Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SIVB | ||
Entity Registrant Name | SVB FINANCIAL GROUP | ||
Entity Central Index Key | 719739 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 50,962,739 | ||
Entity Public Float | $5,912,074,924 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets | ||||
Cash and cash equivalents | $1,796,062 | $1,538,779 | ||
Available-for-sale securities, at fair value (cost of $13,497,945 and $12,055,524, respectively) | 13,540,655 | 11,986,821 | ||
Held-to-maturity securities, at cost (fair value of $7,415,656 and $0, respectively) | 7,421,042 | 0 | ||
Non-marketable and other securities | 1,728,888 | 1,595,494 | ||
Total investment securities | 22,690,585 | 13,582,315 | ||
Loans, net of unearned income | 14,384,276 | [1] | 10,906,386 | [1] |
Allowance for loan losses | -165,359 | -142,886 | ||
Net loans | 14,218,917 | 10,763,500 | ||
Premises and equipment, net of accumulated depreciation and amortization | 79,845 | 67,485 | ||
Accrued interest receivable and other assets | 559,231 | 465,110 | ||
Total assets | 39,344,640 | 26,417,189 | ||
Liabilities: | ||||
Noninterest-bearing demand deposits | 24,583,682 | 15,894,360 | ||
Interest-bearing deposits | 9,759,817 | 6,578,619 | ||
Total deposits | 34,343,499 | 22,472,979 | ||
Short-term borrowings | 7,781 | 5,080 | ||
Other liabilities | 483,493 | 404,586 | ||
Long-term debt | 453,443 | 455,216 | ||
Total liabilities | 35,288,216 | 23,337,861 | ||
Commitments and contingencies (Note 18 and Note 24) | ||||
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; 50,924,925 shares and 45,800,418 shares outstanding, respectively | 51 | 46 | ||
Additional paid-in capital | 1,120,350 | 624,256 | ||
Retained earnings | 1,654,657 | 1,390,732 | ||
Accumulated other comprehensive income (loss) | 42,704 | -48,764 | ||
Total SVBFG stockholders’ equity | 2,817,762 | 1,966,270 | ||
Noncontrolling interests | 1,238,662 | 1,113,058 | ||
Total equity | 4,056,424 | 3,079,328 | ||
Total liabilities and total equity | $39,344,640 | $26,417,189 | ||
[1] | Included within our total loan portfolio are credit card loans of $131 million and $85 million at December 31, 2014 and 2013, respectively. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Available-for-sale Securities, Amortized Cost | $13,497,945 | $12,055,524 |
Held-to-maturity Securities, Fair Value | $7,415,656 | $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 | 50,924,925 | 45,800,418 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Interest income: | ||||||
Loans | $610,945 | $542,204 | $469,146 | |||
Investment securities: | ||||||
Taxable | 271,371 | 180,162 | 171,863 | |||
Non-taxable | 3,136 | 3,201 | 3,564 | |||
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities | 6,464 | 4,054 | 4,145 | |||
Total interest income | 891,916 | 729,621 | 648,718 | |||
Interest expense: | ||||||
Deposits | 12,114 | 9,128 | 6,660 | |||
Borrowings | 23,207 | 23,149 | 24,194 | |||
Total interest expense | 35,321 | 32,277 | 30,854 | |||
Net interest income | 856,595 | 697,344 | 617,864 | |||
Provision for loan losses | 59,486 | 63,693 | 44,330 | |||
Net interest income after provision for loan losses | 797,109 | 633,651 | 573,534 | |||
Noninterest income: | ||||||
Gains on investment securities, net | 267,023 | 419,408 | 122,114 | |||
Foreign exchange fees | 71,659 | 57,411 | 52,433 | |||
Gains on derivative instruments, net | 96,845 | 42,184 | 18,679 | |||
Deposit service charges | 39,937 | 35,948 | 33,421 | |||
Credit card fees | 41,792 | 32,461 | 24,809 | |||
Lending related fees | 25,711 | 20,980 | 18,038 | |||
Letters of credit and standby letters of credit fees | 15,649 | 14,716 | 15,150 | |||
Client investment fees | 14,883 | 13,959 | 14,539 | |||
Other | -1,260 | 36,139 | 36,363 | |||
Total noninterest income | 572,239 | 673,206 | 335,546 | |||
Noninterest expense: | ||||||
Compensation and benefits | 409,486 | 366,801 | 326,942 | |||
Professional services | 94,377 | 76,178 | 67,845 | |||
Premises and equipment | 49,716 | 45,935 | 40,689 | |||
Business development and travel | 40,057 | 33,334 | 29,409 | |||
Net occupancy | 30,004 | 24,937 | 22,536 | |||
FDIC assessments | 19,206 | 12,784 | 10,959 | |||
Correspondent bank fees | 13,118 | 12,142 | 11,168 | |||
Provision for unfunded credit commitments | 6,511 | 7,642 | 488 | |||
Other | 54,396 | 41,927 | 35,962 | |||
Total noninterest expense | 716,871 | [1] | 621,680 | [1] | 545,998 | [1] |
Income before income tax expense | 652,477 | [2] | 685,177 | [2] | 363,082 | [2] |
Income tax expense | 173,762 | 139,058 | 113,269 | |||
Net income before noncontrolling interests | 478,715 | 546,119 | 249,813 | |||
Net income attributable to noncontrolling interests | -214,790 | -330,266 | -74,710 | |||
Net income available to common stockholders | $263,925 | $215,853 | $175,103 | |||
Earnings per common share—basic, in dollars per share | $5.39 | $4.76 | $3.96 | |||
Earnings per common share—diluted, in dollars per share | $5.31 | $4.70 | $3.91 | |||
[1] | The Global Commercial Bank segment includes direct depreciation and amortization of $20.9 million, $18.7 million and $14.4 million for 2014, 2013 and 2012, 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. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income before noncontrolling interests | $478,715 | $546,119 | $249,813 |
Change in cumulative translation gains (losses): | |||
Foreign currency translation gains (losses) | 10,982 | -5,483 | -766 |
Related tax (expense) benefit | -4,425 | 2,179 | 308 |
Change in unrealized gains (losses) on available-for-sale securities: | |||
Unrealized holding gains (losses) | 92,815 | -259,193 | 44,113 |
Related tax (expense) benefit | -37,383 | 105,500 | -17,921 |
Reclassification adjustment for losses (gains) included in net income | 18,598 | -538 | -4,241 |
Related tax (benefit) expense | -7,510 | 218 | 1,661 |
Cumulative-effect adjustment for unrealized gains on securities transferred from available-for-sale to held-to-maturity | 37,700 | 0 | 0 |
Related tax expense | -15,178 | 0 | 0 |
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity | -6,915 | 0 | 0 |
Related tax benefit | 2,784 | 0 | 0 |
Other comprehensive income (loss), net of tax | 91,468 | -157,317 | 23,154 |
Comprehensive income | 570,183 | 388,802 | 272,967 |
Comprehensive income attributable to noncontrolling interests | -214,790 | -330,266 | -74,710 |
Comprehensive income attributable to SVBFG | $355,393 | $58,536 | $198,257 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Total SVBFG Stockholders’ Equity | Noncontrolling Interests |
In Thousands, except Share data | |||||||
Balance at Dec. 31, 2011 | $2,250,389 | $44 | $484,216 | $999,733 | $85,399 | $1,569,392 | $680,997 |
Balance (in shares) at Dec. 31, 2011 | 43,507,932 | ||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 1,045,690 | ||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 29,282 | 1 | 29,281 | 29,282 | |||
Common stock issued upon settlement of 3.875% Convertible Notes, net of shares received from associated convertible note hedge (in shares) | 73,560 | ||||||
Common stock issued upon settlement of 3.875% Convertible Notes, net of shares received from associated convertible note hedge | 4,344 | 4,344 | 4,344 | ||||
Income tax benefit from stock options exercised, vesting of restricted stock and other | 7,770 | 7,770 | 7,770 | ||||
Net income | 249,813 | 175,103 | 175,103 | 74,710 | |||
Capital calls and distributions, net | 59,057 | 59,057 | |||||
Net change in unrealized gains on available-for-sale securities, net of tax | 23,612 | 23,612 | 23,612 | ||||
Foreign currency translation adjustments, net of tax | -458 | -458 | -458 | ||||
Share-based compensation expense | 21,468 | 21,468 | 21,468 | ||||
Deconsolidation of noncontrolling interests | -40,086 | -40,086 | |||||
Other, net | 42 | 42 | 42 | ||||
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 | ||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 1,098,290 | ||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 41,404 | 1 | 41,403 | 41,404 | |||
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 | 5,658 | 5,658 | 5,658 | ||||
Net income | 546,119 | 215,853 | 215,853 | 330,266 | |||
Capital calls and distributions, net | 8,114 | 8,114 | |||||
Net change in unrealized gains on available-for-sale securities, net of tax | -154,013 | -154,013 | -154,013 | ||||
Foreign currency translation adjustments, net of tax | -3,304 | -3,304 | -3,304 | ||||
Share-based compensation expense | 24,947 | 24,947 | 24,947 | ||||
Other, net | 4 | 3 | 1 | 4 | |||
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 | ||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 608,745 | ||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 18,256 | 18,256 | 18,256 | ||||
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 | 9,595 | 9,595 | 9,595 | ||||
Net income | 478,715 | 263,925 | 263,925 | 214,790 | |||
Capital calls and distributions, net | -89,186 | -89,186 | |||||
Net change in unrealized gains on available-for-sale securities, net of tax | 66,520 | 66,520 | 66,520 | ||||
Foreign currency translation adjustments, net of tax | 6,557 | 6,557 | 6,557 | ||||
Share-based compensation expense | 29,491 | 29,491 | 29,491 | ||||
Other, net | 1 | 1 | 1 | ||||
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 | -4,131 | -4,131 | -4,131 | ||||
Common stock issued in public offering | 4,485,000 | ||||||
Common stock issued in public offering, shares | 434,866 | 5 | 434,861 | 434,866 | |||
Balance at Dec. 31, 2014 | $4,056,424 | $51 | $1,120,350 | $1,654,657 | $42,704 | $2,817,762 | $1,238,662 |
Balance (in shares) at Dec. 31, 2014 | 50,924,925 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | ||||
Net income before noncontrolling interests | $478,715 | $546,119 | $249,813 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Provision for loan losses | 59,486 | 63,693 | 44,330 | |
Provision for unfunded credit commitments | 6,511 | 7,642 | 488 | |
Changes in fair values of derivatives, net | -22,139 | -31,508 | -10,123 | |
Gains on investment securities, net | -267,023 | -419,408 | -122,114 | |
Depreciation and amortization | 39,696 | 35,894 | 28,122 | |
Impairment loss on SVBIF Sale Transaction | 13,934 | 0 | 0 | |
Amortization of premiums and discounts on available-for-sale securities, net | 25,311 | 29,774 | 55,580 | |
Tax (expense) benefit from stock exercises | -7 | -1,167 | 2,189 | |
Amortization of share-based compensation | 29,545 | 25,413 | 21,861 | |
Amortization of deferred loan fees | -82,724 | -73,008 | -58,517 | |
Deferred income tax (benefit) expense | -43,516 | 14,080 | 1,800 | |
Gain on the sale of certain assets related to our equity services management business | 0 | 0 | -4,243 | |
Changes in other assets and liabilities: | ||||
Accrued interest receivable and payable, net | -26,642 | -3,241 | -6,254 | |
Accounts receivable and payable, net | -302 | -21 | 35,221 | |
Income tax payable and receivable, net | -4,804 | -24,811 | 9,631 | |
Accrued compensation | 3,707 | 22,925 | -15,918 | |
Foreign exchange spot contracts, net | 25,725 | 2,086 | -50,901 | |
Other, net | 20,044 | -22,684 | 15,143 | |
Net cash provided by operating activities | 255,517 | 171,778 | 196,108 | |
Cash flows from investing activities: | ||||
Purchases of available-for-sale securities | -8,462,071 | -3,336,476 | -3,877,852 | |
Proceeds from sales of available-for-sale securities | 30,398 | 14,753 | 329,161 | |
Proceeds from maturities and pay downs of available-for-sale securities | 1,569,173 | 2,428,023 | 2,734,166 | |
Purchases of held-to-maturity securities | -2,612,848 | 0 | 0 | |
Proceeds from maturities and paydowns of held-to-maturity securities | 598,454 | 0 | 0 | |
Purchases of nonmarketable securities (cost and equity method accounting) | -60,202 | -24,847 | -126,318 | |
Proceeds from sales of nonmarketable securities (cost and equity method accounting) | 59,442 | 58,828 | 51,246 | |
Purchases of non-marketable and other securities (fair value accounting) | -275,640 | -149,707 | -135,362 | |
Proceeds from sales and distributions of non-marketable and other securities (fair value accounting) | 436,170 | 132,931 | 124,538 | |
Net increase in loans | -3,480,531 | -1,943,650 | -1,964,250 | |
Proceeds from recoveries of charged-off loans | 6,155 | 11,161 | 9,693 | |
Purchases of premises and equipment | -42,431 | -30,004 | -34,260 | |
Proceeds from the sale of certain assets related to our equity services management business | 0 | 0 | 2,870 | |
Net cash used for investing activities | -12,233,931 | -2,838,988 | -2,886,368 | |
Cash flows from financing activities: | ||||
Net increase in deposits | 11,870,520 | 3,296,527 | 2,466,916 | |
Increase (decrease) in short-term borrowings | 2,701 | -161,030 | 166,110 | |
Principal payments of other long term debt | 0 | 0 | -1,222 | |
Capital contributions from noncontrolling interests, net of distributions | -89,186 | 8,114 | 59,057 | |
Tax benefit from stock exercises | 9,602 | 6,826 | 5,581 | |
Proceeds from issuance of common stock and ESPP | 22,146 | 46,569 | 29,282 | |
Net proceeds from public equity offering | 434,866 | 0 | 0 | |
Principal payments of 5.70% Senior Notes | 0 | 0 | -141,429 | |
Net cash provided by financing activities | 12,250,649 | 3,197,006 | 2,584,295 | |
Net increase (decrease) in cash and cash equivalents | 272,235 | 529,796 | -105,965 | |
Cash and cash equivalents at beginning of period | 1,538,779 | 1,008,983 | 1,114,948 | |
Cash and cash equivalents at end of period | 1,796,062 | 1,538,779 | 1,008,983 | |
Cash and cash equivalents, at end of period, including discontinued operations | 1,811,014 | [1] | ||
Cash paid during the period for: | ||||
Interest | 35,181 | 31,913 | 31,048 | |
Income taxes | 208,558 | 142,231 | 95,678 | |
Noncash items during the period: | ||||
Changes in unrealized gains and losses on available-for-sale securities, net of tax | 66,520 | -154,013 | 23,612 | |
Transfers from available-for-sale securities to held-to-maturity | $5,418,572 | $0 | $0 | |
[1] | Cash and cash equivalents at December 31, 2014 included $15.0 million recognized in assets held-for-sale in conjunction with the SVBIF Sale Transaction. |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Long Lived Assets Held-for-sale [Line Items] | |
Cash and cash equivalents | $1,796,062 |
Other Assets [Member] | |
Long Lived Assets Held-for-sale [Line Items] | |
Cash and cash equivalents | $15,000 |
Nature_of_Business
Nature of Business | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Nature of Business |
SVB Financial Group is a diversified financial services company, as well as a bank holding company and a financial holding company. SVB Financial was incorporated in the state of Delaware in March 1999. Through our various subsidiaries and divisions, we offer a 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. | |
We offer commercial banking products and services through our principal subsidiary, the Bank, which is a California-chartered bank founded in 1983 and a member of the Federal Reserve System. Through its subsidiaries, the Bank also offers investment advisory, asset management, private wealth management and brokerage services. We also offer non-banking products and services, such as funds management, private equity/venture capital investment and business valuation services, through our other subsidiaries and divisions. We primarily focus on serving corporate clients in the following niches: technology, life science & healthcare, private equity/venture capital and premium wine. Our corporate clients range widely in terms of size and stage of maturity. Additionally, we focus on cultivating strong relationships with firms within the venture capital and private equity community worldwide, many of which are also our clients and may invest in our corporate clients. | |
Headquartered in Santa Clara, California, we operate in centers of innovation in the United States and around the world. | |
For reporting purposes, SVB Financial Group has three operating segments for which we report financial information in this report: Global Commercial Bank, SVB Private Bank, and SVB Capital. Financial information, results of operations and a description of the services provided by our operating segments are set forth in Note 21-“Segment Reporting” in this report. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | |||
Use of Estimates and Assumptions | ||||
The preparation of 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 and other 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. The following discussion provides additional background on our significant accounting policies. | ||||
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 variable interest entity and whether the 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 VIEs in which we are the primary beneficiary 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 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. | ||||
Cash and Cash Equivalents | ||||
Cash and cash equivalents consist of cash on hand, cash balances due from banks, interest-earning deposits, Federal Reserve deposits, federal funds sold, securities purchased under agreements to resell and other short-term investment securities. For the consolidated statements of cash flows, we consider cash equivalents to be investments that are readily convertible to known amounts of cash, so near to their maturity that they present an insignificant risk of change in fair value due to changes in market interest rates, and purchased in conjunction with our cash management activities. | ||||
Investment Securities | ||||
Available-for-Sale Securities | ||||
Our available-for-sale securities portfolio is a fixed income investment portfolio that is managed to earn an appropriate portfolio yield over the long-term while maintaining sufficient liquidity and credit diversification as well as addressing our asset/liability management objectives. Unrealized gains and losses on available-for-sale securities, net of applicable taxes, are reported in accumulated other comprehensive income, which is a separate component of SVBFG's stockholders' equity, until realized. | ||||
We analyze available-for-sale securities for other-than-temporary impairment each quarter. Market valuations represent the cumulative current fair value of a security at a specified point in time and incorporates the risk of timing of interest due and the return of principal over the contractual life of each security. Gains and losses on securities are realized when there is a sale of the security prior to maturity. A credit downgrade represents an increased level of risk of other-than-temporary impairment, and as a part of our consideration of recording an other-than-temporary impairment we will assess the issuer's ability to service the debt and to repay the principal at contractual maturity. | ||||
We apply the other-than-temporary impairment standards of ASC 320, Investments-Debt and Equity Securities. For our debt securities, we have the intent and ability to hold these securities until we recover our cost less any credit-related loss. We separate the amount of the other-than-temporary impairment, if any, into the amount that is credit related (credit loss component) and the amount due to all other factors. The credit loss component is recognized in earnings and is the difference between a security's amortized cost basis and the present value of expected future cash flows discounted at the security's effective interest rate. The amount due to all other factors is recognized in other comprehensive income. | ||||
We consider numerous factors in determining whether a credit loss exists and the period over which the debt security is expected to recover. The following list is not meant to be all inclusive. All of the following factors are considered: | ||||
• | The length of time and the extent to which the fair value has been less than the amortized cost basis (severity and duration); | |||
• | Adverse conditions specifically related to the security, an industry, or geographic area; for example, changes in the financial condition of the issuer of the security, or in the case of an asset-backed debt security, changes in the financial condition of the underlying loan obligors. Examples of those changes include any of the following: | |||
◦ | Changes in technology; | |||
◦ | The discontinuance of a segment of the business that may affect the future earnings potential of the issuer or underlying loan obligors of the security; and | |||
◦ | Changes in the quality of the credit enhancement. | |||
• | The historical and implied volatility of the fair value of the security; | |||
• | The payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future; | |||
• | Failure of the issuer of the security to make scheduled interest or principal payments; | |||
• | Any changes to the rating of the security by a rating agency; and | |||
• | Recoveries or additional declines in fair value after the balance sheet date. | |||
In accordance with ASC 310-20, Receivables-Nonrefundable Fees and Other Costs, we use estimates of future principal prepayments, provided by third-party market-data vendors, in addition to actual principal prepayment experience to calculate the constant effective yield necessary to apply the effective interest method in the amortization of purchase discounts or premiums on mortgage-backed securities and fixed rate collateralized mortgage obligations (“CMO”). The discounts or premiums are included in interest income over the contractual terms of the underlying securities replicating the effective interest method. | ||||
Held-to-Maturity Securities | ||||
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. | ||||
Non-Marketable and Other Securities | ||||
Non-marketable and other securities include investments in venture capital and private equity funds, debt funds, direct equity investments in companies and low income housing tax credit funds. A majority of these investments are managed through our SVB Capital funds business in funds of funds and direct venture funds. Our accounting for investments in non-marketable and other securities depends on several factors, including the level of ownership, power to control and the legal structure of the subsidiary making the investment. As further described below, we base our accounting for such securities on: (i) fair value accounting, (ii) equity method accounting, or (iii) cost method accounting. | ||||
Fair Value Accounting | ||||
Our managed funds are investment companies under the AICPA Audit and Accounting Guide for Investment Companies and accordingly, these funds report their investments at estimated fair value, with unrealized gains and losses resulting from changes in fair value reflected as investment gains or losses in our consolidated statements of income. Our non-marketable and other securities recorded pursuant to fair value accounting consist of our investments through the following funds: | ||||
• | Funds of funds; which make investments in venture capital and private equity funds; | |||
• | Direct venture funds; which make equity investments in privately held companies. | |||
A summary of our ownership interests in the investments held under fair value accounting as of December 31, 2014 is presented in the following table: | ||||
Limited partnership | Company Direct and Indirect Ownership in Limited Partnership | |||
Managed funds of funds | ||||
SVB Strategic Investors Fund, LP | 12.6 | % | ||
SVB Strategic Investors Fund II, LP | 8.6 | |||
SVB Strategic Investors Fund III, LP | 5.9 | |||
SVB Strategic Investors Fund IV, LP | 5 | |||
Strategic Investors Fund V Funds | Various | |||
SVB Capital Preferred Return Fund, LP | 20 | |||
SVB Capital—NT Growth Partners, LP | 33 | |||
Other private equity fund | 58.2 | |||
Managed direct venture funds | ||||
Silicon Valley BancVentures, LP | 10.7 | |||
SVB Capital Partners II, LP | 5.1 | |||
SVB Capital Shanghai Yangpu Venture Capital Fund | 6.8 | |||
The general partners of these funds are controlled, and in some cases, owned by SVB Financial. The limited partners of these funds do not have substantive participating or kick-out rights. Therefore, these funds are consolidated and any gains or losses resulting from changes in the estimated fair value of the investments are recorded as investment gains or losses in our consolidated net income. | ||||
Under fair value accounting, investments are carried at their estimated fair value based on financial information obtained as the general partner of the fund or obtained from the funds' respective general partner. For direct private company investments, valuations are based upon 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 direct equity investments in public companies, valuations are based on quoted market prices less a discount if the securities are subject to certain sales restrictions. Sales restriction discounts generally range from 10% to 20% depending on the duration of the sale restrictions which typically range from 3 to 6 months. The valuation of non-marketable securities in shares of private company capital stock and the valuation of other securities in shares of public company stock with certain sales restrictions is subject to significant judgment. The inherent uncertainty in the process of valuing securities for which a ready market does not exist may cause our estimated values of these securities to differ significantly from the values that would have been derived had a ready market for the securities existed, and those differences could be material. | ||||
For our fund investments, we utilize the net asset value as obtained from the general partners of the fund investments 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, for example September 30th, for our December 31st consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and known significant fund transactions or market events about which we are aware through information provided by the fund managers or from publicly available transaction data during the reporting period. | ||||
Gains or losses resulting from changes in the estimated fair value of the investments and from distributions received are recorded as gains on investment securities, net, a component of noninterest income. The portion of any investment gains or losses attributable to the limited partners is reflected as net income attributable to noncontrolling interests and adjusts our net income to reflect its percentage ownership. | ||||
Equity Method | ||||
Our equity method non-marketable securities consist of investments in venture capital and private equity funds, privately-held companies, debt funds, and low income housing tax credit funds. Our equity method non-marketable securities and related accounting policies are described as follows: | ||||
• | Equity securities, such as preferred or common stock in privately-held companies in which we hold a voting interest of at least 20 percent but less than 50 percent or in which we have the ability to exercise significant influence over the investees' operating and financial policies, are accounted for under the equity method. | |||
• | Investments in limited partnerships in which we hold voting interests of more than 5 percent, but less than 50 percent or in which we have the ability to exercise significant influence over the partnerships' operating and financial policies are accounted for using the equity method. | |||
• | Our China joint venture partnership, for which we have 50 percent ownership, is accounted for under the equity method. | |||
We recognize our proportionate share of the results of operations of these equity method investees in our results of operations, based on the most current financial information available from the investee. We review our investments accounted for under the equity method at least quarterly for possible other-than-temporary impairment. Our review typically includes an analysis of facts and circumstances for each investment, the expectations of the investment's future cash flows and capital needs, variability of its business and the company's exit strategy. For our fund investments, we utilize the net asset value per share as provided by the general partners of the fund investments. 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, for example September 30th, for our December 31st consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and known significant fund transactions or market events about which we are aware through information provided by the fund managers or from publicly available transaction data during the reporting period. | ||||
We reduce our investment value when we consider declines in value to be other-than-temporary and recognize the estimated loss as a loss on investment securities, a component of noninterest income. | ||||
Cost Method | ||||
Our cost method non-marketable securities and related accounting policies are described as follows: | ||||
• | Equity securities, such as preferred or common stock in privately-held companies in which we hold an ownership interest of less than 20 percent and in which we do not have the ability to exercise significant influence over the investees' operating and financial policies, are accounted for under the cost method. | |||
• | Investments in limited partnerships in which we hold voting interests of less than 5 percent and in which we do not have the ability to exercise significant influence over the partnerships' operating and financial policies, are accounted for under the cost method. These non-marketable securities include investments in venture capital and private equity funds. | |||
We record these investments at cost and recognize distributions or returns received from net accumulated earnings of the investee since the date of acquisition as income. Our share of net accumulated earnings of the investee after the date of investment are recognized in consolidated net income only to the extent distributed by the investee. Distributions or returns received in excess of accumulated earnings are considered a return of investment and are recorded as reductions in the cost basis of the investment. | ||||
We review our investments accounted for under the cost method at least quarterly for possible other-than-temporary impairment. Our review typically includes an analysis of facts and circumstances of each investment, the expectations of the investment's future cash flows and capital needs, variability of its business and the company's exit strategy. To help determine impairment, if any, for our fund investments, we utilize the net asset value per share as provided by the general partners of the fund investments. 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, for example September 30th, for our December 31st consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and known significant fund transactions or market events about which we are aware through information provided by the fund managers or from publicly available transaction data during the reporting period. | ||||
We reduce our investment value when we consider declines in value to be other-than-temporary and recognize the estimated loss as a loss on investment securities, a component of noninterest income. | ||||
Gains or losses on cost method investment securities that result from a portfolio company being acquired by a publicly traded company are determined using its fair value when the acquisition occurs. The resulting gains or losses are recognized in consolidated net income on that date. | ||||
Loans | ||||
Loans are reported at the principal amount outstanding, net of unearned loan fees. Unearned loan fees reflect unamortized deferred loan origination and commitment fees net of unamortized deferred loan origination costs. In addition to cash loan fees, we often obtain equity warrant assets that give us an option to purchase a position in a client company's stock in consideration for providing credit facilities. The grant date fair values of these equity warrant assets are deemed to be loan fees and are deferred as unearned income and recognized as an adjustment of loan yield through loan interest income. The net amount of unearned loan fees is amortized into loan interest income over the contractual terms of the underlying loans and commitments using the constant effective yield method, adjusted for actual loan prepayment experience, or the straight-line method, as applicable. | ||||
Allowance for Loan Losses | ||||
The allowance for loan losses considers credit risk and is established through a provision for loan losses charged to expense. Our allowance for loan losses is established for estimated loan losses that are probable but not yet realized. Our evaluation process is designed to determine that the allowance for loan losses is appropriate at the balance sheet date. The process of estimating loan losses is inherently imprecise. | ||||
We maintain a systematic process for the evaluation of individual loans and pools of loans for inherent risk of loan losses. At the time of approval and then at least annually, each loan in our portfolio is assigned a Credit Risk Rating and industry niche. Credit Risk Ratings are assigned on a scale of 1 to 10, with 1 representing loans with a low risk of nonpayment, 9 representing loans with the highest risk of nonpayment, and 10 representing loans which have been charged-off. This Credit Risk Rating process includes, but is not limited to, consideration of such factors as payment status, the financial condition and operating performance of the borrower, borrower compliance with loan covenants, underlying collateral values and performance trends, the degree of access to additional capital, the presence of credit enhancements such as third party guarantees (where applicable), the degree to which the borrower is sensitive to external factors, the depth and experience of the borrower's management team, potential loan concentrations, and general economic conditions. Our policies require a committee of senior management to review, at least quarterly, credit relationships with a credit risk rating of 5 or worse that exceed specific dollar values. Our review process evaluates the appropriateness of the credit risk rating and allocation of the allowance for loan losses, as well as other account management functions. The allowance for loan losses is based on a formula allocation for similarly risk-rated loans by portfolio segment and individually for impaired loans. The formula allocation provides the average loan loss experience for each portfolio segment, which considers our quarterly historical loss experience since the year 2000, both by risk-rating category and client industry sector. The resulting loan loss factors for each risk-rating category and client industry sector are ultimately applied to the respective period-end client loan balances for each corresponding risk-rating category by client industry sector to provide an estimation of the allowance for loan losses. The probable loan loss experience for any one year period of time is reasonably expected to be greater or less than the average as determined by the loss factors. As such, management applies a qualitative allocation to the results of the aforementioned model to ascertain the total allowance for loan losses. This qualitative allocation is based on management's assessment of the risks that may lead to a future loan loss experience different from our historical loan loss experience. Based on management's prediction or estimate of changing risks in the lending environment, the qualitative allocation may vary significantly from period to period and includes, but is not limited to, consideration of the following factors: | ||||
• | Changes in lending policies and procedures, including underwriting standards and collections, and charge-off and recovery practices; | |||
• | Changes in national and local economic business conditions, including the market and economic condition of our clients' industry sectors; | |||
• | Changes in the nature of our loan portfolio; | |||
• | Changes in experience, ability, and depth of lending management and staff; | |||
• | Changes in the trend of the volume and severity of past due and classified loans; | |||
• | Changes in the trend of the volume of nonaccrual loans, troubled debt restructurings, and other loan modifications; | |||
• | Reserve floor for portfolio segments that would not draw a minimum reserve based on the lack of historical loan loss experience; | |||
• | Reserve for large funded loan exposure; and | |||
• | Other factors as determined by management from time to time. | |||
While the evaluation process of our allowance for loan losses uses historical and other objective information, the classification of loans and the establishment of the allowance for loan losses rely, to a great extent, on the judgment and experience of our management. | ||||
Reserve for Unfunded Credit Commitments | ||||
We record a liability for probable and estimable losses associated with our unfunded credit commitments being funded and subsequently being charged off. Each quarter, every unfunded client credit commitment is allocated to a credit risk-rating in accordance with each client's credit risk rating. We use the historical loan loss factors described under our allowance for loan losses to calculate the loan loss experience if unfunded credit commitments are funded. Separately, we use historical trends to calculate a probability of an unfunded credit commitment being funded. We apply the loan funding probability factor to risk-factor adjusted unfunded credit commitments by credit risk-rating to derive the reserve for unfunded credit commitments, similar to funded loans. The reserve for unfunded credit commitments also includes certain qualitative allocations as deemed appropriate by our management. We include the reserve for unfunded credit commitments in other liabilities and the related provision in other expenses. | ||||
Uncollectible Loans and Write-offs | ||||
Our charge-off policy applies to all loans, regardless of portfolio segment. Loans are considered for full or partial charge-offs in the event that principal or interest is over 180 days past due or the loan lacks sufficient collateral and it is not in the process of collection. We also consider writing off loans in the event of any of the following circumstances: 1) the loan, or a portion of the loan is deemed uncollectible due to: a) the borrower's inability to make recurring payments, b) material changes in the borrower's assets, c) the expected sale of all or a portion of the borrower's business, or d) a combination of the foregoing; 2) the loan has been identified for charge-off by regulatory authorities; or 3) the debt is overdue greater than 90 days. | ||||
Troubled Debt Restructurings | ||||
A TDR arises from the modification of a loan where we have granted a concession to the borrower related to the borrower's financial difficulties that we would not have otherwise considered for economic or legal reasons. These concessions may include: (1) deferral of payment for more than an insignificant period of time; (2) interest rate reductions; (3) extension of the maturity date with interest rate concessions; (4) principal forgiveness; and or (5) reduction of accrued interest. | ||||
We use the factors in ASC 310-40, Receivables, Troubled Debt Restructurings by Creditors, to help determine when a borrower is experiencing financial difficulty, and when we have granted a concession, both of which must be present for a restructuring to meet the criteria of a TDR. If we determine that a TDR exists, we measure impairment based on the present value of expected future cash flows discounted at the loan's effective interest rate, except that as a practical expedient, we may also measure impairment based on a loan's observable market price, or the fair value of the collateral less selling costs if the loan is a collateral-dependent loan. | ||||
Nonaccrual Loans and Impaired Loans | ||||
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 currently known information, that the timely collection of principal or interest is not probable. | ||||
When a loan is placed on nonaccrual status, the accrued interest and fees are reversed against interest income and the loan is accounted for using the cost recovery method thereafter until qualifying for return to accrual status. Historically, loans that have been placed on nonaccrual status have remained as nonaccrual loans until the loan is either charged-off, or the principal balances have been paid off. For a loan to be returned to accrual status, all delinquent principal and interest must become current in accordance with the terms of the loan agreement and future collection of remaining principal and interest must be deemed probable. We apply a cost recovery method in which all cash received is applied to the loan principal until it has been collected. Under this approach, interest income is recognized after total cash flows received exceed the recorded investment at the date of initial impairment. | ||||
A loan is considered impaired when, based upon currently known information, it is deemed probable that we will be unable to collect all amounts due according to the terms of the agreement. All of our nonaccrual loans are classified under the impaired category. On a quarterly basis, we review our loan portfolio for impairment. Within each class of loans, we review individual loans for impairment based on credit risk ratings. Loans that have credit risk ratings of 8 or 9 are considered impaired and are reviewed individually. | ||||
For each loan identified as impaired, we measure the impairment based upon the present value of expected future cash flows discounted at the loan's effective interest rate. In limited circumstances, we may measure impairment based on the loan's observable market price or the fair value of the collateral less selling costs if the loan is collateral dependent. Impaired collateral dependent loans will have independent appraisals completed and accepted at least annually. The fair value of the collateral will be determined by the most recent appraisal, as adjusted to reflect a reasonable marketing period for the sale of the asset(s) and an estimate of reasonable selling expenses. | ||||
If it is determined that the value of an impaired loan is less than the recorded investment in the loan, net of previous charge-offs and payments collected, we recognize impairment through the allowance for loan losses as determined by our analysis. | ||||
Standby Letters of Credit | ||||
We recognize a liability at the inception of a standby letter of credit equivalent to the premium or the fee received for such guarantee. This fee is recognized in noninterest income over the commitment period using the straight-line method. | ||||
Premises and Equipment | ||||
Premises and equipment are reported at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets or the terms of the related leases, whichever is shorter. The maximum estimated useful lives by asset classification are as follows: | ||||
Leasehold improvements | Lesser of lease term or asset life | |||
Furniture and equipment | 3 years | |||
Computer software | 3-7 years | |||
Computer hardware | 3-5 years | |||
We capitalize the costs of computer software developed or obtained for internal use, including costs related to developed software, purchased software licenses and certain implementation costs. | ||||
For property and equipment that is retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in noninterest expense in consolidated net income. | ||||
Lease Obligations | ||||
We lease all of our properties. At the inception of the lease, each property is evaluated to determine whether the lease will be accounted for as an operating or capital lease. For leases that contain rent escalations or landlord incentives, we record the total rent payable during the lease term, using the straight-line method over the term of the lease and record the difference between the minimum rents paid and the straight-line rent as lease obligations. We had no capitalized lease obligations at December 31, 2014 and 2013. | ||||
Fair Value Measurements | ||||
Our available-for-sale securities, derivative instruments and certain marketable, 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 consolidated financial statements. | ||||
Fair Value Measurement-Definition and Hierarchy | ||||
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, issuance date, coupon rate, maturity date and any applicable issuer call option features. Valuations are based on market spreads relative to similar term benchmark market interest rates, generally U.S. treasury securities. | ||||
Agency-issued 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 derivative assets and liabilities: Fair value measurements of interest rate derivatives 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. | ||||
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. Certain sales restriction 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 certain sales restrictions or other features that indicate a discount to fair value is warranted. As sale restrictions are lifted, discounts are adjusted downward to zero 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. | ||||
Fee-based Services Revenue Recognition | ||||
Letters of Credit and Standby Letters of Credit Fee Income | ||||
Fees generated from letters of credit and standby letters of credit are deferred as a component of other liabilities and recognized in noninterest income over the commitment period using the straight-line method, based on the likelihood that the commitment being drawn down will be remote. | ||||
Client Investment Fees | ||||
Client investment fees include fees earned from Rule 12(b)-1 fees, revenue sharing and from customer transactional based fees. Rule 12(b)-1 fees and revenue sharing are recognized as earned based on client funds that are invested in the period. Transactional based fees are earned and recognized on fixed income securities when the transaction is executed on the clients' behalf. | ||||
Foreign Exchange Fees | ||||
Foreign exchange fees represent the income differential between purchases and sales of foreign currency on behalf of our clients and are recognized as earned. | ||||
Lending Related Fees | ||||
Unused commitment fees, minimum finance fees and unused line fees are recognized as earned on a monthly and quarterly basis. Fees that qualify for syndication treatment are recognized at the completion of the syndicated loan deal for which the fees were received. | ||||
Other Fee Income | ||||
Credit card fees and deposit service charge fee income are recognized as earned on a monthly basis. | ||||
Other Service Revenue | ||||
Other service revenue primarily includes revenue from valuation services. We recognize revenue when (i) persuasive evidence of an arrangement exists, (ii) we have performed the service, provided we have no other remaining obligations to the customer, (iii) the fee is fixed or determinable and, (iv) collectability is probable. | ||||
Fund Management Fees and Carried Interest | ||||
Fund management fees are comprised of fees charged directly to our managed funds of funds and direct venture funds. Fund management fees are based upon the contractual terms of the limited partnership agreements and are recognized as earned over the specified contract period, which is generally equal to the life of the individual fund. Fund management fees are recorded as a component of other noninterest income. | ||||
Carried interest is comprised of preferential allocations of profits recognizable when the return on assets of our individual managed funds of funds and direct venture funds exceeds certain performance targets. Carried interest is recorded quarterly based on measuring fund performance to date versus the performance target and is recorded as a component of net income attributable to noncontrolling interests. | ||||
Income Taxes | ||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Our federal, state and foreign income tax provisions are based upon taxes payable for the current year, current year changes in deferred taxes related to temporary differences between the tax basis and financial statement balances of assets and liabilities, and a reserve for uncertain tax positions. Deferred tax assets and liabilities are included in the consolidated financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. We file a consolidated federal income tax return, and consolidated, combined, or separate state income tax returns as appropriate. Our foreign incorporated subsidiaries file tax returns in the applicable foreign jurisdictions. We record interest and penalties related to unrecognized tax benefits in other noninterest expense, a component of consolidated net income. | ||||
Share-Based Compensation | ||||
For all stock-based awards granted, stock-based compensation expense is amortized on a straight-line basis over the requisite service period, including consideration of vesting conditions and anticipated forfeitures. The fair value of stock options are measured using the Black-Scholes option-pricing model and the fair value for restricted stock awards and restricted stock units are based on the quoted price of our common stock on the date of grant. | ||||
Earnings Per Share | ||||
Basic earnings per common share is computed using the weighted average number of common stock shares outstanding during the period. Diluted earnings per common share is computed using the weighted average number of common stock shares and potential common shares outstanding during the period. Potential common shares consist of stock options, ESPP shares and restricted stock units. Common stock equivalent shares are excluded from the computation if the effect is antidilutive. | ||||
Derivative Financial Instruments | ||||
All derivative instruments are recorded on the balance sheet at fair value. The accounting for changes in fair value of a derivative financial instrument depends on whether the derivative financial instrument is designated and qualifies as part of a hedging relationship and, if so, the nature of the hedging activity. Changes in fair value are recognized through earnings for derivatives that do not qualify for hedge accounting treatment, or that have not been designated in a hedging relationship. | ||||
Fair Value Hedges | ||||
For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the hedging instrument is recorded in the statement of income in the same line item as the hedged item and is intended to offset the loss or gain on the hedged item attributable to the hedged risk. Any difference that does arise would be the result of hedge ineffectiveness, and impacts earnings. | ||||
Equity Warrant Assets | ||||
In connection with negotiated credit facilities and certain other services, we may obtain equity warrant assets giving us the right to acquire stock in primarily private, venture-backed companies in the technology and life science & healthcare industries. We hold these assets for prospective investment gains. We do not use them to hedge any economic risks nor do we use other derivative instruments to hedge economic risks stemming from equity warrant assets. | ||||
We account for equity warrant assets in certain private and public client companies as derivatives when they contain net settlement terms and other qualifying criteria under ASC 815, Derivatives and Hedging. In general, equity warrant assets entitle us to buy a specific number of shares of stock at a specific price within a specific time period. Certain equity warrant assets contain contingent provisions, which adjust the underlying number of shares or purchase price upon the occurrence of certain future events. Our warrant agreements typically contain net share settlement provisions, which permit us to receive at exercise a share count equal to the intrinsic value of the warrant divided by the share price (otherwise known as a “cashless” exercise). These equity warrant assets are recorded at fair value and are classified as derivative assets, a component of other assets, on our consolidated balance sheet at the time they are obtained. | ||||
The grant date fair values of equity warrant assets received in connection with the issuance of a credit facility are deemed to be loan fees and recognized as an adjustment of loan yield through loan interest income. Similar to other loan fees, the yield adjustment related to grant date fair value of warrants is recognized over the life of that credit facility. | ||||
Any changes in fair value from the grant date fair value of equity warrant assets will be recognized as increases or decreases to other assets on our balance sheet and as net gains or losses on derivative investments, in noninterest income, a component of consolidated net income. When a portfolio company completes an IPO on a publicly reported market or is acquired, we may exercise these equity warrant assets for shares or cash. | ||||
In the event of an exercise for shares, the basis or value in the securities is reclassified from other assets to investment securities on the balance sheet on the latter of the exercise date or corporate action date. The shares in public companies are classified as available-for-sale securities (provided they do not have a significant restriction from sale). Changes in fair value of securities designated as available-for-sale, after applicable taxes, are reported in accumulated other comprehensive income, which is a separate component of SVBFG stockholders' equity. The shares in private companies are classified as non-marketable securities. We, typically, account for these securities at cost and only record adjustments to the value at the time of exit or liquidation though gains (losses) on investments securities, net, which is a component of noninterest income. | ||||
The fair value of the equity warrant assets portfolio is a critical accounting estimate and is reviewed quarterly. We value our equity warrant assets using a modified Black-Scholes option pricing model, which incorporates the following significant inputs: | ||||
• | An underlying asset value, which is estimated based on current information available, including any information regarding subsequent rounds of funding. | |||
• | Stated strike price, which can be adjusted for certain warrants upon the occurrence of subsequent funding rounds or other future events. | |||
• | Price volatility or the amount of uncertainty or risk about the magnitude of the changes in the warrant price. The volatility assumption is based on historical price volatility of publicly traded companies within indices similar in nature to the underlying client companies issuing the warrant. The actual volatility input is based on the mean and median volatility for an individual public company within an index for the past 16 quarters, from which an average volatility was derived. | |||
• | Actual data on cancellations and exercises of our warrants are utilized as the basis for determining the expected remaining life of the warrants in each financial reporting period. Warrants may be exercised in the event of acquisitions, mergers or IPOs, and cancelled due to events such as bankruptcies, restructuring activities or additional financings. These events cause the expected remaining life assumption to be shorter than the contractual term of the warrants. | |||
• | The risk-free interest rate is derived from the Treasury yield curve and is calculated based on a weighted average of the risk-free interest rates that correspond closest to the expected remaining life of the warrant. | |||
• | Other adjustments, including a marketability discount, are estimated based on management's judgment about the general industry environment. | |||
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, had no initial net investment and met other qualifying criteria under ASC 815, 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 gains on derivative instruments, net, in noninterest income, a component of consolidated net income. | ||||
Foreign Exchange Forwards and Foreign Currency Option Contracts | ||||
We enter into foreign exchange forward contracts and foreign currency option contracts with clients involved in international activities, either as the purchaser or seller, depending upon the clients' need. We also enter into an opposite-way forward or option contract with a correspondent bank to economically hedge client contracts to mitigate the fair value risk to us from fluctuations in currency rates. Settlement, credit, and operational risks remain. We also enter into forward contracts with correspondent banks to economically hedge currency exposure risk related to certain foreign currency denominated loans. These contracts are not designated as hedging instruments and are recorded at fair value in our consolidated balance sheets. 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. Changes in the fair value of these contracts are recognized in consolidated net income under gains (losses) on derivative instruments, net, a component of noninterest income. Period-end gross positive fair values are recorded in other assets and gross negative fair values are recorded in other liabilities. | ||||
Interest Rate Contracts | ||||
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. | ||||
Adoption of New Accounting Standards | ||||
In June 2013, the FASB issued a new accounting standard (ASU No. 2013-08, Amendments to the Scope, Measurement and Disclosure Requirement for Investment Companies) 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. | ||||
In July 2013, the FASB issued a new accounting standard (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) 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 the Company’s consolidated financial position, results of operations or stockholders' equity. | ||||
In April 2014, the FASB issued a new accounting standard (ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity) which changes the criteria for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization's operations and financial results. Additionally, the new guidance requires expanded disclosures about the assets, liabilities, income, and expenses of discontinued operations and requires disclosures of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. The amendments in this Update are effective for fiscal years beginning after December, 15, 2014, with early adoption permitted only for disposals or classifications as held for sale that have not been previously reported. The Company has early adopted this ASU as a result of the pending sale of SVBIF at December 31, 2014, and has reported an impairment loss on the sale of assets in other noninterest income. The adoption of this ASU modified the disclosure requirements for discontinued operations and did not have any impact on our financial position, results of operations or stockholders’ equity. | ||||
Recent 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 is effective for us for interim and annual reporting periods beginning after December 15, 2014. Any transition adjustment would be reflected as an adjustment to retained earnings in the earliest period presented (retrospective application). The ASU will be applicable to our portfolio of low income housing tax credit ("LIHTC") partnership interests. The new standard widens the scope of investments eligible to elect to apply a new alternative method, the proportional amortization method, under which the cost of the investment is amortized to tax expense in proportion to the amount of tax credits and other tax benefits received. We anticipate that our entire LIHTC portfolio will qualify to elect the proportional amortization method under the ASU. These investments are currently accounted for under the cost and equity methods, which results in losses (due to the amortization of the investment) being recognized in other noninterest expense and tax credits and benefits being recognized in income tax expense. In contrast, the proportional amortization method combines the amortization of the investment and receipt of the tax credits/benefits into one line, income tax expense. The adoption of this ASU is estimated to reduce retained earnings by approximately $5.0 million, primarily related to a reduction in deferred tax assets. On a prospective basis, the Company’s operating expenses will be lower by approximately $10.0 million, annually based on current LIHTC investments, as the amortization expense of the investments will be reclassed and netted within the tax expense line. | ||||
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 the current period presentations. |
Stockholders_Equity_and_EPS
Stockholders' Equity and EPS | 12 Months Ended | ||||||||||||||
Dec. 31, 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. | |||||||||||||||
Stockholders' Rights Plan | |||||||||||||||
Our Board of Directors (the “Board”) had previously adopted a stockholders' rights plan (the "Rights Plan") to, among other things, protect our stockholders from coercive takeover tactics. The Rights Plan expired on January 31, 2014. It was not renewed or extended by our Board of Directors. | |||||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||||
The following table summarizes the items reclassified out of accumulated other comprehensive income (loss) into the Consolidated Statements of Income for 2014, 2013, and 2012: | |||||||||||||||
Year ended December 31, | |||||||||||||||
(Dollars in thousands) | Income Statement Location | 2014 | 2013 | 2012 | |||||||||||
Reclassification adjustment for losses (gains) included in net income | Gains on investment securities, net | $ | 18,598 | $ | (538 | ) | $ | (4,241 | ) | ||||||
Related tax (benefit) expense | Income tax expense | (7,510 | ) | 218 | 1,661 | ||||||||||
Total reclassification adjustment for losses (gains) included in net income, net of tax | $ | 11,088 | $ | (320 | ) | $ | (2,580 | ) | |||||||
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 option and restricted stock unit awards outstanding under our equity incentive plan and our ESPP. Potentially dilutive common shares are excluded from the computation of dilutive EPS in periods in which the effect would be antidilutive. The following is a reconciliation of basic EPS to diluted EPS for 2014, 2013 and 2012: | |||||||||||||||
Year ended December 31, | |||||||||||||||
(Dollars and shares in thousands, except per share amounts) | 2014 | 2013 | 2012 | ||||||||||||
Numerator: | |||||||||||||||
Net income available to common stockholders | $ | 263,925 | $ | 215,853 | $ | 175,103 | |||||||||
Denominator: | |||||||||||||||
Weighted average common shares outstanding-basic | 48,931 | 45,309 | 44,242 | ||||||||||||
Weighted average effect of dilutive securities: | |||||||||||||||
Stock options and ESPP | 485 | 431 | 370 | ||||||||||||
Restricted stock units | 246 | 204 | 152 | ||||||||||||
Denominator for diluted calculation | 49,662 | 45,944 | 44,764 | ||||||||||||
Earnings per common share: | |||||||||||||||
Basic | $ | 5.39 | $ | 4.76 | $ | 3.96 | |||||||||
Diluted | $ | 5.31 | $ | 4.7 | $ | 3.91 | |||||||||
The following table summarizes the weighted-average common shares excluded from the diluted EPS calculation as they were deemed to be antidilutive for 2014, 2013 and 2012: | |||||||||||||||
Year ended December 31, | |||||||||||||||
(Shares in thousands) | 2014 | 2013 | 2012 | ||||||||||||
Stock options | 161 | 261 | 695 | ||||||||||||
Restricted stock units | — | 105 | — | ||||||||||||
Total | 161 | 366 | 695 | ||||||||||||
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Share-Based Compensation | Share-Based Compensation | ||||||||||||||||
Share-based compensation expense was recorded net of estimated forfeitures for 2014, 2013 and 2012, such that expense was recorded only for those share-based awards that are expected to vest. In 2014, 2013 and 2012, we recorded share-based compensation and related benefits as follows: | |||||||||||||||||
Year ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Share-based compensation expense | $ | 29,545 | $ | 25,413 | $ | 21,861 | |||||||||||
Income tax benefit related to share-based compensation expense | (9,923 | ) | (7,989 | ) | (6,011 | ) | |||||||||||
Capitalized compensation costs | 2,048 | 2,809 | 2,647 | ||||||||||||||
Equity Incentive Plan | |||||||||||||||||
On May 11, 2006, our stockholders approved the 2006 Equity Incentive Plan (the “2006 Incentive Plan”). Our previous 1997 Equity Incentive Plan expired in December 2006. The 2006 Incentive Plan provides for the grant of various types of incentive awards, of which the following have been granted: (i) stock options; (ii) restricted stock awards; (iii) restricted stock units; and (iv) other cash or stock settled equity awards. | |||||||||||||||||
Subject to the provisions of Section 16 of the 2006 Incentive Plan, the maximum aggregate number of shares that may be awarded and sold thereunder is 7,543,321. | |||||||||||||||||
Restricted stock awards and restricted stock units will be counted against the available-for-issuance limits of the 2006 Incentive Plan as two shares for every one share awarded. Further, if shares acquired under any such award are forfeited or otherwise canceled and would otherwise return to the 2006 Incentive Plan, two times the number of such forfeited or repurchased shares will return to the 2006 Incentive Plan and will again become available for issuance. | |||||||||||||||||
Eligible participants in the 2006 Incentive Plan include directors, employees, and consultants. Options granted under the 2006 Incentive Plan expire seven years after the grant date. Options generally vest annually over four years, from the grant date based on continued employment. Restricted stock awards and units also generally vest annually over four years and require continued employment or other service through the vesting period. Performance-based restricted stock units generally vest upon meeting certain performance-based objectives and, typically the passage of time and require continued employment or other service through the vesting period. The vesting period for restricted stock units cannot be less than three years unless they are subject to certain performance-based objectives, in which case the vesting period can be 12 months or longer. | |||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||
We maintain the 1999 ESPP under which participating employees may annually contribute up to 10 percent of their gross compensation (not to exceed $25,000) to purchase shares of our common stock at 85 percent of its fair market value at either the beginning or end of each six-month offering period, whichever price is less. To be eligible to participate in the ESPP, an employee must, among other requirements, be employed by the Company on both the date of offering and date of purchase, and be employed customarily for at least 20 hours per week and at least five months per calendar year. We issued 130,110 shares and received $11.9 million in cash under the ESPP in 2014. At December 31, 2014, a total of 566,199 shares of our common stock were still available for future issuance under the ESPP. | |||||||||||||||||
Unrecognized Compensation Expense | |||||||||||||||||
As of December 31, 2014, unrecognized share-based compensation expense was as follows: | |||||||||||||||||
(Dollars in thousands) | Unrecognized | Average Expected Recognition Period - in Years | |||||||||||||||
Expense | |||||||||||||||||
Stock options | $ | 14,341 | 2.51 | ||||||||||||||
Restricted stock units | 30,706 | 2.42 | |||||||||||||||
Total unrecognized share-based compensation expense | $ | 45,047 | |||||||||||||||
Valuation Assumptions | |||||||||||||||||
The fair values of share-based awards for employee stock options and employee stock purchases made under our ESPP were estimated using the Black-Scholes option pricing model. The fair values of restricted stock units were based on our closing stock price on the date of grant. The following weighted average assumptions and fair values were used for our employee stock options and restricted stock units: | |||||||||||||||||
Equity incentive plan awards | 2014 | 2013 | 2012 | ||||||||||||||
Weighted average expected term of options in years | 4.6 | 4.7 | 4.6 | ||||||||||||||
Weighted average expected volatility of the Company's underlying common stock | 35.9 | % | 44.6 | % | 50.4 | % | |||||||||||
Risk-free interest rate | 1.72 | 0.7 | 0.83 | ||||||||||||||
Expected dividend yield | — | — | — | ||||||||||||||
Weighted average grant date fair value-stock options | $ | 35.65 | $ | 27.28 | $ | 27 | |||||||||||
Weighted average grant date fair value-restricted stock units | 107.76 | 71.57 | 63.07 | ||||||||||||||
The following weighted average assumptions and fair values were used for our ESPP: | |||||||||||||||||
ESPP | 2014 | 2013 | 2012 | ||||||||||||||
Expected term in years | 0.5 | 0.5 | 0.5 | ||||||||||||||
Weighted average expected volatility of the Company's underlying common stock | 23.7 | % | 22.3 | % | 43.5 | % | |||||||||||
Risk-free interest rate | 0.08 | 0.11 | 0.11 | ||||||||||||||
Expected dividend yield | — | — | — | ||||||||||||||
Weighted average fair value | $ | 24 | $ | 15.35 | $ | 14.43 | |||||||||||
The expected term is based on the implied term of the stock options using factors based on historical exercise behavior. The expected volatilities are based on a blended rate consisting of our historic volatility and our expected volatility over a five-year term which is an indicator of expected volatility and future stock price trends. For 2014, 2013 and 2012, expected volatilities for the ESPP were equal to the historical volatility for the previous six-month periods. The expected risk-free interest rates were based on the yields of U.S. Treasury securities, as reported by the Federal Reserve Bank of New York, with maturities equal to the expected terms of the employee stock options. | |||||||||||||||||
Share-Based Payment Award Activity | |||||||||||||||||
The table below provides stock option information related to the 2006 Equity Incentive Plan for the year ended December 31, 2014: | |||||||||||||||||
Options | Weighted | Weighted Average Remaining Contractual Life in Years | Aggregate Intrinsic Value of | ||||||||||||||
Average | In-The-Money Options | ||||||||||||||||
Exercise Price | |||||||||||||||||
Outstanding at December 31, 2013 | 1,514,159 | $ | 55.27 | ||||||||||||||
Granted | 249,303 | 108.05 | |||||||||||||||
Exercised | (330,898 | ) | 47.7 | ||||||||||||||
Forfeited | (37,676 | ) | 72.45 | ||||||||||||||
Outstanding at December 31, 2014 | 1,394,888 | 66.03 | 4.09 | $ | 69,834,175 | ||||||||||||
Vested and expected to vest at December 31, 2014 | 1,352,289 | 65.35 | 4.04 | 68,622,901 | |||||||||||||
Exercisable at December 31, 2014 | 687,696 | 50.6 | 2.89 | 45,022,407 | |||||||||||||
The aggregate intrinsic value of outstanding options shown in the table above represents the pretax intrinsic value based on our closing stock price of $116.07 as of December 31, 2014. The following table summarizes information regarding stock options outstanding as of December 31, 2014: | |||||||||||||||||
Outstanding Options | Exercisable Options | ||||||||||||||||
Range of Exercise Prices | Shares | Weighted Average Remaining Contractual Life in Years | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | ||||||||||||
$19.48-45.15 | 139,582 | 1.55 | $ | 23.86 | 137,576 | $ | 23.63 | ||||||||||
45.16-49.01 | 101,374 | 1.64 | 46.98 | 99,564 | 46.98 | ||||||||||||
49.02-60.14 | 162,117 | 2.66 | 50.89 | 145,697 | 50.24 | ||||||||||||
60.15-60.51 | 191,999 | 3.32 | 60.37 | 127,497 | 60.37 | ||||||||||||
60.52-64.40 | 269,220 | 4.33 | 64.31 | 114,437 | 64.3 | ||||||||||||
64.41-67.77 | 2,842 | 4.25 | 64.43 | 884 | 64.43 | ||||||||||||
67.78-73.76 | 274,906 | 5.33 | 71.11 | 60,161 | 71.11 | ||||||||||||
73.77-107.93 | 31,639 | 6.31 | 99.24 | 1,880 | 85.15 | ||||||||||||
107.94-122.55 | 221,209 | 6.36 | 108.43 | — | — | ||||||||||||
1,394,888 | 4.09 | 66.03 | 687,696 | 50.6 | |||||||||||||
We expect to satisfy the exercise of stock options by issuing shares registered under the 2006 Incentive Plan. All future awards of stock options and restricted stock units will be issued from the 2006 Incentive Plan. At December 31, 2014, 3,208,414 shares were available for future issuance. | |||||||||||||||||
The table below provides information for restricted stock units under the 2006 Equity Incentive Plan for the year ended December 31, 2014: | |||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||
Nonvested at December 31, 2013 | 682,347 | $ | 65.93 | ||||||||||||||
Granted | 201,464 | 107.76 | |||||||||||||||
Vested | (233,759 | ) | 63.89 | ||||||||||||||
Forfeited | (35,386 | ) | 74.39 | ||||||||||||||
Nonvested at December 31, 2014 | 614,666 | 79.92 | |||||||||||||||
The following table summarizes information regarding stock option and restricted stock activity during 2014, 2013 and 2012: | |||||||||||||||||
Year ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Total intrinsic value of stock options exercised | $ | 21,288 | $ | 25,520 | $ | 17,419 | |||||||||||
Total grant date fair value of stock options vested | 20,291 | 18,168 | 17,169 | ||||||||||||||
Total intrinsic value of restricted stock vested | 25,453 | 14,176 | 12,747 | ||||||||||||||
Total grant date fair value of restricted stock vested | 14,935 | 10,940 | 10,176 | ||||||||||||||
Reserves_on_Deposit_with_the_F
Reserves on Deposit with the Federal Reserve Bank and Federal Bank Stock | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Reserves on Deposit with the Federal Reserve Bank and Federal Bank Stock [Abstract] | |||||||||
Reserves on Deposit with the Federal Reserve Bank and Federal Bank Stock | Reserves on Deposit with the Federal Reserve Bank and Federal Bank Stock | ||||||||
The Bank is required to maintain reserves against customer deposits by keeping balances with the Federal Reserve. The cash balances at the Federal Reserve are classified as cash and cash equivalents. Additionally, as a member of the FHLB and FRB, we are required to hold shares of FHLB and FRB stock under the Bank's borrowing agreement. FHLB and FRB stock are recorded at cost as a component of other assets, and any cash dividends received are recorded as a component of other noninterest income. | |||||||||
The tables below provide information on the required reserve balances at the Federal Reserve, as well as shares held at the FHLB and FRB for the years ended and as of December 31, 2014 and 2013: | |||||||||
Year ended December 31, | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Average required reserve balances at FRB San Francisco | $ | 168,387 | $ | 131,374 | |||||
December 31, | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
FHLB stock holdings | $ | 25,000 | $ | 25,000 | |||||
FRB stock holdings | 28,496 | 15,632 | |||||||
Cash_and_Cash_Equivalents
Cash and Cash Equivalents | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Cash and Cash Equivalents [Abstract] | |||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||
The following table details our cash and cash equivalents at December 31, 2014 and December 31, 2013: | |||||||||
(Dollars in thousands) | 31-Dec-14 | 31-Dec-13 | |||||||
Cash and due from banks (1) | $ | 1,694,329 | $ | 1,349,688 | |||||
Securities purchased under agreements to resell (2) | 95,611 | 172,989 | |||||||
Other short-term investment securities | 6,122 | 16,102 | |||||||
Total cash and cash equivalents | $ | 1,796,062 | $ | 1,538,779 | |||||
-1 | At December 31, 2014 and 2013, $861 million and $715 million, respectively, of our cash and due from banks was deposited at the FRB and was earning interest at the Federal Funds target rate, and interest-earning deposits in other financial institutions were $440 million and $300 million, respectively. | ||||||||
-2 | At December 31, 2014 and 2013, securities purchased under agreements to resell were collateralized by U.S. Treasury securities and U.S. agency securities with aggregate fair values of $98 million and $176 million, respectively. None of these securities were sold or repledged as of December 31, 2014 and 2013. | ||||||||
Additional information regarding our securities purchased under agreements to resell for 2014 and 2013 is as follows: | |||||||||
Year Ended December 31, | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Average securities purchased under agreements to resell | $ | 108,910 | $ | 96,309 | |||||
Maximum amount outstanding at any month-end during the year | 283,215 | 338,687 | |||||||
Investment_Securities
Investment Securities | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 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 December 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Unrealized | Unrealized | Carrying | ||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||||||
Available-for-sale securities, at fair value: | ||||||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | 7,289,135 | $ | 17,524 | $ | (4,386 | ) | $ | 7,302,273 | |||||||||||||||||||||||||||
U.S. agency debentures | 3,540,055 | 30,478 | (8,977 | ) | 3,561,556 | |||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 1,884,450 | 14,851 | (14,458 | ) | 1,884,843 | |||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 779,103 | 5,372 | — | 784,475 | ||||||||||||||||||||||||||||||||
Equity securities | 5,202 | 2,628 | (322 | ) | 7,508 | |||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 13,497,945 | $ | 70,853 | $ | (28,143 | ) | $ | 13,540,655 | |||||||||||||||||||||||||||
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, or 12 months or longer as of December 31, 2014: | ||||||||||||||||||||||||||||||||||||
31-Dec-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 | $ | 2,297,895 | $ | (4,386 | ) | $ | — | $ | — | $ | 2,297,895 | $ | (4,386 | ) | ||||||||||||||||||||||
U.S. agency debentures | 249,266 | (489 | ) | 507,385 | (8,488 | ) | 756,651 | (8,977 | ) | |||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 662,092 | (3,104 | ) | 453,801 | (11,354 | ) | 1,115,893 | (14,458 | ) | |||||||||||||||||||||||||||
Equity securities | 568 | (322 | ) | — | — | 568 | (322 | ) | ||||||||||||||||||||||||||||
Total temporarily impaired securities (1) | $ | 3,209,821 | $ | (8,301 | ) | $ | 961,186 | $ | (19,842 | ) | $ | 4,171,007 | $ | (28,143 | ) | |||||||||||||||||||||
-1 | As of December 31, 2014, we identified a total of 115 investments that were in unrealized loss positions, of which 33 investments totaling $961.2 million with unrealized losses of $19.8 million have been in an impaired position for a period of time greater than 12 months. As of December 31, 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 December 31, 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, or 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 | |||||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||||||||||
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 securities classified as available-for-sale as of December 31, 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. | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||
Total | One Year | After One | After Five | After | ||||||||||||||||||||||||||||||||
or Less | Year to | Years to | Ten Years | |||||||||||||||||||||||||||||||||
Five 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 | $ | 7,302,273 | 1.08 | % | $ | 200,098 | 0.2 | % | $ | 6,406,273 | 1.02 | % | $ | 695,902 | 1.99 | % | $ | — | — | % | ||||||||||||||||
U.S. agency debentures | 3,561,556 | 1.64 | 869,463 | 1.78 | 2,276,819 | 1.46 | 415,274 | 2.36 | — | — | ||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - fixed rate | 1,884,843 | 2 | — | — | — | — | 527,216 | 2.57 | 1,357,627 | 1.79 | ||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - variable rate | 784,475 | 0.71 | — | — | — | — | — | — | 784,475 | 0.71 | ||||||||||||||||||||||||||
Total | $ | 13,533,147 | 1.34 | $ | 1,069,561 | 1.48 | $ | 8,683,092 | 1.13 | $ | 1,638,392 | 2.27 | $ | 2,142,102 | 1.39 | |||||||||||||||||||||
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 December 31, 2014 are as follows: | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||||||||||||||
Held-to-maturity securities, at cost: | ||||||||||||||||||||||||||||||||||||
U.S. agency debentures (1) | $ | 405,899 | $ | 4,589 | $ | (38 | ) | $ | 410,450 | |||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 2,799,923 | 5,789 | (2,320 | ) | 2,803,392 | |||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations— | 3,185,109 | 4,521 | (14,885 | ) | 3,174,745 | |||||||||||||||||||||||||||||||
fixed rate | ||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations— | 131,580 | 371 | — | 131,951 | ||||||||||||||||||||||||||||||||
variable rate | ||||||||||||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | 814,589 | 1,026 | (3,800 | ) | 811,815 | |||||||||||||||||||||||||||||||
Municipal bonds and notes | 83,942 | 18 | (657 | ) | 83,303 | |||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | 7,421,042 | $ | 16,314 | $ | (21,700 | ) | $ | 7,415,656 | |||||||||||||||||||||||||||
-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 December 31, 2014: | ||||||||||||||||||||||||||||||||||||
31-Dec-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 | $ | 48,335 | $ | (38 | ) | $ | — | $ | — | $ | 48,335 | $ | (38 | ) | ||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 999,230 | (2,320 | ) | — | — | 999,230 | (2,320 | ) | ||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 1,682,348 | (9,705 | ) | 783,558 | (5,180 | ) | 2,465,906 | (14,885 | ) | |||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | 629,840 | (3,800 | ) | — | — | 629,840 | (3,800 | ) | ||||||||||||||||||||||||||||
Municipal bonds and notes | 79,141 | (657 | ) | — | — | 79,141 | (657 | ) | ||||||||||||||||||||||||||||
Total temporarily impaired securities (2): | $ | 3,438,894 | $ | (16,520 | ) | $ | 783,558 | $ | (5,180 | ) | $ | 4,222,452 | $ | (21,700 | ) | |||||||||||||||||||||
-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 December 31, 2014, we identified a total of 292 investments that were in unrealized loss positions, of which 26 investments totaling $783.6 million with unrealized losses of $5.2 million have been in an impaired position for a period of time greater than 12 months. As of December 31, 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 December 31, 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 December 31, 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 35.0 percent. 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. | ||||||||||||||||||||||||||||||||||||
31-Dec-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 | $ | 405,899 | 2.87 | % | $ | — | — | % | $ | — | — | % | $ | 405,899 | 2.87 | % | $ | — | — | % | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 2,799,923 | 2.42 | — | — | 43,809 | 2.39 | 853,331 | 2.21 | 1,902,783 | 2.51 | ||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - fixed rate | 3,185,109 | 1.68 | — | — | — | — | — | — | 3,185,109 | 1.68 | ||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - variable rate | 131,580 | 0.65 | — | — | — | — | — | — | 131,580 | 0.65 | ||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | 814,589 | 2.15 | — | — | — | — | — | — | 814,589 | 2.15 | ||||||||||||||||||||||||||
Municipal bonds and notes | 83,942 | 6 | 3,442 | 5.37 | 30,985 | 5.86 | 39,904 | 6.1 | 9,611 | 6.27 | ||||||||||||||||||||||||||
Total | $ | 7,421,042 | 2.1 | $ | 3,442 | 5.37 | $ | 74,794 | 3.83 | $ | 1,299,134 | 2.54 | $ | 6,043,672 | 1.99 | |||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||||||||||||||||||||||||
SVB Strategic Investors Fund, LP | $ | 24,645 | 12.6 | % | $ | 29,104 | 12.6 | % | ||||||||||||||||||||||||||||
SVB Strategic Investors Fund II, LP | 97,250 | 8.6 | 96,185 | 8.6 | ||||||||||||||||||||||||||||||||
SVB Strategic Investors Fund III, LP | 269,821 | 5.9 | 260,272 | 5.9 | ||||||||||||||||||||||||||||||||
SVB Strategic Investors Fund IV, LP | 291,291 | 5 | 226,729 | 5 | ||||||||||||||||||||||||||||||||
Strategic Investors Fund V Funds | 226,111 | Various | 118,181 | Various | ||||||||||||||||||||||||||||||||
Strategic Investors Fund VI Funds | 89,605 | — | 7,944 | 0.2 | ||||||||||||||||||||||||||||||||
SVB Capital Preferred Return Fund, LP | 62,110 | 20 | 59,028 | 20 | ||||||||||||||||||||||||||||||||
SVB Capital—NT Growth Partners, LP | 61,973 | 33 | 61,126 | 33 | ||||||||||||||||||||||||||||||||
SVB Capital Partners II, LP (i) | 302 | 5.1 | 708 | 5.1 | ||||||||||||||||||||||||||||||||
Other private equity fund (ii) | 7,774 | 58.2 | 3,695 | 58.2 | ||||||||||||||||||||||||||||||||
Total venture capital and private equity fund investments | $ | 1,130,882 | $ | 862,972 | ||||||||||||||||||||||||||||||||
(i) | At December 31, 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 December 31, 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 December 31, 2014 and December 31, 2013 (fair value accounting): | |||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||||||||||||||||||||||||
Silicon Valley BancVentures, LP | $ | 3,291 | 10.7 | % | $ | 6,564 | 10.7 | % | ||||||||||||||||||||||||||||
SVB Capital Partners II, LP (i) | 20,481 | 5.1 | 22,684 | 5.1 | ||||||||||||||||||||||||||||||||
Capital Partners III, LP | 41,055 | — | — | — | ||||||||||||||||||||||||||||||||
SVB Capital Shanghai Yangpu Venture Capital Fund | 6,377 | 6.8 | 3,591 | 6.8 | ||||||||||||||||||||||||||||||||
Total other venture capital investments | $ | 71,204 | $ | 32,839 | ||||||||||||||||||||||||||||||||
(i) | At December 31, 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 December 31, 2014, the amount primarily includes total unrealized gains of $75 million in 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 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 December 31, 2014 and December 31, 2013 (equity method accounting): | |||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||||||||||||||||||||||||
Gold Hill Capital 2008, LP (i) | $ | 21,294 | 15.5 | % | $ | 21,867 | 15.5 | % | ||||||||||||||||||||||||||||
China Joint Venture investment | 79,569 | 50 | 79,940 | 50 | ||||||||||||||||||||||||||||||||
Other investments | 41,811 | Various | 41,076 | Various | ||||||||||||||||||||||||||||||||
Total other investments (equity method accounting) | $ | 142,674 | $ | 142,883 | ||||||||||||||||||||||||||||||||
(i) | At December 31, 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 December 31, 2014 and December 31, 2013, respectively, where our ownership interest is 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 $141 million, and $234 million, respectively, as of December 31, 2014. The carrying value, and estimated fair value, of the 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 in 2014, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Gross gains on investment securities: | ||||||||||||||||||||||||||||||||||||
Available-for-sale securities, at fair value (1) | $ | 658 | $ | 3,887 | $ | 6,380 | ||||||||||||||||||||||||||||||
Marketable securities (fair value accounting) | — | — | 8,863 | |||||||||||||||||||||||||||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | 349,747 | 186,404 | 107,507 | |||||||||||||||||||||||||||||||||
Other venture capital investments | 17,309 | 9,241 | 58,409 | |||||||||||||||||||||||||||||||||
Other investments | — | — | 21 | |||||||||||||||||||||||||||||||||
Other securities (fair value accounting) | 151,007 | 227,252 | — | |||||||||||||||||||||||||||||||||
Non-marketable securities (equity method accounting): | ||||||||||||||||||||||||||||||||||||
Other investments | 10,937 | 18,235 | 16,923 | |||||||||||||||||||||||||||||||||
Non-marketable securities (cost method accounting): | ||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | 16,001 | 10,081 | 3,503 | |||||||||||||||||||||||||||||||||
Other investments | 5,794 | 431 | 1,715 | |||||||||||||||||||||||||||||||||
Total gross gains on investment securities | 551,453 | 455,531 | 203,321 | |||||||||||||||||||||||||||||||||
Gross losses on investment securities: | ||||||||||||||||||||||||||||||||||||
Available-for-sale securities, at fair value (1) | (19,255 | ) | (3,349 | ) | (2,139 | ) | ||||||||||||||||||||||||||||||
Marketable securities (fair value accounting) | — | — | (1,675 | ) | ||||||||||||||||||||||||||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | (86,263 | ) | (17,185 | ) | (63,146 | ) | ||||||||||||||||||||||||||||||
Other venture capital investments | (4,516 | ) | (3,496 | ) | (11,062 | ) | ||||||||||||||||||||||||||||||
Other securities (fair value accounting) | (170,890 | ) | (2,962 | ) | — | |||||||||||||||||||||||||||||||
Non-marketable securities (equity method accounting): | ||||||||||||||||||||||||||||||||||||
Other investments | (2,320 | ) | (3,111 | ) | (1,987 | ) | ||||||||||||||||||||||||||||||
Non-marketable securities (cost method accounting): | ||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments (2) | (827 | ) | (1,700 | ) | (1,079 | ) | ||||||||||||||||||||||||||||||
Other investments (3) | (359 | ) | (4,320 | ) | (119 | ) | ||||||||||||||||||||||||||||||
Total gross losses on investment securities | (284,430 | ) | (36,123 | ) | (81,207 | ) | ||||||||||||||||||||||||||||||
Gains on investment securities, net | $ | 267,023 | $ | 419,408 | $ | 122,114 | ||||||||||||||||||||||||||||||
-1 | Includes realized gains (losses) on sales of available-for-sale securities that are recognized in the income statement. Unrealized gains (losses) on available-for-sale securities are recognized in other comprehensive income. The cost basis of available-for-sale securities sold is determined on a specific identification basis. | |||||||||||||||||||||||||||||||||||
-2 | Includes OTTI of $0.8 million from the declines in value for 27 of the 281 investments, $1.4 million from the declines in value for 43 of the 288 investments, and $1.0 million from the declines in value for 46 of the 324 investments held at December 31, 2014, 2013, and 2012, respectively. We concluded that any declines in value for the remaining investments were temporary, and as such, no OTTI was required to be recognized. | |||||||||||||||||||||||||||||||||||
-3 | No OTTI was recognized for the year ended December 31, 2014. We concluded that any declines in value for the investments were temporary, and as such, no OTTI was required to be recognized. There was $3.9 million of OTTI recognized for the year ended December 31, 2013 on a single direct equity investment and there was no recognized OTTI for the year ended December 31, 2012. |
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 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 & healthcare, private equity/venture capital 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. 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 and internet, life science & healthcare and other commercial loan categories, as applicable. Our life science & healthcare clients primarily tend to be in the industries of biotechnology, medical devices, healthcare information technology and healthcare services. Loans made to private equity/venture capital 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 private equity/venture capital 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 $104 million and $89 million at December 31, 2014 and 2013, respectively, is presented in the following table: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 4,954,676 | $ | 4,102,636 | |||||||||||||||||||||||||||||
Hardware | 1,131,006 | 1,213,032 | |||||||||||||||||||||||||||||||
Private equity/venture capital | 4,582,906 | 2,386,054 | |||||||||||||||||||||||||||||||
Life science & healthcare | 1,289,904 | 1,170,220 | |||||||||||||||||||||||||||||||
Premium wine | 187,568 | 149,841 | |||||||||||||||||||||||||||||||
Other | 234,551 | 288,904 | |||||||||||||||||||||||||||||||
Total commercial loans | 12,380,611 | 9,310,687 | |||||||||||||||||||||||||||||||
Real estate secured loans: | |||||||||||||||||||||||||||||||||
Premium wine (1) | 606,753 | 514,993 | |||||||||||||||||||||||||||||||
Consumer loans (2) | 1,118,115 | 873,255 | |||||||||||||||||||||||||||||||
Other | 39,651 | 30,743 | |||||||||||||||||||||||||||||||
Total real estate secured loans | 1,764,519 | 1,418,991 | |||||||||||||||||||||||||||||||
Construction loans | 78,626 | 76,997 | |||||||||||||||||||||||||||||||
Consumer loans | 160,520 | 99,711 | |||||||||||||||||||||||||||||||
Total loans, net of unearned income (3) | $ | 14,384,276 | $ | 10,906,386 | |||||||||||||||||||||||||||||
-1 | Included in our premium wine portfolio are gross construction loans of $112 million at both December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
-2 | Consumer loans secured by real estate at December 31, 2014 and 2013 were comprised of the following: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Loans for personal residence | $ | 918,629 | $ | 685,327 | |||||||||||||||||||||||||||||
Loans to eligible employees | 133,568 | 121,548 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 65,918 | 66,380 | |||||||||||||||||||||||||||||||
Consumer loans secured by real estate | $ | 1,118,115 | $ | 873,255 | |||||||||||||||||||||||||||||
-3 | Included within our total loan portfolio are credit card loans of $131 million and $85 million at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
Credit Quality | |||||||||||||||||||||||||||||||||
The composition of loans, net of unearned income of $104 million and $89 million at December 31, 2014 and December 31, 2013, respectively, broken out by portfolio segment and class of financing receivable, is as follows: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 4,954,676 | $ | 4,102,636 | |||||||||||||||||||||||||||||
Hardware | 1,131,006 | 1,213,032 | |||||||||||||||||||||||||||||||
Private equity/venture capital | 4,582,906 | 2,386,054 | |||||||||||||||||||||||||||||||
Life science & healthcare | 1,289,904 | 1,170,220 | |||||||||||||||||||||||||||||||
Premium wine | 794,321 | 664,834 | |||||||||||||||||||||||||||||||
Other | 352,828 | 396,644 | |||||||||||||||||||||||||||||||
Total commercial loans | 13,105,641 | 9,933,420 | |||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||
Real estate secured loans | 1,118,115 | 873,255 | |||||||||||||||||||||||||||||||
Other consumer loans | 160,520 | 99,711 | |||||||||||||||||||||||||||||||
Total consumer loans | 1,278,635 | 972,966 | |||||||||||||||||||||||||||||||
Total loans, net of unearned income | $ | 14,384,276 | $ | 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 December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30 - 59 | 60 - 89 | Greater Than 90 Days | Total Past | Current | Loans Past Due 90 Days or More Still Accruing Interest | |||||||||||||||||||||||||||
Days Past | Days Past | Past Due | Due | ||||||||||||||||||||||||||||||
Due | Due | ||||||||||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 10,989 | $ | 1,627 | $ | 52 | $ | 12,668 | $ | 4,950,291 | $ | 52 | |||||||||||||||||||||
Hardware | 13,424 | 126 | — | 13,550 | 1,124,423 | — | |||||||||||||||||||||||||||
Private equity/venture capital | 40,773 | — | — | 40,773 | 4,580,526 | — | |||||||||||||||||||||||||||
Life science & healthcare | 738 | 786 | — | 1,524 | 1,298,728 | — | |||||||||||||||||||||||||||
Premium wine | — | — | — | — | 795,345 | — | |||||||||||||||||||||||||||
Other | 178 | 3 | — | 181 | 354,939 | — | |||||||||||||||||||||||||||
Total commercial loans | 66,102 | 2,542 | 52 | 68,696 | 13,104,252 | 52 | |||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||
Real estate secured loans | 1,592 | 341 | 1,250 | 3,183 | 1,114,286 | 1,250 | |||||||||||||||||||||||||||
Other consumer loans | — | — | — | — | 160,212 | — | |||||||||||||||||||||||||||
Total consumer loans | 1,592 | 341 | 1,250 | 3,183 | 1,274,498 | 1,250 | |||||||||||||||||||||||||||
Total gross loans excluding impaired loans | 67,694 | 2,883 | 1,302 | 71,879 | 14,378,750 | 1,302 | |||||||||||||||||||||||||||
Impaired loans | 598 | 1,293 | 22,320 | 24,211 | 13,926 | — | |||||||||||||||||||||||||||
Total gross loans | $ | 68,292 | $ | 4,176 | $ | 23,622 | $ | 96,090 | $ | 14,392,676 | $ | 1,302 | |||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 9,804 | $ | 1,291 | $ | 99 | $ | 11,194 | $ | 4,102,546 | $ | 99 | |||||||||||||||||||||
Hardware | 2,679 | 3,965 | — | 6,644 | 1,198,169 | — | |||||||||||||||||||||||||||
Private equity/venture capital | 4 | — | — | 4 | 2,408,382 | — | |||||||||||||||||||||||||||
Life science & healthcare | 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 December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Impaired loans for | Impaired loans for | Total carrying value of impaired loans | Total unpaid principal of impaired loans | |||||||||||||||||||||||||||||
which there is a related allowance for loan losses | which there is no related allowance for loan losses | ||||||||||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 33,287 | $ | — | $ | 33,287 | $ | 34,218 | |||||||||||||||||||||||||
Hardware | 1,403 | 1,118 | 2,521 | 2,535 | |||||||||||||||||||||||||||||
Private equity/venture capital | — | — | — | — | |||||||||||||||||||||||||||||
Life science & healthcare | 475 | — | 475 | 2,453 | |||||||||||||||||||||||||||||
Premium wine | — | 1,304 | 1,304 | 1,743 | |||||||||||||||||||||||||||||
Other | 233 | — | 233 | 233 | |||||||||||||||||||||||||||||
Total commercial loans | 35,398 | 2,422 | 37,820 | 41,182 | |||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||
Real estate secured loans | — | 192 | 192 | 1,412 | |||||||||||||||||||||||||||||
Other consumer loans | 125 | — | 125 | 305 | |||||||||||||||||||||||||||||
Total consumer loans | 125 | 192 | 317 | 1,717 | |||||||||||||||||||||||||||||
Total | $ | 35,523 | $ | 2,614 | $ | 38,137 | $ | 42,899 | |||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 27,308 | $ | 310 | $ | 27,618 | $ | 28,316 | |||||||||||||||||||||||||
Hardware | 19,329 | 338 | 19,667 | 35,317 | |||||||||||||||||||||||||||||
Private equity/venture capital | 40 | — | 40 | 40 | |||||||||||||||||||||||||||||
Life science & healthcare | — | 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 during 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Average impaired loans: | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 14,357 | $ | 6,254 | $ | 2,223 | |||||||||||||||||||||||||||
Hardware | 6,634 | 24,508 | 19,242 | ||||||||||||||||||||||||||||||
Private equity/venture capital | — | 37 | — | ||||||||||||||||||||||||||||||
Life science & healthcare | 516 | 334 | 345 | ||||||||||||||||||||||||||||||
Premium wine | 1,381 | 2,210 | 3,513 | ||||||||||||||||||||||||||||||
Other | 1,088 | 3,601 | 3,558 | ||||||||||||||||||||||||||||||
Total commercial loans | 23,976 | 36,944 | 28,881 | ||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||
Real estate secured loans | 218 | 2,957 | 5,037 | ||||||||||||||||||||||||||||||
Other consumer loans | 322 | 945 | 1,896 | ||||||||||||||||||||||||||||||
Total consumer loans | 540 | 3,902 | 6,933 | ||||||||||||||||||||||||||||||
Total average impaired loans | $ | 24,516 | $ | 40,846 | $ | 35,814 | |||||||||||||||||||||||||||
The following tables summarize the activity relating to our allowance for loan losses for 2014, 2013, and 2012 broken out by portfolio segment: | |||||||||||||||||||||||||||||||||
Year ended December 31, 2014 | Beginning Balance December 31, 2013 | Charge-offs | Recoveries | Provision for Loan Losses | Ending Balance December 31, 2014 | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 64,084 | $ | (21,031 | ) | $ | 1,425 | $ | 36,503 | $ | 80,981 | ||||||||||||||||||||||
Hardware | 36,553 | (15,265 | ) | 2,238 | 2,334 | 25,860 | |||||||||||||||||||||||||||
Private equity/venture capital | 16,385 | — | — | 11,612 | 27,997 | ||||||||||||||||||||||||||||
Life science & healthcare | 11,926 | (2,951 | ) | 374 | 5,859 | 15,208 | |||||||||||||||||||||||||||
Premium wine | 3,914 | (35 | ) | 240 | 354 | 4,473 | |||||||||||||||||||||||||||
Other | 3,680 | (3,886 | ) | 1,499 | 1,960 | 3,253 | |||||||||||||||||||||||||||
Total commercial loans | 136,542 | (43,168 | ) | 5,776 | 58,622 | 157,772 | |||||||||||||||||||||||||||
Consumer loans | 6,344 | — | 379 | 864 | 7,587 | ||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 142,886 | $ | (43,168 | ) | $ | 6,155 | $ | 59,486 | $ | 165,359 | ||||||||||||||||||||||
Year ended December 31, 2013 | Beginning Balance December 31, 2012 | Charge-offs | Recoveries | Provision for (Reduction of) Loan Losses | Ending Balance December 31, 2013 | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 42,648 | $ | (8,861 | ) | $ | 1,934 | $ | 28,363 | $ | 64,084 | ||||||||||||||||||||||
Hardware | 29,761 | (18,819 | ) | 2,677 | 22,934 | 36,553 | |||||||||||||||||||||||||||
Private equity/venture capital | 9,963 | — | — | 6,422 | 16,385 | ||||||||||||||||||||||||||||
Life science & healthcare | 13,606 | (6,010 | ) | 1,860 | 2,470 | 11,926 | |||||||||||||||||||||||||||
Premium wine | 3,523 | — | 170 | 221 | 3,914 | ||||||||||||||||||||||||||||
Other | 3,912 | (8,107 | ) | 2,995 | 4,880 | 3,680 | |||||||||||||||||||||||||||
Total commercial loans | 103,413 | (41,797 | ) | 9,636 | 65,290 | 136,542 | |||||||||||||||||||||||||||
Consumer loans | 7,238 | (869 | ) | 1,572 | (1,597 | ) | 6,344 | ||||||||||||||||||||||||||
Total allowance for loan losses | $ | 110,651 | $ | (42,666 | ) | $ | 11,208 | $ | 63,693 | $ | 142,886 | ||||||||||||||||||||||
Year ended December 31, 2012 | Beginning Balance December 31, 2011 | Charge-offs | Recoveries | Provision for (Reduction of) Loan Losses | Ending Balance December 31, 2012 | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 38,263 | $ | (4,316 | ) | $ | 4,874 | $ | 3,827 | $ | 42,648 | ||||||||||||||||||||||
Hardware | 16,810 | (20,247 | ) | 1,107 | 32,091 | 29,761 | |||||||||||||||||||||||||||
Private equity/venture capital | 7,319 | — | — | 2,644 | 9,963 | ||||||||||||||||||||||||||||
Life science & healthcare | 10,243 | (5,080 | ) | 334 | 8,109 | 13,606 | |||||||||||||||||||||||||||
Premium wine | 3,914 | (584 | ) | 650 | (457 | ) | 3,523 | ||||||||||||||||||||||||||
Other | 5,817 | (2,485 | ) | 1,377 | (797 | ) | 3,912 | ||||||||||||||||||||||||||
Total commercial loans | 82,366 | (32,712 | ) | 8,342 | 45,417 | 103,413 | |||||||||||||||||||||||||||
Consumer loans | 7,581 | (607 | ) | 1,351 | (1,087 | ) | 7,238 | ||||||||||||||||||||||||||
Total allowance for loan losses | $ | 89,947 | $ | (33,319 | ) | $ | 9,693 | $ | 44,330 | $ | 110,651 | ||||||||||||||||||||||
The following table summarizes the allowance for loan losses individually and collectively evaluated for impairment as of December 31, 2014 and 2013, broken out by portfolio segment: | |||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
Individually Evaluated for Impairment | Collectively Evaluated for | Individually Evaluated for | Collectively Evaluated for | ||||||||||||||||||||||||||||||
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 and internet | $ | 13,695 | $ | 33,287 | $ | 67,286 | $ | 4,921,389 | $ | 11,261 | $ | 27,617 | $ | 52,823 | $ | 4,075,019 | |||||||||||||||||
Hardware | 1,133 | 2,521 | 24,727 | 1,128,485 | 9,673 | 19,667 | 26,880 | 1,193,365 | |||||||||||||||||||||||||
Private equity/venture capital | — | — | 27,997 | 4,582,906 | 19 | 39 | 16,366 | 2,386,015 | |||||||||||||||||||||||||
Life science & healthcare | 121 | 475 | 15,087 | 1,289,429 | — | 1,278 | 11,926 | 1,168,942 | |||||||||||||||||||||||||
Premium wine | — | 1,304 | 4,473 | 793,017 | — | 1,442 | 3,914 | 663,392 | |||||||||||||||||||||||||
Other | 71 | 233 | 3,182 | 352,595 | 156 | 690 | 3,524 | 395,954 | |||||||||||||||||||||||||
Total commercial loans | 15,020 | 37,820 | 142,752 | 13,067,821 | 21,109 | 50,733 | 115,433 | 9,882,687 | |||||||||||||||||||||||||
Consumer loans | 31 | 317 | 7,556 | 1,278,318 | 168 | 915 | 6,176 | 972,051 | |||||||||||||||||||||||||
Total | $ | 15,051 | $ | 38,137 | $ | 150,308 | $ | 14,346,139 | $ | 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 (For further description of nonaccrual loans, refer to Note 2—“Summary of Significant Accounting Policies”). 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 December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Performing | Impaired | Total | |||||||||||||||||||||||||||||
(Criticized) | |||||||||||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 4,611,253 | $ | 351,706 | $ | 33,287 | $ | 4,996,246 | |||||||||||||||||||||||||
Hardware | 945,998 | 191,975 | 2,521 | 1,140,494 | |||||||||||||||||||||||||||||
Private equity/venture capital | 4,615,231 | 6,068 | — | 4,621,299 | |||||||||||||||||||||||||||||
Life science & healthcare | 1,165,266 | 134,986 | 475 | 1,300,727 | |||||||||||||||||||||||||||||
Premium wine | 774,962 | 20,383 | 1,304 | 796,649 | |||||||||||||||||||||||||||||
Other | 346,153 | 8,967 | 233 | 355,353 | |||||||||||||||||||||||||||||
Total commercial loans | 12,458,863 | 714,085 | 37,820 | 13,210,768 | |||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||
Real estate secured loans | 1,112,396 | 5,073 | 192 | 1,117,661 | |||||||||||||||||||||||||||||
Other consumer loans | 158,162 | 2,050 | 125 | 160,337 | |||||||||||||||||||||||||||||
Total consumer loans | 1,270,558 | 7,123 | 317 | 1,277,998 | |||||||||||||||||||||||||||||
Total gross loans | $ | 13,729,421 | $ | 721,208 | $ | 38,137 | $ | 14,488,766 | |||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 3,875,043 | $ | 238,697 | $ | 27,618 | $ | 4,141,358 | |||||||||||||||||||||||||
Hardware | 995,055 | 209,758 | 19,667 | 1,224,480 | |||||||||||||||||||||||||||||
Private equity/venture capital | 2,408,386 | — | 40 | 2,408,426 | |||||||||||||||||||||||||||||
Life science & healthcare | 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 December 31, 2014 we had 7 TDRs with a total carrying value of $7.2 million where concessions have been granted to borrowers experiencing financial difficulties, in an attempt to maximize collection. This compares to 18 TDRs with a total carrying value of $22.4 million as of December 31, 2013. There were unfunded commitments available for funding of $3.1 million to the clients associated with these TDRs as of December 31, 2014. The following table summarizes our loans modified in TDRs, broken out by portfolio segment and class of financing receivables at December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Loans modified in TDRs: | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 3,784 | $ | 5,860 | |||||||||||||||||||||||||||||
Hardware | 1,118 | 13,329 | |||||||||||||||||||||||||||||||
Private equity/venture capital | — | 77 | |||||||||||||||||||||||||||||||
Premium wine | 1,891 | 1,442 | |||||||||||||||||||||||||||||||
Other | 233 | 1,055 | |||||||||||||||||||||||||||||||
Total commercial loans | 7,026 | 21,763 | |||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||
Other consumer loans | 125 | 670 | |||||||||||||||||||||||||||||||
Total consumer loans | 125 | 670 | |||||||||||||||||||||||||||||||
Total | $ | 7,151 | $ | 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 2014, 2013, and 2012: | |||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Loans modified in TDRs during the period: | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 1,033 | $ | 4,932 | $ | 1,939 | |||||||||||||||||||||||||||
Hardware | 1,118 | 8,143 | 20,514 | ||||||||||||||||||||||||||||||
Private equity/venture capital | — | 77 | — | ||||||||||||||||||||||||||||||
Premium wine | 587 | — | 1,024 | ||||||||||||||||||||||||||||||
Other | — | 690 | 4,878 | ||||||||||||||||||||||||||||||
Total commercial loans | 2,738 | 13,842 | 28,355 | ||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||
Real estate secured loans | — | — | 368 | ||||||||||||||||||||||||||||||
Other consumer loans | — | 6 | — | ||||||||||||||||||||||||||||||
Total consumer loans | — | 6 | 368 | ||||||||||||||||||||||||||||||
Total loans modified in TDRs during the period (1) | $ | 2,738 | $ | 13,848 | $ | 28,723 | |||||||||||||||||||||||||||
-1 | During 2014 we had no partial charge-offs. In 2013 and 2012 we had partial charge-offs of $11.1 million and $14.3 million respectively, on loans classified as TDRs. | ||||||||||||||||||||||||||||||||
During 2014 new TDRs of $1.0 million and $1.7 million were modified through forgiveness of principal and payment deferrals granted to our clients, respectively. During 2013 all new TDRs were modified through payment deferrals granted to our clients and no principal or interest was forgiven. During 2012 new TDRs totaling $9 million and $19 million were modified through forgiveness of principal and payment deferrals granted to our clients, respectively. | |||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||
The following table summarizes the recorded investment in loans modified in TDRs within the previous 12 months that subsequently defaulted during their respective periods, broken out by portfolio segment and class of financing receivable. During the 2014 year, there were no TDRs modified within the previous 12 months that defaulted. | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||
TDRs modified within the previous 12 months that defaulted during the period: | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Hardware | $ | 1,627 | $ | 1,868 | |||||||||||||||||||||||||||||
Private equity/venture capital | 38 | — | |||||||||||||||||||||||||||||||
Other | 365 | — | |||||||||||||||||||||||||||||||
Total commercial loans | 2,030 | 1,868 | |||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||
Real estate secured loans | — | 120 | |||||||||||||||||||||||||||||||
Other consumer loans | 6 | — | |||||||||||||||||||||||||||||||
Total consumer loans | 6 | 120 | |||||||||||||||||||||||||||||||
Total TDRs modified within the previous 12 months that defaulted in the period | $ | 2,036 | $ | 1,988 | |||||||||||||||||||||||||||||
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 December 31, 2014. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Premises and Equipment | Premises and Equipment | ||||||||
Premises and equipment at December 31, 2014 and 2013 consisted of the following: | |||||||||
December 31, | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Computer software | $ | 149,579 | $ | 128,129 | |||||
Computer hardware | 52,203 | 45,241 | |||||||
Leasehold improvements | 48,780 | 40,851 | |||||||
Furniture and equipment | 24,320 | 19,434 | |||||||
Total | 274,882 | 233,655 | |||||||
Accumulated depreciation and amortization | (195,037 | ) | (166,170 | ) | |||||
Premises and equipment, net | $ | 79,845 | $ | 67,485 | |||||
Depreciation and amortization expense for premises and equipment was $30.0 million, $29.1 million, and $23.7 million in 2014, 2013 and 2012, respectively. Additionally, in 2013 we wrote-off $1.2 million in certain assets, primarily computer software. There were no write-offs during the 2014 and 2012 years. |
Disposal_Assets_HeldforSale
Disposal - Assets Held-for-Sale | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Discontinued Operations and Disposal Groups [Abstract] | |||||
Disposal - Assets Held-for-Sale | Disposal - Assets Held-for-Sale | ||||
As a result of the SVBIF pending sale transaction, the Company classified SVBIF's net assets as held-for-sale as assets held-for sale-criteria were met and an impairment loss was recognized at December 31, 2014. The following table details selected financial information included in the loss from the pending sale: | |||||
(Dollars in thousands) | Year ended December 31, 2014 | ||||
Losses primarily attributable to cumulative foreign currency translation adjustment | $ | 12,934 | |||
Transaction-related expenses | 1,000 | ||||
Total impairment loss included in other noninterest income (1) | $ | 13,934 | |||
Tax impact of undistributed earnings of SVBIF | 2,900 | ||||
Tax impact from net losses on SVBIF Sale Transaction | (5,398 | ) | |||
Net tax impact included in income tax expense | $ | (2,498 | ) | ||
Net loss on SVBIF Sale Transaction | $ | 11,436 | |||
-1 | The total impairment loss is included in noninterest income in our Global Commercial Bank operating segment as reported in Note 21—”Segment Reporting” of the “Notes to Consolidated Financial Statements” under Part II, Item 8 of this report. | ||||
The following table presents the composition of SVBIF assets held-for-sale included in accrued interest receivable and other assets at December 31, 2014: | |||||
(Dollars in thousands) | 31-Dec-14 | ||||
Assets: | |||||
Cash and due from banks | $ | 3,054 | |||
Securities purchased under agreement to resell and other short-term investments | 11,898 | ||||
Net loans | 26,800 | ||||
Premises and equipment, net | 24 | ||||
Accrued interest receivable and other assets | 7,163 | ||||
Total assets of SVBIF held-for-sale (1) | $ | 48,939 | |||
Liabilities: | |||||
Other liabilities | $ | 4,686 | |||
Total liabilities of SVBIF held-for-sale (1) | $ | 4,686 | |||
-1 | Net assets of $44.3 million are included in our Global Commercial Bank operating segment as reported in Note 21—”Segment Reporting” of the “Notes to Consolidated Financial Statements” under Part II, Item 8 of this report. |
Deposits
Deposits | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deposits [Abstract] | |||||||||
Deposits | posits | ||||||||
The following table presents the composition of our deposits at December 31, 2014 and 2013: | |||||||||
December 31, | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Noninterest-bearing demand | $ | 24,583,682 | $ | 15,894,360 | |||||
Negotiable order of withdrawal (NOW) | 254,462 | 151,746 | |||||||
Money market | 6,186,044 | 4,373,974 | |||||||
Money market deposits in foreign offices | 242,526 | 181,299 | |||||||
Sweep deposits in foreign offices | 2,948,658 | 1,657,740 | |||||||
Time | 128,127 | 213,860 | |||||||
Total deposits | $ | 34,343,499 | $ | 22,472,979 | |||||
The aggregate amount of time deposit accounts individually equal to or greater than $100,000 totaled $116 million and $197 million at December 31, 2014 and 2013, respectively. Interest expense paid on time deposits individually equal to or greater than $100,000 totaled $0.3 million, $0.6 million and $0.5 million in 2014, 2013 and 2012, respectively. At December 31, 2014, time deposit accounts individually equal to or greater than $100,000 totaling $116 million were scheduled to mature within one year. |
ShortTerm_Borrowings_and_LongT
Short-Term Borrowings and Long-Term Debt | 12 Months Ended | ||||||||||||||
Dec. 31, 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 December 31, 2014 and 2013: | |||||||||||||||
Carrying Value | |||||||||||||||
(Dollars in thousands) | Maturity | Principal value at December 31, 2014 | December 31, | December 31, | |||||||||||
2014 | 2013 | ||||||||||||||
Short-term borrowings: | |||||||||||||||
Other short-term borrowings | -1 | $ | 7,781 | $ | 7,781 | $ | 5,080 | ||||||||
Total short-term borrowings | $ | 7,781 | $ | 5,080 | |||||||||||
Long-term debt: | |||||||||||||||
5.375% Senior Notes | 15-Sep-20 | $ | 350,000 | $ | 348,436 | $ | 348,209 | ||||||||
6.05% Subordinated Notes (2) | June 1, 2017 | 45,964 | 50,162 | 51,987 | |||||||||||
7.0% Junior Subordinated Debentures | October 15, 2033 | 50,000 | 54,845 | 55,020 | |||||||||||
Total long-term debt | $ | 453,443 | $ | 455,216 | |||||||||||
-1 | Represents cash collateral received from certain counterparties in relation to market value exposures of derivative contracts in our favor, which includes an interest rate swap agreement related to our 6.05% Subordinated Notes. | ||||||||||||||
-2 | At December 31, 2014 and 2013, included in the carrying value of our 6.05% Subordinated Notes were $4.6 million and $6.5 million, respectively, related to hedge accounting associated with the notes. | ||||||||||||||
The aggregate annual maturities of long-term debt obligations as of December 31, 2014 are as follows: | |||||||||||||||
Year ended December 31, (dollars in thousands): | Amount | ||||||||||||||
2015 | $ | — | |||||||||||||
2016 | — | ||||||||||||||
2017 | 50,162 | ||||||||||||||
2018 | — | ||||||||||||||
2019 | — | ||||||||||||||
2020 and thereafter | 403,281 | ||||||||||||||
Total | $ | 453,443 | |||||||||||||
Interest expense related to short-term borrowings and long-term debt was $23.2 million, $23.1 million and $24.2 million in 2014, 2013 and 2012, respectively. Interest expense is net of the hedge accounting impact from our interest rate swap agreements related to our 6.05% Subordinated Notes. The weighted average interest rate associated with our short-term borrowings as of December 31, 2014 was 0.08 percent. | |||||||||||||||
5.375% Senior Notes | |||||||||||||||
In September 2010, we issued $350 million of 5.375% Senior Notes due in September 2020 (“5.375% Senior Notes”). We received net proceeds of $345 million after deducting underwriting discounts and commissions and other expenses. We used approximately $250 million of the net proceeds from the sale of the notes to meet obligations due on our 3.875% Convertible Notes, which matured in April 2011. The remaining net proceeds were used for general corporate purposes, including working capital. | |||||||||||||||
6.05% Subordinated Notes | |||||||||||||||
On May 15, 2007, the Bank issued 6.05% Subordinated Notes, due in June 2017, in an aggregate principal amount of $250 million. Concurrent with the issuance of the 6.05% Subordinated Notes, we entered into a fixed-to-variable interest rate swap agreement (see Note 12-“Derivative Financial Instruments”). | |||||||||||||||
7.0% Junior Subordinated Debentures | |||||||||||||||
In October 2003, we issued $50 million in 7.0% Junior Subordinated Debentures to a special-purpose trust, SVB Capital II. Distributions to SVB Capital II are cumulative and are payable quarterly at a fixed rate of 7.0 percent per annum of the face value of the junior subordinated debentures. Distributions for each of 2014, 2013 and 2012 were $3.5 million. The junior subordinated debentures are mandatorily redeemable upon maturity in October 2033, or may currently be redeemed prior to maturity in whole or in part, at our option, at any time. Issuance costs of $2.2 million related to the junior subordinated debentures were deferred and are being amortized over the period until mandatory redemption of the debentures in October 2033. | |||||||||||||||
Available Lines of Credit | |||||||||||||||
We have certain facilities in place to enable us to access short-term borrowings on a secured (using available-for-sale securities as collateral) and an unsecured basis. These include repurchase agreements and uncommitted federal funds lines with various financial institutions. As of December 31, 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 FRB. The market value of collateral pledged to the FHLB of San Francisco (comprised primarily of U.S. agency debentures) at December 31, 2014 totaled $1.3 billion, all of which was unused and available to support additional borrowings. The market value of collateral pledged at the discount window of the FRB at December 31, 2014 totaled $1.0 billion, all of which was unused and available to support additional borrowings. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 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 & healthcare industries. | |||||||||||||||||||||||||||||||||||
Interest Rate Risk | |||||||||||||||||||||||||||||||||||
Interest rate risk is our primary market risk and can result from timing and volume differences in the repricing of our interest rate-sensitive assets and liabilities and changes in market interest rates. To manage interest rate risk 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 swaps is calculated using a discounted cash flow method and adjusted for credit valuation associated with counterparty risk. Changes in fair value of the interest rate swaps are reflected in either other assets (for swaps in an asset position) or other liabilities (for swaps 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 swaps that arise as a result of hedge ineffectiveness are 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. Gains or losses from 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 | |||||||||||||||||||||||||||||||||||
Also included in our derivative instruments are equity warrant assets, loan conversion options, forward and option contracts, and interest rate contracts. For further description of these other derivative instruments, refer to Note 2-“Summary of Significant Accounting Policies." | |||||||||||||||||||||||||||||||||||
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 December 31, 2014 and 2013 were as follows: | |||||||||||||||||||||||||||||||||||
31-Dec-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 | $ | 4,609 | $ | 2,970 | $ | 1,639 | $ | 45,964 | $ | 6,492 | $ | 5,080 | $ | 1,412 | ||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Currency exchange risks: | |||||||||||||||||||||||||||||||||||
Foreign exchange forwards | Other assets | 200,957 | 5,050 | 2,441 | 2,609 | 140,760 | 1,423 | — | 1,423 | ||||||||||||||||||||||||||
Foreign exchange forwards | Other liabilities | 6,226 | (489 | ) | — | (489 | ) | 62,649 | (634 | ) | — | (634 | ) | ||||||||||||||||||||||
Net exposure | 4,561 | 2,441 | 2,120 | 789 | — | 789 | |||||||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||||||||||||
Equity warrant assets | Other assets | 197,878 | 116,604 | — | 116,604 | 179,934 | 103,513 | — | 103,513 | ||||||||||||||||||||||||||
Other derivatives: | |||||||||||||||||||||||||||||||||||
Client foreign exchange forwards | Other assets | 801,487 | 28,954 | 2,370 | 26,584 | 424,983 | 13,673 | — | 13,673 | ||||||||||||||||||||||||||
Client foreign exchange forwards | Other liabilities | 774,355 | (27,647 | ) | — | (27,647 | ) | 367,079 | (11,549 | ) | — | (11,549 | ) | ||||||||||||||||||||||
Client foreign currency options | Other assets | 34,926 | 227 | — | 227 | 91,854 | 434 | — | 434 | ||||||||||||||||||||||||||
Client foreign currency options | Other liabilities | 34,926 | (227 | ) | — | (227 | ) | 91,854 | (434 | ) | — | (434 | ) | ||||||||||||||||||||||
Loan conversion options | Other assets | — | — | — | — | 3,455 | 314 | — | 314 | ||||||||||||||||||||||||||
Client interest rate derivatives | Other assets | 387,410 | 2,546 | — | 2,546 | 216,773 | 1,265 | — | 1,265 | ||||||||||||||||||||||||||
Client interest rate derivatives | Other liabilities | 387,410 | (2,748 | ) | — | (2,748 | ) | 216,773 | (1,396 | ) | — | (1,396 | ) | ||||||||||||||||||||||
Net exposure | 1,105 | 2,370 | (1,265 | ) | 2,307 | — | 2,307 | ||||||||||||||||||||||||||||
Net | $ | 126,879 | $ | 7,781 | $ | 119,098 | $ | 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 December 31, 2014 remain at investment grade or higher and there were no material changes in their credit ratings for the year ended December 31, 2014. | ||||||||||||||||||||||||||||||||||
A summary of our derivative activity and the related impact on our consolidated statements of income for 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Statement of income location | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rate risks: | |||||||||||||||||||||||||||||||||||
Net cash benefit associated with interest rate swaps | Interest expense—borrowings | $ | 2,553 | $ | 2,536 | $ | 5,154 | ||||||||||||||||||||||||||||
Changes in fair value of interest rate swaps | Net gains on derivative instruments | (50 | ) | 14 | 603 | ||||||||||||||||||||||||||||||
Net gains associated with interest rate risk derivatives | $ | 2,503 | $ | 2,550 | $ | 5,757 | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Currency exchange risks: | |||||||||||||||||||||||||||||||||||
(Losses) gains on revaluations of foreign currency instruments | Other noninterest income | $ | (21,636 | ) | $ | 3,016 | $ | 1,677 | |||||||||||||||||||||||||||
Gains (losses) on internal foreign exchange forward contracts, net | Net gains on derivative instruments | 21,598 | (4,213 | ) | (103 | ) | |||||||||||||||||||||||||||||
Net (losses) gains associated with currency risk | $ | (38 | ) | $ | (1,197 | ) | $ | 1,574 | |||||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||||||||||||
Net gains on equity warrant assets | Net gains on derivative instruments | $ | 71,012 | $ | 46,101 | $ | 19,385 | ||||||||||||||||||||||||||||
Gains (losses) on client foreign exchange forward contracts, net | Net gains on derivative instruments | $ | 5,081 | $ | (452 | ) | $ | 460 | |||||||||||||||||||||||||||
Net (losses) gains on other derivatives (1) | Net gains on derivative instruments | $ | (796 | ) | $ | 734 | $ | (1,666 | ) | ||||||||||||||||||||||||||
-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 December 31, 2014 and 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 | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||
Derivative Assets: | |||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 4,609 | $ | — | $ | 4,609 | $ | (1,639 | ) | $ | (2,970 | ) | $ | — | |||||||||||||||||||||
Foreign exchange forwards | 34,004 | — | 34,004 | (17,843 | ) | (4,811 | ) | 11,350 | |||||||||||||||||||||||||||
Foreign currency options | 501 | (274 | ) | 227 | (144 | ) | — | 83 | |||||||||||||||||||||||||||
Client interest rate derivatives | 2,546 | — | 2,546 | (2,546 | ) | — | — | ||||||||||||||||||||||||||||
Total derivative assets: | 41,660 | (274 | ) | 41,386 | (22,172 | ) | (7,781 | ) | 11,433 | ||||||||||||||||||||||||||
Reverse repurchase, securities borrowing, and similar arrangements | 95,611 | — | 95,611 | (95,611 | ) | — | — | ||||||||||||||||||||||||||||
Total | $ | 137,271 | $ | (274 | ) | $ | 136,997 | $ | (117,783 | ) | $ | (7,781 | ) | $ | 11,433 | ||||||||||||||||||||
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 December 31, 2014 and 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 | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||
Derivative Liabilities: | |||||||||||||||||||||||||||||||||||
Foreign exchange forwards | $ | 28,136 | $ | — | $ | 28,136 | $ | (16,808 | ) | $ | — | $ | 11,328 | ||||||||||||||||||||||
Foreign currency options | 501 | (274 | ) | 227 | (83 | ) | — | 144 | |||||||||||||||||||||||||||
Client interest rate derivatives | 2,748 | — | 2,748 | (2,748 | ) | — | — | ||||||||||||||||||||||||||||
Total derivative liabilities: | 31,385 | (274 | ) | 31,111 | (19,639 | ) | — | 11,472 | |||||||||||||||||||||||||||
Repurchase, securities lending, and similar arrangements | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 31,385 | $ | (274 | ) | $ | 31,111 | $ | (19,639 | ) | $ | — | $ | 11,472 | |||||||||||||||||||||
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 assets: | 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_Income_Loss_
Other Noninterest Income (Loss) and Other Noninterest Expense | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Other Noninterest Income (Loss) and Other Noninterest Expense | Other Noninterest (Loss) Income and Other Noninterest Expense | ||||||||||||
A summary of other noninterest (loss) income for 2014, 2013 and 2012 is as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Fund management fees | $ | 13,498 | $ | 11,163 | $ | 11,057 | |||||||
Service-based fee income | 8,801 | 7,807 | 7,937 | ||||||||||
Net gains on the sale of certain assets related to our equity management services business | — | — | 4,243 | ||||||||||
Net losses on the sale of certain assets related to our SVBIF business | (13,934 | ) | — | — | |||||||||
(Losses) gains on revaluation of foreign currency instruments (1) | (21,636 | ) | 3,016 | 1,677 | |||||||||
Other (2) | 12,011 | 14,153 | 11,449 | ||||||||||
Total other noninterest (loss) income | $ | (1,260 | ) | $ | 36,139 | $ | 36,363 | ||||||
-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 2014, 2013 and 2012 is as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Client services | $ | 10,692 | $ | 8,181 | $ | 6,910 | |||||||
Tax credit fund amortization | 9,691 | 6,436 | 3,911 | ||||||||||
Data processing services | 8,079 | 7,895 | 5,876 | ||||||||||
Telephone | 7,250 | 6,258 | 6,528 | ||||||||||
Postage and supplies | 3,196 | 2,462 | 2,482 | ||||||||||
Dues and publications | 2,549 | 1,745 | 2,067 | ||||||||||
Other | 12,939 | 8,950 | 8,188 | ||||||||||
Total other noninterest expense | $ | 54,396 | $ | 41,927 | $ | 35,962 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 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. Our U.S. federal tax returns for 2011 and subsequent years remain open to full examination. Our California tax returns for 2010 and subsequent tax years remain open to full examination. Massachusetts tax returns for 2011 and subsequent years remain open to full examination. | |||||||||||||
The components of our provision for income taxes for 2014, 2013 and 2012 were as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Current provision: | |||||||||||||
Federal | $ | 172,492 | $ | 99,480 | $ | 87,635 | |||||||
State | 44,666 | 25,498 | 23,752 | ||||||||||
Deferred expense (benefit): | |||||||||||||
Federal | (36,197 | ) | 11,244 | 2,385 | |||||||||
State | (7,199 | ) | 2,836 | (503 | ) | ||||||||
Income tax expense | $ | 173,762 | $ | 139,058 | $ | 113,269 | |||||||
Our effective tax rate is calculated by dividing income tax expense by the sum of income before income tax expense and the net income attributable to noncontrolling interests. The reconciliation between the federal statutory income tax rate and our effective income tax rate for 2014, 2013 and 2012, is as follows: | |||||||||||||
December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of the federal tax effect | 5.6 | 5.1 | 5.8 | ||||||||||
Meals and entertainment | 0.3 | 0.5 | 0.5 | ||||||||||
Disallowed officer's compensation | 0.3 | 0.1 | 0.1 | ||||||||||
Share-based compensation expense on incentive stock options and ESPP | 0.1 | (0.3 | ) | 0.4 | |||||||||
Tax-exempt interest income | (0.3 | ) | (0.3 | ) | (0.4 | ) | |||||||
Low-income housing tax credits | (1.8 | ) | (1.6 | ) | (1.2 | ) | |||||||
Other, net | 0.5 | 0.7 | (0.9 | ) | |||||||||
Effective income tax rate | 39.7 | % | 39.2 | % | 39.3 | % | |||||||
Deferred tax assets and liabilities at December 31, 2014 and 2013, consisted of the following: | |||||||||||||
December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 80,554 | $ | 69,616 | |||||||||
Share-based compensation expense | 15,249 | 14,535 | |||||||||||
Loan fee income | 9,738 | 7,804 | |||||||||||
State income taxes | 9,428 | 6,194 | |||||||||||
Net operating loss | 8,641 | 9,682 | |||||||||||
Other accruals not currently deductible | 7,601 | 4,869 | |||||||||||
Premises and equipment and other intangibles | 1,344 | 734 | |||||||||||
Net unrealized losses on foreign currency translation | 802 | 5,228 | |||||||||||
Research and development credit | 324 | 324 | |||||||||||
Net unrealized losses on available-for-sale securities | — | 27,686 | |||||||||||
Other | 2,983 | 36 | |||||||||||
Deferred tax assets | 136,664 | 146,708 | |||||||||||
Valuation allowance | (8,965 | ) | (10,006 | ) | |||||||||
Net deferred tax assets after valuation allowance | 127,699 | 136,702 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Net unrealized gains on available-for-sale securities | (29,600 | ) | — | ||||||||||
Non-marketable and other securities | (27,858 | ) | (55,921 | ) | |||||||||
Derivative equity warrant assets | (19,090 | ) | (10,344 | ) | |||||||||
FHLB stock dividend | (1,230 | ) | (1,236 | ) | |||||||||
Other | — | (964 | ) | ||||||||||
Deferred tax liabilities | (77,778 | ) | (68,465 | ) | |||||||||
Net deferred tax assets | $ | 49,921 | $ | 68,237 | |||||||||
At both December 31, 2014 and 2013, federal net operating loss carryforwards totaled $16 million, and state net operating loss carryforwards totaled $8 million. Our foreign net operating loss carryforwards totaled $13 million and $19 million at December 31, 2014 and 2013, respectively. These net operating loss carryforwards expire at various dates beginning in 2019. A portion of our net operating loss carryforwards will be subject to provisions of the tax law that limits the use of losses that existed at the time there is a change in control of an enterprise. At December 31, 2014, the amount of our federal and state net operating loss carryforwards that would be subject to these limitations was $7 million and $2 million, respectively. | |||||||||||||
Currently, we believe that it is more likely than not that the benefit from these net operating loss carryforwards, which are associated with our former eProsper business unit, part of SVB Analytics, and our UK operations, will not be realized in the near term due to uncertainties in the timing of future profitability in those businesses. In recognition of this, our valuation allowance is $9 million on the deferred tax assets related to these net operating loss carryforward and research and development credits at December 31, 2014. The R&D credit carryforwards expire at various dates beginning in 2019. We believe it is more likely than not that the remaining deferred tax assets will be realized through recovery of taxes previously paid and/or future taxable income. Therefore, no valuation allowance was provided for the remaining deferred tax assets. | |||||||||||||
At December 31, 2014, our unrecognized tax benefit was $3.4 million, the recognition of which would reduce our income tax expense by $2.4 million. We do not expect that our unrecognized tax benefit will materially change in the next 12 months. | |||||||||||||
A summary of changes in our unrecognized tax benefit (including interest and penalties) in 2014 is as follows: | |||||||||||||
(Dollars in thousands) | Reconciliation of Unrecognized Tax Benefit | Interest & Penalties | Total | ||||||||||
Balance at December 31, 2013 | $ | 252 | $ | 91 | $ | 343 | |||||||
Additions for tax positions for current year | 2,879 | — | 2,879 | ||||||||||
Additions for tax positions for prior years | 349 | 47 | 396 | ||||||||||
Lapse of the applicable statute of limitations | (83 | ) | (38 | ) | (121 | ) | |||||||
Balance at December 31, 2014 | $ | 3,397 | $ | 100 | $ | 3,497 | |||||||
Related_Parties
Related Parties | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties |
SVB Financial had commitments under two partially-syndicated revolving line of credit facilities totaling $65 million that matured on December 4, 2014 to Gold Hill Capital 2008 LP, a venture debt fund, and an affiliated fund, in which SVB Financial currently has ownership interests. As of December 31, 2014, 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 were secured and had an interest rate of national Prime plus one percent. The highest outstanding balance under SVB Financial's portion of the facility for the year ended December 31, 2014 was $23 million. There was no outstanding balance as of December 31, 2014 and at December 31, 2013 the outstanding balance was $23 million. | |
During 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. |
Employee_Compensation_and_Bene
Employee Compensation and Benefit Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
Employee Compensation and Benefit Plans | Employee Compensation and Benefit Plans | ||||||||||||
Our employee compensation and benefit plans include: (i) Incentive Compensation Plan; (ii) Direct Drive Incentive Compensation Plan; (iii) Retention Program; (iv) Warrant Incentive Plan; (v) Deferred Compensation Plan; (vi) 401(k) and ESOP; (vii) EHOP; (viii) equity incentive plan; and (ix) ESPP. The Equity Incentive Plans and the ESPP are described in Note 4–“Share-Based Compensation.” | |||||||||||||
A summary of expenses incurred under certain employee compensation and benefit plans for 2014, 2013 and 2012 is as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Incentive Compensation Plan | $ | 78,014 | $ | 66,232 | $ | 46,467 | |||||||
Direct Drive Incentive Compensation Plan | 20,153 | 22,941 | 24,556 | ||||||||||
Retention Program | 1,792 | 2,577 | 2,076 | ||||||||||
Warrant Incentive Plan | 3,926 | 5,818 | 2,523 | ||||||||||
Deferred Compensation Plan | 2,458 | 2,650 | 1,767 | ||||||||||
SVBFG 401(k) Plan | 11,996 | 11,277 | 9,947 | ||||||||||
SVBFG ESOP | 6,691 | 7,429 | 10,324 | ||||||||||
Incentive Compensation Plan | |||||||||||||
Our Incentive Compensation Plan (“ICP”) is an annual cash incentive plan that rewards performance based on our financial results and other performance criteria. Awards are made based on company performance, the employee's target bonus level, and management's assessment of individual employee performance. | |||||||||||||
Direct Drive Incentive Compensation Plan | |||||||||||||
The Direct Drive Incentive Compensation Plan (“Direct Drive”) is an annual sales incentive program. Awards are based on sales teams' performance to predetermined financial targets and other company/individual performance criteria. Actual awards for each sales team member under Direct Drive are based on: (i) the actual results and financial performance with respect to the incentive gross profit targets; (ii) the sales team payout targets; and (iii) the sales team member's sales position and team payout allocation. | |||||||||||||
Retention Program | |||||||||||||
The Retention Program (“RP”) is a long-term incentive plan that allows designated employees to share directly in our investment success. Plan participants are granted an interest in the distributions of gains from certain designated investments made by us during the applicable year. Specifically, participants share in: (i) returns from designated investments made by us, including investments in certain venture capital and private equity funds, debt funds, and direct equity investments in companies; (ii) income realized from the exercise of, and the subsequent sale of shares obtained through the exercise of, warrants held by us; and (iii) other designated amounts as determined by us. No new participants are being added and no new investments will be designated to the plan. | |||||||||||||
Warrant Incentive Plan | |||||||||||||
The Warrant Incentive Plan provides individual and team awards to those employees who negotiate warrants on our behalf. Designated participants, as determined by the Company, share in the cash proceeds received by the Company from the exercise of equity warrant assets. | |||||||||||||
Deferred Compensation Plan | |||||||||||||
Under the Deferred Compensation Plan (the “DC Plan”), eligible employees may elect to defer up to 50 percent of their base salary and/or up to 100 percent of any eligible bonus payment to which they are entitled, for a period of 12 consecutive months, beginning January 1 and ending December 31. Any amounts deferred under the DC Plan will be invested and administered by us (or such person we designate). We do not match employee deferrals to the DC Plan. From time to time, we may also offer deferred special retention incentives under this plan to key plan participants. The deferred incentives are eligible for investment in the Plan during the retention qualifying period. | |||||||||||||
Voluntary deferrals under the DC Plan were $3.9 million $3.6 million and $3.2 million in 2014, 2013 and 2012, respectively. As of December 31, 2014, special retention incentives totaled $12.7 million. The DC Plan over all, had investment gains of $1.4 million in 2014, gains of $3.1 million in 2013 and gains of $0.7 million in 2012. | |||||||||||||
401(k) and ESOP | |||||||||||||
The 401(k) Plan and ESOP, collectively referred to as the “Plan”, is a combined 401(k) tax-deferred savings plan and employee stock ownership plan in which all regular U.S. employees are eligible to participate. | |||||||||||||
Employees participating in the 401(k) Plan are allowed to contribute up to 75 percent of their pre-tax pay as defined in the Plan, up to the maximum annual amount allowable under federal income tax regulations of $17,500 for the years 2014 and 2013, and $17,000 for 2012. We match the employee's contributions dollar-for-dollar, up to 5 percent of the employee's pre-tax pay as defined in the Plan. Our matching contributions vest immediately. The amount of salary deferred, up to the allowed maximum, is not subject to federal or state income taxes at the time of deferral. | |||||||||||||
Discretionary ESOP contributions, based on our company performance, are made by us to all eligible individuals employed by us on the last day of the fiscal year. We may elect to contribute cash or our common stock (or a combination of cash and stock), in an amount not exceeding 10 percent of the employee's eligible pay earned in the fiscal year. The ESOP contributions vest in equal annual increments over five years during a participant's first five years of service (thereafter all subsequent ESOP contributions are fully vested). | |||||||||||||
EHOP | |||||||||||||
The EHOP is a benefit plan that provides for the issuance of mortgage loans at favorable interest rates to eligible employees. Eligible employees may apply for a fixed-rate mortgage for their primary residence, which is due and payable in either five or seven years and is based on amortization over a 30 year period. Applicants must qualify for a loan through the normal mortgage review and approval process, which is typical of industry standards. The maximum loan amount generally cannot be greater than 80 percent of the lesser of the purchase price or the appraised value. The interest rate on the loan is written at the then market rate for five year (5/1) or seven year (7/1) mortgage loans as determined by us. However, provided that the applicant continues to meet all the eligibility requirements, including employment, the actual rate charged to the borrower shall be up to 2 percent below the market rate. The loan rate shall not be less than the greater of either the jumbo conforming market rate (corresponding to the maturity of the loan) or the monthly Applicable Federal Rate for medium-term loans as published by the Internal Revenue Service. The loan rate will be fixed at the time of approval and locked in for 30 days. |
OffBalance_Sheet_Arrangements_
Off-Balance Sheet Arrangements, Guarantees and Other Commitments | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 | ||||||||||||||||
Operating Leases | |||||||||||||||||
We are obligated under a number of noncancelable operating leases for premises and equipment that expire at various dates, through 2029, and in most instances, include options to renew or extend at market rates and terms. Such leases may provide for periodic adjustments of rentals during the term of the lease based on changes in various economic indicators. The following table presents minimum future payments under noncancelable operating leases as of December 31, 2014: | |||||||||||||||||
Year ended December 31, (dollars in thousands) : | Amount | ||||||||||||||||
2015 | $ | 21,683 | |||||||||||||||
2016 | 20,771 | ||||||||||||||||
2017 | 20,510 | ||||||||||||||||
2018 | 21,142 | ||||||||||||||||
2019 | 21,074 | ||||||||||||||||
2020 and thereafter | 84,198 | ||||||||||||||||
Net minimum operating lease payments | $ | 189,378 | |||||||||||||||
Rent expense for premises and equipment leased under operating leases totaled $20.3 million, $16.3 million and $14.5 million in 2014, 2013 and 2012, respectively. | |||||||||||||||||
Commitments to Extend Credit | |||||||||||||||||
A commitment to extend credit is a formal agreement to lend funds to a client as long as there is no violation of any condition established in the agreement. Such commitments generally have fixed expiration dates, or other termination clauses, and usually require a fee paid by the client upon us issuing the commitment. The following table summarizes information related to our commitments to extend credit at December 31, 2014 and 2013, respectively: | |||||||||||||||||
December 31, | |||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||
Loan commitments available for funding: (1) | |||||||||||||||||
Fixed interest rate commitments | $ | 1,591,408 | $ | 1,392,781 | |||||||||||||
Variable interest rate commitments | 11,860,039 | 9,101,973 | |||||||||||||||
Total loan commitments available for funding | 13,451,447 | 10,494,754 | |||||||||||||||
Commercial and standby letters of credit (2) | 1,254,338 | 975,968 | |||||||||||||||
Total unfunded credit commitments | $ | 14,705,785 | $ | 11,470,722 | |||||||||||||
Commitments unavailable for funding (3) | $ | 1,868,489 | $ | 1,006,168 | |||||||||||||
Maximum lending limits for accounts receivable factoring arrangements (4) | 1,044,548 | 894,276 | |||||||||||||||
Reserve for unfunded credit commitments (5) | 36,419 | 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. | ||||||||||||||||
Our potential exposure to credit loss for commitments to extend credit, in the event of nonperformance by the other party to the financial instrument, is the contractual amount of the available unused loan commitment. We use the same credit approval and monitoring process in extending credit commitments as we do in making loans. The actual liquidity needs and the credit risk that we have experienced have historically been lower than the contractual amount of commitments to extend credit because a significant portion of these commitments expire without being drawn upon. We evaluate each potential borrower and the necessary collateral on an individual basis. The type of collateral varies, but may include real property, intellectual property, bank deposits, or business and personal assets. The credit risk associated with these commitments is considered in the reserve for unfunded credit commitments. | |||||||||||||||||
Commercial and Standby Letters of Credit | |||||||||||||||||
Commercial and standby letters of credit represent conditional commitments issued by us on behalf of a client to guarantee the performance of the client to a third party when certain specified future events have occurred. Commercial letters of credit are issued primarily for inventory purchases by a client and are typically short-term in nature. We provide two types of standby letters of credit: performance and financial standby letters of credit. Performance standby letters of credit are issued to guarantee the performance of a client to a third party when certain specified future events have occurred and are primarily used to support performance instruments such as bid bonds, performance bonds, lease obligations, repayment of loans, and past due notices. Financial standby letters of credit are conditional commitments issued by us to guarantee the payment by a client to a third party (beneficiary) and are primarily used to support many types of domestic and international payments. These standby letters of credit have fixed expiration dates and generally require a fee to be paid by the client at the time we issue the commitment. Fees generated from these standby letters of credit are recognized in noninterest income over the commitment period using the straight-line method. | |||||||||||||||||
The credit risk involved in issuing letters of credit is essentially the same as that involved with extending credit commitments to clients, and accordingly, we use a credit evaluation process and collateral requirements similar to those for credit commitments. Our standby letters of credit often are cash secured by our clients. The actual liquidity needs and the credit risk that we have experienced historically have been lower than the contractual amount of letters of credit issued because a significant portion of these conditional commitments expire without being drawn upon. | |||||||||||||||||
The table below summarizes our commercial and standby letters of credit at December 31, 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 Year or Less | Expires After One Year | Total Amount Outstanding | Maximum Amount of Future Payments | |||||||||||||
Financial standby letters of credit | $ | 1,118,548 | $ | 65,333 | $ | 1,183,881 | $ | 1,183,881 | |||||||||
Performance standby letters of credit | 59,034 | 5,157 | 64,191 | 64,191 | |||||||||||||
Commercial letters of credit | 6,266 | — | 6,266 | 6,266 | |||||||||||||
Total | $ | 1,183,848 | $ | 70,490 | $ | 1,254,338 | $ | 1,254,338 | |||||||||
At both December 31, 2014 and 2013, we had $8 million of deferred fees related to financial and performance standby letters of credit. At December 31, 2014, collateral in the form of cash of $510 million and available-for-sale securities of $1.1 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 December 31, 2014: | |||||||||||||||||
Our Ownership in Private Equity/Venture Capital 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 | ||||||||||||||
SVB Capital Shanghai Yangpu Venture Capital Fund | 935 | — | 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 | 1,275 | 5.9 | ||||||||||||||
SVB Strategic Investors Fund IV, LP | 12,239 | 2,325 | 5 | ||||||||||||||
Strategic Investors Fund V Funds | 515 | 209 | Various | ||||||||||||||
Strategic Investors Fund VI Funds | — | — | — | ||||||||||||||
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) | 64,170 | 4,950 | Various | ||||||||||||||
Other fund investments (3) | 299,913 | 19,449 | Various | ||||||||||||||
Total | $ | 501,968 | $ | 41,468 | |||||||||||||
-1 | Our ownership includes direct ownership of 1.3 percent and indirect ownership 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 us from sponsoring or having ownership interests in “covered” funds including venture capital and private equity funds. See “Business - Supervision and Regulation” under Part I, Item 1 in this report. | ||||||||||||||||
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 December 31, 2014: | |||||||||||||||||
Limited Partnership | Unfunded Commitments | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
SVB Strategic Investors Fund, LP | $ | 2,250 | |||||||||||||||
SVB Strategic Investors Fund II, LP | 5,133 | ||||||||||||||||
SVB Strategic Investors Fund III, LP | 12,706 | ||||||||||||||||
SVB Strategic Investors Fund IV, LP | 36,503 | ||||||||||||||||
Strategic Investors Fund V Funds | 140,362 | ||||||||||||||||
Strategic Investors Fund VI Funds | 254,248 | ||||||||||||||||
SVB Capital Preferred Return Fund, LP | 5,163 | ||||||||||||||||
SVB Capital—NT Growth Partners, LP | 5,872 | ||||||||||||||||
Other private equity fund | 77 | ||||||||||||||||
Total | $ | 462,314 | |||||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||||||||
Our available-for-sale securities, derivative instruments and certain non-marketable, 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 consolidated financial statements. | |||||||||||||||||||||||||||||||||||||
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, 2014: | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2014 | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | 7,302,273 | $ | — | $ | — | $ | 7,302,273 | |||||||||||||||||||||||||||||
U.S. agency debentures | — | 3,561,556 | — | 3,561,556 | |||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - | — | 1,884,843 | — | 1,884,843 | |||||||||||||||||||||||||||||||||
fixed rate | |||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - | — | 784,475 | — | 784,475 | |||||||||||||||||||||||||||||||||
variable rate | |||||||||||||||||||||||||||||||||||||
Equity securities | 4,290 | 3,218 | — | 7,508 | |||||||||||||||||||||||||||||||||
Total available-for-sale securities | 7,306,563 | 6,234,092 | — | 13,540,655 | |||||||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||||||
Non-marketable securities: | |||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | — | — | 1,130,882 | 1,130,882 | |||||||||||||||||||||||||||||||||
Other venture capital investments | — | — | 71,204 | 71,204 | |||||||||||||||||||||||||||||||||
Other securities | 108,251 | — | — | 108,251 | |||||||||||||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting) | 108,251 | — | 1,202,086 | 1,310,337 | |||||||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||||
Interest rate swaps | — | 4,609 | — | 4,609 | |||||||||||||||||||||||||||||||||
Foreign exchange forward and option contracts | — | 34,231 | — | 34,231 | |||||||||||||||||||||||||||||||||
Equity warrant assets | — | 1,906 | 114,698 | 116,604 | |||||||||||||||||||||||||||||||||
Client interest rate derivatives | — | 2,546 | — | 2,546 | |||||||||||||||||||||||||||||||||
Total assets (1) | $ | 7,414,814 | $ | 6,277,384 | $ | 1,316,784 | $ | 15,008,982 | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||
Foreign exchange forward and option contracts | $ | — | $ | 28,363 | $ | — | $ | 28,363 | |||||||||||||||||||||||||||||
Client interest rate derivatives | — | 2,748 | — | 2,748 | |||||||||||||||||||||||||||||||||
Total liabilities | $ | — | $ | 31,111 | $ | — | $ | 31,111 | |||||||||||||||||||||||||||||
-1 | Included in Level 1 and Level 3 assets are $100 million and $1.1 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 - | — | 3,325,758 | — | 3,325,758 | |||||||||||||||||||||||||||||||||
fixed rate | |||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - | — | 1,186,573 | — | 1,186,573 | |||||||||||||||||||||||||||||||||
variable rate | |||||||||||||||||||||||||||||||||||||
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 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 2014, 2013 and 2012, respectively: | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Beginning | Total Realized and Unrealized Gains, net Included in Income | Purchases | Sales | Issuances | Distributions and Other Settlements | Transfers Into Level 3 | Transfers Out of Level 3 | Ending | ||||||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||||||||||
Year ended December 31, 2014: | |||||||||||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | $ | 862,972 | $ | 263,484 | $ | 224,233 | $ | — | $ | — | $ | (219,807 | ) | $ | — | $ | — | $ | 1,130,882 | ||||||||||||||||||
Other venture capital investments | 32,839 | 12,793 | 51,407 | (20,362 | ) | — | (5,347 | ) | — | (126 | ) | 71,204 | |||||||||||||||||||||||||
Other securities (fair value accounting) | 319,249 | 103,864 | — | (46,840 | ) | — | 3,863 | — | (380,136 | ) | — | ||||||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting) (1) | 1,215,060 | 380,141 | 275,640 | (67,202 | ) | — | (221,291 | ) | — | (380,262 | ) | 1,202,086 | |||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||||
Equity warrant assets (2) | 99,891 | 71,516 | — | (70,875 | ) | 13,671 | 2,215 | — | (1,720 | ) | 114,698 | ||||||||||||||||||||||||||
Total assets | $ | 1,314,951 | $ | 451,657 | $ | 275,640 | $ | (138,077 | ) | $ | 13,671 | $ | (219,076 | ) | $ | — | $ | (381,982 | ) | $ | 1,316,784 | ||||||||||||||||
Year ended December 31, 2013: | |||||||||||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | $ | 665,921 | $ | 169,219 | $ | 146,564 | $ | — | $ | — | $ | (118,732 | ) | $ | — | $ | — | $ | 862,972 | ||||||||||||||||||
Other venture capital investments | 127,091 | 5,745 | 2,712 | (1,224 | ) | — | (97,924 | ) | — | (3,561 | ) | 32,839 | |||||||||||||||||||||||||
Other securities (fair value accounting) | — | 222,368 | — | — | — | 96,881 | — | — | 319,249 | ||||||||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting) (1) | 793,012 | 397,332 | 149,276 | (1,224 | ) | — | (119,775 | ) | — | (3,561 | ) | 1,215,060 | |||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||||
Equity warrant assets (2) | 66,129 | 22,929 | — | (16,680 | ) | 9,098 | 1,540 | 24,217 | (7,342 | ) | 99,891 | ||||||||||||||||||||||||||
Total assets | $ | 859,141 | $ | 420,261 | $ | 149,276 | $ | (17,904 | ) | $ | 9,098 | $ | (118,235 | ) | $ | 24,217 | $ | (10,903 | ) | $ | 1,314,951 | ||||||||||||||||
Year ended December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | $ | 611,824 | $ | 44,283 | $ | 122,238 | $ | — | $ | — | $ | (112,424 | ) | $ | — | $ | — | $ | 665,921 | ||||||||||||||||||
Other venture capital investments | 124,121 | 46,711 | 13,123 | (9,716 | ) | — | (39,558 | ) | — | (7,590 | ) | 127,091 | |||||||||||||||||||||||||
Other investments | 987 | 21 | — | — | — | (1,008 | ) | — | — | — | |||||||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting) (1) | 736,932 | 91,015 | 135,361 | (9,716 | ) | — | (152,990 | ) | — | (7,590 | ) | 793,012 | |||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||||
Equity warrant assets (2) | 63,030 | 13,697 | — | (21,077 | ) | 11,978 | (78 | ) | — | (1,421 | ) | 66,129 | |||||||||||||||||||||||||
Total assets | $ | 799,962 | $ | 104,712 | $ | 135,361 | $ | (30,793 | ) | $ | 11,978 | $ | (153,068 | ) | $ | — | $ | (9,011 | ) | $ | 859,141 | ||||||||||||||||
-1 | Realized and unrealized gains, net are recorded on the line items “gains on investment securities, net”, and “other noninterest income”, components of noninterest income. | ||||||||||||||||||||||||||||||||||||
-2 | Realized and unrealized gains are recorded on 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 December 31, 2014 and December 31, 2013, respectively: | |||||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | $ | 276,686 | $ | 168,567 | |||||||||||||||||||||||||||||||||
Other venture capital investments (1) | 3,044 | 6,207 | |||||||||||||||||||||||||||||||||||
Other securities (1) | — | 222,368 | |||||||||||||||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting) (2) | 279,730 | 397,142 | |||||||||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||||
Equity warrant assets (3) | 36,516 | 30,579 | |||||||||||||||||||||||||||||||||||
Total unrealized gains, net | $ | 316,246 | $ | 427,721 | |||||||||||||||||||||||||||||||||
Unrealized gains attributable to noncontrolling interests | $ | 255,131 | $ | 346,954 | |||||||||||||||||||||||||||||||||
-1 | 2013 included total unrealized valuation gains of $219 million attributable to two of our portfolio companies, FireEye and Twitter. | ||||||||||||||||||||||||||||||||||||
-2 | Unrealized gains are recorded on the line items “gains on investment securities, net”, and “other noninterest income”, components of noninterest income. | ||||||||||||||||||||||||||||||||||||
-3 | Unrealized gains are recorded on the line item “gains on derivative instruments, net”, a component of noninterest income. | ||||||||||||||||||||||||||||||||||||
The extent to which any unrealized gains will become realized is subject to a variety of factors, including, among other things, the expiration of current sales restrictions to which these securities are subject, the actual sales of securities and the timing of such actual sales. | |||||||||||||||||||||||||||||||||||||
The following table presents quantitative information about the significant unobservable inputs used for certain of our Level 3 fair value measurements at December 31, 2014. 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 | |||||||||||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||||||||||||||
Other venture capital investments (fair value accounting) | $ | 71,204 | Private company equity pricing | -1 | -1 | ||||||||||||||||||||||||||||||||
Equity warrant assets (public portfolio) | 1,681 | Modified Black-Scholes option pricing model | Volatility | 42.6 | % | ||||||||||||||||||||||||||||||||
Risk-Free interest rate | 1.7 | ||||||||||||||||||||||||||||||||||||
Sales restrictions discount (2) | 17.8 | ||||||||||||||||||||||||||||||||||||
Equity warrant assets (private portfolio) | 113,017 | Modified Black-Scholes option pricing model | Volatility | 38.3 | |||||||||||||||||||||||||||||||||
Risk-Free interest rate | 0.9 | ||||||||||||||||||||||||||||||||||||
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 best estimate of the actual remaining life, which we determine by utilizing historical data on cancellations and exercises. At December 31, 2014, the weighted average contractual remaining term was 2.7 years, compared to our estimated remaining life of 5.9 years. On a quarterly basis, a sensitivity analysis is performed on our remaining life assumption. | ||||||||||||||||||||||||||||||||||||
During 2014 and 2013, there were no transfers between Level 2 and Level 1, compared to transfers of $3.1 million from Level 2 to Level 1 in 2012. Transfers from Level 3 to Level 1 during 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 2013 and 2012 included $3.6 million and $7.6 million, respectively, as a result of the expiration of lock-up, and other sales restrictions on certain of our other venture capital investments. During 2013, a new sales restriction discount was applied to the valuation of public equity warrant assets, which were subject to certain sales restrictions. The application of this discount resulted in a transfer of $24.2 million of public equity warrant assets from Level 2 to Level 3. | |||||||||||||||||||||||||||||||||||||
All other transfers from Level 3 to Level 2 during 2014, 2013 and 2012 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 for which carrying value approximates fair value and assets and liabilities measured at fair value on a nonrecurring basis and excludes financial instruments already recorded at fair value as described above. | |||||||||||||||||||||||||||||||||||||
Financial Instruments for which Carrying Value Approximates Fair Value | |||||||||||||||||||||||||||||||||||||
Certain financial instruments that are not carried at fair value on the Consolidated Balance Sheets are carried at amounts that approximate fair value, due to their short-term nature and generally negligible credit risk. These instruments include cash and cash equivalents; FHLB and FRB stock; accrued interest receivable; short-term borrowings; short-term time deposits; and accrued interest payable. In addition, U.S. GAAP requires that the fair value of deposit liabilities with no stated maturity (i.e., demand, savings and certain money market deposits) be equal to their carrying value; recognition of the inherent funding value of these instruments is not permitted. | |||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||||||||||||||||||||||||||||||||||
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 (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) includes our investment in 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 September 30th, for our December 31st 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. | |||||||||||||||||||||||||||||||||||||
Long-lived Assets Held-for-Sale | |||||||||||||||||||||||||||||||||||||
The fair value of assets held-for-sale are estimated by their net realizable value, which represents the potential sales price less costs to sell. Valuation techniques utilized are significant assumptions not observable in the market, accordingly, we classify these assets as Level 3. | |||||||||||||||||||||||||||||||||||||
Long-Term Deposits | |||||||||||||||||||||||||||||||||||||
The fair value of long-term 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. | |||||||||||||||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||||||||||||||
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 notes. | |||||||||||||||||||||||||||||||||||||
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 is equivalent to the residual premium or fee at December 31, 2014 and 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 December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,796,062 | $ | 1,796,062 | $ | — | $ | — | |||||||||||||||||||||||||||||
Held-to-maturity securities | 7,421,042 | — | 7,415,656 | — | |||||||||||||||||||||||||||||||||
Non-marketable securities (cost and equity method accounting) | 418,551 | — | — | 512,473 | |||||||||||||||||||||||||||||||||
Net commercial loans | 12,947,869 | — | — | 13,082,487 | |||||||||||||||||||||||||||||||||
Net consumer loans | 1,271,048 | — | — | 1,247,336 | |||||||||||||||||||||||||||||||||
Net long-lived assets held-for-sale | 44,253 | — | — | 45,410 | |||||||||||||||||||||||||||||||||
FHLB and FRB stock | 53,496 | — | — | 53,496 | |||||||||||||||||||||||||||||||||
Accrued interest receivable | 94,180 | — | 94,180 | — | |||||||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||||
Other short-term borrowings | 7,781 | 7,781 | — | — | |||||||||||||||||||||||||||||||||
Non-maturity deposits (1) | 34,215,372 | 34,215,372 | — | — | |||||||||||||||||||||||||||||||||
Time deposits | 128,127 | — | 128,107 | — | |||||||||||||||||||||||||||||||||
5.375% Senior Notes | 348,436 | — | 392,616 | — | |||||||||||||||||||||||||||||||||
6.05% Subordinated Notes (2) | 50,162 | — | 53,537 | — | |||||||||||||||||||||||||||||||||
7.0% Junior Subordinated Debentures | 54,845 | — | 52,990 | — | |||||||||||||||||||||||||||||||||
Accrued interest payable | 6,998 | — | 6,998 | — | |||||||||||||||||||||||||||||||||
Off-balance sheet financial assets: | |||||||||||||||||||||||||||||||||||||
Commitments to extend credit | — | — | — | 29,097 | |||||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,538,779 | $ | 1,538,779 | $ | — | $ | — | |||||||||||||||||||||||||||||
Non-marketable 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 FRB 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 December 31, 2014 and 2013, included in the carrying value and estimated fair value of our 6.05% Subordinated Notes was $4.6 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. We currently 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 September 30th, for our December 31st 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 December 31, 2014: | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Fair Value | Unfunded Commitments | ||||||||||||||||||||||||||||||||||
Non-marketable securities (fair value accounting): | |||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments (1) | $ | 1,130,882 | $ | 1,130,882 | $ | 462,314 | |||||||||||||||||||||||||||||||
Non-marketable securities (equity method accounting): | |||||||||||||||||||||||||||||||||||||
Other investments (2) | 47,876 | 49,066 | 5,836 | ||||||||||||||||||||||||||||||||||
Non-marketable securities (cost method accounting): | |||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments (3) | 140,551 | 234,053 | 18,563 | ||||||||||||||||||||||||||||||||||
Total | $ | 1,319,309 | $ | 1,414,001 | $ | 486,713 | |||||||||||||||||||||||||||||||
-1 | Venture capital and private equity fund investments within non-marketable and other 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 science & healthcare companies. Included in the fair value and unfunded commitments of fund investments under fair value accounting are $1.0 billion and $459 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 science & healthcare companies. 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. | ||||||||||||||||||||||||||||||||||||
-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 science & healthcare companies. 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 the terms of the funds. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||||||||||
Regulatory Matters | Regulatory Matters | |||||||||||||||||||||
The Company and the Bank are subject to various regulatory capital adequacy requirements administered by the Federal Reserve Board and the California Department of Business Oversight - Division of Financial Institutions. The Federal Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”) required that the federal regulatory agencies adopt regulations defining five capital categories for banks: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our consolidated financial statements. | ||||||||||||||||||||||
Quantitative measures, established by the regulators to ensure capital adequacy, require that SVB Financial Group and the Bank maintain minimum ratios (set forth in the table below) of capital to risk-weighted assets. There are three categories of capital under the guidelines. Tier 1 capital includes common stockholders' equity (excluding any net unrealized gains or losses, after applicable taxes, on available-for-sale securities), qualifying preferred stock and trust preferred securities, less goodwill and certain other deductions (including the net unrealized losses, after applicable taxes, on available-for-sale equity securities carried at fair value). At least 50 percent of the qualifying total capital should consist of Tier 1 capital. Components of Tier 2 capital include preferred stock not qualifying as Tier 1 capital, qualifying subordinated debt, the allowance for credit losses, up to a maximum of 1.25 percent of risk-weighted assets and unrealized gains on available-for-sale equity securities, subject to limitations set by the guidelines. Tier 3 capital includes certain qualifying unsecured subordinated debt. We did not have any Tier 3 capital as of December 31, 2014 and 2013. | ||||||||||||||||||||||
As of December 31, 2014, both SVB Financial and the Bank were considered “well-capitalized” for regulatory purposes under existing capital guidelines. There are no conditions or events since that date that management believes would have a material impact on that capital category. | ||||||||||||||||||||||
The following table presents the capital ratios for the Company and the Bank under federal regulatory guidelines, compared to the minimum regulatory capital requirements for an adequately capitalized and a well-capitalized depository institution, as of December 31, 2014 and 2013: | ||||||||||||||||||||||
Capital Ratios | Capital Amounts | |||||||||||||||||||||
(Dollars in thousands) | Actual | Well Capitalized Minimum | Adequately Capitalized Minimum | Actual | Well Capitalized Minimum | Adequately Capitalized Minimum | ||||||||||||||||
December 31, 2014: | ||||||||||||||||||||||
Total risk-based capital: | ||||||||||||||||||||||
SVB Financial | 13.92 | % | 10 | % | 8 | % | $ | 3,030,150 | $ | 2,176,210 | $ | 1,740,968 | ||||||||||
Bank | 12.12 | 10 | 8 | 2,600,011 | 2,145,788 | 1,716,630 | ||||||||||||||||
Tier 1 risk-based capital: | ||||||||||||||||||||||
SVB Financial | 12.91 | 6 | 4 | 2,808,948 | 1,305,726 | 870,484 | ||||||||||||||||
Bank | 11.09 | 6 | 4 | 2,379,991 | 1,287,473 | 858,315 | ||||||||||||||||
Tier 1 leverage: | ||||||||||||||||||||||
SVB Financial | 7.74 | N/A | 4 | 2,808,948 | N/A | 1,450,927 | ||||||||||||||||
Bank | 6.64 | 5 | 4 | 2,379,991 | 1,793,264 | 1,434,611 | ||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||
Total risk-based capital: | ||||||||||||||||||||||
SVB Financial | 13.13 | % | 10 | % | 8 | % | $ | 2,218,996 | $ | 1,690,150 | $ | 1,352,120 | ||||||||||
Bank | 11.32 | 10 | 8 | 1,880,254 | 1,661,287 | 1,329,030 | ||||||||||||||||
Tier 1 risk-based capital: | ||||||||||||||||||||||
SVB Financial | 11.94 | 6 | 4 | 2,018,455 | 1,014,090 | 676,060 | ||||||||||||||||
Bank | 10.11 | 6 | 4 | 1,680,212 | 996,772 | 664,515 | ||||||||||||||||
Tier 1 leverage: | ||||||||||||||||||||||
SVB Financial | 8.31 | N/A | 4 | 2,018,455 | N/A | 972,130 | ||||||||||||||||
Bank | 7.04 | 5 | 4 | 1,680,212 | 1,194,012 | 955,210 | ||||||||||||||||
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 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 (for further description of these reportable segments, refer to "Business–Business Overview" under Part I, Item 1 of this report): | |||||||||||||||||||||
• | Global Commercial Bank is comprised of results from the following: | ||||||||||||||||||||
◦ | Our Commercial Bank products and services are provided by the Bank and its subsidiaries to commercial clients in the technology, life science & healthcare and private equity/venture capital 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 broadly serves clients within the United States, as well as non-U.S. clients in key international innovation markets. In addition, the Bank and its subsidiaries offer a variety of investment services and solutions to its clients that enable them to effectively manage their assets. | ||||||||||||||||||||
◦ | Our Private Equity Division provides banking products and services primarily to our private equity and venture capital clients. | ||||||||||||||||||||
◦ | SVB Wine provides banking products and services to our premium wine industry clients, including vineyard development loans. 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 private equity/venture capital firms. | ||||||||||||||||||||
◦ | Debt Fund Investments is comprised of our investments in debt funds in which we are a strategic investor. | ||||||||||||||||||||
• | SVB Private Bank is the private banking division of the Bank, which provides a range of personal financial solutions for consumers. Our clients are primarily private equity/venture capital professionals and executive leaders of the innovation companies they support. 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, on a more limited basis, SVB Financial Group. The SVB Capital family of funds is comprised of direct venture funds that invest in companies and funds of funds that invest in other venture capital funds. SVB Capital generates income for the Company primarily through investment returns (including carried interest) and management fees. | ||||||||||||||||||||
The summary financial results of our operating segments are presented along with a reconciliation to our consolidated results. | |||||||||||||||||||||
Our segment information for 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||
(Dollars in thousands) | Global | SVB Private | SVB Capital | Other Items | Total | ||||||||||||||||
Commercial | Bank | (1) | -2 | ||||||||||||||||||
Bank (1) | |||||||||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||||||
Net interest income | $ | 742,274 | $ | 31,427 | $ | 58 | $ | 82,836 | $ | 856,595 | |||||||||||
Provision for loan losses | (58,622 | ) | (864 | ) | — | — | (59,486 | ) | |||||||||||||
Noninterest income | 213,084 | 1,494 | 58,058 | 299,603 | 572,239 | ||||||||||||||||
Noninterest expense (3) | (510,165 | ) | (10,571 | ) | (12,668 | ) | (183,467 | ) | (716,871 | ) | |||||||||||
Income before income tax expense (4) | $ | 386,571 | $ | 21,486 | $ | 45,448 | $ | 198,972 | $ | 652,477 | |||||||||||
Total average loans, net of unearned income | $ | 10,286,448 | $ | 1,157,024 | $ | — | $ | 59,469 | $ | 11,502,941 | |||||||||||
Total average assets (5) | 30,286,374 | 1,150,835 | 320,129 | 1,206,857 | 32,964,195 | ||||||||||||||||
Total average deposits | 27,364,246 | 890,062 | — | 66,517 | 28,320,825 | ||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||
Net interest income | $ | 641,384 | $ | 26,701 | $ | 20 | $ | 29,239 | $ | 697,344 | |||||||||||
(Provision for) reduction of loan losses | (65,290 | ) | 1,597 | — | — | (63,693 | ) | ||||||||||||||
Noninterest income | 202,404 | 1,209 | 75,037 | 394,556 | 673,206 | ||||||||||||||||
Noninterest expense (3) | (429,650 | ) | (9,195 | ) | (10,737 | ) | (172,098 | ) | (621,680 | ) | |||||||||||
Income before income tax expense (4) | $ | 348,848 | $ | 20,312 | $ | 64,320 | $ | 251,697 | $ | 685,177 | |||||||||||
Total average loans, net of unearned income | $ | 8,401,943 | $ | 919,831 | $ | — | $ | 29,604 | $ | 9,351,378 | |||||||||||
Total average assets (5) | 21,395,501 | 955,441 | 289,328 | 570,477 | 23,210,747 | ||||||||||||||||
Total average deposits | 19,072,608 | 524,398 | — | 22,188 | 19,619,194 | ||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||
Net interest income | $ | 593,770 | $ | 21,807 | $ | 15 | $ | 2,272 | $ | 617,864 | |||||||||||
(Provision for) reduction of loan losses | (45,417 | ) | 1,087 | — | — | (44,330 | ) | ||||||||||||||
Noninterest income | 188,821 | 681 | 27,435 | 118,609 | 335,546 | ||||||||||||||||
Noninterest expense (3) | (393,151 | ) | (7,388 | ) | (11,263 | ) | (134,196 | ) | (545,998 | ) | |||||||||||
Income (loss) before income tax expense (4) | $ | 344,023 | $ | 16,187 | $ | 16,187 | $ | (13,315 | ) | $ | 363,082 | ||||||||||
Total average loans, net of unearned income | $ | 6,750,951 | $ | 758,471 | $ | — | $ | 49,506 | $ | 7,558,928 | |||||||||||
Total average assets (5) | 19,557,289 | 759,251 | 239,335 | 755,297 | 21,311,172 | ||||||||||||||||
Total average deposits | 17,574,001 | 313,836 | — | 22,251 | 17,910,088 | ||||||||||||||||
-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". | ||||||||||||||||||||
-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 $20.9 million, $18.7 million and $14.4 million for 2014, 2013 and 2012, 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 equals the greater of total average assets or the sum of total liabilities and total stockholders’ equity for each segment. |
Parent_Company_Only_Condensed_
Parent Company Only Condensed Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Parent Company Only Condensed Financial Information | Parent Company Only Condensed Financial Information | ||||||||||||
The condensed balance sheets of SVB Financial at December 31, 2014 and 2013, and the related condensed statements of income, comprehensive income and cash flows for 2014, 2013 and 2012, are presented below. | |||||||||||||
Condensed Balance Sheets | |||||||||||||
December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||
Assets: | |||||||||||||
Cash and cash equivalents | $ | 314,236 | $ | 218,148 | |||||||||
Investment securities | 229,604 | 234,398 | |||||||||||
Net loans | 16,684 | 4,791 | |||||||||||
Other assets | 159,244 | 136,897 | |||||||||||
Investment in subsidiaries: | |||||||||||||
Bank subsidiary | 2,404,101 | 1,639,024 | |||||||||||
Nonbank subsidiaries | 149,558 | 160,271 | |||||||||||
Total assets | $ | 3,273,427 | $ | 2,393,529 | |||||||||
Liabilities and SVBFG stockholders’ equity: | |||||||||||||
5.375% Senior Notes | $ | 348,435 | $ | 348,209 | |||||||||
7.0% Junior Subordinated Debentures | 54,845 | 55,020 | |||||||||||
Other liabilities | 52,385 | 24,030 | |||||||||||
Total liabilities | 455,665 | 427,259 | |||||||||||
SVBFG stockholders’ equity | 2,817,762 | 1,966,270 | |||||||||||
Total liabilities and SVBFG stockholders’ equity | $ | 3,273,427 | $ | 2,393,529 | |||||||||
Condensed Statements of Income | |||||||||||||
Year ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Interest income | $ | 2,534 | $ | 3,545 | $ | 3,282 | |||||||
Interest expense | (21,863 | ) | (24,408 | ) | (23,037 | ) | |||||||
Dividend income from bank subsidiary | — | 10,000 | — | ||||||||||
Gains on derivative instruments, net | 66,604 | 47,421 | 17,289 | ||||||||||
Gains on investment securities, net | 8,750 | 15,238 | 15,329 | ||||||||||
Impairment loss on cumulative foreign currency translation losses | (9,564 | ) | — | — | |||||||||
General and administrative expenses | (53,912 | ) | (54,389 | ) | (66,812 | ) | |||||||
Income tax (expense) benefit | (15,038 | ) | (15,824 | ) | 12,200 | ||||||||
Loss before net income of subsidiaries | (22,489 | ) | (18,417 | ) | (41,749 | ) | |||||||
Equity in undistributed net income of nonbank subsidiaries | 37,009 | 58,075 | 21,457 | ||||||||||
Equity in undistributed net income of bank subsidiary | 249,405 | 176,195 | 195,395 | ||||||||||
Net income available to common stockholders | $ | 263,925 | $ | 215,853 | $ | 175,103 | |||||||
Condensed Statements of Comprehensive Income | |||||||||||||
Year ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Net income available to common stockholders | $ | 263,925 | $ | 215,853 | $ | 175,103 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||
Foreign currency translation gains (losses) | 3,012 | (3,128 | ) | (114 | ) | ||||||||
Unrealized holding gains (losses) on securities available for sale | 1,232 | (1,449 | ) | 2,074 | |||||||||
Equity in other comprehensive income (losses) of subsidiaries | 87,224 | (152,740 | ) | 21,194 | |||||||||
Other comprehensive income (loss), net of tax | 91,468 | (157,317 | ) | 23,154 | |||||||||
Total comprehensive income | $ | 355,393 | $ | 58,536 | $ | 198,257 | |||||||
Condensed Statements of Cash Flows | |||||||||||||
Year ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Cash flows from operating activities: | |||||||||||||
Net income attributable to SVBFG | $ | 263,925 | $ | 215,853 | $ | 175,103 | |||||||
Adjustments to reconcile net income to net cash used for operating activities: | |||||||||||||
Gains on derivative instruments, net | (66,604 | ) | (47,421 | ) | (17,289 | ) | |||||||
Gains on investment securities, net | (8,750 | ) | (15,238 | ) | (15,329 | ) | |||||||
Net income of bank subsidiary | (249,405 | ) | (186,195 | ) | (195,395 | ) | |||||||
Net income on nonbank subsidiaries | (37,009 | ) | (58,075 | ) | (21,457 | ) | |||||||
Cash dividends from bank subsidiary | — | 10,000 | — | ||||||||||
Amortization of share-based compensation | 29,545 | 25,413 | 21,861 | ||||||||||
Decrease (increase) in other assets | 44,006 | (11,901 | ) | 5,463 | |||||||||
Increase in other liabilities | 28,303 | 1,506 | 3,952 | ||||||||||
Impairment loss on SVBIF Sale Transaction | 9,564 | — | — | ||||||||||
Other, net | 584 | (1,269 | ) | 2,273 | |||||||||
Net cash provided by (used for) operating activities | 14,159 | (67,327 | ) | (40,818 | ) | ||||||||
Cash flows from investing activities: | |||||||||||||
Net decrease in investment securities from purchases, sales and maturities | 15,469 | 70,479 | 11,833 | ||||||||||
Net (increase) decrease in loans | (11,893 | ) | 4,078 | 2,034 | |||||||||
(Increase) decrease in investment in bank subsidiary | (432,804 | ) | (21,469 | ) | 12,180 | ||||||||
Decrease in investment in nonbank subsidiaries | 44,714 | 9,925 | 13,012 | ||||||||||
Net cash (used for) provided by investing activities | (384,514 | ) | 63,013 | 39,059 | |||||||||
Cash flows from financing activities: | |||||||||||||
Principal payments of other long-term debt | — | — | (1,222 | ) | |||||||||
Tax benefit from stock exercises | 9,431 | 6,826 | 5,581 | ||||||||||
Proceeds from issuance of common stock and ESPP | 22,146 | 46,569 | 29,282 | ||||||||||
Net proceeds from public equity offering | 434,866 | — | — | ||||||||||
Net cash provided by financing activities | 466,443 | 53,395 | 33,641 | ||||||||||
Net increase in cash and cash equivalents | 96,088 | 49,081 | 31,882 | ||||||||||
Cash and cash equivalents at beginning of period | 218,148 | 169,067 | 137,185 | ||||||||||
Cash and cash equivalents at end of period | $ | 314,236 | $ | 218,148 | $ | 169,067 | |||||||
Unaudited_Quarterly_Financial_
Unaudited Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Unaudited Quarterly Financial Data | Unaudited Quarterly Financial Data | ||||||||||||||||
Our supplemental consolidated financial information for each three month period in 2014 and 2013 are as follows: | |||||||||||||||||
Three months ended | |||||||||||||||||
(Dollars in thousands, except per share amounts) | March 31, | June 30, | September 30, | December 31, | |||||||||||||
2014:00:00 | |||||||||||||||||
Interest income | $ | 205,024 | $ | 213,841 | $ | 229,326 | $ | 243,725 | |||||||||
Interest expense | (8,696 | ) | (8,876 | ) | (8,761 | ) | (8,988 | ) | |||||||||
Net interest income | 196,328 | 204,965 | 220,565 | 234,737 | |||||||||||||
Provision for loan losses | (494 | ) | (1,947 | ) | (16,610 | ) | (40,435 | ) | |||||||||
Noninterest income | 310,225 | 14,210 | 80,167 | 167,637 | |||||||||||||
Noninterest expense | (172,436 | ) | (173,446 | ) | (181,989 | ) | (189,000 | ) | |||||||||
Income before income tax expense | 333,623 | 43,782 | 102,133 | 172,939 | |||||||||||||
Income tax expense | 58,917 | 33,582 | 38,961 | 42,302 | |||||||||||||
Net income before noncontrolling interests | 274,706 | 10,200 | 63,172 | 130,637 | |||||||||||||
Net (income) loss attributable to noncontrolling interests | (183,405 | ) | 40,597 | (177 | ) | (71,805 | ) | ||||||||||
Net income available to common stockholders | $ | 91,301 | $ | 50,797 | $ | 62,995 | $ | 58,832 | |||||||||
Earnings per common share—basic | $ | 1.99 | $ | 1.05 | $ | 1.24 | $ | 1.16 | |||||||||
Earnings per common share—diluted | 1.95 | 1.04 | 1.22 | 1.14 | |||||||||||||
2013:00:00 | |||||||||||||||||
Interest income | $ | 171,014 | $ | 177,983 | $ | 185,240 | $ | 195,384 | |||||||||
Interest expense | (7,845 | ) | (7,902 | ) | (8,144 | ) | (8,386 | ) | |||||||||
Net interest income | 163,169 | 170,081 | 177,096 | 186,998 | |||||||||||||
Provision for loan losses | (5,813 | ) | (18,572 | ) | (10,638 | ) | (28,670 | ) | |||||||||
Noninterest income | 78,604 | 98,239 | 257,650 | 238,713 | |||||||||||||
Noninterest expense | (149,014 | ) | (143,292 | ) | (160,524 | ) | (168,850 | ) | |||||||||
Income before income tax expense | 86,946 | 106,456 | 263,584 | 228,191 | |||||||||||||
Income tax expense | 26,401 | 29,968 | 47,404 | 35,285 | |||||||||||||
Net income before noncontrolling interests | 60,545 | 76,488 | 216,180 | 192,906 | |||||||||||||
Net income attributable to noncontrolling interests | (19,654 | ) | (27,904 | ) | (148,559 | ) | (134,149 | ) | |||||||||
Net income available to common stockholders | $ | 40,891 | $ | 48,584 | $ | 67,621 | $ | 58,757 | |||||||||
Earnings per common share—basic | $ | 0.91 | $ | 1.08 | $ | 1.48 | $ | 1.29 | |||||||||
Earnings per common share—diluted | 0.9 | 1.06 | 1.46 | 1.27 | |||||||||||||
Legal_Matters
Legal Matters | 12 Months Ended |
Dec. 31, 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. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
SVBIF Sale Transaction | |
On January 15, 2015, the Bank, a wholly-owned subsidiary of SVB Financial Group and certain of its subsidiaries entered into a share purchase agreement (the “Agreement”) to sell all of the outstanding capital stock of the Bank’s subsidiary, SVB India Finance Private Limited, a non-banking financial company in India (“SVBIF”), to Temasek, a Singapore investment company, for a total sale price equal to the sum of SVBIF’s “share capital” and “reserves and surplus” accounts (its net asset value) as of a date shortly prior to the closing (the “Sale Transaction”). The closing of the transaction is subject to certain customary closing conditions, including regulatory approval by the Reserve Bank of India (“RBI”). Subject to such RBI approval, the Company expects the Sale Transaction to close in the first quarter of 2015. As a result of the SVBIF pending sale transaction, the Company classified SVBIF's net assets as held-for-sale as assets held-for-sale criteria were met and an impairment loss was recognized at December 31, 2014. Refer to Note 10 - "Disposal - Assets Held-for-Sale" in the "Notes to the Consolidated Financial Statements" under Part II, Item 8 in this report for details of selected financial information included in the loss from the pending sale. | |
3.5% Senior Notes | |
On January 29, 2015, the Company issued $350 million of 3.5% Senior Notes due in January 2025 (“3.5% Senior Notes”). We received net proceeds from this offering of approximately $346.4 million after deducting underwriting discounts and commissions and estimated expenses payable by us. The Company contributed all of the net proceeds to the Bank. | |
Update on Securities Valuations for the First Quarter of 2015 | |
As previously noted in prior disclosures, SVB and certain equity investment funds managed by SVB Capital, our funds management business, hold direct and indirect investments in FireEye. As of December 31, 2014, our managed funds (including SVB Financial's interest) held approximately 2.5 million shares of FireEye common stock ("FireEye Shares"). Subsequent to December 31, 2014, our managed direct venture funds distributed the remaining FireEye Shares to their respective investors. Accordingly, the distributions resulted in $14.6 million of net realized gains on investment securities ($2.8 million net of noncontrolling interests but inclusive of SVB Financial's carried interests). |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Use of Estimates and Assumptions | Use of Estimates and Assumptions | ||
The preparation of 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 and other 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. The following discussion provides additional background on our significant accounting policies. | |||
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 variable interest entity and whether the 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 VIEs in which we are the primary beneficiary 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 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. | |||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||
Cash and cash equivalents consist of cash on hand, cash balances due from banks, interest-earning deposits, Federal Reserve deposits, federal funds sold, securities purchased under agreements to resell and other short-term investment securities. For the consolidated statements of cash flows, we consider cash equivalents to be investments that are readily convertible to known amounts of cash, so near to their maturity that they present an insignificant risk of change in fair value due to changes in market interest rates, and purchased in conjunction with our cash management activities. | |||
Available-for-Sale Securities | Available-for-Sale Securities | ||
Our available-for-sale securities portfolio is a fixed income investment portfolio that is managed to earn an appropriate portfolio yield over the long-term while maintaining sufficient liquidity and credit diversification as well as addressing our asset/liability management objectives. Unrealized gains and losses on available-for-sale securities, net of applicable taxes, are reported in accumulated other comprehensive income, which is a separate component of SVBFG's stockholders' equity, until realized. | |||
We analyze available-for-sale securities for other-than-temporary impairment each quarter. Market valuations represent the cumulative current fair value of a security at a specified point in time and incorporates the risk of timing of interest due and the return of principal over the contractual life of each security. Gains and losses on securities are realized when there is a sale of the security prior to maturity. A credit downgrade represents an increased level of risk of other-than-temporary impairment, and as a part of our consideration of recording an other-than-temporary impairment we will assess the issuer's ability to service the debt and to repay the principal at contractual maturity. | |||
We apply the other-than-temporary impairment standards of ASC 320, Investments-Debt and Equity Securities. For our debt securities, we have the intent and ability to hold these securities until we recover our cost less any credit-related loss. We separate the amount of the other-than-temporary impairment, if any, into the amount that is credit related (credit loss component) and the amount due to all other factors. The credit loss component is recognized in earnings and is the difference between a security's amortized cost basis and the present value of expected future cash flows discounted at the security's effective interest rate. The amount due to all other factors is recognized in other comprehensive income. | |||
We consider numerous factors in determining whether a credit loss exists and the period over which the debt security is expected to recover. The following list is not meant to be all inclusive. All of the following factors are considered: | |||
• | The length of time and the extent to which the fair value has been less than the amortized cost basis (severity and duration); | ||
• | Adverse conditions specifically related to the security, an industry, or geographic area; for example, changes in the financial condition of the issuer of the security, or in the case of an asset-backed debt security, changes in the financial condition of the underlying loan obligors. Examples of those changes include any of the following: | ||
◦ | Changes in technology; | ||
◦ | The discontinuance of a segment of the business that may affect the future earnings potential of the issuer or underlying loan obligors of the security; and | ||
◦ | Changes in the quality of the credit enhancement. | ||
• | The historical and implied volatility of the fair value of the security; | ||
• | The payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future; | ||
• | Failure of the issuer of the security to make scheduled interest or principal payments; | ||
• | Any changes to the rating of the security by a rating agency; and | ||
• | Recoveries or additional declines in fair value after the balance sheet date. | ||
In accordance with ASC 310-20, Receivables-Nonrefundable Fees and Other Costs, we use estimates of future principal prepayments, provided by third-party market-data vendors, in addition to actual principal prepayment experience to calculate the constant effective yield necessary to apply the effective interest method in the amortization of purchase discounts or premiums on mortgage-backed securities and fixed rate collateralized mortgage obligations (“CMO”). The discounts or premiums are included in interest income over the contractual terms of the underlying securities replicating the effective interest method. | |||
Marketable Securities, Held-to-maturity Securities, Policy | Held-to-Maturity Securities | ||
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. | |||
Non-Marketable and Other Securities | Non-Marketable and Other Securities | ||
Non-marketable and other securities include investments in venture capital and private equity funds, debt funds, direct equity investments in companies and low income housing tax credit funds. A majority of these investments are managed through our SVB Capital funds business in funds of funds and direct venture funds. Our accounting for investments in non-marketable and other securities depends on several factors, including the level of ownership, power to control and the legal structure of the subsidiary making the investment. As further described below, we base our accounting for such securities on: (i) fair value accounting, (ii) equity method accounting, or (iii) cost method accounting. | |||
Fair Value Accounting | Fair Value Accounting | ||
Our managed funds are investment companies under the AICPA Audit and Accounting Guide for Investment Companies and accordingly, these funds report their investments at estimated fair value, with unrealized gains and losses resulting from changes in fair value reflected as investment gains or losses in our consolidated statements of income. Our non-marketable and other securities recorded pursuant to fair value accounting consist of our investments through the following funds: | |||
• | Funds of funds; which make investments in venture capital and private equity funds; | ||
• | Direct venture funds; which make equity investments in privately held companies | ||
Equity Method Investment | Equity Method | ||
Our equity method non-marketable securities consist of investments in venture capital and private equity funds, privately-held companies, debt funds, and low income housing tax credit funds. Our equity method non-marketable securities and related accounting policies are described as follows: | |||
• | Equity securities, such as preferred or common stock in privately-held companies in which we hold a voting interest of at least 20 percent but less than 50 percent or in which we have the ability to exercise significant influence over the investees' operating and financial policies, are accounted for under the equity method. | ||
• | Investments in limited partnerships in which we hold voting interests of more than 5 percent, but less than 50 percent or in which we have the ability to exercise significant influence over the partnerships' operating and financial policies are accounted for using the equity method. | ||
• | Our China joint venture partnership, for which we have 50 percent ownership, is accounted for under the equity method. | ||
We recognize our proportionate share of the results of operations of these equity method investees in our results of operations, based on the most current financial information available from the investee. We review our investments accounted for under the equity method at least quarterly for possible other-than-temporary impairment. Our review typically includes an analysis of facts and circumstances for each investment, the expectations of the investment's future cash flows and capital needs, variability of its business and the company's exit strategy. For our fund investments, we utilize the net asset value per share as provided by the general partners of the fund investments. 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, for example September 30th, for our December 31st consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and known significant fund transactions or market events about which we are aware through information provided by the fund managers or from publicly available transaction data during the reporting period. | |||
We reduce our investment value when we consider declines in value to be other-than-temporary and recognize the estimated loss as a loss on investment securities, a component of noninterest income. | |||
Cost Method Investment | Cost Method | ||
Our cost method non-marketable securities and related accounting policies are described as follows: | |||
• | Equity securities, such as preferred or common stock in privately-held companies in which we hold an ownership interest of less than 20 percent and in which we do not have the ability to exercise significant influence over the investees' operating and financial policies, are accounted for under the cost method. | ||
• | Investments in limited partnerships in which we hold voting interests of less than 5 percent and in which we do not have the ability to exercise significant influence over the partnerships' operating and financial policies, are accounted for under the cost method. These non-marketable securities include investments in venture capital and private equity funds. | ||
We record these investments at cost and recognize distributions or returns received from net accumulated earnings of the investee since the date of acquisition as income. Our share of net accumulated earnings of the investee after the date of investment are recognized in consolidated net income only to the extent distributed by the investee. Distributions or returns received in excess of accumulated earnings are considered a return of investment and are recorded as reductions in the cost basis of the investment. | |||
We review our investments accounted for under the cost method at least quarterly for possible other-than-temporary impairment. Our review typically includes an analysis of facts and circumstances of each investment, the expectations of the investment's future cash flows and capital needs, variability of its business and the company's exit strategy. To help determine impairment, if any, for our fund investments, we utilize the net asset value per share as provided by the general partners of the fund investments. 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, for example September 30th, for our December 31st consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and known significant fund transactions or market events about which we are aware through information provided by the fund managers or from publicly available transaction data during the reporting period. | |||
We reduce our investment value when we consider declines in value to be other-than-temporary and recognize the estimated loss as a loss on investment securities, a component of noninterest income. | |||
Gains or losses on cost method investment securities that result from a portfolio company being acquired by a publicly traded company are determined using its fair value when the acquisition occurs. The resulting gains or losses are recognized in consolidated net income on that date. | |||
Loans | Loans | ||
Loans are reported at the principal amount outstanding, net of unearned loan fees. Unearned loan fees reflect unamortized deferred loan origination and commitment fees net of unamortized deferred loan origination costs. In addition to cash loan fees, we often obtain equity warrant assets that give us an option to purchase a position in a client company's stock in consideration for providing credit facilities. The grant date fair values of these equity warrant assets are deemed to be loan fees and are deferred as unearned income and recognized as an adjustment of loan yield through loan interest income. The net amount of unearned loan fees is amortized into loan interest income over the contractual terms of the underlying loans and commitments using the constant effective yield method, adjusted for actual loan prepayment experience, or the straight-line method, as applicable. | |||
Allowance for Loan Losses | Allowance for Loan Losses | ||
The allowance for loan losses considers credit risk and is established through a provision for loan losses charged to expense. Our allowance for loan losses is established for estimated loan losses that are probable but not yet realized. Our evaluation process is designed to determine that the allowance for loan losses is appropriate at the balance sheet date. The process of estimating loan losses is inherently imprecise. | |||
We maintain a systematic process for the evaluation of individual loans and pools of loans for inherent risk of loan losses. At the time of approval and then at least annually, each loan in our portfolio is assigned a Credit Risk Rating and industry niche. Credit Risk Ratings are assigned on a scale of 1 to 10, with 1 representing loans with a low risk of nonpayment, 9 representing loans with the highest risk of nonpayment, and 10 representing loans which have been charged-off. This Credit Risk Rating process includes, but is not limited to, consideration of such factors as payment status, the financial condition and operating performance of the borrower, borrower compliance with loan covenants, underlying collateral values and performance trends, the degree of access to additional capital, the presence of credit enhancements such as third party guarantees (where applicable), the degree to which the borrower is sensitive to external factors, the depth and experience of the borrower's management team, potential loan concentrations, and general economic conditions. Our policies require a committee of senior management to review, at least quarterly, credit relationships with a credit risk rating of 5 or worse that exceed specific dollar values. Our review process evaluates the appropriateness of the credit risk rating and allocation of the allowance for loan losses, as well as other account management functions. The allowance for loan losses is based on a formula allocation for similarly risk-rated loans by portfolio segment and individually for impaired loans. The formula allocation provides the average loan loss experience for each portfolio segment, which considers our quarterly historical loss experience since the year 2000, both by risk-rating category and client industry sector. The resulting loan loss factors for each risk-rating category and client industry sector are ultimately applied to the respective period-end client loan balances for each corresponding risk-rating category by client industry sector to provide an estimation of the allowance for loan losses. The probable loan loss experience for any one year period of time is reasonably expected to be greater or less than the average as determined by the loss factors. As such, management applies a qualitative allocation to the results of the aforementioned model to ascertain the total allowance for loan losses. This qualitative allocation is based on management's assessment of the risks that may lead to a future loan loss experience different from our historical loan loss experience. Based on management's prediction or estimate of changing risks in the lending environment, the qualitative allocation may vary significantly from period to period and includes, but is not limited to, consideration of the following factors: | |||
• | Changes in lending policies and procedures, including underwriting standards and collections, and charge-off and recovery practices; | ||
• | Changes in national and local economic business conditions, including the market and economic condition of our clients' industry sectors; | ||
• | Changes in the nature of our loan portfolio; | ||
• | Changes in experience, ability, and depth of lending management and staff; | ||
• | Changes in the trend of the volume and severity of past due and classified loans; | ||
• | Changes in the trend of the volume of nonaccrual loans, troubled debt restructurings, and other loan modifications; | ||
• | Reserve floor for portfolio segments that would not draw a minimum reserve based on the lack of historical loan loss experience; | ||
• | Reserve for large funded loan exposure; and | ||
• | Other factors as determined by management from time to time. | ||
While the evaluation process of our allowance for loan losses uses historical and other objective information, the classification of loans and the establishment of the allowance for loan losses rely, to a great extent, on the judgment and experience of our management. | |||
Commitments and Contingencies, Policy | Reserve for Unfunded Credit Commitments | ||
We record a liability for probable and estimable losses associated with our unfunded credit commitments being funded and subsequently being charged off. Each quarter, every unfunded client credit commitment is allocated to a credit risk-rating in accordance with each client's credit risk rating. We use the historical loan loss factors described under our allowance for loan losses to calculate the loan loss experience if unfunded credit commitments are funded. Separately, we use historical trends to calculate a probability of an unfunded credit commitment being funded. We apply the loan funding probability factor to risk-factor adjusted unfunded credit commitments by credit risk-rating to derive the reserve for unfunded credit commitments, similar to funded loans. The reserve for unfunded credit commitments also includes certain qualitative allocations as deemed appropriate by our management. We include the reserve for unfunded credit commitments in other liabilities and the related provision in other expenses. | |||
Uncollectible Loans and Write-offs | Uncollectible Loans and Write-offs | ||
Our charge-off policy applies to all loans, regardless of portfolio segment. Loans are considered for full or partial charge-offs in the event that principal or interest is over 180 days past due or the loan lacks sufficient collateral and it is not in the process of collection. We also consider writing off loans in the event of any of the following circumstances: 1) the loan, or a portion of the loan is deemed uncollectible due to: a) the borrower's inability to make recurring payments, b) material changes in the borrower's assets, c) the expected sale of all or a portion of the borrower's business, or d) a combination of the foregoing; 2) the loan has been identified for charge-off by regulatory authorities; or 3) the debt is overdue greater than 90 days. | |||
Troubled Debt Restructurings (TDRs) | Troubled Debt Restructurings | ||
A TDR arises from the modification of a loan where we have granted a concession to the borrower related to the borrower's financial difficulties that we would not have otherwise considered for economic or legal reasons. These concessions may include: (1) deferral of payment for more than an insignificant period of time; (2) interest rate reductions; (3) extension of the maturity date with interest rate concessions; (4) principal forgiveness; and or (5) reduction of accrued interest. | |||
We use the factors in ASC 310-40, Receivables, Troubled Debt Restructurings by Creditors, to help determine when a borrower is experiencing financial difficulty, and when we have granted a concession, both of which must be present for a restructuring to meet the criteria of a TDR. If we determine that a TDR exists, we measure impairment based on the present value of expected future cash flows discounted at the loan's effective interest rate, except that as a practical expedient, we may also measure impairment based on a loan's observable market price, or the fair value of the collateral less selling costs if the loan is a collateral-dependent loan. | |||
Nonaccrual Loans and Impaired Loans | Nonaccrual Loans and Impaired Loans | ||
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 currently known information, that the timely collection of principal or interest is not probable. | |||
When a loan is placed on nonaccrual status, the accrued interest and fees are reversed against interest income and the loan is accounted for using the cost recovery method thereafter until qualifying for return to accrual status. Historically, loans that have been placed on nonaccrual status have remained as nonaccrual loans until the loan is either charged-off, or the principal balances have been paid off. For a loan to be returned to accrual status, all delinquent principal and interest must become current in accordance with the terms of the loan agreement and future collection of remaining principal and interest must be deemed probable. We apply a cost recovery method in which all cash received is applied to the loan principal until it has been collected. Under this approach, interest income is recognized after total cash flows received exceed the recorded investment at the date of initial impairment. | |||
A loan is considered impaired when, based upon currently known information, it is deemed probable that we will be unable to collect all amounts due according to the terms of the agreement. All of our nonaccrual loans are classified under the impaired category. On a quarterly basis, we review our loan portfolio for impairment. Within each class of loans, we review individual loans for impairment based on credit risk ratings. Loans that have credit risk ratings of 8 or 9 are considered impaired and are reviewed individually. | |||
For each loan identified as impaired, we measure the impairment based upon the present value of expected future cash flows discounted at the loan's effective interest rate. In limited circumstances, we may measure impairment based on the loan's observable market price or the fair value of the collateral less selling costs if the loan is collateral dependent. Impaired collateral dependent loans will have independent appraisals completed and accepted at least annually. The fair value of the collateral will be determined by the most recent appraisal, as adjusted to reflect a reasonable marketing period for the sale of the asset(s) and an estimate of reasonable selling expenses. | |||
If it is determined that the value of an impaired loan is less than the recorded investment in the loan, net of previous charge-offs and payments collected, we recognize impairment through the allowance for loan losses as determined by our analysis. | |||
Standby Letters of Credit | Standby Letters of Credit | ||
We recognize a liability at the inception of a standby letter of credit equivalent to the premium or the fee received for such guarantee. This fee is recognized in noninterest income over the commitment period using the straight-line method. | |||
Premises and Equipment | Premises and Equipment | ||
Premises and equipment are reported at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets or the terms of the related leases, whichever is shorter. The maximum estimated useful lives by asset classification are as follows: | |||
Leasehold improvements | Lesser of lease term or asset life | ||
Furniture and equipment | 3 years | ||
Computer software | 3-7 years | ||
Computer hardware | 3-5 years | ||
We capitalize the costs of computer software developed or obtained for internal use, including costs related to developed software, purchased software licenses and certain implementation costs. | |||
For property and equipment that is retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in noninterest expense in consolidated net income. | |||
Lease Obligations | Lease Obligations | ||
We lease all of our properties. At the inception of the lease, each property is evaluated to determine whether the lease will be accounted for as an operating or capital lease. For leases that contain rent escalations or landlord incentives, we record the total rent payable during the lease term, using the straight-line method over the term of the lease and record the difference between the minimum rents paid and the straight-line rent as lease obligations. We had no capitalized lease obligations at December 31, 2014 and 2013. | |||
Fair Value Measurements | Fair Value Measurements | ||
Our available-for-sale securities, derivative instruments and certain marketable, 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 consolidated financial statements. | |||
Fair Value Measurement-Definition and Hierarchy | |||
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, issuance date, coupon rate, maturity date and any applicable issuer call option features. Valuations are based on market spreads relative to similar term benchmark market interest rates, generally U.S. treasury securities. | |||
Agency-issued 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 derivative assets and liabilities: Fair value measurements of interest rate derivatives 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. | |||
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. Certain sales restriction 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 certain sales restrictions or other features that indicate a discount to fair value is warranted. As sale restrictions are lifted, discounts are adjusted downward to zero 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. | |||
Fee-based Services Revenue Recognition | Fee-based Services Revenue Recognition | ||
Letters of Credit and Standby Letters of Credit Fee Income | |||
Fees generated from letters of credit and standby letters of credit are deferred as a component of other liabilities and recognized in noninterest income over the commitment period using the straight-line method, based on the likelihood that the commitment being drawn down will be remote. | |||
Client Investment Fees | |||
Client investment fees include fees earned from Rule 12(b)-1 fees, revenue sharing and from customer transactional based fees. Rule 12(b)-1 fees and revenue sharing are recognized as earned based on client funds that are invested in the period. Transactional based fees are earned and recognized on fixed income securities when the transaction is executed on the clients' behalf. | |||
Foreign Exchange Fees | |||
Foreign exchange fees represent the income differential between purchases and sales of foreign currency on behalf of our clients and are recognized as earned. | |||
Lending Related Fees | |||
Unused commitment fees, minimum finance fees and unused line fees are recognized as earned on a monthly and quarterly basis. Fees that qualify for syndication treatment are recognized at the completion of the syndicated loan deal for which the fees were received. | |||
Other Fee Income | |||
Credit card fees and deposit service charge fee income are recognized as earned on a monthly basis. | |||
Other Service Revenue | |||
Other service revenue primarily includes revenue from valuation services. We recognize revenue when (i) persuasive evidence of an arrangement exists, (ii) we have performed the service, provided we have no other remaining obligations to the customer, (iii) the fee is fixed or determinable and, (iv) collectability is probable. | |||
Fund Management Fees and Carried Interest | |||
Fund management fees are comprised of fees charged directly to our managed funds of funds and direct venture funds. Fund management fees are based upon the contractual terms of the limited partnership agreements and are recognized as earned over the specified contract period, which is generally equal to the life of the individual fund. Fund management fees are recorded as a component of other noninterest income. | |||
Carried interest is comprised of preferential allocations of profits recognizable when the return on assets of our individual managed funds of funds and direct venture funds exceeds certain performance targets. Carried interest is recorded quarterly based on measuring fund performance to date versus the performance target and is recorded as a component of net income attributable to noncontrolling interests. | |||
Income Taxes | Income Taxes | ||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Our federal, state and foreign income tax provisions are based upon taxes payable for the current year, current year changes in deferred taxes related to temporary differences between the tax basis and financial statement balances of assets and liabilities, and a reserve for uncertain tax positions. Deferred tax assets and liabilities are included in the consolidated financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. We file a consolidated federal income tax return, and consolidated, combined, or separate state income tax returns as appropriate. Our foreign incorporated subsidiaries file tax returns in the applicable foreign jurisdictions. We record interest and penalties related to unrecognized tax benefits in other noninterest expense, a component of consolidated net income. | |||
Share-Based Compensation | Share-Based Compensation | ||
For all stock-based awards granted, stock-based compensation expense is amortized on a straight-line basis over the requisite service period, including consideration of vesting conditions and anticipated forfeitures. The fair value of stock options are measured using the Black-Scholes option-pricing model and the fair value for restricted stock awards and restricted stock units are based on the quoted price of our common stock on the date of grant. | |||
Earnings Per Share | Earnings Per Share | ||
Basic earnings per common share is computed using the weighted average number of common stock shares outstanding during the period. Diluted earnings per common share is computed using the weighted average number of common stock shares and potential common shares outstanding during the period. Potential common shares consist of stock options, ESPP shares and restricted stock units. Common stock equivalent shares are excluded from the computation if the effect is antidilutive. | |||
Derivative Financial Instruments | Derivative Financial Instruments | ||
All derivative instruments are recorded on the balance sheet at fair value. The accounting for changes in fair value of a derivative financial instrument depends on whether the derivative financial instrument is designated and qualifies as part of a hedging relationship and, if so, the nature of the hedging activity. Changes in fair value are recognized through earnings for derivatives that do not qualify for hedge accounting treatment, or that have not been designated in a hedging relationship. | |||
Fair Value Hedges | |||
For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the hedging instrument is recorded in the statement of income in the same line item as the hedged item and is intended to offset the loss or gain on the hedged item attributable to the hedged risk. Any difference that does arise would be the result of hedge ineffectiveness, and impacts earnings. | |||
Equity Warrant Assets | |||
In connection with negotiated credit facilities and certain other services, we may obtain equity warrant assets giving us the right to acquire stock in primarily private, venture-backed companies in the technology and life science & healthcare industries. We hold these assets for prospective investment gains. We do not use them to hedge any economic risks nor do we use other derivative instruments to hedge economic risks stemming from equity warrant assets. | |||
We account for equity warrant assets in certain private and public client companies as derivatives when they contain net settlement terms and other qualifying criteria under ASC 815, Derivatives and Hedging. In general, equity warrant assets entitle us to buy a specific number of shares of stock at a specific price within a specific time period. Certain equity warrant assets contain contingent provisions, which adjust the underlying number of shares or purchase price upon the occurrence of certain future events. Our warrant agreements typically contain net share settlement provisions, which permit us to receive at exercise a share count equal to the intrinsic value of the warrant divided by the share price (otherwise known as a “cashless” exercise). These equity warrant assets are recorded at fair value and are classified as derivative assets, a component of other assets, on our consolidated balance sheet at the time they are obtained. | |||
The grant date fair values of equity warrant assets received in connection with the issuance of a credit facility are deemed to be loan fees and recognized as an adjustment of loan yield through loan interest income. Similar to other loan fees, the yield adjustment related to grant date fair value of warrants is recognized over the life of that credit facility. | |||
Any changes in fair value from the grant date fair value of equity warrant assets will be recognized as increases or decreases to other assets on our balance sheet and as net gains or losses on derivative investments, in noninterest income, a component of consolidated net income. When a portfolio company completes an IPO on a publicly reported market or is acquired, we may exercise these equity warrant assets for shares or cash. | |||
In the event of an exercise for shares, the basis or value in the securities is reclassified from other assets to investment securities on the balance sheet on the latter of the exercise date or corporate action date. The shares in public companies are classified as available-for-sale securities (provided they do not have a significant restriction from sale). Changes in fair value of securities designated as available-for-sale, after applicable taxes, are reported in accumulated other comprehensive income, which is a separate component of SVBFG stockholders' equity. The shares in private companies are classified as non-marketable securities. We, typically, account for these securities at cost and only record adjustments to the value at the time of exit or liquidation though gains (losses) on investments securities, net, which is a component of noninterest income. | |||
The fair value of the equity warrant assets portfolio is a critical accounting estimate and is reviewed quarterly. We value our equity warrant assets using a modified Black-Scholes option pricing model, which incorporates the following significant inputs: | |||
• | An underlying asset value, which is estimated based on current information available, including any information regarding subsequent rounds of funding. | ||
• | Stated strike price, which can be adjusted for certain warrants upon the occurrence of subsequent funding rounds or other future events. | ||
• | Price volatility or the amount of uncertainty or risk about the magnitude of the changes in the warrant price. The volatility assumption is based on historical price volatility of publicly traded companies within indices similar in nature to the underlying client companies issuing the warrant. The actual volatility input is based on the mean and median volatility for an individual public company within an index for the past 16 quarters, from which an average volatility was derived. | ||
• | Actual data on cancellations and exercises of our warrants are utilized as the basis for determining the expected remaining life of the warrants in each financial reporting period. Warrants may be exercised in the event of acquisitions, mergers or IPOs, and cancelled due to events such as bankruptcies, restructuring activities or additional financings. These events cause the expected remaining life assumption to be shorter than the contractual term of the warrants. | ||
• | The risk-free interest rate is derived from the Treasury yield curve and is calculated based on a weighted average of the risk-free interest rates that correspond closest to the expected remaining life of the warrant. | ||
• | Other adjustments, including a marketability discount, are estimated based on management's judgment about the general industry environment. | ||
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, had no initial net investment and met other qualifying criteria under ASC 815, 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 gains on derivative instruments, net, in noninterest income, a component of consolidated net income. | |||
Foreign Exchange Forwards and Foreign Currency Option Contracts | |||
We enter into foreign exchange forward contracts and foreign currency option contracts with clients involved in international activities, either as the purchaser or seller, depending upon the clients' need. We also enter into an opposite-way forward or option contract with a correspondent bank to economically hedge client contracts to mitigate the fair value risk to us from fluctuations in currency rates. Settlement, credit, and operational risks remain. We also enter into forward contracts with correspondent banks to economically hedge currency exposure risk related to certain foreign currency denominated loans. These contracts are not designated as hedging instruments and are recorded at fair value in our consolidated balance sheets. 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. Changes in the fair value of these contracts are recognized in consolidated net income under gains (losses) on derivative instruments, net, a component of noninterest income. Period-end gross positive fair values are recorded in other assets and gross negative fair values are recorded in other liabilities. | |||
Interest Rate Contracts | |||
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. | |||
New Accounting Pronouncements, Policy | Recent 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 is effective for us for interim and annual reporting periods beginning after December 15, 2014. Any transition adjustment would be reflected as an adjustment to retained earnings in the earliest period presented (retrospective application). The ASU will be applicable to our portfolio of low income housing tax credit ("LIHTC") partnership interests. The new standard widens the scope of investments eligible to elect to apply a new alternative method, the proportional amortization method, under which the cost of the investment is amortized to tax expense in proportion to the amount of tax credits and other tax benefits received. We anticipate that our entire LIHTC portfolio will qualify to elect the proportional amortization method under the ASU. These investments are currently accounted for under the cost and equity methods, which results in losses (due to the amortization of the investment) being recognized in other noninterest expense and tax credits and benefits being recognized in income tax expense. In contrast, the proportional amortization method combines the amortization of the investment and receipt of the tax credits/benefits into one line, income tax expense. The adoption of this ASU is estimated to reduce retained earnings by approximately $5.0 million, primarily related to a reduction in deferred tax assets. On a prospective basis, the Company’s operating expenses will be lower by approximately $10.0 million, annually based on current LIHTC investments, as the amortization expense of the investments will be reclassed and netted within the tax expense line. | |||
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 | Reclassifications | ||
Certain prior period amounts have been reclassified to conform to the current period presentations. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Summary of Ownership Interests in Investments Held Under Fair Value Accounting | A summary of our ownership interests in the investments held under fair value accounting as of December 31, 2014 is presented in the following table: | |||
Limited partnership | Company Direct and Indirect Ownership in Limited Partnership | |||
Managed funds of funds | ||||
SVB Strategic Investors Fund, LP | 12.6 | % | ||
SVB Strategic Investors Fund II, LP | 8.6 | |||
SVB Strategic Investors Fund III, LP | 5.9 | |||
SVB Strategic Investors Fund IV, LP | 5 | |||
Strategic Investors Fund V Funds | Various | |||
SVB Capital Preferred Return Fund, LP | 20 | |||
SVB Capital—NT Growth Partners, LP | 33 | |||
Other private equity fund | 58.2 | |||
Managed direct venture funds | ||||
Silicon Valley BancVentures, LP | 10.7 | |||
SVB Capital Partners II, LP | 5.1 | |||
SVB Capital Shanghai Yangpu Venture Capital Fund | 6.8 | |||
Maximum Estimated Useful Lives by Asset Classification | The maximum estimated useful lives by asset classification are as follows: | |||
Leasehold improvements | Lesser of lease term or asset life | |||
Furniture and equipment | 3 years | |||
Computer software | 3-7 years | |||
Computer hardware | 3-5 years |
Stockholders_Equity_and_EPS_Ta
Stockholders' Equity and EPS (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Equity and Earnings Per Share [Abstract] | |||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income | ||||||||||||||
The following table summarizes the items reclassified out of accumulated other comprehensive income (loss) into the Consolidated Statements of Income for 2014, 2013, and 2012: | |||||||||||||||
Year ended December 31, | |||||||||||||||
(Dollars in thousands) | Income Statement Location | 2014 | 2013 | 2012 | |||||||||||
Reclassification adjustment for losses (gains) included in net income | Gains on investment securities, net | $ | 18,598 | $ | (538 | ) | $ | (4,241 | ) | ||||||
Related tax (benefit) expense | Income tax expense | (7,510 | ) | 218 | 1,661 | ||||||||||
Total reclassification adjustment for losses (gains) included in net income, net of tax | $ | 11,088 | $ | (320 | ) | $ | (2,580 | ) | |||||||
Reconciliation of Basic EPS to Diluted EPS | The following is a reconciliation of basic EPS to diluted EPS for 2014, 2013 and 2012: | ||||||||||||||
Year ended December 31, | |||||||||||||||
(Dollars and shares in thousands, except per share amounts) | 2014 | 2013 | 2012 | ||||||||||||
Numerator: | |||||||||||||||
Net income available to common stockholders | $ | 263,925 | $ | 215,853 | $ | 175,103 | |||||||||
Denominator: | |||||||||||||||
Weighted average common shares outstanding-basic | 48,931 | 45,309 | 44,242 | ||||||||||||
Weighted average effect of dilutive securities: | |||||||||||||||
Stock options and ESPP | 485 | 431 | 370 | ||||||||||||
Restricted stock units | 246 | 204 | 152 | ||||||||||||
Denominator for diluted calculation | 49,662 | 45,944 | 44,764 | ||||||||||||
Earnings per common share: | |||||||||||||||
Basic | $ | 5.39 | $ | 4.76 | $ | 3.96 | |||||||||
Diluted | $ | 5.31 | $ | 4.7 | $ | 3.91 | |||||||||
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 2014, 2013 and 2012: | ||||||||||||||
Year ended December 31, | |||||||||||||||
(Shares in thousands) | 2014 | 2013 | 2012 | ||||||||||||
Stock options | 161 | 261 | 695 | ||||||||||||
Restricted stock units | — | 105 | — | ||||||||||||
Total | 161 | 366 | 695 | ||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Share Based Compensation and Related Benefits | In 2014, 2013 and 2012, we recorded share-based compensation and related benefits as follows: | ||||||||||||||||
Year ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Share-based compensation expense | $ | 29,545 | $ | 25,413 | $ | 21,861 | |||||||||||
Income tax benefit related to share-based compensation expense | (9,923 | ) | (7,989 | ) | (6,011 | ) | |||||||||||
Capitalized compensation costs | 2,048 | 2,809 | 2,647 | ||||||||||||||
Unrecognized Share Based Compensation Expense | As of December 31, 2014, unrecognized share-based compensation expense was as follows: | ||||||||||||||||
(Dollars in thousands) | Unrecognized | Average Expected Recognition Period - in Years | |||||||||||||||
Expense | |||||||||||||||||
Stock options | $ | 14,341 | 2.51 | ||||||||||||||
Restricted stock units | 30,706 | 2.42 | |||||||||||||||
Total unrecognized share-based compensation expense | $ | 45,047 | |||||||||||||||
Weighted Average Assumptions and Fair Values Used for Employee Stock Options and Restricted Stock Units | The following weighted average assumptions and fair values were used for our employee stock options and restricted stock units: | ||||||||||||||||
Equity incentive plan awards | 2014 | 2013 | 2012 | ||||||||||||||
Weighted average expected term of options in years | 4.6 | 4.7 | 4.6 | ||||||||||||||
Weighted average expected volatility of the Company's underlying common stock | 35.9 | % | 44.6 | % | 50.4 | % | |||||||||||
Risk-free interest rate | 1.72 | 0.7 | 0.83 | ||||||||||||||
Expected dividend yield | — | — | — | ||||||||||||||
Weighted average grant date fair value-stock options | $ | 35.65 | $ | 27.28 | $ | 27 | |||||||||||
Weighted average grant date fair value-restricted stock units | 107.76 | 71.57 | 63.07 | ||||||||||||||
Weighted Average Assumptions and Fair Values Used for ESPP | The following weighted average assumptions and fair values were used for our ESPP: | ||||||||||||||||
ESPP | 2014 | 2013 | 2012 | ||||||||||||||
Expected term in years | 0.5 | 0.5 | 0.5 | ||||||||||||||
Weighted average expected volatility of the Company's underlying common stock | 23.7 | % | 22.3 | % | 43.5 | % | |||||||||||
Risk-free interest rate | 0.08 | 0.11 | 0.11 | ||||||||||||||
Expected dividend yield | — | — | — | ||||||||||||||
Weighted average fair value | $ | 24 | $ | 15.35 | $ | 14.43 | |||||||||||
Stock Option Information Related to Equity Incentive Plan | The table below provides stock option information related to the 2006 Equity Incentive Plan for the year ended December 31, 2014: | ||||||||||||||||
Options | Weighted | Weighted Average Remaining Contractual Life in Years | Aggregate Intrinsic Value of | ||||||||||||||
Average | In-The-Money Options | ||||||||||||||||
Exercise Price | |||||||||||||||||
Outstanding at December 31, 2013 | 1,514,159 | $ | 55.27 | ||||||||||||||
Granted | 249,303 | 108.05 | |||||||||||||||
Exercised | (330,898 | ) | 47.7 | ||||||||||||||
Forfeited | (37,676 | ) | 72.45 | ||||||||||||||
Outstanding at December 31, 2014 | 1,394,888 | 66.03 | 4.09 | $ | 69,834,175 | ||||||||||||
Vested and expected to vest at December 31, 2014 | 1,352,289 | 65.35 | 4.04 | 68,622,901 | |||||||||||||
Exercisable at December 31, 2014 | 687,696 | 50.6 | 2.89 | 45,022,407 | |||||||||||||
Stock Options Outstanding | The following table summarizes information regarding stock options outstanding as of December 31, 2014: | ||||||||||||||||
Outstanding Options | Exercisable Options | ||||||||||||||||
Range of Exercise Prices | Shares | Weighted Average Remaining Contractual Life in Years | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | ||||||||||||
$19.48-45.15 | 139,582 | 1.55 | $ | 23.86 | 137,576 | $ | 23.63 | ||||||||||
45.16-49.01 | 101,374 | 1.64 | 46.98 | 99,564 | 46.98 | ||||||||||||
49.02-60.14 | 162,117 | 2.66 | 50.89 | 145,697 | 50.24 | ||||||||||||
60.15-60.51 | 191,999 | 3.32 | 60.37 | 127,497 | 60.37 | ||||||||||||
60.52-64.40 | 269,220 | 4.33 | 64.31 | 114,437 | 64.3 | ||||||||||||
64.41-67.77 | 2,842 | 4.25 | 64.43 | 884 | 64.43 | ||||||||||||
67.78-73.76 | 274,906 | 5.33 | 71.11 | 60,161 | 71.11 | ||||||||||||
73.77-107.93 | 31,639 | 6.31 | 99.24 | 1,880 | 85.15 | ||||||||||||
107.94-122.55 | 221,209 | 6.36 | 108.43 | — | — | ||||||||||||
1,394,888 | 4.09 | 66.03 | 687,696 | 50.6 | |||||||||||||
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 year ended December 31, 2014: | ||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||
Nonvested at December 31, 2013 | 682,347 | $ | 65.93 | ||||||||||||||
Granted | 201,464 | 107.76 | |||||||||||||||
Vested | (233,759 | ) | 63.89 | ||||||||||||||
Forfeited | (35,386 | ) | 74.39 | ||||||||||||||
Nonvested at December 31, 2014 | 614,666 | 79.92 | |||||||||||||||
Summary of Information Regarding Stock Option and Restricted Stock Activity | The following table summarizes information regarding stock option and restricted stock activity during 2014, 2013 and 2012: | ||||||||||||||||
Year ended December 31, | |||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||
Total intrinsic value of stock options exercised | $ | 21,288 | $ | 25,520 | $ | 17,419 | |||||||||||
Total grant date fair value of stock options vested | 20,291 | 18,168 | 17,169 | ||||||||||||||
Total intrinsic value of restricted stock vested | 25,453 | 14,176 | 12,747 | ||||||||||||||
Total grant date fair value of restricted stock vested | 14,935 | 10,940 | 10,176 | ||||||||||||||
Reserves_on_Deposit_with_the_F1
Reserves on Deposit with the Federal Reserve Bank and Federal Bank Stock (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Reserves on Deposit with the Federal Reserve Bank and Federal Bank Stock [Abstract] | |||||||||
Average Required Reserve Balances | The tables below provide information on the required reserve balances at the Federal Reserve, as well as shares held at the FHLB and FRB for the years ended and as of December 31, 2014 and 2013: | ||||||||
Year ended December 31, | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Average required reserve balances at FRB San Francisco | $ | 168,387 | $ | 131,374 | |||||
Shares Held at Federal Reserve Bank and Federal Home Loan Bank | |||||||||
December 31, | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
FHLB stock holdings | $ | 25,000 | $ | 25,000 | |||||
FRB stock holdings | 28,496 | 15,632 | |||||||
Cash_and_Cash_Equivalents_Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Cash and Cash Equivalents [Abstract] | |||||||||
Cash and Cash Equivalents | The following table details our cash and cash equivalents at December 31, 2014 and December 31, 2013: | ||||||||
(Dollars in thousands) | 31-Dec-14 | 31-Dec-13 | |||||||
Cash and due from banks (1) | $ | 1,694,329 | $ | 1,349,688 | |||||
Securities purchased under agreements to resell (2) | 95,611 | 172,989 | |||||||
Other short-term investment securities | 6,122 | 16,102 | |||||||
Total cash and cash equivalents | $ | 1,796,062 | $ | 1,538,779 | |||||
-1 | At December 31, 2014 and 2013, $861 million and $715 million, respectively, of our cash and due from banks was deposited at the FRB and was earning interest at the Federal Funds target rate, and interest-earning deposits in other financial institutions were $440 million and $300 million, respectively. | ||||||||
-2 | At December 31, 2014 and 2013, securities purchased under agreements to resell were collateralized by U.S. Treasury securities and U.S. agency securities with aggregate fair values of $98 million and $176 million, respectively. None of these securities were sold or repledged as of December 31, 2014 and 2013. | ||||||||
Securities Purchased Under Agreements to Resell | Additional information regarding our securities purchased under agreements to resell for 2014 and 2013 is as follows: | ||||||||
Year Ended December 31, | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Average securities purchased under agreements to resell | $ | 108,910 | $ | 96,309 | |||||
Maximum amount outstanding at any month-end during the year | 283,215 | 338,687 | |||||||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 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 December 31, 2014 and December 31, 2013 are as follows: | |||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Unrealized | Unrealized | Carrying | ||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||||||
Available-for-sale securities, at fair value: | ||||||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | 7,289,135 | $ | 17,524 | $ | (4,386 | ) | $ | 7,302,273 | |||||||||||||||||||||||||||
U.S. agency debentures | 3,540,055 | 30,478 | (8,977 | ) | 3,561,556 | |||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 1,884,450 | 14,851 | (14,458 | ) | 1,884,843 | |||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—variable rate | 779,103 | 5,372 | — | 784,475 | ||||||||||||||||||||||||||||||||
Equity securities | 5,202 | 2,628 | (322 | ) | 7,508 | |||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 13,497,945 | $ | 70,853 | $ | (28,143 | ) | $ | 13,540,655 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||||||||||||||||||||||||
SVB Strategic Investors Fund, LP | $ | 24,645 | 12.6 | % | $ | 29,104 | 12.6 | % | ||||||||||||||||||||||||||||
SVB Strategic Investors Fund II, LP | 97,250 | 8.6 | 96,185 | 8.6 | ||||||||||||||||||||||||||||||||
SVB Strategic Investors Fund III, LP | 269,821 | 5.9 | 260,272 | 5.9 | ||||||||||||||||||||||||||||||||
SVB Strategic Investors Fund IV, LP | 291,291 | 5 | 226,729 | 5 | ||||||||||||||||||||||||||||||||
Strategic Investors Fund V Funds | 226,111 | Various | 118,181 | Various | ||||||||||||||||||||||||||||||||
Strategic Investors Fund VI Funds | 89,605 | — | 7,944 | 0.2 | ||||||||||||||||||||||||||||||||
SVB Capital Preferred Return Fund, LP | 62,110 | 20 | 59,028 | 20 | ||||||||||||||||||||||||||||||||
SVB Capital—NT Growth Partners, LP | 61,973 | 33 | 61,126 | 33 | ||||||||||||||||||||||||||||||||
SVB Capital Partners II, LP (i) | 302 | 5.1 | 708 | 5.1 | ||||||||||||||||||||||||||||||||
Other private equity fund (ii) | 7,774 | 58.2 | 3,695 | 58.2 | ||||||||||||||||||||||||||||||||
Total venture capital and private equity fund investments | $ | 1,130,882 | $ | 862,972 | ||||||||||||||||||||||||||||||||
(i) | At December 31, 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 December 31, 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 December 31, 2014 and December 31, 2013 (fair value accounting): | |||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||||||||||||||||||||||||
Silicon Valley BancVentures, LP | $ | 3,291 | 10.7 | % | $ | 6,564 | 10.7 | % | ||||||||||||||||||||||||||||
SVB Capital Partners II, LP (i) | 20,481 | 5.1 | 22,684 | 5.1 | ||||||||||||||||||||||||||||||||
Capital Partners III, LP | 41,055 | — | — | — | ||||||||||||||||||||||||||||||||
SVB Capital Shanghai Yangpu Venture Capital Fund | 6,377 | 6.8 | 3,591 | 6.8 | ||||||||||||||||||||||||||||||||
Total other venture capital investments | $ | 71,204 | $ | 32,839 | ||||||||||||||||||||||||||||||||
(i) | At December 31, 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 December 31, 2014, the amount primarily includes total unrealized gains of $75 million in 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 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 December 31, 2014 and December 31, 2013 (equity method accounting): | |||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||||||||||||||||||||||||
Gold Hill Capital 2008, LP (i) | $ | 21,294 | 15.5 | % | $ | 21,867 | 15.5 | % | ||||||||||||||||||||||||||||
China Joint Venture investment | 79,569 | 50 | 79,940 | 50 | ||||||||||||||||||||||||||||||||
Other investments | 41,811 | Various | 41,076 | Various | ||||||||||||||||||||||||||||||||
Total other investments (equity method accounting) | $ | 142,674 | $ | 142,883 | ||||||||||||||||||||||||||||||||
(i) | At December 31, 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 December 31, 2014 and December 31, 2013, respectively, where our ownership interest is 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 $141 million, and $234 million | |||||||||||||||||||||||||||||||||||
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, or 12 months or longer as of December 31, 2014: | |||||||||||||||||||||||||||||||||||
31-Dec-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 | $ | 2,297,895 | $ | (4,386 | ) | $ | — | $ | — | $ | 2,297,895 | $ | (4,386 | ) | ||||||||||||||||||||||
U.S. agency debentures | 249,266 | (489 | ) | 507,385 | (8,488 | ) | 756,651 | (8,977 | ) | |||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 662,092 | (3,104 | ) | 453,801 | (11,354 | ) | 1,115,893 | (14,458 | ) | |||||||||||||||||||||||||||
Equity securities | 568 | (322 | ) | — | — | 568 | (322 | ) | ||||||||||||||||||||||||||||
Total temporarily impaired securities (1) | $ | 3,209,821 | $ | (8,301 | ) | $ | 961,186 | $ | (19,842 | ) | $ | 4,171,007 | $ | (28,143 | ) | |||||||||||||||||||||
-1 | As of December 31, 2014, we identified a total of 115 investments that were in unrealized loss positions, of which 33 investments totaling $961.2 million with unrealized losses of $19.8 million have been in an impaired position for a period of time greater than 12 months. As of December 31, 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 December 31, 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, or 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 | |||||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||||||||||
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 securities classified as available-for-sale as of December 31, 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. | |||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||
Total | One Year | After One | After Five | After | ||||||||||||||||||||||||||||||||
or Less | Year to | Years to | Ten Years | |||||||||||||||||||||||||||||||||
Five 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 | $ | 7,302,273 | 1.08 | % | $ | 200,098 | 0.2 | % | $ | 6,406,273 | 1.02 | % | $ | 695,902 | 1.99 | % | $ | — | — | % | ||||||||||||||||
U.S. agency debentures | 3,561,556 | 1.64 | 869,463 | 1.78 | 2,276,819 | 1.46 | 415,274 | 2.36 | — | — | ||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - fixed rate | 1,884,843 | 2 | — | — | — | — | 527,216 | 2.57 | 1,357,627 | 1.79 | ||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - variable rate | 784,475 | 0.71 | — | — | — | — | — | — | 784,475 | 0.71 | ||||||||||||||||||||||||||
Total | $ | 13,533,147 | 1.34 | $ | 1,069,561 | 1.48 | $ | 8,683,092 | 1.13 | $ | 1,638,392 | 2.27 | $ | 2,142,102 | 1.39 | |||||||||||||||||||||
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 December 31, 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 35.0 percent. 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. | ||||||||||||||||||||||||||||||||||||
31-Dec-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 | $ | 405,899 | 2.87 | % | $ | — | — | % | $ | — | — | % | $ | 405,899 | 2.87 | % | $ | — | — | % | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 2,799,923 | 2.42 | — | — | 43,809 | 2.39 | 853,331 | 2.21 | 1,902,783 | 2.51 | ||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - fixed rate | 3,185,109 | 1.68 | — | — | — | — | — | — | 3,185,109 | 1.68 | ||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - variable rate | 131,580 | 0.65 | — | — | — | — | — | — | 131,580 | 0.65 | ||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | 814,589 | 2.15 | — | — | — | — | — | — | 814,589 | 2.15 | ||||||||||||||||||||||||||
Municipal bonds and notes | 83,942 | 6 | 3,442 | 5.37 | 30,985 | 5.86 | 39,904 | 6.1 | 9,611 | 6.27 | ||||||||||||||||||||||||||
Total | $ | 7,421,042 | 2.1 | $ | 3,442 | 5.37 | $ | 74,794 | 3.83 | $ | 1,299,134 | 2.54 | $ | 6,043,672 | 1.99 | |||||||||||||||||||||
Held-to-maturity Securities | The major components of our held-to-maturity investment securities portfolio at December 31, 2014 are as follows: | |||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||||
Cost | Gains | Losses | ||||||||||||||||||||||||||||||||||
Held-to-maturity securities, at cost: | ||||||||||||||||||||||||||||||||||||
U.S. agency debentures (1) | $ | 405,899 | $ | 4,589 | $ | (38 | ) | $ | 410,450 | |||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 2,799,923 | 5,789 | (2,320 | ) | 2,803,392 | |||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations— | 3,185,109 | 4,521 | (14,885 | ) | 3,174,745 | |||||||||||||||||||||||||||||||
fixed rate | ||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations— | 131,580 | 371 | — | 131,951 | ||||||||||||||||||||||||||||||||
variable rate | ||||||||||||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | 814,589 | 1,026 | (3,800 | ) | 811,815 | |||||||||||||||||||||||||||||||
Municipal bonds and notes | 83,942 | 18 | (657 | ) | 83,303 | |||||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | 7,421,042 | $ | 16,314 | $ | (21,700 | ) | $ | 7,415,656 | |||||||||||||||||||||||||||
-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 December 31, 2014: | ||||||||||||||||||||||||||||||||||||
31-Dec-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 | $ | 48,335 | $ | (38 | ) | $ | — | $ | — | $ | 48,335 | $ | (38 | ) | ||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||
Agency-issued mortgage-backed securities | 999,230 | (2,320 | ) | — | — | 999,230 | (2,320 | ) | ||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations—fixed rate | 1,682,348 | (9,705 | ) | 783,558 | (5,180 | ) | 2,465,906 | (14,885 | ) | |||||||||||||||||||||||||||
Agency-issued commercial mortgage-backed securities | 629,840 | (3,800 | ) | — | — | 629,840 | (3,800 | ) | ||||||||||||||||||||||||||||
Municipal bonds and notes | 79,141 | (657 | ) | — | — | 79,141 | (657 | ) | ||||||||||||||||||||||||||||
Total temporarily impaired securities (2): | $ | 3,438,894 | $ | (16,520 | ) | $ | 783,558 | $ | (5,180 | ) | $ | 4,222,452 | $ | (21,700 | ) | |||||||||||||||||||||
-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 December 31, 2014, we identified a total of 292 investments that were in unrealized loss positions, of which 26 investments totaling $783.6 million with unrealized losses of $5.2 million have been in an impaired position for a period of time greater than 12 months. As of December 31, 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 December 31, 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 December 31, 2014 and December 31, 2013 are as follows: | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||
Non-marketable and other securities: | ||||||||||||||||||||||||||||||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments (1) | $ | 1,130,882 | $ | 862,972 | ||||||||||||||||||||||||||||||||
Other venture capital investments (2) | 71,204 | 32,839 | ||||||||||||||||||||||||||||||||||
Other securities (fair value accounting) (3) | 108,251 | 321,374 | ||||||||||||||||||||||||||||||||||
Non-marketable securities (equity method accounting): | ||||||||||||||||||||||||||||||||||||
Other investments (4) | 142,674 | 142,883 | ||||||||||||||||||||||||||||||||||
Low income housing tax credit funds | 118,650 | 72,241 | ||||||||||||||||||||||||||||||||||
Non-marketable securities (cost method accounting): | ||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments (5) | 140,551 | 148,994 | ||||||||||||||||||||||||||||||||||
Other investments | 16,676 | 14,191 | ||||||||||||||||||||||||||||||||||
Total non-marketable and other securities | $ | 1,728,888 | $ | 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 December 31, 2014 and December 31, 2013 (fair value accounting): | |||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||||||||||||||||||||||||
SVB Strategic Investors Fund, LP | $ | 24,645 | 12.6 | % | $ | 29,104 | 12.6 | % | ||||||||||||||||||||||||||||
SVB Strategic Investors Fund II, LP | 97,250 | 8.6 | 96,185 | 8.6 | ||||||||||||||||||||||||||||||||
SVB Strategic Investors Fund III, LP | 269,821 | 5.9 | 260,272 | 5.9 | ||||||||||||||||||||||||||||||||
SVB Strategic Investors Fund IV, LP | 291,291 | 5 | 226,729 | 5 | ||||||||||||||||||||||||||||||||
Strategic Investors Fund V Funds | 226,111 | Various | 118,181 | Various | ||||||||||||||||||||||||||||||||
Strategic Investors Fund VI Funds | 89,605 | — | 7,944 | 0.2 | ||||||||||||||||||||||||||||||||
SVB Capital Preferred Return Fund, LP | 62,110 | 20 | 59,028 | 20 | ||||||||||||||||||||||||||||||||
SVB Capital—NT Growth Partners, LP | 61,973 | 33 | 61,126 | 33 | ||||||||||||||||||||||||||||||||
SVB Capital Partners II, LP (i) | 302 | 5.1 | 708 | 5.1 | ||||||||||||||||||||||||||||||||
Other private equity fund (ii) | 7,774 | 58.2 | 3,695 | 58.2 | ||||||||||||||||||||||||||||||||
Total venture capital and private equity fund investments | $ | 1,130,882 | $ | 862,972 | ||||||||||||||||||||||||||||||||
(i) | At December 31, 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 December 31, 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 December 31, 2014 and December 31, 2013 (fair value accounting): | |||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||||||||||||||||||||||||
Silicon Valley BancVentures, LP | $ | 3,291 | 10.7 | % | $ | 6,564 | 10.7 | % | ||||||||||||||||||||||||||||
SVB Capital Partners II, LP (i) | 20,481 | 5.1 | 22,684 | 5.1 | ||||||||||||||||||||||||||||||||
Capital Partners III, LP | 41,055 | — | — | — | ||||||||||||||||||||||||||||||||
SVB Capital Shanghai Yangpu Venture Capital Fund | 6,377 | 6.8 | 3,591 | 6.8 | ||||||||||||||||||||||||||||||||
Total other venture capital investments | $ | 71,204 | $ | 32,839 | ||||||||||||||||||||||||||||||||
(i) | At December 31, 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 December 31, 2014, the amount primarily includes total unrealized gains of $75 million in 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 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 December 31, 2014 and December 31, 2013 (equity method accounting): | |||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ownership % | Amount | Ownership % | ||||||||||||||||||||||||||||||||
Gold Hill Capital 2008, LP (i) | $ | 21,294 | 15.5 | % | $ | 21,867 | 15.5 | % | ||||||||||||||||||||||||||||
China Joint Venture investment | 79,569 | 50 | 79,940 | 50 | ||||||||||||||||||||||||||||||||
Other investments | 41,811 | Various | 41,076 | Various | ||||||||||||||||||||||||||||||||
Total other investments (equity method accounting) | $ | 142,674 | $ | 142,883 | ||||||||||||||||||||||||||||||||
(i) | At December 31, 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 December 31, 2014 and December 31, 2013, respectively, where our ownership interest is 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 $141 million, and $234 million, respectively, as of December 31, 2014. The carrying value, and estimated fair value, of the 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 in 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Gross gains on investment securities: | ||||||||||||||||||||||||||||||||||||
Available-for-sale securities, at fair value (1) | $ | 658 | $ | 3,887 | $ | 6,380 | ||||||||||||||||||||||||||||||
Marketable securities (fair value accounting) | — | — | 8,863 | |||||||||||||||||||||||||||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | 349,747 | 186,404 | 107,507 | |||||||||||||||||||||||||||||||||
Other venture capital investments | 17,309 | 9,241 | 58,409 | |||||||||||||||||||||||||||||||||
Other investments | — | — | 21 | |||||||||||||||||||||||||||||||||
Other securities (fair value accounting) | 151,007 | 227,252 | — | |||||||||||||||||||||||||||||||||
Non-marketable securities (equity method accounting): | ||||||||||||||||||||||||||||||||||||
Other investments | 10,937 | 18,235 | 16,923 | |||||||||||||||||||||||||||||||||
Non-marketable securities (cost method accounting): | ||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | 16,001 | 10,081 | 3,503 | |||||||||||||||||||||||||||||||||
Other investments | 5,794 | 431 | 1,715 | |||||||||||||||||||||||||||||||||
Total gross gains on investment securities | 551,453 | 455,531 | 203,321 | |||||||||||||||||||||||||||||||||
Gross losses on investment securities: | ||||||||||||||||||||||||||||||||||||
Available-for-sale securities, at fair value (1) | (19,255 | ) | (3,349 | ) | (2,139 | ) | ||||||||||||||||||||||||||||||
Marketable securities (fair value accounting) | — | — | (1,675 | ) | ||||||||||||||||||||||||||||||||
Non-marketable securities (fair value accounting): | ||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | (86,263 | ) | (17,185 | ) | (63,146 | ) | ||||||||||||||||||||||||||||||
Other venture capital investments | (4,516 | ) | (3,496 | ) | (11,062 | ) | ||||||||||||||||||||||||||||||
Other securities (fair value accounting) | (170,890 | ) | (2,962 | ) | — | |||||||||||||||||||||||||||||||
Non-marketable securities (equity method accounting): | ||||||||||||||||||||||||||||||||||||
Other investments | (2,320 | ) | (3,111 | ) | (1,987 | ) | ||||||||||||||||||||||||||||||
Non-marketable securities (cost method accounting): | ||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments (2) | (827 | ) | (1,700 | ) | (1,079 | ) | ||||||||||||||||||||||||||||||
Other investments (3) | (359 | ) | (4,320 | ) | (119 | ) | ||||||||||||||||||||||||||||||
Total gross losses on investment securities | (284,430 | ) | (36,123 | ) | (81,207 | ) | ||||||||||||||||||||||||||||||
Gains on investment securities, net | $ | 267,023 | $ | 419,408 | $ | 122,114 | ||||||||||||||||||||||||||||||
-1 | Includes realized gains (losses) on sales of available-for-sale securities that are recognized in the income statement. Unrealized gains (losses) on available-for-sale securities are recognized in other comprehensive income. The cost basis of available-for-sale securities sold is determined on a specific identification basis. | |||||||||||||||||||||||||||||||||||
-2 | Includes OTTI of $0.8 million from the declines in value for 27 of the 281 investments, $1.4 million from the declines in value for 43 of the 288 investments, and $1.0 million from the declines in value for 46 of the 324 investments held at December 31, 2014, 2013, and 2012, respectively. We concluded that any declines in value for the remaining investments were temporary, and as such, no OTTI was required to be recognized. | |||||||||||||||||||||||||||||||||||
-3 | No OTTI was recognized for the year ended December 31, 2014. We concluded that any declines in value for the investments were temporary, and as such, no OTTI was required to be recognized. There was $3.9 million of OTTI recognized for the year ended December 31, 2013 on a single direct equity investment and there was no recognized OTTI for the year ended December 31, 2012. |
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | The composition of loans, net of unearned income of $104 million and $89 million at December 31, 2014 and 2013, respectively, is presented in the following table: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 4,954,676 | $ | 4,102,636 | |||||||||||||||||||||||||||||
Hardware | 1,131,006 | 1,213,032 | |||||||||||||||||||||||||||||||
Private equity/venture capital | 4,582,906 | 2,386,054 | |||||||||||||||||||||||||||||||
Life science & healthcare | 1,289,904 | 1,170,220 | |||||||||||||||||||||||||||||||
Premium wine | 187,568 | 149,841 | |||||||||||||||||||||||||||||||
Other | 234,551 | 288,904 | |||||||||||||||||||||||||||||||
Total commercial loans | 12,380,611 | 9,310,687 | |||||||||||||||||||||||||||||||
Real estate secured loans: | |||||||||||||||||||||||||||||||||
Premium wine (1) | 606,753 | 514,993 | |||||||||||||||||||||||||||||||
Consumer loans (2) | 1,118,115 | 873,255 | |||||||||||||||||||||||||||||||
Other | 39,651 | 30,743 | |||||||||||||||||||||||||||||||
Total real estate secured loans | 1,764,519 | 1,418,991 | |||||||||||||||||||||||||||||||
Construction loans | 78,626 | 76,997 | |||||||||||||||||||||||||||||||
Consumer loans | 160,520 | 99,711 | |||||||||||||||||||||||||||||||
Total loans, net of unearned income (3) | $ | 14,384,276 | $ | 10,906,386 | |||||||||||||||||||||||||||||
-1 | Included in our premium wine portfolio are gross construction loans of $112 million at both December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
-2 | Consumer loans secured by real estate at December 31, 2014 and 2013 were comprised of the following: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Loans for personal residence | $ | 918,629 | $ | 685,327 | |||||||||||||||||||||||||||||
Loans to eligible employees | 133,568 | 121,548 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 65,918 | 66,380 | |||||||||||||||||||||||||||||||
Consumer loans secured by real estate | $ | 1,118,115 | $ | 873,255 | |||||||||||||||||||||||||||||
-3 | Included within our total loan portfolio are credit card loans of $131 million and $85 million at December 31, 2014 and 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 $104 million and $89 million at December 31, 2014 and December 31, 2013, respectively, broken out by portfolio segment and class of financing receivable, is as follows: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 4,954,676 | $ | 4,102,636 | |||||||||||||||||||||||||||||
Hardware | 1,131,006 | 1,213,032 | |||||||||||||||||||||||||||||||
Private equity/venture capital | 4,582,906 | 2,386,054 | |||||||||||||||||||||||||||||||
Life science & healthcare | 1,289,904 | 1,170,220 | |||||||||||||||||||||||||||||||
Premium wine | 794,321 | 664,834 | |||||||||||||||||||||||||||||||
Other | 352,828 | 396,644 | |||||||||||||||||||||||||||||||
Total commercial loans | 13,105,641 | 9,933,420 | |||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||
Real estate secured loans | 1,118,115 | 873,255 | |||||||||||||||||||||||||||||||
Other consumer loans | 160,520 | 99,711 | |||||||||||||||||||||||||||||||
Total consumer loans | 1,278,635 | 972,966 | |||||||||||||||||||||||||||||||
Total loans, net of unearned income | $ | 14,384,276 | $ | 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 December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30 - 59 | 60 - 89 | Greater Than 90 Days | Total Past | Current | Loans Past Due 90 Days or More Still Accruing Interest | |||||||||||||||||||||||||||
Days Past | Days Past | Past Due | Due | ||||||||||||||||||||||||||||||
Due | Due | ||||||||||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 10,989 | $ | 1,627 | $ | 52 | $ | 12,668 | $ | 4,950,291 | $ | 52 | |||||||||||||||||||||
Hardware | 13,424 | 126 | — | 13,550 | 1,124,423 | — | |||||||||||||||||||||||||||
Private equity/venture capital | 40,773 | — | — | 40,773 | 4,580,526 | — | |||||||||||||||||||||||||||
Life science & healthcare | 738 | 786 | — | 1,524 | 1,298,728 | — | |||||||||||||||||||||||||||
Premium wine | — | — | — | — | 795,345 | — | |||||||||||||||||||||||||||
Other | 178 | 3 | — | 181 | 354,939 | — | |||||||||||||||||||||||||||
Total commercial loans | 66,102 | 2,542 | 52 | 68,696 | 13,104,252 | 52 | |||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||
Real estate secured loans | 1,592 | 341 | 1,250 | 3,183 | 1,114,286 | 1,250 | |||||||||||||||||||||||||||
Other consumer loans | — | — | — | — | 160,212 | — | |||||||||||||||||||||||||||
Total consumer loans | 1,592 | 341 | 1,250 | 3,183 | 1,274,498 | 1,250 | |||||||||||||||||||||||||||
Total gross loans excluding impaired loans | 67,694 | 2,883 | 1,302 | 71,879 | 14,378,750 | 1,302 | |||||||||||||||||||||||||||
Impaired loans | 598 | 1,293 | 22,320 | 24,211 | 13,926 | — | |||||||||||||||||||||||||||
Total gross loans | $ | 68,292 | $ | 4,176 | $ | 23,622 | $ | 96,090 | $ | 14,392,676 | $ | 1,302 | |||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 9,804 | $ | 1,291 | $ | 99 | $ | 11,194 | $ | 4,102,546 | $ | 99 | |||||||||||||||||||||
Hardware | 2,679 | 3,965 | — | 6,644 | 1,198,169 | — | |||||||||||||||||||||||||||
Private equity/venture capital | 4 | — | — | 4 | 2,408,382 | — | |||||||||||||||||||||||||||
Life science & healthcare | 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 December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Impaired loans for | Impaired loans for | Total carrying value of impaired loans | Total unpaid principal of impaired loans | |||||||||||||||||||||||||||||
which there is a related allowance for loan losses | which there is no related allowance for loan losses | ||||||||||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 33,287 | $ | — | $ | 33,287 | $ | 34,218 | |||||||||||||||||||||||||
Hardware | 1,403 | 1,118 | 2,521 | 2,535 | |||||||||||||||||||||||||||||
Private equity/venture capital | — | — | — | — | |||||||||||||||||||||||||||||
Life science & healthcare | 475 | — | 475 | 2,453 | |||||||||||||||||||||||||||||
Premium wine | — | 1,304 | 1,304 | 1,743 | |||||||||||||||||||||||||||||
Other | 233 | — | 233 | 233 | |||||||||||||||||||||||||||||
Total commercial loans | 35,398 | 2,422 | 37,820 | 41,182 | |||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||
Real estate secured loans | — | 192 | 192 | 1,412 | |||||||||||||||||||||||||||||
Other consumer loans | 125 | — | 125 | 305 | |||||||||||||||||||||||||||||
Total consumer loans | 125 | 192 | 317 | 1,717 | |||||||||||||||||||||||||||||
Total | $ | 35,523 | $ | 2,614 | $ | 38,137 | $ | 42,899 | |||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 27,308 | $ | 310 | $ | 27,618 | $ | 28,316 | |||||||||||||||||||||||||
Hardware | 19,329 | 338 | 19,667 | 35,317 | |||||||||||||||||||||||||||||
Private equity/venture capital | 40 | — | 40 | 40 | |||||||||||||||||||||||||||||
Life science & healthcare | — | 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 during 2014, 2013 and 2012: | ||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Average impaired loans: | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 14,357 | $ | 6,254 | $ | 2,223 | |||||||||||||||||||||||||||
Hardware | 6,634 | 24,508 | 19,242 | ||||||||||||||||||||||||||||||
Private equity/venture capital | — | 37 | — | ||||||||||||||||||||||||||||||
Life science & healthcare | 516 | 334 | 345 | ||||||||||||||||||||||||||||||
Premium wine | 1,381 | 2,210 | 3,513 | ||||||||||||||||||||||||||||||
Other | 1,088 | 3,601 | 3,558 | ||||||||||||||||||||||||||||||
Total commercial loans | 23,976 | 36,944 | 28,881 | ||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||
Real estate secured loans | 218 | 2,957 | 5,037 | ||||||||||||||||||||||||||||||
Other consumer loans | 322 | 945 | 1,896 | ||||||||||||||||||||||||||||||
Total consumer loans | 540 | 3,902 | 6,933 | ||||||||||||||||||||||||||||||
Total average impaired loans | $ | 24,516 | $ | 40,846 | $ | 35,814 | |||||||||||||||||||||||||||
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 2014, 2013, and 2012 broken out by portfolio segment: | ||||||||||||||||||||||||||||||||
Year ended December 31, 2014 | Beginning Balance December 31, 2013 | Charge-offs | Recoveries | Provision for Loan Losses | Ending Balance December 31, 2014 | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 64,084 | $ | (21,031 | ) | $ | 1,425 | $ | 36,503 | $ | 80,981 | ||||||||||||||||||||||
Hardware | 36,553 | (15,265 | ) | 2,238 | 2,334 | 25,860 | |||||||||||||||||||||||||||
Private equity/venture capital | 16,385 | — | — | 11,612 | 27,997 | ||||||||||||||||||||||||||||
Life science & healthcare | 11,926 | (2,951 | ) | 374 | 5,859 | 15,208 | |||||||||||||||||||||||||||
Premium wine | 3,914 | (35 | ) | 240 | 354 | 4,473 | |||||||||||||||||||||||||||
Other | 3,680 | (3,886 | ) | 1,499 | 1,960 | 3,253 | |||||||||||||||||||||||||||
Total commercial loans | 136,542 | (43,168 | ) | 5,776 | 58,622 | 157,772 | |||||||||||||||||||||||||||
Consumer loans | 6,344 | — | 379 | 864 | 7,587 | ||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 142,886 | $ | (43,168 | ) | $ | 6,155 | $ | 59,486 | $ | 165,359 | ||||||||||||||||||||||
Year ended December 31, 2013 | Beginning Balance December 31, 2012 | Charge-offs | Recoveries | Provision for (Reduction of) Loan Losses | Ending Balance December 31, 2013 | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 42,648 | $ | (8,861 | ) | $ | 1,934 | $ | 28,363 | $ | 64,084 | ||||||||||||||||||||||
Hardware | 29,761 | (18,819 | ) | 2,677 | 22,934 | 36,553 | |||||||||||||||||||||||||||
Private equity/venture capital | 9,963 | — | — | 6,422 | 16,385 | ||||||||||||||||||||||||||||
Life science & healthcare | 13,606 | (6,010 | ) | 1,860 | 2,470 | 11,926 | |||||||||||||||||||||||||||
Premium wine | 3,523 | — | 170 | 221 | 3,914 | ||||||||||||||||||||||||||||
Other | 3,912 | (8,107 | ) | 2,995 | 4,880 | 3,680 | |||||||||||||||||||||||||||
Total commercial loans | 103,413 | (41,797 | ) | 9,636 | 65,290 | 136,542 | |||||||||||||||||||||||||||
Consumer loans | 7,238 | (869 | ) | 1,572 | (1,597 | ) | 6,344 | ||||||||||||||||||||||||||
Total allowance for loan losses | $ | 110,651 | $ | (42,666 | ) | $ | 11,208 | $ | 63,693 | $ | 142,886 | ||||||||||||||||||||||
Year ended December 31, 2012 | Beginning Balance December 31, 2011 | Charge-offs | Recoveries | Provision for (Reduction of) Loan Losses | Ending Balance December 31, 2012 | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 38,263 | $ | (4,316 | ) | $ | 4,874 | $ | 3,827 | $ | 42,648 | ||||||||||||||||||||||
Hardware | 16,810 | (20,247 | ) | 1,107 | 32,091 | 29,761 | |||||||||||||||||||||||||||
Private equity/venture capital | 7,319 | — | — | 2,644 | 9,963 | ||||||||||||||||||||||||||||
Life science & healthcare | 10,243 | (5,080 | ) | 334 | 8,109 | 13,606 | |||||||||||||||||||||||||||
Premium wine | 3,914 | (584 | ) | 650 | (457 | ) | 3,523 | ||||||||||||||||||||||||||
Other | 5,817 | (2,485 | ) | 1,377 | (797 | ) | 3,912 | ||||||||||||||||||||||||||
Total commercial loans | 82,366 | (32,712 | ) | 8,342 | 45,417 | 103,413 | |||||||||||||||||||||||||||
Consumer loans | 7,581 | (607 | ) | 1,351 | (1,087 | ) | 7,238 | ||||||||||||||||||||||||||
Total allowance for loan losses | $ | 89,947 | $ | (33,319 | ) | $ | 9,693 | $ | 44,330 | $ | 110,651 | ||||||||||||||||||||||
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 December 31, 2014 and 2013, broken out by portfolio segment: | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
Individually Evaluated for Impairment | Collectively Evaluated for | Individually Evaluated for | Collectively Evaluated for | ||||||||||||||||||||||||||||||
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 and internet | $ | 13,695 | $ | 33,287 | $ | 67,286 | $ | 4,921,389 | $ | 11,261 | $ | 27,617 | $ | 52,823 | $ | 4,075,019 | |||||||||||||||||
Hardware | 1,133 | 2,521 | 24,727 | 1,128,485 | 9,673 | 19,667 | 26,880 | 1,193,365 | |||||||||||||||||||||||||
Private equity/venture capital | — | — | 27,997 | 4,582,906 | 19 | 39 | 16,366 | 2,386,015 | |||||||||||||||||||||||||
Life science & healthcare | 121 | 475 | 15,087 | 1,289,429 | — | 1,278 | 11,926 | 1,168,942 | |||||||||||||||||||||||||
Premium wine | — | 1,304 | 4,473 | 793,017 | — | 1,442 | 3,914 | 663,392 | |||||||||||||||||||||||||
Other | 71 | 233 | 3,182 | 352,595 | 156 | 690 | 3,524 | 395,954 | |||||||||||||||||||||||||
Total commercial loans | 15,020 | 37,820 | 142,752 | 13,067,821 | 21,109 | 50,733 | 115,433 | 9,882,687 | |||||||||||||||||||||||||
Consumer loans | 31 | 317 | 7,556 | 1,278,318 | 168 | 915 | 6,176 | 972,051 | |||||||||||||||||||||||||
Total | $ | 15,051 | $ | 38,137 | $ | 150,308 | $ | 14,346,139 | $ | 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 December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Performing | Impaired | Total | |||||||||||||||||||||||||||||
(Criticized) | |||||||||||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 4,611,253 | $ | 351,706 | $ | 33,287 | $ | 4,996,246 | |||||||||||||||||||||||||
Hardware | 945,998 | 191,975 | 2,521 | 1,140,494 | |||||||||||||||||||||||||||||
Private equity/venture capital | 4,615,231 | 6,068 | — | 4,621,299 | |||||||||||||||||||||||||||||
Life science & healthcare | 1,165,266 | 134,986 | 475 | 1,300,727 | |||||||||||||||||||||||||||||
Premium wine | 774,962 | 20,383 | 1,304 | 796,649 | |||||||||||||||||||||||||||||
Other | 346,153 | 8,967 | 233 | 355,353 | |||||||||||||||||||||||||||||
Total commercial loans | 12,458,863 | 714,085 | 37,820 | 13,210,768 | |||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||
Real estate secured loans | 1,112,396 | 5,073 | 192 | 1,117,661 | |||||||||||||||||||||||||||||
Other consumer loans | 158,162 | 2,050 | 125 | 160,337 | |||||||||||||||||||||||||||||
Total consumer loans | 1,270,558 | 7,123 | 317 | 1,277,998 | |||||||||||||||||||||||||||||
Total gross loans | $ | 13,729,421 | $ | 721,208 | $ | 38,137 | $ | 14,488,766 | |||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 3,875,043 | $ | 238,697 | $ | 27,618 | $ | 4,141,358 | |||||||||||||||||||||||||
Hardware | 995,055 | 209,758 | 19,667 | 1,224,480 | |||||||||||||||||||||||||||||
Private equity/venture capital | 2,408,386 | — | 40 | 2,408,426 | |||||||||||||||||||||||||||||
Life science & healthcare | 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 December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Loans modified in TDRs: | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 3,784 | $ | 5,860 | |||||||||||||||||||||||||||||
Hardware | 1,118 | 13,329 | |||||||||||||||||||||||||||||||
Private equity/venture capital | — | 77 | |||||||||||||||||||||||||||||||
Premium wine | 1,891 | 1,442 | |||||||||||||||||||||||||||||||
Other | 233 | 1,055 | |||||||||||||||||||||||||||||||
Total commercial loans | 7,026 | 21,763 | |||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||
Other consumer loans | 125 | 670 | |||||||||||||||||||||||||||||||
Total consumer loans | 125 | 670 | |||||||||||||||||||||||||||||||
Total | $ | 7,151 | $ | 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 2014, 2013, and 2012: | ||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Loans modified in TDRs during the period: | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Software and internet | $ | 1,033 | $ | 4,932 | $ | 1,939 | |||||||||||||||||||||||||||
Hardware | 1,118 | 8,143 | 20,514 | ||||||||||||||||||||||||||||||
Private equity/venture capital | — | 77 | — | ||||||||||||||||||||||||||||||
Premium wine | 587 | — | 1,024 | ||||||||||||||||||||||||||||||
Other | — | 690 | 4,878 | ||||||||||||||||||||||||||||||
Total commercial loans | 2,738 | 13,842 | 28,355 | ||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||
Real estate secured loans | — | — | 368 | ||||||||||||||||||||||||||||||
Other consumer loans | — | 6 | — | ||||||||||||||||||||||||||||||
Total consumer loans | — | 6 | 368 | ||||||||||||||||||||||||||||||
Total loans modified in TDRs during the period (1) | $ | 2,738 | $ | 13,848 | $ | 28,723 | |||||||||||||||||||||||||||
-1 | During 2014 we had no partial charge-offs. In 2013 and 2012 we had partial charge-offs of $11.1 million and $14.3 million respectively, on loans classified as TDRs. | ||||||||||||||||||||||||||||||||
Recorded Investment in Loans Modified in TDRs within Previous 12 months Subsequently Defaulted | The following table summarizes the recorded investment in loans modified in TDRs within the previous 12 months that subsequently defaulted during their respective periods, broken out by portfolio segment and class of financing receivable. During the 2014 year, there were no TDRs modified within the previous 12 months that defaulted. | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||
TDRs modified within the previous 12 months that defaulted during the period: | |||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Hardware | $ | 1,627 | $ | 1,868 | |||||||||||||||||||||||||||||
Private equity/venture capital | 38 | — | |||||||||||||||||||||||||||||||
Other | 365 | — | |||||||||||||||||||||||||||||||
Total commercial loans | 2,030 | 1,868 | |||||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||
Real estate secured loans | — | 120 | |||||||||||||||||||||||||||||||
Other consumer loans | 6 | — | |||||||||||||||||||||||||||||||
Total consumer loans | 6 | 120 | |||||||||||||||||||||||||||||||
Total TDRs modified within the previous 12 months that defaulted in the period | $ | 2,036 | $ | 1,988 | |||||||||||||||||||||||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Components of Premises and Equipment | Premises and equipment at December 31, 2014 and 2013 consisted of the following: | ||||||||
December 31, | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Computer software | $ | 149,579 | $ | 128,129 | |||||
Computer hardware | 52,203 | 45,241 | |||||||
Leasehold improvements | 48,780 | 40,851 | |||||||
Furniture and equipment | 24,320 | 19,434 | |||||||
Total | 274,882 | 233,655 | |||||||
Accumulated depreciation and amortization | (195,037 | ) | (166,170 | ) | |||||
Premises and equipment, net | $ | 79,845 | $ | 67,485 | |||||
Disposal_Assets_HeldforSale_Ta
Disposal - Assets Held-for-Sale (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Discontinued Operations and Disposal Groups [Abstract] | |||||
Schedule of Financial Information Related to Pending Sale of Assets Held-for-Sale | The following table details selected financial information included in the loss from the pending sale: | ||||
(Dollars in thousands) | Year ended December 31, 2014 | ||||
Losses primarily attributable to cumulative foreign currency translation adjustment | $ | 12,934 | |||
Transaction-related expenses | 1,000 | ||||
Total impairment loss included in other noninterest income (1) | $ | 13,934 | |||
Tax impact of undistributed earnings of SVBIF | 2,900 | ||||
Tax impact from net losses on SVBIF Sale Transaction | (5,398 | ) | |||
Net tax impact included in income tax expense | $ | (2,498 | ) | ||
Net loss on SVBIF Sale Transaction | $ | 11,436 | |||
-1 | The total impairment loss is included in noninterest income in our Global Commercial Bank operating segment as reported in Note 21—”Segment Reporting” of the “Notes to Consolidated Financial Statements” under Part II, Item 8 of this report. | ||||
The following table presents the composition of SVBIF assets held-for-sale included in accrued interest receivable and other assets at December 31, 2014: | |||||
(Dollars in thousands) | 31-Dec-14 | ||||
Assets: | |||||
Cash and due from banks | $ | 3,054 | |||
Securities purchased under agreement to resell and other short-term investments | 11,898 | ||||
Net loans | 26,800 | ||||
Premises and equipment, net | 24 | ||||
Accrued interest receivable and other assets | 7,163 | ||||
Total assets of SVBIF held-for-sale (1) | $ | 48,939 | |||
Liabilities: | |||||
Other liabilities | $ | 4,686 | |||
Total liabilities of SVBIF held-for-sale (1) | $ | 4,686 | |||
-1 | Net assets of $44.3 million are included in our Global Commercial Bank operating segment as reported in Note 21—”Segment Reporting” of the “Notes to Consolidated Financial Statements” under Part II, Item 8 of this report. |
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deposits [Abstract] | |||||||||
Composition of Deposits | The following table presents the composition of our deposits at December 31, 2014 and 2013: | ||||||||
December 31, | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Noninterest-bearing demand | $ | 24,583,682 | $ | 15,894,360 | |||||
Negotiable order of withdrawal (NOW) | 254,462 | 151,746 | |||||||
Money market | 6,186,044 | 4,373,974 | |||||||
Money market deposits in foreign offices | 242,526 | 181,299 | |||||||
Sweep deposits in foreign offices | 2,948,658 | 1,657,740 | |||||||
Time | 128,127 | 213,860 | |||||||
Total deposits | $ | 34,343,499 | $ | 22,472,979 | |||||
T |
ShortTerm_Borrowings_and_LongT1
Short-Term Borrowings and Long-Term Debt (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 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 December 31, 2014 and 2013: | ||||||||||||||
Carrying Value | |||||||||||||||
(Dollars in thousands) | Maturity | Principal value at December 31, 2014 | December 31, | December 31, | |||||||||||
2014 | 2013 | ||||||||||||||
Short-term borrowings: | |||||||||||||||
Other short-term borrowings | -1 | $ | 7,781 | $ | 7,781 | $ | 5,080 | ||||||||
Total short-term borrowings | $ | 7,781 | $ | 5,080 | |||||||||||
Long-term debt: | |||||||||||||||
5.375% Senior Notes | 15-Sep-20 | $ | 350,000 | $ | 348,436 | $ | 348,209 | ||||||||
6.05% Subordinated Notes (2) | June 1, 2017 | 45,964 | 50,162 | 51,987 | |||||||||||
7.0% Junior Subordinated Debentures | October 15, 2033 | 50,000 | 54,845 | 55,020 | |||||||||||
Total long-term debt | $ | 453,443 | $ | 455,216 | |||||||||||
-1 | Represents cash collateral received from certain counterparties in relation to market value exposures of derivative contracts in our favor, which includes an interest rate swap agreement related to our 6.05% Subordinated Notes. | ||||||||||||||
-2 | At December 31, 2014 and 2013, included in the carrying value of our 6.05% Subordinated Notes were $4.6 million and $6.5 million, respectively, related to hedge accounting associated with the notes. | ||||||||||||||
Aggregate Annual Maturities of Long-Term Debt Obligations | The aggregate annual maturities of long-term debt obligations as of December 31, 2014 are as follows: | ||||||||||||||
Year ended December 31, (dollars in thousands): | Amount | ||||||||||||||
2015 | $ | — | |||||||||||||
2016 | — | ||||||||||||||
2017 | 50,162 | ||||||||||||||
2018 | — | ||||||||||||||
2019 | — | ||||||||||||||
2020 and thereafter | 403,281 | ||||||||||||||
Total | $ | 453,443 | |||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 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 December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||||||||
31-Dec-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 | $ | 4,609 | $ | 2,970 | $ | 1,639 | $ | 45,964 | $ | 6,492 | $ | 5,080 | $ | 1,412 | ||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Currency exchange risks: | |||||||||||||||||||||||||||||||||||
Foreign exchange forwards | Other assets | 200,957 | 5,050 | 2,441 | 2,609 | 140,760 | 1,423 | — | 1,423 | ||||||||||||||||||||||||||
Foreign exchange forwards | Other liabilities | 6,226 | (489 | ) | — | (489 | ) | 62,649 | (634 | ) | — | (634 | ) | ||||||||||||||||||||||
Net exposure | 4,561 | 2,441 | 2,120 | 789 | — | 789 | |||||||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||||||||||||
Equity warrant assets | Other assets | 197,878 | 116,604 | — | 116,604 | 179,934 | 103,513 | — | 103,513 | ||||||||||||||||||||||||||
Other derivatives: | |||||||||||||||||||||||||||||||||||
Client foreign exchange forwards | Other assets | 801,487 | 28,954 | 2,370 | 26,584 | 424,983 | 13,673 | — | 13,673 | ||||||||||||||||||||||||||
Client foreign exchange forwards | Other liabilities | 774,355 | (27,647 | ) | — | (27,647 | ) | 367,079 | (11,549 | ) | — | (11,549 | ) | ||||||||||||||||||||||
Client foreign currency options | Other assets | 34,926 | 227 | — | 227 | 91,854 | 434 | — | 434 | ||||||||||||||||||||||||||
Client foreign currency options | Other liabilities | 34,926 | (227 | ) | — | (227 | ) | 91,854 | (434 | ) | — | (434 | ) | ||||||||||||||||||||||
Loan conversion options | Other assets | — | — | — | — | 3,455 | 314 | — | 314 | ||||||||||||||||||||||||||
Client interest rate derivatives | Other assets | 387,410 | 2,546 | — | 2,546 | 216,773 | 1,265 | — | 1,265 | ||||||||||||||||||||||||||
Client interest rate derivatives | Other liabilities | 387,410 | (2,748 | ) | — | (2,748 | ) | 216,773 | (1,396 | ) | — | (1,396 | ) | ||||||||||||||||||||||
Net exposure | 1,105 | 2,370 | (1,265 | ) | 2,307 | — | 2,307 | ||||||||||||||||||||||||||||
Net | $ | 126,879 | $ | 7,781 | $ | 119,098 | $ | 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 December 31, 2014 remain at investment grade or higher and there were no material changes in their credit ratings for the year ended December 31, 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 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Statement of income location | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rate risks: | |||||||||||||||||||||||||||||||||||
Net cash benefit associated with interest rate swaps | Interest expense—borrowings | $ | 2,553 | $ | 2,536 | $ | 5,154 | ||||||||||||||||||||||||||||
Changes in fair value of interest rate swaps | Net gains on derivative instruments | (50 | ) | 14 | 603 | ||||||||||||||||||||||||||||||
Net gains associated with interest rate risk derivatives | $ | 2,503 | $ | 2,550 | $ | 5,757 | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Currency exchange risks: | |||||||||||||||||||||||||||||||||||
(Losses) gains on revaluations of foreign currency instruments | Other noninterest income | $ | (21,636 | ) | $ | 3,016 | $ | 1,677 | |||||||||||||||||||||||||||
Gains (losses) on internal foreign exchange forward contracts, net | Net gains on derivative instruments | 21,598 | (4,213 | ) | (103 | ) | |||||||||||||||||||||||||||||
Net (losses) gains associated with currency risk | $ | (38 | ) | $ | (1,197 | ) | $ | 1,574 | |||||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||||||||||||
Net gains on equity warrant assets | Net gains on derivative instruments | $ | 71,012 | $ | 46,101 | $ | 19,385 | ||||||||||||||||||||||||||||
Gains (losses) on client foreign exchange forward contracts, net | Net gains on derivative instruments | $ | 5,081 | $ | (452 | ) | $ | 460 | |||||||||||||||||||||||||||
Net (losses) gains on other derivatives (1) | Net gains on derivative instruments | $ | (796 | ) | $ | 734 | $ | (1,666 | ) | ||||||||||||||||||||||||||
-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 December 31, 2014 and 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 | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||
Derivative Assets: | |||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 4,609 | $ | — | $ | 4,609 | $ | (1,639 | ) | $ | (2,970 | ) | $ | — | |||||||||||||||||||||
Foreign exchange forwards | 34,004 | — | 34,004 | (17,843 | ) | (4,811 | ) | 11,350 | |||||||||||||||||||||||||||
Foreign currency options | 501 | (274 | ) | 227 | (144 | ) | — | 83 | |||||||||||||||||||||||||||
Client interest rate derivatives | 2,546 | — | 2,546 | (2,546 | ) | — | — | ||||||||||||||||||||||||||||
Total derivative assets: | 41,660 | (274 | ) | 41,386 | (22,172 | ) | (7,781 | ) | 11,433 | ||||||||||||||||||||||||||
Reverse repurchase, securities borrowing, and similar arrangements | 95,611 | — | 95,611 | (95,611 | ) | — | — | ||||||||||||||||||||||||||||
Total | $ | 137,271 | $ | (274 | ) | $ | 136,997 | $ | (117,783 | ) | $ | (7,781 | ) | $ | 11,433 | ||||||||||||||||||||
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 December 31, 2014 and 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 | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||
Derivative Liabilities: | |||||||||||||||||||||||||||||||||||
Foreign exchange forwards | $ | 28,136 | $ | — | $ | 28,136 | $ | (16,808 | ) | $ | — | $ | 11,328 | ||||||||||||||||||||||
Foreign currency options | 501 | (274 | ) | 227 | (83 | ) | — | 144 | |||||||||||||||||||||||||||
Client interest rate derivatives | 2,748 | — | 2,748 | (2,748 | ) | — | — | ||||||||||||||||||||||||||||
Total derivative liabilities: | 31,385 | (274 | ) | 31,111 | (19,639 | ) | — | 11,472 | |||||||||||||||||||||||||||
Repurchase, securities lending, and similar arrangements | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 31,385 | $ | (274 | ) | $ | 31,111 | $ | (19,639 | ) | $ | — | $ | 11,472 | |||||||||||||||||||||
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 assets: | 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_Income_Loss_1
Other Noninterest Income (Loss) and Other Noninterest Expense (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Summary of Other Noninterest Income | A summary of other noninterest (loss) income for 2014, 2013 and 2012 is as follows: | ||||||||||||
Year ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Fund management fees | $ | 13,498 | $ | 11,163 | $ | 11,057 | |||||||
Service-based fee income | 8,801 | 7,807 | 7,937 | ||||||||||
Net gains on the sale of certain assets related to our equity management services business | — | — | 4,243 | ||||||||||
Net losses on the sale of certain assets related to our SVBIF business | (13,934 | ) | — | — | |||||||||
(Losses) gains on revaluation of foreign currency instruments (1) | (21,636 | ) | 3,016 | 1,677 | |||||||||
Other (2) | 12,011 | 14,153 | 11,449 | ||||||||||
Total other noninterest (loss) income | $ | (1,260 | ) | $ | 36,139 | $ | 36,363 | ||||||
-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 2014, 2013 and 2012 is as follows: | ||||||||||||
Year ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Client services | $ | 10,692 | $ | 8,181 | $ | 6,910 | |||||||
Tax credit fund amortization | 9,691 | 6,436 | 3,911 | ||||||||||
Data processing services | 8,079 | 7,895 | 5,876 | ||||||||||
Telephone | 7,250 | 6,258 | 6,528 | ||||||||||
Postage and supplies | 3,196 | 2,462 | 2,482 | ||||||||||
Dues and publications | 2,549 | 1,745 | 2,067 | ||||||||||
Other | 12,939 | 8,950 | 8,188 | ||||||||||
Total other noninterest expense | $ | 54,396 | $ | 41,927 | $ | 35,962 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Components of Provision for Income Taxes | The components of our provision for income taxes for 2014, 2013 and 2012 were as follows: | ||||||||||||
Year ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Current provision: | |||||||||||||
Federal | $ | 172,492 | $ | 99,480 | $ | 87,635 | |||||||
State | 44,666 | 25,498 | 23,752 | ||||||||||
Deferred expense (benefit): | |||||||||||||
Federal | (36,197 | ) | 11,244 | 2,385 | |||||||||
State | (7,199 | ) | 2,836 | (503 | ) | ||||||||
Income tax expense | $ | 173,762 | $ | 139,058 | $ | 113,269 | |||||||
Reconciliation between Federal Statutory Income Tax Rate and Effective Income Tax Rate | Our effective tax rate is calculated by dividing income tax expense by the sum of income before income tax expense and the net income attributable to noncontrolling interests. The reconciliation between the federal statutory income tax rate and our effective income tax rate for 2014, 2013 and 2012, is as follows: | ||||||||||||
December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of the federal tax effect | 5.6 | 5.1 | 5.8 | ||||||||||
Meals and entertainment | 0.3 | 0.5 | 0.5 | ||||||||||
Disallowed officer's compensation | 0.3 | 0.1 | 0.1 | ||||||||||
Share-based compensation expense on incentive stock options and ESPP | 0.1 | (0.3 | ) | 0.4 | |||||||||
Tax-exempt interest income | (0.3 | ) | (0.3 | ) | (0.4 | ) | |||||||
Low-income housing tax credits | (1.8 | ) | (1.6 | ) | (1.2 | ) | |||||||
Other, net | 0.5 | 0.7 | (0.9 | ) | |||||||||
Effective income tax rate | 39.7 | % | 39.2 | % | 39.3 | % | |||||||
Deferred Tax (Liabilities) Assets | Deferred tax assets and liabilities at December 31, 2014 and 2013, consisted of the following: | ||||||||||||
December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 80,554 | $ | 69,616 | |||||||||
Share-based compensation expense | 15,249 | 14,535 | |||||||||||
Loan fee income | 9,738 | 7,804 | |||||||||||
State income taxes | 9,428 | 6,194 | |||||||||||
Net operating loss | 8,641 | 9,682 | |||||||||||
Other accruals not currently deductible | 7,601 | 4,869 | |||||||||||
Premises and equipment and other intangibles | 1,344 | 734 | |||||||||||
Net unrealized losses on foreign currency translation | 802 | 5,228 | |||||||||||
Research and development credit | 324 | 324 | |||||||||||
Net unrealized losses on available-for-sale securities | — | 27,686 | |||||||||||
Other | 2,983 | 36 | |||||||||||
Deferred tax assets | 136,664 | 146,708 | |||||||||||
Valuation allowance | (8,965 | ) | (10,006 | ) | |||||||||
Net deferred tax assets after valuation allowance | 127,699 | 136,702 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Net unrealized gains on available-for-sale securities | (29,600 | ) | — | ||||||||||
Non-marketable and other securities | (27,858 | ) | (55,921 | ) | |||||||||
Derivative equity warrant assets | (19,090 | ) | (10,344 | ) | |||||||||
FHLB stock dividend | (1,230 | ) | (1,236 | ) | |||||||||
Other | — | (964 | ) | ||||||||||
Deferred tax liabilities | (77,778 | ) | (68,465 | ) | |||||||||
Net deferred tax assets | $ | 49,921 | $ | 68,237 | |||||||||
Changes in Unrecognized Tax Benefit (Including Interest and Penalties) | A summary of changes in our unrecognized tax benefit (including interest and penalties) in 2014 is as follows: | ||||||||||||
(Dollars in thousands) | Reconciliation of Unrecognized Tax Benefit | Interest & Penalties | Total | ||||||||||
Balance at December 31, 2013 | $ | 252 | $ | 91 | $ | 343 | |||||||
Additions for tax positions for current year | 2,879 | — | 2,879 | ||||||||||
Additions for tax positions for prior years | 349 | 47 | 396 | ||||||||||
Lapse of the applicable statute of limitations | (83 | ) | (38 | ) | (121 | ) | |||||||
Balance at December 31, 2014 | $ | 3,397 | $ | 100 | $ | 3,497 | |||||||
Employee_Compensation_and_Bene1
Employee Compensation and Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
Expenses Incurred under Certain Employee Compensation and Benefit Plans | A summary of expenses incurred under certain employee compensation and benefit plans for 2014, 2013 and 2012 is as follows: | ||||||||||||
Year ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Incentive Compensation Plan | $ | 78,014 | $ | 66,232 | $ | 46,467 | |||||||
Direct Drive Incentive Compensation Plan | 20,153 | 22,941 | 24,556 | ||||||||||
Retention Program | 1,792 | 2,577 | 2,076 | ||||||||||
Warrant Incentive Plan | 3,926 | 5,818 | 2,523 | ||||||||||
Deferred Compensation Plan | 2,458 | 2,650 | 1,767 | ||||||||||
SVBFG 401(k) Plan | 11,996 | 11,277 | 9,947 | ||||||||||
SVBFG ESOP | 6,691 | 7,429 | 10,324 | ||||||||||
OffBalance_Sheet_Arrangements_1
Off-Balance Sheet Arrangements, Guarantees and Other Commitments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Off Balance Sheet Arrangements Guarantees And Other Commitments Additional Information [Abstract] | |||||||||||||||||
Minimum Future Payments under Noncancelable Operating Leases | The following table presents minimum future payments under noncancelable operating leases as of December 31, 2014: | ||||||||||||||||
Year ended December 31, (dollars in thousands) : | Amount | ||||||||||||||||
2015 | $ | 21,683 | |||||||||||||||
2016 | 20,771 | ||||||||||||||||
2017 | 20,510 | ||||||||||||||||
2018 | 21,142 | ||||||||||||||||
2019 | 21,074 | ||||||||||||||||
2020 and thereafter | 84,198 | ||||||||||||||||
Net minimum operating lease payments | $ | 189,378 | |||||||||||||||
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 December 31, 2014 and 2013, respectively: | ||||||||||||||||
December 31, | |||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||
Loan commitments available for funding: (1) | |||||||||||||||||
Fixed interest rate commitments | $ | 1,591,408 | $ | 1,392,781 | |||||||||||||
Variable interest rate commitments | 11,860,039 | 9,101,973 | |||||||||||||||
Total loan commitments available for funding | 13,451,447 | 10,494,754 | |||||||||||||||
Commercial and standby letters of credit (2) | 1,254,338 | 975,968 | |||||||||||||||
Total unfunded credit commitments | $ | 14,705,785 | $ | 11,470,722 | |||||||||||||
Commitments unavailable for funding (3) | $ | 1,868,489 | $ | 1,006,168 | |||||||||||||
Maximum lending limits for accounts receivable factoring arrangements (4) | 1,044,548 | 894,276 | |||||||||||||||
Reserve for unfunded credit commitments (5) | 36,419 | 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 December 31, 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 Year or Less | Expires After One Year | Total Amount Outstanding | Maximum Amount of Future Payments | |||||||||||||
Financial standby letters of credit | $ | 1,118,548 | $ | 65,333 | $ | 1,183,881 | $ | 1,183,881 | |||||||||
Performance standby letters of credit | 59,034 | 5,157 | 64,191 | 64,191 | |||||||||||||
Commercial letters of credit | 6,266 | — | 6,266 | 6,266 | |||||||||||||
Total | $ | 1,183,848 | $ | 70,490 | $ | 1,254,338 | $ | 1,254,338 | |||||||||
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 December 31, 2014: | ||||||||||||||||
Our Ownership in Private Equity/Venture Capital 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 | ||||||||||||||
SVB Capital Shanghai Yangpu Venture Capital Fund | 935 | — | 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 | 1,275 | 5.9 | ||||||||||||||
SVB Strategic Investors Fund IV, LP | 12,239 | 2,325 | 5 | ||||||||||||||
Strategic Investors Fund V Funds | 515 | 209 | Various | ||||||||||||||
Strategic Investors Fund VI Funds | — | — | — | ||||||||||||||
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) | 64,170 | 4,950 | Various | ||||||||||||||
Other fund investments (3) | 299,913 | 19,449 | Various | ||||||||||||||
Total | $ | 501,968 | $ | 41,468 | |||||||||||||
-1 | Our ownership includes direct ownership of 1.3 percent and indirect ownership 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 us from sponsoring or having ownership interests in “covered” funds including venture capital and private equity funds. See “Business - Supervision and Regulation” under Part I, Item 1 in this report. | ||||||||||||||||
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 December 31, 2014: | ||||||||||||||||
Limited Partnership | Unfunded Commitments | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
SVB Strategic Investors Fund, LP | $ | 2,250 | |||||||||||||||
SVB Strategic Investors Fund II, LP | 5,133 | ||||||||||||||||
SVB Strategic Investors Fund III, LP | 12,706 | ||||||||||||||||
SVB Strategic Investors Fund IV, LP | 36,503 | ||||||||||||||||
Strategic Investors Fund V Funds | 140,362 | ||||||||||||||||
Strategic Investors Fund VI Funds | 254,248 | ||||||||||||||||
SVB Capital Preferred Return Fund, LP | 5,163 | ||||||||||||||||
SVB Capital—NT Growth Partners, LP | 5,872 | ||||||||||||||||
Other private equity fund | 77 | ||||||||||||||||
Total | $ | 462,314 | |||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 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 December 31, 2014: | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2014 | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | 7,302,273 | $ | — | $ | — | $ | 7,302,273 | |||||||||||||||||||||||||||||
U.S. agency debentures | — | 3,561,556 | — | 3,561,556 | |||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - | — | 1,884,843 | — | 1,884,843 | |||||||||||||||||||||||||||||||||
fixed rate | |||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - | — | 784,475 | — | 784,475 | |||||||||||||||||||||||||||||||||
variable rate | |||||||||||||||||||||||||||||||||||||
Equity securities | 4,290 | 3,218 | — | 7,508 | |||||||||||||||||||||||||||||||||
Total available-for-sale securities | 7,306,563 | 6,234,092 | — | 13,540,655 | |||||||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||||||
Non-marketable securities: | |||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | — | — | 1,130,882 | 1,130,882 | |||||||||||||||||||||||||||||||||
Other venture capital investments | — | — | 71,204 | 71,204 | |||||||||||||||||||||||||||||||||
Other securities | 108,251 | — | — | 108,251 | |||||||||||||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting) | 108,251 | — | 1,202,086 | 1,310,337 | |||||||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||||
Interest rate swaps | — | 4,609 | — | 4,609 | |||||||||||||||||||||||||||||||||
Foreign exchange forward and option contracts | — | 34,231 | — | 34,231 | |||||||||||||||||||||||||||||||||
Equity warrant assets | — | 1,906 | 114,698 | 116,604 | |||||||||||||||||||||||||||||||||
Client interest rate derivatives | — | 2,546 | — | 2,546 | |||||||||||||||||||||||||||||||||
Total assets (1) | $ | 7,414,814 | $ | 6,277,384 | $ | 1,316,784 | $ | 15,008,982 | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||
Foreign exchange forward and option contracts | $ | — | $ | 28,363 | $ | — | $ | 28,363 | |||||||||||||||||||||||||||||
Client interest rate derivatives | — | 2,748 | — | 2,748 | |||||||||||||||||||||||||||||||||
Total liabilities | $ | — | $ | 31,111 | $ | — | $ | 31,111 | |||||||||||||||||||||||||||||
-1 | Included in Level 1 and Level 3 assets are $100 million and $1.1 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 - | — | 3,325,758 | — | 3,325,758 | |||||||||||||||||||||||||||||||||
fixed rate | |||||||||||||||||||||||||||||||||||||
Agency-issued collateralized mortgage obligations - | — | 1,186,573 | — | 1,186,573 | |||||||||||||||||||||||||||||||||
variable rate | |||||||||||||||||||||||||||||||||||||
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 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 2014, 2013 and 2012, respectively: | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Beginning | Total Realized and Unrealized Gains, net Included in Income | Purchases | Sales | Issuances | Distributions and Other Settlements | Transfers Into Level 3 | Transfers Out of Level 3 | Ending | ||||||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||||||||||
Year ended December 31, 2014: | |||||||||||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | $ | 862,972 | $ | 263,484 | $ | 224,233 | $ | — | $ | — | $ | (219,807 | ) | $ | — | $ | — | $ | 1,130,882 | ||||||||||||||||||
Other venture capital investments | 32,839 | 12,793 | 51,407 | (20,362 | ) | — | (5,347 | ) | — | (126 | ) | 71,204 | |||||||||||||||||||||||||
Other securities (fair value accounting) | 319,249 | 103,864 | — | (46,840 | ) | — | 3,863 | — | (380,136 | ) | — | ||||||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting) (1) | 1,215,060 | 380,141 | 275,640 | (67,202 | ) | — | (221,291 | ) | — | (380,262 | ) | 1,202,086 | |||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||||
Equity warrant assets (2) | 99,891 | 71,516 | — | (70,875 | ) | 13,671 | 2,215 | — | (1,720 | ) | 114,698 | ||||||||||||||||||||||||||
Total assets | $ | 1,314,951 | $ | 451,657 | $ | 275,640 | $ | (138,077 | ) | $ | 13,671 | $ | (219,076 | ) | $ | — | $ | (381,982 | ) | $ | 1,316,784 | ||||||||||||||||
Year ended December 31, 2013: | |||||||||||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | $ | 665,921 | $ | 169,219 | $ | 146,564 | $ | — | $ | — | $ | (118,732 | ) | $ | — | $ | — | $ | 862,972 | ||||||||||||||||||
Other venture capital investments | 127,091 | 5,745 | 2,712 | (1,224 | ) | — | (97,924 | ) | — | (3,561 | ) | 32,839 | |||||||||||||||||||||||||
Other securities (fair value accounting) | — | 222,368 | — | — | — | 96,881 | — | — | 319,249 | ||||||||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting) (1) | 793,012 | 397,332 | 149,276 | (1,224 | ) | — | (119,775 | ) | — | (3,561 | ) | 1,215,060 | |||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||||
Equity warrant assets (2) | 66,129 | 22,929 | — | (16,680 | ) | 9,098 | 1,540 | 24,217 | (7,342 | ) | 99,891 | ||||||||||||||||||||||||||
Total assets | $ | 859,141 | $ | 420,261 | $ | 149,276 | $ | (17,904 | ) | $ | 9,098 | $ | (118,235 | ) | $ | 24,217 | $ | (10,903 | ) | $ | 1,314,951 | ||||||||||||||||
Year ended December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | $ | 611,824 | $ | 44,283 | $ | 122,238 | $ | — | $ | — | $ | (112,424 | ) | $ | — | $ | — | $ | 665,921 | ||||||||||||||||||
Other venture capital investments | 124,121 | 46,711 | 13,123 | (9,716 | ) | — | (39,558 | ) | — | (7,590 | ) | 127,091 | |||||||||||||||||||||||||
Other investments | 987 | 21 | — | — | — | (1,008 | ) | — | — | — | |||||||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting) (1) | 736,932 | 91,015 | 135,361 | (9,716 | ) | — | (152,990 | ) | — | (7,590 | ) | 793,012 | |||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||||
Equity warrant assets (2) | 63,030 | 13,697 | — | (21,077 | ) | 11,978 | (78 | ) | — | (1,421 | ) | 66,129 | |||||||||||||||||||||||||
Total assets | $ | 799,962 | $ | 104,712 | $ | 135,361 | $ | (30,793 | ) | $ | 11,978 | $ | (153,068 | ) | $ | — | $ | (9,011 | ) | $ | 859,141 | ||||||||||||||||
-1 | Realized and unrealized gains, net are recorded on the line items “gains on investment securities, net”, and “other noninterest income”, components of noninterest income. | ||||||||||||||||||||||||||||||||||||
-2 | Realized and unrealized gains are recorded on 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 December 31, 2014 and December 31, 2013, respectively: | ||||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Non-marketable and other securities (fair value accounting): | |||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments | $ | 276,686 | $ | 168,567 | |||||||||||||||||||||||||||||||||
Other venture capital investments (1) | 3,044 | 6,207 | |||||||||||||||||||||||||||||||||||
Other securities (1) | — | 222,368 | |||||||||||||||||||||||||||||||||||
Total non-marketable and other securities (fair value accounting) (2) | 279,730 | 397,142 | |||||||||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||||
Equity warrant assets (3) | 36,516 | 30,579 | |||||||||||||||||||||||||||||||||||
Total unrealized gains, net | $ | 316,246 | $ | 427,721 | |||||||||||||||||||||||||||||||||
Unrealized gains attributable to noncontrolling interests | $ | 255,131 | $ | 346,954 | |||||||||||||||||||||||||||||||||
-1 | 2013 included total unrealized valuation gains of $219 million attributable to two of our portfolio companies, FireEye and Twitter. | ||||||||||||||||||||||||||||||||||||
-2 | Unrealized gains are recorded on the line items “gains on investment securities, net”, and “other noninterest income”, components of noninterest income. | ||||||||||||||||||||||||||||||||||||
-3 | Unrealized gains are recorded on 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 December 31, 2014. 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 | |||||||||||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||||||||||||||
Other venture capital investments (fair value accounting) | $ | 71,204 | Private company equity pricing | -1 | -1 | ||||||||||||||||||||||||||||||||
Equity warrant assets (public portfolio) | 1,681 | Modified Black-Scholes option pricing model | Volatility | 42.6 | % | ||||||||||||||||||||||||||||||||
Risk-Free interest rate | 1.7 | ||||||||||||||||||||||||||||||||||||
Sales restrictions discount (2) | 17.8 | ||||||||||||||||||||||||||||||||||||
Equity warrant assets (private portfolio) | 113,017 | Modified Black-Scholes option pricing model | Volatility | 38.3 | |||||||||||||||||||||||||||||||||
Risk-Free interest rate | 0.9 | ||||||||||||||||||||||||||||||||||||
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 best estimate of the actual remaining life, which we determine by utilizing historical data on cancellations and exercises. At December 31, 2014, the weighted average contractual remaining term was 2.7 years, compared to our estimated remaining life of 5.9 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 December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,796,062 | $ | 1,796,062 | $ | — | $ | — | |||||||||||||||||||||||||||||
Held-to-maturity securities | 7,421,042 | — | 7,415,656 | — | |||||||||||||||||||||||||||||||||
Non-marketable securities (cost and equity method accounting) | 418,551 | — | — | 512,473 | |||||||||||||||||||||||||||||||||
Net commercial loans | 12,947,869 | — | — | 13,082,487 | |||||||||||||||||||||||||||||||||
Net consumer loans | 1,271,048 | — | — | 1,247,336 | |||||||||||||||||||||||||||||||||
Net long-lived assets held-for-sale | 44,253 | — | — | 45,410 | |||||||||||||||||||||||||||||||||
FHLB and FRB stock | 53,496 | — | — | 53,496 | |||||||||||||||||||||||||||||||||
Accrued interest receivable | 94,180 | — | 94,180 | — | |||||||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||||
Other short-term borrowings | 7,781 | 7,781 | — | — | |||||||||||||||||||||||||||||||||
Non-maturity deposits (1) | 34,215,372 | 34,215,372 | — | — | |||||||||||||||||||||||||||||||||
Time deposits | 128,127 | — | 128,107 | — | |||||||||||||||||||||||||||||||||
5.375% Senior Notes | 348,436 | — | 392,616 | — | |||||||||||||||||||||||||||||||||
6.05% Subordinated Notes (2) | 50,162 | — | 53,537 | — | |||||||||||||||||||||||||||||||||
7.0% Junior Subordinated Debentures | 54,845 | — | 52,990 | — | |||||||||||||||||||||||||||||||||
Accrued interest payable | 6,998 | — | 6,998 | — | |||||||||||||||||||||||||||||||||
Off-balance sheet financial assets: | |||||||||||||||||||||||||||||||||||||
Commitments to extend credit | — | — | — | 29,097 | |||||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,538,779 | $ | 1,538,779 | $ | — | $ | — | |||||||||||||||||||||||||||||
Non-marketable 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 FRB 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 December 31, 2014 and 2013, included in the carrying value and estimated fair value of our 6.05% Subordinated Notes was $4.6 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 December 31, 2014: | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Fair Value | Unfunded Commitments | ||||||||||||||||||||||||||||||||||
Non-marketable securities (fair value accounting): | |||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments (1) | $ | 1,130,882 | $ | 1,130,882 | $ | 462,314 | |||||||||||||||||||||||||||||||
Non-marketable securities (equity method accounting): | |||||||||||||||||||||||||||||||||||||
Other investments (2) | 47,876 | 49,066 | 5,836 | ||||||||||||||||||||||||||||||||||
Non-marketable securities (cost method accounting): | |||||||||||||||||||||||||||||||||||||
Venture capital and private equity fund investments (3) | 140,551 | 234,053 | 18,563 | ||||||||||||||||||||||||||||||||||
Total | $ | 1,319,309 | $ | 1,414,001 | $ | 486,713 | |||||||||||||||||||||||||||||||
-1 | Venture capital and private equity fund investments within non-marketable and other 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 science & healthcare companies. Included in the fair value and unfunded commitments of fund investments under fair value accounting are $1.0 billion and $459 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 science & healthcare companies. 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. | ||||||||||||||||||||||||||||||||||||
-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 science & healthcare companies. 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 the terms of the funds. |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||||||||||
Capital Ratios for Company and Bank under Federal Regulatory Guidelines, Compared to Minimum Regulatory Capital Requirements for Adequately Capitalized and Well Capitalized Depository Institution | The following table presents the capital ratios for the Company and the Bank under federal regulatory guidelines, compared to the minimum regulatory capital requirements for an adequately capitalized and a well-capitalized depository institution, as of December 31, 2014 and 2013: | |||||||||||||||||||||
Capital Ratios | Capital Amounts | |||||||||||||||||||||
(Dollars in thousands) | Actual | Well Capitalized Minimum | Adequately Capitalized Minimum | Actual | Well Capitalized Minimum | Adequately Capitalized Minimum | ||||||||||||||||
December 31, 2014: | ||||||||||||||||||||||
Total risk-based capital: | ||||||||||||||||||||||
SVB Financial | 13.92 | % | 10 | % | 8 | % | $ | 3,030,150 | $ | 2,176,210 | $ | 1,740,968 | ||||||||||
Bank | 12.12 | 10 | 8 | 2,600,011 | 2,145,788 | 1,716,630 | ||||||||||||||||
Tier 1 risk-based capital: | ||||||||||||||||||||||
SVB Financial | 12.91 | 6 | 4 | 2,808,948 | 1,305,726 | 870,484 | ||||||||||||||||
Bank | 11.09 | 6 | 4 | 2,379,991 | 1,287,473 | 858,315 | ||||||||||||||||
Tier 1 leverage: | ||||||||||||||||||||||
SVB Financial | 7.74 | N/A | 4 | 2,808,948 | N/A | 1,450,927 | ||||||||||||||||
Bank | 6.64 | 5 | 4 | 2,379,991 | 1,793,264 | 1,434,611 | ||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||
Total risk-based capital: | ||||||||||||||||||||||
SVB Financial | 13.13 | % | 10 | % | 8 | % | $ | 2,218,996 | $ | 1,690,150 | $ | 1,352,120 | ||||||||||
Bank | 11.32 | 10 | 8 | 1,880,254 | 1,661,287 | 1,329,030 | ||||||||||||||||
Tier 1 risk-based capital: | ||||||||||||||||||||||
SVB Financial | 11.94 | 6 | 4 | 2,018,455 | 1,014,090 | 676,060 | ||||||||||||||||
Bank | 10.11 | 6 | 4 | 1,680,212 | 996,772 | 664,515 | ||||||||||||||||
Tier 1 leverage: | ||||||||||||||||||||||
SVB Financial | 8.31 | N/A | 4 | 2,018,455 | N/A | 972,130 | ||||||||||||||||
Bank | 7.04 | 5 | 4 | 1,680,212 | 1,194,012 | 955,210 | ||||||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment Reporting | Our segment information for 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||
(Dollars in thousands) | Global | SVB Private | SVB Capital | Other Items | Total | ||||||||||||||||
Commercial | Bank | (1) | -2 | ||||||||||||||||||
Bank (1) | |||||||||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||||||
Net interest income | $ | 742,274 | $ | 31,427 | $ | 58 | $ | 82,836 | $ | 856,595 | |||||||||||
Provision for loan losses | (58,622 | ) | (864 | ) | — | — | (59,486 | ) | |||||||||||||
Noninterest income | 213,084 | 1,494 | 58,058 | 299,603 | 572,239 | ||||||||||||||||
Noninterest expense (3) | (510,165 | ) | (10,571 | ) | (12,668 | ) | (183,467 | ) | (716,871 | ) | |||||||||||
Income before income tax expense (4) | $ | 386,571 | $ | 21,486 | $ | 45,448 | $ | 198,972 | $ | 652,477 | |||||||||||
Total average loans, net of unearned income | $ | 10,286,448 | $ | 1,157,024 | $ | — | $ | 59,469 | $ | 11,502,941 | |||||||||||
Total average assets (5) | 30,286,374 | 1,150,835 | 320,129 | 1,206,857 | 32,964,195 | ||||||||||||||||
Total average deposits | 27,364,246 | 890,062 | — | 66,517 | 28,320,825 | ||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||
Net interest income | $ | 641,384 | $ | 26,701 | $ | 20 | $ | 29,239 | $ | 697,344 | |||||||||||
(Provision for) reduction of loan losses | (65,290 | ) | 1,597 | — | — | (63,693 | ) | ||||||||||||||
Noninterest income | 202,404 | 1,209 | 75,037 | 394,556 | 673,206 | ||||||||||||||||
Noninterest expense (3) | (429,650 | ) | (9,195 | ) | (10,737 | ) | (172,098 | ) | (621,680 | ) | |||||||||||
Income before income tax expense (4) | $ | 348,848 | $ | 20,312 | $ | 64,320 | $ | 251,697 | $ | 685,177 | |||||||||||
Total average loans, net of unearned income | $ | 8,401,943 | $ | 919,831 | $ | — | $ | 29,604 | $ | 9,351,378 | |||||||||||
Total average assets (5) | 21,395,501 | 955,441 | 289,328 | 570,477 | 23,210,747 | ||||||||||||||||
Total average deposits | 19,072,608 | 524,398 | — | 22,188 | 19,619,194 | ||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||
Net interest income | $ | 593,770 | $ | 21,807 | $ | 15 | $ | 2,272 | $ | 617,864 | |||||||||||
(Provision for) reduction of loan losses | (45,417 | ) | 1,087 | — | — | (44,330 | ) | ||||||||||||||
Noninterest income | 188,821 | 681 | 27,435 | 118,609 | 335,546 | ||||||||||||||||
Noninterest expense (3) | (393,151 | ) | (7,388 | ) | (11,263 | ) | (134,196 | ) | (545,998 | ) | |||||||||||
Income (loss) before income tax expense (4) | $ | 344,023 | $ | 16,187 | $ | 16,187 | $ | (13,315 | ) | $ | 363,082 | ||||||||||
Total average loans, net of unearned income | $ | 6,750,951 | $ | 758,471 | $ | — | $ | 49,506 | $ | 7,558,928 | |||||||||||
Total average assets (5) | 19,557,289 | 759,251 | 239,335 | 755,297 | 21,311,172 | ||||||||||||||||
Total average deposits | 17,574,001 | 313,836 | — | 22,251 | 17,910,088 | ||||||||||||||||
-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". | ||||||||||||||||||||
-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 $20.9 million, $18.7 million and $14.4 million for 2014, 2013 and 2012, 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 equals the greater of total average assets or the sum of total liabilities and total stockholders’ equity for each segment. |
Parent_Company_Only_Condensed_1
Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Balance Sheets | Condensed Balance Sheets | ||||||||||||
December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||
Assets: | |||||||||||||
Cash and cash equivalents | $ | 314,236 | $ | 218,148 | |||||||||
Investment securities | 229,604 | 234,398 | |||||||||||
Net loans | 16,684 | 4,791 | |||||||||||
Other assets | 159,244 | 136,897 | |||||||||||
Investment in subsidiaries: | |||||||||||||
Bank subsidiary | 2,404,101 | 1,639,024 | |||||||||||
Nonbank subsidiaries | 149,558 | 160,271 | |||||||||||
Total assets | $ | 3,273,427 | $ | 2,393,529 | |||||||||
Liabilities and SVBFG stockholders’ equity: | |||||||||||||
5.375% Senior Notes | $ | 348,435 | $ | 348,209 | |||||||||
7.0% Junior Subordinated Debentures | 54,845 | 55,020 | |||||||||||
Other liabilities | 52,385 | 24,030 | |||||||||||
Total liabilities | 455,665 | 427,259 | |||||||||||
SVBFG stockholders’ equity | 2,817,762 | 1,966,270 | |||||||||||
Total liabilities and SVBFG stockholders’ equity | $ | 3,273,427 | $ | 2,393,529 | |||||||||
Condensed Statements of Income | Condensed Statements of Income | ||||||||||||
Year ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Interest income | $ | 2,534 | $ | 3,545 | $ | 3,282 | |||||||
Interest expense | (21,863 | ) | (24,408 | ) | (23,037 | ) | |||||||
Dividend income from bank subsidiary | — | 10,000 | — | ||||||||||
Gains on derivative instruments, net | 66,604 | 47,421 | 17,289 | ||||||||||
Gains on investment securities, net | 8,750 | 15,238 | 15,329 | ||||||||||
Impairment loss on cumulative foreign currency translation losses | (9,564 | ) | — | — | |||||||||
General and administrative expenses | (53,912 | ) | (54,389 | ) | (66,812 | ) | |||||||
Income tax (expense) benefit | (15,038 | ) | (15,824 | ) | 12,200 | ||||||||
Loss before net income of subsidiaries | (22,489 | ) | (18,417 | ) | (41,749 | ) | |||||||
Equity in undistributed net income of nonbank subsidiaries | 37,009 | 58,075 | 21,457 | ||||||||||
Equity in undistributed net income of bank subsidiary | 249,405 | 176,195 | 195,395 | ||||||||||
Net income available to common stockholders | $ | 263,925 | $ | 215,853 | $ | 175,103 | |||||||
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows | ||||||||||||
Year ended December 31, | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Cash flows from operating activities: | |||||||||||||
Net income attributable to SVBFG | $ | 263,925 | $ | 215,853 | $ | 175,103 | |||||||
Adjustments to reconcile net income to net cash used for operating activities: | |||||||||||||
Gains on derivative instruments, net | (66,604 | ) | (47,421 | ) | (17,289 | ) | |||||||
Gains on investment securities, net | (8,750 | ) | (15,238 | ) | (15,329 | ) | |||||||
Net income of bank subsidiary | (249,405 | ) | (186,195 | ) | (195,395 | ) | |||||||
Net income on nonbank subsidiaries | (37,009 | ) | (58,075 | ) | (21,457 | ) | |||||||
Cash dividends from bank subsidiary | — | 10,000 | — | ||||||||||
Amortization of share-based compensation | 29,545 | 25,413 | 21,861 | ||||||||||
Decrease (increase) in other assets | 44,006 | (11,901 | ) | 5,463 | |||||||||
Increase in other liabilities | 28,303 | 1,506 | 3,952 | ||||||||||
Impairment loss on SVBIF Sale Transaction | 9,564 | — | — | ||||||||||
Other, net | 584 | (1,269 | ) | 2,273 | |||||||||
Net cash provided by (used for) operating activities | 14,159 | (67,327 | ) | (40,818 | ) | ||||||||
Cash flows from investing activities: | |||||||||||||
Net decrease in investment securities from purchases, sales and maturities | 15,469 | 70,479 | 11,833 | ||||||||||
Net (increase) decrease in loans | (11,893 | ) | 4,078 | 2,034 | |||||||||
(Increase) decrease in investment in bank subsidiary | (432,804 | ) | (21,469 | ) | 12,180 | ||||||||
Decrease in investment in nonbank subsidiaries | 44,714 | 9,925 | 13,012 | ||||||||||
Net cash (used for) provided by investing activities | (384,514 | ) | 63,013 | 39,059 | |||||||||
Cash flows from financing activities: | |||||||||||||
Principal payments of other long-term debt | — | — | (1,222 | ) | |||||||||
Tax benefit from stock exercises | 9,431 | 6,826 | 5,581 | ||||||||||
Proceeds from issuance of common stock and ESPP | 22,146 | 46,569 | 29,282 | ||||||||||
Net proceeds from public equity offering | 434,866 | — | — | ||||||||||
Net cash provided by financing activities | 466,443 | 53,395 | 33,641 | ||||||||||
Net increase in cash and cash equivalents | 96,088 | 49,081 | 31,882 | ||||||||||
Cash and cash equivalents at beginning of period | 218,148 | 169,067 | 137,185 | ||||||||||
Cash and cash equivalents at end of period | $ | 314,236 | $ | 218,148 | $ | 169,067 | |||||||
Unaudited_Quarterly_Financial_1
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Supplemental Consolidated Financial Information | Our supplemental consolidated financial information for each three month period in 2014 and 2013 are as follows: | ||||||||||||||||
Three months ended | |||||||||||||||||
(Dollars in thousands, except per share amounts) | March 31, | June 30, | September 30, | December 31, | |||||||||||||
2014:00:00 | |||||||||||||||||
Interest income | $ | 205,024 | $ | 213,841 | $ | 229,326 | $ | 243,725 | |||||||||
Interest expense | (8,696 | ) | (8,876 | ) | (8,761 | ) | (8,988 | ) | |||||||||
Net interest income | 196,328 | 204,965 | 220,565 | 234,737 | |||||||||||||
Provision for loan losses | (494 | ) | (1,947 | ) | (16,610 | ) | (40,435 | ) | |||||||||
Noninterest income | 310,225 | 14,210 | 80,167 | 167,637 | |||||||||||||
Noninterest expense | (172,436 | ) | (173,446 | ) | (181,989 | ) | (189,000 | ) | |||||||||
Income before income tax expense | 333,623 | 43,782 | 102,133 | 172,939 | |||||||||||||
Income tax expense | 58,917 | 33,582 | 38,961 | 42,302 | |||||||||||||
Net income before noncontrolling interests | 274,706 | 10,200 | 63,172 | 130,637 | |||||||||||||
Net (income) loss attributable to noncontrolling interests | (183,405 | ) | 40,597 | (177 | ) | (71,805 | ) | ||||||||||
Net income available to common stockholders | $ | 91,301 | $ | 50,797 | $ | 62,995 | $ | 58,832 | |||||||||
Earnings per common share—basic | $ | 1.99 | $ | 1.05 | $ | 1.24 | $ | 1.16 | |||||||||
Earnings per common share—diluted | 1.95 | 1.04 | 1.22 | 1.14 | |||||||||||||
2013:00:00 | |||||||||||||||||
Interest income | $ | 171,014 | $ | 177,983 | $ | 185,240 | $ | 195,384 | |||||||||
Interest expense | (7,845 | ) | (7,902 | ) | (8,144 | ) | (8,386 | ) | |||||||||
Net interest income | 163,169 | 170,081 | 177,096 | 186,998 | |||||||||||||
Provision for loan losses | (5,813 | ) | (18,572 | ) | (10,638 | ) | (28,670 | ) | |||||||||
Noninterest income | 78,604 | 98,239 | 257,650 | 238,713 | |||||||||||||
Noninterest expense | (149,014 | ) | (143,292 | ) | (160,524 | ) | (168,850 | ) | |||||||||
Income before income tax expense | 86,946 | 106,456 | 263,584 | 228,191 | |||||||||||||
Income tax expense | 26,401 | 29,968 | 47,404 | 35,285 | |||||||||||||
Net income before noncontrolling interests | 60,545 | 76,488 | 216,180 | 192,906 | |||||||||||||
Net income attributable to noncontrolling interests | (19,654 | ) | (27,904 | ) | (148,559 | ) | (134,149 | ) | |||||||||
Net income available to common stockholders | $ | 40,891 | $ | 48,584 | $ | 67,621 | $ | 58,757 | |||||||||
Earnings per common share—basic | $ | 0.91 | $ | 1.08 | $ | 1.48 | $ | 1.29 | |||||||||
Earnings per common share—diluted | 0.9 | 1.06 | 1.46 | 1.27 | |||||||||||||
Nature_of_Business_Details
Nature of Business (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 3 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Summary of Ownership Interests in Investments Held Under Fair Value Accounting (Detail) (Fair value accounting) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Venture capital and private equity fund investments | SVB Strategic Investors Fund, LP | ||||
Schedule of Investments [Line Items] | ||||
Company Direct and Indirect Ownership in Limited Partnership | 12.60% | 12.60% | ||
Venture capital and private equity fund investments | SVB Strategic Investors Fund II, LP | ||||
Schedule of Investments [Line Items] | ||||
Company Direct and Indirect Ownership in Limited Partnership | 8.60% | 8.60% | ||
Venture capital and private equity fund investments | SVB Strategic Investors Fund III, LP | ||||
Schedule of Investments [Line Items] | ||||
Company Direct and Indirect Ownership in Limited Partnership | 5.90% | 5.90% | ||
Venture capital and private equity fund investments | SVB Strategic Investors Fund IV, LP | ||||
Schedule of Investments [Line Items] | ||||
Company Direct and Indirect Ownership in Limited Partnership | 5.00% | 5.00% | ||
Venture capital and private equity fund investments | SVB Capital Preferred Return Fund, LP | ||||
Schedule of Investments [Line Items] | ||||
Company Direct and Indirect Ownership in Limited Partnership | 20.00% | 20.00% | ||
Venture capital and private equity fund investments | SVB Capital-NT Growth Partners, LP | ||||
Schedule of Investments [Line Items] | ||||
Company Direct and Indirect Ownership in Limited Partnership | 33.00% | 33.00% | ||
Venture capital and private equity fund investments | Other private equity fund | ||||
Schedule of Investments [Line Items] | ||||
Company Direct and Indirect Ownership in Limited Partnership | 58.20% | [1] | 58.20% | [1] |
Venture capital and private equity fund investments | SVB Capital Partners II, LP | ||||
Schedule of Investments [Line Items] | ||||
Company Direct and Indirect Ownership in Limited Partnership | 5.10% | [2] | 5.10% | [2] |
Other venture capital investments | Silicon Valley BancVentures, LP | ||||
Schedule of Investments [Line Items] | ||||
Company Direct and Indirect Ownership in Limited Partnership | 10.70% | 10.70% | ||
Other venture capital investments | SVB Capital Partners II, LP | ||||
Schedule of Investments [Line Items] | ||||
Company Direct and Indirect Ownership in Limited Partnership | 5.10% | [3] | 5.10% | [3] |
Other venture capital investments | SVB Capital Shanghai Yangpu Venture Capital Fund | ||||
Schedule of Investments [Line Items] | ||||
Company Direct and Indirect Ownership in Limited Partnership | 6.80% | 6.80% | ||
[1] | At December 31, 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] | At December 31, 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. | |||
[3] | At December 31, 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. |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Significant Accounting Policies [Line Items] | ||
Percentage of voting interest held by the company for investments accounted for under the equity method | 5.00% | |
Effect of change on income | $10 | |
Lower Limit | ||
Significant Accounting Policies [Line Items] | ||
Marketability discount | 10.00% | |
Duration of the sale restrictions | 3 months | |
Upper Limit | ||
Significant Accounting Policies [Line Items] | ||
Marketability discount | 20.00% | |
Percentage of voting interest held by the company for investments accounted for under the equity method | 5.00% | |
Duration of the sale restrictions | 6 months | |
Investments in limited partnerships | Lower Limit | ||
Significant Accounting Policies [Line Items] | ||
Percentage of voting interest held by the company for investments accounted for under the equity method | 5.00% | |
Investments in limited partnerships | Upper Limit | ||
Significant Accounting Policies [Line Items] | ||
Percentage of voting interest held by the company for investments accounted for under the equity method | 50.00% | |
Percentage of ownership interest held by the company for investments accounted for under the cost method | 5.00% | |
Privately Held Companies | Lower Limit | ||
Significant Accounting Policies [Line Items] | ||
Percentage of voting interest held by the company for investments accounted for under the equity method | 20.00% | |
Privately Held Companies | Upper Limit | ||
Significant Accounting Policies [Line Items] | ||
Percentage of voting interest held by the company for investments accounted for under the equity method | 50.00% | |
Percentage of ownership interest held by the company for investments accounted for under the cost method | 20.00% | |
Retained earnings | ||
Significant Accounting Policies [Line Items] | ||
Effect of change on equity | $5 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies Maximum Estimated Useful Lives by Asset Classification (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Leasehold Improvements | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Premises and equipment, description of estimated useful life | Lesser of lease term or asset life |
Furniture and equipment | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Premises and equipment, description of estimated useful life | 3 years |
Furniture and equipment | Upper Limit | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Premises and equipment, estimated useful life | 3 years |
Software | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Premises and equipment, description of estimated useful life | 3-7 years |
Software | Lower Limit | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Premises and equipment, estimated useful life | 3 years |
Software | Upper Limit | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Premises and equipment, estimated useful life | 7 years |
Computer hardware | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Premises and equipment, description of estimated useful life | 3-5 years |
Computer hardware | Lower Limit | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Premises and equipment, estimated useful life | 3 years |
Computer hardware | Upper Limit | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Premises and equipment, estimated useful life | 5 years |
Stockholders_Equity_and_Earnin
Stockholders' Equity and Earnings Per Share ("EPS") - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders Equity Note [Line Items] | ||||
Proceeds from issuance of common stock | $434,900 | $434,866 | $0 | $0 |
Common stock | ||||
Stockholders Equity Note [Line Items] | ||||
Common stock issued in public offering | 4,485,000 | 4,485,000 | ||
Common stock offering price per share (usd per share) | $101 |
Stockholders_Equity_and_EPS_Re
Stockholders' Equity and EPS Reclassification of AOCI (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Related tax expense | $42,302 | $38,961 | $33,582 | $58,917 | $35,285 | $47,404 | $29,968 | $26,401 | ($173,762) | ($139,058) | ($113,269) |
Net income available to common stockholders | 58,832 | 62,995 | 50,797 | 91,301 | 58,757 | 67,621 | 48,584 | 40,891 | 263,925 | 215,853 | 175,103 |
Accumulated Net Unrealized Investment Gain (Loss) | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Reclassification adjustment for gains included in net income | 18,598 | -538 | -4,241 | ||||||||
Related tax expense | -7,510 | 218 | 1,661 | ||||||||
Net income available to common stockholders | $11,088 | ($320) | ($2,580) |
Stockholders_Equity_and_EPS_Re1
Stockholders' Equity and EPS Reconciliation of Basic EPS to Diluted EPS (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | |||||||||||
Net income available to common stockholders | $58,832 | $62,995 | $50,797 | $91,301 | $58,757 | $67,621 | $48,584 | $40,891 | $263,925 | $215,853 | $175,103 |
Denominator: | |||||||||||
Weighted average common shares outstanding-basic | 48,931 | 45,309 | 44,242 | ||||||||
Denominator for diluted calculation | 49,662 | 45,944 | 44,764 | ||||||||
Earnings per common share: | |||||||||||
Basic | $1.16 | $1.24 | $1.05 | $1.99 | $1.29 | $1.48 | $1.08 | $0.91 | $5.39 | $4.76 | $3.96 |
Diluted | $1.14 | $1.22 | $1.04 | $1.95 | $1.27 | $1.46 | $1.06 | $0.90 | $5.31 | $4.70 | $3.91 |
Stock options and ESPP | |||||||||||
Denominator: | |||||||||||
Weighted average effect of dilutive securities | 485 | 431 | 370 | ||||||||
Restricted stock units | |||||||||||
Denominator: | |||||||||||
Weighted average effect of dilutive securities | 246 | 204 | 152 |
Stockholders_Equity_and_EPS_Co
Stockholders' Equity and EPS Common Shares Excluded from Diluted EPS Calculation as They Were Deemed to be Anti-Dilutive (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from diluted earnings per share calculation | 161 | 366 | 695 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from diluted earnings per share calculation | 161 | 261 | 695 |
Restricted stock unit | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from diluted earnings per share calculation | 0 | 105 | 0 |
Share_Based_Compensation_and_R
Share Based Compensation and Related Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based compensation expense | $29,545 | $25,413 | $21,861 |
Income tax benefit related to share-based compensation expense | -9,923 | -7,989 | -6,011 |
Capitalized compensation costs | $2,048 | $2,809 | $2,647 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |
Expected volatility term | 5 years |
Closing stock price | $116.07 |
Number of shares available for issuance | 3,208,414 |
Equity Incentive Plan | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |
Maximum aggregate number of shares that may be awarded and sold | 7,543,321 |
Conversion ratio for awards granted | 2 |
Conversion ratio for awards forfeited | 2 |
Options granted under the 2006 Incentive Plan, expiration period | 7 years |
Options, exercisable period | 4 years |
Equity Incentive Plan | Restricted stock units | Lower Limit | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |
Vesting period | 3 years |
Equity Incentive Plan | Performance-based restricted stock | Lower Limit | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |
Vesting period | 12 months |
Employee Stock Purchase Plan | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |
Maximum percentage of gross compensation that participating employees may annually contribute towards ESPP | 10.00% |
Maximum amount that participating employees may annually contribute towards ESPP | $25,000 |
Percentage of fair market value of common stock at which employees may purchase shares under ESPP | 85.00% |
Number of shares issued under ESPP | 130,110 |
Proceeds from issuance of shares under ESPP | $11,900,000 |
Number of shares available for issuance | 566,199 |
ShareBased_Compensation_Unreco
Share-Based Compensation Unrecognized Share-Based Compensation Expense (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Unrecognized Share Based Compensation Expense [Line Items] | |
Unrecognized Expense | $45,047 |
Stock option | |
Unrecognized Share Based Compensation Expense [Line Items] | |
Unrecognized Expense | 14,341 |
Average Expected Recognition Period - in Years | 2 years 6 months 4 days |
Restricted stock units | |
Unrecognized Share Based Compensation Expense [Line Items] | |
Unrecognized Expense | $30,706 |
Average Expected Recognition Period - in Years | 2 years 5 months 0 days |
ShareBased_Compensation_Weight
Share-Based Compensation Weighted Average Assumptions and Fair Values Used for Employee Stock Options and Restricted Stock Units (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | |||
Weighted average grant date fair value-restricted stock units | $107.76 | ||
Equity Incentive Plan | |||
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | |||
Weighted average expected term of options in years | 4 years 7 months 3 days | 4 years 8 months 12 days | 4 years 7 months 0 days |
Weighted average expected volatility of the Company's underlying common stock | 35.90% | 44.60% | 50.40% |
Risk-free interest rate | 1.72% | 0.70% | 0.83% |
Expected dividend yield | $0 | $0 | $0 |
Weighted average grant date fair value-stock options | $35.65 | $27.28 | $27 |
Weighted average grant date fair value-restricted stock units | $107.76 | $71.57 | $63.07 |
ShareBased_Compensation_Weight1
Share-Based Compensation Weighted Average Assumptions and Fair Values Used for ESPP (Detail) (Employee Stock Purchase Plan, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Stock Purchase Plan | |||
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | |||
Expected term in years | 6 months | 6 months | 6 months |
Weighted average expected volatility of the Company's underlying common stock | 23.70% | 22.30% | 43.50% |
Risk-free interest rate | 0.08% | 0.11% | 0.11% |
Expected dividend yield | $0 | $0 | $0 |
Weighted average fair value | $24 | $15.35 | $14.43 |
ShareBased_Compensation_Stock_
Share-Based Compensation Stock Option Information Related to Equity Incentive Plan (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Options | |
Outstanding, beginning of period | 1,514,159 |
Granted | 249,303 |
Exercised | -330,898 |
Forfeited | -37,676 |
Outstanding, end of period | 1,394,888 |
Vested and expected to vest, end of period | 1,352,289 |
Exercisable, end of period | 687,696 |
Weighted average exercise price | |
Outstanding, beginning of period | $55.27 |
Granted | $108.05 |
Exercised | $47.70 |
Forfeited | $72.45 |
Outstanding, end of period | $66.03 |
Vested and expected to vest, end of period | $65.35 |
Exercisable, end of period | $50.60 |
Weighted Average Remaining Contractual Life in Years | |
Outstanding, end of period | 4 years 1 month 3 days |
Vested and expected to vest, end of period | 4 years 0 months 14 days |
Exercisable, end of period | 2 years 10 months 20 days |
Aggregate Intrinsic Value of In-The-Money Options | |
Outstanding, end of period | $69,834,175 |
Vested and expected to vest, end of period | 68,622,901 |
Exercisable, end of period | $45,022,407 |
ShareBased_Compensation_Stock_1
Share-Based Compensation Stock Options Outstanding (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Options, Shares | 1,394,888 |
Outstanding Options ,Weighted Average Remaining Contractual Life in Years | 4 years 1 month 2 days |
Outstanding Options, Weighted Average Exercise Price | $66.03 |
Exercisable Options, Shares | 687,696 |
Exercisable Options, Weighted Average Exercise Price | $50.60 |
$19.48-45.15 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum | $19.48 |
Range of Exercise Prices, maximum | $45.15 |
Outstanding Options, Shares | 139,582 |
Outstanding Options ,Weighted Average Remaining Contractual Life in Years | 1 year 6 months 18 days |
Outstanding Options, Weighted Average Exercise Price | $23.86 |
Exercisable Options, Shares | 137,576 |
Exercisable Options, Weighted Average Exercise Price | $23.63 |
45.16-49.01 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum | $45.16 |
Range of Exercise Prices, maximum | $49.01 |
Outstanding Options, Shares | 101,374 |
Outstanding Options ,Weighted Average Remaining Contractual Life in Years | 1 year 7 months 20 days |
Outstanding Options, Weighted Average Exercise Price | $46.98 |
Exercisable Options, Shares | 99,564 |
Exercisable Options, Weighted Average Exercise Price | $46.98 |
49.02-60.14 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum | $49.02 |
Range of Exercise Prices, maximum | $60.14 |
Outstanding Options, Shares | 162,117 |
Outstanding Options ,Weighted Average Remaining Contractual Life in Years | 2 years 7 months 28 days |
Outstanding Options, Weighted Average Exercise Price | $50.89 |
Exercisable Options, Shares | 145,697 |
Exercisable Options, Weighted Average Exercise Price | $50.24 |
60.15-60.51 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum | $60.15 |
Range of Exercise Prices, maximum | $60.51 |
Outstanding Options, Shares | 191,999 |
Outstanding Options ,Weighted Average Remaining Contractual Life in Years | 3 years 3 months 25 days |
Outstanding Options, Weighted Average Exercise Price | $60.37 |
Exercisable Options, Shares | 127,497 |
Exercisable Options, Weighted Average Exercise Price | $60.37 |
60.52-64.40 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum | $60.52 |
Range of Exercise Prices, maximum | $64.40 |
Outstanding Options, Shares | 269,220 |
Outstanding Options ,Weighted Average Remaining Contractual Life in Years | 4 years 3 months 28 days |
Outstanding Options, Weighted Average Exercise Price | $64.31 |
Exercisable Options, Shares | 114,437 |
Exercisable Options, Weighted Average Exercise Price | $64.30 |
64.41-67.77 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum | $64.41 |
Range of Exercise Prices, maximum | $67.77 |
Outstanding Options, Shares | 2,842 |
Outstanding Options ,Weighted Average Remaining Contractual Life in Years | 4 years 3 months |
Outstanding Options, Weighted Average Exercise Price | $64.43 |
Exercisable Options, Shares | 884 |
Exercisable Options, Weighted Average Exercise Price | $64.43 |
67.78-73.76 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum | $67.78 |
Range of Exercise Prices, maximum | $73.76 |
Outstanding Options, Shares | 274,906 |
Outstanding Options ,Weighted Average Remaining Contractual Life in Years | 5 years 3 months 28 days |
Outstanding Options, Weighted Average Exercise Price | $71.11 |
Exercisable Options, Shares | 60,161 |
Exercisable Options, Weighted Average Exercise Price | $71.11 |
73.77-107.93 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum | $73.77 |
Range of Exercise Prices, maximum | $107.93 |
Outstanding Options, Shares | 31,639 |
Outstanding Options ,Weighted Average Remaining Contractual Life in Years | 6 years 3 months 23 days |
Outstanding Options, Weighted Average Exercise Price | $99.24 |
Exercisable Options, Shares | 1,880 |
Exercisable Options, Weighted Average Exercise Price | $85.15 |
107.94-122.55 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum | $107.94 |
Range of Exercise Prices, maximum | $122.55 |
Outstanding Options, Shares | 221,209 |
Outstanding Options ,Weighted Average Remaining Contractual Life in Years | 6 years 4 months 8 days |
Outstanding Options, Weighted Average Exercise Price | $108.43 |
Exercisable Options, Shares | 0 |
Exercisable Options, Weighted Average Exercise Price | $0 |
ShareBased_Compensation_Inform
Share-Based Compensation Information for Restricted Stock Units under Equity Incentive Plan (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Weighted Average Grant Date Fair Value | |
Nonvested, beginning of period | $65.93 |
Granted | $107.76 |
Vested | $63.89 |
Forfeited | $74.39 |
Nonvested, end of period | $79.92 |
Restricted stock units | |
Shares | |
Nonvested, beginning of period | 682,347 |
Granted | 201,464 |
Vested | -233,759 |
Forfeited | -35,386 |
Nonvested, end of period | 614,666 |
ShareBased_Compensation_Summar
Share-Based Compensation Summary of Information Regarding Stock Option and Restricted Stock Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of stock options exercised | $21,288 | $25,520 | $17,419 |
Total grant date fair value of stock options vested | 20,291 | 18,168 | 17,169 |
Restricted stock unit | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of restricted stock vested | 25,453 | 14,176 | 12,747 |
Total grant date fair value of restricted stock vested | $14,935 | $10,940 | $10,176 |
Reserves_on_Deposit_with_the_F2
Reserves on Deposit with the Federal Reserve Bank and Federal Bank Stock Average Required Reserve Balances (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Reserves on Deposit with the Federal Reserve Bank and Federal Bank Stock [Abstract] | ||
Average required reserve balances at FRB San Francisco | $168,387 | $131,374 |
Reserves_on_Deposit_with_the_F3
Reserves on Deposit with the Federal Reserve Bank and Federal Bank Stock Shares Held at Federal Reserve Bank and Federal Home Loan Bank (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Disclosure Shares Held At Federal Reserve Bank And Federal Home Loan Bank [Abstract] | ||
FHLB stock holdings | $25,000 | $25,000 |
FRB stock holdings | $28,496 | $15,632 |
Cash_and_Cash_Equivalents_Deta
Cash and Cash Equivalents (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | ||||||
Cash and Cash Equivalents [Abstract] | ||||||
Cash and due from banks | $1,694,329 | [1] | $1,349,688 | [1] | ||
Securities purchased under agreements to resell | 95,611 | [2] | 172,989 | [2] | ||
Other short-term investment securities | 6,122 | 16,102 | ||||
Total cash and cash equivalents | $1,796,062 | $1,538,779 | $1,008,983 | $1,114,948 | ||
[1] | At December 31, 2014 and 2013, $861 million and $715 million, respectively, of our cash and due from banks was deposited at the FRB and was earning interest at the Federal Funds target rate, and interest-earning deposits in other financial institutions were $440 million and $300 million, respectively. | |||||
[2] | At December 31, 2014 and 2013, securities purchased under agreements to resell were collateralized by U.S. Treasury securities and U.S. agency securities with aggregate fair values of $98 million and $176 million, respectively. None of these securities were sold or repledged as of December 31, 2014 and 2013. |
Cash_and_Cash_Equivalents_Foot
Cash and Cash Equivalents (Footnote Information) (Detail) (USD $) | Dec. 31, 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 | $861 | $715 |
Interest-earning deposits in other financial institutions | 440 | 300 |
Fair value of securities purchased under agreements to resell | 98 | 176 |
Fair value of securities received as collateral that have been resold or repledged | $0 | $0 |
Cash_and_Cash_Equivalents_Secu
Cash and Cash Equivalents Securities Purchased Under Agreements (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Disclosure Securities Purchased Under Agreements [Abstract] | ||
Average securities purchased under agreements to resell | $108,910 | $96,309 |
Maximum amount outstanding at any month-end during the year | $283,215 | $338,687 |
Investment_Securities_Major_Co
Investment Securities - Major Components of Investment Securities Portfolio (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Holdings [Line Items] | ||
Amortized Cost | $13,497,945 | $12,055,524 |
Unrealized Gains | 70,853 | 91,695 |
Unrealized Losses | -28,143 | -160,398 |
Carrying Value | 13,540,655 | 11,986,821 |
U.S. treasury securities | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 7,289,135 | |
Unrealized Gains | 17,524 | |
Unrealized Losses | -4,386 | |
Carrying Value | 7,302,273 | |
U.S. agency debentures | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 3,540,055 | 4,344,652 |
Unrealized Gains | 30,478 | 41,365 |
Unrealized Losses | -8,977 | -40,785 |
Carrying Value | 3,561,556 | 4,345,232 |
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
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 | 1,884,450 | 3,386,670 |
Unrealized Gains | 14,851 | 24,510 |
Unrealized Losses | -14,458 | -85,422 |
Carrying Value | 1,884,843 | 3,325,758 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 779,103 | 1,183,333 |
Unrealized Gains | 5,372 | 3,363 |
Unrealized Losses | 0 | -123 |
Carrying Value | 784,475 | 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 | 5,202 | 4,842 |
Unrealized Gains | 2,628 | 692 |
Unrealized Losses | -322 | -483 |
Carrying Value | $7,508 | $5,051 |
Investment_Securities_Summary_
Investment Securities - Summary of Available for Sale Securities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | Investment | ||
Investments, Unrealized Loss Position [Line Items] | |||
Less than 12 months - Fair Value of Investments | $3,209,821 | [1] | $5,978,236 |
Less than 12 months - Unrealized Losses | -8,301 | [1] | -152,383 |
12 months or longer - Fair Value of Investments | 961,186 | [1] | 154,250 |
12 months or longer - Unrealized Losses | -19,842 | [1] | -8,015 |
Fair Value of Investments | 4,171,007 | [1] | 6,132,486 |
Unrealized Losses | -28,143 | [1] | -160,398 |
Number of investments in unrealized loss position | 115 | ||
Number of investments with unrealized losses greater than 12 months | 33 | ||
U.S. treasury securities | |||
Investments, Unrealized Loss Position [Line Items] | |||
Less than 12 months - Fair Value of Investments | 2,297,895 | ||
Less than 12 months - Unrealized Losses | -4,386 | ||
12 months or longer - Fair Value of Investments | 0 | ||
12 months or longer - Unrealized Losses | 0 | ||
Fair Value of Investments | 2,297,895 | ||
Unrealized Losses | -4,386 | ||
U.S. agency debentures | |||
Investments, Unrealized Loss Position [Line Items] | |||
Less than 12 months - Fair Value of Investments | 249,266 | 1,821,045 | |
Less than 12 months - Unrealized Losses | -489 | -40,785 | |
12 months or longer - Fair Value of Investments | 507,385 | 0 | |
12 months or longer - Unrealized Losses | -8,488 | 0 | |
Fair Value of Investments | 756,651 | 1,821,045 | |
Unrealized Losses | -8,977 | -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 - Fair Value of Investments | 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 | 662,092 | 2,098,137 | |
Less than 12 months - Unrealized Losses | -3,104 | -79,519 | |
12 months or longer - Fair Value of Investments | 453,801 | 134,420 | |
12 months or longer - Unrealized Losses | -11,354 | -5,903 | |
Fair Value of Investments | 1,115,893 | 2,232,557 | |
Unrealized Losses | -14,458 | -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 - Fair Value of Investments | 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 - Fair Value of Investments | 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 - Fair Value of Investments | 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 | 568 | 910 | |
Less than 12 months - Unrealized Losses | -322 | -483 | |
12 months or longer - Fair Value of Investments | 0 | 0 | |
12 months or longer - Unrealized Losses | 0 | 0 | |
Fair Value of Investments | 568 | 910 | |
Unrealized Losses | ($322) | ($483) | |
[1] | As of December 31, 2014, we identified a total of 115 investments that were in unrealized loss positions, of which 33 investments totaling $961.2 million with unrealized losses of $19.8 million have been in an impaired position for a period of time greater than 12 months. As of December 31, 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 December 31, 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 $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Investments Classified by Contractual Maturity Date [Line Items] | |
Carrying Value | 13,533,147 |
Weighted- Average Yield | 1.34% |
One Year or Less - Carrying Value | 1,069,561 |
One Year or Less - Weighted- Average Yield | 1.48% |
After One Year to Five Years - Carrying Value | 8,683,092 |
After One Year to Five Years - Weighted- Average Yield | 1.13% |
After Five Years to Ten Years - Carrying Value | 1,638,392 |
After Five Years to Ten Years - Weighted- Average Yield | 2.27% |
After Ten Years - Carrying Value | 2,142,102 |
After Ten Years - Weighted- Average Yield | 1.39% |
U.S. treasury securities | |
Investments Classified by Contractual Maturity Date [Line Items] | |
Carrying Value | 7,302,273 |
Weighted- Average Yield | 1.08% |
One Year or Less - Carrying Value | 200,098 |
One Year or Less - Weighted- Average Yield | 0.20% |
After One Year to Five Years - Carrying Value | 6,406,273 |
After One Year to Five Years - Weighted- Average Yield | 1.02% |
After Five Years to Ten Years - Carrying Value | 695,902 |
After Five Years to Ten Years - Weighted- Average Yield | 1.99% |
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] | |
Carrying Value | 3,561,556 |
Weighted- Average Yield | 1.64% |
One Year or Less - Carrying Value | 869,463 |
One Year or Less - Weighted- Average Yield | 1.78% |
After One Year to Five Years - Carrying Value | 2,276,819 |
After One Year to Five Years - Weighted- Average Yield | 1.46% |
After Five Years to Ten Years - Carrying Value | 415,274 |
After Five Years to Ten Years - Weighted- Average Yield | 2.36% |
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] | |
Carrying Value | 1,884,843 |
Weighted- Average Yield | 2.00% |
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 | 527,216 |
After Five Years to Ten Years - Weighted- Average Yield | 2.57% |
After Ten Years - Carrying Value | 1,357,627 |
After Ten Years - Weighted- Average Yield | 1.79% |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | |
Investments Classified by Contractual Maturity Date [Line Items] | |
Carrying Value | 784,475 |
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 | 784,475 |
After Ten Years - Weighted- Average Yield | 0.71% |
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 |
Investment_Securities_Summary_2
Investment Securities - Summary Held to Maturity Securities (Details) (USD $) | Dec. 31, 2014 | Jun. 01, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Investment | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Transfers from available-for-sale securities to held-to-maturity, carrying value | $5,418,572,000 | $5,400,000,000 | $0 | $0 | |
Unrealized gains for transferred securities | 22,500,000 | ||||
Amortized Cost | 7,421,042,000 | ||||
Unrealized Gains | 16,314,000 | ||||
Unrealized Losses | -21,700,000 | ||||
Fair Value | 7,415,656,000 | 0 | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Fair Value of Investments, Less than 12 months | 3,438,894,000 | [1] | |||
Unrealized Losses, Less than 12 months | -16,520,000 | [1] | |||
Fair Value of Investments, 12 months or longer | 783,558,000 | [1],[2] | |||
Unrealized Losses, 12 months or longer | -5,180,000 | [1],[2] | |||
Fair Value of Investments | 4,222,452,000 | [1] | |||
Unrealized Losses | -21,700,000 | [1] | |||
Number of held-to-maturity investments with unrealized loss | 292 | ||||
Number of held-to-maturity investments in continuous loss more than 12 months | 26 | ||||
U.S. agency debentures | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amortized Cost | 405,899,000 | [3] | |||
Unrealized Gains | 4,589,000 | [3] | |||
Unrealized Losses | -38,000 | [3] | |||
Fair Value | 410,450,000 | [3] | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Fair Value of Investments, Less than 12 months | 48,335,000 | ||||
Unrealized Losses, Less than 12 months | -38,000 | ||||
Fair Value of Investments, 12 months or longer | 0 | [2] | |||
Unrealized Losses, 12 months or longer | 0 | [2] | |||
Fair Value of Investments | 48,335,000 | ||||
Unrealized Losses | -38,000 | ||||
Agency-issued mortgage-backed securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amortized Cost | 2,799,923,000 | ||||
Unrealized Gains | 5,789,000 | ||||
Unrealized Losses | -2,320,000 | ||||
Fair Value | 2,803,392,000 | ||||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Fair Value of Investments, Less than 12 months | 999,230,000 | ||||
Unrealized Losses, Less than 12 months | -2,320,000 | ||||
Fair Value of Investments, 12 months or longer | 0 | [2] | |||
Unrealized Losses, 12 months or longer | 0 | [2] | |||
Fair Value of Investments | 999,230,000 | ||||
Unrealized Losses | -2,320,000 | ||||
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Fixed rate | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amortized Cost | 3,185,109,000 | ||||
Unrealized Gains | 4,521,000 | ||||
Unrealized Losses | -14,885,000 | ||||
Fair Value | 3,174,745,000 | ||||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Fair Value of Investments, Less than 12 months | 1,682,348,000 | ||||
Unrealized Losses, Less than 12 months | -9,705,000 | ||||
Fair Value of Investments, 12 months or longer | 783,558,000 | [2] | |||
Unrealized Losses, 12 months or longer | -5,180,000 | [2] | |||
Fair Value of Investments | 2,465,906,000 | ||||
Unrealized Losses | -14,885,000 | ||||
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amortized Cost | 131,580,000 | ||||
Unrealized Gains | 371,000 | ||||
Unrealized Losses | 0 | ||||
Fair Value | 131,951,000 | ||||
Agency-issued commercial mortgage-backed securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amortized Cost | 814,589,000 | ||||
Unrealized Gains | 1,026,000 | ||||
Unrealized Losses | -3,800,000 | ||||
Fair Value | 811,815,000 | ||||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Fair Value of Investments, Less than 12 months | 629,840,000 | ||||
Unrealized Losses, Less than 12 months | -3,800,000 | ||||
Fair Value of Investments, 12 months or longer | 0 | [2] | |||
Unrealized Losses, 12 months or longer | 0 | [2] | |||
Fair Value of Investments | 629,840,000 | ||||
Unrealized Losses | -3,800,000 | ||||
Municipal bonds and notes | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amortized Cost | 83,942,000 | ||||
Unrealized Gains | 18,000 | ||||
Unrealized Losses | -657,000 | ||||
Fair Value | 83,303,000 | ||||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Fair Value of Investments, Less than 12 months | 79,141,000 | ||||
Unrealized Losses, Less than 12 months | -657,000 | ||||
Fair Value of Investments, 12 months or longer | 0 | [2] | |||
Unrealized Losses, 12 months or longer | 0 | [2] | |||
Fair Value of Investments | 79,141,000 | ||||
Unrealized Losses | ($657,000) | ||||
[1] | As of December 31, 2014, we identified a total of 292 investments that were in unrealized loss positions, of which 26 investments totaling $783.6 million with unrealized losses of $5.2 million have been in an impaired position for a period of time greater than 12 months. As of December 31, 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 December 31, 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 $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Held-to-maturity Securities [Line Items] | |||
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
Amortized Cost | $7,421,042 | $0 | |
Held-to-maturity securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 7,421,042 | ||
Weighted- Average Yield | 2.10% | ||
One Year or Less - Amortized Cost | 3,442 | ||
One Year or Less - Weighted- Average Yield | 5.37% | ||
One Year to Five Years - Amortized Cost | 74,794 | ||
After One Year to Five Years - Weighted- Average Yield | 3.83% | ||
After Five Years to Ten Years - Amortized Cost | 1,299,134 | ||
After Five Years to Ten Years - Weighted- Average Yield | 2.54% | ||
After Ten Years - Amortized Cost | 6,043,672 | ||
After Ten Years - Weighted- Average Yield | 1.99% | ||
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 | ||
U.S. agency debentures | Held-to-maturity securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 405,899 | ||
Weighted- Average Yield | 2.87% | ||
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 | 405,899 | ||
After Five Years to Ten Years - Weighted- Average Yield | 2.87% | ||
After Ten Years - Amortized Cost | 0 | ||
After Ten Years - Weighted- Average Yield | 0.00% | ||
Agency-issued mortgage-backed securities | Held-to-maturity securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 2,799,923 | ||
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 | 43,809 | ||
After One Year to Five Years - Weighted- Average Yield | 2.39% | ||
After Five Years to Ten Years - Amortized Cost | 853,331 | ||
After Five Years to Ten Years - Weighted- Average Yield | 2.21% | ||
After Ten Years - Amortized Cost | 1,902,783 | ||
After Ten Years - Weighted- Average Yield | 2.51% | ||
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 | 3,185,109 | ||
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 | 3,185,109 | ||
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 | 131,580 | ||
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 | 131,580 | ||
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 | 814,589 | ||
Weighted- Average Yield | 2.15% | ||
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 | 814,589 | ||
After Ten Years - Weighted- Average Yield | 2.15% | ||
Municipal bonds and notes | Held-to-maturity securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 83,942 | ||
Weighted- Average Yield | 6.00% | ||
One Year or Less - Amortized Cost | 3,442 | ||
One Year or Less - Weighted- Average Yield | 5.37% | ||
One Year to Five Years - Amortized Cost | 30,985 | ||
After One Year to Five Years - Weighted- Average Yield | 5.86% | ||
After Five Years to Ten Years - Amortized Cost | 39,904 | ||
After Five Years to Ten Years - Weighted- Average Yield | 6.10% | ||
After Ten Years - Amortized Cost | $9,611 | ||
After Ten Years - Weighted- Average Yield | 6.27% |
Investment_Securities_Nonmarke
Investment Securities - Non-marketable and Other Securities (Detail) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Investment | |||||
Investment Holdings [Line Items] | |||||
Total non-marketable and other securities | $1,728,888,000 | $1,595,494,000 | |||
Unrealized Gain (Loss) on Securities | 75,000,000 | ||||
Ownership interest percentage | 5.00% | ||||
Upper Limit | |||||
Investment Holdings [Line Items] | |||||
Ownership interest percentage | 5.00% | ||||
Fair value accounting | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 108,251,000 | [1] | 321,374,000 | [1] | |
Venture capital and private equity fund investments | Fair value accounting | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 1,130,882,000 | [2] | 862,972,000 | [2] | |
Non-marketable securities | 234,000,000 | 215,000,000 | |||
Venture capital and private equity fund investments | Fair value accounting | SVB Strategic Investors Fund, LP | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 24,645,000 | 29,104,000 | |||
Company Direct and Indirect Ownership in Limited Partnership | 12.60% | 12.60% | |||
Venture capital and private equity fund investments | Fair value accounting | SVB Strategic Investors Fund II, LP | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 97,250,000 | 96,185,000 | |||
Company Direct and Indirect Ownership in Limited Partnership | 8.60% | 8.60% | |||
Venture capital and private equity fund investments | Fair value accounting | SVB Strategic Investors Fund III, LP | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 269,821,000 | 260,272,000 | |||
Company Direct and Indirect Ownership in Limited Partnership | 5.90% | 5.90% | |||
Venture capital and private equity fund investments | Fair value accounting | SVB Strategic Investors Fund IV, LP | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 291,291,000 | 226,729,000 | |||
Company Direct and Indirect Ownership in Limited Partnership | 5.00% | 5.00% | |||
Venture capital and private equity fund investments | Fair value accounting | Strategic Investors Fund V Funds | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 226,111,000 | 118,181,000 | |||
Venture capital and private equity fund investments | Fair value accounting | Strategic Investors Fund VI Funds | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 89,605,000 | 7,944,000 | |||
Company Direct and Indirect Ownership in Limited Partnership | 0.00% | 0.20% | |||
Venture capital and private equity fund investments | Fair value accounting | SVB Capital Preferred Return Fund, LP | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 62,110,000 | 59,028,000 | |||
Company Direct and Indirect Ownership in Limited Partnership | 20.00% | 20.00% | |||
Venture capital and private equity fund investments | Fair value accounting | SVB Capital-NT Growth Partners, LP | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 61,973,000 | 61,126,000 | |||
Company Direct and Indirect Ownership in Limited Partnership | 33.00% | 33.00% | |||
Venture capital and private equity fund investments | Fair value accounting | SVB Capital Partners II, LP | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 302,000 | [3] | 708,000 | [3] | |
Company Direct and Indirect Ownership in Limited Partnership | 5.10% | [3] | 5.10% | [3] | |
Venture capital and private equity fund investments | Fair value accounting | SVB Capital Partners II, LP | Direct ownership interest | |||||
Investment Holdings [Line Items] | |||||
Company Direct and Indirect Ownership in Limited Partnership | 1.30% | ||||
Venture capital and private equity fund investments | Fair value accounting | SVB Capital Partners II, LP | Indirect ownership interest | |||||
Investment Holdings [Line Items] | |||||
Company Direct and Indirect Ownership in Limited Partnership | 3.80% | ||||
Venture capital and private equity fund investments | Fair value accounting | Other private equity fund | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 7,774,000 | [4] | 3,695,000 | [4] | |
Company Direct and Indirect Ownership in Limited Partnership | 58.20% | [4] | 58.20% | [4] | |
Venture capital and private equity fund investments | Fair value accounting | Other private equity fund | Direct ownership interest | |||||
Investment Holdings [Line Items] | |||||
Company Direct and Indirect Ownership in Limited Partnership | 41.50% | ||||
Venture capital and private equity fund investments | Cost method accounting | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 140,551,000 | [5] | 148,994,000 | [5] | |
Number of investments | 281 | 288 | 324 | ||
Other venture capital investments | Fair value accounting | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 71,204,000 | [6] | 32,839,000 | [6] | |
Other venture capital investments | Fair value accounting | SVB Capital Partners II, LP | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 20,481,000 | [7] | 22,684,000 | [7] | |
Company Direct and Indirect Ownership in Limited Partnership | 5.10% | [7] | 5.10% | [7] | |
Other venture capital investments | Fair value accounting | Silicon Valley BancVentures, LP | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 3,291,000 | 6,564,000 | |||
Company Direct and Indirect Ownership in Limited Partnership | 10.70% | 10.70% | |||
Other venture capital investments | Fair value accounting | Capital Partners III, LP | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 41,055,000 | 0 | |||
Company Direct and Indirect Ownership in Limited Partnership | 0.00% | 0.00% | |||
Other venture capital investments | Fair value accounting | SVB Capital Shanghai Yangpu Venture Capital Fund | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 6,377,000 | 3,591,000 | |||
Company Direct and Indirect Ownership in Limited Partnership | 6.80% | 6.80% | |||
Other investments | Venture capital and private equity fund investments | SVB Capital-NT Growth Partners, LP | Indirect ownership interest | |||||
Investment Holdings [Line Items] | |||||
Company Direct and Indirect Ownership in Limited Partnership | 12.60% | ||||
Other investments | Venture capital and private equity fund investments | SVB Capital Partners II, LP | Direct ownership interest | |||||
Investment Holdings [Line Items] | |||||
Company Direct and Indirect Ownership in Limited Partnership | 1.30% | ||||
Other investments | Venture capital and private equity fund investments | SVB Capital Partners II, LP | Indirect ownership interest | |||||
Investment Holdings [Line Items] | |||||
Company Direct and Indirect Ownership in Limited Partnership | 3.80% | ||||
Other investments | Venture capital and private equity fund investments | Other private equity fund | Direct ownership interest | |||||
Investment Holdings [Line Items] | |||||
Company Direct and Indirect Ownership in Limited Partnership | 41.50% | ||||
Other investments | Venture capital and private equity fund investments | LP and SVB Capital Preferred Return Fund, LP | Indirect ownership interest | |||||
Investment Holdings [Line Items] | |||||
Company Direct and Indirect Ownership in Limited Partnership | 4.10% | ||||
Other investments | Equity method accounting | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 142,674,000 | [8] | 142,883,000 | [8] | |
Other investments | Equity method accounting | Gold Hill Capital 2008, LP | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 21,294,000 | [9] | 21,867,000 | [9] | |
Company Direct and Indirect Ownership in Limited Partnership | 15.50% | [9] | 15.50% | [9] | |
Other investments | Equity method accounting | Gold Hill Capital 2008, LP | Direct ownership interest | |||||
Investment Holdings [Line Items] | |||||
Company Direct and Indirect Ownership in Limited Partnership | 11.50% | ||||
Other investments | Equity method accounting | Gold Hill Capital 2008, LP | Indirect ownership interest | |||||
Investment Holdings [Line Items] | |||||
Company Direct and Indirect Ownership in Limited Partnership | 4.00% | ||||
Other investments | Equity method accounting | China Joint Venture investment | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 79,569,000 | 79,940,000 | |||
Company Direct and Indirect Ownership in Limited Partnership | 50.00% | 50.00% | |||
Other investments | Equity method accounting | Other investments | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 41,811,000 | 41,076,000 | |||
Other investments | Cost method accounting | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | 16,676,000 | 14,191,000 | |||
Low income housing tax credit funds | Equity method accounting | |||||
Investment Holdings [Line Items] | |||||
Non-marketable securities | $118,650,000 | $72,241,000 | |||
[1] | Investments classified as other securities (fair value accounting) represent direct equity investments in public companies held by our consolidated funds. At December 31, 2014, the amount primarily includes total unrealized gains of $75 million in 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 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 December 31, 2014 and December 31, 2013 (fair value accounting): December 31, 2014 December 31, 2013(Dollars in thousands) Amount Ownership % Amount Ownership %SVB Strategic Investors Fund, LP $24,645 12.6% $29,104 12.6%SVB Strategic Investors Fund II, LP 97,250 8.6 96,185 8.6SVB Strategic Investors Fund III, LP 269,821 5.9 260,272 5.9SVB Strategic Investors Fund IV, LP 291,291 5.0 226,729 5.0Strategic Investors Fund V Funds 226,111 Various 118,181 VariousStrategic Investors Fund VI Funds 89,605 — 7,944 0.2SVB Capital Preferred Return Fund, LP 62,110 20.0 59,028 20.0SVB Capital—NT Growth Partners, LP 61,973 33.0 61,126 33.0SVB Capital Partners II, LP (i) 302 5.1 708 5.1Other private equity fund (ii) 7,774 58.2 3,695 58.2Total venture capital and private equity fund investments $1,130,882 $862,972 (i)At December 31, 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 December 31, 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] | At December 31, 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. | ||||
[4] | At December 31, 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 | ||||
[5] | Represents investments in 281 and 288 funds (primarily venture capital funds) at December 31, 2014 and December 31, 2013, respectively, where our ownership interest is 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 $141 million, and $234 million, respectively, as of December 31, 2014. The carrying value, and estimated fair value, of the venture capital and private equity fund investments (cost method accounting) was $149 million, and $215 million, respectively, as of December 31, 2013. | ||||
[6] | 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 December 31, 2014 and December 31, 2013 (fair value accounting): December 31, 2014 December 31, 2013(Dollars in thousands) Amount Ownership % Amount Ownership %Silicon Valley BancVentures, LP $3,291 10.7% $6,564 10.7%SVB Capital Partners II, LP (i) 20,481 5.1 22,684 5.1Capital Partners III, LP 41,055 — — —SVB Capital Shanghai Yangpu Venture Capital Fund 6,377 6.8 3,591 6.8Total other venture capital investments $71,204 $32,839 (i)At December 31, 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. | ||||
[7] | At December 31, 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. | ||||
[8] | The following table shows the carrying value and our ownership percentage of each investment at December 31, 2014 and December 31, 2013 (equity method accounting): December 31, 2014 December 31, 2013(Dollars in thousands) Amount Ownership % Amount Ownership %Gold Hill Capital 2008, LP (i) $21,294 15.5% $21,867 15.5%China Joint Venture investment 79,569 50.0 79,940 50.0Other investments 41,811 Various 41,076 VariousTotal other investments (equity method accounting) $142,674 $142,883 (i)At December 31, 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] | At December 31, 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. |
Investment_Securities_Componen
Investment Securities - Components of Gains and Losses (Realized and Unrealized) on Investment Securities (Detail) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Gain (Loss) on Investments [Line Items] | ||||||
Gross gains on investment securities | $551,453,000 | $455,531,000 | $203,321,000 | |||
Gross losses on investment securities | -284,430,000 | -36,123,000 | -81,207,000 | |||
Gains on investment securities, net | 267,023,000 | 419,408,000 | 122,114,000 | |||
Other than Temporary Impairment Losses, Investments | 0 | 0 | ||||
Cost method accounting | Venture capital and private equity fund investments | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Recognized other-than-temporary impairment (OTTI) losses | 800,000 | 1,400,000 | 1,000,000 | |||
Number of other-than-temporary impaired investments | 27 | 43 | 46 | |||
Number of investments | 281 | 288 | 324 | |||
Available-for-sale Securities | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Gross gains on investment securities | 658,000 | [1] | 3,887,000 | [1] | 6,380,000 | [1] |
Gross losses on investment securities | -19,255,000 | [1] | -3,349,000 | [1] | -2,139,000 | [1] |
Marketable Securities [Member] | Fair value accounting | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Gross gains on investment securities | 0 | 0 | 8,863,000 | |||
Gross losses on investment securities | 0 | 0 | -1,675,000 | |||
Non-marketable securities | Fair value accounting | Venture capital and private equity fund investments | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Gross gains on investment securities | 349,747,000 | 186,404,000 | 107,507,000 | |||
Gross losses on investment securities | -86,263,000 | -17,185,000 | -63,146,000 | |||
Non-marketable securities | Fair value accounting | Other venture capital investments | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Gross gains on investment securities | 17,309,000 | 9,241,000 | 58,409,000 | |||
Gross losses on investment securities | -4,516,000 | -3,496,000 | -11,062,000 | |||
Non-marketable securities | Fair value accounting | Other securities | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Gross gains on investment securities | 151,007,000 | 227,252,000 | 0 | |||
Gross losses on investment securities | -170,890,000 | -2,962,000 | 0 | |||
Non-marketable securities | Fair value accounting | Other investments | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Gross gains on investment securities | 0 | 0 | 21,000 | |||
Non-marketable securities | Equity method accounting | Other investments | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Gross gains on investment securities | 10,937,000 | 18,235,000 | 16,923,000 | |||
Gross losses on investment securities | -2,320,000 | -3,111,000 | -1,987,000 | |||
Non-marketable securities | Cost method accounting | Venture capital and private equity fund investments | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Gross gains on investment securities | 16,001,000 | 10,081,000 | 3,503,000 | |||
Gross losses on investment securities | -827,000 | [2] | -1,700,000 | [2] | -1,079,000 | [2] |
Non-marketable securities | Cost method accounting | Other investments | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Gross gains on investment securities | 5,794,000 | 431,000 | 1,715,000 | |||
Gross losses on investment securities | -359,000 | [3] | -4,320,000 | [3] | -119,000 | [3] |
Recognized other-than-temporary impairment (OTTI) losses | $3,900,000 | |||||
[1] | Includes realized gains (losses) on sales of available-for-sale securities that are recognized in the income statement. Unrealized gains (losses) on available-for-sale securities are recognized in other comprehensive income. The cost basis of available-for-sale securities sold is determined on a specific identification basis. | |||||
[2] | Includes OTTI of $0.8 million from the declines in value for 27 of the 281 investments, $1.4 million from the declines in value for 43 of the 288 investments, and $1.0 million from the declines in value for 46 of the 324 investments held at December 31, 2014, 2013, and 2012, respectively. We concluded that any declines in value for the remaining investments were temporary, and as such, no OTTI was required to be recognized. | |||||
[3] | No OTTI was recognized for the year ended December 31, 2014. We concluded that any declines in value for the investments were temporary, and as such, no OTTI was required to be recognized. There was $3.9 million of OTTI recognized for the year ended December 31, 2013 on a single direct equity investment and there was no recognized OTTI for the year ended December 31, 2012. |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses Additional Information (Detail) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Deferred loan fee income | $104,000,000 | $89,000,000 | ||||
Loans modified in TDRs | 7,151,000 | 22,433,000 | ||||
Unfunded commitments available for funding | 3,100,000 | |||||
Loans modified in TDRs during the period | 2,738,000 | [1] | 13,848,000 | [1] | 28,723,000 | [1] |
Forgiveness Of Principal [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans modified in TDRs during the period | 1,000,000 | 0 | 9,000,000 | |||
Payment Deferrals Granted | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans modified in TDRs during the period | $1,700,000 | $19,000,000 | ||||
[1] | During 2014 we had no partial charge-offs. In 2013 and 2012 we had partial charge-offs of $11.1 million and $14.3 million respectively, on loans classified as TDRs. |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses Composition of Loans, Net of Unearned income (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | $14,384,276 | [1] | $10,906,386 | [1] |
Real estate secured loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 1,764,519 | 1,418,991 | ||
Software and internet | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 4,954,676 | 4,102,636 | ||
Hardware | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 1,131,006 | 1,213,032 | ||
Venture capital/private equity | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 4,582,906 | 2,386,054 | ||
Life science | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 1,289,904 | 1,170,220 | ||
Premium wine | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 794,321 | 664,834 | ||
Premium wine | Non-real Estate Secured Commercial Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 187,568 | 149,841 | ||
Premium wine | Real Estate Secured Commercial Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 606,753 | [2] | 514,993 | [2] |
Commercial, Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 352,828 | 396,644 | ||
Commercial, Other | Construction Loans Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 78,626 | 76,997 | ||
Commercial, Other | Commercial Loans Receivable excluding Construction and Real Estate Secured | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 234,551 | 288,904 | ||
Real estate, Other | Real Estate Secured Commercial Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 39,651 | 30,743 | ||
Consumer, Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 160,520 | 99,711 | ||
Real estate secured loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 1,118,115 | 873,255 | ||
Real estate secured loans | Real estate secured loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 1,118,115 | [3] | 873,255 | [3] |
Total consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 1,278,635 | 972,966 | ||
Total commercial loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 13,105,641 | 9,933,420 | ||
Total commercial loans | Commercial Loans Receivable excluding Construction and Real Estate Secured | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | $12,380,611 | $9,310,687 | ||
[1] | Included within our total loan portfolio are credit card loans of $131 million and $85 million at December 31, 2014 and 2013, respectively. | |||
[2] | Included in our premium wine portfolio are gross construction loans of $112 million at both December 31, 2014 and 2013. | |||
[3] | Consumer loans secured by real estate at December 31, 2014 and 2013 were comprised of the following: December 31,(Dollars in thousands) 2014 2013Loans for personal residence $918,629 $685,327Loans to eligible employees 133,568 121,548Home equity lines of credit 65,918 66,380Consumer loans secured by real estate $1,118,115 $873,255 |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses Composition of Loans, Net of Unearned income (Footnote Information) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | $14,384,276,000 | [1] | $10,906,386,000 | [1] |
Credit Card Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit card loans | 131,000,000 | 85,000,000 | ||
Real estate secured loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 1,118,115,000 | 873,255,000 | ||
Real estate secured loans | Loans for personal residence | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 918,629,000 | 685,327,000 | ||
Real estate secured loans | Loans to eligible employees | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 133,568,000 | 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 | 65,918,000 | 66,380,000 | ||
Premium wine | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | 794,321,000 | 664,834,000 | ||
Gross construction loans | 112,000,000 | 112,000,000 | ||
Total consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, net of unearned income | $1,278,635,000 | $972,966,000 | ||
[1] | Included within our total loan portfolio are credit card loans of $131 million and $85 million at December 31, 2014 and 2013, respectively. |
Composition_of_Loans_Net_of_Un
Composition of Loans, Net of Unearned Income, Broken Out by Portfolio Segment and Class of Financing Receivable (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income | $14,384,276 | [1] | $10,906,386 | [1] |
Software and internet | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income | 4,954,676 | 4,102,636 | ||
Hardware | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income | 1,131,006 | 1,213,032 | ||
Venture capital/private equity | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income | 4,582,906 | 2,386,054 | ||
Life science | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income | 1,289,904 | 1,170,220 | ||
Premium wine | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income | 794,321 | 664,834 | ||
Commercial, Other | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income | 352,828 | 396,644 | ||
Total commercial loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income | 13,105,641 | 9,933,420 | ||
Real estate secured loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income | 1,118,115 | 873,255 | ||
Consumer, Other | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income | 160,520 | 99,711 | ||
Total consumer loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income | $1,278,635 | $972,966 | ||
[1] | Included within our total loan portfolio are credit card loans of $131 million and $85 million at December 31, 2014 and 2013, respectively. |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses Aging of Gross Loans, Broken out by Portfolio Segment and Class of Financing Receivable (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | $38,137 | $51,649 |
Impaired Financing Receivable, Unpaid Principal Balance | 42,899 | 73,271 |
30 - 59 Days Past Due | 68,292 | 19,367 |
60 - 89 Days Past Due | 4,176 | 12,572 |
Greater Than 90 Days Past Due | 23,622 | 4,438 |
Total Past Due | 96,090 | 36,377 |
Current | 14,392,676 | 10,958,891 |
Loans Past Due 90 Days or More Still Accruing Interest | 1,302 | 99 |
Software and internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 33,287 | 27,618 |
Impaired Financing Receivable, Unpaid Principal Balance | 34,218 | 28,316 |
30 - 59 Days Past Due | 10,989 | 9,804 |
60 - 89 Days Past Due | 1,627 | 1,291 |
Greater Than 90 Days Past Due | 52 | 99 |
Total Past Due | 12,668 | 11,194 |
Current | 4,950,291 | 4,102,546 |
Loans Past Due 90 Days or More Still Accruing Interest | 52 | 99 |
Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 2,521 | 19,667 |
Impaired Financing Receivable, Unpaid Principal Balance | 2,535 | 35,317 |
30 - 59 Days Past Due | 13,424 | 2,679 |
60 - 89 Days Past Due | 126 | 3,965 |
Greater Than 90 Days Past Due | 0 | 0 |
Total Past Due | 13,550 | 6,644 |
Current | 1,124,423 | 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] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 40 |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 40 |
30 - 59 Days Past Due | 40,773 | 4 |
60 - 89 Days Past Due | 0 | 0 |
Greater Than 90 Days Past Due | 0 | 0 |
Total Past Due | 40,773 | 4 |
Current | 4,580,526 | 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] | ||
Impaired Financing Receivable, Recorded Investment | 475 | 1,278 |
Impaired Financing Receivable, Unpaid Principal Balance | 2,453 | 4,727 |
30 - 59 Days Past Due | 738 | 395 |
60 - 89 Days Past Due | 786 | 131 |
Greater Than 90 Days Past Due | 0 | 0 |
Total Past Due | 1,524 | 526 |
Current | 1,298,728 | 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] | ||
Impaired Financing Receivable, Recorded Investment | 1,304 | 1,442 |
Impaired Financing Receivable, Unpaid Principal Balance | 1,743 | 1,778 |
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 0 | 0 |
Greater Than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 795,345 | 665,755 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Commercial, Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 233 | 690 |
Impaired Financing Receivable, Unpaid Principal Balance | 233 | 718 |
30 - 59 Days Past Due | 178 | 1,580 |
60 - 89 Days Past Due | 3 | 142 |
Greater Than 90 Days Past Due | 0 | 0 |
Total Past Due | 181 | 1,722 |
Current | 354,939 | 397,416 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 37,820 | 50,735 |
Impaired Financing Receivable, Unpaid Principal Balance | 41,182 | 70,896 |
30 - 59 Days Past Due | 66,102 | 14,462 |
60 - 89 Days Past Due | 2,542 | 5,529 |
Greater Than 90 Days Past Due | 52 | 99 |
Total Past Due | 68,696 | 20,090 |
Current | 13,104,252 | 9,951,730 |
Loans Past Due 90 Days or More Still Accruing Interest | 52 | 99 |
Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 192 | 244 |
Impaired Financing Receivable, Unpaid Principal Balance | 1,412 | 1,434 |
30 - 59 Days Past Due | 1,592 | 240 |
60 - 89 Days Past Due | 341 | 0 |
Greater Than 90 Days Past Due | 1,250 | 0 |
Total Past Due | 3,183 | 240 |
Current | 1,114,286 | 872,586 |
Loans Past Due 90 Days or More Still Accruing Interest | 1,250 | 0 |
Consumer, Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 125 | 670 |
Impaired Financing Receivable, Unpaid Principal Balance | 305 | 941 |
30 - 59 Days Past Due | 0 | 8 |
60 - 89 Days Past Due | 0 | 0 |
Greater Than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 8 |
Current | 160,212 | 98,965 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 317 | 914 |
Impaired Financing Receivable, Unpaid Principal Balance | 1,717 | 2,375 |
30 - 59 Days Past Due | 1,592 | 248 |
60 - 89 Days Past Due | 341 | 0 |
Greater Than 90 Days Past Due | 1,250 | 0 |
Total Past Due | 3,183 | 248 |
Current | 1,274,498 | 971,551 |
Loans Past Due 90 Days or More Still Accruing Interest | 1,250 | 0 |
Total gross loans excluding impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 Days Past Due | 67,694 | 14,710 |
60 - 89 Days Past Due | 2,883 | 5,529 |
Greater Than 90 Days Past Due | 1,302 | 99 |
Total Past Due | 71,879 | 20,338 |
Current | 14,378,750 | 10,923,281 |
Loans Past Due 90 Days or More Still Accruing Interest | 1,302 | 99 |
Impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 - 59 Days Past Due | 598 | 4,657 |
60 - 89 Days Past Due | 1,293 | 7,043 |
Greater Than 90 Days Past Due | 22,320 | 4,339 |
Total Past Due | 24,211 | 16,039 |
Current | 13,926 | 35,610 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Impaired Financing Receivables With Related Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 35,523 | 48,037 |
Impaired Financing Receivables With Related Allowance [Member] | Software and internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 33,287 | 27,308 |
Impaired Financing Receivables With Related Allowance [Member] | Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 1,403 | 19,329 |
Impaired Financing Receivables With Related Allowance [Member] | Venture capital/private equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 40 |
Impaired Financing Receivables With Related Allowance [Member] | Life science | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 475 | 0 |
Impaired Financing Receivables With Related Allowance [Member] | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Impaired Financing Receivables With Related Allowance [Member] | Commercial, Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 233 | 690 |
Impaired Financing Receivables With Related Allowance [Member] | Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 35,398 | 47,367 |
Impaired Financing Receivables With Related Allowance [Member] | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Impaired Financing Receivables With Related Allowance [Member] | Consumer, Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 125 | 670 |
Impaired Financing Receivables With Related Allowance [Member] | Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 125 | 670 |
Impaired Financing Receivables With No Related Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 2,614 | 3,612 |
Impaired Financing Receivables With No Related Allowance [Member] | Software and internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 310 |
Impaired Financing Receivables With No Related Allowance [Member] | Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 1,118 | 338 |
Impaired Financing Receivables With No Related Allowance [Member] | Venture capital/private equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Impaired Financing Receivables With No Related Allowance [Member] | Life science | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 1,278 |
Impaired Financing Receivables With No Related Allowance [Member] | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 1,304 | 1,442 |
Impaired Financing Receivables With No Related Allowance [Member] | Commercial, Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Impaired Financing Receivables With No Related Allowance [Member] | Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 2,422 | 3,368 |
Impaired Financing Receivables With No Related Allowance [Member] | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 192 | 244 |
Impaired Financing Receivables With No Related Allowance [Member] | Consumer, Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Impaired Financing Receivables With No Related Allowance [Member] | Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | $192 | $244 |
Loans_and_Allowance_for_Loan_L6
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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | $38,137 | $51,649 |
Impaired Financing Receivable, Unpaid Principal Balance | 42,899 | 73,271 |
Software and internet | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 33,287 | 27,618 |
Impaired Financing Receivable, Unpaid Principal Balance | 34,218 | 28,316 |
Hardware | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 2,521 | 19,667 |
Impaired Financing Receivable, Unpaid Principal Balance | 2,535 | 35,317 |
Venture capital/private equity | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 40 |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 40 |
Life science | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 475 | 1,278 |
Impaired Financing Receivable, Unpaid Principal Balance | 2,453 | 4,727 |
Premium wine | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 1,304 | 1,442 |
Impaired Financing Receivable, Unpaid Principal Balance | 1,743 | 1,778 |
Commercial, Other | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 233 | 690 |
Impaired Financing Receivable, Unpaid Principal Balance | 233 | 718 |
Commercial loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 37,820 | 50,735 |
Impaired Financing Receivable, Unpaid Principal Balance | 41,182 | 70,896 |
Real estate secured loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 192 | 244 |
Impaired Financing Receivable, Unpaid Principal Balance | 1,412 | 1,434 |
Consumer, Other | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 125 | 670 |
Impaired Financing Receivable, Unpaid Principal Balance | 305 | 941 |
Consumer loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 317 | 914 |
Impaired Financing Receivable, Unpaid Principal Balance | 1,717 | 2,375 |
Impaired Financing Receivables With No Related Allowance [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 2,614 | 3,612 |
Impaired Financing Receivables With No Related Allowance [Member] | Software and internet | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 310 |
Impaired Financing Receivables With No Related Allowance [Member] | Hardware | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 1,118 | 338 |
Impaired Financing Receivables With No Related Allowance [Member] | Venture capital/private equity | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Impaired Financing Receivables With No Related Allowance [Member] | Life science | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 1,278 |
Impaired Financing Receivables With No Related Allowance [Member] | Premium wine | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 1,304 | 1,442 |
Impaired Financing Receivables With No Related Allowance [Member] | Commercial, Other | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Impaired Financing Receivables With No Related Allowance [Member] | Commercial loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 2,422 | 3,368 |
Impaired Financing Receivables With No Related Allowance [Member] | Real estate secured loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 192 | 244 |
Impaired Financing Receivables With No Related Allowance [Member] | Consumer, Other | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Impaired Financing Receivables With No Related Allowance [Member] | Consumer loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 192 | 244 |
Impaired Financing Receivables With Related Allowance [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 35,523 | 48,037 |
Impaired Financing Receivables With Related Allowance [Member] | Software and internet | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 33,287 | 27,308 |
Impaired Financing Receivables With Related Allowance [Member] | Hardware | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 1,403 | 19,329 |
Impaired Financing Receivables With Related Allowance [Member] | Venture capital/private equity | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 40 |
Impaired Financing Receivables With Related Allowance [Member] | Life science | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 475 | 0 |
Impaired Financing Receivables With Related Allowance [Member] | Premium wine | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Impaired Financing Receivables With Related Allowance [Member] | Commercial, Other | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 233 | 690 |
Impaired Financing Receivables With Related Allowance [Member] | Commercial loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 35,398 | 47,367 |
Impaired Financing Receivables With Related Allowance [Member] | Real estate secured loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Impaired Financing Receivables With Related Allowance [Member] | Consumer, Other | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 125 | 670 |
Impaired Financing Receivables With Related Allowance [Member] | Consumer loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | $125 | $670 |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses Average Impaired Loans, Broken out by Portfolio Segment and Class of Financing Receivable (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | $24,516 | $40,846 | $35,814 |
Software and internet | |||
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | 14,357 | 6,254 | 2,223 |
Hardware | |||
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | 6,634 | 24,508 | 19,242 |
Venture capital/private equity | |||
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | 0 | 37 | 0 |
Life science | |||
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | 516 | 334 | 345 |
Premium wine | |||
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | 1,381 | 2,210 | 3,513 |
Commercial, Other | |||
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | 1,088 | 3,601 | 3,558 |
Commercial loans | |||
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | 23,976 | 36,944 | 28,881 |
Real estate secured loans | |||
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | 218 | 2,957 | 5,037 |
Consumer, Other | |||
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | 322 | 945 | 1,896 |
Consumer loans | |||
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | $540 | $3,902 | $6,933 |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses Activity in Allowance for Loan Losses Broken out by Portfolio Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | $142,886 | $110,651 | $142,886 | $110,651 | $89,947 | ||||||
Charge-offs | -43,168 | -42,666 | -33,319 | ||||||||
Recoveries | 6,155 | 11,208 | 9,693 | ||||||||
Provision for (Reduction of) | 40,435 | 16,610 | 1,947 | 494 | 28,670 | 10,638 | 18,572 | 5,813 | 59,486 | 63,693 | 44,330 |
Ending Balance | 165,359 | 142,886 | 165,359 | 142,886 | 110,651 | ||||||
Hardware | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 36,553 | 29,761 | 36,553 | 29,761 | 16,810 | ||||||
Charge-offs | -15,265 | -18,819 | -20,247 | ||||||||
Recoveries | 2,238 | 2,677 | 1,107 | ||||||||
Provision for (Reduction of) | 2,334 | 22,934 | 32,091 | ||||||||
Ending Balance | 25,860 | 36,553 | 25,860 | 36,553 | 29,761 | ||||||
Software and internet | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 64,084 | 42,648 | 64,084 | 42,648 | 38,263 | ||||||
Charge-offs | -21,031 | -8,861 | -4,316 | ||||||||
Recoveries | 1,425 | 1,934 | 4,874 | ||||||||
Provision for (Reduction of) | 36,503 | 28,363 | 3,827 | ||||||||
Ending Balance | 80,981 | 64,084 | 80,981 | 64,084 | 42,648 | ||||||
Venture capital/private equity | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 16,385 | 9,963 | 16,385 | 9,963 | 7,319 | ||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Provision for (Reduction of) | 11,612 | 6,422 | 2,644 | ||||||||
Ending Balance | 27,997 | 16,385 | 27,997 | 16,385 | 9,963 | ||||||
Life science | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 11,926 | 13,606 | 11,926 | 13,606 | 10,243 | ||||||
Charge-offs | -2,951 | -6,010 | -5,080 | ||||||||
Recoveries | 374 | 1,860 | 334 | ||||||||
Provision for (Reduction of) | 5,859 | 2,470 | 8,109 | ||||||||
Ending Balance | 15,208 | 11,926 | 15,208 | 11,926 | 13,606 | ||||||
Premium wine | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 3,914 | 3,523 | 3,914 | 3,523 | 3,914 | ||||||
Charge-offs | -35 | 0 | -584 | ||||||||
Recoveries | 240 | 170 | 650 | ||||||||
Provision for (Reduction of) | 354 | 221 | -457 | ||||||||
Ending Balance | 4,473 | 3,914 | 4,473 | 3,914 | 3,523 | ||||||
Commercial, Other | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 3,680 | 3,912 | 3,680 | 3,912 | 5,817 | ||||||
Charge-offs | -3,886 | -8,107 | -2,485 | ||||||||
Recoveries | 1,499 | 2,995 | 1,377 | ||||||||
Provision for (Reduction of) | 1,960 | 4,880 | -797 | ||||||||
Ending Balance | 3,253 | 3,680 | 3,253 | 3,680 | 3,912 | ||||||
Commercial loans | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 136,542 | 103,413 | 136,542 | 103,413 | 82,366 | ||||||
Charge-offs | -43,168 | -41,797 | -32,712 | ||||||||
Recoveries | 5,776 | 9,636 | 8,342 | ||||||||
Provision for (Reduction of) | 58,622 | 65,290 | 45,417 | ||||||||
Ending Balance | 157,772 | 136,542 | 157,772 | 136,542 | 103,413 | ||||||
Consumer loans | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 6,344 | 7,238 | 6,344 | 7,238 | 7,581 | ||||||
Charge-offs | 0 | -869 | -607 | ||||||||
Recoveries | 379 | 1,572 | 1,351 | ||||||||
Provision for (Reduction of) | 864 | -1,597 | -1,087 | ||||||||
Ending Balance | $7,587 | $6,344 | $7,587 | $6,344 | $7,238 |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses Allowance for Loan Losses Individually and Collectively Evaluated for Impairment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ||
Individually Evaluated for Impairment | $15,051 | $21,277 |
Financing Receivable, Individually Evaluated for Impairment | 38,137 | 51,648 |
Collectively Evaluated for Impairment | 150,308 | 121,609 |
Financing Receivable, Collectively Evaluated for Impairment | 14,346,139 | 10,854,738 |
Software and internet | ||
Financing Receivable, Impaired [Line Items] | ||
Individually Evaluated for Impairment | 13,695 | 11,261 |
Financing Receivable, Individually Evaluated for Impairment | 33,287 | 27,617 |
Collectively Evaluated for Impairment | 67,286 | 52,823 |
Financing Receivable, Collectively Evaluated for Impairment | 4,921,389 | 4,075,019 |
Hardware | ||
Financing Receivable, Impaired [Line Items] | ||
Individually Evaluated for Impairment | 1,133 | 9,673 |
Financing Receivable, Individually Evaluated for Impairment | 2,521 | 19,667 |
Collectively Evaluated for Impairment | 24,727 | 26,880 |
Financing Receivable, Collectively Evaluated for Impairment | 1,128,485 | 1,193,365 |
Venture capital/private equity | ||
Financing Receivable, Impaired [Line Items] | ||
Individually Evaluated for Impairment | 0 | 19 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 39 |
Collectively Evaluated for Impairment | 27,997 | 16,366 |
Financing Receivable, Collectively Evaluated for Impairment | 4,582,906 | 2,386,015 |
Life science | ||
Financing Receivable, Impaired [Line Items] | ||
Individually Evaluated for Impairment | 121 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 475 | 1,278 |
Collectively Evaluated for Impairment | 15,087 | 11,926 |
Financing Receivable, Collectively Evaluated for Impairment | 1,289,429 | 1,168,942 |
Premium wine | ||
Financing Receivable, Impaired [Line Items] | ||
Individually Evaluated for Impairment | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 1,304 | 1,442 |
Collectively Evaluated for Impairment | 4,473 | 3,914 |
Financing Receivable, Collectively Evaluated for Impairment | 793,017 | 663,392 |
Commercial, Other | ||
Financing Receivable, Impaired [Line Items] | ||
Individually Evaluated for Impairment | 71 | 156 |
Financing Receivable, Individually Evaluated for Impairment | 233 | 690 |
Collectively Evaluated for Impairment | 3,182 | 3,524 |
Financing Receivable, Collectively Evaluated for Impairment | 352,595 | 395,954 |
Commercial loans | ||
Financing Receivable, Impaired [Line Items] | ||
Individually Evaluated for Impairment | 15,020 | 21,109 |
Financing Receivable, Individually Evaluated for Impairment | 37,820 | 50,733 |
Collectively Evaluated for Impairment | 142,752 | 115,433 |
Financing Receivable, Collectively Evaluated for Impairment | 13,067,821 | 9,882,687 |
Consumer loans | ||
Financing Receivable, Impaired [Line Items] | ||
Individually Evaluated for Impairment | 31 | 168 |
Financing Receivable, Individually Evaluated for Impairment | 317 | 915 |
Collectively Evaluated for Impairment | 7,556 | 6,176 |
Financing Receivable, Collectively Evaluated for Impairment | $1,278,318 | $972,051 |
Recovered_Sheet1
Loans and Allowance for Loan Losses Credit Quality Indicators, Broken out by Portfolio Segment and Class of Financing Receivables (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | $14,488,766 | $10,995,268 |
Software and internet | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 4,996,246 | 4,141,358 |
Hardware | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,140,494 | 1,224,480 |
Venture capital/private equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 4,621,299 | 2,408,426 |
Life science | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,300,727 | 1,181,266 |
Premium wine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 796,649 | 667,197 |
Commercial, Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 355,353 | 399,828 |
Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 13,210,768 | 10,022,555 |
Real estate secured loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,117,661 | 873,070 |
Consumer, Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 160,337 | 99,643 |
Consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,277,998 | 972,713 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 13,729,421 | 10,371,201 |
Pass | Software and internet | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 4,611,253 | 3,875,043 |
Pass | Hardware | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 945,998 | 995,055 |
Pass | Venture capital/private equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 4,615,231 | 2,408,386 |
Pass | Life science | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,165,266 | 1,091,993 |
Pass | Premium wine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 774,962 | 652,747 |
Pass | Commercial, Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 346,153 | 383,602 |
Pass | Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 12,458,863 | 9,406,826 |
Pass | Real estate secured loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,112,396 | 868,789 |
Pass | Consumer, Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 158,162 | 95,586 |
Pass | Consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,270,558 | 964,375 |
Performing (Criticized) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 721,208 | 572,418 |
Performing (Criticized) | Software and internet | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 351,706 | 238,697 |
Performing (Criticized) | Hardware | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 191,975 | 209,758 |
Performing (Criticized) | Venture capital/private equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 6,068 | 0 |
Performing (Criticized) | Life science | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 134,986 | 87,995 |
Performing (Criticized) | Premium wine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 20,383 | 13,008 |
Performing (Criticized) | Commercial, Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 8,967 | 15,536 |
Performing (Criticized) | Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 714,085 | 564,994 |
Performing (Criticized) | Real estate secured loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 5,073 | 4,037 |
Performing (Criticized) | Consumer, Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 2,050 | 3,387 |
Performing (Criticized) | Consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 7,123 | 7,424 |
Impaired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 38,137 | 51,649 |
Impaired | Software and internet | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 33,287 | 27,618 |
Impaired | Hardware | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 2,521 | 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 | 475 | 1,278 |
Impaired | Premium wine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,304 | 1,442 |
Impaired | Commercial, Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 233 | 690 |
Impaired | Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 37,820 | 50,735 |
Impaired | Real estate secured loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 192 | 244 |
Impaired | Consumer, Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 125 | 670 |
Impaired | Consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | $317 | $914 |
Recovered_Sheet2
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 $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
troubled_debt_restructuring | troubled_debt_restructuring | |||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $0 | $11,100,000 | $14,300,000 | |||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 7 | 18 | ||||
Loans modified in TDRs | 7,151,000 | 22,433,000 | ||||
Loans modified in TDRs during the period | 2,738,000 | [1] | 13,848,000 | [1] | 28,723,000 | [1] |
Software and internet | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Loans modified in TDRs | 3,784,000 | 5,860,000 | ||||
Loans modified in TDRs during the period | 1,033,000 | 4,932,000 | 1,939,000 | |||
Hardware | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Loans modified in TDRs | 1,118,000 | 13,329,000 | ||||
Loans modified in TDRs during the period | 1,118,000 | 8,143,000 | 20,514,000 | |||
Venture capital/private equity | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Loans modified in TDRs | 0 | 77,000 | ||||
Loans modified in TDRs during the period | 0 | 77,000 | 0 | |||
Premium wine | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Loans modified in TDRs | 1,891,000 | 1,442,000 | ||||
Loans modified in TDRs during the period | 587,000 | 0 | 1,024,000 | |||
Commercial, Other | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Loans modified in TDRs | 233,000 | 1,055,000 | ||||
Loans modified in TDRs during the period | 0 | 690,000 | 4,878,000 | |||
Commercial loans | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Loans modified in TDRs | 7,026,000 | 21,763,000 | ||||
Loans modified in TDRs during the period | 2,738,000 | 13,842,000 | 28,355,000 | |||
Real estate secured loans | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Loans modified in TDRs during the period | 0 | 0 | 368,000 | |||
Consumer, Other | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Loans modified in TDRs | 125,000 | 670,000 | ||||
Loans modified in TDRs during the period | 0 | 6,000 | 0 | |||
Consumer loans | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Loans modified in TDRs | 125,000 | 670,000 | ||||
Loans modified in TDRs during the period | 0 | 6,000 | 368,000 | |||
Forgiveness Of Principal [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Loans modified in TDRs during the period | $1,000,000 | $0 | $9,000,000 | |||
[1] | During 2014 we had no partial charge-offs. In 2013 and 2012 we had partial charge-offs of $11.1 million and $14.3 million respectively, on loans classified as TDRs. |
Recovered_Sheet3
Loans and Allowance for Loan Losses Recorded Investment in Loans Modified in TDRs (Detail) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Financing Receivable, Modifications [Line Items] | ||||||
Loans modified in TDRs during the period | $2,738,000 | [1] | $13,848,000 | [1] | $28,723,000 | [1] |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 0 | 11,100,000 | 14,300,000 | |||
Loans modified in TDRs | 7,151,000 | 22,433,000 | ||||
Software and internet | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Loans modified in TDRs during the period | 1,033,000 | 4,932,000 | 1,939,000 | |||
Loans modified in TDRs | 3,784,000 | 5,860,000 | ||||
Hardware | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Loans modified in TDRs during the period | 1,118,000 | 8,143,000 | 20,514,000 | |||
Loans modified in TDRs | 1,118,000 | 13,329,000 | ||||
Venture capital/private equity | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Loans modified in TDRs during the period | 0 | 77,000 | 0 | |||
Loans modified in TDRs | 0 | 77,000 | ||||
Premium wine | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Loans modified in TDRs during the period | 587,000 | 0 | 1,024,000 | |||
Loans modified in TDRs | 1,891,000 | 1,442,000 | ||||
Commercial, Other | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Loans modified in TDRs during the period | 0 | 690,000 | 4,878,000 | |||
Loans modified in TDRs | 233,000 | 1,055,000 | ||||
Commercial loans | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Loans modified in TDRs during the period | 2,738,000 | 13,842,000 | 28,355,000 | |||
Loans modified in TDRs | 7,026,000 | 21,763,000 | ||||
Real estate secured loans | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Loans modified in TDRs during the period | 0 | 0 | 368,000 | |||
Consumer, Other | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Loans modified in TDRs during the period | 0 | 6,000 | 0 | |||
Loans modified in TDRs | 125,000 | 670,000 | ||||
Consumer loans | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Loans modified in TDRs during the period | 0 | 6,000 | 368,000 | |||
Loans modified in TDRs | 125,000 | 670,000 | ||||
Forgiveness Of Principal [Member] | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Loans modified in TDRs during the period | 1,000,000 | 0 | 9,000,000 | |||
Payment Deferrals Granted | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Loans modified in TDRs during the period | $1,700,000 | $19,000,000 | ||||
[1] | During 2014 we had no partial charge-offs. In 2013 and 2012 we had partial charge-offs of $11.1 million and $14.3 million respectively, on loans classified as TDRs. |
Recovered_Sheet4
Loans and Allowance for Loan Losses Recorded Investment in Loans Modified in TDRs within Previous 12 months Subsequently Defaulted (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Modifications [Line Items] | ||
TDRs modified within the previous 12 months that defaulted in the period | $2,036 | $1,988 |
Hardware | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs modified within the previous 12 months that defaulted in the period | 1,627 | 1,868 |
Venture capital/private equity | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs modified within the previous 12 months that defaulted in the period | 38 | 0 |
Commercial, Other | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs modified within the previous 12 months that defaulted in the period | 365 | 0 |
Commercial loans | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs modified within the previous 12 months that defaulted in the period | 2,030 | 1,868 |
Real estate secured loans | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs modified within the previous 12 months that defaulted in the period | 0 | 120 |
Other Loans | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs modified within the previous 12 months that defaulted in the period | 6 | 0 |
Consumer loans | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs modified within the previous 12 months that defaulted in the period | $6 | $120 |
Premises_and_Equipment_Compone
Premises and Equipment Components of Premises and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Computer software | $149,579 | $128,129 |
Computer hardware | 52,203 | 45,241 |
Leasehold improvements | 48,780 | 40,851 |
Furniture and equipment | 24,320 | 19,434 |
Total | 274,882 | 233,655 |
Accumulated depreciation and amortization | -195,037 | -166,170 |
Premises and equipment, net | $79,845 | $67,485 |
Premises_and_Equipment_Additio
Premises and Equipment Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $30 | $29.10 | $23.70 |
Write-off of assets | $1.20 |
Disposal_Assets_HeldforSale_In
Disposal - Assets Held-for-Sale - Income Statement Information (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment loss on SVBIF Sale Transaction | $13,934 | $0 | $0 | |
Disposal Group, Held-for-sale, Not Discontinued Operations | SVB India Finance Private Limited, (SVBIF) | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Losses primarily attributable to cumulative foreign currency translation adjustment | 12,934 | |||
Transaction-related expenses | 1,000 | |||
Impairment loss on SVBIF Sale Transaction | 13,934 | [1] | ||
Tax impact of undistributed earnings of SVBIF | 2,900 | |||
Tax impact from net losses on SVBIF Sale Transaction | -5,398 | |||
Net tax impact included in income tax expense | -2,498 | |||
Net loss on SVBIF Sale Transaction | $11,436 | |||
[1] | The total impairment loss is included in noninterest income in our Global Commercial Bank operating segment as reported in Note 21—â€Segment Reporting†of the “Notes to Consolidated Financial Statements†under Part II, Item 8 of this report. |
Disposal_Assets_HeldforSale_Ba
Disposal - Assets Held-for-Sale - Balance Sheet Information (Details) (SVB India Finance Private Limited, (SVBIF), USD $) | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | ||
Global Commercial Bank | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total assets of SVBIF held-for-sale | $44,300 | |
Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and due from banks | 3,054 | |
Securities purchased under agreement to resell and other short-term investments | 11,898 | |
Net loans | 26,800 | |
Premises and equipment, net | 24 | |
Accrued interest receivable and other assets | 7,163 | |
Total assets of SVBIF held-for-sale | 48,939 | [1] |
Other liabilities | 4,686 | |
Total liabilities of SVBIF held-for-sale | $4,686 | [1] |
[1] | Net assets of $44.3 million are included in our Global Commercial Bank operating segment as reported in Note 21—â€Segment Reporting†of the “Notes to Consolidated Financial Statements†under Part II, Item 8 of this report. |
Deposits_Composition_of_Deposi
Deposits Composition of Deposits (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ||
Noninterest-bearing demand deposits | $24,583,682 | $15,894,360 |
Negotiable order of withdrawal (NOW) | 254,462 | 151,746 |
Money market | 6,186,044 | 4,373,974 |
Money market deposits in foreign offices | 242,526 | 181,299 |
Sweep deposits in foreign offices | 2,948,658 | 1,657,740 |
Time | 128,127 | 213,860 |
Total deposits | $34,343,499 | $22,472,979 |
Deposits_Additional_Informatio
Deposits Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deposits [Abstract] | |||
Time deposit accounts individually equal to or greater than $100,000 | $116 | $197 | |
Interest expense paid on time deposit accounts individually equal to or greater than $100,000 | 0.3 | 0.6 | 0.5 |
Time deposit accounts individually equal to or greater than $100,000 scheduled to mature within one year | $116 |
ShortTerm_Borrowings_and_LongT2
Short-Term Borrowings and Long-Term Debt Outstanding Short Term Borrowings and Long Term Debt (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2010 | ||
Debt Outstanding [Line Items] | |||||
Short-term borrowings | $7,781 | $5,080 | |||
Total long-term debt | 453,443 | 455,216 | |||
Other short-term borrowings | |||||
Debt Outstanding [Line Items] | |||||
Principal value | 7,781 | [1] | |||
Short-term borrowings | 7,781 | [1] | 5,080 | [1] | |
5.375% Senior Notes | |||||
Debt Outstanding [Line Items] | |||||
Maturity | 15-Sep-20 | 15-Sep-20 | |||
Principal value | 350,000 | 350,000 | |||
Senior Notes | 348,436 | 348,209 | |||
6.05% Subordinated Notes | |||||
Debt Outstanding [Line Items] | |||||
Maturity | 1-Jun-17 | ||||
Principal value | 45,964 | ||||
Subordinated Notes | 50,162 | [2] | 51,987 | [2] | |
7.0% Junior Subordinated Debentures | |||||
Debt Outstanding [Line Items] | |||||
Maturity | 15-Oct-33 | 15-Oct-33 | |||
Principal value | 50,000 | ||||
Junior Subordinated Debentures | $54,845 | $55,020 | |||
[1] | Represents cash collateral received from certain counterparties in relation to market value exposures of derivative contracts in our favor, which includes an interest rate swap agreement related to our 6.05% Subordinated Notes. | ||||
[2] | At December 31, 2014 and 2013, included in the carrying value of our 6.05% Subordinated Notes were $4.6 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 (Additional Information) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
3.875% Convertible Notes | |||
Debt Outstanding [Line Items] | |||
Stated interest rate | |||
5.375% Senior Notes | |||
Debt Outstanding [Line Items] | |||
Stated interest rate | 5.38% | ||
Maturity | 15-Sep-20 | 15-Sep-20 | |
5.70% Senior Notes | |||
Debt Outstanding [Line Items] | |||
Stated interest rate | |||
6.05% Subordinated Notes | |||
Debt Outstanding [Line Items] | |||
Stated interest rate | 6.05% | 6.05% | |
Fair value of the interest rate swap associated with the notes | 4,600 | 6,500 | |
Maturity | 1-Jun-17 | ||
6.05% Subordinated Notes | Interest rate swaps | |||
Debt Outstanding [Line Items] | |||
Fair value of the interest rate swap associated with the notes | 4,600 | 6,500 | |
7.0% Junior Subordinated Debentures | |||
Debt Outstanding [Line Items] | |||
Stated interest rate | 7.00% | ||
Maturity | 15-Oct-33 | 15-Oct-33 |
Aggregate_Annual_Maturities_of
Aggregate Annual Maturities of Long-Term Debt Obligations (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $0 | |
2016 | 0 | |
2017 | 50,162 | |
2018 | 0 | |
2019 | 0 | |
2020 and thereafter | 403,281 | |
Total | $453,443 | $455,216 |
ShortTerm_Borrowings_and_LongT4
Short-Term Borrowings and Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2010 | 15-May-07 | Oct. 30, 2003 | |
Debt Disclosure [Line Items] | ||||||||||||||
Interest expense, debt | $23,200,000 | $23,100,000 | $24,200,000 | |||||||||||
Weighted average interest rates associated with short-term borrowings | 0.08% | 0.08% | ||||||||||||
Distributions | 8,988,000 | 8,761,000 | 8,876,000 | 8,696,000 | 8,386,000 | 8,144,000 | 7,902,000 | 7,845,000 | 35,321,000 | 32,277,000 | 30,854,000 | |||
Special Purpose Trust Entity | ||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||
Distributions | 3,500,000 | 3,500,000 | 3,500,000 | |||||||||||
5.375% Senior Notes | ||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||
Stated interest rate | 5.38% | 5.38% | ||||||||||||
Principal value | 350,000,000 | 350,000,000 | 350,000,000 | |||||||||||
Maturity | 15-Sep-20 | 15-Sep-20 | ||||||||||||
Payments for settlement of 3.875% Convertible Notes | 250,000,000 | |||||||||||||
Proceeds from issuance of senior notes, net of discount and issuance cost | 345,000,000 | |||||||||||||
3.875% Convertible Notes | ||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||
Stated interest rate | ||||||||||||||
5.70% Senior Notes | ||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||
Stated interest rate | ||||||||||||||
6.05% Subordinated Notes | ||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||
Discount on issuance of debt | 250,000,000 | |||||||||||||
7.0% Junior Subordinated Debentures | ||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||
Principal value | 50,000,000 | 50,000,000 | ||||||||||||
Debt issuance costs | 2,200,000 | |||||||||||||
Federal Home Loan Bank Advances | ||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||
Market value of collateral pledged | 1,300,000,000 | 1,300,000,000 | ||||||||||||
Unused and available funds | ||||||||||||||
Federal Reserve Bank Advances | ||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||
Market value of collateral pledged | 1,000,000,000 | 1,000,000,000 | ||||||||||||
Unused and available funds | ||||||||||||||
6.05% Subordinated Notes | ||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||
Stated interest rate | 6.05% | 6.05% | 6.05% | 6.05% | ||||||||||
Principal value | 45,964,000 | 45,964,000 | ||||||||||||
Maturity | 1-Jun-17 | |||||||||||||
7.0% Junior Subordinated Debentures | ||||||||||||||
Debt Disclosure [Line Items] | ||||||||||||||
Stated interest rate | 7.00% | 7.00% | ||||||||||||
Principal value | $50,000,000 | $50,000,000 | ||||||||||||
Maturity | 15-Oct-33 | 15-Oct-33 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Managing interest rate risk for senior notes and subordinated notes | 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. |
Derivative_Financial_Instrumen3
Derivative Financial Instruments Total Notional or Contractual Amounts, Fair Value, Collateral and Net Exposure of Derivative Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Derivative [Line Items] | ||||
Net Exposure Derivative Instruments | $119,098 | [1] | $108,021 | [1] |
Fair value | 126,879 | 113,101 | ||
Collateral | 7,781 | [2] | 5,080 | [2] |
Derivatives designated as hedging instruments | Interest rate risks | Interest rate swaps | Other Assets [Member] | ||||
Derivative [Line Items] | ||||
Notional or Contractual Amount | 45,964 | 45,964 | ||
Fair value | 4,609 | 6,492 | ||
Collateral | 2,970 | [2] | 5,080 | [2] |
Net Exposure | 1,639 | [1] | 1,412 | [1] |
Derivatives not designated as hedging instruments | Currency exchange risks | ||||
Derivative [Line Items] | ||||
Fair value | 4,561 | 789 | ||
Net Exposure Derivative Instruments | 2,120 | [1] | 789 | [1] |
Collateral | 2,441 | [2] | 0 | [2] |
Derivatives not designated as hedging instruments | Currency exchange risks | Foreign exchange forwards | Other Assets [Member] | ||||
Derivative [Line Items] | ||||
Notional or Contractual Amount | 200,957 | 140,760 | ||
Fair value | 5,050 | 1,423 | ||
Collateral | 2,441 | [2] | 0 | [2] |
Net Exposure | 2,609 | [1] | 1,423 | [1] |
Derivatives not designated as hedging instruments | Currency exchange risks | Foreign exchange forwards | Other liability | ||||
Derivative [Line Items] | ||||
Notional or Contractual Amount | 6,226 | 62,649 | ||
Fair value | -489 | -634 | ||
Net Exposure Derivative Instruments Liabilities | -489 | [1] | -634 | [1] |
Collateral | 0 | [2] | 0 | [2] |
Derivatives not designated as hedging instruments | Other derivative instruments | Equity warrant assets | Other Assets [Member] | ||||
Derivative [Line Items] | ||||
Notional or Contractual Amount | 197,878 | 179,934 | ||
Fair value | 116,604 | 103,513 | ||
Collateral | 0 | [2] | 0 | [2] |
Net Exposure | 116,604 | [1] | 103,513 | [1] |
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivatives | ||||
Derivative [Line Items] | ||||
Fair value | 1,105 | 2,307 | ||
Net Exposure Derivative Instruments | -1,265 | [1] | 2,307 | [1] |
Collateral | 2,370 | [2] | 0 | [2] |
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivatives | Foreign exchange forwards | Other Assets [Member] | ||||
Derivative [Line Items] | ||||
Notional or Contractual Amount | 801,487 | 424,983 | ||
Fair value | 28,954 | 13,673 | ||
Collateral | 2,370 | [2] | 0 | [2] |
Net Exposure | 26,584 | [1] | 13,673 | [1] |
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivatives | Foreign exchange forwards | Other liability | ||||
Derivative [Line Items] | ||||
Notional or Contractual Amount | 774,355 | 367,079 | ||
Fair value | -27,647 | -11,549 | ||
Net Exposure Derivative Instruments Liabilities | -27,647 | [1] | -11,549 | [1] |
Collateral | 0 | [2] | 0 | [2] |
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivatives | Foreign currency options | Other Assets [Member] | ||||
Derivative [Line Items] | ||||
Notional or Contractual Amount | 34,926 | 91,854 | ||
Fair value | 227 | 434 | ||
Collateral | 0 | [2] | 0 | [2] |
Net Exposure | 227 | [1] | 434 | [1] |
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivatives | Foreign currency options | Other liability | ||||
Derivative [Line Items] | ||||
Notional or Contractual Amount | 34,926 | 91,854 | ||
Fair value | -227 | -434 | ||
Net Exposure Derivative Instruments Liabilities | -227 | [1] | -434 | [1] |
Collateral | 0 | [2] | 0 | [2] |
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivatives | Loan conversion options | Other Assets [Member] | ||||
Derivative [Line Items] | ||||
Notional or Contractual Amount | 0 | 3,455 | ||
Fair value | 0 | 314 | ||
Collateral | 0 | [2] | 0 | [2] |
Net Exposure | 0 | [1] | 314 | [1] |
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivatives | Client interest rate derivatives | Other Assets [Member] | ||||
Derivative [Line Items] | ||||
Notional or Contractual Amount | 387,410 | 216,773 | ||
Fair value | 2,546 | 1,265 | ||
Collateral | 0 | [2] | 0 | [2] |
Net Exposure | 2,546 | [1] | 1,265 | [1] |
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivatives | Client interest rate derivatives | Other liability | ||||
Derivative [Line Items] | ||||
Notional or Contractual Amount | 387,410 | 216,773 | ||
Fair value | -2,748 | -1,396 | ||
Net Exposure Derivative Instruments Liabilities | -2,748 | [1] | -1,396 | [1] |
Collateral | $0 | [2] | $0 | [2] |
[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 December 31, 2014 remain at investment grade or higher and there were no material changes in their credit ratings for the year ended December 31, 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 Total Notional or Contractual Amounts, Fair Value, Collateral and Net Exposure of Derivative Financial Instruments (Footnote Information) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Credit rating of institutional counterparties | The credit ratings of our institutional counterparties as of December 31, 2014 remain at investment grade or higher and there were no material changes in their credit ratings for the year ended December 31, 2014 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments Summary of Derivative Activity and Related Impact on Consolidated Statements of Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) on derivatives | $22,139 | $31,508 | $10,123 |
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 | 2,553 | 2,536 | 5,154 |
Derivatives designated as hedging instruments | Interest rate risks | Interest rate swaps | Net gains on derivative instruments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) on derivatives | -50 | 14 | 603 |
Derivatives designated as hedging instruments | Interest rate risks | Interest rate risk | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) on derivatives | 2,503 | 2,550 | 5,757 |
Derivatives not designated as hedging instruments | Currency exchange risks | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) on derivatives | -38 | -1,197 | 1,574 |
Derivatives not designated as hedging instruments | Currency exchange risks | Loans | Other noninterest income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) on derivatives | -21,636 | 3,016 | 1,677 |
Derivatives not designated as hedging instruments | Currency exchange risks | Foreign exchange forwards | Net gains on derivative instruments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) on derivatives | 21,598 | -4,213 | -103 |
Derivatives not designated as hedging instruments | Other derivative instruments | Foreign exchange forwards | Net gains on derivative instruments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) on derivatives | 5,081 | -452 | 460 |
Derivatives not designated as hedging instruments | Other derivative instruments | Equity warrant assets | Net gains on derivative instruments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) on derivatives | 71,012 | 46,101 | 19,385 |
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivatives | Net gains on derivative instruments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) on derivatives | ($796) | $734 | ($1,666) |
Derivative_Financial_Instrumen6
Derivative Financial Instruments Master Netting Arrangements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets and Liabilities Subject to Master Netting Arrangements [Line Items] | ||
Gross Amounts Of Recognized Assets | $137,271 | $196,346 |
Gross Assets Offset Under Master Netting Arrangements | -274 | -70 |
Net Amounts Of Assets Presented in Statement Of Financial Position | 136,997 | 196,276 |
Net Amounts Of Assets Presented in Statement Of Financial Position | 31,111 | 14,013 |
Gross Assets Subject To Master Netting Arrangement Not Offset | -117,783 | -181,547 |
Cash Collateral Received Subject to Master Netting Arrangements | -7,781 | -5,080 |
Net Assets After Deducting Amounts Subject to Master Netting Arrangements | 11,433 | 9,649 |
Gross Amounts Of Recognized Liabilities | 31,385 | 14,083 |
Gross Liabilities Offset Under Master Netting Arrangements | 274 | 70 |
Gross Liabilities Subject To Master Netting Arrangement Not Offset | -19,639 | -9,648 |
Cash Collateral Pledged Subject to Master Netting Arrangements | 0 | 0 |
Net Liabilities After Deducting Amounts Subject to Master Netting Arrangements | 11,472 | 4,365 |
Derivative [Member] | ||
Assets and Liabilities Subject to Master Netting Arrangements [Line Items] | ||
Gross Amounts Of Recognized Assets | 41,660 | 23,357 |
Gross Assets Offset Under Master Netting Arrangements | -274 | -70 |
Net Amounts Of Assets Presented in Statement Of Financial Position | 41,386 | 23,287 |
Net Amounts Of Assets Presented in Statement Of Financial Position | 31,111 | 14,013 |
Gross Assets Subject To Master Netting Arrangement Not Offset | -22,172 | -8,558 |
Cash Collateral Received Subject to Master Netting Arrangements | -7,781 | -5,080 |
Net Assets After Deducting Amounts Subject to Master Netting Arrangements | 11,433 | 9,649 |
Gross Amounts Of Recognized Liabilities | 31,385 | 14,083 |
Gross Liabilities Offset Under Master Netting Arrangements | 274 | 70 |
Gross Liabilities Subject To Master Netting Arrangement Not Offset | -19,639 | -9,648 |
Cash Collateral Pledged Subject to Master Netting Arrangements | 0 | 0 |
Net Liabilities After Deducting Amounts Subject to Master Netting Arrangements | 11,472 | 4,365 |
Derivative [Member] | Interest rate swaps | ||
Assets and Liabilities Subject to Master Netting Arrangements [Line Items] | ||
Gross Amounts Of Recognized Assets | 4,609 | 6,492 |
Gross Assets Offset Under Master Netting Arrangements | 0 | 0 |
Net Amounts Of Assets Presented in Statement Of Financial Position | 4,609 | 6,492 |
Gross Assets Subject To Master Netting Arrangement Not Offset | -1,639 | -1,412 |
Cash Collateral Received Subject to Master Netting Arrangements | -2,970 | -5,080 |
Net Assets After Deducting Amounts Subject to Master Netting Arrangements | 0 | 0 |
Derivative [Member] | Foreign exchange forwards | ||
Assets and Liabilities Subject to Master Netting Arrangements [Line Items] | ||
Gross Amounts Of Recognized Assets | 34,004 | 15,096 |
Gross Assets Offset Under Master Netting Arrangements | 0 | 0 |
Net Amounts Of Assets Presented in Statement Of Financial Position | 34,004 | 15,096 |
Net Amounts Of Assets Presented in Statement Of Financial Position | 28,136 | 12,183 |
Gross Assets Subject To Master Netting Arrangement Not Offset | -17,843 | -6,735 |
Cash Collateral Received Subject to Master Netting Arrangements | -4,811 | 0 |
Net Assets After Deducting Amounts Subject to Master Netting Arrangements | 11,350 | 8,361 |
Gross Amounts Of Recognized Liabilities | 28,136 | 12,183 |
Gross Liabilities Offset Under Master Netting Arrangements | 0 | 0 |
Gross Liabilities Subject To Master Netting Arrangement Not Offset | -16,808 | -8,282 |
Cash Collateral Pledged Subject to Master Netting Arrangements | 0 | 0 |
Net Liabilities After Deducting Amounts Subject to Master Netting Arrangements | 11,328 | 3,901 |
Derivative [Member] | Foreign currency options | ||
Assets and Liabilities Subject to Master Netting Arrangements [Line Items] | ||
Gross Amounts Of Recognized Assets | 501 | 504 |
Gross Assets Offset Under Master Netting Arrangements | -274 | -70 |
Net Amounts Of Assets Presented in Statement Of Financial Position | 227 | 434 |
Net Amounts Of Assets Presented in Statement Of Financial Position | 227 | 434 |
Gross Assets Subject To Master Netting Arrangement Not Offset | -144 | -155 |
Cash Collateral Received Subject to Master Netting Arrangements | 0 | 0 |
Net Assets After Deducting Amounts Subject to Master Netting Arrangements | 83 | 279 |
Gross Amounts Of Recognized Liabilities | 501 | 504 |
Gross Liabilities Offset Under Master Netting Arrangements | -274 | -70 |
Gross Liabilities Subject To Master Netting Arrangement Not Offset | -83 | -279 |
Cash Collateral Pledged Subject to Master Netting Arrangements | 0 | 0 |
Net Liabilities After Deducting Amounts Subject to Master Netting Arrangements | 144 | 155 |
Derivative [Member] | Client interest rate derivatives | ||
Assets and Liabilities Subject to Master Netting Arrangements [Line Items] | ||
Gross Amounts Of Recognized Assets | 2,546 | 1,265 |
Gross Assets Offset Under Master Netting Arrangements | 0 | 0 |
Net Amounts Of Assets Presented in Statement Of Financial Position | 2,546 | 1,265 |
Net Amounts Of Assets Presented in Statement Of Financial Position | 2,748 | 1,396 |
Gross Assets Subject To Master Netting Arrangement Not Offset | -2,546 | -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 | 2,748 | 1,396 |
Gross Liabilities Offset Under Master Netting Arrangements | 0 | 0 |
Gross Liabilities Subject To Master Netting Arrangement Not Offset | -2,748 | -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 [Member] | ||
Assets and Liabilities Subject to Master Netting Arrangements [Line Items] | ||
Gross Amounts Of Recognized Assets | 95,611 | 172,989 |
Gross Assets Offset Under Master Netting Arrangements | 0 | 0 |
Net Amounts Of Assets Presented in Statement Of Financial Position | 95,611 | 172,989 |
Net Amounts Of Assets Presented in Statement Of Financial Position | 0 | 0 |
Gross Assets Subject To Master Netting Arrangement Not Offset | -95,611 | -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 Liabilities Offset Under Master Netting Arrangements | 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_Income_Loss_2
Other Noninterest Income (Loss) and Other Noninterest Expense - Summary of Other Noninterest Income (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Other Income and Expenses [Abstract] | ||||||
Fund management fees | $13,498 | $11,163 | $11,057 | |||
Service-based fee income | 8,801 | 7,807 | 7,937 | |||
Gains (losses) on revaluation of foreign currency instruments | -21,636 | [1] | 3,016 | [1] | 1,677 | [1] |
Net gains on the sale of certain assets related to our equity management services business | 0 | 0 | 4,243 | |||
Net losses on the sale of certain assets related to our SVBIF business | -13,934 | 0 | 0 | |||
Other | 12,011 | [2] | 14,153 | [2] | 11,449 | [2] |
Total other noninterest income | ($1,260) | $36,139 | $36,363 | |||
[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_Income_Loss_3
Other Noninterest Income (Loss) and Other Noninterest Expense - Summary of Other Noninterest Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Income and Expenses [Abstract] | |||
Client services | $10,692 | $8,181 | $6,910 |
Data processing services | 8,079 | 7,895 | 5,876 |
Tax credit fund amortization | 9,691 | 6,436 | 3,911 |
Telephone | 7,250 | 6,258 | 6,528 |
Postage and supplies | 3,196 | 2,462 | 2,482 |
Dues and publications | 2,549 | 1,745 | 2,067 |
Other | 12,939 | 8,950 | 8,188 |
Total other noninterest expense | $54,396 | $41,927 | $35,962 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | ||
Federal net operating loss carryforwards | 16,000,000 | $16,000,000 |
State net operating loss carryforward | 8,000,000 | 8,000,000 |
Operating Loss Carryforwards Foreign | 13,000,000 | 19,000,000 |
Valuation allowance | -8,965,000 | -10,006,000 |
Unrecognized tax benefit | 3,497,000 | 343,000 |
Reduction in income tax expense resulting from recognition of unrecognized tax benefit | 2,400,000 | |
Internal Revenue Service (IRS) | ||
Income Taxes [Line Items] | ||
Income tax examination description | Our U.S. federal tax returns for 2011 and subsequent years remain open to full examination. Our California tax returns for 2010 and subsequent tax years remain open to full examination. Massachusetts tax returns for 2011 and subsequent years remain open to full examination. | |
State and Local Jurisdiction | ||
Income Taxes [Line Items] | ||
Federal and state net operating loss carryforwards subject to limitations | 2,000,000 | |
Federal | ||
Income Taxes [Line Items] | ||
Federal and state net operating loss carryforwards subject to limitations | 7,000,000 | |
Unrecognized Tax Benefits Before Interest And Penalties [Member] | ||
Income Taxes [Line Items] | ||
Unrecognized tax benefit | 3,397,000 | $252,000 |
Income_Taxes_Components_of_Pro
Income Taxes Components of Provision for Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current provision: | |||||||||||
Federal | $172,492 | $99,480 | $87,635 | ||||||||
State | 44,666 | 25,498 | 23,752 | ||||||||
Deferred expense (benefit): | |||||||||||
Federal | -36,197 | 11,244 | 2,385 | ||||||||
State | -7,199 | 2,836 | -503 | ||||||||
Income tax expense | ($42,302) | ($38,961) | ($33,582) | ($58,917) | ($35,285) | ($47,404) | ($29,968) | ($26,401) | $173,762 | $139,058 | $113,269 |
Income_Taxes_Reconciliation_be
Income Taxes Reconciliation between Federal Statutory Income Tax Rate and Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of the federal tax effect | 5.60% | 5.10% | 5.80% |
Meals and entertainment | 0.30% | 0.50% | 0.50% |
Disallowed officer's compensation | 0.30% | 0.10% | 0.10% |
Share-based compensation expense on incentive stock options and ESPP | 0.10% | -0.30% | 0.40% |
Tax-exempt interest income | -0.30% | -0.30% | -0.40% |
Low-income housing tax credit | -1.80% | -1.60% | -1.20% |
Other, net | 0.50% | 0.70% | -0.90% |
Effective income tax rate | 39.70% | 39.20% | 39.30% |
Income_Taxes_Deferred_Tax_Liab
Income Taxes Deferred Tax (Liabilities) Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||
Operating Loss Carryforwards Foreign | $13,000,000 | $19,000,000 |
Deferred tax assets: | ||
Allowance for loan losses | 80,554,000 | 69,616,000 |
Share-based compensation expense | 15,249,000 | 14,535,000 |
Loan fee income | 9,738,000 | 7,804,000 |
State income taxes | 9,428,000 | 6,194,000 |
Net operating loss | 8,641,000 | 9,682,000 |
Other accruals not currently deductible | 7,601,000 | 4,869,000 |
Premises and equipment and other intangibles | 1,344,000 | 734,000 |
Net unrealized losses on foreign currency translation | 802,000 | 5,228,000 |
Research and development credit | 324,000 | 324,000 |
Share-based compensation expense | 0 | 27,686,000 |
Other | 2,983,000 | 36,000 |
Deferred tax assets | 136,664,000 | 146,708,000 |
Valuation allowance | -8,965,000 | -10,006,000 |
Net deferred tax assets after valuation allowance | 127,699,000 | 136,702,000 |
Deferred tax liabilities: | ||
Net unrealized gains on available-for-sale securities | -29,600,000 | 0 |
Nonmarketable securities | -27,858,000 | -55,921,000 |
Derivative equity warrant assets | -19,090,000 | -10,344,000 |
FHLB stock dividend | -1,230,000 | -1,236,000 |
Other | 0 | -964,000 |
Deferred tax liabilities | -77,778,000 | -68,465,000 |
Net deferred tax (liabilities) assets | $49,921,000 | $68,237,000 |
Income_Taxes_Changes_in_Unreco
Income Taxes Changes in Unrecognized Tax Benefit (Including Interest and Penalties) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Reconciliation of Unrecognized Tax Benefits [Line Items] | |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | $2,879 |
Beginning Balance | 343 |
Additions for tax positions for prior years | 396 |
Lapse of the applicable statute of limitations | -121 |
Ending Balance | 3,497 |
Unrecognized Tax Benefits Before Interest And Penalties [Member] | |
Reconciliation of Unrecognized Tax Benefits [Line Items] | |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 2,879 |
Beginning Balance | 252 |
Additions for tax positions for prior years | 349 |
Lapse of the applicable statute of limitations | -83 |
Ending Balance | 3,397 |
Interest & Penalties | |
Reconciliation of Unrecognized Tax Benefits [Line Items] | |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 0 |
Beginning Balance | 91 |
Additions for tax positions for prior years | 47 |
Lapse of the applicable statute of limitations | -38 |
Ending Balance | $100 |
Employee_Compensation_and_Bene2
Employee Compensation and Benefit Plans Expenses Incurred Under Certain Employee Compensation and Benefit Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Benefits Disclosure [Line Items] | |||
Incentive Compensation Plans | $78,014 | $66,232 | $46,467 |
Direct Drive Incentive Compensation Plan | 20,153 | 22,941 | 24,556 |
Retention Program | 1,792 | 2,577 | 2,076 |
Warrant Incentive Plan | 3,926 | 5,818 | 2,523 |
Deferred Compensation Arrangement with Individual, Compensation Expense | 2,458 | 2,650 | 1,767 |
SVBFG 401(k) Plan | 11,996 | 11,277 | 9,947 |
SVBFG Employee Stock Ownership Plan | $6,691 | $7,429 | $10,324 |
Employee_Compensation_and_Bene3
Employee Compensation and Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Benefits Disclosure [Line Items] | |||
Number Of Days Loan Rate Locked | 30 days | ||
Defined Contribution Plan Description of 401 K Plan | |||
Employee Benefits Disclosure [Line Items] | |||
Maximum percentage of pre-tax income employees are allowed to contribute towards 401(k) plan | 75.00% | ||
Maximum amount of pre-tax income employees are allowed to contribute towards 401(k) plan | $17,500 | $17,500 | $17,000 |
Maximum percentage of employer matching contributions towards 401(k) plan | 5.00% | ||
Employee Stock Ownership Plan (ESOP), Plan | |||
Employee Benefits Disclosure [Line Items] | |||
Maximum percentage of employee's eligible pay earned in the fiscal year contributed by the company in cash or common stock towards ESOP | 10.00% | ||
ESOP contributions vesting period | 5 years | ||
Employee Home Ownership Plan | |||
Employee Benefits Disclosure [Line Items] | |||
Fixed-rate mortgage loan term, minimum | 5 years | ||
Fixed-rate mortgage loan term, maximum | 7 years | ||
Amortization period | 30 years | ||
Maximum loan amount percentage lesser of purchase price or the appraised value | 80.00% | ||
Mortgage loans rate | 2.00% | ||
Variable rate description | The loan rate shall not be less than the greater of either the jumbo conforming market rate (corresponding to the maturity of the loan) or the monthly Applicable Federal Rate for medium-term loans as published by the Internal Revenue Service. The loan rate will be fixed at the time of approval and locked in for 30 days. | ||
Employee Home Ownership Plan | Five year loan | |||
Employee Benefits Disclosure [Line Items] | |||
Note period | 5 years | ||
Employee Home Ownership Plan | Seven year loan | Lower Limit | |||
Employee Benefits Disclosure [Line Items] | |||
Note period | 7 years | ||
Deferred Compensation Plan | |||
Employee Benefits Disclosure [Line Items] | |||
Maximum percentage of base salary that may be deferred under the DC Plan | 50.00% | ||
Maximum percentage of eligible bonus payment that may be deferred under the DC Plan | 100.00% | ||
Maximum deferral term under the DC Plan | 12 months | ||
Deferrals under the DC Plan | 3,900,000 | 3,600,000 | 3,200,000 |
Deferred Compensation Arrangement With Individual Employee Mandatory Retention Incentive Deferrals | 12,700,000 | ||
DC Plan investment gains | $1,400,000 | $3,100,000 | $700,000 |
Related_Parties_Additional_Inf
Related Parties - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 04, 2014 | |||
Related Party Transaction [Line Items] | |||||
Highest outstanding balance by SVB under facility | $23,000,000 | ||||
Revolving line of credit facility, outstanding amount | 0 | 23,000,000 | |||
Gold Hill Capital Twenty Zero Eight LLC | |||||
Related Party Transaction [Line Items] | |||||
Company Direct and Indirect Ownership in Limited Partnership | 83.80% | ||||
Equity method investment | Other investments | Gold Hill Capital 2008, LP | |||||
Related Party Transaction [Line Items] | |||||
Company Direct and Indirect Ownership in Limited Partnership | 15.50% | [1] | 15.50% | [1] | |
Equity method investment | Direct ownership interest | Other investments | Gold Hill Capital 2008, LP | |||||
Related Party Transaction [Line Items] | |||||
Company Direct and Indirect Ownership in Limited Partnership | 11.50% | ||||
Equity method investment | Indirect ownership interest | Other investments | Gold Hill Capital 2008, LP | |||||
Related Party Transaction [Line Items] | |||||
Company Direct and Indirect Ownership in Limited Partnership | 4.00% | ||||
Gold Hill 08 Funds | |||||
Related Party Transaction [Line Items] | |||||
Line of credit, maximum borrowing capacity | $65,000,000 | ||||
Gold Hill 08 Funds | |||||
Related Party Transaction [Line Items] | |||||
Variable interest rate description | national Prime plus one percent | ||||
Gold Hill 08 Funds | Prime | |||||
Related Party Transaction [Line Items] | |||||
Basis spread on related party debt | 1.00% | ||||
[1] | At December 31, 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. |
OffBalance_Sheet_Arrangements_2
Off-Balance Sheet Arrangements, Guarantees and Other Commitments Minimum Future Payments Under Noncancelable Operating Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Disclosure Minimum Future Payments Under Noncancelable Operating Leases [Abstract] | |
2015 | $21,683 |
2016 | 20,771 |
2017 | 20,510 |
2018 | 21,142 |
2019 | 21,074 |
2020 and thereafter | 84,198 |
Net minimum operating lease payments | $189,378 |
OffBalance_Sheet_Arrangements_3
Off-Balance Sheet Arrangements, Guarantees and Other Commitments Summary Information Related to Commitments to Extend Credit (Excluding Letters of Credit) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Disclosure Summary Information Related To Commitments To Extend Credit [Abstract] | ||||
Fixed interest rate commitments | $1,591,408 | $1,392,781 | ||
Variable interest rate commitments | 11,860,039 | 9,101,973 | ||
Total loan commitments available for funding | 13,451,447 | [1] | 10,494,754 | [1] |
Commercial and standby letters of credit | 1,254,338 | [2] | 975,968 | [2] |
Total unfunded credit commitments | 14,705,785 | 11,470,722 | ||
Commitments unavailable for funding | 1,868,489 | [3] | 1,006,168 | [3] |
Maximum lending limits for accounts receivable factoring arrangements | 1,044,548 | [4] | 894,276 | [4] |
Reserve for unfunded credit commitments | $36,419 | [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_4
Off-Balance Sheet Arrangements, Guarantees and Other Commitments Summary of Commercial and Standby Letters of Credit (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Guarantor Obligations [Line Items] | ||||
Expires In One Year or Less | $1,183,848 | |||
Expires After One Year | 70,490 | |||
Total Amount Outstanding | 1,254,338 | [1] | 975,968 | [1] |
Maximum Amount of Future Payments | 1,254,338 | |||
Financial standby letters of credit | ||||
Guarantor Obligations [Line Items] | ||||
Expires In One Year or Less | 1,118,548 | |||
Expires After One Year | 65,333 | |||
Total Amount Outstanding | 1,183,881 | |||
Maximum Amount of Future Payments | 1,183,881 | |||
Performance standby letters of credit | ||||
Guarantor Obligations [Line Items] | ||||
Expires In One Year or Less | 59,034 | |||
Expires After One Year | 5,157 | |||
Total Amount Outstanding | 64,191 | |||
Maximum Amount of Future Payments | 64,191 | |||
Commercial letters of credit | ||||
Guarantor Obligations [Line Items] | ||||
Expires In One Year or Less | 6,266 | |||
Expires After One Year | 0 | |||
Total Amount Outstanding | 6,266 | |||
Maximum Amount of Future Payments | $6,266 | |||
[1] | See below for additional information on our commercial and standby letters of credit. |
OffBalance_Sheet_Arrangements_5
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Line Items] | |||
Rent expense for premises and equipment leased under operating leases | $20.30 | $16.30 | $14.50 |
Venture capital and private equity fund investments | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Commitments to invest, period from the inception of the fund | 10 years | ||
Committed capital call not generally restricted | 100.00% | ||
Venture capital and private equity fund investments | Lower Limit | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Expected commitment period to invest in venture capital and private equity funds (in years) | 5 years | ||
Venture capital and private equity fund investments | Upper Limit | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Expected commitment period to invest in venture capital and private equity funds (in years) | 7 years | ||
Standby Letter of Credit | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Deferred fees | 8 | 8 | |
Collateral in the form of cash | $510 |
Total_Capital_Commitments_Unfu
Total Capital Commitments, Unfunded Capital Commitments, and Our Ownership in Each Fund (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Unfunded Commitments | 462,314 | |||
SVB Strategic Investors Fund, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Unfunded Commitments | 2,250 | |||
SVB Strategic Investors Fund II, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Unfunded Commitments | 5,133 | |||
SVB Strategic Investors Fund III, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Unfunded Commitments | 12,706 | |||
SVB Strategic Investors Fund IV, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Unfunded Commitments | 36,503 | |||
Strategic Investors Fund V Funds | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Unfunded Commitments | 140,362 | |||
Strategic Investors Fund VI Funds | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Unfunded Commitments | 254,248 | |||
SVB Capital Preferred Return Fund, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Unfunded Commitments | 5,163 | |||
SVB Capital-NT Growth Partners, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Unfunded Commitments | 5,872 | |||
Other private equity fund | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Unfunded Commitments | 77 | |||
Parent Company | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Capital Commitments | 501,968 | |||
Unfunded Commitments | 41,468 | |||
Parent Company | Silicon Valley BancVentures, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Capital Commitments | 6,000 | |||
Unfunded Commitments | 270 | |||
Ownership of each Fund | 10.70% | [1] | ||
Parent Company | SVB Capital Partners II, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Capital Commitments | 1,200 | [2] | ||
Unfunded Commitments | 162 | [2] | ||
Ownership of each Fund | 5.10% | [1],[2] | ||
Parent Company | SVB Capital Shanghai Yangpu Venture Capital Fund | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Capital Commitments | 935 | |||
Unfunded Commitments | 0 | |||
Ownership of each Fund | 6.80% | [1] | ||
Parent Company | SVB Strategic Investors Fund, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Capital Commitments | 15,300 | |||
Unfunded Commitments | 688 | |||
Ownership of each Fund | 12.60% | [1] | ||
Parent Company | SVB Strategic Investors Fund II, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Capital Commitments | 15,000 | |||
Unfunded Commitments | 1,050 | |||
Ownership of each Fund | 8.60% | [1] | ||
Parent Company | SVB Strategic Investors Fund III, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Capital Commitments | 15,000 | |||
Unfunded Commitments | 1,275 | |||
Ownership of each Fund | 5.90% | [1] | ||
Parent Company | SVB Strategic Investors Fund IV, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Capital Commitments | 12,239 | |||
Unfunded Commitments | 2,325 | |||
Ownership of each Fund | 5.00% | [1] | ||
Parent Company | Strategic Investors Fund V Funds | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Capital Commitments | 515 | |||
Unfunded Commitments | 209 | |||
Parent Company | Strategic Investors Fund VI Funds | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Capital Commitments | 0 | |||
Unfunded Commitments | 0 | |||
Ownership of each Fund | 0.00% | [1] | ||
Parent Company | SVB Capital Preferred Return Fund, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Capital Commitments | 12,688 | |||
Unfunded Commitments | 0 | |||
Ownership of each Fund | 20.00% | [1] | ||
Parent Company | SVB Capital-NT Growth Partners, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Capital Commitments | 24,670 | |||
Unfunded Commitments | 1,340 | |||
Ownership of each Fund | 33.00% | [1] | ||
Parent Company | Other private equity fund | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Capital Commitments | 9,338 | [3] | ||
Unfunded Commitments | 0 | [3] | ||
Ownership of each Fund | 58.20% | [1],[3] | ||
Parent Company | Partners for Growth, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Capital Commitments | 25,000 | |||
Unfunded Commitments | 9,750 | |||
Ownership of each Fund | 50.00% | [1] | ||
Parent Company | Debt Funds (Equity Method Accounting) [Member] | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Capital Commitments | 64,170 | |||
Unfunded Commitments | 4,950 | |||
Parent Company | Other Fund Investments | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Capital Commitments | 299,913 | [4] | ||
Unfunded Commitments | 19,449 | [4] | ||
Fair value accounting | Venture capital and private equity fund investments | SVB Capital Partners II, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Ownership of each Fund | 5.10% | [5] | 5.10% | [5] |
Fair value accounting | Venture capital and private equity fund investments | SVB Strategic Investors Fund, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Ownership of each Fund | 12.60% | 12.60% | ||
Fair value accounting | Venture capital and private equity fund investments | SVB Strategic Investors Fund II, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Ownership of each Fund | 8.60% | 8.60% | ||
Fair value accounting | Venture capital and private equity fund investments | SVB Strategic Investors Fund III, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Ownership of each Fund | 5.90% | 5.90% | ||
Fair value accounting | Venture capital and private equity fund investments | SVB Strategic Investors Fund IV, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Ownership of each Fund | 5.00% | 5.00% | ||
Fair value accounting | Venture capital and private equity fund investments | Strategic Investors Fund VI Funds | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Ownership of each Fund | 0.00% | 0.20% | ||
Fair value accounting | Venture capital and private equity fund investments | SVB Capital Preferred Return Fund, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Ownership of each Fund | 20.00% | 20.00% | ||
Fair value accounting | Venture capital and private equity fund investments | SVB Capital-NT Growth Partners, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Ownership of each Fund | 33.00% | 33.00% | ||
Fair value accounting | Venture capital and private equity fund investments | Other private equity fund | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Ownership of each Fund | 58.20% | [6] | 58.20% | [6] |
Fair value accounting | Venture capital and private equity fund investments | Direct ownership interest | SVB Capital Partners II, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Ownership of each Fund | 1.30% | |||
Fair value accounting | Venture capital and private equity fund investments | Direct ownership interest | Other private equity fund | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Ownership of each Fund | 41.50% | |||
Fair value accounting | Venture capital and private equity fund investments | Indirect ownership interest | SVB Capital Partners II, LP | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Ownership of each Fund | 3.80% | |||
[1] | We are subject to the Volcker Rule which restricts or limits us from sponsoring or having ownership interests in “covered†funds including venture capital and private equity funds. See “Business - Supervision and Regulation†under Part I, Item 1 in this report. | |||
[2] | Our ownership includes direct ownership of 1.3 percent and indirect ownership 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. | |||
[5] | At December 31, 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 December 31, 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 |
Total_Capital_Commitments_Unfu1
Total Capital Commitments, Unfunded Capital Commitments, and Our Ownership in Each Fund (Footnote Information) (Detail) (Venture capital and private equity fund investments) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
SVB Capital Partners II, LP | Fair value accounting | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Company Direct and Indirect Ownership in Limited Partnership | 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] | ||||
Company Direct and Indirect Ownership in Limited Partnership | 1.30% | |||
SVB Capital Partners II, LP | Fair value accounting | Indirect ownership interest | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Company Direct and Indirect Ownership in Limited Partnership | 3.80% | |||
Other private equity fund | Fair value accounting | ||||
Venture Capital and Private Equity Fund Investments [Line Items] | ||||
Company Direct and Indirect Ownership in Limited Partnership | 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] | ||||
Company Direct and Indirect Ownership in Limited Partnership | 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] | ||||
Company Direct and Indirect Ownership in Limited Partnership | 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] | ||||
Company Direct and Indirect Ownership in Limited Partnership | 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] | ||||
Company Direct and Indirect Ownership in Limited Partnership | 4.10% | |||
[1] | At December 31, 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 December 31, 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 |
Remaining_Unfunded_Commitments
Remaining Unfunded Commitments to Venture Capital or Private Equity Funds by our Consolidated Managed Funds (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | $462,314 |
SVB Strategic Investors Fund, LP | |
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | 2,250 |
SVB Strategic Investors Fund II, LP | |
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | 5,133 |
SVB Strategic Investors Fund III, LP | |
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | 12,706 |
SVB Strategic Investors Fund IV, LP | |
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | 36,503 |
Strategic Investors Fund V Funds | |
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | 140,362 |
Strategic Investors Fund VI Funds | |
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | 254,248 |
SVB Capital Preferred Return Fund, LP | |
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | 5,163 |
SVB Capital-NT Growth Partners, LP | |
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | 5,872 |
Other private equity fund | |
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | $77 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value | $13,540,655 | $11,986,821 | ||
Derivatives designated as hedging instruments | Interest rate risks | Interest rate swaps | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | 4,609 | 6,492 | ||
Derivatives not designated as hedging instruments | Other derivative instruments | Equity warrant assets | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | 116,604 | 103,513 | ||
Fair value accounting | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Non-marketable securities | 108,251 | [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 | 1,130,882 | [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 | 71,204 | [3] | 32,839 | [3] |
U.S. treasury securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value | 7,302,273 | |||
U.S. agency debentures | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value | 3,561,556 | 4,345,232 | ||
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 | |||
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Fixed rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value | 1,884,843 | 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 | 784,475 | 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 | 7,508 | 5,051 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value | 13,540,655 | 11,986,821 | ||
Total assets | 15,008,982 | [4] | 13,331,120 | [5] |
Total liabilities | 31,111 | 14,013 | ||
Fair Value, Measurements, Recurring | Derivatives designated as hedging instruments | Interest rate risks | Interest rate swaps | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | 4,609 | 6,492 | ||
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Currency exchange risks | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | 34,231 | 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 | 28,363 | 12,617 | ||
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Other derivative instruments | Equity warrant assets | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | 116,604 | 103,513 | ||
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Other derivative instruments | Loan conversion options | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | 314 | |||
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Other derivative instruments | Client interest rate derivatives | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | 2,546 | 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 | 2,748 | 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 | 1,310,337 | 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 | 1,130,882 | 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 | 71,204 | 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 | 108,251 | 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 | 7,302,273 | |||
Fair Value, Measurements, Recurring | U.S. agency debentures | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value | 3,561,556 | 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 | 1,884,843 | 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 | 784,475 | 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 | 7,508 | 5,051 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value | 7,306,563 | 3,732 | ||
Total assets | 7,414,814 | [4] | 5,857 | [5] |
Total liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivatives designated as hedging instruments | Interest rate risks | Interest rate swaps | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivatives not designated as hedging instruments | Currency exchange risks | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (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 | 0 | 0 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivatives not designated as hedging instruments | Other derivative instruments | Equity warrant assets | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivatives not designated as hedging instruments | Other derivative instruments | Loan conversion options | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | 0 | |||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivatives not designated as hedging instruments | Other derivative instruments | Client interest rate derivatives | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (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 | 0 | 0 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value accounting | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Non-marketable securities | 108,251 | 2,125 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (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 | Quoted Prices in Active Markets for Identical Assets (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 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value accounting | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Non-marketable securities | 108,251 | 2,125 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. treasury securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value | 7,302,273 | |||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (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 | Quoted Prices in Active Markets for Identical Assets (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 | Quoted Prices in Active Markets for Identical Assets (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 | Quoted Prices in Active Markets for Identical Assets (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 | Quoted Prices in Active Markets for Identical Assets (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 | Quoted Prices in Active Markets for Identical Assets (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 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value | 4,290 | 3,732 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value | 6,234,092 | 11,983,089 | ||
Total assets | 6,277,384 | [4] | 12,010,312 | [5] |
Total liabilities | 31,111 | 14,013 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Derivatives designated as hedging instruments | Interest rate risks | Interest rate swaps | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | 4,609 | 6,492 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Derivatives not designated as hedging instruments | Currency exchange risks | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | 34,231 | 15,530 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (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 | 28,363 | 12,617 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Derivatives not designated as hedging instruments | Other derivative instruments | Equity warrant assets | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | 1,906 | 3,622 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Derivatives not designated as hedging instruments | Other derivative instruments | Loan conversion options | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | 314 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Derivatives not designated as hedging instruments | Other derivative instruments | Client interest rate derivatives | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | 2,546 | 1,265 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (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 | 2,748 | 1,396 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (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 | Significant Other Observable Inputs (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 | Significant Other Observable Inputs (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 | Significant Other Observable Inputs (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 | Significant Other Observable Inputs (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 | Significant Other Observable Inputs (Level 2) | U.S. agency debentures | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value | 3,561,556 | 4,345,232 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (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 | Significant Other Observable Inputs (Level 2) | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Fixed rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value | 1,884,843 | 3,325,758 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (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 | 784,475 | 1,186,573 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (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 | Significant Other Observable Inputs (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 | Significant Other Observable Inputs (Level 2) | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value | 3,218 | 1,319 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value | 0 | 0 | ||
Total assets | 1,316,784 | [4] | 1,314,951 | [5] |
Total liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Derivatives designated as hedging instruments | Interest rate risks | Interest rate swaps | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Derivatives not designated as hedging instruments | Currency exchange risks | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (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 | 0 | 0 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Derivatives not designated as hedging instruments | Other derivative instruments | Equity warrant assets | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | 114,698 | 99,891 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Derivatives not designated as hedging instruments | Other derivative instruments | Loan conversion options | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | 0 | |||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Derivatives not designated as hedging instruments | Other derivative instruments | Client interest rate derivatives | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (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 | 0 | 0 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Fair value accounting | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Non-marketable securities | 1,202,086 | 1,215,060 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (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 | 1,130,882 | 862,972 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (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 | 71,204 | 32,839 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (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 | Significant Unobservable Inputs (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 | Significant Unobservable Inputs (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 | Significant Unobservable Inputs (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 | Significant Unobservable Inputs (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 | Significant Unobservable Inputs (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 | Significant Unobservable Inputs (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 | Significant Unobservable Inputs (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 | Significant Unobservable Inputs (Level 3) | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value | $0 | $0 | ||
[1] | Investments classified as other securities (fair value accounting) represent direct equity investments in public companies held by our consolidated funds. At December 31, 2014, the amount primarily includes total unrealized gains of $75 million in 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 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 December 31, 2014 and December 31, 2013 (fair value accounting): December 31, 2014 December 31, 2013(Dollars in thousands) Amount Ownership % Amount Ownership %SVB Strategic Investors Fund, LP $24,645 12.6% $29,104 12.6%SVB Strategic Investors Fund II, LP 97,250 8.6 96,185 8.6SVB Strategic Investors Fund III, LP 269,821 5.9 260,272 5.9SVB Strategic Investors Fund IV, LP 291,291 5.0 226,729 5.0Strategic Investors Fund V Funds 226,111 Various 118,181 VariousStrategic Investors Fund VI Funds 89,605 — 7,944 0.2SVB Capital Preferred Return Fund, LP 62,110 20.0 59,028 20.0SVB Capital—NT Growth Partners, LP 61,973 33.0 61,126 33.0SVB Capital Partners II, LP (i) 302 5.1 708 5.1Other private equity fund (ii) 7,774 58.2 3,695 58.2Total venture capital and private equity fund investments $1,130,882 $862,972 (i)At December 31, 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 December 31, 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 December 31, 2014 and December 31, 2013 (fair value accounting): December 31, 2014 December 31, 2013(Dollars in thousands) Amount Ownership % Amount Ownership %Silicon Valley BancVentures, LP $3,291 10.7% $6,564 10.7%SVB Capital Partners II, LP (i) 20,481 5.1 22,684 5.1Capital Partners III, LP 41,055 — — —SVB Capital Shanghai Yangpu Venture Capital Fund 6,377 6.8 3,591 6.8Total other venture capital investments $71,204 $32,839 (i)At December 31, 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 $100 million and $1.1 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 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 Assets and Liabilities Measured at Fair Value on a Recurring Basis (Footnote Information) (Detail) (Fair Value, Measurements, Recurring, USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | $15,008,982 | [1] | $13,331,120 | [2] |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 7,414,814 | [1] | 5,857 | [2] |
Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 1,316,784 | [1] | 1,314,951 | [2] |
Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 6,277,384 | [1] | 12,010,312 | [2] |
Noncontrolling Interests | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 100,000 | 2,000 | ||
Noncontrolling Interests | Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | $1,100,000 | $1,100,000 | ||
[1] | Included in Level 1 and Level 3 assets are $100 million and $1.1 billion, respectively, attributable to noncontrolling interests calculated based on the ownership percentages of the noncontrolling interests. | |||
[2] | Included in Level 1 and Level 3 assets are $2 million and $1.1 billion, respectively, attributable to noncontrolling interests calculated based on the ownership percentages of the noncontrolling interests. |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments Additional Information about Level 3 Assets Measured at Fair Value on a Recurring Basis (Detail) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Unrealized valuation gains | $219,000,000 | |||||
Non-marketable securities | Fair value accounting | Other venture capital investments | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Transfers Out of Level 3 | -3,600,000 | |||||
Non-marketable securities | Fair value accounting | Other Securities | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Transfers Out of Level 3 | -380,136,000 | |||||
Fair Value, Measurements, Recurring | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning Balance | 1,314,951,000 | 859,141,000 | 799,962,000 | |||
Total Realized and Unrealized Gains (Losses) Included in Income | -451,657,000 | -420,261,000 | -104,712,000 | |||
Purchases | 275,640,000 | 149,276,000 | 135,361,000 | |||
Sales | -138,077,000 | -17,904,000 | -30,793,000 | |||
Issuances | 13,671,000 | 9,098,000 | 11,978,000 | |||
Distributions and Other Settlements | -219,076,000 | -118,235,000 | -153,068,000 | |||
Transfers Into Level 3 | 0 | 24,217,000 | 0 | |||
Transfers Out of Level 3 | -381,982,000 | -10,903,000 | -9,011,000 | |||
Ending Balance | 1,316,784,000 | 1,314,951,000 | 859,141,000 | |||
Fair Value, Measurements, Recurring | Equity warrant assets | Other Assets [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning Balance | 99,891,000 | [1] | 66,129,000 | [1] | 63,030,000 | [1] |
Total Realized and Unrealized Gains (Losses) Included in Income | -71,516,000 | [1] | -22,929,000 | [1] | -13,697,000 | [1] |
Purchases | 0 | [1] | 0 | [1] | 0 | [1] |
Sales | -70,875,000 | [1] | -16,680,000 | [1] | -21,077,000 | [1] |
Issuances | 13,671,000 | [1] | 9,098,000 | [1] | 11,978,000 | [1] |
Distributions and Other Settlements | 2,215,000 | [1] | 1,540,000 | [1] | -78,000 | [1] |
Transfers Into Level 3 | 0 | [1] | 24,217,000 | [1] | 0 | [1] |
Transfers Out of Level 3 | -1,720,000 | [1] | -7,342,000 | [1] | -1,421,000 | [1] |
Ending Balance | 114,698,000 | [1] | 99,891,000 | [1] | 66,129,000 | [1] |
Fair Value, Measurements, Recurring | Fair value accounting | Other Securities | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning Balance | 319,249,000 | |||||
Total Realized and Unrealized Gains (Losses) Included in Income | -103,864,000 | |||||
Purchases | 0 | |||||
Sales | -46,840,000 | |||||
Issuances | 0 | |||||
Distributions and Other Settlements | 3,863,000 | |||||
Transfers Into Level 3 | 0 | |||||
Fair Value, Measurements, Recurring | Non-marketable securities | Fair value accounting | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning Balance | 1,215,060,000 | [2] | 793,012,000 | [2] | 736,932,000 | [2] |
Total Realized and Unrealized Gains (Losses) Included in Income | -380,141,000 | [2] | -397,332,000 | [2] | -91,015,000 | [2] |
Purchases | 275,640,000 | [2] | 149,276,000 | [2] | 135,361,000 | [2] |
Sales | -67,202,000 | [2] | -1,224,000 | [2] | -9,716,000 | [2] |
Issuances | 0 | [2] | 0 | [2] | 0 | [2] |
Distributions and Other Settlements | -221,291,000 | [2] | -119,775,000 | [2] | -152,990,000 | [2] |
Transfers Into Level 3 | 0 | [2] | 0 | [2] | 0 | [2] |
Transfers Out of Level 3 | -380,262,000 | [2] | -3,561,000 | [2] | -7,590,000 | [2] |
Ending Balance | 1,202,086,000 | [2] | 1,215,060,000 | [2] | 793,012,000 | [2] |
Fair Value, Measurements, Recurring | Non-marketable securities | Fair value accounting | Venture capital and private equity fund investments | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning Balance | 862,972,000 | 665,921,000 | 611,824,000 | |||
Total Realized and Unrealized Gains (Losses) Included in Income | -263,484,000 | -169,219,000 | -44,283,000 | |||
Purchases | 224,233,000 | 146,564,000 | 122,238,000 | |||
Sales | 0 | 0 | 0 | |||
Issuances | 0 | 0 | 0 | |||
Distributions and Other Settlements | -219,807,000 | -118,732,000 | -112,424,000 | |||
Transfers Into Level 3 | 0 | 0 | 0 | |||
Transfers Out of Level 3 | 0 | 0 | 0 | |||
Ending Balance | 1,130,882,000 | 862,972,000 | 665,921,000 | |||
Fair Value, Measurements, Recurring | Non-marketable securities | Fair value accounting | Other venture capital investments | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning Balance | 32,839,000 | 127,091,000 | 124,121,000 | |||
Total Realized and Unrealized Gains (Losses) Included in Income | -12,793,000 | -5,745,000 | -46,711,000 | |||
Purchases | 51,407,000 | 2,712,000 | 13,123,000 | |||
Sales | -20,362,000 | -1,224,000 | -9,716,000 | |||
Issuances | 0 | 0 | 0 | |||
Distributions and Other Settlements | -5,347,000 | -97,924,000 | -39,558,000 | |||
Transfers Into Level 3 | 0 | 0 | 0 | |||
Transfers Out of Level 3 | -126,000 | -3,561,000 | -7,590,000 | |||
Ending Balance | 71,204,000 | 32,839,000 | 127,091,000 | |||
Fair Value, Measurements, Recurring | Non-marketable securities | Fair value accounting | Other Securities | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Ending Balance | 0 | |||||
Fair Value, Measurements, Recurring | Non-marketable securities | Fair value accounting | Other investments | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning Balance | 0 | 987,000 | ||||
Total Realized and Unrealized Gains (Losses) Included in Income | -222,368,000 | -21,000 | ||||
Purchases | 0 | 0 | ||||
Sales | 0 | 0 | ||||
Issuances | 0 | 0 | ||||
Distributions and Other Settlements | 96,881,000 | -1,008,000 | ||||
Transfers Into Level 3 | 0 | 0 | ||||
Transfers Out of Level 3 | 0 | 0 | ||||
Ending Balance | $319,249,000 | $0 | ||||
[1] | Realized and unrealized gains are recorded on the line item “gains on derivative instruments, netâ€, a component of noninterest income. | |||||
[2] | Realized and unrealized gains, net are recorded on 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 Unrealized Gains Included in Earnings Attributable to Level 3 Assets Held (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 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 | $316,246 | $427,721 | ||
Unrealized gains (losses) attributable to noncontrolling interests | 255,131 | 346,954 | ||
Equity warrant assets | Other Assets [Member] | ||||
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 | 36,516 | [1] | 30,579 | [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 | 279,730 | [2] | 397,142 | [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 | 276,686 | 168,567 | ||
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 | 3,044 | [3] | 6,207 | [3] |
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 | [3] | $222,368 | [3] |
[1] | Unrealized gains are recorded on the line item “gains on derivative instruments, netâ€, a component of noninterest income. | |||
[2] | Unrealized gains are recorded on the line items “gains on investment securities, netâ€, and “other noninterest incomeâ€, components of noninterest income. | |||
[3] | 2013 included total unrealized valuation gains of $219 million attributable to two of our portfolio companies, FireEye and Twitter. |
Fair_Value_of_Financial_Instru6
Fair Value of Financial Instruments Quantitative Information About Significant Unobservable Inputs (Detail) (Significant Unobservable Inputs (Level 3), USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Equity warrant assets | Other Assets [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Valuation Technique | Modified Black-Scholes option pricing model | Modified Black-Scholes option pricing model | ||
Sales Restrictions Discount | 17.80% | [1] | 13.70% | [1] |
Volatility | 42.60% | 41.30% | ||
Risk-Free interest rate | 1.70% | 1.70% | ||
Equity warrant assets | Investments [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair Value | 1,681 | 24,217 | ||
Equity Warrant Asset, Private Portfolio | Other Assets [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Valuation Technique | Modified Black-Scholes option pricing model | Modified Black-Scholes option pricing model | ||
Volatility | 38.30% | 40.10% | ||
Risk-Free interest rate | 0.90% | 0.80% | ||
Marketability discount | 20.00% | [2] | 22.50% | [2] |
Remaining Life Assumption | 45.00% | [3] | 45.00% | [3] |
Equity Warrant Asset, Private Portfolio | Investments [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair Value | 113,017 | 75,674 | ||
Other venture capital investments | Fair value accounting | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair Value | 71,204 | 32,839 | ||
Valuation Technique | Private company equity pricing | Private company equity pricing | ||
Other Securities | Fair value accounting | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair Value | 319,249 | |||
Valuation Technique | Modified stock price | |||
Sales Restrictions Discount | 12.00% | [1] | ||
[1] | We adjust quoted market prices of public companies which are subject to certain sales restrictions. Sales restriction discounts generally range from 10 percent to 20 percent depending on the duration of the sales restrictions which typically range from 3 to 6 months. | |||
[2] | Our marketability discount is applied to all private company warrants to account for a general lack of liquidity due to the private nature of the associated underlying company. The quantitative measure used is based 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. | |||
[3] | We adjust the contractual remaining term of private company warrants based on our best estimate of the actual remaining life, which we determine by utilizing historical data on cancellations and exercises. At December 31, 2014, the weighted average contractual remaining term was 2.7 years, compared to our estimated remaining life of 5.9 years. On a quarterly basis, a sensitivity analysis is performed on our remaining life assumption. |
Fair_Value_of_Financial_Instru7
Fair Value of Financial Instruments Quantitative Information About Significant Unobservable Inputs (Footnote Information) (Detail) (Other Assets [Member], Equity warrant assets) | 12 Months Ended |
Dec. 31, 2014 | |
Other Assets [Member] | Equity warrant assets | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Weighted average contractual remaining term | 2 years 8 months 5 days |
Estimated remaining life | 5 years 11 months 12 days |
Fair_Value_of_Financial_Instru8
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Debt Disclosure [Line Items] | ||||||
Fair Value Measurements, Recurring Basis, Transfers From Level 2 To Level 1 | $0 | $0 | $3,100 | |||
6.05% Subordinated Notes | ||||||
Debt Disclosure [Line Items] | ||||||
Stated interest rate | 6.05% | 6.05% | ||||
5.70% Senior Notes | ||||||
Debt Disclosure [Line Items] | ||||||
Stated interest rate | ||||||
5.375% Senior Notes | ||||||
Debt Disclosure [Line Items] | ||||||
Stated interest rate | 5.38% | |||||
7.0% Junior Subordinated Debentures | ||||||
Debt Disclosure [Line Items] | ||||||
Stated interest rate | 7.00% | |||||
Other venture capital investments | Fair value accounting | Non-marketable securities | ||||||
Debt Disclosure [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -3,600 | |||||
Fair Value, Measurements, Recurring | ||||||
Debt Disclosure [Line Items] | ||||||
Transfers Into Level 3 | 0 | 24,217 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -381,982 | -10,903 | -9,011 | |||
Fair Value, Measurements, Recurring | Fair value accounting | Non-marketable securities | ||||||
Debt Disclosure [Line Items] | ||||||
Transfers Into Level 3 | 0 | [1] | 0 | [1] | 0 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -380,262 | [1] | -3,561 | [1] | -7,590 | [1] |
Fair Value, Measurements, Recurring | Other venture capital investments | Fair value accounting | Non-marketable securities | ||||||
Debt Disclosure [Line Items] | ||||||
Transfers Into Level 3 | 0 | 0 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | ($126) | ($3,561) | ($7,590) | |||
[1] | Realized and unrealized gains, net are recorded on the line items “gains on investment securities, netâ€, and “other noninterest incomeâ€, components of noninterest income. |
Fair_Value_of_Financial_Instru9
Fair Value of Financial Instruments Summary of Estimated Fair Values of Financial Instruments not Carried at Fair Value (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Held-to-maturity Securities, Fair Value | $7,415,656 | $0 | ||
Short-term borrowings | 7,781 | 5,080 | ||
Time Deposits | 128,127 | 213,860 | ||
Other short-term borrowings | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Short-term borrowings | 7,781 | [1] | 5,080 | [1] |
5.375% Senior Notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Senior Notes | 348,436 | 348,209 | ||
6.05% Subordinated Notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Subordinated Notes | 50,162 | [2] | 51,987 | [2] |
7.0% Junior Subordinated Debentures | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Junior Subordinated Debentures | 54,845 | 55,020 | ||
Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 1,796,062 | 1,538,779 | ||
Held-to-maturity Securities, Fair Value | 7,421,042 | |||
Non-marketable securities (cost and equity method accounting) | 418,551 | 378,309 | ||
Net commercial loans | 12,947,869 | 9,796,878 | ||
Net consumer loans | 1,271,048 | 966,622 | ||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 44,253 | |||
FHLB and FRB stock | 53,496 | 40,632 | ||
Accrued interest receivable | 94,180 | 67,772 | ||
Deposits | 34,215,372 | [3] | 22,259,119 | [3] |
Time Deposits | 128,127 | 213,860 | ||
Accrued interest payable | 6,998 | 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 | 7,781 | 5,080 | ||
Carrying Amount | 5.375% Senior Notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Senior Notes | 348,436 | 348,209 | ||
Carrying Amount | 6.05% Subordinated Notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Subordinated Notes | 50,162 | [4] | 51,987 | [4] |
Carrying Amount | 7.0% Junior Subordinated Debentures | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Junior Subordinated Debentures | 54,845 | 55,020 | ||
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 1,796,062 | 1,538,779 | ||
Held-to-maturity Securities, Fair Value | 0 | |||
Non-marketable securities (cost and equity method accounting) | 0 | 0 | ||
Net commercial loans | 0 | 0 | ||
Net consumer loans | 0 | 0 | ||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 0 | |||
FHLB and FRB stock | 0 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Deposits | 34,215,372 | [3] | 22,259,119 | [3] |
Time Deposits | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Commitments to extend credit | 0 | 0 | ||
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other short-term borrowings | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Short-term borrowings | 7,781 | 5,080 | ||
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | 5.375% Senior Notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Senior Notes | 0 | 0 | ||
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (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 | Quoted Prices in Active Markets for Identical Assets (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 | Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Held-to-maturity Securities, Fair Value | 7,415,656 | |||
Non-marketable securities (cost and equity method accounting) | 0 | 0 | ||
Net commercial loans | 0 | 0 | ||
Net consumer loans | 0 | 0 | ||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 0 | |||
FHLB and FRB stock | 0 | 0 | ||
Accrued interest receivable | 94,180 | 67,772 | ||
Deposits | 0 | [3] | 0 | [3] |
Time Deposits | 128,107 | 213,874 | ||
Accrued interest payable | 6,998 | 6,858 | ||
Commitments to extend credit | 0 | 0 | ||
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | Other short-term borrowings | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Short-term borrowings | 0 | 0 | ||
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | 5.375% Senior Notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Senior Notes | 392,616 | 383,782 | ||
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | 6.05% Subordinated Notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Subordinated Notes | 53,537 | [4] | 56,297 | [4] |
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | 7.0% Junior Subordinated Debentures | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Junior Subordinated Debentures | 52,990 | 51,915 | ||
Estimated Fair Value | Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Held-to-maturity Securities, Fair Value | 0 | |||
Non-marketable securities (cost and equity method accounting) | 512,473 | 447,783 | ||
Net commercial loans | 13,082,487 | 9,935,917 | ||
Net consumer loans | 1,247,336 | 1,005,080 | ||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 45,410 | |||
FHLB and FRB stock | 53,496 | 40,632 | ||
Accrued interest receivable | 0 | 0 | ||
Deposits | 0 | [3] | 0 | [3] |
Time Deposits | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Commitments to extend credit | 29,097 | 24,285 | ||
Estimated Fair Value | Significant Unobservable Inputs (Level 3) | Other short-term borrowings | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Short-term borrowings | 0 | 0 | ||
Estimated Fair Value | Significant Unobservable Inputs (Level 3) | 5.375% Senior Notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Senior Notes | 0 | 0 | ||
Estimated Fair Value | Significant Unobservable Inputs (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 | Significant Unobservable Inputs (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, which includes an interest rate swap agreement related to our 6.05% Subordinated Notes. | |||
[2] | At December 31, 2014 and 2013, included in the carrying value of our 6.05% Subordinated Notes were $4.6 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 December 31, 2014 and 2013, included in the carrying value and estimated fair value of our 6.05% Subordinated Notes was $4.6 million and $6.5 million, respectively, related to hedge accounting associated with the notes. |
Recovered_Sheet5
Fair Value of Financial Instruments Summary of Estimated Fair Values of Financial Instruments not Carried at Fair Value (Footnote Information) (Detail) (6.05% Subordinated Notes, USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of the interest rate swap associated with the notes | $4,600 | $6,500 | |
Estimated Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of the interest rate swap associated with the notes | $4,600 | $6,500 |
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 $) | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Carrying Amount | $1,319,309 | |
Fair Value | 1,414,001 | |
Unfunded Commitments | 486,713 | |
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 | 1,130,882 | [1] |
Fair Value | 1,130,882 | [1] |
Unfunded Commitments | 462,314 | [1] |
Non-marketable securities | Equity method accounting | Other investments | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Carrying Amount | 47,876 | [2] |
Fair Value | 49,066 | [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 | 140,551 | [3] |
Fair Value | 234,053 | [3] |
Unfunded Commitments | $18,563 | [3] |
[1] | Venture capital and private equity fund investments within non-marketable and other 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 science & healthcare companies. Included in the fair value and unfunded commitments of fund investments under fair value accounting are $1.0 billion and $459 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 science & healthcare companies. 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. | |
[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 science & healthcare companies. 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 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 $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 1,414,001 | |
Unfunded Commitments | 486,713 | |
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 | 1,130,882 | [1] |
Unfunded Commitments | 462,314 | [1] |
Non-marketable securities | Equity method accounting | Other investments | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 49,066 | [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 | 234,053 | [3] |
Unfunded Commitments | 18,563 | [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 | 1,000,000 | |
Unfunded Commitments | 459,000 | |
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] | ||
Estimated future period of distributions from the fund investments | 10 years | |
Non-marketable securities | Lower Limit | Equity method accounting | Other investments | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Estimated future period of distributions from the fund investments | 10 years | |
Non-marketable securities | Lower Limit | Cost method accounting | Venture capital and private equity fund investments | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Estimated future period of distributions from the fund investments | 10 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] | ||
Estimated future period of distributions from the fund investments | 13 years | |
Non-marketable securities | Upper Limit | Equity method accounting | Other investments | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Estimated future period of distributions from the fund investments | 13 years | |
Non-marketable securities | Upper Limit | Cost method accounting | Venture capital and private equity fund investments | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Estimated future period of distributions from the fund investments | 13 years | |
[1] | Venture capital and private equity fund investments within non-marketable and other 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 science & healthcare companies. Included in the fair value and unfunded commitments of fund investments under fair value accounting are $1.0 billion and $459 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 science & healthcare companies. 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. | |
[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 science & healthcare companies. 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 the terms of the funds. |
Regulatory_Matters_Capital_Rat
Regulatory Matters Capital Ratios for Company and Bank under Federal Regulatory Guidelines, Compared to Minimum Regulatory Capital Requirements for Adequately Capitalized and Well Capitalized Depository Institution (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
SVB Financial Group | ||
Total risk-based capital, actual ratio | 13.92% | 13.13% |
Total risk-based capital, well capitalized minimum ratio | 10.00% | 10.00% |
Total risk-based capital, adequately capitalized minimum ratio | 8.00% | 8.00% |
Total risk-based capital, actual amount | $3,030,150 | $2,218,996 |
Total risk-based capital, well capitalized minimum amount | 2,176,210 | 1,690,150 |
Total risk-based capital, adequately capitalized minimum amount | 1,740,968 | 1,352,120 |
Tier 1 risk-based capital, actual ratio | 12.91% | 11.94% |
Tier 1 risk-based capital, well capitalized minimum ratio | 6.00% | 6.00% |
Tier 1 risk-based capital, adequately capitalized minimum ratio | 4.00% | 4.00% |
Tier 1 risk-based capital, actual amount | 2,808,948 | 2,018,455 |
Tier 1 risk-based capital, well capitalized minimum amount | 1,305,726 | 1,014,090 |
Tier 1 risk-based capital, adequately capitalized minimum amount | 870,484 | 676,060 |
Tier 1 leverage, actual ratio | 7.74% | 8.31% |
Tier 1 leverage, adequately capitalized minimum ratio | 4.00% | 4.00% |
Tier 1 leverage, actual amount | 2,808,948 | 2,018,455 |
Tier 1 leverage, adequately capitalized minimum amount | 1,450,927 | 972,130 |
Silicon Valley Bank | ||
Total risk-based capital, actual ratio | 12.12% | 11.32% |
Total risk-based capital, well capitalized minimum ratio | 10.00% | 10.00% |
Total risk-based capital, adequately capitalized minimum ratio | 8.00% | 8.00% |
Total risk-based capital, actual amount | 2,600,011 | 1,880,254 |
Total risk-based capital, well capitalized minimum amount | 2,145,788 | 1,661,287 |
Total risk-based capital, adequately capitalized minimum amount | 1,716,630 | 1,329,030 |
Tier 1 risk-based capital, actual ratio | 11.09% | 10.11% |
Tier 1 risk-based capital, well capitalized minimum ratio | 6.00% | 6.00% |
Tier 1 risk-based capital, adequately capitalized minimum ratio | 4.00% | 4.00% |
Tier 1 risk-based capital, actual amount | 2,379,991 | 1,680,212 |
Tier 1 risk-based capital, well capitalized minimum amount | 1,287,473 | 996,772 |
Tier 1 risk-based capital, adequately capitalized minimum amount | 858,315 | 664,515 |
Tier 1 leverage, actual ratio | 6.64% | 7.04% |
Tier 1 leverage, well capitalized minimum ratio | 5.00% | 5.00% |
Tier 1 leverage, adequately capitalized minimum ratio | 4.00% | 4.00% |
Tier 1 leverage, actual amount | 2,379,991 | 1,680,212 |
Tier 1 leverage, well capitalized minimum amount | 1,793,264 | 1,194,012 |
Tier 1 leverage, adequately capitalized minimum amount | $1,434,611 | $955,210 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 3 |
Segment_Reporting_Segment_Info
Segment Reporting Segment Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||||||||||
Net interest income | $234,737 | $220,565 | $204,965 | $196,328 | $186,998 | $177,096 | $170,081 | $163,169 | $856,595 | $697,344 | $617,864 | |||
(Provision for) reduction of loan losses | -40,435 | -16,610 | -1,947 | -494 | -28,670 | -10,638 | -18,572 | -5,813 | -59,486 | -63,693 | -44,330 | |||
Noninterest income | 167,637 | 80,167 | 14,210 | 310,225 | 238,713 | 257,650 | 98,239 | 78,604 | 572,239 | 673,206 | 335,546 | |||
Noninterest expense | -189,000 | -181,989 | -173,446 | -172,436 | -168,850 | -160,524 | -143,292 | -149,014 | -716,871 | [1] | -621,680 | [1] | -545,998 | [1] |
Income before income tax expense | 652,477 | [2] | 685,177 | [2] | 363,082 | [2] | ||||||||
Total average loans, net of unearned income | 11,502,941 | 9,351,378 | 7,558,928 | |||||||||||
Total average assets | 32,964,195 | [3] | 23,210,747 | [3] | 21,311,172 | [3] | ||||||||
Total average deposits | 28,320,825 | 19,619,194 | 17,910,088 | |||||||||||
Global Commercial Bank | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net interest income | 742,274 | [4] | 641,384 | [4] | 593,770 | [4] | ||||||||
(Provision for) reduction of loan losses | -58,622 | [4] | -65,290 | [4] | -45,417 | [4] | ||||||||
Noninterest income | 213,084 | [4] | 202,404 | [4] | 188,821 | [4] | ||||||||
Noninterest expense | -510,165 | [1],[4] | -429,650 | [1],[4] | -393,151 | [1],[4] | ||||||||
Income before income tax expense | 386,571 | [2],[4] | 348,848 | [2],[4] | 344,023 | [2],[4] | ||||||||
Total average loans, net of unearned income | 10,286,448 | [4] | 8,401,943 | [4] | 6,750,951 | [4] | ||||||||
Total average assets | 30,286,374 | [3],[4] | 21,395,501 | [3],[4] | 19,557,289 | [3],[4] | ||||||||
Total average deposits | 27,364,246 | [4] | 19,072,608 | [4] | 17,574,001 | [4] | ||||||||
SVB Private Bank | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net interest income | 31,427 | 26,701 | 21,807 | |||||||||||
(Provision for) reduction of loan losses | -864 | 1,597 | 1,087 | |||||||||||
Noninterest income | 1,494 | 1,209 | 681 | |||||||||||
Noninterest expense | -10,571 | [1] | -9,195 | [1] | -7,388 | [1] | ||||||||
Income before income tax expense | 21,486 | [2] | 20,312 | [2] | 16,187 | [2] | ||||||||
Total average loans, net of unearned income | 1,157,024 | 919,831 | 758,471 | |||||||||||
Total average assets | 1,150,835 | [3] | 955,441 | [3] | 759,251 | [3] | ||||||||
Total average deposits | 890,062 | 524,398 | 313,836 | |||||||||||
SVB Capital | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net interest income | 58 | [4] | 20 | [4] | 15 | [4] | ||||||||
(Provision for) reduction of loan losses | 0 | [4] | 0 | [4] | 0 | [4] | ||||||||
Noninterest income | 58,058 | [4] | 75,037 | [4] | 27,435 | [4] | ||||||||
Noninterest expense | -12,668 | [1],[4] | -10,737 | [1],[4] | -11,263 | [1],[4] | ||||||||
Income before income tax expense | 45,448 | [2],[4] | 64,320 | [2],[4] | 16,187 | [2],[4] | ||||||||
Total average loans, net of unearned income | 0 | [4] | 0 | [4] | 0 | [4] | ||||||||
Total average assets | 320,129 | [3],[4] | 289,328 | [3],[4] | 239,335 | [3],[4] | ||||||||
Total average deposits | 0 | [4] | 0 | [4] | 0 | [4] | ||||||||
Other Items | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net interest income | 82,836 | [5] | 29,239 | [5] | 2,272 | [5] | ||||||||
(Provision for) reduction of loan losses | 0 | [5] | 0 | [5] | 0 | [5] | ||||||||
Noninterest income | 299,603 | [5] | 394,556 | [5] | 118,609 | [5] | ||||||||
Noninterest expense | -183,467 | [1],[5] | -172,098 | [1],[5] | -134,196 | [1],[5] | ||||||||
Income before income tax expense | 198,972 | [2],[5] | 251,697 | [2],[5] | -13,315 | [2],[5] | ||||||||
Total average loans, net of unearned income | 59,469 | [5] | 29,604 | [5] | 49,506 | [5] | ||||||||
Total average assets | 1,206,857 | [3],[5] | 570,477 | [3],[5] | 755,297 | [3],[5] | ||||||||
Total average deposits | $66,517 | [5] | $22,188 | [5] | $22,251 | [5] | ||||||||
[1] | The Global Commercial Bank segment includes direct depreciation and amortization of $20.9 million, $18.7 million and $14.4 million for 2014, 2013 and 2012, 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 equals 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". | |||||||||||||
[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_Information_Additional
Segment Information (Additional Information) (Detail) (Global Commercial Bank, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Global Commercial Bank | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $20.90 | $18.70 | $14.40 |
Parent_Company_Only_Condensed_2
Parent Company Only Condensed Financial Information Condensed Balance Sheet (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets: | ||||
Cash and cash equivalents | $1,796,062 | $1,538,779 | $1,008,983 | $1,114,948 |
Investment securities | 22,690,585 | 13,582,315 | ||
Net loans | 14,218,917 | 10,763,500 | ||
Other assets | 559,231 | 465,110 | ||
Total assets | 39,344,640 | 26,417,189 | ||
Liabilities and total equity | ||||
Other liabilities | 483,493 | 404,586 | ||
Total liabilities | 35,288,216 | 23,337,861 | ||
SVBFG stockholders' equity | 2,817,762 | 1,966,270 | ||
Total liabilities and total equity | 39,344,640 | 26,417,189 | ||
Parent Company | ||||
Assets: | ||||
Cash and cash equivalents | 314,236 | 218,148 | 169,067 | 137,185 |
Investment securities | 229,604 | 234,398 | ||
Net loans | 16,684 | 4,791 | ||
Other assets | 159,244 | 136,897 | ||
Total assets | 3,273,427 | 2,393,529 | ||
Liabilities and total equity | ||||
Other liabilities | 52,385 | 24,030 | ||
Total liabilities | 455,665 | 427,259 | ||
SVBFG stockholders' equity | 2,817,762 | 1,966,270 | ||
Total liabilities and total equity | 3,273,427 | 2,393,529 | ||
Parent Company | 5.375% Senior Notes | ||||
Liabilities and total equity | ||||
Notes payable | 348,435 | 348,209 | ||
Parent Company | 7.0% Junior Subordinated Debentures | ||||
Liabilities and total equity | ||||
Notes payable | 54,845 | 55,020 | ||
Parent Company | Bank Subsidiaries | ||||
Assets: | ||||
Investment in subsidiaries | 2,404,101 | 1,639,024 | ||
Parent Company | Nonbank Subsidiaries | ||||
Assets: | ||||
Investment in subsidiaries | $149,558 | $160,271 |
Parent_Company_Only_Condensed_3
Parent Company Only Condensed Financial Information Condensed Statement of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Condensed Consolidating Statement of Operations [Line Items] | |||||||||||
Interest income | $243,725 | $229,326 | $213,841 | $205,024 | $195,384 | $185,240 | $177,983 | $171,014 | $891,916 | $729,621 | $648,718 |
Interest expense | -8,988 | -8,761 | -8,876 | -8,696 | -8,386 | -8,144 | -7,902 | -7,845 | -35,321 | -32,277 | -30,854 |
Gains on derivative instruments, net | 96,845 | 42,184 | 18,679 | ||||||||
Gains on investment securities, net | 267,023 | 419,408 | 122,114 | ||||||||
Impairment loss on SVBIF Sale Transaction | -13,934 | 0 | 0 | ||||||||
Income tax expense | 42,302 | 38,961 | 33,582 | 58,917 | 35,285 | 47,404 | 29,968 | 26,401 | -173,762 | -139,058 | -113,269 |
Net income available to common stockholders | 58,832 | 62,995 | 50,797 | 91,301 | 58,757 | 67,621 | 48,584 | 40,891 | 263,925 | 215,853 | 175,103 |
Parent Company | |||||||||||
Schedule of Condensed Consolidating Statement of Operations [Line Items] | |||||||||||
Interest income | 2,534 | 3,545 | 3,282 | ||||||||
Interest expense | -21,863 | -24,408 | -23,037 | ||||||||
Dividend income from subsidiary | 0 | 10,000 | 0 | ||||||||
Gains on derivative instruments, net | 66,604 | 47,421 | 17,289 | ||||||||
Gains on investment securities, net | 8,750 | 15,238 | 15,329 | ||||||||
Impairment loss on SVBIF Sale Transaction | -9,564 | 0 | 0 | ||||||||
General and administrative expenses | -53,912 | -54,389 | -66,812 | ||||||||
Income tax expense | -15,038 | -15,824 | 12,200 | ||||||||
Loss before net income of subsidiaries | -22,489 | -18,417 | -41,749 | ||||||||
Net income available to common stockholders | 263,925 | 215,853 | 175,103 | ||||||||
Parent Company | Nonbank Subsidiaries | |||||||||||
Schedule of Condensed Consolidating Statement of Operations [Line Items] | |||||||||||
Loss before net income of subsidiaries | 37,009 | 58,075 | 21,457 | ||||||||
Equity in undistributed net income of subsidiary | 37,009 | 58,075 | 21,457 | ||||||||
Parent Company | Bank Subsidiaries | |||||||||||
Schedule of Condensed Consolidating Statement of Operations [Line Items] | |||||||||||
Loss before net income of subsidiaries | 249,405 | 186,195 | 195,395 | ||||||||
Equity in undistributed net income of subsidiary | $249,405 | $176,195 | $195,395 |
Parent_Company_Only_Condensed_4
Parent Company Only Condensed Financial Information Condensed Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Adjustments to reconcile net income to net cash used for operating activities: | |||
Gains on derivative instruments, net | ($96,845) | ($42,184) | ($18,679) |
Gains on investment securities, net | -267,023 | -419,408 | -122,114 |
Amortization of share-based compensation | 29,545 | 25,413 | 21,861 |
Impairment loss on SVBIF Sale Transaction | 13,934 | 0 | 0 |
Other, net | 20,044 | -22,684 | 15,143 |
Net cash used for operating activities | 255,517 | 171,778 | 196,108 |
Cash flows from investing activities: | |||
Net (increase) decrease in loans | -3,480,531 | -1,943,650 | -1,964,250 |
Net cash used for investing activities | -12,233,931 | -2,838,988 | -2,886,368 |
Cash flows from financing activities: | |||
Principal payments of other long term debt | 0 | 0 | -1,222 |
Tax benefit from stock exercises | 9,602 | 6,826 | 5,581 |
Proceeds from issuance of common stock and ESPP | 22,146 | 46,569 | 29,282 |
Net proceeds from public equity offering | 434,866 | 0 | 0 |
Net cash provided by financing activities | 12,250,649 | 3,197,006 | 2,584,295 |
Net increase (decrease) in cash and cash equivalents | 272,235 | 529,796 | -105,965 |
Cash and cash equivalents at beginning of period | 1,538,779 | 1,008,983 | 1,114,948 |
Cash and cash equivalents at end of period | 1,796,062 | 1,538,779 | 1,008,983 |
Parent Company | |||
Cash flows from operating activities: | |||
Net income attributable to SVBFG | 263,925 | 215,853 | 175,103 |
Adjustments to reconcile net income to net cash used for operating activities: | |||
Gains on derivative instruments, net | -66,604 | -47,421 | -17,289 |
Gains on investment securities, net | -8,750 | -15,238 | -15,329 |
Net income of subsidiaries | 22,489 | 18,417 | 41,749 |
Cash dividends from bank subsidiary | 0 | 10,000 | 0 |
Amortization of share-based compensation | 29,545 | 25,413 | 21,861 |
Decrease (increase) in other assets | 44,006 | -11,901 | 5,463 |
Increase (decrease) in other liabilities | 28,303 | 1,506 | 3,952 |
Impairment loss on SVBIF Sale Transaction | 9,564 | 0 | 0 |
Other, net | 584 | -1,269 | 2,273 |
Net cash used for operating activities | 14,159 | -67,327 | -40,818 |
Cash flows from investing activities: | |||
Net decrease in investment securities from purchases, sales and maturities | 15,469 | 70,479 | 11,833 |
Net (increase) decrease in loans | -11,893 | 4,078 | 2,034 |
Net cash used for investing activities | -384,514 | 63,013 | 39,059 |
Cash flows from financing activities: | |||
Principal payments of other long term debt | 0 | 0 | -1,222 |
Tax benefit from stock exercises | 9,431 | 6,826 | 5,581 |
Proceeds from issuance of common stock and ESPP | 22,146 | 46,569 | 29,282 |
Net proceeds from public equity offering | 434,866 | 0 | 0 |
Net cash provided by financing activities | 466,443 | 53,395 | 33,641 |
Net increase (decrease) in cash and cash equivalents | 96,088 | 49,081 | 31,882 |
Cash and cash equivalents at beginning of period | 218,148 | 169,067 | 137,185 |
Cash and cash equivalents at end of period | 314,236 | 218,148 | 169,067 |
Parent Company | Bank Subsidiaries | |||
Adjustments to reconcile net income to net cash used for operating activities: | |||
Net income of subsidiaries | -249,405 | -186,195 | -195,395 |
Cash flows from investing activities: | |||
Investment in subsidiaries | -432,804 | -21,469 | 12,180 |
Parent Company | Nonbank Subsidiaries | |||
Adjustments to reconcile net income to net cash used for operating activities: | |||
Net income of subsidiaries | -37,009 | -58,075 | -21,457 |
Cash flows from investing activities: | |||
Investment in subsidiaries | $44,714 | $9,925 | $13,012 |
Parent_Company_Only_Condensed_5
Parent Company Only Condensed Financial Information Condensed Statement of Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income available to common stockholders | $58,832 | $62,995 | $50,797 | $91,301 | $58,757 | $67,621 | $48,584 | $40,891 | $263,925 | $215,853 | $175,103 |
Other comprehensive income (loss), net of tax | 91,468 | -157,317 | 23,154 | ||||||||
Comprehensive income attributable to SVBFG | 355,393 | 58,536 | 198,257 | ||||||||
Parent Company | |||||||||||
Net income available to common stockholders | 263,925 | 215,853 | 175,103 | ||||||||
Foreign currency translation gains (losses) | 3,012 | -3,128 | -114 | ||||||||
Unrealized holding gains (losses) on securities available for sale | 1,232 | -1,449 | 2,074 | ||||||||
Equity in other comprehensive income (losses) of subsidiaries | 87,224 | -152,740 | 21,194 | ||||||||
Other comprehensive income (loss), net of tax | 91,468 | -157,317 | 23,154 | ||||||||
Comprehensive income attributable to SVBFG | $355,393 | $58,536 | $198,257 |
Unaudited_Quarterly_Financial_2
Unaudited Quarterly Financial Data Supplemental Consolidated Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Interest income | $243,725 | $229,326 | $213,841 | $205,024 | $195,384 | $185,240 | $177,983 | $171,014 | $891,916 | $729,621 | $648,718 | |||
Interest expense | -8,988 | -8,761 | -8,876 | -8,696 | -8,386 | -8,144 | -7,902 | -7,845 | -35,321 | -32,277 | -30,854 | |||
Net interest income | 234,737 | 220,565 | 204,965 | 196,328 | 186,998 | 177,096 | 170,081 | 163,169 | 856,595 | 697,344 | 617,864 | |||
Provision for loan losses | -40,435 | -16,610 | -1,947 | -494 | -28,670 | -10,638 | -18,572 | -5,813 | -59,486 | -63,693 | -44,330 | |||
Noninterest income | 167,637 | 80,167 | 14,210 | 310,225 | 238,713 | 257,650 | 98,239 | 78,604 | 572,239 | 673,206 | 335,546 | |||
Noninterest expense | -189,000 | -181,989 | -173,446 | -172,436 | -168,850 | -160,524 | -143,292 | -149,014 | -716,871 | [1] | -621,680 | [1] | -545,998 | [1] |
Income (loss) before income tax expense | 172,939 | 102,133 | 43,782 | 333,623 | 228,191 | 263,584 | 106,456 | 86,946 | ||||||
Income tax expense | 42,302 | 38,961 | 33,582 | 58,917 | 35,285 | 47,404 | 29,968 | 26,401 | -173,762 | -139,058 | -113,269 | |||
Net income before noncontrolling interests | 130,637 | 63,172 | 10,200 | 274,706 | 192,906 | 216,180 | 76,488 | 60,545 | 478,715 | 546,119 | 249,813 | |||
Comprehensive income attributable to noncontrolling interests | -71,805 | -177 | 40,597 | -183,405 | -134,149 | -148,559 | -27,904 | -19,654 | -214,790 | -330,266 | -74,710 | |||
Net income available to common stockholders | $58,832 | $62,995 | $50,797 | $91,301 | $58,757 | $67,621 | $48,584 | $40,891 | $263,925 | $215,853 | $175,103 | |||
Earnings per common share—basic, in dollars per share | $1.16 | $1.24 | $1.05 | $1.99 | $1.29 | $1.48 | $1.08 | $0.91 | $5.39 | $4.76 | $3.96 | |||
Earnings per common share—diluted, in dollars per share | $1.14 | $1.22 | $1.04 | $1.95 | $1.27 | $1.46 | $1.06 | $0.90 | $5.31 | $4.70 | $3.91 | |||
[1] | The Global Commercial Bank segment includes direct depreciation and amortization of $20.9 million, $18.7 million and $14.4 million for 2014, 2013 and 2012, respectively. |
Subsequent_Events_Impact_of_ch
Subsequent Events Impact of change in stock price (Details) (USD $) | 12 Months Ended | 2 Months Ended | ||
In Thousands, except Share data in Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 26, 2015 |
Subsequent Event [Line Items] | ||||
Gains on investment securities, net | $267,023 | $419,408 | $122,114 | |
FireEye Inc. | Fair value accounting | ||||
Subsequent Event [Line Items] | ||||
Investment Owned, Balance, Shares | 2.5 | |||
FireEye Inc. | Fair value accounting | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Gains on investment securities, net | 14,600 | |||
FireEye Inc. | Fair value accounting | Parent | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Gains on investment securities, net | $2,800 |
Subsequent_Events_Debt_Issuanc
Subsequent Events Debt Issuance (Details) (3.5% Senior Notes due January 2025, Subsequent Event, USD $) | 0 Months Ended | |
Jan. 29, 2015 | Jan. 29, 2015 | |
3.5% Senior Notes due January 2025 | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Principal value | $350,000,000 | $350,000,000 |
Proceeds from issuance of senior notes, net of discount and issuance cost | $346,400,000 |