-Term Borrowings | |||||||||||||||||||||||||||||||||
Short-term borrowings at both September 30, 2014 and December 31, 2013 included cash collateral received from our counterparties in relation to derivative contracts where the net market value is in our favor, primarily for our interest rate swap agreement related to our 6.05% Subordinated Notes. The carrying amount of the cash collateral is a reasonable estimate of fair value. | |||||||||||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||||||||||
Long-term debt at September 30, 2014 and December 31, 2013 included our 5.375% Senior Notes, 7.0% Junior Subordinated Debentures and 6.05% Subordinated Notes. The fair value of long-term debt is generally based on quoted market prices, when available, or is estimated based on calculations utilizing third-party pricing services and current market spread, price indications from reputable dealers or observable market prices of the underlying instrument(s), whichever is deemed more reliable. Also included in the estimated fair value of our 6.05% Subordinated Notes are amounts related to hedge accounting associated with the note. | |||||||||||||||||||||||||||||||||
Off-Balance Sheet Financial Instruments | |||||||||||||||||||||||||||||||||
The fair value of net available commitments to extend credit is estimated based on the average amount we would receive or pay to execute a new agreement with identical terms and pricing, while taking into account the counterparties’ credit standing. | |||||||||||||||||||||||||||||||||
Letters of credit are carried at their fair value, which was equivalent to the residual premium or fee at September 30, 2014 and December 31, 2013. Commitments to extend credit and letters of credit typically result in loans with a market interest rate if funded. | |||||||||||||||||||||||||||||||||
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, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,872,537 | $ | 1,872,537 | $ | — | $ | — | |||||||||||||||||||||||||
Held-to-maturity securities | 6,662,025 | — | 6,613,893 | — | |||||||||||||||||||||||||||||
Non-marketable and other securities (cost and equity method accounting) | 399,511 | — | — | 497,855 | |||||||||||||||||||||||||||||
Net commercial loans | 10,721,645 | — | — | 10,884,474 | |||||||||||||||||||||||||||||
Net consumer loans | 1,166,475 | — | — | 1,121,639 | |||||||||||||||||||||||||||||
FHLB and Federal Reserve Bank stock | 41,026 | — | — | 41,026 | |||||||||||||||||||||||||||||
Accrued interest receivable | 81,334 | — | 81,334 | — | |||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||
Other short-term borrowings | 6,630 | 6,630 | — | — | |||||||||||||||||||||||||||||
Non-maturity deposits (1) | 30,963,491 | 30,963,491 | — | — | |||||||||||||||||||||||||||||
Time deposits | 159,644 | — | 159,644 | — | |||||||||||||||||||||||||||||
5.375% Senior Notes | 348,378 | — | 390,740 | — | |||||||||||||||||||||||||||||
6.05% Subordinated Notes (2) | 50,497 | — | 54,423 | — | |||||||||||||||||||||||||||||
7.0% Junior Subordinated Debentures | 54,889 | — | 52,722 | — | |||||||||||||||||||||||||||||
Accrued interest payable | 2,932 | — | 2,932 | — | |||||||||||||||||||||||||||||
Off-balance sheet financial assets: | |||||||||||||||||||||||||||||||||
Commitments to extend credit | — | — | — | 29,731 | |||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,538,779 | $ | 1,538,779 | $ | — | $ | — | |||||||||||||||||||||||||
Non-marketable and other securities (cost and equity method accounting) | 378,309 | — | — | 447,783 | |||||||||||||||||||||||||||||
Net commercial loans | 9,796,878 | — | — | 9,935,917 | |||||||||||||||||||||||||||||
Net consumer loans | 966,622 | — | — | 1,005,080 | |||||||||||||||||||||||||||||
FHLB and Federal Reserve Bank stock | 40,632 | — | — | 40,632 | |||||||||||||||||||||||||||||
Accrued interest receivable | 67,772 | — | 67,772 | — | |||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||
Other short-term borrowings | 5,080 | 5,080 | — | — | |||||||||||||||||||||||||||||
Non-maturity deposits (1) | 22,259,119 | 22,259,119 | — | — | |||||||||||||||||||||||||||||
Time deposits | 213,860 | — | 213,874 | — | |||||||||||||||||||||||||||||
5.375% Senior Notes | 348,209 | — | 383,782 | — | |||||||||||||||||||||||||||||
6.05% Subordinated Notes (2) | 51,987 | — | 56,297 | — | |||||||||||||||||||||||||||||
7.0% Junior Subordinated Debentures | 55,020 | — | 51,915 | — | |||||||||||||||||||||||||||||
Accrued interest payable | 6,858 | — | 6,858 | — | |||||||||||||||||||||||||||||
Off-balance sheet financial assets: | |||||||||||||||||||||||||||||||||
Commitments to extend credit | — | — | — | 24,285 | |||||||||||||||||||||||||||||
-1 | Includes noninterest-bearing demand deposits, interest-bearing checking accounts, money market accounts and interest-bearing sweep deposits. | ||||||||||||||||||||||||||||||||
-2 | At September 30, 2014 and December 31, 2013, included in the carrying value and estimated fair value of our 6.05% Subordinated Notes was an interest rate swap valued at $5.0 million and $6.5 million, respectively, related to hedge accounting associated with the notes. | ||||||||||||||||||||||||||||||||
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 IPOs 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 30th, for our September 30th 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, 2014: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Fair Value | Unfunded | ||||||||||||||||||||||||||||||
Commitments | |||||||||||||||||||||||||||||||||
Non-marketable securities (fair value accounting): | |||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments (1) | $ | 1,078,911 | $ | 1,078,911 | $ | 478,461 | |||||||||||||||||||||||||||
Non-marketable securities (equity method accounting): | |||||||||||||||||||||||||||||||||
Other investments (2) | 47,662 | 49,064 | 5,836 | ||||||||||||||||||||||||||||||
Non-marketable securities (cost method accounting): | |||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments (3) | 142,710 | 239,857 | 22,022 | ||||||||||||||||||||||||||||||
Total | $ | 1,269,283 | $ | 1,367,832 | $ | 506,319 | |||||||||||||||||||||||||||
-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. These investments represent investments in venture capital and private equity funds that invest primarily in U.S. and global technology and life sciences companies. Included in the fair value and unfunded commitments of fund investments under fair value accounting are $995 million and $474 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 | Other investments within non-marketable securities (equity method accounting) include investments in debt funds and venture capital and private equity fund investments that invest in or lend money to primarily U.S. and global technology and life sciences companies. It is estimated that we will receive distributions from the fund investments over the next 5 to 7 years, depending on the age of the funds. | ||||||||||||||||||||||||||||||||
-3 | Venture capital and private equity fund investments within non-marketable securities (cost method accounting) include investments in venture capital and private equity fund investments that invest primarily in U.S. and global technology and life sciences companies. It is estimated that we will receive distributions from the fund investments over the next 5 to 7 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, 2014 | |
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 or our affiliates. In accordance with applicable accounting guidance, we establish accruals for all lawsuits, claims and 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 lawsuits and claims 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 disclose information relating to any such potential loss, whether in excess of any established accruals or where there is no established accrual. We also disclose information relating to any material potential loss that is probable but not reasonably estimable. Where reasonably practicable, we will 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 these matters, nor do we currently expect it is reasonably possible 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, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Parties | ' |
Related Parties | |
SVB Financial has commitments under two partially-syndicated revolving line of credit facilities totaling $65.0 million to Gold Hill Capital 2008 LP, a venture debt fund, and an affiliated fund, for which SVB Financial has ownership interests. Of the $65.0 million, $6.0 million is syndicated to another lender. SVB Financial has an 11.5 percent direct ownership interest and a 4.0 percent indirect ownership interest in Gold Hill Capital 2008 LP through our 83.8 percent interest in its general partner, Gold Hill Capital 08, LLC. The lines of credit are secured and bear an interest rate of national Prime plus one percent. The highest outstanding balance under SVB Financial's portion of the facility for the three months ended September 30, 2014 was $19.1 million. SVB Financial's portion of the outstanding balance was $5.0 million at September 30, 2014 and $23.0 million at December 31, 2013. | |
During the nine months ended September 30, 2014, the Bank made loans to related parties, including certain companies in which certain of our directors or their affiliated venture funds are beneficial owners of ten percent or more of the equity securities of such companies. Such loans: (a) were made in the ordinary course of business; (b) were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other non-related persons; and (c) did not involve more than the normal risk of collectability or present other unfavorable features. Additionally, we also provide real estate secured loans to eligible employees through our EHOP. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Update on Investments in FireEye | |
As of September 30, 2014, our managed funds (including SVB Financial's interest) held approximately 4.9 million shares of FireEye common stock ("FireEye Shares"). From September 30, 2014 to November 6, 2014, the market share price of FireEye’s common stock has slightly decreased from $30.56 to $30.04 and as such there has not been a significant decline in the valuation of our remaining FireEye related investments. | |
Investment gains (or losses) relating to the remaining 4.9 million FireEye Shares held by our managed funds are based on valuation changes or the sale of such securities, and are subject to FireEye’s stock price, which is subject to market conditions and various other factors. Additionally, any future gains and losses with respect to the remaining shares held by our managed funds at September 30, 2014 are currently unrealized, and the extent such gains (or losses) will become realized is subject to a variety of factors, including among other things, changes in prevailing market prices and timing of any sales or distribution of securities, which are subject to our funds' separate discretionary securities sales/distribution and governance processes. | |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended | |
Sep. 30, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Principles of Consolidation and Presentation | ' | |
Principles of Consolidation and Presentation | ||
Our consolidated financial statements include the accounts of SVB Financial Group and entities in which we have a controlling financial interest. We determine whether we have a controlling financial interest in an entity by evaluating whether the entity is a voting interest entity or a VIE and whether the applicable accounting guidance requires consolidation. All significant intercompany accounts and transactions have been eliminated. | ||
Voting interest entities are entities that have sufficient equity and provide the equity investors voting rights that enable them to make significant decisions relating to the entity’s operations. For these types of entities, the Company’s determination of whether it has a controlling interest is based on ownership of the majority of the entities’ voting equity interest or through control of management of the entities. | ||
VIEs are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. We determine whether we have a controlling financial interest in a VIE by considering whether our involvement with the VIE is significant and whether we are the primary beneficiary based on the following: | ||
1 | We have the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; | |
2 | The aggregate indirect and direct variable interests held by the Company have the obligation to absorb losses or the right to receive benefits from the entity that could be significant to the VIE; and, | |
3 | Qualitative and quantitative factors regarding the nature, size, and form of our involvement with the VIE. | |
Voting interest entities in which we have a controlling financial interest or by which we control through management rights are consolidated into our financial statements. | ||
We have not provided financial or other support during the periods presented to any VIE that we were not previously contractually required to provide. We are variable interest holders in certain partnerships for which we are not the primary beneficiary. We perform on-going reassessments on the status of the entities and whether facts or circumstances have changed in relation to previously evaluated voting interest entities and our involvement in VIEs which could cause our consolidation conclusion to change. | ||
Reclassifications | ' | |
Reclassifications | ||
Certain prior period amounts have been reclassified to conform to current period presentations. |
Stockholders_Equity_and_EPS_Ta
Stockholders' Equity and EPS (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Equity and Earnings Per Share [Abstract] | ' | ||||||||||||||||||
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, 2014 and 2013: | |||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||
(Dollars and shares in thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Numerator: | |||||||||||||||||||
Net income available to common stockholders | $ | 62,995 | $ | 67,621 | $ | 205,093 | $ | 157,096 | |||||||||||
Denominator: | |||||||||||||||||||
Weighted average common shares outstanding-basic | 50,752 | 45,580 | 48,281 | 45,180 | |||||||||||||||
Weighted average effect of dilutive securities: | |||||||||||||||||||
Stock options and ESPP | 534 | 429 | 580 | 405 | |||||||||||||||
Restricted stock units | 285 | 193 | 339 | 180 | |||||||||||||||
Denominator for diluted calculation | 51,571 | 46,202 | 49,200 | 45,765 | |||||||||||||||
Earnings per common share: | |||||||||||||||||||
Basic | $ | 1.24 | $ | 1.48 | $ | 4.25 | $ | 3.48 | |||||||||||
Diluted | $ | 1.22 | $ | 1.46 | $ | 4.17 | $ | 3.43 | |||||||||||
Common Shares Excluded from Diluted EPS Calculation as They Were Deemed to be Anti-Dilutive | ' | ||||||||||||||||||
The following table summarizes the weighted-average common shares excluded from the diluted EPS calculation as they were deemed to be antidilutive for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||
(Shares in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Stock options | 241 | 343 | 140 | 546 | |||||||||||||||
Restricted stock units | 1 | — | 2 | 1 | |||||||||||||||
Total | 242 | 343 | 142 | 547 | |||||||||||||||
Reclassifications out of AOCI | ' | ||||||||||||||||||
The following table summarizes the items reclassified out of accumulated other comprehensive income into the Consolidated Statements of Income (unaudited) for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||
(Dollars in thousands) | Income Statement Location | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Reclassification adjustment for losses (gains) included in net income | Gains on investment securities, net | $ | 990 | $ | (219 | ) | $ | 17,411 | $ | (949 | ) | ||||||||
Related tax (benefit) expense | Income tax expense | (400 | ) | 85 | (7,030 | ) | 363 | ||||||||||||
Total reclassification adjustment for losses (gains) included in net income, net of tax | $ | 590 | $ | (134 | ) | $ | 10,381 | $ | (586 | ) | |||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Share Based Compensation and Related Benefits | ' | ||||||||||||||||
For the three and nine months ended September 30, 2014 and 2013, we recorded share-based compensation and related tax benefits as follows: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Share-based compensation expense | $ | 7,520 | $ | 6,723 | $ | 22,285 | $ | 18,945 | |||||||||
Income tax benefit related to share-based compensation expense | (2,676 | ) | (2,243 | ) | (7,351 | ) | (5,801 | ) | |||||||||
Unrecognized Share Based Compensation Expense | ' | ||||||||||||||||
As of September 30, 2014, unrecognized share-based compensation expense was as follows: | |||||||||||||||||
(Dollars in thousands) | Unrecognized | Average | |||||||||||||||
Expense | Expected | ||||||||||||||||
Recognition | |||||||||||||||||
Period - in Years | |||||||||||||||||
Stock options | $ | 16,282 | 2.64 | ||||||||||||||
Restricted stock units | 35,324 | 2.56 | |||||||||||||||
Total unrecognized share-based compensation expense | $ | 51,606 | |||||||||||||||
Stock Option Information Related to Equity Incentive Plan | ' | ||||||||||||||||
The table below provides stock option information related to the 2006 Equity Incentive Plan for the nine months ended September 30, 2014: | |||||||||||||||||
Options | Weighted | Weighted Average Remaining Contractual Life in Years | Aggregate | ||||||||||||||
Average | Intrinsic Value | ||||||||||||||||
Exercise Price | of In-The- | ||||||||||||||||
Money | |||||||||||||||||
Options | |||||||||||||||||
Outstanding at December 31, 2013 | 1,514,159 | $ | 55.27 | ||||||||||||||
Granted | 239,383 | 108.27 | |||||||||||||||
Exercised | (283,498 | ) | 47.56 | ||||||||||||||
Forfeited | (21,975 | ) | 71.17 | ||||||||||||||
Outstanding at September 30, 2014 | 1,448,069 | 65.3 | 4.25 | $ | 67,825,947 | ||||||||||||
Vested and expected to vest at September 30, 2014 | 1,397,466 | 64.55 | 4.2 | 66,495,669 | |||||||||||||
Exercisable at September 30, 2014 | 727,829 | 50.48 | 3.08 | 44,843,070 | |||||||||||||
Information for Restricted Stock Units under Equity Incentive Plan | ' | ||||||||||||||||
The table below provides information for restricted stock units under the 2006 Equity Incentive Plan for the nine months ended September 30, 2014: | |||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||
Nonvested at December 31, 2013 | 682,347 | $ | 65.93 | ||||||||||||||
Granted | 197,687 | 107.85 | |||||||||||||||
Vested | (200,856 | ) | 64.05 | ||||||||||||||
Forfeited | (25,268 | ) | 73.02 | ||||||||||||||
Nonvested at September 30, 2014 | 653,910 | 78.91 | |||||||||||||||
Cash_and_Cash_Equivalents_Tabl
Cash and Cash Equivalents (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Cash and Cash Equivalents [Abstract] | ' | ||||||||
Cash and Cash Equivalents | ' | ||||||||
The following table details our cash and cash equivalents at September 30, 2014 and December 31, 2013: | |||||||||
(Dollars in thousands) | 30-Sep-14 | 31-Dec-13 | |||||||
Cash and due from banks (1) | $ | 1,815,581 | $ | 1,349,688 | |||||
Securities purchased under agreements to resell (2) | 50,834 | 172,989 | |||||||
Other short-term investment securities | 6,122 | 16,102 | |||||||
Total cash and cash equivalents | $ | 1,872,537 | $ | 1,538,779 | |||||
-1 | At September 30, 2014 and December 31, 2013, $883 million and $715 million, respectively, of our cash and due from banks was deposited at the Federal Reserve Bank and was earning interest at the Federal Funds target rate, and interest-earning deposits in other financial institutions were $442 million and $300 million, respectively. | ||||||||
-2 | At September 30, 2014 and December 31, 2013, securities purchased under agreements to resell were collateralized by U.S. Treasury securities and U.S. agency securities with aggregate fair values of $52 million and $176 million, respectively. None of these securities received as collateral were sold or repledged as of September 30, 2014 or December 31, 2013. |
Investment_Securities_Tables
Investment Securities (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Major Components of Investment Securities Portfolio | ' | |||||||||||||||||||||||||||||||||||
The major components of our available-for-sale investment securities portfolio at September 30, 2014 and December 31, 2013 are as follows: | ||||||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Unrealized | Unrealized | Carrying | ||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||||||
Available-for-sale securities, at fair value: | ||||||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | 6,886,952 | $ | 2,245 | $ | (12,898 | ) | $ | 6,876,299 | |||||||||||||||||||||||||||
U.S. agency debentures | 3,592,129 | 28,744 | (15,040 | ) | 3,605,833 | |||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 2,003,337 | 20,671 | (18,075 | ) | 2,005,933 | |||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 830,139 | 5,818 | — | 835,957 | ||||||||||||||||||||||||||||||||
Equity securities | 9,502 | 749 | (837 | ) | 9,414 | |||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 13,322,059 | $ | 58,227 | $ | (46,850 | ) | $ | 13,333,436 | |||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Unrealized | Unrealized | Carrying | ||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||||||
Available-for-sale securities, at fair value: | ||||||||||||||||||||||||||||||||||||
U.S. agency debentures | $ | 4,344,652 | $ | 41,365 | $ | (40,785 | ) | $ | 4,345,232 | |||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 2,472,528 | 17,189 | (16,141 | ) | 2,473,576 | |||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 3,386,670 | 24,510 | (85,422 | ) | 3,325,758 | |||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 1,183,333 | 3,363 | (123 | ) | 1,186,573 | |||||||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | 581,475 | 552 | (17,423 | ) | 564,604 | |||||||||||||||||||||||||||||||
Municipal bonds and notes | 82,024 | 4,024 | (21 | ) | 86,027 | |||||||||||||||||||||||||||||||
Equity securities | 4,842 | 692 | (483 | ) | 5,051 | |||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 12,055,524 | $ | 91,695 | $ | (160,398 | ) | $ | 11,986,821 | |||||||||||||||||||||||||||
Summary of Unrealized Losses on Available for Sale Securities | ' | |||||||||||||||||||||||||||||||||||
The following table summarizes our unrealized losses on our available-for-sale securities portfolio into categories of less than 12 months and 12 months or longer as of September 30, 2014: | ||||||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value of | Unrealized | Fair Value of | Unrealized | Fair Value of | Unrealized | ||||||||||||||||||||||||||||||
Investments | Losses | Investments | Losses | Investments | Losses | |||||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | 4,736,436 | $ | (12,898 | ) | $ | — | $ | — | $ | 4,736,436 | $ | (12,898 | ) | ||||||||||||||||||||||
U.S. agency debentures | 688,808 | (2,373 | ) | 553,231 | (12,667 | ) | 1,242,039 | (15,040 | ) | |||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 659,886 | (2,523 | ) | 469,850 | (15,552 | ) | 1,129,736 | (18,075 | ) | |||||||||||||||||||||||||||
Equity securities | 5,546 | (837 | ) | — | — | 5,546 | (837 | ) | ||||||||||||||||||||||||||||
Total temporarily impaired securities: (1) | $ | 6,090,676 | $ | (18,631 | ) | $ | 1,023,081 | $ | (28,219 | ) | $ | 7,113,757 | $ | (46,850 | ) | |||||||||||||||||||||
-1 | As of September 30, 2014, we identified a total of 182 investments that were in unrealized loss positions, of which 34 investments totaling $1.0 billion with unrealized losses of $28.2 million have been in an impaired position for a period of time greater than 12 months. As of September 30, 2014, we do not intend to sell any impaired fixed income investment securities prior to recovery of our adjusted 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 adjusted cost basis. Based on our analysis as of September 30, 2014, we deem all impairments to be temporary, and therefore changes in value for our temporarily impaired securities as of the same date are included in other comprehensive income. Market valuations and impairment analyses on assets in the available-for-sale securities portfolio are reviewed and monitored on a quarterly basis. | |||||||||||||||||||||||||||||||||||
The following table summarizes our unrealized losses on our available-for-sale securities portfolio into categories of less than 12 months and 12 months or longer as of December 31, 2013: | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value of | Unrealized | Fair Value of | Unrealized | Fair Value of | Unrealized | ||||||||||||||||||||||||||||||
Investments | Losses | Investments | Losses | Investments | Losses | |||||||||||||||||||||||||||||||
U.S. agency debentures | $ | 1,821,045 | $ | (40,785 | ) | $ | — | $ | — | $ | 1,821,045 | $ | (40,785 | ) | ||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 1,480,870 | (14,029 | ) | 19,830 | (2,112 | ) | 1,500,700 | (16,141 | ) | |||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 2,098,137 | (79,519 | ) | 134,420 | (5,903 | ) | 2,232,557 | (85,422 | ) | |||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 109,699 | (123 | ) | — | — | 109,699 | (123 | ) | ||||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | 464,171 | (17,423 | ) | — | — | 464,171 | (17,423 | ) | ||||||||||||||||||||||||||||
Municipal bonds and notes | 3,404 | (21 | ) | — | — | 3,404 | (21 | ) | ||||||||||||||||||||||||||||
Equity securities | 910 | (483 | ) | — | — | 910 | (483 | ) | ||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 5,978,236 | $ | (152,383 | ) | $ | 154,250 | $ | (8,015 | ) | $ | 6,132,486 | $ | (160,398 | ) | |||||||||||||||||||||
Summary of Remaining Contractual Principal Maturities and Fully Taxable Equivalent Yields on Securities | ' | |||||||||||||||||||||||||||||||||||
The following table summarizes the remaining contractual principal maturities and fully taxable equivalent yields on fixed income investment securities classified as available-for-sale as of September 30, 2014. The weighted average yield is computed using the amortized cost of fixed income investment securities, which are reported at fair value. For U.S. Treasury securities, the expected maturity is the actual contractual maturity of the notes. Expected remaining maturities for certain U.S. agency debentures may occur earlier than their contractual maturities because the note issuers have the right to call outstanding amounts ahead of their contractual maturity. Expected maturities for mortgage-backed securities may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. Mortgage-backed securities classified as available-for-sale typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower rate environments. | ||||||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||||||
Total | One Year | After One Year to | After Five Years to | After | ||||||||||||||||||||||||||||||||
or Less | Five Years | Ten Years | Ten Years | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying | Weighted- | Carrying | Weighted- | Carrying | Weighted- | Carrying | Weighted- | Carrying | Weighted- | ||||||||||||||||||||||||||
Value | Average | Value | Average | Value | Average | Value | Average | Value | Average | |||||||||||||||||||||||||||
Yield | Yield | Yield | Yield | Yield | ||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | 6,876,299 | 1.08 | % | $ | 100,189 | 0.15 | % | $ | 6,041,278 | 0.99 | % | $ | 734,832 | 1.97 | % | $ | — | — | % | ||||||||||||||||
U.S. agency debentures | 3,605,833 | 1.63 | 695,199 | 1.64 | 2,225,869 | 1.52 | 684,765 | 2.01 | — | — | ||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - fixed rate | 2,005,933 | 2.01 | — | — | — | — | 483,473 | 2.59 | 1,522,460 | 1.83 | ||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - variable rate | 835,957 | 0.71 | — | — | — | — | — | — | 835,957 | 0.71 | ||||||||||||||||||||||||||
Total | $ | 13,324,022 | 1.35 | $ | 795,388 | 1.45 | $ | 8,267,147 | 1.13 | $ | 1,903,070 | 2.14 | $ | 2,358,417 | 1.43 | |||||||||||||||||||||
Mortgage-backed securities classified as held-to-maturity typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower rate environments. | ||||||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||||||
Total | One Year | After One Year to | After Five Years to | After | ||||||||||||||||||||||||||||||||
or Less | Five Years | Ten Years | Ten Years | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Weighted- | Amortized Cost | Weighted- | Amortized Cost | Weighted- | Amortized Cost | Weighted- | Amortized Cost | Weighted- | ||||||||||||||||||||||||||
Average | Average | Average | Average | Average | ||||||||||||||||||||||||||||||||
Yield | Yield | Yield | Yield | Yield | ||||||||||||||||||||||||||||||||
U.S. agency debentures | $ | 349,993 | 2.9 | % | $ | — | — | % | $ | — | — | % | $ | 349,993 | 2.9 | % | $ | — | — | % | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 2,919,715 | 2.42 | — | — | 45,081 | 2.39 | 901,721 | 2.2 | 1,972,913 | 2.52 | ||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - fixed rate | 2,489,538 | 1.68 | — | — | — | — | — | — | 2,489,538 | 1.68 | ||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - variable rate | 139,182 | 0.65 | — | — | — | — | — | — | 139,182 | 0.65 | ||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | 679,379 | 2.16 | — | — | — | — | — | — | 679,379 | 2.16 | ||||||||||||||||||||||||||
Municipal bonds and notes | 84,218 | 6 | 3,470 | 5.37 | 27,900 | 5.84 | 40,475 | 6.07 | 12,373 | 6.3 | ||||||||||||||||||||||||||
Total | $ | 6,662,025 | 2.15 | $ | 3,470 | 5.37 | $ | 72,981 | 3.71 | $ | 1,292,189 | 2.51 | $ | 5,293,385 | 2.03 | |||||||||||||||||||||
Held-to-maturity Securities | ' | |||||||||||||||||||||||||||||||||||
The major components of our held-to-maturity investment securities portfolio at September 30, 2014 are as follows: | ||||||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||||||||||||||
Held-to-maturity securities, at cost: | ||||||||||||||||||||||||||||||||||||
U.S. agency debentures (1) | $ | 349,993 | $ | 1,588 | $ | (1,165 | ) | $ | 350,416 | |||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 2,919,715 | 16 | (20,712 | ) | 2,899,019 | |||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 2,489,538 | 384 | (24,052 | ) | 2,465,870 | |||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 139,182 | 7 | (14 | ) | 139,175 | |||||||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | 679,379 | 350 | (4,391 | ) | 675,338 | |||||||||||||||||||||||||||||||
Municipal bonds and notes | 84,218 | 81 | (224 | ) | 84,075 | |||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | 6,662,025 | $ | 2,426 | $ | (50,558 | ) | $ | 6,613,893 | |||||||||||||||||||||||||||
-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. | |||||||||||||||||||||||||||||||||||
The following table summarizes our unrealized losses on our held-to-maturity securities portfolio into categories of less than 12 months and 12 months or longer as of September 30, 2014: | ||||||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer (1) | Total | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value of | Unrealized | Fair Value of | Unrealized | Fair Value of | Unrealized | ||||||||||||||||||||||||||||||
Investments | Losses | Investments | Losses | Investments | Losses | |||||||||||||||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||||||||||||||
U.S. agency debentures | $ | 205,383 | $ | (837 | ) | $ | 47,987 | $ | (328 | ) | $ | 253,370 | $ | (1,165 | ) | |||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 2,890,039 | (20,712 | ) | — | — | 2,890,039 | (20,712 | ) | ||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 1,316,900 | (12,438 | ) | 806,042 | (11,614 | ) | 2,122,942 | (24,052 | ) | |||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 77,567 | (14 | ) | — | — | 77,567 | (14 | ) | ||||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | 578,687 | (4,391 | ) | — | — | 578,687 | (4,391 | ) | ||||||||||||||||||||||||||||
Municipal bonds and notes | 55,365 | (224 | ) | — | — | 55,365 | (224 | ) | ||||||||||||||||||||||||||||
Total temporarily impaired securities (2): | $ | 5,123,941 | $ | (38,616 | ) | $ | 854,029 | $ | (11,942 | ) | $ | 5,977,970 | $ | (50,558 | ) | |||||||||||||||||||||
-1 | Represents securities in an unrealized loss position for twelve months or longer in which the amortized cost basis was re-set for those securities re-designated from AFS to HTM effective June 1, 2014. | |||||||||||||||||||||||||||||||||||
-2 | As of September 30, 2014, we identified a total of 329 investments that were in unrealized loss positions, of which 28 investments totaling $854.0 million with unrealized losses of $11.9 million have been in an impaired position for a period of time greater than 12 months. As of September 30, 2014, we do not intend to sell any impaired fixed income investment securities prior to recovery of our adjusted 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 adjusted cost basis, which is consistent with our classification of these securities. Based on our analysis as of September 30, 2014, we deem all impairments to be temporary. Market valuations and impairment analyses on assets in the held-to-maturity securities portfolio are reviewed and monitored on a quarterly basis. | |||||||||||||||||||||||||||||||||||
Schedule of Nonmarketable and Other Securities | ' | |||||||||||||||||||||||||||||||||||
The major components of our non-marketable and other investment securities portfolio at September 30, 2014 and December 31, 2013 are as follows: | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||
Non-marketable and other securities: | ||||||||||||||||||||||||||||||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments (1) | $ | 1,078,911 | $ | 862,972 | ||||||||||||||||||||||||||||||||
Other venture capital investments (2) | 43,863 | 32,839 | ||||||||||||||||||||||||||||||||||
Other securities (fair value accounting) (3) | 181,265 | 321,374 | ||||||||||||||||||||||||||||||||||
Non-marketable securities (equity method accounting): | ||||||||||||||||||||||||||||||||||||
Other investments (4) | 141,913 | 142,883 | ||||||||||||||||||||||||||||||||||
Low income housing tax credit funds | 98,417 | 72,241 | ||||||||||||||||||||||||||||||||||
Non-marketable securities (cost method accounting): | ||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments (5) | 142,710 | 148,994 | ||||||||||||||||||||||||||||||||||
Other investments | 16,471 | 14,191 | ||||||||||||||||||||||||||||||||||
Total non-marketable and other securities | $ | 1,703,550 | $ | 1,595,494 | ||||||||||||||||||||||||||||||||
-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, 2014 and December 31, 2013 (fair value accounting): | |||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||||||||||||||||||||||||
SVB Strategic Investors Fund, LP | $ | 25,625 | 12.6 | % | $ | 29,104 | 12.6 | % | ||||||||||||||||||||||||||||
SVB Strategic Investors Fund II, LP | 92,681 | 8.6 | 96,185 | 8.6 | ||||||||||||||||||||||||||||||||
SVB Strategic Investors Fund III, LP | 248,816 | 5.9 | 260,272 | 5.9 | ||||||||||||||||||||||||||||||||
SVB Strategic Investors Fund IV, LP | 308,332 | 5 | 226,729 | 5 | ||||||||||||||||||||||||||||||||
Strategic Investors Fund V Funds | 214,863 | Various | 118,181 | Various | ||||||||||||||||||||||||||||||||
Strategic Investors Fund VI Funds | 56,958 | 0.2 | 7,944 | 0.2 | ||||||||||||||||||||||||||||||||
SVB Capital Preferred Return Fund, LP | 61,876 | 20 | 59,028 | 20 | ||||||||||||||||||||||||||||||||
SVB Capital—NT Growth Partners, LP | 61,818 | 33 | 61,126 | 33 | ||||||||||||||||||||||||||||||||
SVB Capital Partners II, LP (i) | 302 | 5.1 | 708 | 5.1 | ||||||||||||||||||||||||||||||||
Other private equity fund (ii) | 7,640 | 58.2 | 3,695 | 58.2 | ||||||||||||||||||||||||||||||||
Total venture capital and private equity fund investments | $ | 1,078,911 | $ | 862,972 | ||||||||||||||||||||||||||||||||
(i) | At September 30, 2014, we had a direct ownership interest of 1.3 percent and an indirect ownership interest of 3.8 percent in the fund through our ownership interest of SVB Strategic Investors Fund II, LP. | |||||||||||||||||||||||||||||||||||
(ii) | At September 30, 2014, we had a direct ownership interest of 41.5 percent and indirect ownership interests of 12.6 percent and 4.1 percent in the fund through our ownership interest of SVB Capital—NT Growth Partners, LP and SVB Capital Preferred Return Fund, LP, respectively. | |||||||||||||||||||||||||||||||||||
-2 | The following table shows the amounts of other venture capital investments held by the following consolidated funds and our ownership percentage of each fund at September 30, 2014 and December 31, 2013 (fair value accounting): | |||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||||||||||||||||||||||||
Silicon Valley BancVentures, LP | $ | 5,616 | 10.7 | % | $ | 6,564 | 10.7 | % | ||||||||||||||||||||||||||||
SVB Capital Partners II, LP (i) | 17,802 | 5.1 | 22,684 | 5.1 | ||||||||||||||||||||||||||||||||
Capital Partners III, LP | 15,000 | 0.4 | — | — | ||||||||||||||||||||||||||||||||
SVB Capital Shanghai Yangpu Venture Capital Fund | 5,445 | 6.8 | 3,591 | 6.8 | ||||||||||||||||||||||||||||||||
Total other venture capital investments | $ | 43,863 | $ | 32,839 | ||||||||||||||||||||||||||||||||
(i) | At September 30, 2014, we had a direct ownership interest of 1.3 percent and an indirect ownership interest of 3.8 percent in the fund through our ownership of SVB Strategic Investors Fund II, LP. | |||||||||||||||||||||||||||||||||||
-3 | Investments classified as other securities (fair value accounting) represent direct equity investments in public companies held by our consolidated funds. At September 30, 2014, the amount primarily includes total unrealized gains of $143.8 million in one public company, FireEye, Inc. ("FireEye"). The extent to which any unrealized gains (or losses) will become realized is subject to a variety of factors, including among other things, changes in prevailing market prices and the timing of any sales or distribution of securities, which are subject to our funds' separate discretionary securities sales/distribution and governance processes and may also be constrained by lock-up agreements. None of the FireEye related investments currently are subject to a lock-up agreement. | |||||||||||||||||||||||||||||||||||
-4 | The following table shows the carrying value and our ownership percentage of each investment at September 30, 2014 and December 31, 2013 (equity method accounting): | |||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||||||||||||||||||||||||
Gold Hill Capital 2008, LP (i) | $ | 20,685 | 15.5 | % | $ | 21,867 | 15.5 | % | ||||||||||||||||||||||||||||
China Joint Venture investment | 79,457 | 50 | 79,940 | 50 | ||||||||||||||||||||||||||||||||
Other investments | 41,771 | Various | 41,076 | Various | ||||||||||||||||||||||||||||||||
Total other investments (equity method accounting) | $ | 141,913 | $ | 142,883 | ||||||||||||||||||||||||||||||||
(i) | At September 30, 2014, we had a 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. | |||||||||||||||||||||||||||||||||||
-5 | Represents investments in 281 and 288 funds (primarily venture capital funds) at September 30, 2014 and December 31, 2013, 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. The carrying value, and estimated fair value, of these venture capital and private equity fund investments (cost method accounting) was $143 million, and $240 million, respectively, as of September 30, 2014. The carrying value, and estimated fair value, of these venture capital and private equity fund investments (cost method accounting) was $149 million and $215 million, respectively, as of December 31, 2013. | |||||||||||||||||||||||||||||||||||
Components of Gains and Losses (Realized and Unrealized) on Investment Securities | ' | |||||||||||||||||||||||||||||||||||
The following table presents the components of gains and losses (realized and unrealized) on investment securities for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Gross gains on investment securities: | ||||||||||||||||||||||||||||||||||||
Available-for-sale securities, at fair value (1) | $ | 45 | $ | 317 | $ | 642 | $ | 3,167 | ||||||||||||||||||||||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | 69,044 | 35,826 | 268,483 | 107,546 | ||||||||||||||||||||||||||||||||
Other venture capital investments | 6,779 | 5,180 | 11,334 | 8,020 | ||||||||||||||||||||||||||||||||
Other securities (fair value accounting) (2) | 5,444 | 143,840 | 136,010 | 148,185 | ||||||||||||||||||||||||||||||||
Non-marketable securities (equity method accounting): | ||||||||||||||||||||||||||||||||||||
Other investments | 2,239 | 6,569 | 8,767 | 14,038 | ||||||||||||||||||||||||||||||||
Non-marketable securities (cost method accounting): | ||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | 2,641 | 5,016 | 7,706 | 6,806 | ||||||||||||||||||||||||||||||||
Other investments | 19 | 34 | 5,174 | 370 | ||||||||||||||||||||||||||||||||
Total gross gains on investment securities | 86,211 | 196,782 | 438,116 | 288,132 | ||||||||||||||||||||||||||||||||
Gross losses on investment securities: | ||||||||||||||||||||||||||||||||||||
Available-for-sale securities, at fair value (1) | (1,035 | ) | (98 | ) | (18,052 | ) | (2,218 | ) | ||||||||||||||||||||||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | (25,584 | ) | (1,575 | ) | (76,243 | ) | (17,020 | ) | ||||||||||||||||||||||||||||
Other venture capital investments | (1,233 | ) | (587 | ) | (3,274 | ) | (2,241 | ) | ||||||||||||||||||||||||||||
Other securities (fair value accounting) (2) | (52,264 | ) | (75 | ) | (166,051 | ) | (2,609 | ) | ||||||||||||||||||||||||||||
Non-marketable securities (equity method accounting): | ||||||||||||||||||||||||||||||||||||
Other investments | (179 | ) | (1,944 | ) | (1,219 | ) | (2,421 | ) | ||||||||||||||||||||||||||||
Non-marketable securities (cost method accounting): | ||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments (3) | (272 | ) | (689 | ) | (781 | ) | (1,462 | ) | ||||||||||||||||||||||||||||
Other investments | — | (3,952 | ) | (260 | ) | (4,300 | ) | |||||||||||||||||||||||||||||
Total gross losses on investment securities | (80,567 | ) | (8,920 | ) | (265,880 | ) | (32,271 | ) | ||||||||||||||||||||||||||||
Gains on investment securities, net | $ | 5,644 | $ | 187,862 | $ | 172,236 | $ | 255,861 | ||||||||||||||||||||||||||||
-1 | Includes realized gains (losses) on sales of available-for-sale equity securities that are recognized in the income statement. Unrealized gains (losses) on available-for-sale fixed income and equity securities are recognized in other comprehensive income. The cost basis of available-for-sale securities sold is determined on a specific identification basis. | |||||||||||||||||||||||||||||||||||
-2 | Other securities (fair value accounting) includes net losses of $49.8 million for the three months ended September 30, 2014, and net losses of $21.7 million (including $66.5 million of realized gains) for the nine months ended September 30, 2014, attributable to one public company, FireEye. The extent to which any unrealized gains (or losses) will become realized is subject to a variety of factors, including among other things, changes in prevailing market prices and the timing of any sales or distribution of securities, which are subject to our securities sales and governance processes and may also be constrained by lock-up agreements. None of the FireEye related investments currently are subject to a lock-up agreement. | |||||||||||||||||||||||||||||||||||
-3 | For the three months ended September 30, 2014 and 2013, includes OTTI losses of $0.3 million from the declines in value for 5 of the 281 investments and $0.4 million from the declines in value for 12 of the 293 investments, respectively. For the nine months ended September 30, 2014 and 2013, includes OTTI losses of $0.7 million from the declines in value for 22 of the 281 investments and $1.2 million from the declines in value for 37 of the 293 investments, respectively. We concluded that any declines in value for the remaining investments were temporary, and as such, no OTTI was required to be recognized. |
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||
The composition of loans, net of unearned income of $95 million and $89 million at September 30, 2014 and December 31, 2013, respectively, is presented in the following table: | |||||||||||||||||||||||||||||
(Dollars in thousands) | 30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 4,503,369 | $ | 4,102,636 | |||||||||||||||||||||||||
Hardware | 1,072,102 | 1,213,032 | |||||||||||||||||||||||||||
Venture capital/private equity | 2,921,184 | 2,386,054 | |||||||||||||||||||||||||||
Life science | 1,245,527 | 1,170,220 | |||||||||||||||||||||||||||
Premium wine | 186,675 | 149,841 | |||||||||||||||||||||||||||
Other | 241,815 | 288,904 | |||||||||||||||||||||||||||
Total commercial loans | 10,170,672 | 9,310,687 | |||||||||||||||||||||||||||
Real estate secured loans: | |||||||||||||||||||||||||||||
Premium wine (1) | 562,893 | 514,993 | |||||||||||||||||||||||||||
Consumer loans (2) | 1,047,935 | 873,255 | |||||||||||||||||||||||||||
Other | 30,152 | 30,743 | |||||||||||||||||||||||||||
Total real estate secured loans | 1,640,980 | 1,418,991 | |||||||||||||||||||||||||||
Construction loans | 80,102 | 76,997 | |||||||||||||||||||||||||||
Consumer loans | 125,427 | 99,711 | |||||||||||||||||||||||||||
Total loans, net of unearned income (3) | $ | 12,017,181 | $ | 10,906,386 | |||||||||||||||||||||||||
-1 | Included in our premium wine portfolio are gross construction loans of $111 million and $112 million at September 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||
-2 | Consumer loans secured by real estate at September 30, 2014 and December 31, 2013 were comprised of the following: | ||||||||||||||||||||||||||||
(Dollars in thousands) | 30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||
Loans for personal residence | $ | 860,024 | $ | 685,327 | |||||||||||||||||||||||||
Loans to eligible employees | 129,979 | 121,548 | |||||||||||||||||||||||||||
Home equity lines of credit | 57,932 | 66,380 | |||||||||||||||||||||||||||
Consumer loans secured by real estate | $ | 1,047,935 | $ | 873,255 | |||||||||||||||||||||||||
-3 | Included within our total loan portfolio are credit card loans of $122 million and $85 million at September 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||
Composition of Loans, Net of Unearned Income, Broken Out by Portfolio Segment and Class of Financing Receivable | ' | ||||||||||||||||||||||||||||
The composition of loans, net of unearned income of $95 million and $89 million at September 30, 2014 and December 31, 2013, respectively, broken out by portfolio segment and class of financing receivable, is as follows: | |||||||||||||||||||||||||||||
(Dollars in thousands) | September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 4,503,369 | $ | 4,102,636 | |||||||||||||||||||||||||
Hardware | 1,072,102 | 1,213,032 | |||||||||||||||||||||||||||
Venture capital/private equity | 2,921,184 | 2,386,054 | |||||||||||||||||||||||||||
Life science | 1,245,527 | 1,170,220 | |||||||||||||||||||||||||||
Premium wine | 749,568 | 664,834 | |||||||||||||||||||||||||||
Other | 352,069 | 396,644 | |||||||||||||||||||||||||||
Total commercial loans | 10,843,819 | 9,933,420 | |||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Real estate secured loans | 1,047,935 | 873,255 | |||||||||||||||||||||||||||
Other consumer loans | 125,427 | 99,711 | |||||||||||||||||||||||||||
Total consumer loans | 1,173,362 | 972,966 | |||||||||||||||||||||||||||
Total loans, net of unearned income | $ | 12,017,181 | $ | 10,906,386 | |||||||||||||||||||||||||
Aging of Gross Loans, Broken out by Portfolio Segment and Class of Financing Receivable | ' | ||||||||||||||||||||||||||||
The following table summarizes the aging of our gross loans, broken out by portfolio segment and class of financing receivable as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
(Dollars in thousands) | 30 - 59 | 60 - 89 | Greater | Total Past | Current | Loans Past Due | |||||||||||||||||||||||
Days Past | Days Past | Than 90 | Due | 90 Days or | |||||||||||||||||||||||||
Due | Due | Days Past | More Still | ||||||||||||||||||||||||||
Due | Accruing | ||||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 4,565 | $ | 4,334 | $ | 125 | $ | 9,024 | $ | 4,527,570 | $ | 125 | |||||||||||||||||
Hardware | 247 | 3,609 | — | 3,856 | 1,078,234 | — | |||||||||||||||||||||||
Venture capital/private equity | 5 | 3 | — | 8 | 2,948,327 | — | |||||||||||||||||||||||
Life science | 265 | 2,573 | — | 2,838 | 1,253,292 | — | |||||||||||||||||||||||
Premium wine | 5 | — | — | 5 | 750,726 | — | |||||||||||||||||||||||
Other | 66 | 65 | — | 131 | 354,456 | — | |||||||||||||||||||||||
Total commercial loans | 5,153 | 10,584 | 125 | 15,862 | 10,912,605 | 125 | |||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Real estate secured loans | 1,250 | — | — | 1,250 | 1,046,029 | — | |||||||||||||||||||||||
Other consumer loans | 32 | 1 | — | 33 | 125,008 | — | |||||||||||||||||||||||
Total consumer loans | 1,282 | 1 | — | 1,283 | 1,171,037 | — | |||||||||||||||||||||||
Total gross loans excluding impaired loans | 6,435 | 10,585 | 125 | 17,145 | 12,083,642 | 125 | |||||||||||||||||||||||
Impaired loans | 251 | 211 | 1,062 | 1,524 | 10,163 | — | |||||||||||||||||||||||
Total gross loans | $ | 6,686 | $ | 10,796 | $ | 1,187 | $ | 18,669 | $ | 12,093,805 | $ | 125 | |||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 9,804 | $ | 1,291 | $ | 99 | $ | 11,194 | $ | 4,102,546 | $ | 99 | |||||||||||||||||
Hardware | 2,679 | 3,965 | — | 6,644 | 1,198,169 | — | |||||||||||||||||||||||
Venture capital/private equity | 4 | — | — | 4 | 2,408,382 | — | |||||||||||||||||||||||
Life science | 395 | 131 | — | 526 | 1,179,462 | — | |||||||||||||||||||||||
Premium wine | — | — | — | — | 665,755 | — | |||||||||||||||||||||||
Other | 1,580 | 142 | — | 1,722 | 397,416 | — | |||||||||||||||||||||||
Total commercial loans | 14,462 | 5,529 | 99 | 20,090 | 9,951,730 | 99 | |||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Real estate secured loans | 240 | — | — | 240 | 872,586 | — | |||||||||||||||||||||||
Other consumer loans | 8 | — | — | 8 | 98,965 | — | |||||||||||||||||||||||
Total consumer loans | 248 | — | — | 248 | 971,551 | — | |||||||||||||||||||||||
Total gross loans excluding impaired loans | 14,710 | 5,529 | 99 | 20,338 | 10,923,281 | 99 | |||||||||||||||||||||||
Impaired loans | 4,657 | 7,043 | 4,339 | 16,039 | 35,610 | — | |||||||||||||||||||||||
Total gross loans | $ | 19,367 | $ | 12,572 | $ | 4,438 | $ | 36,377 | $ | 10,958,891 | $ | 99 | |||||||||||||||||
Impaired Loans and Allowance for Loan Losses, Broken out by Portfolio Segment and Class of Financing Receivable | ' | ||||||||||||||||||||||||||||
The following table summarizes our impaired loans as they relate to our allowance for loan losses, broken out by portfolio segment and class of financing receivable as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
(Dollars in thousands) | Impaired loans for | Impaired loans for | Total carrying value of impaired loans | Total unpaid | |||||||||||||||||||||||||
which there is a | which there is no | principal of impaired loans | |||||||||||||||||||||||||||
related allowance | related allowance | ||||||||||||||||||||||||||||
for loan losses | for loan losses | ||||||||||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 8,730 | $ | — | $ | 8,730 | $ | 12,069 | |||||||||||||||||||||
Life science | 1,000 | — | 1,000 | 1,000 | |||||||||||||||||||||||||
Premium wine | — | 1,339 | 1,339 | 1,752 | |||||||||||||||||||||||||
Other | 186 | — | 186 | 798 | |||||||||||||||||||||||||
Total commercial loans | 9,916 | 1,339 | 11,255 | 15,619 | |||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Real estate secured loans | — | 208 | 208 | 1,416 | |||||||||||||||||||||||||
Other consumer loans | 224 | — | 224 | 526 | |||||||||||||||||||||||||
Total consumer loans | 224 | 208 | 432 | 1,942 | |||||||||||||||||||||||||
Total | $ | 10,140 | $ | 1,547 | $ | 11,687 | $ | 17,561 | |||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 27,308 | $ | 310 | $ | 27,618 | $ | 28,316 | |||||||||||||||||||||
Hardware | 19,329 | 338 | 19,667 | 35,317 | |||||||||||||||||||||||||
Venture capital/private equity | 40 | — | 40 | 40 | |||||||||||||||||||||||||
Life science | — | 1,278 | 1,278 | 4,727 | |||||||||||||||||||||||||
Premium wine | — | 1,442 | 1,442 | 1,778 | |||||||||||||||||||||||||
Other | 690 | — | 690 | 718 | |||||||||||||||||||||||||
Total commercial loans | 47,367 | 3,368 | 50,735 | 70,896 | |||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Real estate secured loans | — | 244 | 244 | 1,434 | |||||||||||||||||||||||||
Other consumer loans | 670 | — | 670 | 941 | |||||||||||||||||||||||||
Total consumer loans | 670 | 244 | 914 | 2,375 | |||||||||||||||||||||||||
Total | $ | 48,037 | $ | 3,612 | $ | 51,649 | $ | 73,271 | |||||||||||||||||||||
Average Impaired Loans, Broken out by Portfolio Segment and Class of Financing Receivable | ' | ||||||||||||||||||||||||||||
The following table summarizes our average impaired loans, broken out by portfolio segment and class of financing receivable for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Average impaired loans: | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 10,651 | $ | 4,306 | $ | 13,690 | $ | 4,631 | |||||||||||||||||||||
Hardware | 1,540 | 25,456 | 8,140 | 24,536 | |||||||||||||||||||||||||
Venture capital/private equity | — | 75 | — | 35 | |||||||||||||||||||||||||
Life science | 333 | — | 636 | 303 | |||||||||||||||||||||||||
Premium wine | 1,364 | 1,502 | 1,398 | 2,458 | |||||||||||||||||||||||||
Other | 674 | 3,648 | 1,383 | 4,344 | |||||||||||||||||||||||||
Total commercial loans | 14,562 | 34,987 | 25,247 | 36,307 | |||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Real estate secured loans | 212 | 3,426 | 224 | 3,391 | |||||||||||||||||||||||||
Other consumer loans | 261 | 866 | 375 | 1,021 | |||||||||||||||||||||||||
Total consumer loans | 473 | 4,292 | 599 | 4,412 | |||||||||||||||||||||||||
Total average impaired loans | $ | 15,035 | $ | 39,279 | $ | 25,846 | $ | 40,719 | |||||||||||||||||||||
Activity in Allowance for Loan Losses Broken out by Portfolio Segment | ' | ||||||||||||||||||||||||||||
The following tables summarize the activity relating to our allowance for loan losses for the three and nine months ended September 30, 2014 and 2013, broken out by portfolio segment: | |||||||||||||||||||||||||||||
Three months ended September 30, 2014 (dollars in thousands) | Beginning Balance June 30, 2014 | Charge-offs | Recoveries | Provision for | Ending Balance September 30, 2014 | ||||||||||||||||||||||||
(Reduction of) Loan Losses | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 53,239 | $ | (6,907 | ) | $ | 790 | $ | 11,078 | $ | 58,200 | ||||||||||||||||||
Hardware | 24,780 | (2,643 | ) | 113 | 2,491 | 24,741 | |||||||||||||||||||||||
Venture capital/private equity | 19,004 | — | — | 845 | 19,849 | ||||||||||||||||||||||||
Life science | 10,597 | — | 53 | 1,591 | 12,241 | ||||||||||||||||||||||||
Premium wine | 3,546 | (35 | ) | — | 710 | 4,221 | |||||||||||||||||||||||
Other | 3,218 | (1,072 | ) | 1,306 | (530 | ) | 2,922 | ||||||||||||||||||||||
Total commercial loans | 114,384 | (10,657 | ) | 2,262 | 16,185 | 122,174 | |||||||||||||||||||||||
Consumer loans | 6,344 | — | 118 | 425 | 6,887 | ||||||||||||||||||||||||
Total allowance for loan losses | $ | 120,728 | $ | (10,657 | ) | $ | 2,380 | $ | 16,610 | $ | 129,061 | ||||||||||||||||||
Nine months ended September 30, 2014 (dollars in thousands) | Beginning Balance December 31, 2013 | Charge-offs | Recoveries | Provision for Loan Losses | Ending Balance September 30, 2014 | ||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 64,084 | $ | (18,932 | ) | $ | 1,023 | $ | 12,025 | $ | 58,200 | ||||||||||||||||||
Hardware | 36,553 | (15,230 | ) | 2,070 | 1,348 | 24,741 | |||||||||||||||||||||||
Venture capital/private equity | 16,385 | — | — | 3,464 | 19,849 | ||||||||||||||||||||||||
Life science | 11,926 | (930 | ) | 341 | 904 | 12,241 | |||||||||||||||||||||||
Premium wine | 3,914 | (35 | ) | 238 | 104 | 4,221 | |||||||||||||||||||||||
Other | 3,680 | (3,062 | ) | 1,316 | 988 | 2,922 | |||||||||||||||||||||||
Total commercial loans | 136,542 | (38,189 | ) | 4,988 | 18,833 | 122,174 | |||||||||||||||||||||||
Consumer loans | 6,344 | — | 325 | 218 | 6,887 | ||||||||||||||||||||||||
Total allowance for loan losses | $ | 142,886 | $ | (38,189 | ) | $ | 5,313 | $ | 19,051 | $ | 129,061 | ||||||||||||||||||
Three months ended September 30, 2013 (dollars in thousands) | Beginning Balance June 30, 2013 | Charge-offs | Recoveries | Provision for | Ending Balance September 30, 2013 | ||||||||||||||||||||||||
(Reduction of) Loan Losses | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 46,798 | $ | (2,527 | ) | $ | 816 | $ | 4,369 | $ | 49,456 | ||||||||||||||||||
Hardware | 33,188 | (5,544 | ) | 1,149 | 7,370 | 36,163 | |||||||||||||||||||||||
Venture capital/private equity | 13,593 | — | — | 617 | 14,210 | ||||||||||||||||||||||||
Life science | 11,741 | (57 | ) | 246 | (780 | ) | 11,150 | ||||||||||||||||||||||
Premium wine | 3,793 | — | 4 | 81 | 3,878 | ||||||||||||||||||||||||
Other | 3,654 | (21 | ) | 77 | (24 | ) | 3,686 | ||||||||||||||||||||||
Total commercial loans | 112,767 | (8,149 | ) | 2,292 | 11,633 | 118,543 | |||||||||||||||||||||||
Consumer loans | 6,804 | — | 382 | (995 | ) | 6,191 | |||||||||||||||||||||||
Total allowance for loan losses | $ | 119,571 | $ | (8,149 | ) | $ | 2,674 | $ | 10,638 | $ | 124,734 | ||||||||||||||||||
Nine months ended September 30, 2013 (dollars in thousands) | Beginning Balance December 31, 2012 | Charge-offs | Recoveries | Provision for | Ending Balance September 30, 2013 | ||||||||||||||||||||||||
(Reduction of) Loan Losses | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 42,648 | $ | (7,619 | ) | $ | 1,455 | $ | 12,972 | $ | 49,456 | ||||||||||||||||||
Hardware | 29,761 | (11,975 | ) | 1,998 | 16,379 | 36,163 | |||||||||||||||||||||||
Venture capital/private equity | 9,963 | — | — | 4,247 | 14,210 | ||||||||||||||||||||||||
Life science | 13,606 | (2,618 | ) | 1,335 | (1,173 | ) | 11,150 | ||||||||||||||||||||||
Premium wine | 3,523 | — | 135 | 220 | 3,878 | ||||||||||||||||||||||||
Other | 3,912 | (6,069 | ) | 2,458 | 3,385 | 3,686 | |||||||||||||||||||||||
Total commercial loans | 103,413 | (28,281 | ) | 7,381 | 36,030 | 118,543 | |||||||||||||||||||||||
Consumer loans | 7,238 | (869 | ) | 829 | (1,007 | ) | 6,191 | ||||||||||||||||||||||
Total allowance for loan losses | $ | 110,651 | $ | (29,150 | ) | $ | 8,210 | $ | 35,023 | $ | 124,734 | ||||||||||||||||||
Allowance for Loan Losses Individually and Collectively Evaluated for Impairment | ' | ||||||||||||||||||||||||||||
The following table summarizes the allowance for loan losses individually and collectively evaluated for impairment as of September 30, 2014 and December 31, 2013, broken out by portfolio segment: | |||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||
Individually Evaluated for | Collectively Evaluated for | Individually Evaluated for | Collectively Evaluated for | ||||||||||||||||||||||||||
Impairment | Impairment | Impairment | Impairment | ||||||||||||||||||||||||||
(Dollars in thousands) | Allowance for loan losses | Recorded investment in loans | Allowance for loan losses | Recorded investment in loans | Allowance for loan losses | Recorded investment in loans | Allowance for loan losses | Recorded investment in loans | |||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 2,057 | $ | 8,730 | $ | 56,143 | $ | 4,494,639 | $ | 11,261 | $ | 27,617 | $ | 52,823 | $ | 4,075,019 | |||||||||||||
Hardware | — | — | 24,741 | 1,072,102 | 9,673 | 19,667 | 26,880 | 1,193,365 | |||||||||||||||||||||
Venture capital/private equity | — | — | 19,849 | 2,921,184 | 19 | 39 | 16,366 | 2,386,015 | |||||||||||||||||||||
Life science | 191 | 1,000 | 12,050 | 1,244,527 | — | 1,278 | 11,926 | 1,168,942 | |||||||||||||||||||||
Premium wine | — | 1,339 | 4,221 | 748,229 | — | 1,442 | 3,914 | 663,392 | |||||||||||||||||||||
Other | 4 | 186 | 2,918 | 351,883 | 156 | 690 | 3,524 | 395,954 | |||||||||||||||||||||
Total commercial loans | 2,252 | 11,255 | 119,922 | 10,832,564 | 21,109 | 50,733 | 115,433 | 9,882,687 | |||||||||||||||||||||
Consumer loans | 73 | 432 | 6,814 | 1,172,930 | 168 | 915 | 6,176 | 972,051 | |||||||||||||||||||||
Total | $ | 2,325 | $ | 11,687 | $ | 126,736 | $ | 12,005,494 | $ | 21,277 | $ | 51,648 | $ | 121,609 | $ | 10,854,738 | |||||||||||||
Credit Quality Indicators, Broken out by Portfolio Segment and Class of Financing Receivables | ' | ||||||||||||||||||||||||||||
The following table summarizes the credit quality indicators, broken out by portfolio segment and class of financing receivables as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Performing | Impaired | Total | |||||||||||||||||||||||||
(Criticized) | |||||||||||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 4,179,638 | $ | 356,956 | $ | 8,730 | $ | 4,545,324 | |||||||||||||||||||||
Hardware | 885,407 | 196,683 | — | 1,082,090 | |||||||||||||||||||||||||
Venture capital/private equity | 2,932,711 | 15,624 | — | 2,948,335 | |||||||||||||||||||||||||
Life science | 1,093,451 | 162,679 | 1,000 | 1,257,130 | |||||||||||||||||||||||||
Premium wine | 732,605 | 18,126 | 1,339 | 752,070 | |||||||||||||||||||||||||
Other | 338,187 | 16,400 | 186 | 354,773 | |||||||||||||||||||||||||
Total commercial loans | 10,161,999 | 766,468 | 11,255 | 10,939,722 | |||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Real estate secured loans | 1,042,547 | 4,732 | 208 | 1,047,487 | |||||||||||||||||||||||||
Other consumer loans | 122,736 | 2,305 | 224 | 125,265 | |||||||||||||||||||||||||
Total consumer loans | 1,165,283 | 7,037 | 432 | 1,172,752 | |||||||||||||||||||||||||
Total gross loans | $ | 11,327,282 | $ | 773,505 | $ | 11,687 | $ | 12,112,474 | |||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 3,875,043 | $ | 238,697 | $ | 27,618 | $ | 4,141,358 | |||||||||||||||||||||
Hardware | 995,055 | 209,758 | 19,667 | 1,224,480 | |||||||||||||||||||||||||
Venture capital/private equity | 2,408,386 | — | 40 | 2,408,426 | |||||||||||||||||||||||||
Life science | 1,091,993 | 87,995 | 1,278 | 1,181,266 | |||||||||||||||||||||||||
Premium wine | 652,747 | 13,008 | 1,442 | 667,197 | |||||||||||||||||||||||||
Other | 383,602 | 15,536 | 690 | 399,828 | |||||||||||||||||||||||||
Total commercial loans | 9,406,826 | 564,994 | 50,735 | 10,022,555 | |||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Real estate secured loans | 868,789 | 4,037 | 244 | 873,070 | |||||||||||||||||||||||||
Other consumer loans | 95,586 | 3,387 | 670 | 99,643 | |||||||||||||||||||||||||
Total consumer loans | 964,375 | 7,424 | 914 | 972,713 | |||||||||||||||||||||||||
Total gross loans | $ | 10,371,201 | $ | 572,418 | $ | 51,649 | $ | 10,995,268 | |||||||||||||||||||||
Summary of Loans Modified in Troubled Debt Restructurings ("TDRs") by Portfolio Segment and Class of Financing Receivables | ' | ||||||||||||||||||||||||||||
The following table summarizes our loans modified in TDRs, broken out by portfolio segment and class of financing receivables at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
(Dollars in thousands) | 30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||
Loans modified in TDRs: | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 7,848 | $ | 5,860 | |||||||||||||||||||||||||
Hardware | — | 13,329 | |||||||||||||||||||||||||||
Venture capital/ private equity | — | 77 | |||||||||||||||||||||||||||
Premium wine | 1,953 | 1,442 | |||||||||||||||||||||||||||
Other | 275 | 1,055 | |||||||||||||||||||||||||||
Total commercial loans | 10,076 | 21,763 | |||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Other consumer loans | 224 | 670 | |||||||||||||||||||||||||||
Total consumer loans | 224 | 670 | |||||||||||||||||||||||||||
Total | $ | 10,300 | $ | 22,433 | |||||||||||||||||||||||||
Recorded Investment in Loans Modified in TDRs | ' | ||||||||||||||||||||||||||||
The following table summarizes the recorded investment in loans modified in TDRs, broken out by portfolio segment and class of financing receivable, for modifications made during the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Loans modified in TDRs during the period: | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||
Software | $ | 496 | $ | 1,007 | $ | 7,848 | $ | 1,007 | |||||||||||||||||||||
Hardware | — | 6,330 | — | 7,783 | |||||||||||||||||||||||||
Venture capital/ private equity | — | — | — | 88 | |||||||||||||||||||||||||
Premium wine | — | — | 614 | — | |||||||||||||||||||||||||
Other | — | — | — | 734 | |||||||||||||||||||||||||
Total commercial loans | 496 | 7,337 | 8,462 | 9,612 | |||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Other consumer loans | — | — | — | 41 | |||||||||||||||||||||||||
Total consumer loans | — | — | — | 41 | |||||||||||||||||||||||||
Total loans modified in TDRs during the period (1) | $ | 496 | $ | 7,337 | $ | 8,462 | $ | 9,653 | |||||||||||||||||||||
-1 | There were no partial charge-offs on loans classified as TDRs for the three and nine months ended September 30, 2014. There were partial charge-offs of $1.2 million and $2.4 million on loans classified as TDRs for the three and nine months ended September 30, 2013, respectively. |
ShortTerm_Borrowings_and_LongT1
Short-Term Borrowings and Long-Term Debt (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||
Outstanding Short Term Borrowings and Long Term Debt | ' | ||||||||||||||
The following table represents outstanding short-term borrowings and long-term debt at September 30, 2014 and December 31, 2013: | |||||||||||||||
Carrying Value | |||||||||||||||
(Dollars in thousands) | Maturity | Principal value at September 30, 2014 | September 30, | December 31, | |||||||||||
2014 | 2013 | ||||||||||||||
Short-term borrowings: | |||||||||||||||
Other short-term borrowings | -1 | $ | 6,630 | $ | 6,630 | $ | 5,080 | ||||||||
Total short-term borrowings | $ | 6,630 | $ | 5,080 | |||||||||||
Long-term debt: | |||||||||||||||
5.375% Senior Notes | 15-Sep-20 | $ | 350,000 | $ | 348,378 | $ | 348,209 | ||||||||
6.05% Subordinated Notes (2) | June 1, 2017 | 45,964 | 50,497 | 51,987 | |||||||||||
7.0% Junior Subordinated Debentures | October 15, 2033 | 50,000 | 54,889 | 55,020 | |||||||||||
Total long-term debt | $ | 453,764 | $ | 455,216 | |||||||||||
-1 | Represents cash collateral received from certain counterparties in relation to market value exposures of derivative contracts in our favor, primarily for our interest rate swap agreement related to our 6.05% Subordinated Notes. | ||||||||||||||
-2 | At September 30, 2014 and December 31, 2013, included in the carrying value of our 6.05% Subordinated Notes was an interest rate swap valued at $5.0 million and $6.5 million, respectively, related to hedge accounting associated with the notes. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Total Notional or Contractual Amounts, Fair Value, Collateral and Net Exposure of Derivative Financial Instruments | ' | ||||||||||||||||||||||||||||||||||
The total notional or contractual amounts, fair value, collateral and net exposure of our derivative financial instruments at September 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Balance Sheet | Notional or | Fair Value | Collateral | Net | Notional or | Fair Value | Collateral | Net | ||||||||||||||||||||||||||
Location | Contractual | -1 | Exposure | Contractual | -1 | Exposure | |||||||||||||||||||||||||||||
Amount | -2 | Amount | -2 | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rate risks: | |||||||||||||||||||||||||||||||||||
Interest rate swaps | Other assets | $ | 45,964 | $ | 4,965 | $ | 3,910 | $ | 1,055 | $ | 45,964 | $ | 6,492 | $ | 5,080 | $ | 1,412 | ||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Currency exchange risks: | |||||||||||||||||||||||||||||||||||
Foreign exchange forwards | Other assets | 33,840 | 1,032 | 1,935 | (903 | ) | 140,760 | 1,423 | — | 1,423 | |||||||||||||||||||||||||
Foreign exchange forwards | Other liabilities | 30,306 | (387 | ) | — | (387 | ) | 62,649 | (634 | ) | — | (634 | ) | ||||||||||||||||||||||
Net exposure | 645 | 1,935 | (1,290 | ) | 789 | — | 789 | ||||||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||||||||||||
Equity warrant assets | Other assets | 186,853 | 94,960 | — | 94,960 | 179,934 | 103,513 | — | 103,513 | ||||||||||||||||||||||||||
Other derivatives: | |||||||||||||||||||||||||||||||||||
Client foreign exchange forwards | Other assets | 526,329 | 16,111 | 785 | 15,326 | 424,983 | 13,673 | — | 13,673 | ||||||||||||||||||||||||||
Client foreign exchange forwards | Other liabilities | 483,262 | (15,355 | ) | — | (15,355 | ) | 367,079 | (11,549 | ) | — | (11,549 | ) | ||||||||||||||||||||||
Client foreign currency options | Other assets | 6,500 | 91 | — | 91 | 91,854 | 434 | — | 434 | ||||||||||||||||||||||||||
Client foreign currency options | Other liabilities | 6,500 | (91 | ) | — | (91 | ) | 91,854 | (434 | ) | — | (434 | ) | ||||||||||||||||||||||
Loan conversion options | Other assets | 1,442 | — | — | — | 3,455 | 314 | — | 314 | ||||||||||||||||||||||||||
Client interest rate derivatives | Other assets | 359,074 | 2,173 | — | 2,173 | 216,773 | 1,265 | — | 1,265 | ||||||||||||||||||||||||||
Client interest rate derivatives | Other liabilities | 359,074 | (2,317 | ) | — | (2,317 | ) | 216,773 | (1,396 | ) | — | (1,396 | ) | ||||||||||||||||||||||
Net exposure | 612 | 785 | (173 | ) | 2,307 | — | 2,307 | ||||||||||||||||||||||||||||
Net | $ | 101,182 | $ | 6,630 | $ | 94,552 | $ | 113,101 | $ | 5,080 | $ | 108,021 | |||||||||||||||||||||||
-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. | ||||||||||||||||||||||||||||||||||
-2 | Net exposure for contracts in a gain position reflects the replacement cost in the event of nonperformance by all such counterparties. The credit ratings of our institutional counterparties as of September 30, 2014 remain at investment grade or higher and there were no material changes in their credit ratings during the three and nine months ended September 30, 2014. | ||||||||||||||||||||||||||||||||||
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, 2014 and 2013 is as follows: | |||||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Statement of income location | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rate risks: | |||||||||||||||||||||||||||||||||||
Net cash benefit associated with interest rate swaps | Interest expense—borrowings | $ | 638 | $ | 634 | $ | 1,915 | $ | 1,901 | ||||||||||||||||||||||||||
Changes in fair value of interest rate swaps | Net gains on derivative instruments | (12 | ) | (7 | ) | (37 | ) | 20 | |||||||||||||||||||||||||||
Net gains associated with interest rate risk derivatives | $ | 626 | $ | 627 | $ | 1,878 | $ | 1,921 | |||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Currency exchange risks: | |||||||||||||||||||||||||||||||||||
(Losses) gains on revaluations of foreign currency instruments | Other noninterest income | $ | (12,640 | ) | $ | 8,101 | $ | (12,347 | ) | $ | 451 | ||||||||||||||||||||||||
Gains (losses) on internal foreign exchange forward contracts, net | Net gains on derivative instruments | 12,529 | (8,423 | ) | 12,038 | (1,511 | ) | ||||||||||||||||||||||||||||
Net (losses) associated with currency risk | $ | (111 | ) | $ | (322 | ) | $ | (309 | ) | $ | (1,060 | ) | |||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||||||||||||
Net gains on equity warrant assets | Net gains on derivative instruments | $ | 13,157 | $ | 18,780 | $ | 50,859 | $ | 29,475 | ||||||||||||||||||||||||||
Gains (losses) on client foreign exchange forward contracts, net | Net gains on derivative instruments | $ | 886 | $ | (411 | ) | $ | 1,358 | $ | (237 | ) | ||||||||||||||||||||||||
Net (losses) gains on other derivatives (1) | Net gains on derivative instruments | $ | (22 | ) | $ | (517 | ) | $ | (738 | ) | $ | 55 | |||||||||||||||||||||||
-1 | Primarily represents the change in fair value of loan conversion options. | ||||||||||||||||||||||||||||||||||
Offsetting Assets | ' | ||||||||||||||||||||||||||||||||||
The following table summarizes our assets subject to enforceable master netting arrangements as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position But Subject to Master Netting Arrangements | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 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 | Financial Instruments | Cash Collateral Received | Net Amount | |||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||||
Derivative Assets: | |||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 4,965 | $ | — | $ | 4,965 | $ | (1,055 | ) | $ | (3,910 | ) | $ | — | |||||||||||||||||||||
Foreign exchange forwards | 17,143 | — | 17,143 | (8,002 | ) | (2,720 | ) | 6,421 | |||||||||||||||||||||||||||
Foreign currency options | 92 | (1 | ) | 91 | (91 | ) | — | — | |||||||||||||||||||||||||||
Client interest rate derivatives | 2,173 | — | 2,173 | (2,173 | ) | — | — | ||||||||||||||||||||||||||||
Total derivative assets: | 24,373 | (1 | ) | 24,372 | (11,321 | ) | (6,630 | ) | 6,421 | ||||||||||||||||||||||||||
Reverse repurchase, securities borrowing, and similar arrangements | 50,834 | — | 50,834 | (50,834 | ) | — | — | ||||||||||||||||||||||||||||
Total | $ | 75,207 | $ | (1 | ) | $ | 75,206 | $ | (62,155 | ) | $ | (6,630 | ) | $ | 6,421 | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||
Derivative Assets: | |||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 6,492 | $ | — | $ | 6,492 | $ | (1,412 | ) | $ | (5,080 | ) | $ | — | |||||||||||||||||||||
Foreign exchange forwards | 15,096 | — | 15,096 | (6,735 | ) | — | 8,361 | ||||||||||||||||||||||||||||
Foreign currency options | 504 | (70 | ) | 434 | (155 | ) | — | 279 | |||||||||||||||||||||||||||
Client interest rate derivatives | 1,265 | — | 1,265 | (256 | ) | — | 1,009 | ||||||||||||||||||||||||||||
Total derivative assets: | 23,357 | (70 | ) | 23,287 | (8,558 | ) | (5,080 | ) | 9,649 | ||||||||||||||||||||||||||
Reverse repurchase, securities borrowing, and similar arrangements | 172,989 | — | 172,989 | (172,989 | ) | — | — | ||||||||||||||||||||||||||||
Total | $ | 196,346 | $ | (70 | ) | $ | 196,276 | $ | (181,547 | ) | $ | (5,080 | ) | $ | 9,649 | ||||||||||||||||||||
Offsetting Liabilities | ' | ||||||||||||||||||||||||||||||||||
The following table summarizes our liabilities subject to enforceable master netting arrangements as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position But Subject to Master Netting Arrangements | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 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 | Financial Instruments | Cash Collateral Pledged | Net Amount | |||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||||
Derivative Liabilities: | |||||||||||||||||||||||||||||||||||
Foreign exchange forwards | $ | 15,742 | $ | — | $ | 15,742 | $ | (9,294 | ) | $ | — | $ | 6,448 | ||||||||||||||||||||||
Foreign currency options | 92 | (1 | ) | 91 | — | — | 91 | ||||||||||||||||||||||||||||
Client interest rate derivatives | 2,317 | — | 2,317 | (2,317 | ) | — | — | ||||||||||||||||||||||||||||
Total derivative liabilities: | 18,151 | (1 | ) | 18,150 | (11,611 | ) | — | 6,539 | |||||||||||||||||||||||||||
Repurchase, securities lending, and similar arrangements | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 18,151 | $ | (1 | ) | $ | 18,150 | $ | (11,611 | ) | $ | — | $ | 6,539 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||
Derivative Liabilities: | |||||||||||||||||||||||||||||||||||
Foreign exchange forwards | $ | 12,183 | $ | — | $ | 12,183 | $ | (8,282 | ) | $ | — | $ | 3,901 | ||||||||||||||||||||||
Foreign currency options | 504 | (70 | ) | 434 | (279 | ) | — | 155 | |||||||||||||||||||||||||||
Client interest rate derivatives | 1,396 | — | 1,396 | (1,087 | ) | — | 309 | ||||||||||||||||||||||||||||
Total derivative liabilities: | 14,083 | (70 | ) | 14,013 | (9,648 | ) | — | 4,365 | |||||||||||||||||||||||||||
Repurchase, securities lending, and similar arrangements | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 14,083 | $ | (70 | ) | $ | 14,013 | $ | (9,648 | ) | $ | — | $ | 4,365 | |||||||||||||||||||||
Other_Noninterest_Loss_Income_1
Other Noninterest (Loss) Income and Other Noninterest Expense (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||||||
Summary of Other Noninterest Income | ' | ||||||||||||||||
A summary of other noninterest (loss) income for the three and nine months ended September 30, 2014 and 2013 is as follows: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Fund management fees | $ | 3,574 | $ | 2,822 | $ | 9,888 | $ | 8,531 | |||||||||
Service-based fee income | 2,180 | 1,901 | 6,459 | 5,706 | |||||||||||||
(Losses) gains on revaluation of foreign currency instruments (1) | (12,640 | ) | 8,069 | (12,347 | ) | 444 | |||||||||||
Other (2) | 1,525 | 4,369 | 10,601 | 9,667 | |||||||||||||
Total other noninterest (loss) income | $ | (5,361 | ) | $ | 17,161 | $ | 14,601 | $ | 24,348 | ||||||||
-1 | Represents the revaluation of foreign currency denominated financial instruments issued and held by us, primarily loans, deposits and cash. | ||||||||||||||||
-2 | Includes dividends on FHLB/FRB stock, correspondent bank rebate income and other fee income. | ||||||||||||||||
Summary of Other Noninterest Expense | ' | ||||||||||||||||
A summary of other noninterest expense for the three and nine months ended September 30, 2014 and 2013 is as follows: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Client services | $ | 3,215 | $ | 1,920 | $ | 8,160 | $ | 5,711 | |||||||||
Tax credit fund amortization | 2,228 | 1,519 | 6,758 | 4,174 | |||||||||||||
Data processing services | 2,229 | 2,020 | 6,497 | 5,814 | |||||||||||||
Telephone | 1,931 | 1,571 | 5,217 | 4,640 | |||||||||||||
Postage and supplies | 763 | 559 | 2,248 | 1,777 | |||||||||||||
Dues and publications | 719 | 399 | 1,852 | 1,302 | |||||||||||||
Other | 4,711 | 2,661 | 9,381 | 6,855 | |||||||||||||
Total other noninterest expense | $ | 15,796 | $ | 10,649 | $ | 40,113 | $ | 30,273 | |||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||
Our segment information for the three and nine months ended September 30, 2014 and 2013 is as follows: | |||||||||||||||||||||
(Dollars in thousands) | Global | SVB Private | SVB Capital (1) | Other Items (2) | Total | ||||||||||||||||
Commercial | Bank | ||||||||||||||||||||
Bank (1) | |||||||||||||||||||||
Three months ended September 30, 2014 | |||||||||||||||||||||
Net interest income | $ | 187,184 | $ | 7,344 | $ | 12 | $ | 26,025 | $ | 220,565 | |||||||||||
(Provision for) loan losses | (16,185 | ) | (425 | ) | — | — | (16,610 | ) | |||||||||||||
Noninterest income | 57,756 | 491 | 1,064 | 20,856 | 80,167 | ||||||||||||||||
Noninterest expense (3) | (128,685 | ) | (2,574 | ) | (3,036 | ) | (47,694 | ) | (181,989 | ) | |||||||||||
Income (loss) before income tax expense (4) | $ | 100,070 | $ | 4,836 | $ | (1,960 | ) | $ | (813 | ) | $ | 102,133 | |||||||||
Total average loans, net of unearned income | $ | 10,192,945 | $ | 1,190,986 | $ | — | $ | 55,590 | $ | 11,439,521 | |||||||||||
Total average assets (5) | 31,809,853 | 1,129,947 | 302,949 | 1,355,536 | 34,598,285 | ||||||||||||||||
Total average deposits | 28,795,499 | 877,701 | — | 53,084 | 29,726,284 | ||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||
Net interest income | $ | 162,371 | $ | 6,195 | $ | 1 | $ | 8,529 | $ | 177,096 | |||||||||||
(Provision for) loan losses | (11,633 | ) | 995 | — | — | (10,638 | ) | ||||||||||||||
Noninterest income | 49,991 | 380 | 35,457 | 171,822 | 257,650 | ||||||||||||||||
Noninterest expense (3) | (107,495 | ) | (2,484 | ) | (2,728 | ) | (47,817 | ) | (160,524 | ) | |||||||||||
Income before income tax expense (4) | $ | 93,234 | $ | 5,086 | $ | 32,730 | $ | 132,534 | $ | 263,584 | |||||||||||
Total average loans, net of unearned income | $ | 8,576,443 | $ | 942,411 | $ | — | $ | 27,087 | $ | 9,545,941 | |||||||||||
Total average assets (5) | 21,336,583 | 998,640 | 329,680 | 407,831 | 23,072,734 | ||||||||||||||||
Total average deposits | 18,994,374 | 535,611 | — | 29,903 | 19,559,888 | ||||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||
Net interest income | $ | 541,375 | $ | 23,529 | $ | 55 | $ | 56,899 | $ | 621,858 | |||||||||||
(Provision for) reduction of loan losses | (18,833 | ) | (218 | ) | — | — | (19,051 | ) | |||||||||||||
Noninterest income | 169,414 | 1,121 | 35,617 | 198,450 | 404,602 | ||||||||||||||||
Noninterest expense (3) | (374,289 | ) | (7,709 | ) | (8,815 | ) | (137,058 | ) | (527,871 | ) | |||||||||||
Income before income tax expense (4) | $ | 317,667 | $ | 16,723 | $ | 26,857 | $ | 118,291 | $ | 479,538 | |||||||||||
Total average loans, net of unearned income | $ | 9,917,115 | $ | 1,120,647 | $ | — | $ | 60,635 | $ | 11,098,397 | |||||||||||
Total average assets (5) | 28,828,400 | 1,027,707 | 328,048 | 1,221,098 | 31,405,253 | ||||||||||||||||
Total average deposits | 26,020,715 | 805,167 | — | 56,231 | 26,882,113 | ||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||
Net interest income | $ | 465,893 | $ | 18,226 | $ | 5 | $ | 26,222 | $ | 510,346 | |||||||||||
(Provision for) reduction of loan losses | (36,030 | ) | 1,007 | — | — | (35,023 | ) | ||||||||||||||
Noninterest income | 144,893 | 867 | 48,179 | 240,554 | 434,493 | ||||||||||||||||
Noninterest expense (3) | (313,080 | ) | (6,263 | ) | (7,871 | ) | (125,616 | ) | (452,830 | ) | |||||||||||
Income before income tax expense (4) | $ | 261,676 | $ | 13,837 | $ | 40,313 | $ | 141,160 | $ | 456,986 | |||||||||||
Total average loans, net of unearned income | $ | 8,175,626 | $ | 886,679 | $ | — | $ | 23,874 | $ | 9,086,179 | |||||||||||
Total average assets (5) | 20,732,425 | 910,551 | 277,136 | 575,980 | 22,496,092 | ||||||||||||||||
Total average deposits | 18,480,510 | 493,204 | — | 15,646 | 18,989,360 | ||||||||||||||||
-1 | Global Commercial Bank’s and SVB Capital’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" as discussed below. | ||||||||||||||||||||
-2 | The "Other Items" column reflects the adjustments necessary to reconcile the results of the operating segments to the consolidated financial statements prepared in conformity with GAAP. Noninterest income is primarily attributable to noncontrolling interests and gains on equity warrant assets. Noninterest expense primarily consists of expenses associated with corporate support functions such as finance, human resources, marketing, legal and other expenses. Additionally, average assets primarily consist of cash and cash equivalents and loans from our Community Development Finance practice as part of our responsibilities under the Community Reinvestment Act. | ||||||||||||||||||||
-3 | The Global Commercial Bank segment includes direct depreciation and amortization of $5.4 million and $4.9 million for the three months ended September 30, 2014 and 2013, respectively and $15.4 million and $14.0 million for the nine months ended September 30, 2014 and 2013, 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 liabilities and total stockholders’ equity for each segment. |
OffBalance_Sheet_Arrangements_1
Off-Balance Sheet Arrangements, Guarantees and Other Commitments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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, 2014 and December 31, 2013: | |||||||||||||||||
(Dollars in thousands) | September 30, | December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Loan commitments available for funding: (1) | |||||||||||||||||
Fixed interest rate commitments | $ | 1,434,100 | $ | 1,392,781 | |||||||||||||
Variable interest rate commitments | 12,059,816 | 9,101,973 | |||||||||||||||
Total loan commitments available for funding | 13,493,916 | 10,494,754 | |||||||||||||||
Commercial and standby letters of credit (2) | 1,137,721 | 975,968 | |||||||||||||||
Total unfunded credit commitments | $ | 14,631,637 | $ | 11,470,722 | |||||||||||||
Commitments unavailable for funding (3) | $ | 1,691,660 | $ | 1,006,168 | |||||||||||||
Maximum lending limits for accounts receivable factoring arrangements (4) | 1,004,402 | 894,276 | |||||||||||||||
Reserve for unfunded credit commitments (5) | 35,489 | 29,983 | |||||||||||||||
-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 | Represents commitments which are currently unavailable for funding, due to clients failing to meet all collateral, compliance and financial covenants under loan commitment agreements. | ||||||||||||||||
-4 | We extend credit under accounts receivable factoring arrangements when our clients’ sales invoices are deemed creditworthy under existing underwriting practices. | ||||||||||||||||
-5 | Our reserve 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, 2014. 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 thousands) | Expires In One | Expires After | Total Amount | Maximum Amount | |||||||||||||
Year or Less | One Year | Outstanding | of Future Payments | ||||||||||||||
Financial standby letters of credit | $ | 936,790 | $ | 129,337 | $ | 1,066,127 | $ | 1,066,127 | |||||||||
Performance standby letters of credit | 57,058 | 8,162 | 65,220 | 65,220 | |||||||||||||
Commercial letters of credit | 6,374 | — | 6,374 | 6,374 | |||||||||||||
Total | $ | 1,000,222 | $ | 137,499 | $ | 1,137,721 | $ | 1,137,721 | |||||||||
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, 2014: | |||||||||||||||||
Our Ownership in Venture Capital/Private Equity Funds | SVBFG Capital Commitments | SVBFG Unfunded | SVBFG Ownership | ||||||||||||||
(Dollars in thousands) | Commitments | of each Fund (4) | |||||||||||||||
Silicon Valley BancVentures, LP | $ | 6,000 | $ | 270 | 10.7 | % | |||||||||||
SVB Capital Partners II, LP (1) | 1,200 | 162 | 5.1 | ||||||||||||||
Capital Partners III, LP | 750 | 649 | 0.4 | ||||||||||||||
SVB Capital Shanghai Yangpu Venture Capital Fund | 945 | 163 | 6.8 | ||||||||||||||
SVB Strategic Investors Fund, LP | 15,300 | 688 | 12.6 | ||||||||||||||
SVB Strategic Investors Fund II, LP | 15,000 | 1,050 | 8.6 | ||||||||||||||
SVB Strategic Investors Fund III, LP | 15,000 | 1,425 | 5.9 | ||||||||||||||
SVB Strategic Investors Fund IV, LP | 12,239 | 2,325 | 5 | ||||||||||||||
Strategic Investors Fund V Funds | 515 | 239 | Various | ||||||||||||||
Strategic Investors Fund VI Funds | 500 | 402 | 0.2 | ||||||||||||||
Strategic Investors Fund VII Funds | 500 | 500 | 0.2 | ||||||||||||||
SVB Capital Preferred Return Fund, LP | 12,688 | — | 20 | ||||||||||||||
SVB Capital—NT Growth Partners, LP | 24,670 | 1,340 | 33 | ||||||||||||||
Other private equity fund (2) | 9,338 | — | 58.2 | ||||||||||||||
Partners for Growth, LP | 25,000 | 9,750 | 50 | ||||||||||||||
Debt funds (equity method accounting) | 64,574 | 4,950 | Various | ||||||||||||||
Other fund investments (3) | 300,461 | 22,909 | Various | ||||||||||||||
Total | $ | 504,680 | $ | 46,822 | |||||||||||||
-1 | Our ownership includes direct ownership of 1.3 percent and indirect ownership interest of 3.8 percent through our investment in SVB Strategic Investors Fund II, LP. | ||||||||||||||||
-2 | Our ownership includes direct ownership of 41.5 percent and indirect ownership interests of 12.6 percent and 4.1 percent in the fund through our ownership interest of SVB Capital - NT Growth Partners, LP and SVB Capital Preferred Return Fund, LP, respectively. | ||||||||||||||||
-3 | Represents commitments to 286 funds (primarily venture capital funds) where our ownership interest is generally less than 5 percent of the voting interests of each such fund. | ||||||||||||||||
Remaining Unfunded Commitments to Venture Capital or Private Equity Funds by Consolidated Managed Funds | ' | ||||||||||||||||
The following table details the amounts of remaining unfunded commitments to venture capital and private equity funds by our consolidated managed funds of funds (including our interest and the noncontrolling interests) at September 30, 2014: | |||||||||||||||||
Limited Partnership | Unfunded | ||||||||||||||||
(Dollars in thousands) | Commitments | ||||||||||||||||
SVB Strategic Investors Fund, LP | $ | 2,250 | |||||||||||||||
SVB Strategic Investors Fund II, LP | 5,589 | ||||||||||||||||
SVB Strategic Investors Fund III, LP | 15,641 | ||||||||||||||||
SVB Strategic Investors Fund IV, LP | 41,205 | ||||||||||||||||
Strategic Investors Fund V Funds | 162,335 | ||||||||||||||||
Strategic Investors Fund VI Funds | 239,268 | ||||||||||||||||
SVB Capital Preferred Return Fund, LP | 5,886 | ||||||||||||||||
SVB Capital—NT Growth Partners, LP | 6,044 | ||||||||||||||||
Other private equity fund | 243 | ||||||||||||||||
Total | $ | 478,461 | |||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
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, 2014: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Balance at September 30, 2014 | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | 6,876,299 | $ | — | $ | — | $ | 6,876,299 | |||||||||||||||||||||||||
U.S. agency debentures | — | 3,605,833 | — | 3,605,833 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - fixed rate | — | 2,005,933 | — | 2,005,933 | |||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - variable rate | — | 835,957 | — | 835,957 | |||||||||||||||||||||||||||||
Equity securities | 4,211 | 5,203 | — | 9,414 | |||||||||||||||||||||||||||||
Total available-for-sale securities | 6,880,510 | 6,452,926 | — | 13,333,436 | |||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||
Non-marketable securities: | |||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | — | — | 1,078,911 | 1,078,911 | |||||||||||||||||||||||||||||
Other venture capital investments | — | — | 43,863 | 43,863 | |||||||||||||||||||||||||||||
Other securities | 181,265 | — | — | 181,265 | |||||||||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting) | 181,265 | — | 1,122,774 | 1,304,039 | |||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||
Interest rate swaps | — | 4,965 | — | 4,965 | |||||||||||||||||||||||||||||
Foreign exchange forward and option contracts | — | 17,234 | — | 17,234 | |||||||||||||||||||||||||||||
Equity warrant assets | — | 1,563 | 93,397 | 94,960 | |||||||||||||||||||||||||||||
Client interest rate derivatives | — | 2,173 | — | 2,173 | |||||||||||||||||||||||||||||
Total assets (1) | $ | 7,061,775 | $ | 6,478,861 | $ | 1,216,171 | $ | 14,756,807 | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Foreign exchange forward and option contracts | $ | — | $ | 15,833 | $ | — | $ | 15,833 | |||||||||||||||||||||||||
Client interest rate derivatives | — | 2,317 | — | 2,317 | |||||||||||||||||||||||||||||
Total liabilities | $ | — | $ | 18,150 | $ | — | $ | 18,150 | |||||||||||||||||||||||||
-1 | Included in Level 1 and Level 3 assets are $163.6 million and $1.0 billion, respectively, attributable to noncontrolling interests calculated based on the ownership percentages of the noncontrolling interests. | ||||||||||||||||||||||||||||||||
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, 2013: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2013 | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||
U.S. agency debentures | $ | — | $ | 4,345,232 | $ | — | $ | 4,345,232 | |||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | — | 2,473,576 | — | 2,473,576 | |||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - fixed rate | — | 3,325,758 | — | 3,325,758 | |||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - variable rate | — | 1,186,573 | — | 1,186,573 | |||||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | — | 564,604 | — | 564,604 | |||||||||||||||||||||||||||||
Municipal bonds and notes | — | 86,027 | — | 86,027 | |||||||||||||||||||||||||||||
Equity securities | 3,732 | 1,319 | — | 5,051 | |||||||||||||||||||||||||||||
Total available-for-sale securities | 3,732 | 11,983,089 | — | 11,986,821 | |||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||
Non-marketable securities: | |||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | — | — | 862,972 | 862,972 | |||||||||||||||||||||||||||||
Other venture capital investments | — | — | 32,839 | 32,839 | |||||||||||||||||||||||||||||
Other Securities | 2,125 | — | 319,249 | 321,374 | |||||||||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting) | 2,125 | — | 1,215,060 | 1,217,185 | |||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||
Interest rate swaps | — | 6,492 | — | 6,492 | |||||||||||||||||||||||||||||
Foreign exchange forward and option contracts | — | 15,530 | — | 15,530 | |||||||||||||||||||||||||||||
Equity warrant assets | — | 3,622 | 99,891 | 103,513 | |||||||||||||||||||||||||||||
Loan conversion options | — | 314 | — | 314 | |||||||||||||||||||||||||||||
Client interest rate derivatives | — | 1,265 | — | 1,265 | |||||||||||||||||||||||||||||
Total assets (1) | $ | 5,857 | $ | 12,010,312 | $ | 1,314,951 | $ | 13,331,120 | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Foreign exchange forward and option contracts | $ | — | $ | 12,617 | $ | — | $ | 12,617 | |||||||||||||||||||||||||
Client interest rate derivatives | — | 1,396 | — | 1,396 | |||||||||||||||||||||||||||||
Total liabilities | $ | — | $ | 14,013 | $ | — | $ | 14,013 | |||||||||||||||||||||||||
-1 | Included in Level 1 and Level 3 assets are $2.0 million and $1.1 billion, respectively, attributable to noncontrolling interests calculated based on the ownership percentages of the noncontrolling interests. | ||||||||||||||||||||||||||||||||
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, 2014 and 2013, respectively: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Beginning | Total Realized and Unrealized Gains (Losses) Included in Income | Purchases | Sales | Issuances | Distributions and Other Settlements | Transfers Out of Level 3 | Ending | |||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||||||
Three months ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | $ | 1,040,522 | $ | 43,460 | $ | 49,037 | $ | — | $ | — | $ | (54,108 | ) | $ | — | $ | 1,078,911 | ||||||||||||||||
Other venture capital investments | 43,747 | 5,546 | 6,304 | (11,122 | ) | — | (612 | ) | — | 43,863 | |||||||||||||||||||||||
Other securities (fair value accounting) | 5,808 | — | — | — | — | — | (5,808 | ) | — | ||||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting)(1) | 1,090,077 | 49,006 | 55,341 | (11,122 | ) | — | (54,720 | ) | (5,808 | ) | 1,122,774 | ||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||
Equity warrant assets (2) | 87,151 | 13,805 | — | (10,564 | ) | 2,932 | 510 | (437 | ) | 93,397 | |||||||||||||||||||||||
Total assets | $ | 1,177,228 | $ | 62,811 | $ | 55,341 | $ | (21,686 | ) | $ | 2,932 | $ | (54,210 | ) | $ | (6,245 | ) | $ | 1,216,171 | ||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | $ | 741,522 | $ | 34,288 | $ | 41,704 | $ | — | $ | — | $ | (44,015 | ) | $ | — | $ | 773,499 | ||||||||||||||||
Other venture capital investments | 123,493 | 4,530 | 1,016 | 4 | — | (73,684 | ) | — | 55,359 | ||||||||||||||||||||||||
Other securities (fair value accounting) | — | 143,301 | — | — | — | 73,753 | — | 217,054 | |||||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting) (1) | 865,015 | 182,119 | 42,720 | 4 | — | (43,946 | ) | — | 1,045,912 | ||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||
Equity warrant assets (2) | 73,229 | 18,215 | — | (6,366 | ) | 2,995 | 365 | (312 | ) | 88,126 | |||||||||||||||||||||||
Total assets | $ | 938,244 | $ | 200,334 | $ | 42,720 | $ | (6,362 | ) | $ | 2,995 | $ | (43,581 | ) | $ | (312 | ) | $ | 1,134,038 | ||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | $ | 862,972 | $ | 192,240 | $ | 159,448 | $ | — | $ | — | $ | (135,749 | ) | $ | — | $ | 1,078,911 | ||||||||||||||||
Other venture capital investments | 32,839 | 8,060 | 22,800 | (15,561 | ) | — | (4,149 | ) | (126 | ) | 43,863 | ||||||||||||||||||||||
Other securities (fair value accounting) | 319,249 | 104,310 | — | (46,840 | ) | — | 3,417 | (380,136 | ) | — | |||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting) (1) | 1,215,060 | 304,610 | 182,248 | (62,401 | ) | — | (136,481 | ) | (380,262 | ) | 1,122,774 | ||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||
Equity warrant assets (2) | 99,891 | 51,325 | — | (67,201 | ) | 9,098 | 1,718 | (1,434 | ) | 93,397 | |||||||||||||||||||||||
Total assets | $ | 1,314,951 | $ | 355,935 | $ | 182,248 | $ | (129,602 | ) | $ | 9,098 | $ | (134,763 | ) | $ | (381,696 | ) | $ | 1,216,171 | ||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | $ | 665,921 | $ | 90,526 | $ | 107,022 | $ | — | $ | — | $ | (89,970 | ) | $ | — | $ | 773,499 | ||||||||||||||||
Other venture capital investments | 127,091 | 5,779 | 1,210 | (381 | ) | — | (74,779 | ) | (3,561 | ) | 55,359 | ||||||||||||||||||||||
Other securities (fair value accounting) | — | 143,301 | — | — | — | 73,753 | — | 217,054 | |||||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting) (1) | 793,012 | 239,606 | 108,232 | (381 | ) | — | (90,996 | ) | (3,561 | ) | 1,045,912 | ||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||
Equity warrant assets (2) | 66,129 | 26,142 | — | (10,805 | ) | 7,309 | 1,743 | (2,392 | ) | 88,126 | |||||||||||||||||||||||
Total assets | $ | 859,141 | $ | 265,748 | $ | 108,232 | $ | (11,186 | ) | $ | 7,309 | $ | (89,253 | ) | $ | (5,953 | ) | $ | 1,134,038 | ||||||||||||||
-1 | Realized and unrealized gains (losses) are recorded in the line items “gains on investment securities, net”, and “other noninterest income”, components of noninterest income. | ||||||||||||||||||||||||||||||||
-2 | Realized and unrealized gains (losses) are recorded in the line item “gains on derivative instruments, net”, a component of noninterest income. | ||||||||||||||||||||||||||||||||
Unrealized Gains Included in Earnings Attributable to Level 3 Assets Held | ' | ||||||||||||||||||||||||||||||||
The following table presents the amount of unrealized gains (losses) included in earnings (which is inclusive of noncontrolling interest) attributable to Level 3 assets still held at September 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | $ | 57,967 | $ | 32,694 | $ | 207,885 | $ | 89,705 | |||||||||||||||||||||||||
Other venture capital investments | (1,231 | ) | 4,603 | 78 | 5,720 | ||||||||||||||||||||||||||||
Other securities (fair value accounting) | — | 143,301 | 78,967 | 143,301 | |||||||||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting) (1) | 56,736 | 180,598 | 286,930 | 238,726 | |||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||
Equity warrant assets (2) | 6,911 | 14,205 | 17,777 | 19,788 | |||||||||||||||||||||||||||||
Total unrealized gains, net | $ | 63,647 | $ | 194,803 | $ | 304,707 | $ | 258,514 | |||||||||||||||||||||||||
Unrealized gains attributable to noncontrolling interests | $ | 47,165 | $ | 164,871 | $ | 193,841 | $ | 215,340 | |||||||||||||||||||||||||
-1 | Unrealized gains (losses) are recorded in the line items “gains on investment securities, net”, and “other noninterest income”, components of noninterest income. | ||||||||||||||||||||||||||||||||
-2 | Unrealized gains (losses) are recorded in the line item “gains on derivative instruments, 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, 2014 and December 31, 2013. 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 thousands) | Fair value | Valuation Technique | Significant Unobservable Inputs | Weighted | |||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||||||||||
Other venture capital investments (fair value accounting) | $ | 43,863 | Private company equity pricing | -1 | (1 | ) | |||||||||||||||||||||||||||
Equity warrant assets (public portfolio) | 529 | Modified Black-Scholes option pricing model | Volatility | 43.9 | % | ||||||||||||||||||||||||||||
Risk-Free interest rate | 2.1 | % | |||||||||||||||||||||||||||||||
Sales restrictions discount (2) | 15.7 | % | |||||||||||||||||||||||||||||||
Equity warrant assets (private portfolio) | 92,868 | Modified Black-Scholes option pricing model | Volatility | 38.2 | % | ||||||||||||||||||||||||||||
Risk-Free interest rate | 1 | % | |||||||||||||||||||||||||||||||
Marketability discount (3) | 20 | % | |||||||||||||||||||||||||||||||
Remaining life assumption (4) | 45 | % | |||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Other venture capital investments (fair value accounting) | $ | 32,839 | Private company equity pricing | -1 | (1 | ) | |||||||||||||||||||||||||||
Other securities | 319,249 | Modified stock price | Sales restrictions discount (2) | 12 | % | ||||||||||||||||||||||||||||
Equity warrant assets (public portfolio) | 24,217 | Modified Black-Scholes option pricing model | Volatility | 41.3 | % | ||||||||||||||||||||||||||||
Risk-Free interest rate | 1.7 | % | |||||||||||||||||||||||||||||||
Sales restrictions discount (2) | 13.7 | % | |||||||||||||||||||||||||||||||
Equity warrant assets (private portfolio) | 75,674 | Modified Black-Scholes option pricing model | Volatility | 40.1 | % | ||||||||||||||||||||||||||||
Risk-Free interest rate | 0.8 | % | |||||||||||||||||||||||||||||||
Marketability discount (3) | 22.5 | % | |||||||||||||||||||||||||||||||
Remaining life assumption (4) | 45 | % | |||||||||||||||||||||||||||||||
-1 | In determining the fair value of our other venture capital investment portfolio, we evaluate a variety of factors related to each underlying private portfolio company including, but not limited to, actual and forecasted results, cash position, recent or planned transactions and market comparable companies. Additionally, we have ongoing communication with the portfolio companies and venture capital fund managers, to determine whether there is a material change in fair value. These factors are specific to each portfolio company and a weighted average or range of values of the unobservable inputs is not meaningful. | ||||||||||||||||||||||||||||||||
-2 | We adjust quoted market prices of public companies, which are subject to certain sales restrictions. Sales restriction discounts generally range from 10 percent to 20 percent depending on the duration of the sales restrictions, which typically range from 3 to 6 months. | ||||||||||||||||||||||||||||||||
-3 | Our marketability discount is applied to all private company warrants to account for a general lack of liquidity due to the private nature of the associated underlying company. The quantitative measure used is based on long-run averages and is influenced over time by various factors, including market conditions. On a quarterly basis, a sensitivity analysis is performed on our marketability discount. | ||||||||||||||||||||||||||||||||
-4 | We adjust the contractual remaining term of private company warrants based on our estimate of the actual remaining life, which we determine by utilizing historical data on cancellations and exercises. At September 30, 2014, the weighted average contractual remaining term was 6.25 years, compared to our estimated remaining life of 2.81 years. On a quarterly basis, a sensitivity analysis is performed on our remaining life assumption. | ||||||||||||||||||||||||||||||||
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, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,872,537 | $ | 1,872,537 | $ | — | $ | — | |||||||||||||||||||||||||
Held-to-maturity securities | 6,662,025 | — | 6,613,893 | — | |||||||||||||||||||||||||||||
Non-marketable and other securities (cost and equity method accounting) | 399,511 | — | — | 497,855 | |||||||||||||||||||||||||||||
Net commercial loans | 10,721,645 | — | — | 10,884,474 | |||||||||||||||||||||||||||||
Net consumer loans | 1,166,475 | — | — | 1,121,639 | |||||||||||||||||||||||||||||
FHLB and Federal Reserve Bank stock | 41,026 | — | — | 41,026 | |||||||||||||||||||||||||||||
Accrued interest receivable | 81,334 | — | 81,334 | — | |||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||
Other short-term borrowings | 6,630 | 6,630 | — | — | |||||||||||||||||||||||||||||
Non-maturity deposits (1) | 30,963,491 | 30,963,491 | — | — | |||||||||||||||||||||||||||||
Time deposits | 159,644 | — | 159,644 | — | |||||||||||||||||||||||||||||
5.375% Senior Notes | 348,378 | — | 390,740 | — | |||||||||||||||||||||||||||||
6.05% Subordinated Notes (2) | 50,497 | — | 54,423 | — | |||||||||||||||||||||||||||||
7.0% Junior Subordinated Debentures | 54,889 | — | 52,722 | — | |||||||||||||||||||||||||||||
Accrued interest payable | 2,932 | — | 2,932 | — | |||||||||||||||||||||||||||||
Off-balance sheet financial assets: | |||||||||||||||||||||||||||||||||
Commitments to extend credit | — | — | — | 29,731 | |||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,538,779 | $ | 1,538,779 | $ | — | $ | — | |||||||||||||||||||||||||
Non-marketable and other securities (cost and equity method accounting) | 378,309 | — | — | 447,783 | |||||||||||||||||||||||||||||
Net commercial loans | 9,796,878 | — | — | 9,935,917 | |||||||||||||||||||||||||||||
Net consumer loans | 966,622 | — | — | 1,005,080 | |||||||||||||||||||||||||||||
FHLB and Federal Reserve Bank stock | 40,632 | — | — | 40,632 | |||||||||||||||||||||||||||||
Accrued interest receivable | 67,772 | — | 67,772 | — | |||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||
Other short-term borrowings | 5,080 | 5,080 | — | — | |||||||||||||||||||||||||||||
Non-maturity deposits (1) | 22,259,119 | 22,259,119 | — | — | |||||||||||||||||||||||||||||
Time deposits | 213,860 | — | 213,874 | — | |||||||||||||||||||||||||||||
5.375% Senior Notes | 348,209 | — | 383,782 | — | |||||||||||||||||||||||||||||
6.05% Subordinated Notes (2) | 51,987 | — | 56,297 | — | |||||||||||||||||||||||||||||
7.0% Junior Subordinated Debentures | 55,020 | — | 51,915 | — | |||||||||||||||||||||||||||||
Accrued interest payable | 6,858 | — | 6,858 | — | |||||||||||||||||||||||||||||
Off-balance sheet financial assets: | |||||||||||||||||||||||||||||||||
Commitments to extend credit | — | — | — | 24,285 | |||||||||||||||||||||||||||||
-1 | Includes noninterest-bearing demand deposits, interest-bearing checking accounts, money market accounts and interest-bearing sweep deposits. | ||||||||||||||||||||||||||||||||
-2 | At September 30, 2014 and December 31, 2013, included in the carrying value and estimated fair value of our 6.05% Subordinated Notes was an interest rate swap valued at $5.0 million and $6.5 million, respectively, related to hedge accounting associated with the notes. | ||||||||||||||||||||||||||||||||
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, 2014: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Fair Value | Unfunded | ||||||||||||||||||||||||||||||
Commitments | |||||||||||||||||||||||||||||||||
Non-marketable securities (fair value accounting): | |||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments (1) | $ | 1,078,911 | $ | 1,078,911 | $ | 478,461 | |||||||||||||||||||||||||||
Non-marketable securities (equity method accounting): | |||||||||||||||||||||||||||||||||
Other investments (2) | 47,662 | 49,064 | 5,836 | ||||||||||||||||||||||||||||||
Non-marketable securities (cost method accounting): | |||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments (3) | 142,710 | 239,857 | 22,022 | ||||||||||||||||||||||||||||||
Total | $ | 1,269,283 | $ | 1,367,832 | $ | 506,319 | |||||||||||||||||||||||||||
-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. These investments represent investments in venture capital and private equity funds that invest primarily in U.S. and global technology and life sciences companies. Included in the fair value and unfunded commitments of fund investments under fair value accounting are $995 million and $474 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 | Other investments within non-marketable securities (equity method accounting) include investments in debt funds and venture capital and private equity fund investments that invest in or lend money to primarily U.S. and global technology and life sciences companies. It is estimated that we will receive distributions from the fund investments over the next 5 to 7 years, depending on the age of the funds. | ||||||||||||||||||||||||||||||||
-3 | Venture capital and private equity fund investments within non-marketable securities (cost method accounting) include investments in venture capital and private equity fund investments that invest primarily in U.S. and global technology and life sciences companies. It is estimated that we will receive distributions from the fund investments over the next 5 to 7 years, depending on the age of the funds and any potential extensions of the terms of the funds. |
Stockholders_Equity_and_EPS_Co
Stockholders' Equity and EPS - Common Stock Price per share (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Common Stock Offering Price [Line Items] | ' | ' | ' |
Common stock offering price | $101 | ' | ' |
Net proceeds from public equity offering | $434,900 | $434,866 | $0 |
Common Stock | ' | ' | ' |
Common Stock Offering Price [Line Items] | ' | ' | ' |
Common stock issued in public offering (shares) | 4,485,000 | 4,485,000 | ' |
Stockholders_Equity_and_EPS_Re
Stockholders' Equity and EPS - Reconciliation of Basic EPS to Diluted EPS (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income available to common stockholders | $62,995 | $67,621 | $205,093 | $157,096 |
Denominator: | ' | ' | ' | ' |
Weighted average common shares outstanding-basic (in shares) | 50,752 | 45,580 | 48,281 | 45,180 |
Denominator for diluted calculation (in shares) | 51,571 | 46,202 | 49,200 | 45,765 |
Earnings per common share: | ' | ' | ' | ' |
Basic (dollars per share) | $1.24 | $1.48 | $4.25 | $3.48 |
Diluted (dollars per share) | $1.22 | $1.46 | $4.17 | $3.43 |
Stock options and ESPP | ' | ' | ' | ' |
Denominator: | ' | ' | ' | ' |
Weighted average effect of dilutive securities (in shares) | 534 | 429 | 580 | 405 |
Restricted stock units | ' | ' | ' | ' |
Denominator: | ' | ' | ' | ' |
Weighted average effect of dilutive securities (in shares) | 285 | 193 | 339 | 180 |
Stockholders_Equity_and_EPS_Co1
Stockholders' Equity and EPS - Common Shares Excluded from Diluted EPS Calculation as They Were Deemed to be Anti-Dilutive (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Shares excluded from diluted earnings per share calculation | 242 | 343 | 142 | 547 |
Stock options | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Shares excluded from diluted earnings per share calculation | 241 | 343 | 140 | 546 |
Restricted stock units | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Shares excluded from diluted earnings per share calculation | 1 | 0 | 2 | 1 |
Stockholders_Equity_and_EPS_Re1
Stockholders' Equity and EPS - Reclassifications out of AOCI (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' |
Income tax expense | ($38,961) | ($47,404) | ($131,460) | ($103,773) |
Net income available to common stockholders | 62,995 | 67,621 | 205,093 | 157,096 |
Reclassification out of Accumulated Other Comprehensive Income | Gains on investment securities, net | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' |
Reclassification adjustment for (gains) losses included in net income | 990 | -219 | 17,411 | -949 |
Income tax expense | -400 | 85 | -7,030 | 363 |
Net income available to common stockholders | $590 | ($134) | $10,381 | ($586) |
ShareBased_Compensation_Share_
Share-Based Compensation - Share Based Compensation and Related Benefits (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Share-based compensation expense | $7,520 | $6,723 | $22,285 | $18,945 |
Income tax benefit related to share-based compensation expense | ($2,676) | ($2,243) | ($7,351) | ($5,801) |
ShareBased_Compensation_Unreco
Share-Based Compensation - Unrecognized Share-Based Compensation Expense (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Unrecognized Share Based Compensation Expense [Line Items] | ' |
Unrecognized Expense | $51,606 |
Stock options | ' |
Unrecognized Share Based Compensation Expense [Line Items] | ' |
Unrecognized Expense | 16,282 |
Average Expected Recognition Period - in Years | '2 years 7 months 19 days |
Restricted stock units | ' |
Unrecognized Share Based Compensation Expense [Line Items] | ' |
Unrecognized Expense | $35,324 |
Average Expected Recognition Period - in Years | '2 years 6 months 23 days |
ShareBased_Compensation_Stock_
Share-Based Compensation - Stock Option Information Related to Equity Incentive Plan (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Options | ' |
Outstanding, beginning of period | 1,514,159 |
Granted | 239,383 |
Exercised | -283,498 |
Forfeited | -21,975 |
Outstanding, end of period | 1,448,069 |
Vested and expected to vest, end of period | 1,397,466 |
Exercisable, end of period | 727,829 |
Weighted Average Exercise Price | ' |
Outstanding, beginning of period | $55.27 |
Granted | $108.27 |
Exercised | $47.56 |
Forfeited | $71.17 |
Outstanding, end of period | $65.30 |
Vested and expected to vest, end of period | $64.55 |
Exercisable, end of period | $50.48 |
Weighted Average Remaining Contractual Life in Years | ' |
Outstanding, end of period | '4 years 3 months |
Vested and expected to vest, end of period | '4 years 2 months 12 days |
Exercisable, end of period | '3 years 0 months 29 days |
Aggregate Intrinsic Value of In-The- Money Options | ' |
Outstanding, end of period | $67,825,947 |
Vested and expected to vest, end of period | 66,495,669 |
Exercisable, end of period | $44,843,070 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Closing stock price | $112.09 | ' | $112.09 | ' |
Total intrinsic value of options exercised | $7.70 | $6.50 | $18.40 | $18.40 |
ShareBased_Compensation_Inform
Share-Based Compensation - Information for Restricted Stock Units under Equity Incentive Plan (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Weighted Average Grant Date Fair Value | ' |
Nonvested, beginning of period | $65.93 |
Granted | $107.85 |
Vested | $64.05 |
Forfeited | $73.02 |
Nonvested, end of period | $78.91 |
Restricted stock units | ' |
Shares | ' |
Nonvested, beginning of period | 682,347 |
Granted | 197,687 |
Vested | -200,856 |
Forfeited | -25,268 |
Nonvested, end of period | 653,910 |
Cash_and_Cash_Equivalents_Deta
Cash and Cash Equivalents (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||||
Cash and Cash Equivalents [Abstract] | ' | ' | ' | ' | ||
Cash and due from banks | $1,815,581 | [1] | $1,349,688 | [1] | ' | ' |
Securities purchased under agreements to resell | 50,834 | [2] | 172,989 | [2] | ' | ' |
Other short-term investment securities | 6,122 | 16,102 | ' | ' | ||
Total cash and cash equivalents | $1,872,537 | $1,538,779 | $1,942,744 | $1,008,983 | ||
[1] | At September 30, 2014 and December 31, 2013, $883 million and $715 million, respectively, of our cash and due from banks was deposited at the Federal Reserve Bank and was earning interest at the Federal Funds target rate, and interest-earning deposits in other financial institutions were $442 million and $300 million, respectively. | |||||
[2] | At September 30, 2014 and December 31, 2013, securities purchased under agreements to resell were collateralized by U.S. Treasury securities and U.S. agency securities with aggregate fair values of $52 million and $176 million, respectively. None of these securities received as collateral were sold or repledged as of September 30, 2014 or December 31, 2013. |
Cash_and_Cash_Equivalents_Pare
Cash and Cash Equivalents (Parenthetical) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Cash and Cash Equivalents [Abstract] | ' | ' |
Deposits at the Federal Reserve Bank earning interest at the Federal Funds target rate | $883 | $715 |
Interest-earning deposits in other financial institutions | 442 | 300 |
Fair value of securities purchased under agreements to resell | 52 | 176 |
Fair value of securities received as collateral that have been resold or repledged | $0 | $0 |
Investment_Securities_Major_Co
Investment Securities - Major Components of Investment Securities Portfolio (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Holdings [Line Items] | ' | ' |
Amortized Cost | $13,322,059 | $12,055,524 |
Unrealized Gains | 58,227 | 91,695 |
Unrealized Losses | -46,850 | -160,398 |
Carrying Value | 13,333,436 | 11,986,821 |
U.S. treasury securities | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Amortized Cost | 6,886,952 | ' |
Unrealized Gains | 2,245 | ' |
Unrealized Losses | -12,898 | ' |
Carrying Value | 6,876,299 | ' |
U.S. agency debentures | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Amortized Cost | 3,592,129 | 4,344,652 |
Unrealized Gains | 28,744 | 41,365 |
Unrealized Losses | -15,040 | -40,785 |
Carrying Value | 3,605,833 | 4,345,232 |
Agency-issued mortgage-backed securities | Agency-issued collateralized mortgage obligations | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Amortized Cost | ' | 2,472,528 |
Unrealized Gains | ' | 17,189 |
Unrealized Losses | ' | -16,141 |
Carrying Value | ' | 2,473,576 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Fixed rate | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Amortized Cost | 2,003,337 | 3,386,670 |
Unrealized Gains | 20,671 | 24,510 |
Unrealized Losses | -18,075 | -85,422 |
Carrying Value | 2,005,933 | 3,325,758 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Amortized Cost | 830,139 | 1,183,333 |
Unrealized Gains | 5,818 | 3,363 |
Unrealized Losses | 0 | -123 |
Carrying Value | 835,957 | 1,186,573 |
Agency-issued commercial mortgage-backed securities | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Amortized Cost | ' | 581,475 |
Unrealized Gains | ' | 552 |
Unrealized Losses | ' | -17,423 |
Carrying Value | ' | 564,604 |
Municipal bonds and notes | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Amortized Cost | ' | 82,024 |
Unrealized Gains | ' | 4,024 |
Unrealized Losses | ' | -21 |
Carrying Value | ' | 86,027 |
Equity securities | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Amortized Cost | 9,502 | 4,842 |
Unrealized Gains | 749 | 692 |
Unrealized Losses | -837 | -483 |
Carrying Value | $9,414 | $5,051 |
Investment_Securities_Summary_
Investment Securities - Summary of Unrealized Losses on Available for Sale Securities (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | Investment | ||
Investments, Unrealized Loss Position [Line Items] | ' | ' | |
Less than 12 months - Fair Value of Investments | $6,090,676 | [1] | $5,978,236 |
Less than 12 months - Unrealized Losses | -18,631 | [1] | -152,383 |
12 months or longer - Unrealized Losses | 1,023,081 | [1] | 154,250 |
12 months or longer - Unrealized Losses | -28,219 | [1] | -8,015 |
Fair Value of Investments | 7,113,757 | [1] | 6,132,486 |
Unrealized Losses | -46,850 | [1] | -160,398 |
Number of investments in unrealized loss position | 182 | ' | |
Number of investments with unrealized losses greater than 12 months | 34 | ' | |
U.S. treasury securities | ' | ' | |
Investments, Unrealized Loss Position [Line Items] | ' | ' | |
Less than 12 months - Fair Value of Investments | 4,736,436 | ' | |
Less than 12 months - Unrealized Losses | -12,898 | ' | |
12 months or longer - Unrealized Losses | 0 | ' | |
12 months or longer - Unrealized Losses | 0 | ' | |
Fair Value of Investments | 4,736,436 | ' | |
Unrealized Losses | -12,898 | ' | |
U.S. agency debentures | ' | ' | |
Investments, Unrealized Loss Position [Line Items] | ' | ' | |
Less than 12 months - Fair Value of Investments | 688,808 | 1,821,045 | |
Less than 12 months - Unrealized Losses | -2,373 | -40,785 | |
12 months or longer - Unrealized Losses | 553,231 | 0 | |
12 months or longer - Unrealized Losses | -12,667 | 0 | |
Fair Value of Investments | 1,242,039 | 1,821,045 | |
Unrealized Losses | -15,040 | -40,785 | |
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ' | ' | |
Investments, Unrealized Loss Position [Line Items] | ' | ' | |
Less than 12 months - Fair Value of Investments | ' | 1,480,870 | |
Less than 12 months - Unrealized Losses | ' | -14,029 | |
12 months or longer - Unrealized Losses | ' | 19,830 | |
12 months or longer - Unrealized Losses | ' | -2,112 | |
Fair Value of Investments | ' | 1,500,700 | |
Unrealized Losses | ' | -16,141 | |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Fixed rate | ' | ' | |
Investments, Unrealized Loss Position [Line Items] | ' | ' | |
Less than 12 months - Fair Value of Investments | 659,886 | 2,098,137 | |
Less than 12 months - Unrealized Losses | -2,523 | -79,519 | |
12 months or longer - Unrealized Losses | 469,850 | 134,420 | |
12 months or longer - Unrealized Losses | -15,552 | -5,903 | |
Fair Value of Investments | 1,129,736 | 2,232,557 | |
Unrealized Losses | -18,075 | -85,422 | |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | ' | ' | |
Investments, Unrealized Loss Position [Line Items] | ' | ' | |
Less than 12 months - Fair Value of Investments | ' | 109,699 | |
Less than 12 months - Unrealized Losses | ' | -123 | |
12 months or longer - Unrealized Losses | ' | 0 | |
12 months or longer - Unrealized Losses | ' | 0 | |
Fair Value of Investments | ' | 109,699 | |
Unrealized Losses | ' | -123 | |
Agency-issued commercial mortgage-backed securities | ' | ' | |
Investments, Unrealized Loss Position [Line Items] | ' | ' | |
Less than 12 months - Fair Value of Investments | ' | 464,171 | |
Less than 12 months - Unrealized Losses | ' | -17,423 | |
12 months or longer - Unrealized Losses | ' | 0 | |
12 months or longer - Unrealized Losses | ' | 0 | |
Fair Value of Investments | ' | 464,171 | |
Unrealized Losses | ' | -17,423 | |
Municipal bonds and notes | ' | ' | |
Investments, Unrealized Loss Position [Line Items] | ' | ' | |
Less than 12 months - Fair Value of Investments | ' | 3,404 | |
Less than 12 months - Unrealized Losses | ' | -21 | |
12 months or longer - Unrealized Losses | ' | 0 | |
12 months or longer - Unrealized Losses | ' | 0 | |
Fair Value of Investments | ' | 3,404 | |
Unrealized Losses | ' | -21 | |
Equity securities | ' | ' | |
Investments, Unrealized Loss Position [Line Items] | ' | ' | |
Less than 12 months - Fair Value of Investments | 5,546 | 910 | |
Less than 12 months - Unrealized Losses | -837 | -483 | |
12 months or longer - Unrealized Losses | 0 | 0 | |
12 months or longer - Unrealized Losses | 0 | 0 | |
Fair Value of Investments | 5,546 | 910 | |
Unrealized Losses | ($837) | ($483) | |
[1] | As of September 30, 2014, we identified a total of 182 investments that were in unrealized loss positions, of which 34 investments totaling $1.0 billion with unrealized losses of $28.2 million have been in an impaired position for a period of time greater than 12 months. As of September 30, 2014, we do not intend to sell any impaired fixed income investment securities prior to recovery of our adjusted 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 adjusted cost basis. Based on our analysis as of September 30, 2014, we deem all impairments to be temporary, and therefore changes in value for our temporarily impaired securities as of the same date are included in other comprehensive income. Market valuations and impairment analyses on assets in the available-for-sale securities portfolio are reviewed and monitored on a quarterly basis. |
Investment_Securities_Summary_1
Investment Securities - Summary of Remaining Contractual Principal Maturities and Fully Taxable Equivalent Yields on Debt Securities Classified as Available for Sale (Detail) (Available-for-sale Securities, USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Investments Classified by Contractual Maturity Date [Line Items] | ' |
Available-for-sale Securities, Debt Securities | 13,324,022 |
Weighted- Average Yield | 1.35% |
One Year or Less - Carrying Value | 795,388 |
One Year or Less - Weighted- Average Yield | 1.45% |
After One Year to Five Years - Carrying Value | 8,267,147 |
After One Year to Five Years - Weighted- Average Yield | 1.13% |
After Five Years to Ten Years - Carrying Value | 1,903,070 |
After Five Years to Ten Years - Weighted- Average Yield | 2.14% |
After Ten Years - Carrying Value | 2,358,417 |
After Ten Years - Weighted- Average Yield | 1.43% |
Lower Limit | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' |
Mortgage-backed securities contractual maturities (in years) | '10 years |
Upper Limit | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' |
Mortgage-backed securities contractual maturities (in years) | '30 years |
U.S. treasury securities | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' |
Available-for-sale Securities, Debt Securities | 6,876,299 |
Weighted- Average Yield | 1.08% |
One Year or Less - Carrying Value | 100,189 |
One Year or Less - Weighted- Average Yield | 0.15% |
After One Year to Five Years - Carrying Value | 6,041,278 |
After One Year to Five Years - Weighted- Average Yield | 0.99% |
After Five Years to Ten Years - Carrying Value | 734,832 |
After Five Years to Ten Years - Weighted- Average Yield | 1.97% |
After Ten Years - Carrying Value | 0 |
After Ten Years - Weighted- Average Yield | 0.00% |
U.S. agency debentures | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' |
Available-for-sale Securities, Debt Securities | 3,605,833 |
Weighted- Average Yield | 1.63% |
One Year or Less - Carrying Value | 695,199 |
One Year or Less - Weighted- Average Yield | 1.64% |
After One Year to Five Years - Carrying Value | 2,225,869 |
After One Year to Five Years - Weighted- Average Yield | 1.52% |
After Five Years to Ten Years - Carrying Value | 684,765 |
After Five Years to Ten Years - Weighted- Average Yield | 2.01% |
After Ten Years - Carrying Value | 0 |
After Ten Years - Weighted- Average Yield | 0.00% |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Fixed rate | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' |
Available-for-sale Securities, Debt Securities | 2,005,933 |
Weighted- Average Yield | 2.01% |
One Year or Less - Carrying Value | 0 |
One Year or Less - Weighted- Average Yield | 0.00% |
After One Year to Five Years - Carrying Value | 0 |
After One Year to Five Years - Weighted- Average Yield | 0.00% |
After Five Years to Ten Years - Carrying Value | 483,473 |
After Five Years to Ten Years - Weighted- Average Yield | 2.59% |
After Ten Years - Carrying Value | 1,522,460 |
After Ten Years - Weighted- Average Yield | 1.83% |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' |
Available-for-sale Securities, Debt Securities | 835,957 |
Weighted- Average Yield | 0.71% |
One Year or Less - Carrying Value | 0 |
One Year or Less - Weighted- Average Yield | 0.00% |
After One Year to Five Years - Carrying Value | 0 |
After One Year to Five Years - Weighted- Average Yield | 0.00% |
After Five Years to Ten Years - Carrying Value | 0 |
After Five Years to Ten Years - Weighted- Average Yield | 0.00% |
After Ten Years - Carrying Value | 835,957 |
After Ten Years - Weighted- Average Yield | 0.71% |
Investment_Securities_Summary_2
Investment Securities - Summary of Unrealized Losses on Held to Maturity Securities (Details) (USD $) | Sep. 30, 2014 | Jun. 01, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |
Investment | |||||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ' | ' | |
Adjusted cost of transferred securities | $5,418,572,000 | $5,400,000,000 | ' | ' | |
Unrealized gains for transferred securities | ' | 22,500,000 | ' | ' | |
Amortized Cost | 6,662,025,000 | ' | ' | 0 | |
Unrealized Gains | 2,426,000 | ' | ' | ' | |
Unrealized Losses | -50,558,000 | ' | ' | ' | |
Fair Value | 6,613,893,000 | ' | 0 | ' | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ' | ' | ' | ' | |
Fair Value of Investments, Less than 12 months | 5,123,941,000 | [1] | ' | ' | ' |
Unrealized Losses, Less than 12 months | -38,616,000 | [1] | ' | ' | ' |
Fair Value of Investments, 12 months or longer | 854,029,000 | [1],[2] | ' | ' | ' |
Unrealized Losses, 12 months or longer | -11,942,000 | [1],[2] | ' | ' | ' |
Fair Value of Investments | 5,977,970,000 | [1] | ' | ' | ' |
Unrealized Losses | -50,558,000 | [1] | ' | ' | ' |
Number of held-to-maturity investments with unrealized loss | 329 | ' | ' | ' | |
Number of held-to-maturity investments in continuous loss more than 12 months | 28 | ' | ' | ' | |
U.S. agency debentures | ' | ' | ' | ' | |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ' | ' | |
Amortized Cost | 349,993,000 | [3] | ' | ' | ' |
Unrealized Gains | 1,588,000 | [3] | ' | ' | ' |
Unrealized Losses | -1,165,000 | [3] | ' | ' | ' |
Fair Value | 350,416,000 | [3] | ' | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ' | ' | ' | ' | |
Fair Value of Investments, Less than 12 months | 205,383,000 | ' | ' | ' | |
Unrealized Losses, Less than 12 months | -837,000 | ' | ' | ' | |
Fair Value of Investments, 12 months or longer | 47,987,000 | [2] | ' | ' | ' |
Unrealized Losses, 12 months or longer | -328,000 | [2] | ' | ' | ' |
Fair Value of Investments | 253,370,000 | ' | ' | ' | |
Unrealized Losses | -1,165,000 | ' | ' | ' | |
Agency-issued commercial mortgage-backed securities | ' | ' | ' | ' | |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ' | ' | |
Amortized Cost | 679,379,000 | ' | ' | ' | |
Unrealized Gains | 350,000 | ' | ' | ' | |
Unrealized Losses | -4,391,000 | ' | ' | ' | |
Fair Value | 675,338,000 | ' | ' | ' | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ' | ' | ' | ' | |
Fair Value of Investments, Less than 12 months | 578,687,000 | ' | ' | ' | |
Unrealized Losses, Less than 12 months | -4,391,000 | ' | ' | ' | |
Fair Value of Investments, 12 months or longer | 0 | [2] | ' | ' | ' |
Unrealized Losses, 12 months or longer | 0 | [2] | ' | ' | ' |
Fair Value of Investments | 578,687,000 | ' | ' | ' | |
Unrealized Losses | -4,391,000 | ' | ' | ' | |
Municipal bonds and notes | ' | ' | ' | ' | |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ' | ' | |
Amortized Cost | 84,218,000 | ' | ' | ' | |
Unrealized Gains | 81,000 | ' | ' | ' | |
Unrealized Losses | -224,000 | ' | ' | ' | |
Fair Value | 84,075,000 | ' | ' | ' | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ' | ' | ' | ' | |
Fair Value of Investments, Less than 12 months | 55,365,000 | ' | ' | ' | |
Unrealized Losses, Less than 12 months | -224,000 | ' | ' | ' | |
Fair Value of Investments, 12 months or longer | 0 | [2] | ' | ' | ' |
Unrealized Losses, 12 months or longer | 0 | [2] | ' | ' | ' |
Fair Value of Investments | 55,365,000 | ' | ' | ' | |
Unrealized Losses | -224,000 | ' | ' | ' | |
Agency-issued collateralized mortgage obligations | Agency-issued mortgage-backed securities | ' | ' | ' | ' | |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ' | ' | |
Amortized Cost | 2,919,715,000 | ' | ' | ' | |
Unrealized Gains | 16,000 | ' | ' | ' | |
Unrealized Losses | -20,712,000 | ' | ' | ' | |
Fair Value | 2,899,019,000 | ' | ' | ' | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ' | ' | ' | ' | |
Fair Value of Investments, Less than 12 months | 2,890,039,000 | ' | ' | ' | |
Unrealized Losses, Less than 12 months | -20,712,000 | ' | ' | ' | |
Fair Value of Investments, 12 months or longer | 0 | [2] | ' | ' | ' |
Unrealized Losses, 12 months or longer | 0 | [2] | ' | ' | ' |
Fair Value of Investments | 2,890,039,000 | ' | ' | ' | |
Unrealized Losses | -20,712,000 | ' | ' | ' | |
Fixed rate | Agency-issued collateralized mortgage obligations | Residential mortgage-backed securities | ' | ' | ' | ' | |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ' | ' | |
Amortized Cost | 2,489,538,000 | ' | ' | ' | |
Unrealized Gains | 384,000 | ' | ' | ' | |
Unrealized Losses | -24,052,000 | ' | ' | ' | |
Fair Value | 2,465,870,000 | ' | ' | ' | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ' | ' | ' | ' | |
Fair Value of Investments, Less than 12 months | 1,316,900,000 | ' | ' | ' | |
Unrealized Losses, Less than 12 months | -12,438,000 | ' | ' | ' | |
Fair Value of Investments, 12 months or longer | 806,042,000 | [2] | ' | ' | ' |
Unrealized Losses, 12 months or longer | -11,614,000 | [2] | ' | ' | ' |
Fair Value of Investments | 2,122,942,000 | ' | ' | ' | |
Unrealized Losses | -24,052,000 | ' | ' | ' | |
Variable rate | Agency-issued collateralized mortgage obligations | Residential mortgage-backed securities | ' | ' | ' | ' | |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ' | ' | |
Amortized Cost | 139,182,000 | ' | ' | ' | |
Unrealized Gains | 7,000 | ' | ' | ' | |
Unrealized Losses | -14,000 | ' | ' | ' | |
Fair Value | 139,175,000 | ' | ' | ' | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ' | ' | ' | ' | |
Fair Value of Investments, Less than 12 months | 77,567,000 | ' | ' | ' | |
Unrealized Losses, Less than 12 months | -14,000 | ' | ' | ' | |
Fair Value of Investments, 12 months or longer | 0 | [2] | ' | ' | ' |
Unrealized Losses, 12 months or longer | 0 | [2] | ' | ' | ' |
Fair Value of Investments | 77,567,000 | ' | ' | ' | |
Unrealized Losses | ($14,000) | ' | ' | ' | |
[1] | As of September 30, 2014, we identified a total of 329 investments that were in unrealized loss positions, of which 28 investments totaling $854.0 million with unrealized losses of $11.9 million have been in an impaired position for a period of time greater than 12 months. As of September 30, 2014, we do not intend to sell any impaired fixed income investment securities prior to recovery of our adjusted 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 adjusted cost basis, which is consistent with our classification of these securities. Based on our analysis as of September 30, 2014, we deem all impairments to be temporary. Market valuations and impairment analyses on assets in the held-to-maturity securities portfolio are reviewed and monitored on a quarterly basis. | ||||
[2] | Represents securities in an unrealized loss position for twelve months or longer in which the amortized cost basis was re-set for those securities re-designated from AFS to HTM effective June 1, 2014. | ||||
[3] | 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. |
Investment_Securities_Summary_3
Investment Securities - Summary of Remaining Contractual Principal Maturities and Fully Taxable Equivalent Yields on Debt Securities Classified as Held to Maturity (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Federal statutory tax rate | 35.00% | ' |
Amortized Cost | $6,662,025 | $0 |
Held-to-maturity securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 6,662,025 | ' |
Weighted- Average Yield | 2.15% | ' |
One Year or Less - Amortized Cost | 3,470 | ' |
One Year or Less - Weighted- Average Yield | 5.37% | ' |
One Year to Five Years - Amortized Cost | 72,981 | ' |
After One Year to Five Years - Weighted- Average Yield | 3.71% | ' |
After Five Years to Ten Years - Amortized Cost | 1,292,189 | ' |
After Five Years to Ten Years - Weighted- Average Yield | 2.51% | ' |
After Ten Years - Amortized Cost | 5,293,385 | ' |
After Ten Years - Weighted- Average Yield | 2.03% | ' |
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 | ' |
Agency-issued mortgage-backed securities | Held-to-maturity securities | Agency-issued collateralized mortgage obligations | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 2,919,715 | ' |
Weighted- Average Yield | 2.42% | ' |
One Year or Less - Amortized Cost | 0 | ' |
One Year or Less - Weighted- Average Yield | 0.00% | ' |
One Year to Five Years - Amortized Cost | 45,081 | ' |
After One Year to Five Years - Weighted- Average Yield | 2.39% | ' |
After Five Years to Ten Years - Amortized Cost | 901,721 | ' |
After Five Years to Ten Years - Weighted- Average Yield | 2.20% | ' |
After Ten Years - Amortized Cost | 1,972,913 | ' |
After Ten Years - Weighted- Average Yield | 2.52% | ' |
Residential mortgage-backed securities | Held-to-maturity securities | Agency-issued collateralized mortgage obligations | Fixed rate | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 2,489,538 | ' |
Weighted- Average Yield | 1.68% | ' |
One Year or Less - Amortized Cost | 0 | ' |
One Year or Less - Weighted- Average Yield | 0.00% | ' |
One Year to Five Years - Amortized Cost | 0 | ' |
After One Year to Five Years - Weighted- Average Yield | 0.00% | ' |
After Five Years to Ten Years - Amortized Cost | 0 | ' |
After Five Years to Ten Years - Weighted- Average Yield | 0.00% | ' |
After Ten Years - Amortized Cost | 2,489,538 | ' |
After Ten Years - Weighted- Average Yield | 1.68% | ' |
Residential mortgage-backed securities | Held-to-maturity securities | Agency-issued collateralized mortgage obligations | Variable rate | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 139,182 | ' |
Weighted- Average Yield | 0.65% | ' |
One Year or Less - Amortized Cost | 0 | ' |
One Year or Less - Weighted- Average Yield | 0.00% | ' |
One Year to Five Years - Amortized Cost | 0 | ' |
After One Year to Five Years - Weighted- Average Yield | 0.00% | ' |
After Five Years to Ten Years - Amortized Cost | 0 | ' |
After Five Years to Ten Years - Weighted- Average Yield | 0.00% | ' |
After Ten Years - Amortized Cost | 139,182 | ' |
After Ten Years - Weighted- Average Yield | 0.65% | ' |
Agency-issued commercial mortgage-backed securities | Held-to-maturity securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 679,379 | ' |
Weighted- Average Yield | 2.16% | ' |
One Year or Less - Amortized Cost | 0 | ' |
One Year or Less - Weighted- Average Yield | 0.00% | ' |
One Year to Five Years - Amortized Cost | 0 | ' |
After One Year to Five Years - Weighted- Average Yield | 0.00% | ' |
After Five Years to Ten Years - Amortized Cost | 0 | ' |
After Five Years to Ten Years - Weighted- Average Yield | 0.00% | ' |
After Ten Years - Amortized Cost | 679,379 | ' |
After Ten Years - Weighted- Average Yield | 2.16% | ' |
Municipal bonds and notes | Held-to-maturity securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 84,218 | ' |
Weighted- Average Yield | 6.00% | ' |
One Year or Less - Amortized Cost | 3,470 | ' |
One Year or Less - Weighted- Average Yield | 5.37% | ' |
One Year to Five Years - Amortized Cost | 27,900 | ' |
After One Year to Five Years - Weighted- Average Yield | 5.84% | ' |
After Five Years to Ten Years - Amortized Cost | 40,475 | ' |
After Five Years to Ten Years - Weighted- Average Yield | 6.07% | ' |
After Ten Years - Amortized Cost | 12,373 | ' |
After Ten Years - Weighted- Average Yield | 6.30% | ' |
U.S. agency debentures | Held-to-maturity securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 349,993 | ' |
Weighted- Average Yield | 2.90% | ' |
One Year or Less - Amortized Cost | 0 | ' |
One Year or Less - Weighted- Average Yield | 0.00% | ' |
One Year to Five Years - Amortized Cost | 0 | ' |
After One Year to Five Years - Weighted- Average Yield | 0.00% | ' |
After Five Years to Ten Years - Amortized Cost | 349,993 | ' |
After Five Years to Ten Years - Weighted- Average Yield | 2.90% | ' |
After Ten Years - Amortized Cost | $0 | ' |
After Ten Years - Weighted- Average Yield | 0.00% | ' |
Investment_Securities_Nonmarke
Investment Securities - Non-marketable and Other Securities (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | ||||||||||||||||||
Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Equity method accounting | Equity method accounting | Equity method accounting | Equity method accounting | Cost method accounting | Cost method accounting | Cost method accounting | Cost method accounting | Cost method accounting | Upper Limit | SVB Strategic Investors Fund, LP | SVB Strategic Investors Fund, LP | SVB Strategic Investors Fund II, LP | SVB Strategic Investors Fund II, LP | SVB Strategic Investors Fund III, LP | SVB Strategic Investors Fund III, LP | SVB Strategic Investors Fund IV, LP | SVB Strategic Investors Fund IV, LP | Strategic Investors Fund V Funds | Strategic Investors Fund V Funds | Strategic Investors Fund VI Funds | Strategic Investors Fund VI Funds | SVB Capital Preferred Return Fund, LP | SVB Capital Preferred Return Fund, LP | SVB Capital—NT Growth Partners, LP | SVB Capital—NT Growth Partners, LP | SVB Capital—NT Growth Partners, LP | SVB Capital Partners II, LP | SVB Capital Partners II, LP | SVB Capital Partners II, LP | SVB Capital Partners II, LP | SVB Capital Partners II, LP | SVB Capital Partners II, LP | SVB Capital Partners II, LP | SVB Capital Partners II, LP | Other private equity fund | Other private equity fund | Other private equity fund | Other private equity fund | Silicon Valley BancVentures, LP | Silicon Valley BancVentures, LP | Capital Partners III, LP | Capital Partners III, LP | SVB Capital Shanghai Yangpu Venture Capital Fund | SVB Capital Shanghai Yangpu Venture Capital Fund | Gold Hill Capital 2008, LP | Gold Hill Capital 2008, LP | Gold Hill Capital 2008, LP | Gold Hill Capital 2008, LP | China Joint Venture investment | China Joint Venture investment | Other investments | Other investments | LP and SVB Capital Preferred Return Fund, LP | |||||||||||||||||||||
Other venture capital investments | Other venture capital investments | Venture capital and private equity fund investments | Venture capital and private equity fund investments | Other investments | Other investments | Low income housing tax credit funds | Low income housing tax credit funds | Other investments | Other investments | Venture capital and private equity fund investments | Venture capital and private equity fund investments | Venture capital and private equity fund investments | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Venture capital and private equity fund investments | Fair value accounting | Fair value accounting | Venture capital and private equity fund investments | Venture capital and private equity fund investments | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Venture capital and private equity fund investments | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Equity method accounting | Equity method accounting | Equity method accounting | Equity method accounting | Equity method accounting | Equity method accounting | Equity method accounting | Equity method accounting | Venture capital and private equity fund investments | ||||||||||||||||||||||||
Investment | Investment | Investment | Venture capital and private equity fund investments | Venture capital and private equity fund investments | Venture capital and private equity fund investments | Venture capital and private equity fund investments | Venture capital and private equity fund investments | Venture capital and private equity fund investments | Venture capital and private equity fund investments | Venture capital and private equity fund investments | Venture capital and private equity fund investments | Venture capital and private equity fund investments | Venture capital and private equity fund investments | Venture capital and private equity fund investments | Venture capital and private equity fund investments | Venture capital and private equity fund investments | Indirect ownership interest | Venture capital and private equity fund investments | Venture capital and private equity fund investments | Direct ownership interest | Indirect ownership interest | Other venture capital investments | Other venture capital investments | Venture capital and private equity fund investments | Venture capital and private equity fund investments | Direct ownership interest | Indirect ownership interest | Direct ownership interest | Venture capital and private equity fund investments | Venture capital and private equity fund investments | Direct ownership interest | Other venture capital investments | Other venture capital investments | Other venture capital investments | Other venture capital investments | Other venture capital investments | Other venture capital investments | Other investments | Other investments | Direct ownership interest | Indirect ownership interest | Other investments | Other investments | Indirect ownership interest | ||||||||||||||||||||||||||||||||||||
Other investments | Other investments | Other investments | Venture capital and private equity fund investments | Venture capital and private equity fund investments | Other investments | Venture capital and private equity fund investments | Other investments | Other investments | Other investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Holdings [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Non-marketable securities | ' | ' | $181,265,000 | [1] | $321,374,000 | [1] | $43,863,000 | [2] | $32,839,000 | [2] | $1,078,911,000 | [3] | $862,972,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,625,000 | $29,104,000 | $92,681,000 | $96,185,000 | $248,816,000 | $260,272,000 | $308,332,000 | $226,729,000 | $214,863,000 | $118,181,000 | $56,958,000 | $7,944,000 | $61,876,000 | $59,028,000 | ' | $61,818,000 | $61,126,000 | ' | ' | $17,802,000 | [4] | $22,684,000 | [4] | $302,000 | [5] | $708,000 | [5] | ' | ' | ' | $7,640,000 | [6] | $3,695,000 | [6] | ' | $5,616,000 | $6,564,000 | $15,000,000 | $0 | $5,445,000 | $3,591,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Non-marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | 141,913,000 | [7] | 142,883,000 | [7] | 98,417,000 | 72,241,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,685,000 | [8] | 21,867,000 | [8] | ' | ' | 79,457,000 | 79,940,000 | 41,771,000 | 41,076,000 | ' | ||||||||||||||
Non-marketable securities | ' | ' | ' | ' | ' | ' | 240,000,000 | 215,000,000 | ' | ' | ' | ' | 16,471,000 | 14,191,000 | 142,710,000 | [9] | 148,994,000 | [9] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Total non-marketable and other securities | 1,703,550,000 | 1,595,494,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Percentage of ownership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.60% | 12.60% | 8.60% | 8.60% | 5.90% | 5.90% | 5.00% | 5.00% | ' | ' | 0.20% | 0.20% | 20.00% | 20.00% | 12.60% | 33.00% | 33.00% | 1.30% | 3.80% | 5.10% | [4] | 5.10% | [4] | 5.10% | [5] | 5.10% | [5] | 1.30% | 3.80% | 41.50% | 58.20% | [6] | 58.20% | [6] | 41.50% | 10.70% | 10.70% | 0.40% | 0.00% | 6.80% | 6.80% | 15.50% | [8] | 15.50% | [8] | 11.50% | 4.00% | 50.00% | 50.00% | ' | ' | 4.10% | ||||||||||
Unrealized gain on one investment | $143,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Number of investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 281 | 288 | 293 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Ownership interest percentage | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
[1] | Investments classified as other securities (fair value accounting) represent direct equity investments in public companies held by our consolidated funds. At September 30, 2014, the amount primarily includes total unrealized gains of $143.8 million in one public company, FireEye, Inc. ("FireEye"). The extent to which any unrealized gains (or losses) will become realized is subject to a variety of factors, including among other things, changes in prevailing market prices and the timing of any sales or distribution of securities, which are subject to our funds' separate discretionary securities sales/distribution and governance processes and may also be constrained by lock-up agreements. None of the FireEye related investments currently are subject to a lock-up agreement. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The following table shows the amounts of other venture capital investments held by the following consolidated funds and our ownership percentage of each fund at September 30, 2014 and December 31, 2013 (fair value accounting): September 30, 2014 December 31, 2013(Dollars in thousands) Amount Ownership % Amount Ownership %Silicon Valley BancVentures, LP $5,616 10.7% $6,564 10.7%SVB Capital Partners II, LP (i) 17,802 5.1 22,684 5.1Capital Partners III, LP 15,000 0.4 — —SVB Capital Shanghai Yangpu Venture Capital Fund 5,445 6.8 3,591 6.8Total other venture capital investments $43,863 $32,839 (i)At September 30, 2014, we had a direct ownership interest of 1.3 percent and an indirect ownership interest of 3.8 percent in the fund through our ownership of SVB Strategic Investors Fund II, LP. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | 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, 2014 and December 31, 2013 (fair value accounting): September 30, 2014 December 31, 2013(Dollars in thousands) Amount Ownership % Amount Ownership %SVB Strategic Investors Fund, LP $25,625 12.6% $29,104 12.6%SVB Strategic Investors Fund II, LP 92,681 8.6 96,185 8.6SVB Strategic Investors Fund III, LP 248,816 5.9 260,272 5.9SVB Strategic Investors Fund IV, LP 308,332 5.0 226,729 5.0Strategic Investors Fund V Funds 214,863 Various 118,181 VariousStrategic Investors Fund VI Funds 56,958 0.2 7,944 0.2SVB Capital Preferred Return Fund, LP 61,876 20.0 59,028 20.0SVB Capital—NT Growth Partners, LP 61,818 33.0 61,126 33.0SVB Capital Partners II, LP (i) 302 5.1 708 5.1Other private equity fund (ii) 7,640 58.2 3,695 58.2Total venture capital and private equity fund investments $1,078,911 $862,972 (i)At September 30, 2014, we had a direct ownership interest of 1.3 percent and an indirect ownership interest of 3.8 percent in the fund through our ownership interest of SVB Strategic Investors Fund II, LP.(ii)At September 30, 2014, we had a direct ownership interest of 41.5 percent and indirect ownership interests of 12.6 percent and 4.1 percent in the fund through our ownership interest of SVB Capital—NT Growth Partners, LP and SVB Capital Preferred Return Fund, LP, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | At September 30, 2014, we had a direct ownership interest of 1.3 percent and an indirect ownership interest of 3.8 percent in the fund through our ownership of SVB Strategic Investors Fund II, LP. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | At September 30, 2014, we had a direct ownership interest of 1.3 percent and an indirect ownership interest of 3.8 percent in the fund through our ownership interest of SVB Strategic Investors Fund II, LP. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | At September 30, 2014, we had a direct ownership interest of 41.5 percent and indirect ownership interests of 12.6 percent and 4.1 percent in the fund through our ownership interest of SVB Capital—NT Growth Partners, LP and SVB Capital Preferred Return Fund, LP, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | The following table shows the carrying value and our ownership percentage of each investment at September 30, 2014 and December 31, 2013 (equity method accounting): September 30, 2014 December 31, 2013(Dollars in thousands) Amount Ownership % Amount Ownership %Gold Hill Capital 2008, LP (i) $20,685 15.5% $21,867 15.5%China Joint Venture investment 79,457 50.0 79,940 50.0Other investments 41,771 Various 41,076 VariousTotal other investments (equity method accounting) $141,913 $142,883 (i)At September 30, 2014, we had a 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | At September 30, 2014, we had a 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | Represents investments in 281 and 288 funds (primarily venture capital funds) at September 30, 2014 and December 31, 2013, 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. The carrying value, and estimated fair value, of these venture capital and private equity fund investments (cost method accounting) was $143 million, and $240 million, respectively, as of September 30, 2014. The carrying value, and estimated fair value, of these venture capital and private equity fund investments (cost method accounting) was $149 million and $215 million, respectively, as of December 31, 2013. |
Investment_Securities_Componen
Investment Securities - Components of Gains and Losses (Realized and Unrealized) on Investment Securities (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |||||
Investment | Investment | Investment | Investment | Investment | |||||
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' | ||||
Gross gains on investment securities | $86,211,000 | $196,782,000 | $438,116,000 | $288,132,000 | ' | ||||
Gross losses on investment securities | -80,567,000 | -8,920,000 | -265,880,000 | -32,271,000 | ' | ||||
(Losses) gains on investment securities, net | 5,644,000 | 187,862,000 | 172,236,000 | 255,861,000 | ' | ||||
Fair value accounting | Other securities | ' | ' | ' | ' | ' | ||||
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' | ||||
Gross gains on investment securities | 5,444,000 | [1] | 143,840,000 | [1] | ' | ' | ' | ||
Gross losses on investment securities | -52,264,000 | [1] | -75,000 | [1] | ' | ' | ' | ||
Net gains (losses) on securities | -49,800,000 | ' | -21,700,000 | ' | ' | ||||
Realized gains | ' | ' | 66,500,000 | ' | ' | ||||
Cost method accounting | Venture capital and private equity fund investments | ' | ' | ' | ' | ' | ||||
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' | ||||
Recognized other-than-temporary impairment (OTTI) losses | 300,000 | 400,000 | 700,000 | 1,200,000 | ' | ||||
Number of other-than-temporary impaired investments | 5 | 12 | 22 | 37 | ' | ||||
Number of investments | 281 | 293 | 281 | 293 | 288 | ||||
Available-for-sale Securities | ' | ' | ' | ' | ' | ||||
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' | ||||
Gross gains on investment securities | 45,000 | [2] | 317,000 | [2] | 642,000 | [2] | 3,167,000 | [2] | ' |
Gross losses on investment securities | -1,035,000 | [2] | -98,000 | [2] | -18,052,000 | [2] | -2,218,000 | [2] | ' |
Non-marketable securities | Fair value accounting | Venture capital and private equity fund investments | ' | ' | ' | ' | ' | ||||
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' | ||||
Gross gains on investment securities | 69,044,000 | 35,826,000 | 268,483,000 | 107,546,000 | ' | ||||
Gross losses on investment securities | -25,584,000 | -1,575,000 | -76,243,000 | -17,020,000 | ' | ||||
Non-marketable securities | Fair value accounting | Other venture capital investments | ' | ' | ' | ' | ' | ||||
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' | ||||
Gross gains on investment securities | 6,779,000 | 5,180,000 | 11,334,000 | 8,020,000 | ' | ||||
Gross losses on investment securities | -1,233,000 | -587,000 | -3,274,000 | -2,241,000 | ' | ||||
Non-marketable securities | Fair value accounting | Other securities | ' | ' | ' | ' | ' | ||||
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' | ||||
Gross gains on investment securities | ' | ' | 136,010,000 | [1] | 148,185,000 | [1] | ' | ||
Gross losses on investment securities | ' | ' | -166,051,000 | [1] | -2,609,000 | [1] | ' | ||
Non-marketable securities | Equity method accounting | Other investments | ' | ' | ' | ' | ' | ||||
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' | ||||
Gross gains on investment securities | 2,239,000 | 6,569,000 | 8,767,000 | 14,038,000 | ' | ||||
Gross losses on investment securities | -179,000 | -1,944,000 | -1,219,000 | -2,421,000 | ' | ||||
Non-marketable securities | Cost method accounting | Venture capital and private equity fund investments | ' | ' | ' | ' | ' | ||||
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' | ||||
Gross gains on investment securities | 2,641,000 | 5,016,000 | 7,706,000 | 6,806,000 | ' | ||||
Gross losses on investment securities | -272,000 | [3] | -689,000 | [3] | -781,000 | [3] | -1,462,000 | [3] | ' |
Non-marketable securities | Cost method accounting | Other investments | ' | ' | ' | ' | ' | ||||
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' | ||||
Gross gains on investment securities | 19,000 | 34,000 | 5,174,000 | 370,000 | ' | ||||
Gross losses on investment securities | $0 | ($3,952,000) | ($260,000) | ($4,300,000) | ' | ||||
[1] | Other securities (fair value accounting) includes net losses of $49.8 million for the three months ended September 30, 2014, and net losses of $21.7 million (including $66.5 million of realized gains) for the nine months ended September 30, 2014, attributable to one public company, FireEye. The extent to which any unrealized gains (or losses) will become realized is subject to a variety of factors, including among other things, changes in prevailing market prices and the timing of any sales or distribution of securities, which are subject to our securities sales and governance processes and may also be constrained by lock-up agreements. None of the FireEye related investments currently are subject to a lock-up agreement. | ||||||||
[2] | Includes realized gains (losses) on sales of available-for-sale equity securities that are recognized in the income statement. Unrealized gains (losses) on available-for-sale fixed income and equity securities are recognized in other comprehensive income. The cost basis of available-for-sale securities sold is determined on a specific identification basis. | ||||||||
[3] | cludes OTTI losses of $0.3 million from the declines in value for 5 of the 281 investments and $0.4 million from the declines in value for 12 of the 293 investments, respectively. For the nine months ended September 30, 2014 and 2013, includes OTTI losses of $0.7 million from the declines in value for 22 of the 281 investments and $1.2 million from the declines in value for 37 of the 293 investments, respectively. We concluded that any declines in value for the remaining investments were temporary, and as such, no OTTI was required to be recognized. |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |||||
Forgiveness Of Principal | Payment Deferrals Granted | Payment Deferrals Granted | Payment Deferrals Granted | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||||
Loans and Leases Receivable, Deferred Income | $95,000,000 | $95,000,000 | $89,000,000 | ' | ' | ' | ' | ||||
Loans modified in TDRs | 10,300,000 | 10,300,000 | 22,433,000 | ' | ' | ' | ' | ||||
Unfunded commitments available for funding | 800,000 | 800,000 | ' | ' | ' | ' | ' | ||||
Loans modified in TDRs during the period | $496,000 | [1] | $8,462,000 | [1] | ' | $1,300,000 | $7,337,000 | [1] | $7,100,000 | $9,653,000 | [1] |
[1] | There were no partial charge-offs on loans classified as TDRs for the three and nine months ended September 30, 2014. There were partial charge-offs of $1.2 million and $2.4 million on loans classified as TDRs for the three and nine months ended September 30, 2013 |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses - Composition of Loans, Net of Unearned income (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | $12,017,181 | [1] | $10,906,386 | [1] |
Real estate secured loans | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | 1,640,980 | 1,418,991 | ||
Software | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | 4,503,369 | 4,102,636 | ||
Hardware | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | 1,072,102 | 1,213,032 | ||
Venture capital/private equity | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | 2,921,184 | 2,386,054 | ||
Life science | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | 1,245,527 | 1,170,220 | ||
Premium wine | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | 749,568 | 664,834 | ||
Premium wine | Non-real Estate Secured Commercial Loans | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | 186,675 | 149,841 | ||
Premium wine | Real Estate Secured Commercial Loans | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | 562,893 | [2] | 514,993 | [2] |
Other | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | 352,069 | 396,644 | ||
Other | Commercial Loans Receivable excluding Construction and Real Estate Secured | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | 241,815 | 288,904 | ||
Other | Construction loans | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | 80,102 | 76,997 | ||
Commercial Portfolio Segment | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | 10,843,819 | 9,933,420 | ||
Commercial Portfolio Segment | Commercial Loans Receivable excluding Construction and Real Estate Secured | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | 10,170,672 | 9,310,687 | ||
Real estate secured loans | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | 1,047,935 | 873,255 | ||
Real estate secured loans | Real estate secured loans | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | 1,047,935 | [3] | 873,255 | [3] |
Other | Real Estate Secured Commercial Loans | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | 30,152 | 30,743 | ||
Consumer loans | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | $125,427 | $99,711 | ||
[1] | Included within our total loan portfolio are credit card loans of $122 million and $85 million at September 30, 2014 and December 31, 2013, respectively. | |||
[2] | Included in our premium wine portfolio are gross construction loans of $111 million and $112 million at September 30, 2014 and December 31, 2013, respectively. | |||
[3] | Consumer loans secured by real estate at September 30, 2014 and December 31, 2013 were comprised of the following:(Dollars in thousands) September 30, 2014 December 31, 2013Loans for personal residence $860,024 $685,327Loans to eligible employees 129,979 121,548Home equity lines of credit 57,932 66,380Consumer loans secured by real estate $1,047,935 $873,255 |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses - Composition of Loans, Net of Unearned income (Parenthetical) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | $12,017,181,000 | [1] | $10,906,386,000 | [1] |
Credit Card Receivable | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Total loan portfolio | 122,000,000 | 85,000,000 | ||
Real estate secured loans | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | 1,047,935,000 | 873,255,000 | ||
Real estate secured loans | Loans for personal residence | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | 860,024,000 | 685,327,000 | ||
Real estate secured loans | Loans to eligible employees | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | 129,979,000 | 121,548,000 | ||
Real estate secured loans | Home equity lines of credit | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans, net of unearned income | 57,932,000 | 66,380,000 | ||
Premium wine | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Gross construction loans | 111,000,000 | 112,000,000 | ||
Loans, net of unearned income | $749,568,000 | $664,834,000 | ||
[1] | Included within our total loan portfolio are credit card loans of $122 million and $85 million at September 30, 2014 and December 31, 2013, respectively. |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses - Composition of Loans, Net of Unearned Income, Broken Out by Portfolio Segment and Class of Financing Receivable (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans, net of unearned income | $12,017,181 | [1] | $10,906,386 | [1] |
Software | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans, net of unearned income | 4,503,369 | 4,102,636 | ||
Hardware | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans, net of unearned income | 1,072,102 | 1,213,032 | ||
Venture capital/private equity | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans, net of unearned income | 2,921,184 | 2,386,054 | ||
Life science | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans, net of unearned income | 1,245,527 | 1,170,220 | ||
Premium wine | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans, net of unearned income | 749,568 | 664,834 | ||
Other | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans, net of unearned income | 352,069 | 396,644 | ||
Commercial Portfolio Segment | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans, net of unearned income | 10,843,819 | 9,933,420 | ||
Real estate secured loans | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans, net of unearned income | 1,047,935 | 873,255 | ||
Consumer loans | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans, net of unearned income | 125,427 | 99,711 | ||
Consumer Portfolio Segment | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans, net of unearned income | $1,173,362 | $972,966 | ||
[1] | Included within our total loan portfolio are credit card loans of $122 million and $85 million at September 30, 2014 and December 31, 2013, respectively. |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses - Aging of Gross Loans, Broken out by Portfolio Segment and Class of Financing Receivable (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30 - 59 Days Past Due | $6,686 | $19,367 |
60 - 89 Days Past Due | 10,796 | 12,572 |
Greater Than 90 Days Past Due | 1,187 | 4,438 |
Total Past Due | 18,669 | 36,377 |
Current | 12,093,805 | 10,958,891 |
Loans Past Due 90 Days or More Still Accruing Interest | 125 | 99 |
Software | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30 - 59 Days Past Due | 4,565 | 9,804 |
60 - 89 Days Past Due | 4,334 | 1,291 |
Greater Than 90 Days Past Due | 125 | 99 |
Total Past Due | 9,024 | 11,194 |
Current | 4,527,570 | 4,102,546 |
Loans Past Due 90 Days or More Still Accruing Interest | 125 | 99 |
Hardware | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30 - 59 Days Past Due | 247 | 2,679 |
60 - 89 Days Past Due | 3,609 | 3,965 |
Greater Than 90 Days Past Due | 0 | 0 |
Total Past Due | 3,856 | 6,644 |
Current | 1,078,234 | 1,198,169 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Venture capital/private equity | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30 - 59 Days Past Due | 5 | 4 |
60 - 89 Days Past Due | 3 | 0 |
Greater Than 90 Days Past Due | 0 | 0 |
Total Past Due | 8 | 4 |
Current | 2,948,327 | 2,408,382 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Life science | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30 - 59 Days Past Due | 265 | 395 |
60 - 89 Days Past Due | 2,573 | 131 |
Greater Than 90 Days Past Due | 0 | 0 |
Total Past Due | 2,838 | 526 |
Current | 1,253,292 | 1,179,462 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Premium wine | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30 - 59 Days Past Due | 5 | 0 |
60 - 89 Days Past Due | 0 | 0 |
Greater Than 90 Days Past Due | 0 | 0 |
Total Past Due | 5 | 0 |
Current | 750,726 | 665,755 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Other | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30 - 59 Days Past Due | 66 | 1,580 |
60 - 89 Days Past Due | 65 | 142 |
Greater Than 90 Days Past Due | 0 | 0 |
Total Past Due | 131 | 1,722 |
Current | 354,456 | 397,416 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Commercial loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30 - 59 Days Past Due | 5,153 | 14,462 |
60 - 89 Days Past Due | 10,584 | 5,529 |
Greater Than 90 Days Past Due | 125 | 99 |
Total Past Due | 15,862 | 20,090 |
Current | 10,912,605 | 9,951,730 |
Loans Past Due 90 Days or More Still Accruing Interest | 125 | 99 |
Real estate secured loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30 - 59 Days Past Due | 1,250 | 240 |
60 - 89 Days Past Due | 0 | 0 |
Greater Than 90 Days Past Due | 0 | 0 |
Total Past Due | 1,250 | 240 |
Current | 1,046,029 | 872,586 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Consumer loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30 - 59 Days Past Due | 32 | 8 |
60 - 89 Days Past Due | 1 | 0 |
Greater Than 90 Days Past Due | 0 | 0 |
Total Past Due | 33 | 8 |
Current | 125,008 | 98,965 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Consumer loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30 - 59 Days Past Due | 1,282 | 248 |
60 - 89 Days Past Due | 1 | 0 |
Greater Than 90 Days Past Due | 0 | 0 |
Total Past Due | 1,283 | 248 |
Current | 1,171,037 | 971,551 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Total gross loans excluding impaired loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30 - 59 Days Past Due | 6,435 | 14,710 |
60 - 89 Days Past Due | 10,585 | 5,529 |
Greater Than 90 Days Past Due | 125 | 99 |
Total Past Due | 17,145 | 20,338 |
Current | 12,083,642 | 10,923,281 |
Loans Past Due 90 Days or More Still Accruing Interest | 125 | 99 |
Impaired loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30 - 59 Days Past Due | 251 | 4,657 |
60 - 89 Days Past Due | 211 | 7,043 |
Greater Than 90 Days Past Due | 1,062 | 4,339 |
Total Past Due | 1,524 | 16,039 |
Current | 10,163 | 35,610 |
Loans Past Due 90 Days or More Still Accruing Interest | $0 | $0 |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses - Impaired Loans and Allowance for Loan Losses, Broken out by Portfolio Segment and Class of Financing Receivable (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | $11,687 | $51,649 |
Total unpaid principal of impaired loans | 17,561 | 73,271 |
Software | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 8,730 | 27,618 |
Total unpaid principal of impaired loans | 12,069 | 28,316 |
Hardware | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | ' | 19,667 |
Total unpaid principal of impaired loans | ' | 35,317 |
Venture capital/private equity | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | ' | 40 |
Total unpaid principal of impaired loans | ' | 40 |
Life science | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 1,000 | 1,278 |
Total unpaid principal of impaired loans | 1,000 | 4,727 |
Premium wine | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 1,339 | 1,442 |
Total unpaid principal of impaired loans | 1,752 | 1,778 |
Commercial loans | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 11,255 | 50,735 |
Total unpaid principal of impaired loans | 15,619 | 70,896 |
Other | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 186 | 690 |
Total unpaid principal of impaired loans | 798 | 718 |
Real estate secured loans | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 208 | 244 |
Total unpaid principal of impaired loans | 1,416 | 1,434 |
Consumer loans | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 224 | 670 |
Total unpaid principal of impaired loans | 526 | 941 |
Consumer loans | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 432 | 914 |
Total unpaid principal of impaired loans | 1,942 | 2,375 |
Impaired loans for which there is a related allowance for loan losses | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 10,140 | 48,037 |
Impaired loans for which there is a related allowance for loan losses | Software | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 8,730 | 27,308 |
Impaired loans for which there is a related allowance for loan losses | Hardware | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | ' | 19,329 |
Impaired loans for which there is a related allowance for loan losses | Venture capital/private equity | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | ' | 40 |
Impaired loans for which there is a related allowance for loan losses | Life science | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 1,000 | 0 |
Impaired loans for which there is a related allowance for loan losses | Premium wine | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 0 | 0 |
Impaired loans for which there is a related allowance for loan losses | Commercial loans | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 9,916 | 47,367 |
Impaired loans for which there is a related allowance for loan losses | Other | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 186 | 690 |
Impaired loans for which there is a related allowance for loan losses | Real estate secured loans | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 0 | 0 |
Impaired loans for which there is a related allowance for loan losses | Consumer loans | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 224 | 670 |
Impaired loans for which there is a related allowance for loan losses | Consumer loans | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 224 | 670 |
Impaired loans for which there is no related allowance for loan losses | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 1,547 | 3,612 |
Impaired loans for which there is no related allowance for loan losses | Software | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 0 | 310 |
Impaired loans for which there is no related allowance for loan losses | Hardware | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | ' | 338 |
Impaired loans for which there is no related allowance for loan losses | Venture capital/private equity | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | ' | 0 |
Impaired loans for which there is no related allowance for loan losses | Life science | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 0 | 1,278 |
Impaired loans for which there is no related allowance for loan losses | Premium wine | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 1,339 | 1,442 |
Impaired loans for which there is no related allowance for loan losses | Commercial loans | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 1,339 | 3,368 |
Impaired loans for which there is no related allowance for loan losses | Other | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 0 | 0 |
Impaired loans for which there is no related allowance for loan losses | Real estate secured loans | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 208 | 244 |
Impaired loans for which there is no related allowance for loan losses | Consumer loans | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | 0 | 0 |
Impaired loans for which there is no related allowance for loan losses | Consumer loans | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Carrying value of impaired loans | $208 | $244 |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses - Average Impaired Loans, Broken out by Portfolio Segment and Class of Financing Receivable (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average impaired loans | $15,035 | $39,279 | $25,846 | $40,719 |
Software | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average impaired loans | 10,651 | 4,306 | 13,690 | 4,631 |
Hardware | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average impaired loans | 1,540 | 25,456 | 8,140 | 24,536 |
Venture capital/private equity | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average impaired loans | 0 | 75 | 0 | 35 |
Life science | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average impaired loans | 333 | 0 | 636 | 303 |
Premium wine | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average impaired loans | 1,364 | 1,502 | 1,398 | 2,458 |
Other | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average impaired loans | 674 | 3,648 | 1,383 | 4,344 |
Commercial loans | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average impaired loans | 14,562 | 34,987 | 25,247 | 36,307 |
Real estate secured loans | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average impaired loans | 212 | 3,426 | 224 | 3,391 |
Consumer loans | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average impaired loans | 261 | 866 | 375 | 1,021 |
Consumer loans | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average impaired loans | $473 | $4,292 | $599 | $4,412 |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses - Activity in Allowance for Loan Losses Broken out by Portfolio Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | $120,728 | $119,571 | $142,886 | $110,651 |
Charge-offs | -10,657 | -8,149 | -38,189 | -29,150 |
Recoveries | 2,380 | 2,674 | 5,313 | 8,210 |
Provision for (Reduction of) Loan Losses | 16,610 | 10,638 | 19,051 | 35,023 |
Ending Balance | 129,061 | 124,734 | 129,061 | 124,734 |
Software | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | 53,239 | 46,798 | 64,084 | 42,648 |
Charge-offs | -6,907 | -2,527 | -18,932 | -7,619 |
Recoveries | 790 | 816 | 1,023 | 1,455 |
Provision for (Reduction of) Loan Losses | 11,078 | 4,369 | 12,025 | 12,972 |
Ending Balance | 58,200 | 49,456 | 58,200 | 49,456 |
Hardware | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | 24,780 | 33,188 | 36,553 | 29,761 |
Charge-offs | -2,643 | -5,544 | -15,230 | -11,975 |
Recoveries | 113 | 1,149 | 2,070 | 1,998 |
Provision for (Reduction of) Loan Losses | 2,491 | 7,370 | 1,348 | 16,379 |
Ending Balance | 24,741 | 36,163 | 24,741 | 36,163 |
Venture capital/private equity | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | 19,004 | 13,593 | 16,385 | 9,963 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for (Reduction of) Loan Losses | 845 | 617 | 3,464 | 4,247 |
Ending Balance | 19,849 | 14,210 | 19,849 | 14,210 |
Life science | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | 10,597 | 11,741 | 11,926 | 13,606 |
Charge-offs | 0 | -57 | -930 | -2,618 |
Recoveries | 53 | 246 | 341 | 1,335 |
Provision for (Reduction of) Loan Losses | 1,591 | -780 | 904 | -1,173 |
Ending Balance | 12,241 | 11,150 | 12,241 | 11,150 |
Premium wine | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | 3,546 | 3,793 | 3,914 | 3,523 |
Charge-offs | -35 | 0 | -35 | 0 |
Recoveries | 0 | 4 | 238 | 135 |
Provision for (Reduction of) Loan Losses | 710 | 81 | 104 | 220 |
Ending Balance | 4,221 | 3,878 | 4,221 | 3,878 |
Other | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | 3,218 | 3,654 | 3,680 | 3,912 |
Charge-offs | -1,072 | -21 | -3,062 | -6,069 |
Recoveries | 1,306 | 77 | 1,316 | 2,458 |
Provision for (Reduction of) Loan Losses | -530 | -24 | 988 | 3,385 |
Ending Balance | 2,922 | 3,686 | 2,922 | 3,686 |
Commercial loans | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | 114,384 | 112,767 | 136,542 | 103,413 |
Charge-offs | -10,657 | -8,149 | -38,189 | -28,281 |
Recoveries | 2,262 | 2,292 | 4,988 | 7,381 |
Provision for (Reduction of) Loan Losses | 16,185 | 11,633 | 18,833 | 36,030 |
Ending Balance | 122,174 | 118,543 | 122,174 | 118,543 |
Consumer loans | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | 6,344 | 6,804 | 6,344 | 7,238 |
Charge-offs | 0 | 0 | 0 | -869 |
Recoveries | 118 | 382 | 325 | 829 |
Provision for (Reduction of) Loan Losses | 425 | -995 | 218 | -1,007 |
Ending Balance | $6,887 | $6,191 | $6,887 | $6,191 |
Recovered_Sheet1
Loans and Allowance for Loan Losses - Allowance for Loan Losses Individually and Collectively Evaluated for Impairment (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans | $2,325 | $21,277 |
Financing Receivable, Individually Evaluated for Impairment | 11,687 | 51,648 |
Recorded investment in loans | 126,736 | 121,609 |
Financing Receivable, Collectively Evaluated for Impairment | 12,005,494 | 10,854,738 |
Software | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans | 2,057 | 11,261 |
Financing Receivable, Individually Evaluated for Impairment | 8,730 | 27,617 |
Recorded investment in loans | 56,143 | 52,823 |
Financing Receivable, Collectively Evaluated for Impairment | 4,494,639 | 4,075,019 |
Hardware | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans | 0 | 9,673 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 19,667 |
Recorded investment in loans | 24,741 | 26,880 |
Financing Receivable, Collectively Evaluated for Impairment | 1,072,102 | 1,193,365 |
Venture capital/private equity | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans | 0 | 19 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 39 |
Recorded investment in loans | 19,849 | 16,366 |
Financing Receivable, Collectively Evaluated for Impairment | 2,921,184 | 2,386,015 |
Life science | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans | 191 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 1,000 | 1,278 |
Recorded investment in loans | 12,050 | 11,926 |
Financing Receivable, Collectively Evaluated for Impairment | 1,244,527 | 1,168,942 |
Premium wine | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 1,339 | 1,442 |
Recorded investment in loans | 4,221 | 3,914 |
Financing Receivable, Collectively Evaluated for Impairment | 748,229 | 663,392 |
Other | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans | 4 | 156 |
Financing Receivable, Individually Evaluated for Impairment | 186 | 690 |
Recorded investment in loans | 2,918 | 3,524 |
Financing Receivable, Collectively Evaluated for Impairment | 351,883 | 395,954 |
Commercial loans | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans | 2,252 | 21,109 |
Financing Receivable, Individually Evaluated for Impairment | 11,255 | 50,733 |
Recorded investment in loans | 119,922 | 115,433 |
Financing Receivable, Collectively Evaluated for Impairment | 10,832,564 | 9,882,687 |
Consumer loans | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans | 73 | 168 |
Financing Receivable, Individually Evaluated for Impairment | 432 | 915 |
Recorded investment in loans | 6,814 | 6,176 |
Financing Receivable, Collectively Evaluated for Impairment | $1,172,930 | $972,051 |
Recovered_Sheet2
Loans and Allowance for Loan Losses - Credit Quality Indicators, Broken out by Portfolio Segment and Class of Financing Receivables (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | $12,112,474 | $10,995,268 |
Software | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 4,545,324 | 4,141,358 |
Hardware | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 1,082,090 | 1,224,480 |
Venture capital/private equity | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 2,948,335 | 2,408,426 |
Life science | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 1,257,130 | 1,181,266 |
Premium wine | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 752,070 | 667,197 |
Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 354,773 | 399,828 |
Commercial loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 10,939,722 | 10,022,555 |
Real estate secured loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 1,047,487 | 873,070 |
Consumer loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 125,265 | 99,643 |
Consumer loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 1,172,752 | 972,713 |
Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 11,327,282 | 10,371,201 |
Pass | Software | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 4,179,638 | 3,875,043 |
Pass | Hardware | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 885,407 | 995,055 |
Pass | Venture capital/private equity | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 2,932,711 | 2,408,386 |
Pass | Life science | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 1,093,451 | 1,091,993 |
Pass | Premium wine | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 732,605 | 652,747 |
Pass | Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 338,187 | 383,602 |
Pass | Commercial loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 10,161,999 | 9,406,826 |
Pass | Real estate secured loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 1,042,547 | 868,789 |
Pass | Consumer loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 122,736 | 95,586 |
Pass | Consumer loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 1,165,283 | 964,375 |
Performing (Criticized) | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 773,505 | 572,418 |
Performing (Criticized) | Software | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 356,956 | 238,697 |
Performing (Criticized) | Hardware | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 196,683 | 209,758 |
Performing (Criticized) | Venture capital/private equity | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 15,624 | 0 |
Performing (Criticized) | Life science | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 162,679 | 87,995 |
Performing (Criticized) | Premium wine | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 18,126 | 13,008 |
Performing (Criticized) | Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 16,400 | 15,536 |
Performing (Criticized) | Commercial loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 766,468 | 564,994 |
Performing (Criticized) | Real estate secured loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 4,732 | 4,037 |
Performing (Criticized) | Consumer loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 2,305 | 3,387 |
Performing (Criticized) | Consumer loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 7,037 | 7,424 |
Impaired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 11,687 | 51,649 |
Impaired | Software | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 8,730 | 27,618 |
Impaired | Hardware | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 0 | 19,667 |
Impaired | Venture capital/private equity | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 0 | 40 |
Impaired | Life science | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 1,000 | 1,278 |
Impaired | Premium wine | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 1,339 | 1,442 |
Impaired | Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 186 | 690 |
Impaired | Commercial loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 11,255 | 50,735 |
Impaired | Real estate secured loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 208 | 244 |
Impaired | Consumer loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | 224 | 670 |
Impaired | Consumer loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable | $432 | $914 |
Recovered_Sheet3
Loans and Allowance for Loan Losses - Summary of Loans Modified in Troubled Debt Restructurings ("TDRs") by Portfolio Segment and Class of Financing Receivables (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
troubled_debt_restructuring | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 10 | ' |
Loans modified in TDRs | $10,300 | $22,433 |
Software | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Loans modified in TDRs | 7,848 | 5,860 |
Hardware | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Loans modified in TDRs | 0 | 13,329 |
Venture capital/private equity | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Loans modified in TDRs | 0 | 77 |
Premium wine | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Loans modified in TDRs | 1,953 | 1,442 |
Other | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Loans modified in TDRs | 275 | 1,055 |
Commercial loans | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Loans modified in TDRs | 10,076 | 21,763 |
Consumer loans | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Loans modified in TDRs | 224 | 670 |
Consumer loans | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Loans modified in TDRs | $224 | $670 |
Recovered_Sheet4
Loans and Allowance for Loan Losses - Recorded Investment in Loans Modified in TDRs (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Loans modified in TDRs during the period | $496,000 | [1] | ' | $8,462,000 | [1] | ' | ||
Loans classified as TDRs, charge-offs | 0 | 1,200,000 | 0 | 2,400,000 | ||||
Software | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Loans modified in TDRs during the period | 496,000 | 1,007,000 | 7,848,000 | 1,007,000 | ||||
Hardware | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Loans modified in TDRs during the period | 0 | 6,330,000 | 0 | 7,783,000 | ||||
Venture capital/private equity | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Loans modified in TDRs during the period | 0 | 0 | 0 | 88,000 | ||||
Premium wine | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Loans modified in TDRs during the period | 0 | 0 | 614,000 | 0 | ||||
Other | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Loans modified in TDRs during the period | 0 | 0 | 0 | 734,000 | ||||
Commercial loans | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Loans modified in TDRs during the period | 496,000 | 7,337,000 | 8,462,000 | 9,612,000 | ||||
Consumer loans | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Loans modified in TDRs during the period | 0 | 0 | 0 | 41,000 | ||||
Consumer loans | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Loans modified in TDRs during the period | 0 | 0 | 0 | 41,000 | ||||
Payment Deferrals Granted | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Loans modified in TDRs during the period | ' | 7,337,000 | [1] | 7,100,000 | 9,653,000 | [1] | ||
Forgiveness Of Principal | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Loans modified in TDRs during the period | ' | ' | $1,300,000 | ' | ||||
[1] | There were no partial charge-offs on loans classified as TDRs for the three and nine months ended September 30, 2014. There were partial charge-offs of $1.2 million and $2.4 million on loans classified as TDRs for the three and nine months ended September 30, 2013 |
Recovered_Sheet5
Loans and Allowance for Loan Losses - Recorded Investment in Loans Modified in TDRs within Previous 12 months Subsequently Defaulted (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Receivables [Abstract] | ' | ' | ' | ' |
TDRs modified within the previous 12 months that defaulted in the period | $0 | $0 | $0 | $0 |
ShortTerm_Borrowings_and_LongT2
Short-Term Borrowings and Long-Term Debt - Outstanding Short Term Borrowings and Long Term Debt (Detail) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | ||
Debt Outstanding [Line Items] | ' | ' | ||
Short-term borrowings | $6,630 | $5,080 | ||
Total long-term debt | 453,764 | 455,216 | ||
Other short-term borrowings | ' | ' | ||
Debt Outstanding [Line Items] | ' | ' | ||
Principal value | 6,630 | [1] | ' | |
Short-term borrowings | 6,630 | [1] | 5,080 | [1] |
5.375% Senior Notes | ' | ' | ||
Debt Outstanding [Line Items] | ' | ' | ||
Maturity | 15-Sep-20 | ' | ||
Principal value | 350,000 | ' | ||
Senior Notes | 348,378 | 348,209 | ||
6.05% Subordinated Notes | ' | ' | ||
Debt Outstanding [Line Items] | ' | ' | ||
Maturity | 1-Jun-17 | [2] | ' | |
Principal value | 45,964 | [2] | ' | |
Subordinated Notes | 50,497 | [2] | 51,987 | [2] |
7.0% Junior Subordinated Debentures | ' | ' | ||
Debt Outstanding [Line Items] | ' | ' | ||
Maturity | 15-Oct-33 | ' | ||
Principal value | 50,000 | ' | ||
Junior Subordinated Debentures | $54,889 | $55,020 | ||
[1] | Represents cash collateral received from certain counterparties in relation to market value exposures of derivative contracts in our favor, primarily for our interest rate swap agreement related to our 6.05% Subordinated Notes. | |||
[2] | At September 30, 2014 and December 31, 2013, included in the carrying value of our 6.05% Subordinated Notes was an interest rate swap valued at $5.0 million and $6.5 million, respectively, related to hedge accounting associated with the notes. |
ShortTerm_Borrowings_and_LongT3
Short-Term Borrowings and Long-Term Debt - Outstanding Short Term Borrowings and Long Term Debt (Parenthetical) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
5.375% Senior Notes | ' | ' |
Debt Outstanding [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.38% | 5.38% |
6.05% Subordinated Notes | ' | ' |
Debt Outstanding [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.05% | 6.05% |
Fair value of the interest rate swap associated with the notes | 5,000 | 6,500 |
7.0% Junior Subordinated Debentures | ' | ' |
Debt Outstanding [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% |
ShortTerm_Borrowings_and_LongT4
Short-Term Borrowings and Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Debt Disclosure [Line Items] | ' | ' | ' | ' |
Interest expense on debt | $5.80 | $5.70 | $17.40 | $17.40 |
Weighted average interest rates associated with short-term borrowings | 0.07% | ' | 0.07% | ' |
Federal Home Loan Bank Advances | San Francisco | ' | ' | ' | ' |
Debt Disclosure [Line Items] | ' | ' | ' | ' |
Market value of collateral pledged | 1,200 | ' | 1,200 | ' |
Federal Reserve Bank Advances | ' | ' | ' | ' |
Debt Disclosure [Line Items] | ' | ' | ' | ' |
Market value of collateral pledged | $517 | ' | $517 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (Foreign Exchange Forward And Option Contracts, Upper Limit) | 9 Months Ended |
Sep. 30, 2014 | |
General maturity | ' |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' |
Contract term | '1 year |
Extended maturity | ' |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' |
Contract term | '5 years |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Total Notional or Contractual Amounts, Fair Value, Collateral and Net Exposure of Derivative Financial Instruments (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Derivative [Line Items] | ' | ' | |
Fair Value | $101,182 | $113,101 | |
Net Exposure | 94,552 | [1] | 108,021 |
Collateral | 6,630 | [2] | 5,080 |
Derivatives designated as hedging instruments | Interest rate risks | Interest rate swaps | Other assets | ' | ' | |
Derivative [Line Items] | ' | ' | |
Notional or Contractual Amount | 45,964 | 45,964 | |
Fair Value | 4,965 | 6,492 | |
Net Exposure | 1,055 | [1] | 1,412 |
Collateral | 3,910 | [2] | 5,080 |
Derivatives not designated as hedging instruments | Currency exchange risks | ' | ' | |
Derivative [Line Items] | ' | ' | |
Fair Value | 645 | 789 | |
Net Exposure | -1,290 | [1] | 789 |
Collateral | 1,935 | [2] | 0 |
Derivatives not designated as hedging instruments | Currency exchange risks | Foreign exchange forwards | Other assets | ' | ' | |
Derivative [Line Items] | ' | ' | |
Notional or Contractual Amount | 33,840 | 140,760 | |
Fair Value | 1,032 | 1,423 | |
Net Exposure | -903 | [1] | 1,423 |
Collateral | 1,935 | [2] | 0 |
Derivatives not designated as hedging instruments | Currency exchange risks | Foreign exchange forwards | Other liability | ' | ' | |
Derivative [Line Items] | ' | ' | |
Notional or Contractual Amount | 30,306 | 62,649 | |
Fair Value | -387 | -634 | |
Net Exposure | -387 | [1] | -634 |
Collateral | 0 | [2] | 0 |
Derivatives not designated as hedging instruments | Other derivative instruments | Equity warrant assets | Other assets | ' | ' | |
Derivative [Line Items] | ' | ' | |
Notional or Contractual Amount | 186,853 | 179,934 | |
Fair Value | 94,960 | 103,513 | |
Net Exposure | 94,960 | [1] | 103,513 |
Collateral | 0 | [2] | 0 |
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivatives | ' | ' | |
Derivative [Line Items] | ' | ' | |
Fair Value | 612 | 2,307 | |
Net Exposure | -173 | [1] | 2,307 |
Collateral | 785 | [2] | 0 |
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivatives | Foreign exchange forwards | Other assets | ' | ' | |
Derivative [Line Items] | ' | ' | |
Notional or Contractual Amount | 526,329 | 424,983 | |
Fair Value | 16,111 | 13,673 | |
Net Exposure | 15,326 | [1] | 13,673 |
Collateral | 785 | [2] | 0 |
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivatives | Foreign exchange forwards | Other liability | ' | ' | |
Derivative [Line Items] | ' | ' | |
Notional or Contractual Amount | 483,262 | 367,079 | |
Fair Value | -15,355 | -11,549 | |
Net Exposure | -15,355 | [1] | -11,549 |
Collateral | 0 | [2] | 0 |
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivatives | Client foreign currency options | Other assets | ' | ' | |
Derivative [Line Items] | ' | ' | |
Notional or Contractual Amount | 6,500 | 91,854 | |
Fair Value | 91 | 434 | |
Net Exposure | 91 | [1] | 434 |
Collateral | 0 | [2] | 0 |
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivatives | Client foreign currency options | Other liability | ' | ' | |
Derivative [Line Items] | ' | ' | |
Notional or Contractual Amount | 6,500 | 91,854 | |
Fair Value | -91 | -434 | |
Net Exposure | -91 | [1] | -434 |
Collateral | 0 | [2] | 0 |
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivatives | Loan conversion options | Other assets | ' | ' | |
Derivative [Line Items] | ' | ' | |
Notional or Contractual Amount | 1,442 | 3,455 | |
Fair Value | 0 | 314 | |
Net Exposure | 0 | [1] | 314 |
Collateral | 0 | [2] | 0 |
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivatives | Client interest rate derivatives | Other assets | ' | ' | |
Derivative [Line Items] | ' | ' | |
Notional or Contractual Amount | 359,074 | 216,773 | |
Fair Value | 2,173 | 1,265 | |
Net Exposure | 2,173 | [1] | 1,265 |
Collateral | 0 | [2] | 0 |
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivatives | Client interest rate derivatives | Other liability | ' | ' | |
Derivative [Line Items] | ' | ' | |
Notional or Contractual Amount | 359,074 | 216,773 | |
Fair Value | -2,317 | -1,396 | |
Net Exposure | -2,317 | [1] | -1,396 |
Collateral | $0 | [2] | $0 |
[1] | Net exposure for contracts in a gain position reflects the replacement cost in the event of nonperformance by all such counterparties. The credit ratings of our institutional counterparties as of September 30, 2014 remain at investment grade or higher and there were no material changes in their credit ratings during the three and nine months ended September 30, 2014. | ||
[2] | 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. |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Summary of Derivative Activity and Related Impact on Consolidated Statements of Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Unrealized gain (loss) on derivatives | ' | ' | ($11,087) | $16,594 | ||||
Derivatives designated as hedging instruments | Interest rate risks | Interest rate swaps | Interest expense—borrowings | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Unrealized gain (loss) on derivatives | 638 | 634 | 1,915 | 1,901 | ||||
Derivatives designated as hedging instruments | Interest rate risks | Interest rate swaps | Gain (Loss) on Derivative Instruments [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Unrealized gain (loss) on derivatives | -12 | -7 | -37 | 20 | ||||
Derivatives designated as hedging instruments | Interest rate risks | Interest Rate Risk | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Unrealized gain (loss) on derivatives | 626 | 627 | 1,878 | 1,921 | ||||
Derivatives not designated as hedging instruments | Currency exchange risks | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Unrealized gain (loss) on derivatives | -111 | -322 | -309 | -1,060 | ||||
Derivatives not designated as hedging instruments | Currency exchange risks | Loans | Other noninterest income | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Unrealized gain (loss) on derivatives | -12,640 | 8,101 | -12,347 | 451 | ||||
Derivatives not designated as hedging instruments | Currency exchange risks | Foreign exchange forwards | Gain (Loss) on Derivative Instruments [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Unrealized gain (loss) on derivatives | 12,529 | -8,423 | 12,038 | -1,511 | ||||
Derivatives not designated as hedging instruments | Other derivative instruments | Foreign exchange forwards | Gain (Loss) on Derivative Instruments [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Unrealized gain (loss) on derivatives | 886 | -411 | 1,358 | -237 | ||||
Derivatives not designated as hedging instruments | Other derivative instruments | Equity warrant assets | Gain (Loss) on Derivative Instruments [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Unrealized gain (loss) on derivatives | 13,157 | 18,780 | 50,859 | 29,475 | ||||
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivatives | Gain (Loss) on Derivative Instruments [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Unrealized gain (loss) on derivatives | ($22) | [1] | ($517) | [1] | ($738) | [1] | $55 | [1] |
[1] | Primarily represents the change in fair value of loan conversion options. |
Derivative_Financial_Instrumen5
Derivative Financial Instruments - Master Netting Arrangements (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets and Liabilities Subject to Master Netting Arrangements [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | $75,207 | $196,346 |
Gross Amounts offset in the Statement of Financial Position | -1 | -70 |
Net Amounts of Assets Presented in the Statement of Financial Position | 75,206 | 196,276 |
Gross Assets Subject To Master Netting Arrangement Not Offset | -62,155 | -181,547 |
Cash Collateral Received Subject to Master Netting Arrangements | -6,630 | -5,080 |
Net Assets After Deducting Amounts Subject to Master Netting Arrangements | 6,421 | 9,649 |
Gross Amounts of Recognized Liabilities | 18,151 | 14,083 |
Gross Amounts offset in the Statement of Financial Position | -1 | -70 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 18,150 | 14,013 |
Gross Liabilities Subject To Master Netting Arrangement Not Offset | -11,611 | -9,648 |
Cash Collateral Pledged Subject to Master Netting Arrangements | 0 | 0 |
Net Liabilities After Deducting Amounts Subject to Master Netting Arrangements | 6,539 | 4,365 |
Derivative | ' | ' |
Assets and Liabilities Subject to Master Netting Arrangements [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 24,373 | 23,357 |
Gross Amounts offset in the Statement of Financial Position | -1 | -70 |
Net Amounts of Assets Presented in the Statement of Financial Position | 24,372 | 23,287 |
Gross Assets Subject To Master Netting Arrangement Not Offset | -11,321 | -8,558 |
Cash Collateral Received Subject to Master Netting Arrangements | -6,630 | -5,080 |
Net Assets After Deducting Amounts Subject to Master Netting Arrangements | 6,421 | 9,649 |
Gross Amounts of Recognized Liabilities | 18,151 | 14,083 |
Gross Amounts offset in the Statement of Financial Position | -1 | -70 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 18,150 | 14,013 |
Gross Liabilities Subject To Master Netting Arrangement Not Offset | -11,611 | -9,648 |
Cash Collateral Pledged Subject to Master Netting Arrangements | 0 | 0 |
Net Liabilities After Deducting Amounts Subject to Master Netting Arrangements | 6,539 | 4,365 |
Derivative | Interest rate swaps | ' | ' |
Assets and Liabilities Subject to Master Netting Arrangements [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 4,965 | 6,492 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 4,965 | 6,492 |
Gross Assets Subject To Master Netting Arrangement Not Offset | -1,055 | -1,412 |
Cash Collateral Received Subject to Master Netting Arrangements | -3,910 | -5,080 |
Net Assets After Deducting Amounts Subject to Master Netting Arrangements | 0 | 0 |
Derivative | Foreign exchange forwards | ' | ' |
Assets and Liabilities Subject to Master Netting Arrangements [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 17,143 | 15,096 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 17,143 | 15,096 |
Gross Assets Subject To Master Netting Arrangement Not Offset | -8,002 | -6,735 |
Cash Collateral Received Subject to Master Netting Arrangements | -2,720 | 0 |
Net Assets After Deducting Amounts Subject to Master Netting Arrangements | 6,421 | 8,361 |
Gross Amounts of Recognized Liabilities | 15,742 | 12,183 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 15,742 | 12,183 |
Gross Liabilities Subject To Master Netting Arrangement Not Offset | -9,294 | -8,282 |
Cash Collateral Pledged Subject to Master Netting Arrangements | 0 | 0 |
Net Liabilities After Deducting Amounts Subject to Master Netting Arrangements | 6,448 | 3,901 |
Derivative | Client foreign currency options | ' | ' |
Assets and Liabilities Subject to Master Netting Arrangements [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 92 | 504 |
Gross Amounts offset in the Statement of Financial Position | -1 | -70 |
Net Amounts of Assets Presented in the Statement of Financial Position | 91 | 434 |
Gross Assets Subject To Master Netting Arrangement Not Offset | -91 | -155 |
Cash Collateral Received Subject to Master Netting Arrangements | 0 | 0 |
Net Assets After Deducting Amounts Subject to Master Netting Arrangements | 0 | 279 |
Gross Amounts of Recognized Liabilities | 92 | 504 |
Gross Amounts offset in the Statement of Financial Position | -1 | -70 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 91 | 434 |
Gross Liabilities Subject To Master Netting Arrangement Not Offset | 0 | -279 |
Cash Collateral Pledged Subject to Master Netting Arrangements | 0 | 0 |
Net Liabilities After Deducting Amounts Subject to Master Netting Arrangements | 91 | 155 |
Derivative | Client interest rate derivatives | ' | ' |
Assets and Liabilities Subject to Master Netting Arrangements [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 2,173 | 1,265 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 2,173 | 1,265 |
Gross Assets Subject To Master Netting Arrangement Not Offset | -2,173 | -256 |
Cash Collateral Received Subject to Master Netting Arrangements | 0 | 0 |
Net Assets After Deducting Amounts Subject to Master Netting Arrangements | 0 | 1,009 |
Gross Amounts of Recognized Liabilities | 2,317 | 1,396 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 2,317 | 1,396 |
Gross Liabilities Subject To Master Netting Arrangement Not Offset | -2,317 | -1,087 |
Cash Collateral Pledged Subject to Master Netting Arrangements | 0 | 0 |
Net Liabilities After Deducting Amounts Subject to Master Netting Arrangements | 0 | 309 |
Reverse Repurchase Securities Borrowing And Similar Arrangements | ' | ' |
Assets and Liabilities Subject to Master Netting Arrangements [Line Items] | ' | ' |
Gross Amounts of Recognized Assets | 50,834 | 172,989 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 50,834 | 172,989 |
Gross Assets Subject To Master Netting Arrangement Not Offset | -50,834 | -172,989 |
Cash Collateral Received Subject to Master Netting Arrangements | 0 | 0 |
Net Assets After Deducting Amounts Subject to Master Netting Arrangements | 0 | 0 |
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 |
Gross Liabilities Subject To Master Netting Arrangement Not Offset | 0 | 0 |
Cash Collateral Pledged Subject to Master Netting Arrangements | 0 | 0 |
Net Liabilities After Deducting Amounts Subject to Master Netting Arrangements | $0 | $0 |
Other_Noninterest_Loss_Income_2
Other Noninterest (Loss) Income and Other Noninterest Expense - Summary of Other Noninterest Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Other Income and Expenses [Abstract] | ' | ' | ' | ' | ||||
Fund management fees | $3,574 | $2,822 | $9,888 | $8,531 | ||||
Service-based fee income | 2,180 | 1,901 | 6,459 | 5,706 | ||||
(Losses) gains on revaluation of foreign currency instruments | -12,640 | [1] | 8,069 | [1] | -12,347 | [1] | 444 | [1] |
Other | 1,525 | [2] | 4,369 | [2] | 10,601 | [2] | 9,667 | [2] |
Total other noninterest (loss) income | ($5,361) | $17,161 | $14,601 | $24,348 | ||||
[1] | Represents the revaluation of foreign currency denominated financial instruments issued and held by us, primarily loans, deposits and cash. | |||||||
[2] | Includes dividends on FHLB/FRB stock, correspondent bank rebate income and other fee income. |
Other_Noninterest_Loss_Income_3
Other Noninterest (Loss) Income and Other Noninterest Expense - Summary of Other Noninterest Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Other Income and Expenses [Abstract] | ' | ' | ' | ' |
Client services | $3,215 | $1,920 | $8,160 | $5,711 |
Tax credit fund amortization | 2,228 | 1,519 | 6,758 | 4,174 |
Data processing services | 2,229 | 2,020 | 6,497 | 5,814 |
Telephone | 1,931 | 1,571 | 5,217 | 4,640 |
Postage and supplies | 763 | 559 | 2,248 | 1,777 |
Dues and publications | 719 | 399 | 1,852 | 1,302 |
Other | 4,711 | 2,661 | 9,381 | 6,855 |
Total other noninterest expense | $15,796 | $10,649 | $40,113 | $30,273 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 3 |
Segment_Reporting_Segment_Info
Segment Reporting - Segment Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net interest income | $220,565 | $177,096 | $621,858 | $510,346 | ||||
(Provision for) loan losses | -16,610 | -10,638 | -19,051 | -35,023 | ||||
Noninterest income | 80,167 | 257,650 | 404,602 | 434,493 | ||||
Noninterest expense | -181,989 | [1] | -160,524 | [1] | -527,871 | [1] | -452,830 | [1] |
Income before income tax expense | 102,133 | [2] | 263,584 | [2] | 479,538 | [2] | 456,986 | [2] |
Total average loans, net of unearned income | 11,439,521 | 9,545,941 | 11,098,397 | 9,086,179 | ||||
Total average assets | 34,598,285 | [3] | 23,072,734 | [3] | 31,405,253 | [3] | 22,496,092 | [3] |
Total average deposits | 29,726,284 | 19,559,888 | 26,882,113 | 18,989,360 | ||||
Global Commercial Bank | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net interest income | 187,184 | 162,371 | 541,375 | 465,893 | ||||
(Provision for) loan losses | -16,185 | -11,633 | -18,833 | -36,030 | ||||
Noninterest income | 57,756 | 49,991 | 169,414 | 144,893 | ||||
Noninterest expense | -128,685 | [1] | -107,495 | [1] | -374,289 | [1] | -313,080 | [1] |
Income before income tax expense | 100,070 | [2] | 93,234 | [2] | 317,667 | [2] | 261,676 | [2] |
Total average loans, net of unearned income | 10,192,945 | 8,576,443 | 9,917,115 | 8,175,626 | ||||
Total average assets | 31,809,853 | [3] | 21,336,583 | [3] | 28,828,400 | [3] | 20,732,425 | [3] |
Total average deposits | 28,795,499 | 18,994,374 | 26,020,715 | 18,480,510 | ||||
SVB Private Bank | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net interest income | 7,344 | 6,195 | 23,529 | 18,226 | ||||
(Provision for) loan losses | -425 | 995 | -218 | 1,007 | ||||
Noninterest income | 491 | 380 | 1,121 | 867 | ||||
Noninterest expense | -2,574 | [1] | -2,484 | [1] | -7,709 | [1] | -6,263 | [1] |
Income before income tax expense | 4,836 | [2] | 5,086 | [2] | 16,723 | [2] | 13,837 | [2] |
Total average loans, net of unearned income | 1,190,986 | 942,411 | 1,120,647 | 886,679 | ||||
Total average assets | 1,129,947 | [3] | 998,640 | [3] | 1,027,707 | [3] | 910,551 | [3] |
Total average deposits | 877,701 | 535,611 | 805,167 | 493,204 | ||||
SVB Capital | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net interest income | 12 | [4] | 1 | [4] | 55 | [4] | 5 | [4] |
(Provision for) loan losses | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] |
Noninterest income | 1,064 | [4] | 35,457 | [4] | 35,617 | [4] | 48,179 | [4] |
Noninterest expense | -3,036 | [1],[4] | -2,728 | [1],[4] | -8,815 | [1],[4] | -7,871 | [1],[4] |
Income before income tax expense | -1,960 | [2],[4] | 32,730 | [2],[4] | 26,857 | [2],[4] | 40,313 | [2],[4] |
Total average loans, net of unearned income | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] |
Total average assets | 302,949 | [3],[4] | 329,680 | [3],[4] | 328,048 | [3],[4] | 277,136 | [3],[4] |
Total average deposits | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] |
Other Items | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net interest income | 26,025 | [5] | 8,529 | [5] | 56,899 | [5] | 26,222 | [5] |
(Provision for) loan losses | 0 | [5] | 0 | [5] | 0 | [5] | 0 | [5] |
Noninterest income | 20,856 | [5] | 171,822 | [5] | 198,450 | [5] | 240,554 | [5] |
Noninterest expense | -47,694 | [1],[5] | -47,817 | [1],[5] | -137,058 | [1],[5] | -125,616 | [1],[5] |
Income before income tax expense | -813 | [2],[5] | 132,534 | [2],[5] | 118,291 | [2],[5] | 141,160 | [2],[5] |
Total average loans, net of unearned income | 55,590 | [5] | 27,087 | [5] | 60,635 | [5] | 23,874 | [5] |
Total average assets | 1,355,536 | [3],[5] | 407,831 | [3],[5] | 1,221,098 | [3],[5] | 575,980 | [3],[5] |
Total average deposits | $53,084 | [5] | $29,903 | [5] | $56,231 | [5] | $15,646 | [5] |
[1] | The Global Commercial Bank segment includes direct depreciation and amortization of $5.4 million and $4.9 million for the three months ended September 30, 2014 and 2013, respectively and $15.4 million and $14.0 million for the nine months ended September 30, 2014 and 2013, respectively. | |||||||
[2] | 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. | |||||||
[3] | Total average assets equal the greater of total average assets or the sum of total liabilities and total stockholders’ equity for each segment. | |||||||
[4] | Global Commercial Bank’s and SVB Capital’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" as discussed below. | |||||||
[5] | The "Other Items" column reflects the adjustments necessary to reconcile the results of the operating segments to the consolidated financial statements prepared in conformity with GAAP. Noninterest income is primarily attributable to noncontrolling interests and gains on equity warrant assets. Noninterest expense primarily consists of expenses associated with corporate support functions such as finance, human resources, marketing, legal and other expenses. Additionally, average assets primarily consist of cash and cash equivalents and loans from our Community Development Finance practice as part of our responsibilities under the Community Reinvestment Act. |
Segment_Reporting_Segment_Info1
Segment Reporting - Segment Information (Parenthetical) (Detail) (Global Commercial Bank, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Global Commercial Bank | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | $5.40 | $4.90 | $15.40 | $14 |
OffBalance_Sheet_Arrangements_2
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Summary Information Related to Commitments to Extend Credit (Excluding Letters of Credit) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Disclosure Off Balance Sheet Arrangements Guarantees And Other Commitments Additional Information [Abstract] | ' | ' | ||
Fixed interest rate commitments | $1,434,100 | [1] | $1,392,781 | [1] |
Variable interest rate commitments | 12,059,816 | [1] | 9,101,973 | [1] |
Total loan commitments available for funding | 13,493,916 | [1] | 10,494,754 | [1] |
Commercial and standby letters of credit | 1,137,721 | [2] | 975,968 | [2] |
Total unfunded credit commitments | 14,631,637 | 11,470,722 | ||
Commitments unavailable for funding | 1,691,660 | [3] | 1,006,168 | [3] |
Maximum lending limits for accounts receivable factoring arrangements | 1,004,402 | [4] | 894,276 | [4] |
Reserve for unfunded credit commitments | $35,489 | [5] | $29,983 | [5] |
[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] | Represents commitments which are currently unavailable for funding, due to clients failing to meet all collateral, compliance and financial covenants under loan commitment agreements. | |||
[4] | We extend credit under accounts receivable factoring arrangements when our clients’ sales invoices are deemed creditworthy under existing underwriting practices. | |||
[5] | Our reserve for unfunded credit commitments includes an allowance for both our unfunded loan commitments and our letters of credit. |
OffBalance_Sheet_Arrangements_3
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Summary of Commercial and Standby Letters of Credit (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Guarantor Obligations [Line Items] | ' | ' | ||
Expires In One Year or Less | $1,000,222 | ' | ||
Expires After One Year | 137,499 | ' | ||
Total Amount Outstanding | 1,137,721 | [1] | 975,968 | [1] |
Maximum Amount of Future Payments | 1,137,721 | ' | ||
Financial standby letters of credit | ' | ' | ||
Guarantor Obligations [Line Items] | ' | ' | ||
Expires In One Year or Less | 936,790 | ' | ||
Expires After One Year | 129,337 | ' | ||
Total Amount Outstanding | 1,066,127 | ' | ||
Maximum Amount of Future Payments | 1,066,127 | ' | ||
Performance standby letters of credit | ' | ' | ||
Guarantor Obligations [Line Items] | ' | ' | ||
Expires In One Year or Less | 57,058 | ' | ||
Expires After One Year | 8,162 | ' | ||
Total Amount Outstanding | 65,220 | ' | ||
Maximum Amount of Future Payments | 65,220 | ' | ||
Commercial letters of credit | ' | ' | ||
Guarantor Obligations [Line Items] | ' | ' | ||
Expires In One Year or Less | 6,374 | ' | ||
Expires After One Year | 0 | ' | ||
Total Amount Outstanding | 6,374 | ' | ||
Maximum Amount of Future Payments | $6,374 | ' | ||
[1] | See below for additional information on our commercial and standby letters of credit. |
OffBalance_Sheet_Arrangements_4
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Additional Information (Detail) (USD $) | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Venture capital and private equity fund investments | Venture capital and private equity fund investments | Venture capital and private equity fund investments | Standby Letter of Credit | Standby Letter of Credit | |
Lower Limit | Upper Limit | ||||
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' |
Deferred fees | ' | ' | ' | $8.40 | $8.20 |
Collateral in the form of cash | ' | ' | ' | 465.3 | ' |
Collateral in the form of investment securities | ' | ' | ' | $1.30 | ' |
Commitments to invest, period from the inception of the fund | '10 years | ' | ' | ' | ' |
Call unrestricted, percentage of committed capital | 100.00% | ' | ' | ' | ' |
Expected commitment period to invest in venture capital and private equity funds (in years) | ' | '5 years | '7 years | ' | ' |
OffBalance_Sheet_Arrangements_5
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Total Capital Commitments, Unfunded Capital Commitments, and Our Ownership in Each Fund (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Unfunded Commitments | $478,461 | |
SVB Strategic Investors Fund, LP | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Unfunded Commitments | 2,250 | |
SVB Strategic Investors Fund II, LP | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Unfunded Commitments | 5,589 | |
SVB Strategic Investors Fund III, LP | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Unfunded Commitments | 15,641 | |
SVB Strategic Investors Fund IV, LP | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Unfunded Commitments | 41,205 | |
Strategic Investors Fund V Funds | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Unfunded Commitments | 162,335 | |
Strategic Investors Fund VI Funds | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Unfunded Commitments | 239,268 | |
SVB Capital Preferred Return Fund, LP | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Unfunded Commitments | 5,886 | |
SVB Capital—NT Growth Partners, LP | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Unfunded Commitments | 6,044 | |
Other private equity fund | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Unfunded Commitments | 243 | |
Parent Company | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Capital Commitments | 504,680 | |
SVBFG Unfunded Commitments | 46,822 | |
Parent Company | Silicon Valley BancVentures, LP | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Capital Commitments | 6,000 | |
SVBFG Unfunded Commitments | 270 | |
SVBFG Ownership of each Fund | 10.70% | [1] |
Parent Company | SVB Capital Partners II, LP | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Capital Commitments | 1,200 | [2] |
SVBFG Unfunded Commitments | 162 | [2] |
SVBFG Ownership of each Fund | 5.10% | [1],[2] |
Parent Company | Capital Partners III, LP | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Capital Commitments | 750 | |
SVBFG Unfunded Commitments | 649 | |
SVBFG Ownership of each Fund | 0.40% | [1] |
Parent Company | SVB Capital Shanghai Yangpu Venture Capital Fund | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Capital Commitments | 945 | |
SVBFG Unfunded Commitments | 163 | |
SVBFG Ownership of each Fund | 6.80% | [1] |
Parent Company | SVB Strategic Investors Fund, LP | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Capital Commitments | 15,300 | |
SVBFG Unfunded Commitments | 688 | |
SVBFG Ownership of each Fund | 12.60% | [1] |
Parent Company | SVB Strategic Investors Fund II, LP | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Capital Commitments | 15,000 | |
SVBFG Unfunded Commitments | 1,050 | |
SVBFG Ownership of each Fund | 8.60% | [1] |
Parent Company | SVB Strategic Investors Fund III, LP | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Capital Commitments | 15,000 | |
SVBFG Unfunded Commitments | 1,425 | |
SVBFG Ownership of each Fund | 5.90% | [1] |
Parent Company | SVB Strategic Investors Fund IV, LP | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Capital Commitments | 12,239 | |
SVBFG Unfunded Commitments | 2,325 | |
SVBFG Ownership of each Fund | 5.00% | [1] |
Parent Company | Strategic Investors Fund V Funds | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Capital Commitments | 515 | |
SVBFG Unfunded Commitments | 239 | |
Parent Company | Strategic Investors Fund VI Funds | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Capital Commitments | 500 | |
SVBFG Unfunded Commitments | 402 | |
SVBFG Ownership of each Fund | 0.20% | [1] |
Parent Company | Strategic Investors Fund VII Funds | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Capital Commitments | 500 | |
SVBFG Unfunded Commitments | 500 | |
SVBFG Ownership of each Fund | 0.20% | [1] |
Parent Company | SVB Capital Preferred Return Fund, LP | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Capital Commitments | 12,688 | |
SVBFG Unfunded Commitments | 0 | |
SVBFG Ownership of each Fund | 20.00% | [1] |
Parent Company | SVB Capital—NT Growth Partners, LP | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Capital Commitments | 24,670 | |
SVBFG Unfunded Commitments | 1,340 | |
SVBFG Ownership of each Fund | 33.00% | [1] |
Parent Company | Other private equity fund | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Capital Commitments | 9,338 | [3] |
SVBFG Unfunded Commitments | 0 | [3] |
SVBFG Ownership of each Fund | 58.20% | [1],[3] |
Parent Company | Partners for Growth, LP | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Capital Commitments | 25,000 | |
SVBFG Unfunded Commitments | 9,750 | |
SVBFG Ownership of each Fund | 50.00% | [1] |
Parent Company | Debt funds (equity method accounting) | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Capital Commitments | 64,574 | |
SVBFG Unfunded Commitments | 4,950 | |
Parent Company | Other fund investments | ' | |
Venture Capital and Private Equity Fund Investments [Line Items] | ' | |
SVBFG Capital Commitments | 300,461 | [4] |
SVBFG Unfunded Commitments | $22,909 | [4] |
[1] | We are subject to the Volcker Rule, which restricts or limits our sponsorship of and ownership of interests in “covered†funds including venture capital and private equity funds. For funds that we sponsor, the Volcker Rule limits the amount of our investment to 3% of the fund, and our aggregate investments in all such funds must not exceed 3% of our Tier 1 capital. The current deadline to conform to these limits is July 21, 2015. The time period to divest an investment that is not permitted by the final rule may be extended by the Federal Reserve Board for up to two one-year general extensions, and one additional extension up to five additional years for investments in funds that are considered illiquid. We intend to seek the maximum extensions available to us. However, there is no guarantee that the Federal Reserve Board will grant any of these extensions. See “Business - Supervision and Regulation†under Item 1 of Part I of our 2013 Form 10-K. | |
[2] | Our ownership includes direct ownership of 1.3 percent and indirect ownership interest of 3.8 percent through our investment in SVB Strategic Investors Fund II, LP. | |
[3] | Our ownership includes direct ownership of 41.5 percent and indirect ownership interests of 12.6 percent and 4.1 percent in the fund through our ownership interest of SVB Capital - NT Growth Partners, LP and SVB Capital Preferred Return Fund, LP, respectively. | |
[4] | Represents commitments to 286 funds (primarily venture capital funds) where our ownership interest is generally less than 5 percent of the voting interests of each such fund. |
OffBalance_Sheet_Arrangements_6
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Total Capital Commitments, Unfunded Capital Commitments, and Our Ownership in Each Fund (Parenthetical) (Detail) (Venture capital and private equity fund investments) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2013 | |||
SVB Capital Partners II, LP | Fair value accounting | ' | ' | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ' | ' | ||
Percentage of ownership | 5.10% | [1] | 5.10% | [1] |
SVB Capital Partners II, LP | Fair value accounting | Direct ownership interest | ' | ' | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ' | ' | ||
Percentage of ownership | 1.30% | ' | ||
SVB Capital Partners II, LP | Fair value accounting | Indirect ownership interest | ' | ' | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ' | ' | ||
Percentage of ownership | 3.80% | ' | ||
Other private equity fund | Fair value accounting | ' | ' | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ' | ' | ||
Percentage of ownership | 58.20% | [2] | 58.20% | [2] |
Other private equity fund | Fair value accounting | Direct ownership interest | ' | ' | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ' | ' | ||
Percentage of ownership | 41.50% | ' | ||
Other fund investments | ' | ' | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ' | ' | ||
Number of other funds with investment commitments | 286 | ' | ||
Upper Limit | Other fund investments | ' | ' | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ' | ' | ||
Percentage of ownership | 5.00% | ' | ||
SVB Capital—NT Growth Partners, LP | Other private equity fund | Fair value accounting | Indirect ownership interest | ' | ' | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ' | ' | ||
Percentage of ownership | 12.60% | ' | ||
SVB Capital Preferred Return Fund, LP | Other private equity fund | Fair value accounting | Indirect ownership interest | ' | ' | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ' | ' | ||
Percentage of ownership | 4.10% | ' | ||
[1] | At September 30, 2014, we had a direct ownership interest of 1.3 percent and an indirect ownership interest of 3.8 percent in the fund through our ownership interest of SVB Strategic Investors Fund II, LP. | |||
[2] | At September 30, 2014, we had a direct ownership interest of 41.5 percent and indirect ownership interests of 12.6 percent and 4.1 percent in the fund through our ownership interest of SVB Capital—NT Growth Partners, LP and SVB Capital Preferred Return Fund, LP, respectively. |
OffBalance_Sheet_Arrangements_7
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Remaining Unfunded Commitments to Venture Capital or Private Equity Funds by our Consolidated Managed Funds (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Line Items] | ' |
SVBFG Unfunded Commitments | $478,461 |
SVB Strategic Investors Fund, LP | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
SVBFG Unfunded Commitments | 2,250 |
SVB Strategic Investors Fund II, LP | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
SVBFG Unfunded Commitments | 5,589 |
SVB Strategic Investors Fund III, LP | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
SVBFG Unfunded Commitments | 15,641 |
SVB Strategic Investors Fund IV, LP | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
SVBFG Unfunded Commitments | 41,205 |
Strategic Investors Fund V Funds | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
SVBFG Unfunded Commitments | 162,335 |
Strategic Investors Fund VI Funds | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
SVBFG Unfunded Commitments | 239,268 |
SVB Capital Preferred Return Fund, LP | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
SVBFG Unfunded Commitments | 5,886 |
SVB Capital—NT Growth Partners, LP | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
SVBFG Unfunded Commitments | 6,044 |
Other private equity fund | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
SVBFG Unfunded Commitments | $243 |
Income_Taxes_Detail
Income Taxes (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Income Tax Examination [Line Items] | ' |
Unrecognized tax benefit | 0.4 |
Reduction in income tax expense resulting from recognition of unrecognized tax benefit | 0.3 |
Federal tax | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination | 'Our U.S. federal tax returns for 2008, 2010 and subsequent years remain open to examination |
State tax | ' |
Income Tax Examination [Line Items] | ' |
Tax years open to examination | 'Our California tax returns for 2008 and subsequent tax years remain open to examination. Massachusetts tax returns for 2008, 2010 and subsequent years remain open to examination |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | $13,333,436 | $11,986,821 | ||
Derivatives designated as hedging instruments | Interest rate risks | Interest rate swaps | Other assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Assets | 4,965 | 6,492 | ||
Derivatives not designated as hedging instruments | Other derivative instruments | Equity warrant asset | Other assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Assets | 94,960 | 103,513 | ||
Fair value accounting | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Non-marketable securities | 181,265 | [1] | 321,374 | [1] |
Fair value accounting | Venture capital and private equity fund investments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Non-marketable securities | 1,078,911 | [2] | 862,972 | [2] |
Fair value accounting | Other venture capital investments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Non-marketable securities | 43,863 | [3] | 32,839 | [3] |
U.S. treasury securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 6,876,299 | ' | ||
U.S. agency debentures | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 3,605,833 | 4,345,232 | ||
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 | 2,005,933 | 3,325,758 | ||
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 835,957 | 1,186,573 | ||
Agency-issued commercial mortgage-backed securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | ' | 564,604 | ||
Municipal bonds and notes | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | ' | 86,027 | ||
Equity securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 9,414 | 5,051 | ||
Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 13,333,436 | 11,986,821 | ||
Total assets | 14,756,807 | [4] | 13,331,120 | [5] |
Total liabilities | 18,150 | 14,013 | ||
Fair Value, Measurements, Recurring | Derivatives designated as hedging instruments | Interest rate risks | Interest rate swaps | Other assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Assets | 4,965 | 6,492 | ||
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Currency exchange risks | Other assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Assets | 17,234 | 15,530 | ||
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Currency exchange risks | Other liability | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair value, Liabilities | 15,833 | 12,617 | ||
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Other derivative instruments | Equity warrant asset | Other assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Assets | 94,960 | 103,513 | ||
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Other derivative instruments | Loan conversion options | Other assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Assets | ' | 314 | ||
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Other derivative instruments | Client interest rate derivatives | Other assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Assets | 2,173 | 1,265 | ||
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Other derivative instruments | Client interest rate derivatives | Other liability | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair value, Liabilities | 2,317 | 1,396 | ||
Fair Value, Measurements, Recurring | Fair value accounting | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Non-marketable securities | 1,304,039 | 1,217,185 | ||
Fair Value, Measurements, Recurring | Fair value accounting | Venture capital and private equity fund investments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Non-marketable securities | 1,078,911 | 862,972 | ||
Fair Value, Measurements, Recurring | Fair value accounting | Other venture capital investments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Non-marketable securities | 43,863 | 32,839 | ||
Fair Value, Measurements, Recurring | Fair value accounting | Other securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Non-marketable securities | 181,265 | 321,374 | ||
Fair Value, Measurements, Recurring | U.S. treasury securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 6,876,299 | ' | ||
Fair Value, Measurements, Recurring | U.S. agency debentures | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 3,605,833 | 4,345,232 | ||
Fair Value, Measurements, 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 | ' | 2,473,576 | ||
Fair Value, Measurements, 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 | 2,005,933 | 3,325,758 | ||
Fair Value, Measurements, Recurring | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 835,957 | 1,186,573 | ||
Fair Value, Measurements, Recurring | Agency-issued commercial mortgage-backed securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | ' | 564,604 | ||
Fair Value, Measurements, Recurring | Municipal bonds and notes | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | ' | 86,027 | ||
Fair Value, Measurements, Recurring | Equity securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 9,414 | 5,051 | ||
Fair Value, Measurements, Recurring | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 6,880,510 | 3,732 | ||
Total assets | 7,061,775 | [4] | 5,857 | [5] |
Total liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Derivatives designated as hedging instruments | Interest rate risks | Interest rate swaps | Other assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Assets | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Derivatives not designated as hedging instruments | Currency exchange risks | Other assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Assets | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Derivatives not designated as hedging instruments | Currency exchange risks | Other liability | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair value, Liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Derivatives not designated as hedging instruments | Other derivative instruments | Equity warrant asset | Other assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Assets | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Derivatives not designated as hedging instruments | Other derivative instruments | Loan conversion options | Other assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Assets | ' | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Derivatives not designated as hedging instruments | Other derivative instruments | Client interest rate derivatives | Other assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Assets | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Derivatives not designated as hedging instruments | Other derivative instruments | Client interest rate derivatives | Other liability | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair value, Liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Fair value accounting | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Non-marketable securities | 181,265 | 2,125 | ||
Fair Value, Measurements, Recurring | Level 1 | Fair value accounting | Venture capital and private equity fund investments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Non-marketable securities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Fair value accounting | Other venture capital investments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Non-marketable securities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Fair value accounting | Other securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Non-marketable securities | 181,265 | 2,125 | ||
Fair Value, Measurements, Recurring | Level 1 | U.S. treasury securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 6,876,299 | ' | ||
Fair Value, Measurements, Recurring | Level 1 | U.S. agency debentures | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 0 | 0 | ||
Fair Value, Measurements, 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 | ||
Fair Value, Measurements, 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 | ||
Fair Value, Measurements, Recurring | Level 1 | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 0 | 0 | ||
Fair Value, Measurements, 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 | ||
Fair Value, Measurements, Recurring | Level 1 | Municipal bonds and notes | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | ' | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Equity securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 4,211 | 3,732 | ||
Fair Value, Measurements, Recurring | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 6,452,926 | 11,983,089 | ||
Total assets | 6,478,861 | [4] | 12,010,312 | [5] |
Total liabilities | 18,150 | 14,013 | ||
Fair Value, Measurements, Recurring | Level 2 | Derivatives designated as hedging instruments | Interest rate risks | Interest rate swaps | Other assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Assets | 4,965 | 6,492 | ||
Fair Value, Measurements, Recurring | Level 2 | Derivatives not designated as hedging instruments | Currency exchange risks | Other assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Assets | 17,234 | 15,530 | ||
Fair Value, Measurements, Recurring | Level 2 | Derivatives not designated as hedging instruments | Currency exchange risks | Other liability | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair value, Liabilities | 15,833 | 12,617 | ||
Fair Value, Measurements, Recurring | Level 2 | Derivatives not designated as hedging instruments | Other derivative instruments | Equity warrant asset | Other assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Assets | 1,563 | 3,622 | ||
Fair Value, Measurements, Recurring | Level 2 | Derivatives not designated as hedging instruments | Other derivative instruments | Loan conversion options | Other assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Assets | ' | 314 | ||
Fair Value, Measurements, Recurring | Level 2 | Derivatives not designated as hedging instruments | Other derivative instruments | Client interest rate derivatives | Other assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Assets | 2,173 | 1,265 | ||
Fair Value, Measurements, Recurring | Level 2 | Derivatives not designated as hedging instruments | Other derivative instruments | Client interest rate derivatives | Other liability | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair value, Liabilities | 2,317 | 1,396 | ||
Fair Value, Measurements, Recurring | Level 2 | Fair value accounting | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Non-marketable securities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 2 | Fair value accounting | Venture capital and private equity fund investments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Non-marketable securities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 2 | Fair value accounting | Other venture capital investments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Non-marketable securities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 2 | Fair value accounting | Other securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Non-marketable securities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 2 | U.S. treasury securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 0 | ' | ||
Fair Value, Measurements, Recurring | Level 2 | U.S. agency debentures | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 3,605,833 | 4,345,232 | ||
Fair Value, Measurements, 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 | ' | 2,473,576 | ||
Fair Value, Measurements, 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 | 2,005,933 | 3,325,758 | ||
Fair Value, Measurements, Recurring | Level 2 | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 835,957 | 1,186,573 | ||
Fair Value, Measurements, Recurring | Level 2 | Agency-issued commercial mortgage-backed securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | ' | 564,604 | ||
Fair Value, Measurements, Recurring | Level 2 | Municipal bonds and notes | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | ' | 86,027 | ||
Fair Value, Measurements, Recurring | Level 2 | Equity securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 5,203 | 1,319 | ||
Fair Value, Measurements, Recurring | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 0 | 0 | ||
Total assets | 1,216,171 | [4] | 1,314,951 | [5] |
Total liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Derivatives designated as hedging instruments | Interest rate risks | Interest rate swaps | Other assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Assets | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Derivatives not designated as hedging instruments | Currency exchange risks | Other assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Assets | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Derivatives not designated as hedging instruments | Currency exchange risks | Other liability | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair value, Liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Derivatives not designated as hedging instruments | Other derivative instruments | Equity warrant asset | Other assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Assets | 93,397 | 99,891 | ||
Fair Value, Measurements, Recurring | Level 3 | Derivatives not designated as hedging instruments | Other derivative instruments | Loan conversion options | Other assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Assets | ' | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Derivatives not designated as hedging instruments | Other derivative instruments | Client interest rate derivatives | Other assets | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Assets | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Derivatives not designated as hedging instruments | Other derivative instruments | Client interest rate derivatives | Other liability | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair value, Liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Fair value accounting | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Non-marketable securities | 1,122,774 | 1,215,060 | ||
Fair Value, Measurements, Recurring | Level 3 | Fair value accounting | Venture capital and private equity fund investments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Non-marketable securities | 1,078,911 | 862,972 | ||
Fair Value, Measurements, Recurring | Level 3 | Fair value accounting | Other venture capital investments | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Non-marketable securities | 43,863 | 32,839 | ||
Fair Value, Measurements, Recurring | Level 3 | Fair value accounting | Other securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Non-marketable securities | 0 | 319,249 | ||
Fair Value, Measurements, Recurring | Level 3 | U.S. treasury securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 0 | ' | ||
Fair Value, Measurements, Recurring | Level 3 | U.S. agency debentures | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 0 | 0 | ||
Fair Value, Measurements, 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 | ||
Fair Value, Measurements, 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 | ||
Fair Value, Measurements, Recurring | Level 3 | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 0 | 0 | ||
Fair Value, Measurements, 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 | ||
Fair Value, Measurements, Recurring | Level 3 | Municipal bonds and notes | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | ' | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Equity securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Carrying Value | 0 | 0 | ||
Noncontrolling Interests | Fair Value, Measurements, Recurring | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 163,600 | 2,000 | ||
Noncontrolling Interests | Fair Value, Measurements, Recurring | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | $1,000,000 | $1,100,000 | ||
[1] | Investments classified as other securities (fair value accounting) represent direct equity investments in public companies held by our consolidated funds. At September 30, 2014, the amount primarily includes total unrealized gains of $143.8 million in one public company, FireEye, Inc. ("FireEye"). The extent to which any unrealized gains (or losses) will become realized is subject to a variety of factors, including among other things, changes in prevailing market prices and the timing of any sales or distribution of securities, which are subject to our funds' separate discretionary securities sales/distribution and governance processes and may also be constrained by lock-up agreements. None of the FireEye related investments currently are subject to a lock-up agreement. | |||
[2] | 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, 2014 and December 31, 2013 (fair value accounting): September 30, 2014 December 31, 2013(Dollars in thousands) Amount Ownership % Amount Ownership %SVB Strategic Investors Fund, LP $25,625 12.6% $29,104 12.6%SVB Strategic Investors Fund II, LP 92,681 8.6 96,185 8.6SVB Strategic Investors Fund III, LP 248,816 5.9 260,272 5.9SVB Strategic Investors Fund IV, LP 308,332 5.0 226,729 5.0Strategic Investors Fund V Funds 214,863 Various 118,181 VariousStrategic Investors Fund VI Funds 56,958 0.2 7,944 0.2SVB Capital Preferred Return Fund, LP 61,876 20.0 59,028 20.0SVB Capital—NT Growth Partners, LP 61,818 33.0 61,126 33.0SVB Capital Partners II, LP (i) 302 5.1 708 5.1Other private equity fund (ii) 7,640 58.2 3,695 58.2Total venture capital and private equity fund investments $1,078,911 $862,972 (i)At September 30, 2014, we had a direct ownership interest of 1.3 percent and an indirect ownership interest of 3.8 percent in the fund through our ownership interest of SVB Strategic Investors Fund II, LP.(ii)At September 30, 2014, we had a direct ownership interest of 41.5 percent and indirect ownership interests of 12.6 percent and 4.1 percent in the fund through our ownership interest of SVB Capital—NT Growth Partners, LP and SVB Capital Preferred Return Fund, LP, respectively. | |||
[3] | The following table shows the amounts of other venture capital investments held by the following consolidated funds and our ownership percentage of each fund at September 30, 2014 and December 31, 2013 (fair value accounting): September 30, 2014 December 31, 2013(Dollars in thousands) Amount Ownership % Amount Ownership %Silicon Valley BancVentures, LP $5,616 10.7% $6,564 10.7%SVB Capital Partners II, LP (i) 17,802 5.1 22,684 5.1Capital Partners III, LP 15,000 0.4 — —SVB Capital Shanghai Yangpu Venture Capital Fund 5,445 6.8 3,591 6.8Total other venture capital investments $43,863 $32,839 (i)At September 30, 2014, we had a direct ownership interest of 1.3 percent and an indirect ownership interest of 3.8 percent in the fund through our ownership of SVB Strategic Investors Fund II, LP. | |||
[4] | Included in Level 1 and Level 3 assets are $163.6 million and $1.0 billion, respectively, attributable to noncontrolling interests calculated based on the ownership percentages of the noncontrolling interests. | |||
[5] | Included in Level 1 and Level 3 assets are $2.0 million and $1.1 billion, respectively, attributable to noncontrolling interests calculated based on the ownership percentages of the noncontrolling interests. |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Additional Information about Level 3 Assets Measured at Fair Value on a Recurring Basis (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | |||||||||
Equity warrant assets | Equity warrant assets | Non-marketable securities | Non-marketable securities | Non-marketable securities | Non-marketable securities | Non-marketable securities | Non-marketable securities | Non-marketable securities | Non-marketable securities | Non-marketable securities | Non-marketable securities | Non-marketable securities | Non-marketable securities | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | ||||||||||||||
Other assets | Other assets | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Equity warrant assets | Equity warrant assets | Fair value accounting | Fair value accounting | Non-marketable securities | Non-marketable securities | Non-marketable securities | Non-marketable securities | Non-marketable securities | ||||||||||||||
Venture capital and private equity fund investments | Venture capital and private equity fund investments | Other venture capital investments | Other venture capital investments | Other venture capital investments | Other securities | Other investments | Other investments | Other assets | Other assets | Other securities | Other securities | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | Fair value accounting | ||||||||||||||||||||
Venture capital and private equity fund investments | Venture capital and private equity fund investments | Other venture capital investments | Other venture capital investments | Other investments | ||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Beginning Balance | $1,177,228 | $938,244 | $1,314,951 | $859,141 | $87,151 | [1] | $73,229 | [1] | $1,090,077 | [2] | $865,015 | [2] | $1,215,060 | [2] | $793,012 | [2] | $1,040,522 | $741,522 | $43,747 | $123,493 | ' | ' | $0 | $217,054 | $99,891 | [1] | $66,129 | [1] | $5,808 | $319,249 | $862,972 | $665,921 | $32,839 | $127,091 | $0 | |
Total Realized and Unrealized Gains (Losses) Included in Income | 62,811 | 200,334 | 355,935 | 265,748 | 13,805 | [1] | 18,215 | [1] | 49,006 | [2] | 182,119 | [2] | 304,610 | [2] | 239,606 | [2] | 43,460 | 34,288 | 5,546 | 4,530 | ' | ' | 143,301 | ' | 51,325 | [1] | 26,142 | [1] | 0 | 104,310 | 192,240 | 90,526 | 8,060 | 5,779 | 143,301 | |
Purchases | 55,341 | 42,720 | 182,248 | 108,232 | 0 | [1] | 0 | [1] | 55,341 | [2] | 42,720 | [2] | 182,248 | [2] | 108,232 | [2] | 49,037 | 41,704 | 6,304 | 1,016 | ' | ' | 0 | ' | 0 | [1] | 0 | [1] | 0 | 0 | 159,448 | 107,022 | 22,800 | 1,210 | 0 | |
Sales | -21,686 | -6,362 | -129,602 | -11,186 | -10,564 | [1] | -6,366 | [1] | -11,122 | [2] | 4 | [2] | -62,401 | [2] | -381 | [2] | 0 | 0 | -11,122 | 4 | ' | ' | 0 | ' | -67,201 | [1] | -10,805 | [1] | 0 | -46,840 | 0 | 0 | -15,561 | -381 | 0 | |
Issuances | 2,932 | 2,995 | 9,098 | 7,309 | 2,932 | [1] | 2,995 | [1] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | 0 | 0 | 0 | ' | ' | 0 | ' | 9,098 | [1] | 7,309 | [1] | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Distributions and Other Settlements | -54,210 | -43,581 | -134,763 | -89,253 | 510 | [1] | 365 | [1] | -54,720 | [2] | -43,946 | [2] | -136,481 | [2] | -90,996 | [2] | -54,108 | -44,015 | -612 | -73,684 | ' | ' | 73,753 | ' | 1,718 | [1] | 1,743 | [1] | 0 | 3,417 | -135,749 | -89,970 | -4,149 | -74,779 | 73,753 | |
Transfers Out of Level 3 | -6,245 | -312 | -381,696 | -5,953 | -437 | [1] | -312 | [1] | -5,808 | [2] | 0 | [2] | -380,262 | [2] | ' | 0 | 0 | 0 | 0 | -3,561 | [2] | -380,136 | 0 | ' | -1,434 | [1] | -2,392 | [1] | ' | ' | 0 | 0 | -126 | -3,561 | 0 | |
Ending Balance | $1,216,171 | $1,134,038 | $1,216,171 | $1,134,038 | $93,397 | [1] | $88,126 | [1] | $1,122,774 | [2] | $1,045,912 | [2] | $1,122,774 | [2] | $1,045,912 | [2] | $1,078,911 | $773,499 | $43,863 | $55,359 | $55,359 | ' | $217,054 | $217,054 | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | |||
[1] | Realized and unrealized gains (losses) are recorded in the line item “gains on derivative instruments, netâ€, a component of noninterest income. | |||||||||||||||||||||||||||||||||||
[2] | Realized and unrealized gains (losses) are recorded in the line items “gains on investment securities, netâ€, and “other noninterest incomeâ€, components of noninterest income. |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Unrealized Gains Included in Earnings Attributable to Level 3 Assets Held (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
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 | $63,647 | $194,803 | $304,707 | $258,514 | ||||
Unrealized gains attributable to noncontrolling interests | 47,165 | 164,871 | 193,841 | 215,340 | ||||
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 | 6,911 | [1] | 14,205 | [1] | 17,777 | [1] | 19,788 | [1] |
Non-marketable securities | Fair value accounting | ' | ' | ' | ' | ||||
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 | 56,736 | [2] | 180,598 | [2] | 286,930 | [2] | 238,726 | [2] |
Non-marketable securities | Fair value accounting | Venture capital and private equity fund investments | ' | ' | ' | ' | ||||
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 | 57,967 | 32,694 | 207,885 | 89,705 | ||||
Non-marketable securities | Fair value accounting | Other venture capital investments | ' | ' | ' | ' | ||||
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 | -1,231 | 4,603 | 78 | 5,720 | ||||
Non-marketable securities | Fair value accounting | Other investments | ' | ' | ' | ' | ||||
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 | $0 | $143,301 | $78,967 | $143,301 | ||||
[1] | Unrealized gains (losses) are recorded in the line item “gains on derivative instruments, netâ€, a component of noninterest income. | |||||||
[2] | Unrealized gains (losses) are recorded in the line items “gains on investment securities, netâ€, and “other noninterest incomeâ€, components of noninterest income. |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments - Quantitative Information About Significant Unobservable Inputs (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |||||||||
In Thousands, unless otherwise specified | Equity warrant assets | Equity warrant assets | Equity warrant assets | Equity warrant assets | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | |||||||||||||||
Other assets | Other assets | Other assets | Other assets | Other venture capital investments | Other venture capital investments | Other securities | Equity warrant assets | Equity warrant assets | Equity warrant assets | Equity warrant assets | Equity warrant assets | Equity warrant assets | Equity Warrant Asset, Private Portfolio | Equity Warrant Asset, Private Portfolio | Equity Warrant Asset, Private Portfolio | Equity Warrant Asset, Private Portfolio | ||||||||||||||||
Fair value accounting | Fair value accounting | Fair value accounting | Lower Limit | Upper Limit | Investments | Investments | Other assets | Other assets | Investments | Investments | Other assets | Other assets | ||||||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Fair value | $1,216,171 | $1,177,228 | $1,314,951 | $1,134,038 | $938,244 | $859,141 | $93,397 | [1] | $87,151 | [1] | $88,126 | [1] | $73,229 | [1] | $43,863 | $32,839 | $319,249 | ' | ' | $529 | $24,217 | ' | ' | $92,868 | $75,674 | ' | ' | |||||
Valuation Technique | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Private company equity pricing | 'Private company equity pricing | 'Modified stock price | ' | ' | ' | ' | 'Modified Black-Scholes option pricing model | 'Modified Black-Scholes option pricing model | ' | ' | 'Modified Black-Scholes option pricing model | 'Modified Black-Scholes option pricing model | |||||||||
Volatility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43.90% | 41.30% | ' | ' | 38.20% | 40.10% | |||||||||
Risk-Free interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.10% | 1.70% | ' | ' | 1.00% | 0.80% | |||||||||
Sales restrictions discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | [2] | 1000.00% | 2000.00% | ' | ' | 15.70% | [2] | 13.70% | [2] | ' | ' | ' | ' | ||||||
Marketability discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | [3] | 22.50% | [3] | |||||||
Remaining life assumption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% | [4] | 45.00% | [4] | |||||||
[1] | Realized and unrealized gains (losses) are recorded in the line item “gains on derivative instruments, netâ€, a component of noninterest income. | |||||||||||||||||||||||||||||||
[2] | We adjust quoted market prices of public companies, which are subject to certain sales restrictions. Sales restriction discounts generally range from 10 percent to 20 percent depending on the duration of the sales restrictions, which typically range from 3 to 6 months. | |||||||||||||||||||||||||||||||
[3] | Our marketability discount is applied to all private company warrants to account for a general lack of liquidity due to the private nature of the associated underlying company. The quantitative measure used is based on long-run averages and is influenced over time by various factors, including market conditions. On a quarterly basis, a sensitivity analysis is performed on our marketability discount. | |||||||||||||||||||||||||||||||
[4] | We adjust the contractual remaining term of private company warrants based on our estimate of the actual remaining life, which we determine by utilizing historical data on cancellations and exercises. At September 30, 2014, the weighted average contractual remaining term was 6.25 years, compared to our estimated remaining life of 2.81 years. On a quarterly basis, a sensitivity analysis is performed on our remaining life assumption. |
Fair_Value_of_Financial_Instru6
Fair Value of Financial Instruments - Quantitative Information About Significant Unobservable Inputs (Parenthetical) (Detail) (Other assets, Equity warrant assets) | 9 Months Ended |
Sep. 30, 2014 | |
Other assets | Equity warrant assets | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Weighted average contractual remaining term | '6 years 2 months 30 days |
Estimated remaining life | '2 years 9 months 22 days |
Fair_Value_of_Financial_Instru7
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |||
Debt Disclosure [Line Items] | ' | ' | ' | ' | |||
Investments transferred out of Level 3 | $6,245 | $312 | $381,696 | $5,953 | |||
Fair value accounting | Non-marketable securities | ' | ' | ' | ' | |||
Debt Disclosure [Line Items] | ' | ' | ' | ' | |||
Investments transferred out of Level 3 | 5,808 | [1] | 0 | [1] | 380,262 | [1] | ' |
Other securities | Fair value accounting | Non-marketable securities | ' | ' | ' | ' | |||
Debt Disclosure [Line Items] | ' | ' | ' | ' | |||
Investments transferred out of Level 3 | ' | ' | $380,136 | ' | |||
[1] | Realized and unrealized gains (losses) are recorded in the line items “gains on investment securities, netâ€, and “other noninterest incomeâ€, components of noninterest income. |
Fair_Value_of_Financial_Instru8
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Financial Instruments not Carried at Fair Value (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Held-to-maturity securities | $6,613,893 | $0 | ||
Short-term borrowings | 6,630 | 5,080 | ||
Other short-term borrowings | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Short-term borrowings | 6,630 | [1] | 5,080 | [1] |
5.375% Senior Notes | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Senior Notes | 348,378 | 348,209 | ||
6.05% Subordinated Notes | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Subordinated Notes | 50,497 | [2] | 51,987 | [2] |
7.0% Junior Subordinated Debentures | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Junior Subordinated Debentures | 54,889 | 55,020 | ||
Carrying Amount | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Cash and cash equivalents | 1,872,537 | 1,538,779 | ||
Held-to-maturity securities | 6,662,025 | ' | ||
Non-marketable and other securities (cost and equity method accounting) | 399,511 | 378,309 | ||
Net commercial loans | 10,721,645 | 9,796,878 | ||
Net consumer loans | 1,166,475 | 966,622 | ||
FHLB and Federal Reserve Bank stock | 41,026 | 40,632 | ||
Accrued interest receivable | 81,334 | 67,772 | ||
Non-maturity deposits | 30,963,491 | [3] | 22,259,119 | [3] |
Time deposits | 159,644 | 213,860 | ||
Accrued interest payable | 2,932 | 6,858 | ||
Commitments to extend credit | 0 | 0 | ||
Carrying Amount | Other short-term borrowings | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Short-term borrowings | 6,630 | 5,080 | ||
Carrying Amount | 5.375% Senior Notes | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Senior Notes | 348,378 | 348,209 | ||
Carrying Amount | 6.05% Subordinated Notes | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Subordinated Notes | 50,497 | [4] | 51,987 | [4] |
Carrying Amount | 7.0% Junior Subordinated Debentures | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Junior Subordinated Debentures | 54,889 | 55,020 | ||
Estimated Fair Value | Level 1 | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Cash and cash equivalents | 1,872,537 | 1,538,779 | ||
Held-to-maturity securities | 0 | ' | ||
Non-marketable and other securities (cost and equity method accounting) | 0 | 0 | ||
Net commercial loans | 0 | 0 | ||
Net consumer loans | 0 | 0 | ||
FHLB and Federal Reserve Bank stock | 0 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Non-maturity deposits | 30,963,491 | [3] | 22,259,119 | [3] |
Time deposits | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Commitments to extend credit | 0 | 0 | ||
Estimated Fair Value | Level 1 | Other short-term borrowings | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Short-term borrowings | 6,630 | 5,080 | ||
Estimated Fair Value | Level 1 | 5.375% Senior Notes | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Senior Notes | 0 | 0 | ||
Estimated Fair Value | Level 1 | 6.05% Subordinated Notes | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Subordinated Notes | 0 | [4] | 0 | [4] |
Estimated Fair Value | Level 1 | 7.0% Junior Subordinated Debentures | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Junior Subordinated Debentures | 0 | 0 | ||
Estimated Fair Value | Level 2 | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Cash and cash equivalents | 0 | 0 | ||
Held-to-maturity securities | 6,613,893 | ' | ||
Non-marketable and other securities (cost and equity method accounting) | 0 | 0 | ||
Net commercial loans | 0 | 0 | ||
Net consumer loans | 0 | 0 | ||
FHLB and Federal Reserve Bank stock | 0 | 0 | ||
Accrued interest receivable | 81,334 | 67,772 | ||
Non-maturity deposits | 0 | [3] | 0 | [3] |
Time deposits | 159,644 | 213,874 | ||
Accrued interest payable | 2,932 | 6,858 | ||
Commitments to extend credit | 0 | 0 | ||
Estimated Fair Value | Level 2 | Other short-term borrowings | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Short-term borrowings | 0 | 0 | ||
Estimated Fair Value | Level 2 | 5.375% Senior Notes | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Senior Notes | 390,740 | 383,782 | ||
Estimated Fair Value | Level 2 | 6.05% Subordinated Notes | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Subordinated Notes | 54,423 | [4] | 56,297 | [4] |
Estimated Fair Value | Level 2 | 7.0% Junior Subordinated Debentures | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Junior Subordinated Debentures | 52,722 | 51,915 | ||
Estimated Fair Value | Level 3 | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Cash and cash equivalents | 0 | 0 | ||
Held-to-maturity securities | 0 | ' | ||
Non-marketable and other securities (cost and equity method accounting) | 497,855 | 447,783 | ||
Net commercial loans | 10,884,474 | 9,935,917 | ||
Net consumer loans | 1,121,639 | 1,005,080 | ||
FHLB and Federal Reserve Bank stock | 41,026 | 40,632 | ||
Accrued interest receivable | 0 | 0 | ||
Non-maturity deposits | 0 | [3] | 0 | [3] |
Time deposits | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Commitments to extend credit | 29,731 | 24,285 | ||
Estimated Fair Value | Level 3 | Other short-term borrowings | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Short-term borrowings | 0 | 0 | ||
Estimated Fair Value | Level 3 | 5.375% Senior Notes | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Senior Notes | 0 | 0 | ||
Estimated Fair Value | Level 3 | 6.05% Subordinated Notes | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Subordinated Notes | 0 | [4] | 0 | [4] |
Estimated Fair Value | Level 3 | 7.0% Junior Subordinated Debentures | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Junior Subordinated Debentures | $0 | $0 | ||
[1] | Represents cash collateral received from certain counterparties in relation to market value exposures of derivative contracts in our favor, primarily for our interest rate swap agreement related to our 6.05% Subordinated Notes. | |||
[2] | At September 30, 2014 and December 31, 2013, included in the carrying value of our 6.05% Subordinated Notes was an interest rate swap valued at $5.0 million and $6.5 million, respectively, related to hedge accounting associated with the notes. | |||
[3] | Includes noninterest-bearing demand deposits, interest-bearing checking accounts, money market accounts and interest-bearing sweep deposits. | |||
[4] | At September 30, 2014 and December 31, 2013, included in the carrying value and estimated fair value of our 6.05% Subordinated Notes was an interest rate swap valued at $5.0 million and $6.5 million, respectively, related to hedge accounting associated with the notes. |
Fair_Value_of_Financial_Instru9
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Financial Instruments not Carried at Fair Value (Parenthetical) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
5.375% Senior Notes | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.38% | 5.38% |
6.05% Subordinated Notes | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.05% | 6.05% |
Fair value of the interest rate swap associated with the notes | 5,000 | 6,500 |
7.0% Junior Subordinated Debentures | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% |
Recovered_Sheet6
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Investments and Remaining Unfunded Commitments for Each Major Category of Investments (Detail) (USD $) | Sep. 30, 2014 | |
In Thousands, unless otherwise specified | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Carrying Amount | $1,269,283 | |
Fair Value | 1,367,832 | |
Unfunded Commitments | 506,319 | |
Non-marketable securities | Fair value accounting | Venture capital and private equity fund investments | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Carrying Amount | 1,078,911 | [1] |
Fair Value | 1,078,911 | [1] |
Unfunded Commitments | 478,461 | [1] |
Non-marketable securities | Equity method accounting | Other investments | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Carrying Amount | 47,662 | [2] |
Fair Value | 49,064 | [2] |
Unfunded Commitments | 5,836 | [2] |
Non-marketable securities | Cost method accounting | Venture capital and private equity fund investments | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Carrying Amount | 142,710 | [3] |
Fair Value | 239,857 | [3] |
Unfunded Commitments | $22,022 | [3] |
[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. These investments represent investments in venture capital and private equity funds that invest primarily in U.S. and global technology and life sciences companies. Included in the fair value and unfunded commitments of fund investments under fair value accounting are $995 million and $474 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] | Other investments within non-marketable securities (equity method accounting) include investments in debt funds and venture capital and private equity fund investments that invest in or lend money to primarily U.S. and global technology and life sciences companies. It is estimated that we will receive distributions from the fund investments over the next 5 to 7 years, depending on the age of the funds. | |
[3] | Venture capital and private equity fund investments within non-marketable securities (cost method accounting) include investments in venture capital and private equity fund investments that invest primarily in U.S. and global technology and life sciences companies. It is estimated that we will receive distributions from the fund investments over the next 5 to 7 years, depending on the age of the funds and any potential extensions of the terms of the funds. |
Recovered_Sheet7
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Investments and Remaining Unfunded Commitments for Each Major Category of Investments (Textual) (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Fair Value | 1,367,832 | |
Unfunded Commitments | 506,319 | |
Non-marketable securities | Fair value accounting | Venture capital and private equity fund investments | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Fair Value | 1,078,911 | [1] |
Unfunded Commitments | 478,461 | [1] |
Non-marketable securities | Equity method accounting | Other investments | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Fair Value | 49,064 | [2] |
Unfunded Commitments | 5,836 | [2] |
Non-marketable securities | Cost method accounting | Venture capital and private equity fund investments | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Fair Value | 239,857 | [3] |
Unfunded Commitments | 22,022 | [3] |
Non-marketable securities | Noncontrolling Interests | Fair value accounting | Venture capital and private equity fund investments | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Fair Value | 995,000 | |
Unfunded Commitments | 474,000 | |
Non-marketable securities | Lower Limit | Fair value accounting | Venture capital and private equity fund investments | ' | |
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 | Lower Limit | Equity method accounting | Venture capital and private equity fund investments | ' | |
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 | Upper Limit | Fair value accounting | Venture capital and private equity fund investments | ' | |
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 | Upper Limit | Equity method accounting | Venture capital and private equity fund investments | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Period distributions from fund investments to be received | '7 years | |
[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. These investments represent investments in venture capital and private equity funds that invest primarily in U.S. and global technology and life sciences companies. Included in the fair value and unfunded commitments of fund investments under fair value accounting are $995 million and $474 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] | Other investments within non-marketable securities (equity method accounting) include investments in debt funds and venture capital and private equity fund investments that invest in or lend money to primarily U.S. and global technology and life sciences companies. It is estimated that we will receive distributions from the fund investments over the next 5 to 7 years, depending on the age of the funds. | |
[3] | Venture capital and private equity fund investments within non-marketable securities (cost method accounting) include investments in venture capital and private equity fund investments that invest primarily in U.S. and global technology and life sciences companies. It is estimated that we will receive distributions from the fund investments over the next 5 to 7 years, depending on the age of the funds and any potential extensions of the terms of the funds. |
Related_Parties_Details
Related Parties (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Gold Hill 08 Funds | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | $65,000,000 | $65,000,000 | ' |
Gold Hill 08 Funds | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Line of credit facility amount syndicated to another lender | 6,000,000 | 6,000,000 | ' |
Interest rate associated with related party loan facility | ' | 'national Prime plus one percent | ' |
Loan amount outstanding to related party during period, maximum | 19,100,000 | ' | ' |
Revolving line of credit facility, outstanding amount | $5,000,000 | $5,000,000 | $23,000,000 |
Gold Hill Capital 2008, LLC | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
SVBFG Ownership of each Fund | ' | 83.80% | ' |
Prime | Gold Hill 08 Funds | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Basis spread on variable rate on line of credit | ' | 1.00% | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2014 | Nov. 06, 2014 |
In Millions, except Per Share data, unless otherwise specified | FireEye Inc. | FireEye Inc. | |
Fair value accounting | Fair value accounting | ||
Subsequent event | |||
Subsequent Event [Line Items] | ' | ' | ' |
Shares owned (Fund Shares) | ' | 4.9 | ' |
Closing stock price | $112.09 | $30.56 | $30.04 |