Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SIVB | ||
Entity Registrant Name | SVB FINANCIAL GROUP | ||
Entity Central Index Key | 719,739 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | 52,310,466 | ||
Entity Public Float | $ 4,950,763,251 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 2,545,750 | $ 1,503,257 |
Available-for-sale securities, at fair value (cost of $12,588,783 and $16,375,941, respectively) | 12,620,411 | 16,380,748 |
Held-to-maturity securities, at cost (fair value of $8,376,138 and $8,758,622, respectively) | 8,426,998 | 8,790,963 |
Non-marketable and other securities | 622,552 | 674,946 |
Total investment securities | 21,669,961 | 25,846,657 |
Loans, net of unearned income | 19,899,944 | 16,742,070 |
Allowance for loan losses | (225,366) | (217,613) |
Net loans | 19,674,578 | 16,524,457 |
Premises and equipment, net of accumulated depreciation and amortization | 120,683 | 102,625 |
Accrued interest receivable and other assets | 672,688 | 709,707 |
Total assets | 44,683,660 | 44,686,703 |
Liabilities: | ||
Noninterest-bearing demand deposits | 31,975,457 | 30,867,497 |
Interest-bearing deposits | 7,004,411 | 8,275,279 |
Total deposits | 38,979,868 | 39,142,776 |
Short-term borrowings | 512,668 | 774,900 |
Other liabilities | 618,383 | 639,094 |
Long-term debt | 795,704 | 796,702 |
Total liabilities | 40,906,623 | 41,353,472 |
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; 52,254,074 shares and 51,610,226 shares outstanding, respectively | 52 | 52 |
Additional paid-in capital | 1,242,741 | 1,189,032 |
Retained earnings | 2,376,331 | 1,993,646 |
Accumulated other comprehensive income | 23,430 | 15,404 |
Total SVBFG stockholders’ equity | 3,642,554 | 3,198,134 |
Noncontrolling interests | 134,483 | 135,097 |
Total equity | 3,777,037 | 3,333,231 |
Total liabilities and total equity | $ 44,683,660 | $ 44,686,703 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Available-for-sale Securities, Amortized Cost | $ 12,588,783 | $ 16,375,941 |
Held-to-maturity Securities, Fair Value | $ 8,376,138 | $ 8,758,622 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
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 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares outstanding | 52,254,074 | 51,610,226 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Interest income: | ||||
Loans | $ 834,155 | $ 693,147 | $ 610,945 | |
Investment securities: | ||||
Taxable | 346,937 | 344,646 | 271,371 | |
Non-taxable | 2,234 | 2,905 | 3,136 | |
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities | 10,070 | 6,067 | 6,464 | |
Total interest income | 1,193,396 | 1,046,765 | 891,916 | |
Interest expense: | ||||
Deposits | 5,611 | 5,447 | 12,114 | |
Borrowings | 37,262 | 34,893 | 23,207 | |
Total interest expense | 42,873 | 40,340 | 35,321 | |
Net interest income | 1,150,523 | 1,006,425 | 856,595 | |
Provision for loan losses | 95,697 | 97,629 | 59,486 | |
Net interest income after provision for loan losses | 1,054,826 | 908,796 | 797,109 | |
Noninterest income: | ||||
Gain (Loss) on Investments | 51,740 | 89,445 | [1],[2] | 267,023 |
Gains on derivative instruments, net | 48,581 | 83,805 | 96,845 | |
Foreign exchange fees | 104,183 | 87,007 | 71,659 | |
Credit card fees | 68,205 | 56,657 | 41,792 | |
Deposit service charges | 52,524 | 46,683 | 39,937 | |
Lending related fees | 33,395 | 32,536 | 25,711 | |
Letters of credit and standby letters of credit fees | 25,644 | 20,889 | 15,649 | |
Client investment fees | 32,219 | 21,610 | 14,883 | |
Other | 40,061 | 34,162 | (1,260) | |
Total noninterest income | 456,552 | 472,794 | 572,239 | |
Noninterest expense: | ||||
Compensation and benefits | 514,270 | 473,841 | 409,486 | |
Professional services | 94,982 | 82,839 | 94,377 | |
Premises and equipment | 65,502 | 51,927 | 49,716 | |
Business development and travel | 40,130 | 39,524 | 40,057 | |
Net occupancy | 39,928 | 34,674 | 30,004 | |
FDIC assessments | 30,285 | 25,455 | 19,206 | |
Correspondent bank fees | 12,457 | 13,415 | 13,118 | |
Provision for (Reduction of) unfunded credit commitments | 10,982 | (1,946) | 6,511 | |
Other | 62,243 | 58,287 | 44,705 | |
Total noninterest expense | 870,779 | 778,016 | 707,180 | |
Income before income tax expense | 640,599 | 603,574 | 662,168 | |
Income tax expense | 250,333 | 228,754 | 183,508 | |
Net income before noncontrolling interests | 390,266 | 374,820 | [2],[3] | 478,660 |
Net income attributable to noncontrolling interests | (7,581) | (30,916) | [1],[3] | (214,790) |
Net income available to common stockholders | $ 382,685 | $ 343,904 | $ 263,870 | |
Earnings per common share—basic, in dollars per share | $ 7.37 | $ 6.70 | $ 5.39 | |
Earnings per common share—diluted, in dollars per share | $ 7.31 | $ 6.62 | $ 5.31 | |
[1] | During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details. | |||
[2] | During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details. | |||
[3] | During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income before noncontrolling interests | $ 390,266 | $ 374,820 | [1],[2] | $ 478,660 |
Change in cumulative translation gains (losses): | ||||
Foreign currency translation (losses) gains | (5,245) | 2,570 | 10,982 | |
Related tax benefit (expense) | 2,050 | (957) | (4,425) | |
Change in unrealized gains (losses) on available-for-sale securities: | ||||
Unrealized holding gains (losses) | 39,016 | (36,702) | 92,815 | |
Related tax (expense) benefit | (15,911) | 14,730 | (37,383) | |
Reclassification adjustment for (gains) losses included in net income | (12,195) | (1,201) | 18,598 | |
Related tax expense (benefit) | 4,963 | 481 | (7,510) | |
Cumulative-effect adjustment for unrealized gains on securities transferred from available-for-sale to held-to-maturity | 0 | 0 | 37,700 | |
Related tax expense | 0 | 0 | (15,178) | |
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity | (7,786) | (10,412) | (6,915) | |
Related tax benefit | 3,134 | 4,191 | 2,784 | |
Other comprehensive income (loss), net of tax | 8,026 | (27,300) | 91,468 | |
Comprehensive income | 398,292 | 347,520 | 570,128 | |
Comprehensive income attributable to noncontrolling interests | (7,581) | (30,916) | [1],[3] | (214,790) |
Comprehensive income attributable to SVBFG | $ 390,711 | $ 316,604 | $ 355,338 | |
[1] | During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details. | |||
[2] | During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details. | |||
[3] | During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Total SVBFG Stockholders’ Equity | Noncontrolling Interests | ||
Balance (in shares) at Dec. 31, 2013 | 45,800,418 | ||||||||
Balance at Dec. 31, 2013 | $ 3,074,693 | $ 46 | $ 624,256 | $ 1,386,097 | $ (48,764) | $ 1,961,635 | $ 1,113,058 | ||
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 | $ 0 | 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 | 478,660 | 263,870 | 263,870 | 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 | ||||||
Held-to-maturity Securities, Transferred Securities, Unrealized Gains, 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) | ||||||
Foreign currency translation adjustments, net of tax | 6,557 | 6,557 | 6,557 | ||||||
Common stock issued in public offering (in shares) | 4,485,000 | ||||||||
Common stock issued in public offering, shares | 434,866 | $ 5 | 434,861 | 434,866 | |||||
Share-based compensation expense | 29,491 | 29,491 | 29,491 | ||||||
Other, net | 1 | 1 | 0 | 1 | |||||
Balance (in shares) at Dec. 31, 2014 | 50,924,925 | ||||||||
Balance at Dec. 31, 2014 | 4,051,734 | $ 51 | 1,120,350 | 1,649,967 | 42,704 | 2,813,072 | 1,238,662 | ||
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 657,876 | ||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 18,898 | $ 1 | 18,897 | 18,898 | |||||
Common stock issued under ESOP (in shares) | 27,425 | ||||||||
Common stock issued under ESOP | 3,512 | 3,512 | 3,512 | ||||||
Income tax benefit from stock options exercised, vesting of restricted stock and other | 16,602 | 16,602 | 16,602 | ||||||
Net income | 374,820 | [1],[2] | 343,904 | 343,904 | 30,916 | ||||
Capital calls and distributions, net | (65,044) | (65,044) | |||||||
Net change in unrealized gains on available-for-sale securities, net of tax | (22,692) | (22,692) | (22,692) | ||||||
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, net of tax | (6,221) | (6,221) | (6,221) | ||||||
Foreign currency translation adjustments, net of tax | 1,613 | 1,613 | 1,613 | ||||||
Share-based compensation expense | 29,671 | 29,671 | 29,671 | ||||||
Other, net | (225) | 0 | 225 | (225) | |||||
Deconsolidation of noncontrolling interest | [3] | (1,069,437) | (1,069,437) | ||||||
Balance (in shares) at Dec. 31, 2015 | 51,610,226 | ||||||||
Balance at Dec. 31, 2015 | 3,333,231 | $ 52 | 1,189,032 | 1,993,646 | 15,404 | 3,198,134 | 135,097 | ||
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 600,683 | ||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 21,819 | $ 0 | 21,819 | 21,819 | |||||
Common stock issued under ESOP (in shares) | 43,165 | ||||||||
Common stock issued under ESOP | 4,328 | 4,328 | 4,328 | ||||||
Net income | 390,266 | 382,685 | 382,685 | 7,581 | |||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | (3,640) | (3,640) | (3,640) | ||||||
Capital calls and distributions, net | (8,195) | (8,195) | |||||||
Net change in unrealized gains on available-for-sale securities, net of tax | 15,873 | 15,873 | 15,873 | ||||||
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, net of tax | (4,652) | (4,652) | (4,652) | ||||||
Foreign currency translation adjustments, net of tax | (3,195) | (3,195) | (3,195) | ||||||
Share-based compensation expense | 31,202 | 31,202 | 31,202 | ||||||
Balance (in shares) at Dec. 31, 2016 | 52,254,074 | ||||||||
Balance at Dec. 31, 2016 | $ 3,777,037 | $ 52 | $ 1,242,741 | $ 2,376,331 | $ 23,430 | $ 3,642,554 | $ 134,483 | ||
[1] | During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details. | ||||||||
[2] | During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details. | ||||||||
[3] | During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |||
Cash flows from operating activities: | |||||
Net income before noncontrolling interests | $ 390,266 | $ 374,820 | [1],[2] | $ 478,660 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Provision for loan losses | 95,697 | 97,629 | 59,486 | ||
Provision for (Reduction of) unfunded credit commitments | 10,982 | (1,946) | 6,511 | ||
Changes in fair values of derivatives, net | (18,287) | (53,470) | (22,139) | ||
Gains on investment securities, net | (51,740) | (89,445) | [2],[3] | (267,023) | |
Depreciation and amortization | 46,819 | 40,008 | 39,345 | ||
Impairment (gain) loss on SVBIF Sale Transaction | 0 | (1,287) | 13,934 | ||
Amortization of premiums and discounts on available-for-sale securities, net | 6,582 | 18,271 | 25,311 | ||
Amortization of share-based compensation | 35,494 | 32,239 | 29,545 | ||
Amortization of deferred loan fees | (98,150) | (89,384) | (82,724) | ||
Deferred income tax (benefit) expense | (4,235) | (9,133) | (43,110) | ||
Changes in other assets and liabilities: | |||||
Accrued interest receivable and payable, net | (3,663) | (8,397) | (26,642) | ||
Accounts receivable and payable, net | (4,945) | (24,029) | (302) | ||
Income tax payable and receivable, net | 3,672 | (9,857) | (4,804) | ||
Accrued compensation | (15,292) | 30,293 | 3,707 | ||
Foreign exchange spot contracts, net | 3,093 | (31,159) | 25,725 | ||
Other, net | 41,684 | 64,044 | 19,788 | ||
Net cash provided by operating activities | 437,977 | 339,197 | 255,268 | ||
Cash flows from investing activities: | |||||
Purchases of available-for-sale securities | (429,268) | (4,586,680) | (8,462,071) | ||
Proceeds from sales of available-for-sale securities | 2,892,460 | 8,054 | 30,398 | ||
Proceeds from maturities and pay downs of available-for-sale securities | 1,364,398 | 1,704,918 | 1,569,173 | ||
Purchases of held-to-maturity securities | (1,306,010) | (2,888,805) | (2,612,848) | ||
Proceeds from maturities and paydowns of held-to-maturity securities | 1,656,580 | 1,495,362 | 598,454 | ||
Purchases of nonmarketable securities | (48,932) | (39,455) | (335,842) | ||
Proceeds from sales of nonmarketable securities | 96,708 | 138,453 | 495,612 | ||
Net increase in loans | (3,169,493) | (2,335,153) | (3,480,531) | ||
Proceeds from recoveries of charged-off loans | 12,212 | 6,209 | 6,404 | ||
Purchases of premises and equipment | (53,311) | (53,918) | (42,431) | ||
Effect of deconsolidation due to adoption of ASU 2015-02 | 0 | 15,995 | 0 | ||
Net proceeds from SVBIF sale transaction | 0 | 39,284 | [4] | 0 | |
Net cash used for investing activities | 1,015,344 | (6,495,736) | (12,233,682) | ||
Cash flows from financing activities: | |||||
Net increase in deposits | (162,908) | 4,719,738 | 11,870,520 | ||
Increase (decrease) in short-term borrowings | (262,232) | 767,119 | 2,701 | ||
Proceeds from (Payments of) Capital Calls (Distributions) from Noncontrolling Interest | (8,195) | (23,518) | (89,186) | ||
Proceeds from issuance of common stock, ESPP, and ESOP | 26,147 | 22,410 | 22,146 | ||
Tax benefit from stock exercises | (3,640) | 16,602 | 9,602 | ||
Proceeds from issuance of 3.50% Senior Notes | 0 | 346,431 | 0 | ||
Net proceeds from public equity offering | 0 | 0 | 434,866 | ||
Net cash provided by financing activities | (410,828) | 5,848,782 | 12,250,649 | ||
Net increase (decrease) in cash and cash equivalents | 1,042,493 | (307,757) | 272,235 | ||
Cash and cash equivalents at beginning of period | 1,503,257 | 1,811,014 | [4] | 1,538,779 | |
Cash and cash equivalents at end of period | 2,545,750 | 1,503,257 | 1,811,014 | [4] | |
Cash and cash equivalents, at end of period, including discontinued operations | 2,545,750 | 1,503,257 | 1,811,014 | [4] | |
Cash paid during the period for: | |||||
Interest | 42,918 | 35,280 | 35,181 | ||
Income taxes | 240,752 | 220,484 | 208,558 | ||
Noncash items during the period: | |||||
Changes in unrealized gains and losses on available-for-sale securities, net of tax | 15,873 | (22,692) | 66,520 | ||
Distributions Of Stock From Investments | 1,315 | 64,503 | [5] | 20,621 | |
Transfers from available-for-sale securities to held-to-maturity | $ 0 | 0 | $ 5,418,572 | ||
Distributions of stock from investments to NCI | $ 41,500 | ||||
[1] | During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details. | ||||
[2] | During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details. | ||||
[3] | During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details. | ||||
[4] | 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. On April 13, 2015 we received net proceeds of $39.3 million consisting of the sales price of $48.6 million less $9.3 million of cash and cash equivalents held by SVBIF that were sold. | ||||
[5] | For the year ended December 31, 2015, includes distributions to our noncontrolling interests of $41.5 million. |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands | Apr. 13, 2015USD ($) |
Long Lived Assets Held-for-sale [Line Items] | |
Net proceeds from SVBIF sale transaction | $ 39,300 |
Sales price of assets sold | 48,600 |
Cash and cash equivalents included in sale of assets | $ 9,300 |
Nature of Business
Nature of Business | 12 Months Ended |
Dec. 31, 2016 | |
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 diverse set of banking and financial products and services to support our clients of all sizes and stages throughout their life cycles. In these notes to our 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 entity, SVB Financial Group (not including subsidiaries). 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" of the "Notes to the Consolidated Financial Statements" under Part II, Item 8 of this report . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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 Prior to April 1, 2015, the Company’s consolidated financial statements included the accounts of SVB Financial Group and entities in which we had a controlling interest. The determination of whether we had a controlling interest was based on consolidation principles prescribed by ASC Topic 810, Consolidation , and whether the controlling interest in an entity was a voting interest entity or a variable interest entity (“VIE”). However, during the three months ended June 30, 2015, we adopted the provisions of ASU 2015-02, Amendments to the Consolidation Analysis (ASU 2015-02), which simplifies consolidation accounting by reducing the number of consolidation models and changing various aspects of current GAAP, including certain consolidation criteria for variable interest entities. The new guidance eliminates the presumption that a general partner of a limited partnership arrangement should consolidate a limited partnership. The amendments to ASC Topic 810 in ASU 2015-02 modify the evaluation of whether limited partnerships and similar entities are VIEs or voting entities. With these changes, we determined that the majority of our investments in limited partnership arrangements are VIEs under the new guidance while these entities were typically voting interest entities under the prior guidance. ASU 2015-02 provided a single model for evaluating VIE entities for consolidation. VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or equity investors and, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity, or (c) the right to receive the expected returns of the entity. We assess VIEs to determine if we are the primary beneficiary of a VIE. A primary beneficiary is defined as a variable interest holder that has a controlling financial interest. A controlling financial interest requires both: (a) the power to direct the activities that most significantly impact the VIEs economic performance, and (b) the obligation to absorb losses or receive benefits of a VIE that could potentially be significant to a VIE. Under this analysis, we also evaluate kick-out rights and other participating rights, which could provide us a controlling financial interest. The primary beneficiary of a VIE is required to consolidate the VIE. ASU 2015-02 also changed how we evaluate fees paid to managers of our limited partnership investments. Under the new guidance, we exclude those fee arrangements that are not deemed to be variable interests from the analysis of our interests in our investments in VIEs and the determination of a primary beneficiary, if any. Fee arrangements based on terms that are customary and commensurate with the services provided are deemed not to be variable interests and are, therefore, excluded. Our consolidated financial statements include the accounts of SVB Financial Group and consolidated entities. We consolidate voting entities in which we have control through voting interests. We determine whether we have a controlling financial interest in a VIE by determining if we have the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and whether we have significant variable interests. Generally, we have significant variable interests if our commitments to a limited partnership investment represent a significant amount of the total commitments to the entity. We also evaluate the impact of related parties on our determination of variable interests in our consolidation conclusions. We consolidate VIEs in which we are the primary beneficiary based on a controlling financial interest. If we are not the primary beneficiary of a VIE, we record our pro-rata interests or our cost basis in the VIE, as appropriate, based on other accounting guidance within GAAP. All significant intercompany accounts and transactions with consolidated entities have been eliminated. We have not provided financial or other support during the periods presented to any VIE that we were not previously contractually required to provide. 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 and meeting 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 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 accretion and amortization of discounts and premiums, respectively, are included in interest income over the contractual terms of the underlying securities replicating the effective interest method. Held-to-Maturity Securities Debt securities purchased in which we have the positive intent and ability to hold to its maturity are classified as held-to-maturity securities and are recorded at amortized cost. During the second quarter of 2014, we re-designated certain securities from the classification of available-for-sale to held-to-maturity. 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, our China Joint Venture, debt funds, private and public portfolio companies and investments in qualified affordable housing projects. 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, (iii) cost method accounting, and (iv) the proportional amortization method which is used only for qualified affordable housing projects. Fair Value Accounting Our managed funds are investment companies under the AICPA Audit and Accounting Guide for Investment Companies (codified in ASC 946) 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, 2016 is presented in the following table: Limited partnership Company Direct and Indirect Ownership in Limited Partnership Managed funds of funds Strategic Investors Fund, LP 12.6 % Capital Preferred Return Fund, LP 20.0 Growth Partners, LP 33.0 Other private equity fund 58.2 Managed direct venture funds CP I, LP 10.7 The general partner interests 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 three to six 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. The general partners of our fund investments 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 30 th , for our December 31 st consolidated financial statements. We adjust the value of our investments 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 joint ventures. 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 , or in which we have the ability to exercise significant influence over the investees' operating and financial policies through board involvement or other influence, are accounted for under the equity method. • Investments in limited partnerships in which we hold voting interests of more than 5 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 30 th , for our December 31 st consolidated financial statements. We adjust the value of our investments 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 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 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 the fair value of the consideration received when the acquisition occurs. The resulting gains or losses are recognized in consolidated net income in the period of acquisition. Proportional Amortization Method In order to fulfill our responsibilities under the Community Reinvestment Act, we invest as a limited partner in low income housing partnerships that operate qualified affordable housing projects and generate tax benefits, including federal low income housing tax credits, for investors. The partnerships are deemed to be VIEs because they do not have sufficient equity investment at risk and are structured with non-substantive voting rights. We are not the primary beneficiary of the VIEs and do not consolidate them. Our investments in low income housing partnerships are recorded in non-marketable and other securities within our investment securities portfolio on the consolidated balance sheet. As a practical expedient, we amortize the investment in proportion to the allocated tax benefits under the proportional amortization method of accounting and present such benefits net of investment amortization in income tax expense. 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 and incurred 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, 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. The credit risk ratings for each loan are monitored and updated on an ongoing basis. 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 through 9 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 determined based on a qualitative analysis and 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 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 incurred 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 and portfolio segment. 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 and portfolio segment 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 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. Commercial loans are considered for a full or partial charge-off in the event that principal or interest is over 180 days past due and the loan lacks sufficient collateral and it is not in the process of collection, provided that a loss event has been defined and the charge-off is consistent with GAAP. Consumer loans are considered for a full or partial charge-off in the event that principal or interest is over 120 days past due and the loan lacks sufficient collateral and it is not in the process of collection, provided that a loss event has been defined and the charge-off is consistent with GAAP. 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 financial condition, or c) the expected sale of all or a portion of the borrower's business is insufficient to repay the loan in full, or 2) the loan has been identified for charge-off by regulatory authorities. 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 that does not include sufficient offsetting borrower concessions; (2) interest rate reductions; (3) extension of the maturity date outside of ordinary course extension; (4) principal forgiveness; and/or (5) reduction of accrued interest. We use the factors in ASC 310-40, Receivables, Troubled Debt Restructurings by Creditors, in analyzing 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. Impaired Loans 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 contractual terms of the agreement. 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 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)" and could be classified as a performing impaired loan. 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. Nonaccrual 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 |
Stockholders' Equity and EPS
Stockholders' Equity and EPS | 12 Months Ended |
Dec. 31, 2016 | |
Equity and Earnings Per Share [Abstract] | |
Stockholders' Equity and EPS | Stockholders' Equity and EPS Accumulated Other Comprehensive Income The following table summarizes the items reclassified out of accumulated other comprehensive income into the Consolidated Statements of Income for 2016 , 2015 and 2014 : Year ended December 31, (Dollars in thousands) Income Statement Location 2016 2015 2014 Reclassification adjustment for (gains) losses included in net income Gains on investment securities, net $ (12,195 ) $ (1,201 ) $ 18,598 Related tax expense (benefit) Income tax expense 4,963 481 (7,510 ) Total reclassification adjustment for (gains) losses included in net income, net of tax $ (7,232 ) $ (720 ) $ 11,088 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 2016 , 2015 and 2014 : Year ended December 31, (Dollars and shares in thousands, except per share amounts) 2016 2015 2014 Numerator: Net income available to common stockholders $ 382,685 $ 343,904 $ 263,870 Denominator: Weighted average common shares outstanding—basic 51,915 51,318 48,931 Weighted average effect of dilutive securities: Stock options and ESPP 254 387 485 Restricted stock units 180 211 246 Weighted average common shares outstanding—diluted 52,349 51,916 49,662 Earnings per common share: Basic $ 7.37 $ 6.70 $ 5.39 Diluted $ 7.31 $ 6.62 $ 5.31 The following table summarizes the weighted average common shares excluded from the diluted EPS calculation due to the antidilutive effect for 2016 , 2015 and 2014 : Year ended December 31, (Shares in thousands) 2016 2015 2014 Stock options 272 185 161 Restricted stock units 1 — — Total 273 185 161 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 , 2015 and 2014 , such that expense was recorded only for those share-based awards that are expected to vest. In 2016 , 2015 and 2014 , we recorded share-based compensation and related benefits as follows: Year ended December 31, (Dollars in thousands) 2016 2015 2014 Share-based compensation expense $ 35,494 $ 32,239 $ 29,545 Income tax benefit related to share-based compensation expense (12,505 ) (11,395 ) (9,923 ) Capitalized compensation costs 5,580 2,226 2,048 Equity Incentive Plan Our 2006 Equity Incentive Plan (the “2006 Incentive Plan”) was adopted in May 2006, and is amended from time to time. 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 (subject to either time-and/or performance-based vesting); and (iv) other cash or stock settled equity awards. Eligible participants in the 2006 Incentive Plan include directors, employees and consultants. 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 9,528,505 . Restricted stock awards/units are 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, repurchased by SVB Financial, used to satisfy the tax withholding obligations related to an award, or otherwise canceled and would otherwise return to the 2006 Incentive Plan, two times the number of such shares will return to the 2006 Incentive Plan and will again become available for issuance. Under the terms of the 2006 Incentive Plan and subject to certain exceptions: (i) restricted stock awards/units are subject to a minimum of at least three years of annual vesting, and (ii) performance-based restricted stock awards/units and stock options are subject to a minimum of at least one year of vesting. Generally in practice, restricted stock awards/units vest annually over four years and require continued employment or other service through the vesting period. Performance-based restricted stock awards/units granted to executives generally vest upon meeting certain performance-based objectives over a three year period and, typically the passage of time, and require continued employment or other service through the vesting period. Stock options vest annually over four years, from the grant date based on continued employment or other service, and expire no later than seven years after the grant date. 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 188,435 shares and received $15.2 million in cash under the ESPP in 2016 . At December 31, 2016 , a total of 1,737,293 shares of our common stock were still available for future issuance under the ESPP, which includes the stockholder approved increase of 1,500,000 shares to the ESPP plan reserve in April 2016. Unrecognized Compensation Expense As of December 31, 2016 , unrecognized share-based compensation expense was as follows: (Dollars in thousands) Unrecognized Expense Average Expected Recognition Period - in Years Stock options $ 9,423 2.38 Restricted stock units 44,425 2.53 Total unrecognized share-based compensation expense $ 53,848 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 2016 2015 2014 Weighted average expected term of options - in years 4.8 4.7 4.6 Weighted average expected volatility of the Company's underlying common stock 31.7 % 31.3 % 35.9 % Risk-free interest rate 1.32 1.49 1.72 Expected dividend yield — — — Weighted average grant date fair value - stock options $ 31.17 $ 37.86 $ 35.65 Weighted average grant date fair value - restricted stock units 100.35 129.23 107.76 The following weighted average assumptions and fair values were used for our ESPP: ESPP 2016 2015 2014 Expected term in years 0.5 0.5 0.5 Weighted average expected volatility of the Company's underlying common stock 41.8 % 25.9 % 23.7 % Risk-free interest rate 0.45 0.12 0.08 Expected dividend yield — — — Weighted average grand date fair value $ 29.16 $ 29.27 $ 24.00 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 2016 , 2015 and 2014 , 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, 2016 : Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life - in Years Aggregate Intrinsic Value of In-The-Money Options Outstanding at December 31, 2015 1,137,228 $ 77.12 Granted 177,203 105.11 Exercised (271,528 ) 54.78 Forfeited (32,156 ) 102.51 Expired (190 ) 19.48 Outstanding at December 31, 2016 1,010,557 87.24 3.76 $ 85,315,707 Vested and expected to vest at December 31, 2016 985,983 86.69 3.71 83,778,687 Exercisable at December 31, 2016 580,165 73.67 2.69 56,848,539 The aggregate intrinsic value of outstanding options shown in the table above represents the pre-tax intrinsic value based on our closing stock price of $171.66 as of December 31, 2016 . The following table summarizes information regarding stock options outstanding and exercisable as of December 31, 2016 : 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 $34.41 - 60.14 66,122 0.88 $ 49.67 66,122 $ 49.67 60.15 - 63.62 103,005 1.36 60.46 103,005 60.46 63.63 - 64.40 157,424 2.33 64.37 157,424 64.37 64.41 - 79.77 194,684 3.32 71.04 130,632 71.01 79.78 - 105.14 18,955 4.65 99.05 8,531 97.82 105.15 - 105.84 170,822 6.33 105.18 442 105.18 105.85 - 108.59 179,133 4.32 107.95 82,486 107.95 108.60 - 127.44 12,421 5.21 119.03 4,922 118.20 127.45 - 129.81 107,991 5.33 129.81 26,601 129.81 Total 1,010,557 3.76 87.24 580,165 73.67 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, 2016 , 2,414,320 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, 2016 : Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2015 572,038 $ 103.50 Granted 361,646 100.35 Vested (220,476 ) 88.24 Forfeited (42,239 ) 106.38 Nonvested at December 31, 2016 670,969 106.64 The following table summarizes information regarding stock option and restricted stock unit activity during 2016 , 2015 and 2014 : Year ended December 31, (Dollars in thousands) 2016 2015 2014 Total intrinsic value of stock options exercised $ 18,186 $ 27,430 $ 21,288 Total grant date fair value of stock options vested 7,364 21,052 20,291 Total intrinsic value of restricted stock vested 22,966 34,009 25,453 Total grant date fair value of restricted stock vested 19,454 19,428 14,935 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2016 | |
Investments In Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities Our involvement with VIEs includes our investments in venture capital and private equity funds, debt funds, private and public portfolio companies and our investments in qualified affordable housing projects. The following table presents the carrying amounts and classification of significant variable interests in consolidated and unconsolidated VIEs as of December 31, 2016 and December 31, 2015 : (Dollars in thousands) Consolidated VIEs Unconsolidated VIEs Maximum Exposure to Loss in Unconsolidated VIEs December 31, 2016: Assets: Cash and cash equivalents $ 11,469 $ — $ — Non-marketable and other securities (1) 196,140 314,810 314,810 Accrued interest receivable and other assets 294 — — Total assets $ 207,903 $ 314,810 $ 314,810 Liabilities: Accrued expenses and other liabilities (1) 517 58,095 — Total liabilities $ 517 $ 58,095 $ — December 31, 2015: Assets: Cash and cash equivalents $ 11,811 $ — $ — Non-marketable and other securities (1) 203,714 364,450 364,450 Accrued interest receivable and other assets 494 — — Total assets $ 216,019 $ 364,450 $ 364,450 Liabilities: Accrued expenses and other liabilities (1) 433 90,978 — Total liabilities $ 433 $ 90,978 $ — (1) Included in our unconsolidated non-marketable and other securities portfolio and accrued expenses and other liabilities at December 31, 2016 and December 31, 2015 are investments in qualified affordable housing projects of $112.4 million and $154.4 million , respectively, and related unfunded commitments of $58.1 million and $91.0 million , respectively. Non-marketable and other securities Our non-marketable and other securities portfolio primarily represents investments in venture capital and private equity funds, debt funds, private and public portfolio companies and investments in qualified affordable housing projects. A majority of these investments are through third party funds held by SVB Financial in which we do not have controlling or significant variable interests. These investments represent our unconsolidated VIEs in the table above. Our non-marketable and other securities portfolio also includes investments from SVB Capital. SVB Capital is the venture capital investment arm of SVB Financial, which focuses primarily on funds management. The SVB Capital family of funds is comprised of direct venture funds that invest in companies and funds of funds that invest in other venture capital funds. We have a controlling and significant variable interest in five of these SVB Capital funds and consolidate these funds for financial reporting purposes. All investments are generally non-redeemable and distributions are expected to be received through the liquidation of the underlying investments throughout the life of the investment fund. Investments may be sold or transferred subject to the notice and approval provisions of the underlying investment agreement. Subject to applicable regulatory requirements, including the Volcker Rule, we also make commitments to invest in venture capital and private equity funds, but are not obligated to fund commitments beyond our initial investment. For additional details, see Note 18—"Off-Balance Sheet Arrangements, Guarantees and Other Commitments" of the "Notes to the Consolidated Financial Statements" under Part II, Item 8 of this report . The Bank also has variable interests in qualified affordable housing projects tax credit funds, in connection with fulfilling its responsibilities under the Community Reinvestment Act ("CRA"), that are designed to generate a return primarily through the realization of federal tax credits. These investments are typically limited partnerships in which the general partner, other than the Bank, holds the power over significant activities of the VIE. For additional information on our investments in qualified affordable housing projects see Note 8—"Investment Securities" of the "Notes to the Consolidated Financial Statements" under Part II, Item 8 of this report . As of December 31, 2016 , our exposure to loss with respect to the consolidated VIEs is limited to our net assets of $207.4 million and our exposure to loss for our unconsolidated VIEs is equal to our investment in these assets of $314.8 million . |
Reserves on Deposit with the Fe
Reserves on Deposit with the Federal Reserve Bank and Federal Bank Stock | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 : Year ended December 31, (Dollars in thousands) 2016 2015 Average required reserve balances at FRB San Francisco $ 370,002 $ 278,101 December 31, (Dollars in thousands) 2016 2015 FHLB stock holdings $ 17,250 $ 17,250 FRB stock holdings 40,342 39,741 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and December 31, 2015 : (Dollars in thousands) December 31, 2016 December 31, 2015 Cash and due from banks (1) $ 2,476,588 $ 1,372,743 Securities purchased under agreements to resell (2) 64,028 125,391 Other short-term investment securities 5,134 5,123 Total cash and cash equivalents $ 2,545,750 $ 1,503,257 (1) At December 31, 2016 and 2015 , $1.1 billion and $405 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 $721 million and $500 million , respectively. (2) At December 31, 2016 and 2015 , securities purchased under agreements to resell were collateralized by U.S. Treasury securities and U.S. agency securities with aggregate fair values of $66 million and $128 million , respectively. None of these securities were sold or repledged as of December 31, 2016 and 2015 . Additional information regarding our securities purchased under agreements to resell for 2016 and 2015 are as follows: Year Ended December 31, (Dollars in thousands) 2016 2015 Average securities purchased under agreements to resell $ 90,362 $ 75,504 Maximum amount outstanding at any month-end during the year 316,059 338,612 |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Our investment securities portfolio consists of: (i) an available-for-sale securities portfolio and a held-to-maturity securities portfolio, both of which represent interest-earning investment securities; and (ii) 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, 2016 and 2015 are as follows: December 31, 2016 (Dollars in thousands) Amortized Unrealized Unrealized Carrying Available-for-sale securities, at fair value: U.S. Treasury securities $ 8,880,358 $ 30,323 $ (1,190 ) $ 8,909,491 U.S. agency debentures 2,065,535 14,443 (1,603 ) 2,078,375 Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate 1,163,017 3,046 (13,398 ) 1,152,665 Agency-issued collateralized mortgage obligations—variable rate 474,238 685 (640 ) 474,283 Equity securities 5,635 748 (786 ) 5,597 Total available-for-sale securities $ 12,588,783 $ 49,245 $ (17,617 ) $ 12,620,411 December 31, 2015 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Carrying Value Available-for-sale securities, at fair value: U.S. Treasury securities $ 11,679,450 $ 19,134 $ (20,549 ) $ 11,678,035 U.S. agency debentures 2,677,453 17,684 (5,108 ) 2,690,029 Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate 1,408,206 6,591 (15,518 ) 1,399,279 Agency-issued collateralized mortgage obligations—variable rate 604,236 3,709 (9 ) 607,936 Equity securities 6,596 460 (1,587 ) 5,469 Total available-for-sale securities $ 16,375,941 $ 47,578 $ (42,771 ) $ 16,380,748 The following tables summarize our unrealized losses on our AFS securities portfolio into categories of less than 12 months, or 12 months or longer as of December 31, 2016 and 2015 : December 31, 2016 Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Available-for-sale securities: U.S. Treasury securities $ 879,255 $ (1,190 ) $ — $ — $ 879,255 $ (1,190 ) U.S. agency debentures 513,198 (1,603 ) — — 513,198 (1,603 ) Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate 635,566 (6,704 ) 227,480 (6,694 ) 863,046 (13,398 ) Agency-issued collateralized mortgage obligations—variable rate 258,325 (613 ) 6,068 (27 ) 264,393 (640 ) Equity securities 3,693 (786 ) — — 3,693 (786 ) Total temporarily impaired securities (1) $ 2,290,037 $ (10,896 ) $ 233,548 $ (6,721 ) $ 2,523,585 $ (17,617 ) (1) As of December 31, 2016 , we identified a total of 174 investments that were in unrealized loss positions, of which 20 investments totaling $233.5 million with unrealized losses of $6.7 million have been in an impaired position for a period of time greater than 12 months. As of December 31, 2016 , we do not intend to sell any impaired debt 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, 2016 , 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 AFS securities portfolio are reviewed and monitored on a quarterly basis. December 31, 2015 Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Available-for-sale securities: U.S. Treasury securities $ 7,467,519 $ (20,549 ) $ — $ — $ 7,467,519 $ (20,549 ) U.S. agency debentures 760,071 (5,108 ) — — 760,071 (5,108 ) Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate 545,404 (4,681 ) 373,284 (10,837 ) 918,688 (15,518 ) Agency-issued collateralized mortgage obligations—variable rate 7,776 (9 ) — — 7,776 (9 ) Equity securities 2,955 (1,587 ) — — 2,955 (1,587 ) Total temporarily impaired securities (1) $ 8,783,725 $ (31,934 ) $ 373,284 $ (10,837 ) $ 9,157,009 $ (42,771 ) (1) As of December 31, 2015 , we identified a total of 243 investments that were in unrealized loss positions, of which 18 investments totaling $373.3 million with unrealized losses of $10.8 million have been in an impaired position for a period of time greater than 12 months. The following table summarizes the fixed income securities, carried at fair value, classified as available-for-sale as of December 31, 2016 by the remaining contractual principal maturities. For U.S. Treasury securities and U.S. agency debentures, the expected maturity is the actual contractual maturity of the notes. 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. December 31, 2016 (Dollars in thousands) Total One Year After One After Five After U.S. Treasury securities $ 8,909,491 $ 2,224,538 $ 6,684,953 $ — $ — U.S. agency debentures 2,078,375 500,520 1,577,855 — — Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations - fixed rate 1,152,665 — — 680,688 471,977 Agency-issued collateralized mortgage obligations - variable rate 474,283 — — — 474,283 Total $ 12,614,814 $ 2,725,058 $ 8,262,808 $ 680,688 $ 946,260 Held-to-Maturity Securities The components of our held-to-maturity investment securities portfolio at December 31, 2016 and 2015 are as follows: December 31, 2016 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Held-to-maturity securities, at cost: U.S. agency debentures (1) $ 622,445 $ 7,840 $ (1,198 ) $ 629,087 Residential mortgage-backed securities: Agency-issued mortgage-backed securities 2,896,179 6,919 (24,526 ) 2,878,572 Agency-issued collateralized mortgage obligations—fixed rate 3,362,598 788 (31,274 ) 3,332,112 Agency-issued collateralized mortgage obligations—variable rate 312,665 176 (1,339 ) 311,502 Agency-issued commercial mortgage-backed securities 1,151,363 1,237 (7,638 ) 1,144,962 Municipal bonds and notes 81,748 8 (1,853 ) 79,903 Total held-to-maturity securities $ 8,426,998 $ 16,968 $ (67,828 ) $ 8,376,138 (1) Consists of pools of Small Business Investment Company debentures issued and guaranteed by the U.S. Small Business Administration, an independent agency of the United States. December 31, 2015 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Held-to-maturity securities, at cost: U.S. agency debentures (1) $ 545,473 $ 8,876 $ — $ 554,349 Residential mortgage-backed securities: Agency-issued mortgage-backed securities 2,366,627 546 (11,698 ) 2,355,475 Agency-issued collateralized mortgage obligations—fixed rate 4,225,781 3,054 (32,999 ) 4,195,836 Agency-issued collateralized mortgage obligations—variable rate 370,779 758 (33 ) 371,504 Agency-issued commercial mortgage-backed securities 1,214,716 3,405 (3,475 ) 1,214,646 Municipal bonds and notes 67,587 55 (830 ) 66,812 Total held-to-maturity securities $ 8,790,963 $ 16,694 $ (49,035 ) $ 8,758,622 (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 tables summarize 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, 2016 and 2015 : December 31, 2016 Less than 12 months 12 months or longer (1) Total (Dollars in thousands) Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Held-to-maturity securities: U.S. agency debentures $ 118,721 $ (1,198 ) $ — $ — $ 118,721 $ (1,198 ) Residential mortgage-backed securities: Agency-issued mortgage-backed securities 1,801,861 (23,558 ) 21,917 (968 ) 1,823,778 (24,526 ) Agency-issued collateralized mortgage obligations—fixed rate 2,729,889 (25,723 ) 228,220 (5,551 ) 2,958,109 (31,274 ) Agency-issued collateralized mortgage obligations—variable rate 251,012 (1,339 ) — — 251,012 (1,339 ) Agency-issued commercial mortgage-backed securities 999,440 (7,494 ) 14,934 (144 ) 1,014,374 (7,638 ) Municipal bonds and notes 42,267 (877 ) 30,586 (976 ) 72,853 (1,853 ) Total temporarily impaired securities (1) $ 5,943,190 $ (60,189 ) $ 295,657 $ (7,639 ) $ 6,238,847 $ (67,828 ) (1) As of December 31, 2016 , we identified a total of 462 investments that were in unrealized loss positions, of which 85 investments totaling $295.7 million with unrealized losses of $7.6 million have been in an impaired position for a period of time greater than 12 months. As of December 31, 2016 , 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, 2016 , we deem all impairments to be temporary. Market valuations and impairment analyses on assets in the HTM securities portfolio are reviewed and monitored on a quarterly basis. December 31, 2015 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 Held-to-maturity securities: Residential mortgage-backed securities: Agency-issued mortgage-backed securities $ 2,121,258 $ (10,860 ) $ 22,507 $ (838 ) $ 2,143,765 $ (11,698 ) Agency-issued collateralized mortgage obligations—fixed rate 3,153,483 (30,230 ) 150,058 (2,769 ) 3,303,541 (32,999 ) Agency-issued collateralized mortgage obligations—variable rate 170,350 (33 ) — — 170,350 (33 ) Agency-issued commercial mortgage-backed securities 823,414 (2,994 ) 40,276 (481 ) 863,690 (3,475 ) Municipal bonds and notes 34,278 (274 ) 25,509 (556 ) 59,787 (830 ) Total temporarily impaired securities (1) $ 6,302,783 $ (44,391 ) $ 238,350 $ (4,644 ) $ 6,541,133 $ (49,035 ) (1) As of December 31, 2015 , we identified a total of 384 investments that were in unrealized loss positions, of which 58 investments totaling $238.4 million with unrealized losses of $4.6 million have been in an impaired position for a period of time greater than 12 months. The following table summarizes the remaining contractual principal maturities on fixed income investment securities classified as held-to-maturity as of December 31, 2016 . For U.S. agency debentures, the expected maturity is the actual contractual maturity of the notes. 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. December 31, 2016 Total One Year or Less After One Year to Five Years After Five Years to Ten Years After Ten Years (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value U.S. agency debentures $ 622,445 $ 629,087 $ — $ — $ 47,357 $ 47,943 $ 575,088 $ 581,144 $ — $ — Residential mortgage-backed securities: Agency-issued mortgage-backed securities 2,896,179 2,878,572 — — 264,607 263,759 172,472 171,290 2,459,100 2,443,523 Agency-issued collateralized mortgage obligations - fixed rate 3,362,598 3,332,112 — — — — 71,260 70,227 3,291,338 3,261,885 Agency-issued collateralized mortgage obligations - variable rate 312,665 311,502 — — — — — — 312,665 311,502 Agency-issued commercial mortgage-backed securities 1,151,363 1,144,962 — — — — — — 1,151,363 1,144,962 Municipal bonds and notes 81,748 79,903 4,509 4,498 33,148 32,562 34,810 33,878 9,281 8,965 Total $ 8,426,998 $ 8,376,138 $ 4,509 $ 4,498 $ 345,112 $ 344,264 $ 853,630 $ 856,539 $ 7,223,747 $ 7,170,837 Non-marketable and Other Securities The major components of our non-marketable and other investment securities portfolio at December 31, 2016 and 2015 are as follows: (Dollars in thousands) December 31, 2016 December 31, 2015 Non-marketable and other securities: Non-marketable securities (fair value accounting): Venture capital and private equity fund investments (1) $ 141,649 $ 152,237 Other venture capital investments (2) 2,040 2,040 Other securities (fair value accounting) (3) 753 548 Non-marketable securities (equity method accounting) (4): Venture capital and private equity fund investments 82,823 85,705 Debt funds 17,020 21,970 Other investments 123,514 118,532 Non-marketable securities (cost method accounting): Venture capital and private equity fund investments (5) 114,606 120,676 Other investments 27,700 18,882 Investments in qualified affordable housing projects, net (6) 112,447 154,356 Total non-marketable and other securities $ 622,552 $ 674,946 (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, 2016 and 2015 (fair value accounting): December 31, 2016 December 31, 2015 (Dollars in thousands) Amount Ownership % Amount Ownership % Strategic Investors Fund, LP $ 18,459 12.6 % $ 20,794 12.6 % Capital Preferred Return Fund, LP 57,627 20.0 60,619 20.0 Growth Partners, LP 59,718 33.0 62,983 33.0 Other private equity fund (i) 5,845 58.2 7,841 58.2 Total venture capital and private equity fund investments $ 141,649 $ 152,237 (i) Our ownership includes direct ownership interest of 41.5 percent in other private equity funds and an indirect ownership interest of 12.6 percent through our ownership interest of Growth Partners, LP and an indirect ownership interest of 4.1 percent through our ownership interest of Capital Preferred Return Fund, LP. (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, 2016 and 2015 (fair value accounting): December 31, 2016 December 31, 2015 (Dollars in thousands) Amount Ownership % Amount Ownership % CP I, LP $ 2,040 10.7 % $ 2,040 10.7 % Total other venture capital investments $ 2,040 $ 2,040 (3) Investments classified as other securities (fair value accounting) represent direct equity investments in public companies held by our consolidated funds. (4) The following table shows the carrying value and our ownership percentage of each investment at December 31, 2016 and December 31, 2015 (equity method accounting): December 31, 2016 December 31, 2015 (Dollars in thousands) Amount Ownership % Amount Ownership % Venture capital and private equity fund investments: Strategic Investors Fund II, LP $ 7,720 8.6 % $ 10,035 8.6 % Strategic Investors Fund III, LP 20,449 5.9 23,926 5.9 Strategic Investors Fund IV, LP 24,530 5.0 26,411 5.0 Strategic Investors Fund V funds 12,029 Various 10,470 Various Other venture capital and private equity fund investments 18,095 Various 14,863 Various Total venture capital and private equity fund investments $ 82,823 $ 85,705 Debt funds: Gold Hill Capital 2008, LP (i) $ 13,557 15.5 % $ 17,453 15.5 % Other debt funds 3,463 Various 4,517 Various Total debt funds $ 17,020 $ 21,970 Other investments: China Joint Venture investment $ 75,296 50.0 % $ 78,799 50.0 % Other investments 48,218 Various 39,733 Various Total other investments $ 123,514 $ 118,532 (i) Our ownership includes direct ownership interest of 11.5 percent in the fund and an indirect interest in the fund through our investment in Gold Hill Capital 2008, LLC of 4.0 percent . (5) Represents investments in 252 and 267 funds (primarily venture capital funds) at December 31, 2016 and 2015 , 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 $115 million , and $222 million , respectively, as of December 31, 2016 . The carrying value, and estimated fair value, of the venture capital and private equity fund investments (cost method accounting) was $121 million , and $233 million , respectively, as of December 31, 2015 . (6) The following table presents the balances of our investments in qualified affordable housing projects and related unfunded commitments at December 31, 2016 and 2015 : (Dollars in thousands) December 31, 2016 December 31, 2015 Investments in qualified affordable housing projects, net $ 112,447 $ 154,356 Accrued expenses and other liabilities 58,095 90,978 The following table presents other information relating to our investments in qualified affordable housing projects for the year ended December 31, 2016 , 2015 and 2014 : Year ended December 31, (Dollars in thousands) 2016 2015 2014 Tax credits and other tax benefits recognized $ 15,404 $ 14,375 $ 12,109 Amortization expense included in provision for income taxes (i) 12,145 10,389 9,340 (i) All investments are amortized using the proportional amortization method and amortization expense is included in the provision for income taxes. The following table presents the components of gains and losses (realized and unrealized) on investment securities in 2016 , 2015 and 2014 : Year ended December 31, (Dollars in thousands) 2016 2015 2014 Gross gains on investment securities: Available-for-sale securities, at fair value (1) $ 15,051 $ 2,971 $ 657 Non-marketable securities (fair value accounting): Venture capital and private equity fund investments 25,041 32,399 349,747 Other venture capital investments 17 1,512 17,309 Other securities (fair value accounting) 691 9,180 151,007 Non-marketable securities (equity method accounting): Venture capital and private equity fund investments 10,834 26,415 1,661 Debt funds 1,406 4,111 4,749 Other investments 15,739 2,791 4,755 Non-marketable securities (cost method accounting): Venture capital and private equity fund investments 18,428 25,908 16,001 Other investments 293 2,599 5,795 Total gross gains on investment securities 87,500 107,886 551,681 Gross losses on investment securities: Available-for-sale securities, at fair value (1) (2,856 ) (1,770 ) (19,255 ) Non-marketable securities (fair value accounting): Venture capital and private equity fund investments (19,077 ) (9,210 ) (86,263 ) Other venture capital investments (38 ) (320 ) (4,516 ) Other securities (fair value accounting) (781 ) (1,559 ) (170,890 ) Non-marketable securities (equity method accounting): Venture capital and private equity fund investments (6,764 ) (909 ) (231 ) Debt funds (458 ) (774 ) (1,558 ) Other investments (4,857 ) (3,146 ) (759 ) Non-marketable securities (cost method accounting): Venture capital and private equity fund investments (2) (591 ) (729 ) (827 ) Other investments (3) (338 ) (24 ) (359 ) Total gross losses on investment securities (35,760 ) (18,441 ) (284,658 ) Gains on investment securities, net $ 51,740 $ 89,445 $ 267,023 (1) Includes realized gains (losses) on sales of AFS securities that are recognized in the income statement. Unrealized gains (losses) on AFS securities are recognized in other comprehensive income. The cost basis of AFS securities sold is determined on a specific identification basis. (2) Includes OTTI of $0.6 million from the declines in value for 26 of the 252 investments held at December 31, 2016 , $0.6 million from the declines in value for 22 of the 267 investments held at December 31, 2015 and $0.8 million from the declines in value for 27 of the 281 investments held at December 31, 2014 . 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 years ended December 31, 2016 , 2015 , and 2014 , respectively. We concluded that any declines in value for the investments were temporary, and as such, no OTTI was required to be recognized. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2016 | |
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, ERI-related loans are reported under our hardware, software and internet, life science/healthcare and other commercial loan categories, as applicable, for loan-related reporting. 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 $125 million and $115 million at December 31, 2016 and 2015 , respectively, is presented in the following table: December 31, (Dollars in thousands) 2016 2015 Commercial loans: Software and internet $ 5,627,031 $ 5,437,915 Hardware 1,180,398 1,071,528 Private equity/venture capital 7,691,148 5,467,577 Life science/healthcare 1,853,004 1,710,642 Premium wine 200,156 201,175 Other 393,551 312,278 Total commercial loans 16,945,288 14,201,115 Real estate secured loans: Premium wine (1) 678,166 646,120 Consumer loans (2) 1,926,968 1,544,440 Other 43,487 44,830 Total real estate secured loans 2,648,621 2,235,390 Construction loans 64,671 78,682 Consumer loans 241,364 226,883 Total loans, net of unearned income (3) $ 19,899,944 $ 16,742,070 (1) Included in our premium wine portfolio are gross construction loans of $110 million and $121 million at December 31, 2016 and 2015 , respectively. (2) Consumer loans secured by real estate at December 31, 2016 and 2015 were comprised of the following: December 31, (Dollars in thousands) 2016 2015 Loans for personal residence $ 1,655,349 $ 1,312,818 Loans to eligible employees 199,291 156,001 Home equity lines of credit 72,328 75,621 Consumer loans secured by real estate $ 1,926,968 $ 1,544,440 (3) Included within our total loan portfolio are credit card loans of $224 million and $177 million at December 31, 2016 and 2015 , respectively. Credit Quality The composition of loans, net of unearned income of $125 million and $115 million at December 31, 2016 and 2015 , respectively, broken out by portfolio segment and class of financing receivable, is as follows: December 31, (Dollars in thousands) 2016 2015 Commercial loans: Software and internet $ 5,627,031 $ 5,437,915 Hardware 1,180,398 1,071,528 Private equity/venture capital 7,691,148 5,467,577 Life science/healthcare 1,853,004 1,710,642 Premium wine 878,322 847,295 Other 501,709 435,790 Total commercial loans 17,731,612 14,970,747 Consumer loans: Real estate secured loans 1,926,968 1,544,440 Other consumer loans 241,364 226,883 Total consumer loans 2,168,332 1,771,323 Total loans, net of unearned income $ 19,899,944 $ 16,742,070 The following table summarizes the aging of our gross loans, broken out by portfolio segment and class of financing receivable as of December 31, 2016 and 2015 : (Dollars in thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Loans Past Due 90 Days or More Still Accruing Interest December 31, 2016: Commercial loans: Software and internet $ 37,087 $ 1,162 $ 6 $ 38,255 $ 5,507,575 $ 6 Hardware 5,591 36 27 5,654 1,118,065 27 Private equity/venture capital 689 — — 689 7,747,222 — Life science/healthcare 283 551 — 834 1,827,490 — Premium wine 1,003 4 — 1,007 876,185 — Other 34 300 — 334 504,021 — Total commercial loans 44,687 2,053 33 46,773 17,580,558 33 Consumer loans: Real estate secured loans 850 — — 850 1,923,266 — Other consumer loans 1,402 — — 1,402 237,353 — Total consumer loans 2,252 — — 2,252 2,160,619 — Total gross loans excluding impaired loans 46,939 2,053 33 49,025 19,741,177 33 Impaired loans 34,636 3,451 11,180 49,267 185,193 — Total gross loans $ 81,575 $ 5,504 $ 11,213 $ 98,292 $ 19,926,370 $ 33 December 31, 2015: Commercial loans: Software and internet $ 3,384 $ 6,638 $ — $ 10,022 $ 5,371,222 $ — Hardware 1,061 66 — 1,127 1,051,368 — Private equity/venture capital — 17 — 17 5,511,912 — Life science/healthcare 853 6,537 — 7,390 1,665,801 — Premium wine 16 65 — 81 847,249 — Other 14 22 — 36 438,313 — Total commercial loans 5,328 13,345 — 18,673 14,885,865 — Consumer loans: Real estate secured loans 4,911 865 — 5,776 1,537,421 — Other consumer loans 228 115 — 343 226,369 — Total consumer loans 5,139 980 — 6,119 1,763,790 — Total gross loans excluding impaired loans 10,467 14,325 — 24,792 16,649,655 — Impaired loans 333 — 7,221 7,554 175,130 — Total gross loans $ 10,800 $ 14,325 $ 7,221 $ 32,346 $ 16,824,785 $ — 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 for the years ended December 31, 2016 and 2015 : (Dollars in thousands) Impaired loans for which there is a related allowance for loan losses Impaired loans for which there is no related allowance for loan losses Total carrying value of impaired loans Total unpaid principal of impaired loans December 31, 2016: Commercial loans: Software and internet $ 121,658 $ 1,090 $ 122,748 $ 129,648 Hardware 65,395 — 65,395 70,683 Private equity/venture capital — — — — Life science/healthcare 38,361 — 38,361 41,130 Premium wine 3,187 — 3,187 3,187 Other 867 — 867 867 Total commercial loans 229,468 1,090 230,558 245,515 Consumer loans: Real estate secured loans 1,504 — 1,504 2,779 Other consumer loans 2,398 — 2,398 2,398 Total consumer loans 3,902 — 3,902 5,177 Total $ 233,370 $ 1,090 $ 234,460 $ 250,692 December 31, 2015: Commercial loans: Software and internet $ 100,866 $ — $ 100,866 $ 125,494 Hardware 27,736 — 27,736 27,869 Private equity/venture capital — — — — Life science/healthcare 50,429 925 51,354 55,310 Premium wine 898 1,167 2,065 2,604 Other 520 — 520 520 Total commercial loans 180,449 2,092 182,541 211,797 Consumer loans: Real estate secured loans 143 — 143 1,393 Other consumer loans — — — — Total consumer loans 143 — 143 1,393 Total $ 180,592 $ 2,092 $ 182,684 $ 213,190 The following table summarizes our average impaired loans and the related interest income while impaired, broken out by portfolio segment and class of financing receivable during 2016 , 2015 and 2014 : Year ended December 31, (Dollars in thousands) Average impaired loans Interest income on impaired loans 2016 2015 2014 2016 2015 2014 (1) Commercial loans: Software and internet $ 89,462 $ 63,825 $ 14,357 $ 1,054 $ 344 $ — Hardware 39,108 8,854 6,634 2,624 574 — Private equity/venture capital — — — — — — Life science/healthcare 40,620 18,083 516 155 132 — Premium wine 2,056 1,455 1,381 28 12 — Other 3,442 2,758 1,088 6 8 — Total commercial loans 174,688 94,975 23,976 3,867 1,070 — Consumer loans: Real estate secured loans 588 172 218 — — — Other consumer loans 1,136 41 322 17 — — Total consumer loans 1,724 213 540 17 — — Total average impaired loans $ 176,412 $ 95,188 $ 24,516 $ 3,884 $ 1,070 $ — (1) In 2014, all impaired loans were nonaccrual loans and no interest income was recognized. The following tables summarize the activity relating to our allowance for loan losses for 2016 , 2015 and 2014 broken out by portfolio segment: Year ended December 31, 2016 (Dollars in thousands) Beginning Balance December 31, 2015 Charge-offs Recoveries Provision for (Reduction of) Loan Losses Foreign Currency Translation Adjustments Ending Balance December 31, 2016 Commercial loans: Software and internet $ 103,045 $ (68,784 ) $ 7,278 $ 58,350 $ (2,501 ) $ 97,388 Hardware 23,085 (13,233 ) 1,667 20,851 (1,204 ) 31,166 Private equity/venture capital 35,282 — — 15,114 (97 ) 50,299 Life science/healthcare 36,576 (9,693 ) 1,129 (2,543 ) (23 ) 25,446 Premium wine 5,205 — — (1,260 ) 170 4,115 Other 4,252 (5,045 ) 1,880 3,373 308 4,768 Total commercial loans 207,445 (96,755 ) 11,954 93,885 (3,347 ) 213,182 Consumer loans 10,168 (102 ) 258 1,812 48 12,184 Total allowance for loan losses $ 217,613 $ (96,857 ) $ 12,212 $ 95,697 $ (3,299 ) $ 225,366 Year ended December 31, 2015 (Dollars in thousands) Beginning Balance December 31, 2014 Charge-offs Recoveries Provision for (Reduction of) Loan Losses Foreign Currency Translation Adjustments Ending Balance December 31, 2015 Commercial loans: Software and internet $ 80,981 $ (33,246 ) $ 1,621 $ 53,696 $ (7 ) $ 103,045 Hardware 25,860 (5,145 ) 3,332 (1,035 ) 73 23,085 Private equity/venture capital 27,997 — — 7,391 (106 ) 35,282 Life science/healthcare 15,208 (7,291 ) 277 28,400 (18 ) 36,576 Premium wine 4,473 — 7 725 — 5,205 Other 3,253 (4,990 ) 809 5,736 (556 ) 4,252 Total commercial loans 157,772 (50,672 ) 6,046 94,913 (614 ) 207,445 Consumer loans 7,587 (296 ) 163 2,716 (2 ) 10,168 Total allowance for loan losses $ 165,359 $ (50,968 ) $ 6,209 $ 97,629 $ (616 ) $ 217,613 Year ended December 31, 2014 Beginning Balance December 31, 2013 Charge-offs Recoveries Provision for Loan Losses Foreign Currency Translation Adjustments Ending Balance December 31, 2014 Commercial loans: Software and internet $ 64,084 $ (21,031 ) $ 1,425 $ 36,547 $ (44 ) $ 80,981 Hardware 36,553 (15,265 ) 2,238 2,417 (83 ) 25,860 Private equity/venture capital 16,385 — — 11,632 (20 ) 27,997 Life science/healthcare 11,926 (2,951 ) 374 5,925 (66 ) 15,208 Premium wine 3,914 (35 ) 240 354 — 4,473 Other 3,680 (3,886 ) 1,748 1,760 (49 ) 3,253 Total commercial loans 136,542 (43,168 ) 6,025 58,635 (262 ) 157,772 Consumer loans 6,344 — 379 851 13 7,587 Total allowance for loan losses $ 142,886 $ (43,168 ) $ 6,404 $ 59,486 $ (249 ) $ 165,359 The following table summarizes the allowance for loan losses individually and collectively evaluated for impairment as of December 31, 2016 and 2015 , broken out by portfolio segment: December 31, 2016 December 31, 2015 Individually Evaluated for Impairment Collectively Evaluated for Impairment Individually Evaluated for Impairment Collectively Evaluated for Impairment (Dollars in thousands) Allowance for loan losses Recorded investment in loans Allowance for loan losses Recorded investment in loans Allowance for loan losses Recorded investment in loans Allowance for loan losses Recorded investment in loans Commercial loans: Software and internet $ 28,245 $ 122,748 $ 69,143 $ 5,504,283 $ 34,098 $ 100,866 $ 68,947 $ 5,337,049 Hardware 9,995 65,395 21,171 1,115,003 3,160 27,736 19,925 1,043,792 Private equity/venture capital — — 50,299 7,691,148 — — 35,282 5,467,577 Life science/healthcare 8,709 38,361 16,737 1,814,643 20,230 51,354 16,346 1,659,288 Premium wine 520 3,187 3,595 875,135 90 2,065 5,115 845,230 Other 233 867 4,535 500,842 52 520 4,200 435,270 Total commercial loans 47,702 230,558 165,480 17,501,054 57,630 182,541 149,815 14,788,206 Consumer loans 1,123 3,902 11,061 2,164,430 143 143 10,025 1,771,180 Total $ 48,825 $ 234,460 $ 176,541 $ 19,665,484 $ 57,773 $ 182,684 $ 159,840 $ 16,559,386 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)”. When a significant payment delay occurs on a criticized loan, the loan is impaired. The loan is also considered for nonaccrual status if full repayment is determined to be improbable. All of our nonaccrual loans are risk-rated 8 or 9 and are classified under the nonperforming impaired category. (For a further description of nonaccrual loans, refer to Note 2—"Summary of Significant Accounting Policies" of the "Notes to the Consolidated Financial Statements" under Part II, Item 8 of this report ). 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, 2016 and 2015 : (Dollars in thousands) Pass Performing (Criticized) Performing Impaired (Criticized) Nonperforming Impaired (Nonaccrual) Total December 31, 2016: Commercial loans: Software and internet $ 4,924,923 $ 620,907 $ 46,143 $ 76,605 $ 5,668,578 Hardware 985,889 137,830 58,814 6,581 1,189,114 Private equity/venture capital 7,747,317 594 — — 7,747,911 Life science/healthcare 1,707,499 120,825 6,578 31,783 1,866,685 Premium wine 865,354 11,838 2,696 491 880,379 Other 480,845 23,510 464 403 505,222 Total commercial loans 16,711,827 915,504 114,695 115,863 17,857,889 Consumer loans: Real estate secured loans 1,914,512 9,604 — 1,504 1,925,620 Other consumer loans 238,256 499 786 1,612 241,153 Total consumer loans 2,152,768 10,103 786 3,116 2,166,773 Total gross loans $ 18,864,595 $ 925,607 $ 115,481 $ 118,979 $ 20,024,662 December 31, 2015: Commercial loans: Software and internet $ 4,933,179 $ 448,065 $ 23,321 $ 77,545 $ 5,482,110 Hardware 955,675 96,820 27,306 430 1,080,231 Private equity/venture capital 5,474,929 37,000 — — 5,511,929 Life science/healthcare 1,544,555 128,636 7,247 44,107 1,724,545 Premium wine 825,058 22,272 898 1,167 849,395 Other 429,481 8,868 520 — 438,869 Total commercial loans 14,162,877 741,661 59,292 123,249 15,087,079 Consumer loans: Real estate secured loans 1,539,468 3,729 — 143 1,543,340 Other consumer loans 224,601 2,111 — — 226,712 Total consumer loans 1,764,069 5,840 — 143 1,770,052 Total gross loans $ 15,926,946 $ 747,501 $ 59,292 $ 123,392 $ 16,857,131 TDRs As of December 31, 2016 we had 20 TDRs with a total carrying value of $96.1 million where concessions have been granted to borrowers experiencing financial difficulties, in an attempt to maximize collection. This compares to 17 TDRs with a total carrying value of $111.7 million as of December 31, 2015 . There were unfunded commitments available for funding of $1.6 million to the clients associated with these TDRs as of December 31, 2016 . The following table summarizes our loans modified in TDRs, broken out by portfolio segment and class of financing receivables at December 31, 2016 and 2015 : December 31, (Dollars in thousands) 2016 2015 Loans modified in TDRs: Commercial loans: Software and internet $ 52,646 $ 56,790 Hardware 14,870 473 Life science/healthcare 24,176 51,878 Premium wine 3,194 2,065 Other 387 519 Total commercial loans 95,273 111,725 Consumer loans: Other consumer loans 786 — Total consumer loans 786 — Total loans modified in TDRs $ 96,059 $ 111,725 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 2016 , 2015 and 2014 : Year ended December 31, (Dollars in thousands) 2016 2015 2014 Loans modified in TDRs during the period: Commercial loans: Software and internet $ 23,574 $ 56,790 $ 1,033 Hardware 14,870 286 1,118 Private equity/venture capital — — — Life science/healthcare 1,638 51,878 — Premium wine 677 898 587 Other — 519 — Total commercial loans 40,759 110,371 2,738 Consumer loans: Other consumer loans 786 — — Total consumer loans 786 — — Total loans modified in TDRs during the period (1) $ 41,545 $ 110,371 $ 2,738 (1) During 2016 we had $3.6 million of partial charge-offs on loans classified as TDRs. We had $23.5 million of partial charge-offs in 2015 and we did not have any partial charge-offs in 2014. All new TDRs in 2016 and 2015 were modified through payment deferrals granted to our clients. New TDRs in 2014 included $1.7 million of payment deferrals and $1.0 million of principal forgiveness. 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) 2016 2015 2014 TDRs modified within the previous 12 months that defaulted during the period: Commercial loans: Software and internet $ — $ 16,804 $ — Hardware 134 286 — Premium wine 491 — — Life science/healthcare — 943 — Total commercial loans 625 18,033 — Consumer loans: Other consumer loans 786 — — Total TDRs modified within the previous 12 months that defaulted in the period $ 1,411 $ 18,033 $ — 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, 2016 . |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment Premises and equipment at December 31, 2016 and 2015 consisted of the following: December 31, (Dollars in thousands) 2016 2015 Computer software $ 189,867 $ 170,625 Computer hardware 56,215 41,856 Leasehold improvements 70,909 60,339 Furniture and equipment 31,886 28,645 Total 348,877 301,465 Accumulated depreciation and amortization (228,194 ) (198,840 ) Premises and equipment, net $ 120,683 $ 102,625 Depreciation and amortization expense for premises and equipment was $33.9 million , $28.3 million and $30.0 million in 2016 , 2015 and 2014 , respectively. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Deposits | Deposits The following table presents the composition of our deposits at December 31, 2016 and 2015 : December 31, (Dollars in thousands) 2016 2015 Noninterest-bearing demand $ 31,975,457 $ 30,867,497 Interest bearing checking and savings accounts 375,710 330,525 Money market 5,331,054 6,128,442 Money market deposits in foreign offices 107,657 88,656 Sweep deposits in foreign offices 1,133,872 1,657,177 Time 56,118 70,479 Total deposits $ 38,979,868 $ 39,142,776 The aggregate amount of time deposit accounts individually equal to or greater than $250,000 totaled $43 million and $54 million at December 31, 2016 and 2015 , respectively. At December 31, 2016 , time deposit accounts individually equal to or greater than $250,000 totaling $43 million were scheduled to mature within one year. |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 : Carrying Value (Dollars in thousands) Maturity Principal value at December 31, 2016 December 31, December 31, Short-term borrowings: Short-term FHLB advances January 6, 2017 $ 500,000 $ 500,000 $ 638,000 Federal funds purchased - — — 135,000 Other short-term borrowings (1) 12,668 12,668 1,900 Total short-term borrowings $ 512,668 $ 774,900 Long-term debt: 3.50% Senior Notes January 29, 2025 $ 350,000 $ 346,979 $ 346,667 5.375% Senior Notes September 15, 2020 350,000 347,586 347,016 6.05% Subordinated Notes (2) June 1, 2017 45,964 46,646 48,350 7.0% Junior Subordinated Debentures October 15, 2033 50,000 54,493 54,669 Total long-term debt $ 795,704 $ 796,702 (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, 2016 and 2015 , included in the carrying value of our 6.05% Subordinated Notes were $0.8 million and $2.8 million , respectively, related to hedge accounting associated with the notes. The aggregate annual maturities of long-term debt obligations as of December 31, 2016 are as follows: Year ended December 31, (Dollars in thousands): Amount 2017 $ 46,646 2018 — 2019 — 2020 347,586 2021 — 2022 and thereafter 401,472 Total $ 795,704 Interest expense related to short-term borrowings and long-term debt was $37.3 million , $34.9 million and $23.2 million in 2016 , 2015 and 2014 , 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 was 0.59 percent as of December 31, 2016 and 0.32 percent as of December 31, 2015 . 3.50% Senior Notes In January 2015, SVB Financial issued $350 million of 3.50% Senior Notes due in January 2025. We received net proceeds of approximately $346.4 million after deducting underwriting discounts and commissions and issuance costs. The balance of our 3.50% Senior Notes at December 31, 2016 was $347.0 million , which is reflective of $3.0 million of debt issuance costs and a $0.3 million discount. 5.375% Senior Notes In September 2010, SVB Financial issued $350 million of 5.375% Senior Notes due in September 2020. 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 In May 2007, the Bank issued 6.05% Subordinated Notes, due in June 2017 , in an aggregate principal amount of $250 million ("6.05% Subordinated Notes"). Concurrent with the issuance of the 6.05% Subordinated Notes, we entered into a fixed-to-variable interest rate swap agreement. See Note 13—"Derivative Financial Instruments" of the "Notes to the Consolidated Financial Statements" under Part II, Item 8 of this report for additional details. 7.0% Junior Subordinated Debentures In October 2003, SVB Financial 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 2016 , 2015 and 2014 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, 2016 , 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. Treasuries) at December 31, 2016 totaled $1.7 billion , of which $1.2 billion was unused and available to support additional borrowings. The market value of collateral pledged at the discount window of the FRB at December 31, 2016 totaled $0.8 billion , all of which was unused and available to support additional borrowings. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
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. 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. Other Derivative Instruments Also included in our derivative instruments are equity warrant assets and client forward and option contracts, and client interest rate contracts. For further description of these other derivative instruments, refer to Note 2—"Summary of Significant Accounting Policies" of the "Notes to the Consolidated Financial Statements" under Part II, Item 8 of this report . 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, 2016 and 2015 were as follows: December 31, 2016 December 31, 2015 (Dollars in thousands) Balance Sheet Location Notional or Contractual Amount Fair Value Collateral (1) Net Exposure (2) Notional or Contractual Amount Fair Value Collateral (1) Net Exposure (2) Derivatives designated as hedging instruments: Interest rate risks: Interest rate swaps Other assets $ 45,964 $ 810 $ 89 $ 721 $ 45,964 $ 2,768 $ — $ 2,768 Derivatives not designated as hedging instruments: Currency exchange risks: Foreign exchange forwards Other assets 219,950 3,057 — 3,057 49,287 809 — 809 Foreign exchange forwards Other liabilities 54,338 (968 ) — (968 ) 6,586 (669 ) — (669 ) Net exposure 2,089 — 2,089 140 — 140 Other derivative instruments: Equity warrant assets Other assets 211,434 131,123 — 131,123 210,102 137,105 — 137,105 Other derivatives: Client foreign exchange forwards Other assets 1,251,308 54,587 12,579 42,008 935,514 29,722 1,900 27,822 Client foreign exchange forwards Other liabilities 1,068,991 (43,317 ) — (43,317 ) 841,182 (24,978 ) — (24,978 ) Client foreign currency options Other assets 775,000 10,383 — 10,383 46,625 706 — 706 Client foreign currency options Other liabilities 775,000 (10,383 ) — (10,383 ) 46,625 (706 ) — (706 ) Client interest rate derivatives Other assets 583,511 10,110 — 10,110 422,741 3,973 — 3,973 Client interest rate derivatives Other liabilities 627,639 (9,770 ) — (9,770 ) 422,741 (4,384 ) — (4,384 ) Net exposure 11,610 12,579 (969 ) 4,333 1,900 2,433 Net $ 145,632 $ 12,668 $ 132,964 $ 144,346 $ 1,900 $ 142,446 (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, 2016 remain at investment grade or higher and there were no material changes in their credit ratings for the year ended December 31, 2016 . A summary of our derivative activity and the related impact on our consolidated statements of income for 2016 , 2015 and 2014 is as follows: Year ended December 31, (Dollars in thousands) Statement of income location 2016 2015 2014 Derivatives designated as hedging instruments: Interest rate risks: Net cash benefit associated with interest rate swaps Interest expense—borrowings $ 2,341 $ 2,526 $ 2,553 Changes in fair value of interest rate swaps Gains on derivative instruments, net (35 ) (20 ) (50 ) Net gains associated with interest rate risk derivatives $ 2,306 $ 2,506 $ 2,503 Derivatives not designated as hedging instruments: Currency exchange risks: Losses on revaluations of internal foreign currency instruments, net Other noninterest income $ (16,676 ) $ (12,735 ) $ (21,636 ) Gains on internal foreign exchange forward contracts, net Gains on derivative instruments, net 16,136 12,377 21,598 Net losses associated with internal currency risk $ (540 ) $ (358 ) $ (38 ) Other derivative instruments: Gains (losses) on revaluations of client foreign currency instruments, net Other noninterest income $ 4,215 $ 115 $ (4,078 ) (Losses) gains on client foreign exchange forward contracts, net Gains on derivative instruments, net (5,674 ) 694 5,081 Net (losses) gains associated with client currency risk $ (1,459 ) $ 809 $ 1,003 Net gains on equity warrant assets Gains on derivative instruments, net $ 37,892 $ 70,963 $ 71,012 Net gains (losses) on other derivatives (1) Gains on derivative instruments, net $ 262 $ (209 ) $ (796 ) (1) Derivative activity in 2014 primarily represents the change in fair value of loan conversion options. We did not have any loan conversion options in 2016 or 2015. 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, 2016 and 2015 : (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 Gross Amounts Not Offset in the Statement of Financial Position But Subject to Master Netting Arrangements Net Amount Financial Instruments Cash Collateral Received December 31, 2016: Derivative Assets: Interest rate swaps $ 810 $ — $ 810 $ (721 ) $ (89 ) $ — Foreign exchange forwards 57,644 — 57,644 (22,738 ) (12,579 ) 22,327 Foreign currency options 10,383 — 10,383 (8,806 ) — 1,577 Client interest rate derivatives 10,110 — 10,110 (10,091 ) — 19 Total derivative assets: 78,947 — 78,947 (42,356 ) (12,668 ) 23,923 Reverse repurchase, securities borrowing, and similar arrangements 64,028 — 64,028 (64,028 ) — — Total $ 142,975 $ — $ 142,975 $ (106,384 ) $ (12,668 ) $ 23,923 December 31, 2015: Derivative Assets: Interest rate swaps $ 2,768 $ — $ 2,768 $ (2,768 ) $ — $ — Foreign exchange forwards 30,531 — 30,531 (18,141 ) (1,900 ) 10,490 Foreign currency options 711 (5 ) 706 (706 ) — — Client interest rate derivatives 3,973 — 3,973 (3,973 ) — — Total derivative assets: 37,983 (5 ) 37,978 (25,588 ) (1,900 ) 10,490 Reverse repurchase, securities borrowing, and similar arrangements 125,391 — 125,391 (125,391 ) — — Total $ 163,374 $ (5 ) $ 163,369 $ (150,979 ) $ (1,900 ) $ 10,490 The following table summarizes our liabilities subject to enforceable master netting arrangements as of December 31, 2016 and 2015 : (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 Gross Amounts Not Offset in the Statement of Financial Position But Subject to Master Netting Arrangements Net Amount Financial Instruments Cash Collateral Pledged December 31, 2016: Derivative Liabilities: Foreign exchange forwards $ 44,285 $ — $ 44,285 $ (17,964 ) $ — $ 26,321 Foreign currency options 10,383 — 10,383 (1,585 ) — 8,798 Client interest rate derivatives 9,770 — 9,770 (9,770 ) — — Total derivative liabilities: 64,438 — 64,438 (29,319 ) — 35,119 Repurchase, securities lending, and similar arrangements — — — — — — Total $ 64,438 $ — $ 64,438 $ (29,319 ) $ — $ 35,119 December 31, 2015: Derivative Liabilities: Foreign exchange forwards $ 25,647 $ — $ 25,647 $ (10,818 ) $ — $ 14,829 Foreign currency options 711 (5 ) 706 — — 706 Client interest rate derivatives 4,384 — 4,384 (4,384 ) — — Total derivative liabilities: 30,742 (5 ) 30,737 (15,202 ) — 15,535 Repurchase, securities lending, and similar arrangements — — — — — — Total $ 30,742 $ (5 ) $ 30,737 $ (15,202 ) $ — $ 15,535 |
Other Noninterest Income (Loss)
Other Noninterest Income (Loss) and Other Noninterest Expense | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Noninterest Income (Loss) and Other Noninterest Expense | Other Noninterest Income (Loss) and Other Noninterest Expense A summary of other noninterest (loss) income for 2016 , 2015 and 2014 is as follows: Year ended December 31, (Dollars in thousands) 2016 2015 2014 Fund management fees $ 19,195 $ 15,941 $ 13,498 Service-based fee income 7,962 8,767 8,650 Net losses on the sale of certain assets related to our SVBIF business — — (13,934 ) Gains (losses) on revaluation of client foreign currency instruments, net (1) 4,215 115 (4,078 ) Losses on revaluation of internal foreign currency instruments, net (2) (16,676 ) (12,735 ) (21,636 ) Other (3) 25,365 22,074 16,240 Total other noninterest income (loss) $ 40,061 $ 34,162 $ (1,260 ) (1) Represents the net revaluation of client foreign currency denominated financial instruments. We enter into client foreign exchange forward contracts to economically reduce our foreign exchange exposure related to client foreign currency denominated financial instruments. The changes in the fair value of client foreign exchange forward contracts are included within noninterest income in the line item "Gains on derivative instruments, net". (2) Represents the net revaluation of foreign currency denominated financial instruments issued and held by us, primarily loans, deposits and cash. We enter into internal foreign exchange forward contracts to economically reduce our foreign exchange exposure related to these foreign currency denominated financial instruments issued and held by us. The changes in the fair value of internal foreign exchange forward contracts are included within noninterest income in the line item "Gains on derivative instruments, net". (3) Includes dividends on FHLB/FRB stock, correspondent bank rebate income, incentive fees related to carried interest and other fee income. A summary of other noninterest expense for 2016 , 2015 and 2014 is as follows: Year ended December 31, (Dollars in thousands) 2016 2015 2014 Lending and other client related processing costs $ 19,867 $ 15,944 $ 10,692 Data processing services 9,014 7,316 8,079 Telephone 9,793 9,398 7,250 Postage and supplies 2,851 3,154 3,196 Dues and publications 2,828 2,476 2,549 Other 17,890 19,999 12,939 Total other noninterest expense $ 62,243 $ 58,287 $ 44,705 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
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 and California tax returns as major tax filings. Our U.S. federal tax returns for 2013 and subsequent years remain open to full examination. Our California tax returns for 2012 and subsequent tax years remain open to full examination. The components of our provision for income taxes for 2016 , 2015 and 2014 were as follows: Year ended December 31, (Dollars in thousands) 2016 2015 2014 Current provision: Federal $ 195,249 $ 191,194 $ 181,011 State 59,319 50,815 45,488 Deferred benefit: Federal (3,560 ) (11,270 ) (36,067 ) State (675 ) (1,985 ) (6,924 ) Income tax expense $ 250,333 $ 228,754 $ 183,508 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 2016 , 2015 and 2014 , is as follows: December 31, (Dollars in thousands) 2016 2015 2014 Federal statutory income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of the federal tax effect 5.9 5.7 5.6 Meals and entertainment 0.4 0.3 0.3 Disallowed officer's compensation 0.1 0.3 0.3 Share-based compensation expense on incentive stock options and ESPP — — 0.2 Tax-exempt interest income (0.2 ) (0.2 ) (0.3 ) Valuation allowance benefit (0.3 ) (0.4 ) — Qualified affordable housing project tax credits (0.5 ) (0.5 ) (0.5 ) Other, net (0.9 ) (0.3 ) 0.4 Effective income tax rate 39.5 % 39.9 % 41.0 % Deferred tax assets and liabilities at December 31, 2016 and 2015 , consisted of the following: December 31, (Dollars in thousands) 2016 2015 Deferred tax assets: Allowance for loan losses $ 110,248 $ 102,410 Other accruals 20,502 6,670 Share-based compensation expense 15,498 11,979 State income taxes 12,682 11,933 Deferred rent 10,050 — Loan fee income and costs 8,266 13,770 Accrued compensation 6,799 8,720 Net operating loss 4,116 4,406 Other 2,168 2,645 Deferred tax assets 190,329 162,533 Valuation allowance (4,440 ) (4,730 ) Net deferred tax assets after valuation allowance 185,889 157,803 Deferred tax liabilities: Change in accounting method (section 481(a)) (35,262 ) — Derivative equity warrant assets (36,406 ) (31,955 ) Net unrealized gains on available-for-sale securities (17,970 ) (10,199 ) Premises and equipment and other intangibles (11,956 ) — Non-marketable and other securities (6,075 ) (35,721 ) Deferred rent — (1,843 ) Other (6,380 ) (4,144 ) Deferred tax liabilities (114,049 ) (83,862 ) Net deferred tax assets $ 71,840 $ 73,941 At December 31, 2016 and 2015 , federal net operating loss carryforwards totaled $4 million and $10 million , respectively. State net operating loss carryforwards were $2 million as of December 31, 2015. There were no remaining state operating loss carryforwards as of December 31, 2016. Our foreign net operating loss carryforwards totaled $16 million and $4 million at December 31, 2016 and 2015, respectively. These net operating loss carryforwards expire at various dates beginning in 2027. 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 $4 million on the deferred tax assets related to these net operating loss carryforwards and research and development credits at December 31, 2016 . 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, 2016 , our unrecognized tax benefit was $5.3 million , the recognition of which would reduce our income tax expense by $3.4 million . We do not expect that our unrecognized tax benefit will materially change in the next 12 months. We recognize interest and penalties related to income tax matters as part of income before income taxes. Interest and penalties were not material for year ended December 31, 2016. A summary of changes in our unrecognized tax benefit (including interest and penalties) for December 31, 2016, 2015 and 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 Additions for tax positions for current year 1,208 — 1,208 Additions for tax positions for prior years — 228 228 Reduction for tax positions for prior years (1,228 ) (22 ) (1,250 ) Lapse of the applicable statute of limitations (20 ) (5 ) (25 ) Balance at December 31, 2015 $ 3,357 $ 301 $ 3,658 Additions for tax positions for current year 793 — 793 Additions for tax positions for prior years 1,427 166 1,593 Reduction for tax positions for prior years (271 ) (16 ) (287 ) Lapse of the applicable statute of limitations (37 ) (9 ) (46 ) Balance at December 31, 2016 $ 5,269 $ 442 $ 5,711 |
Employee Compensation and Benef
Employee Compensation and Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
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) 2006 Incentive Plan; and (ix) ESPP. The 2006 Incentive Plan and the ESPP are described in Note 4—"Share-Based Compensation" of the "Notes to the Consolidated Financial Statements" under Part II, Item 8 of this report . A summary of expenses incurred under certain employee compensation and benefit plans for 2016 , 2015 and 2014 is as follows: Year ended December 31, (Dollars in thousands) 2016 2015 2014 Incentive Compensation Plan $ 96,892 $ 97,565 $ 78,014 Direct Drive Incentive Compensation Plan 21,174 21,930 20,153 Retention Program 1,475 1,996 1,792 Warrant Incentive Plan 4,954 9,110 3,926 Deferred Compensation Plan 1,318 2,404 2,458 SVBFG 401(k) Plan 16,078 13,809 11,996 SVBFG ESOP 3,159 8,585 6,691 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 cash incentive program. Awards are based on sales teams' performance as 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 were 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. Since 2009, no new participants have been added and no new investments have been 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 st and ending December 31 st . 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 DC Plan during the retention qualifying period. Voluntary deferrals under the DC Plan were $4.4 million $3.7 million and $3.9 million in 2016 , 2015 and 2014 , respectively. As of December 31, 2016 , special retention incentives totaled $2.8 million . The DC Plan overall, had investment gains of $2.4 million , losses of $0.1 million and gains of $1.4 million in 2016 , 2015 and 2014 , respectively. 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 $18,000 for the years 2016 and 2015, and $17,500 for 2014. We match the employee's contributions dollar-for-dollar, up to five 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 ten percent of the employee's eligible pay earned in the fiscal year. The ESOP contributions vest in equal annual increments over 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 two 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. For additional details, see Note 9—"Loans and Allowance for Loan Losses" of the "Notes to the Consolidated Financial Statements" under Part II, Item 8 of this report . |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties We have no material related party transactions requiring disclosure. In the ordinary course of business, the Bank extends credit to related parties, including executive officers, directors, principal shareholders and their related interests. Additionally, we also provide real estate secured loans to eligible employees through our EHOP. For additional details, see Note 16—"Employee Compensation and Benefit Plans" of the "Notes to the Consolidated Financial Statements" under Part II, Item 8 of this report . |
Off-Balance Sheet Arrangements,
Off-Balance Sheet Arrangements, Guarantees and Other Commitments | 12 Months Ended |
Dec. 31, 2016 | |
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 2030, 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, 2016 : Year ended December 31, (Dollars in thousands) Amount 2017 $ 26,967 2018 29,377 2019 30,167 2020 27,591 2021 26,725 2022 and thereafter 75,887 Net minimum operating lease payments $ 216,714 Rent expense for premises and equipment leased under operating leases totaled $24.8 million , $21.9 million and $20.3 million in 2016 , 2015 and 2014 , 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, 2016 and 2015 , respectively: December 31, (Dollars in thousands) 2016 2015 Loan commitments available for funding: (1) Fixed interest rate commitments $ 1,475,179 $ 1,312,734 Variable interest rate commitments 13,572,161 12,822,461 Total loan commitments available for funding 15,047,340 14,135,195 Commercial and standby letters of credit (2) 1,695,856 1,479,164 Total unfunded credit commitments $ 16,743,196 $ 15,614,359 Commitments unavailable for funding (3) $ 1,719,524 $ 2,026,532 Maximum lending limits for accounts receivable factoring arrangements (4) 725,395 1,006,404 Reserve for unfunded credit commitments (5) 45,265 34,415 (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, 2016 . 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 $ 1,547,011 $ 47,134 $ 1,594,145 $ 1,594,145 Performance standby letters of credit 82,544 12,958 95,502 95,502 Commercial letters of credit 6,209 — 6,209 6,209 Total $ 1,635,764 $ 60,092 $ 1,695,856 $ 1,695,856 Deferred fees related to financial and performance standby letters of credit were $10 million at both December 31, 2016 and December 31, 2015 . At December 31, 2016 , collateral in the form of cash of $763 million was available to us to reimburse losses, if any, under financial and performance standby letters of credit. Commitments to Invest in Venture Capital and Private Equity Funds We make commitments to invest in venture capital and private equity funds, which 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, 2016 : Our Ownership in Venture Capital and Private Equity Funds (Dollars in thousands) SVBFG Capital Commitments SVBFG Unfunded Commitments SVBFG Ownership of each Fund (4) CP I, LP $ 6,000 $ 270 10.7 % CP II, LP (1) 1,200 162 5.1 Shanghai Yangpu Venture Capital Fund (LP) 835 — 6.8 Strategic Investors Fund, LP 15,300 688 12.6 Strategic Investors Fund II, LP 15,000 1,050 8.6 Strategic Investors Fund III, LP 15,000 1,275 5.9 Strategic Investors Fund IV, LP 12,239 2,325 5.0 Strategic Investors Fund V funds 515 141 Various Capital Preferred Return Fund, LP 12,688 — 20.0 Growth Partners, LP 24,670 1,340 33.0 Other private equity fund (2) 9,338 — 58.2 Debt funds (equity method accounting) 58,021 — Various Other fund investments (3) 297,634 10,816 Various Total $ 468,440 $ 18,067 (1) Our ownership includes direct ownership of 1.3 percent and indirect ownership of 3.8 percent through our investment in 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 Growth Partners, LP and Capital Preferred Return Fund, LP, respectively. (3) Represents commitments to 258 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 of 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, 2016 : Limited Partnership (Dollars in thousands) Unfunded Commitments Strategic Investors Fund, LP $ 1,338 Capital Preferred Return Fund, LP 1,603 Growth Partners, LP 1,563 Total $ 4,504 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
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 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. We disclose our method and approach for fair value measurements of assets and liabilities in Note 2—"Summary of Significant Accounting Policies" of the "Notes to the Consolidated Financial Statements" under Part II, Item 8 of this report . 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, 2016 : (Dollars in thousands) Level 1 Level 2 Level 3 Balance at December 31, 2016 Assets Available-for-sale securities: U.S. Treasury securities $ 8,909,491 $ — $ — $ 8,909,491 U.S. agency debentures — 2,078,375 — 2,078,375 Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations - fixed rate — 1,152,665 — 1,152,665 Agency-issued collateralized mortgage obligations - variable rate — 474,283 — 474,283 Equity securities 175 5,422 — 5,597 Total available-for-sale securities 8,909,666 3,710,745 — 12,620,411 Non-marketable and other securities (fair value accounting): Non-marketable securities: Venture capital and private equity fund investments measured at net asset value — — — 141,649 Other venture capital investments (1) — — 2,040 2,040 Other securities (1) 753 — — 753 Total non-marketable and other securities (fair value accounting) 753 — 2,040 144,442 Other assets: Interest rate swaps — 810 — 810 Foreign exchange forward and option contracts — 68,027 — 68,027 Equity warrant assets — 2,310 128,813 131,123 Client interest rate derivatives — 10,110 — 10,110 Total assets $ 8,910,419 $ 3,792,002 $ 130,853 $ 12,974,923 Liabilities Foreign exchange forward and option contracts $ — $ 54,668 $ — $ 54,668 Client interest rate derivatives — 9,770 — 9,770 Total liabilities $ — $ 64,438 $ — $ 64,438 (1) Included in Level 1 and Level 3 assets are $0.6 million and $1.8 million , 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, 2015 : (Dollars in thousands) Level 1 Level 2 Level 3 Balance at December 31, 2015 Assets Available-for-sale securities: U.S. Treasury securities $ 11,678,035 $ — $ — $ 11,678,035 U.S. agency debentures — 2,690,029 — 2,690,029 Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations - fixed rate — 1,399,279 — 1,399,279 Agency-issued collateralized mortgage obligations - variable rate — 607,936 — 607,936 Equity securities 4,517 952 — 5,469 Total available-for-sale securities 11,682,552 4,698,196 — 16,380,748 Non-marketable and other securities (fair value accounting): Non-marketable securities: Venture capital and private equity fund investments measured at net asset value — — — 152,237 Other venture capital investments (1) — — 2,040 2,040 Other securities (1) 548 — — 548 Total non-marketable and other securities (fair value accounting) 548 — 2,040 154,825 Other assets: Interest rate swaps — 2,768 — 2,768 Foreign exchange forward and option contracts — 31,237 — 31,237 Equity warrant assets — 1,937 135,168 137,105 Client interest rate derivatives — 3,973 — 3,973 Total assets $ 11,683,100 $ 4,738,111 $ 137,208 $ 16,710,656 Liabilities Foreign exchange forward and option contracts $ — $ 26,353 $ — $ 26,353 Client interest rate derivatives — 4,384 — 4,384 Total liabilities $ — $ 30,737 $ — $ 30,737 (1) Included in Level 1 and Level 3 assets are $0.4 million and $1.8 million , 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 2016 , 2015 and 2014 , respectively: (Dollars in thousands) Beginning Balance Total Realized and Unrealized Gains (Losses), net Included in Income Purchases Sales Issuances Distributions and Other Settlements Transfers Out of Level 3 Ending Balance Year ended December 31, 2016: Non-marketable and other securities (fair value accounting): Other venture capital investments (1) $ 2,040 $ (21 ) $ — $ (4 ) $ — $ 25 $ — $ 2,040 Other assets: Equity warrant assets (2) 135,168 38,091 — (56,643 ) 13,405 — (1,208 ) 128,813 Total assets $ 137,208 $ 38,070 $ — $ (56,647 ) $ 13,405 $ 25 $ (1,208 ) $ 130,853 Year ended December 31, 2015: Non-marketable and other securities (fair value accounting): Other venture capital investments (1) (3) $ 3,291 $ 1,192 $ — $ (2,356 ) $ — $ (87 ) $ — $ 2,040 Other assets: Equity warrant assets (2) 114,698 71,402 — (61,044 ) 12,534 — (2,422 ) 135,168 Total assets $ 117,989 $ 72,594 $ — $ (63,400 ) $ 12,534 $ (87 ) $ (2,422 ) $ 137,208 Year ended December 31, 2014: Non-marketable and other securities (fair value accounting): 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) 352,088 116,657 51,407 (67,202 ) — (1,484 ) (380,262 ) 71,204 Other assets: Equity warrant assets (2) 99,891 71,516 — (70,875 ) 15,886 — (1,720 ) 114,698 Total assets $ 451,979 $ 188,173 $ 51,407 $ (138,077 ) $ 15,886 $ (1,484 ) $ (381,982 ) $ 185,902 (1) Realized and unrealized gains (losses) are recorded in the line item “Gains on investment securities, net”, a component of noninterest income. (2) Realized and unrealized gains (losses) are recorded on the line item “Gains on derivative instruments, net”, a component of noninterest income. (3) Beginning balance was adjusted to conform with our adoption of the new accounting standards (ASU 2015-02), Amendments to the Consolidation Analysis (Topic 820). 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, 2016 and 2015 , respectively: Year ended December 31, (Dollars in thousands) 2016 2015 Non-marketable and other securities (fair value accounting): Other venture capital investments (1) $ 1,739 $ (177 ) Other assets: Equity warrant assets (2) 14,502 32,576 Total unrealized gains, net $ 16,241 $ 32,399 Unrealized gains (losses) attributable to noncontrolling interests $ 1,553 $ (158 ) (1) Unrealized gains are recorded on the line item “gains on investment securities, net”, a component of noninterest income. (2) 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 or losses will become realized is subject to a variety of factors, including, among other things, the expiration of current sales restrictions to which these securities are subject, the actual sales of securities and the timing of such actual sales. The following table presents quantitative information about the significant unobservable inputs used for certain of our Level 3 fair value measurements at December 31, 2016 and 2015 . 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, 2016: Other venture capital investments (fair value accounting) $ 2,040 Private company equity pricing (1) (1) Equity warrant assets (public portfolio) 764 Modified Black-Scholes option pricing model Volatility 46.6 % Risk-Free interest rate 2.1 Sales restrictions discount (2) 17.7 Equity warrant assets (private portfolio) 128,049 Modified Black-Scholes option pricing model Volatility 36.9 Risk-Free interest rate 1.3 Marketability discount (3) 17.1 Remaining life assumption (4) 45.0 December 31, 2015: Other venture capital investments (fair value accounting) $ 2,040 Private company equity pricing (1) (1) Equity warrant assets (public portfolio) 1,786 Modified Black-Scholes option pricing model Volatility 38.1 % Risk-Free interest rate 2.1 Sales restrictions discount (2) 18.0 Equity warrant assets (private portfolio) 133,382 Modified Black-Scholes option pricing model Volatility 36.0 Risk-Free interest rate 1.1 Marketability discount (3) 16.6 Remaining life assumption (4) 45.0 (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. We use company provided valuation reports, if available, to support our valuation assumptions. These factors are specific to each portfolio company and a weighted average or range of values of the unobservable inputs is not meaningful. (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 three to six 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, 2016 , the weighted average contractual remaining term was 5.9 years, compared to our estimated remaining life of 2.6 years. On a quarterly basis, a sensitivity analysis is performed on our remaining life assumption. During 2016 , 2015 and 2014 there were no transfers between Level 2 and Level 1. During 2016 and 2015, there were no transfers in our other venture capital investments from Level 3 to Level 2. Transfers of our non-marketable and other securities from Level 3 to Level 2 for 2014 included $380.1 million as a result of the expiration of lock-up, and other sales restrictions on certain of our other securities and venture capital investments. All other transfers from Level 3 to Level 2 during 2016 , 2015 and 2014 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. As 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 and assets and liabilities 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. Estimated Fair Values of Financial Instruments Not Recorded at Fair Value on a Recurring 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 in Note 2—"Summary of Significant Accounting Policies" of the "Notes to the Consolidated Financial Statements" under Part II, Item 8 of this report 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), 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 30 th , for our December 31 st consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period. 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-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 standings. Letters of credit are carried at their fair value, which is equivalent to the residual premium or fee at December 31, 2016 and 2015 . 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, 2016 and 2015 : Estimated Fair Value (Dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 December 31, 2016: Financial assets: Cash and cash equivalents $ 2,545,750 $ 2,545,750 $ 2,545,750 $ — $ — Held-to-maturity securities 8,426,998 8,376,138 — 8,376,138 — Non-marketable securities (cost and equity method accounting) not measured at net asset value 120,037 127,343 — — 127,343 Non-marketable securities (cost and equity method accounting) measured at net asset value (1) 245,626 353,870 — — — Net commercial loans 17,518,430 17,811,356 — — 17,811,356 Net consumer loans 2,156,148 2,199,501 — — 2,199,501 FHLB and FRB stock 57,592 57,592 — — 57,592 Accrued interest receivable 111,222 111,222 — 111,222 — Financial liabilities: Short-term FHLB advances 500,000 500,000 500,000 — — Other short-term borrowings 12,668 12,668 12,668 — — Non-maturity deposits (2) 38,923,750 38,923,750 38,923,750 — — Time deposits 56,118 55,949 — 55,949 — 3.50% Senior Notes 346,979 337,600 — 337,600 — 5.375% Senior Notes 347,586 378,777 — 378,777 — 6.05% Subordinated Notes (3) 46,646 47,489 — 47,489 — 7.0% Junior Subordinated Debentures 54,493 53,140 — 53,140 — Accrued interest payable 12,013 12,013 — 12,013 — Off-balance sheet financial assets: Commitments to extend credit — 22,074 — — 22,074 December 31, 2015: Financial assets: Cash and cash equivalents $ 1,503,257 $ 1,503,257 $ 1,503,257 $ — $ — Held-to-maturity securities 8,790,963 8,758,622 — 8,758,622 — Non-marketable securities (cost and equity method accounting) not measured at net asset value 114,795 117,172 — — 117,172 Non-marketable securities (cost and equity method accounting) measured at net asset value (1) 250,970 364,799 — — — Net commercial loans 14,763,302 14,811,588 — — 14,811,588 Net consumer loans 1,761,155 1,737,960 — — 1,737,960 FHLB and FRB stock 56,991 56,991 — — 56,991 Accrued interest receivable 107,604 107,604 — 107,604 — Financial liabilities: Short-term FHLB advances 638,000 638,000 638,000 Federal funds purchased 135,000 135,000 135,000 Other short-term borrowings 1,900 1,900 1,900 — — Non-maturity deposits (2) 39,072,297 39,072,297 39,072,297 — — Time deposits 70,479 70,347 — 70,347 — 3.50% Senior Notes 346,667 333,648 — 333,648 — 5.375% Senior Notes 347,016 384,216 — 384,216 — 6.05% Subordinated Notes (3) 48,350 49,820 — 49,820 — 7.0% Junior Subordinated Debentures 54,669 52,905 — 52,905 — Accrued interest payable 12,058 12,058 — 12,058 — Off-balance sheet financial assets: Commitments to extend credit — 26,483 — — 26,483 (1) In accordance with the accounting standard (ASU 2015-07, Fair Value Measurement (Topic 820)), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (2) Includes noninterest-bearing demand deposits, interest-bearing checking accounts, money market accounts and interest-bearing sweep deposits. (3) At December 31, 2016 and 2015 , included in the carrying value and estimated fair value of our 6.05% Subordinated Notes was $0.8 million and $2.8 million , respectively, related to hedge accounting associated with the notes. Investments in Entities that Calculate Net Asset Value Per Share FASB guidance over certain fund investments requires that we disclose the fair value of funds, significant investment strategies of the investees, redemption features of the investees, restrictions on the ability to sell investments, estimate of the period of time over which the underlying assets are expected to be liquidated by the investee, and unfunded commitments related to the investments. Our investments in debt funds and venture capital and private equity fund investments generally cannot be redeemed. Alternatively, we expect distributions, if any, to be received primarily through IPOs and M&A activity of the underlying assets of the fund. Subject to applicable requirements under the Volcker Rule, we do not have any plans to sell any of these fund investments. If we decide to sell these investments in the future, the investee fund’s management must approve of the buyer before the sale of the investments can be completed. The fair values of the fund investments have been estimated using the net asset value per share of the investments, adjusted for any differences between our measurement date and the date of the fund investment’s net asset value by using the most recently available financial information from the investee general partner, for example September 30 th , for our December 31 st 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, 2016 : (Dollars in thousands) Carrying Amount Fair Value Unfunded Commitments Non-marketable securities (fair value accounting): Venture capital and private equity fund investments (1) $ 141,649 $ 141,649 $ 4,504 Non-marketable securities (equity method accounting): Venture capital and private equity fund investments (2) 82,823 82,823 4,953 Debt funds (2) 17,020 18,187 — Other investments (2) 31,177 31,180 715 Non-marketable securities (cost method accounting): Venture capital and private equity fund investments (2) 114,606 221,680 10,008 Total $ 387,275 $ 495,519 $ 20,180 (1) Venture capital and private equity fund investments within non-marketable securities (fair value accounting) include investments made by our managed funds of funds and one of our direct venture funds. These investments represent investments in venture capital and private equity funds that invest primarily in U.S. and global technology and life science/healthcare companies. Included in the fair value and unfunded commitments of fund investments under fair value accounting are $101 million and $3 million , respectively, attributable to noncontrolling interests. It is estimated that we will receive distributions from the fund investments over the next 10 to 13 years, depending on the age of the funds and any potential extensions of terms of the funds. (2) Venture capital and private equity fund investments, debt funds, and other fund investments within non-marketable securities (equity and cost method accounting) include funds that invest in or lend money to primarily U.S. and global technology and life science/healthcare companies. It is estimated that we will receive distributions from the funds over the next 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, 2016 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | Regulatory Matters SVB Financial 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 and the Bank maintain minimum ratios (set forth in the table below) of capital to risk-weighted assets. Effective January 1, 2015, SVB Financial Group and the Bank became subject to a regulatory capital measure called "Common Equity Tier 1" and a related regulatory capital ratio of CET 1 to risk-weighted assets implemented under "Basel III" regulatory capital reforms and changes required by the Dodd-Frank Act. There are three categories of capital under the new Basel III standards; CET 1, additional Tier 1 and Tier 2. CET 1 includes common stock plus related surplus and retained earnings, less certain deductions. Additional Tier 1 capital includes qualifying preferred stock and trust preferred securities, less certain deductions. Additional Tier 1, together with CET 1, equal total Tier 1 capital. Tier 2 capital includes primarily certain qualifying unsecured subordinated debt and qualifying allowances for loan and lease losses. Tier 1 capital together with Tier 2 capital equal total capital. As of December 31, 2016 , 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, 2016 and 2015 : Capital Ratios Capital Amounts (Dollars in thousands) Actual Well Capitalized Minimum Adequately Capitalized Minimum Actual Well Capitalized Minimum Adequately Capitalized Minimum December 31, 2016: CET 1 risk-based capital: SVB Financial 12.80 % 6.5 % 4.5 % $ 3,616,404 $ 1,836,169 $ 1,271,194 Bank 12.65 6.5 4.5 3,397,232 1,745,695 1,208,558 Tier 1 risk-based capital: SVB Financial 13.26 8.0 6.0 3,744,605 2,259,900 1,694,925 Bank 12.65 8.0 6.0 3,397,232 2,148,548 1,611,411 Total risk-based capital: SVB Financial 14.21 10.0 8.0 4,015,236 2,824,875 2,259,900 Bank 13.66 10.0 8.0 3,667,709 2,685,685 2,148,548 Tier 1 leverage: SVB Financial 8.34 N/A 4.0 3,744,605 N/A 1,796,387 Bank 7.67 5.0 4.0 3,397,232 2,214,467 1,771,574 December 31, 2015: CET 1 risk-based capital: SVB Financial 12.28 % 6.5 % 4.5 % $ 3,183,206 $ 1,684,774 $ 1,166,382 Bank 12.52 6.5 4.5 3,043,435 1,579,568 1,093,547 Tier 1 risk-based capital: SVB Financial 12.83 8.0 6.0 3,325,245 2,073,567 1,555,176 Bank 12.52 8.0 6.0 3,043,435 1,944,083 1,458,063 Total risk-based capital: SVB Financial 13.84 10.0 8.0 3,586,466 2,591,959 2,073,567 Bank 13.60 10.0 8.0 3,304,537 2,430,104 1,944,083 Tier 1 leverage: SVB Financial 7.63 N/A 4.0 3,325,245 N/A 1,743,555 Bank 7.09 5.0 4.0 3,043,435 2,147,532 1,718,026 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2016 | |
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 Global Commercial Bank and SVB Private Bank segments’ primary source of revenue is from net interest income, which is primarily the difference between interest earned on loans, net of funds transfer pricing and interest paid on deposits, net of FTP. Accordingly, these segments are reported using net interest income, net of FTP. FTP is an internal measurement framework designed to assess the financial impact of a financial institution’s sources and uses of funds. It is the mechanism by which 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 primarily 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. We broadly serve clients within the U.S., 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. ◦ SVB Analytics provides equity valuation services to companies and private equity/venture capital firms. ◦ Debt Fund Investments is comprised of our investments in certain 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 products, 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 from 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 2016 , 2015 and 2014 is as follows: (Dollars in thousands) Global Commercial Bank (1) SVB Private Bank SVB Capital (1) Other Items (2) Total Year ended December 31, 2016 Net interest income (expense) $ 1,040,712 $ 53,582 $ (49 ) $ 56,278 $ 1,150,523 Provision for loan losses (93,885 ) (1,812 ) — — (95,697 ) Noninterest income 320,421 2,713 49,365 84,053 456,552 Noninterest expense (3) (630,760 ) (12,379 ) (15,546 ) (212,094 ) (870,779 ) Income before income tax expense (4) $ 636,488 $ 42,104 $ 33,770 $ (71,763 ) $ 640,599 Total average loans, net of unearned income $ 16,047,545 $ 2,025,381 $ — $ 210,665 $ 18,283,591 Total average assets (5) 41,494,959 2,035,311 338,848 118,333 43,987,451 Total average deposits 37,301,483 1,133,425 — 324,151 38,759,059 Year ended December 31, 2015 Net interest income $ 853,882 $ 44,412 $ 3 $ 108,128 $ 1,006,425 Provision for loan losses (94,913 ) (2,716 ) — — (97,629 ) Noninterest income 272,862 2,011 70,857 127,064 472,794 Noninterest expense (3) (577,477 ) (12,185 ) (14,699 ) (173,655 ) (778,016 ) Income before income tax expense (4) $ 454,354 $ 31,522 $ 56,161 $ 61,537 $ 603,574 Total average loans, net of unearned income $ 12,984,646 $ 1,592,065 $ — $ 186,230 $ 14,762,941 Total average assets (5) 38,439,161 1,588,778 337,884 480,554 40,846,377 Total average deposits 34,996,194 1,108,411 — 188,757 36,293,362 Year ended December 31, 2014 Net interest income $ 742,245 $ 31,427 $ 58 $ 82,865 $ 856,595 Provision for loan losses (58,635 ) (851 ) — — (59,486 ) Noninterest income 203,474 1,494 58,058 309,213 572,239 Noninterest expense (3) (512,245 ) (11,314 ) (12,668 ) (170,953 ) (707,180 ) Income before income tax expense (4) $ 374,839 $ 20,756 $ 45,448 $ 221,125 $ 662,168 Total average loans, net of unearned income $ 10,144,291 $ 1,155,992 $ — $ 202,658 $ 11,502,941 Total average assets (5) 30,183,254 1,176,326 320,129 1,282,227 32,961,936 Total average deposits 27,360,721 890,062 — 70,042 28,320,825 (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. Net interest income consists primarily of interest earned from our fixed income investment portfolio, net of FTP. Noninterest income consists primarily of gains on equity warrant assets and gains on the sale of fixed income securities. Noninterest expense consists primarily of expenses associated with corporate support functions such as finance, human resources, marketing, legal and other expenses. Amounts for the year ended December 31, 2014 have not been revised for the adoption of accounting guidance related to our consolidated variable interest entities. (3) The Global Commercial Bank segment includes direct depreciation and amortization of $24.8 million , $20.3 million and $21.5 million for 2016 , 2015 and 2014 , respectively. (4) The internal reporting model used by management to assess segment performance does not calculate income tax expense by segment. Our effective tax rate is a reasonable approximation of the segment rates. (5) Total average assets equal the greater of total average assets or the sum of total average liabilities and total average stockholders’ equity for each segment to reconcile the results to the consolidated financial statements prepared in conformity with GAAP. |
Parent Company Only Condensed F
Parent Company Only Condensed Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 , and the related condensed statements of income, comprehensive income and cash flows for 2016 , 2015 and 2014 , are presented below: Condensed Balance Sheets December 31, (Dollars in thousands) 2016 2015 Assets: Cash and cash equivalents $ 500,014 $ 377,013 Investment securities 244,603 250,257 Net loans 13,337 9,859 Other assets 197,220 224,748 Investment in subsidiaries: Bank subsidiary 3,423,427 3,059,045 Nonbank subsidiaries 113,928 106,896 Total assets $ 4,492,529 $ 4,027,818 Liabilities and SVBFG stockholders’ equity: 3.50% Senior Notes $ 346,979 $ 346,667 5.375% Senior Notes 347,586 347,016 7.0% Junior Subordinated Debentures 54,493 54,669 Other liabilities 100,917 81,332 Total liabilities $ 849,975 $ 829,684 SVBFG stockholders’ equity 3,642,554 3,198,134 Total liabilities and SVBFG stockholders’ equity $ 4,492,529 $ 4,027,818 Condensed Statements of Income Year ended December 31, (Dollars in thousands) 2016 2015 2014 Interest income $ 690 $ 964 $ 2,534 Interest expense (35,316 ) (34,169 ) (21,863 ) Dividend income from bank subsidiary 40,000 — — Gains on derivative instruments, net 35,608 55,477 66,604 Gains on investment securities, net 20,644 39,447 8,750 Fund management fees and other noninterest income (1) 24,197 17,772 13,960 Impairment loss on cumulative foreign currency translation losses — — (9,564 ) General and administrative expenses (55,139 ) (54,822 ) (53,912 ) Income tax benefit (expense) 423 (14,448 ) (15,038 ) Income (loss) before net income of subsidiaries $ 31,107 $ 10,221 $ (8,529 ) Equity in undistributed net income of nonbank subsidiaries (1) 11,949 26,819 23,049 Equity in undistributed net income of bank subsidiary 339,629 306,864 249,350 Net income available to common stockholders $ 382,685 $ 343,904 $ 263,870 (1) Our condensed statements of income include a new line item to disclose income from fund management fees and other noninterest income, which was incorrectly reported in undistributed net income of nonbank subsidiaries. The correction of this immaterial error had no impact on net income available to common stockholders in our consolidated statements of income. Condensed Statements of Comprehensive Income Year ended December 31, (Dollars in thousands) 2016 2015 2014 Net income available to common stockholders $ 382,685 $ 343,904 $ 263,870 Other comprehensive income (loss), net of tax: Foreign currency translation gains (losses) 3,071 (1,492 ) 3,012 Changes in unrealized holding gains (losses) on securities available-for-sale 654 (2,041 ) 1,232 Equity in other comprehensive income (losses) of subsidiaries 4,301 (23,767 ) 87,224 Other comprehensive income (loss), net of tax 8,026 (27,300 ) 91,468 Total comprehensive income $ 390,711 $ 316,604 $ 355,338 Condensed Statements of Cash Flows Year ended December 31, (Dollars in thousands) 2016 2015 2014 Cash flows from operating activities: Net income attributable to SVBFG $ 382,685 $ 343,904 $ 263,870 Adjustments to reconcile net income to net cash used for operating activities: Gains on derivative instruments, net (35,608 ) (55,477 ) (66,604 ) Gains on investment securities, net (20,644 ) (39,447 ) (8,750 ) Net income of bank subsidiary (379,629 ) (306,864 ) (249,350 ) Net income on nonbank subsidiaries (1) (11,949 ) (26,819 ) (23,049 ) Cash dividends from bank subsidiary 40,000 — — Amortization of share-based compensation 35,494 32,239 29,545 Decrease (increase) in other assets 35,699 (30,638 ) 46,512 Increase in other liabilities 15,293 28,985 25,697 Impairment loss on SVBIF sale transaction — — 9,564 Other, net 708 470 513 Net cash provided by (used for) operating activities 62,049 (53,647 ) 27,948 Cash flows from investing activities: Net decrease in investment securities from purchases, sales and maturities 54,737 31,380 15,469 Net (increase) decrease in loans (3,478 ) 6,825 (11,893 ) Increase in investment in bank subsidiary (14,738 ) (378,286 ) (432,804 ) Decrease in investment in nonbank subsidiaries (1) 1,924 71,062 30,754 Net cash provided by (used for) investing activities 38,445 (269,019 ) (398,474 ) Cash flows from financing activities: Proceeds from issuance of common stock, ESPP and ESOP 26,147 22,410 22,146 Tax effect from stock exercises (3,640 ) 16,602 9,602 Net proceeds from public equity offering — — 434,866 Net proceeds from issuance of long-term debt — 346,431 — Net cash provided by financing activities 22,507 385,443 466,614 Net increase in cash and cash equivalents 123,001 62,777 96,088 Cash and cash equivalents at beginning of period 377,013 314,236 218,148 Cash and cash equivalents at end of period $ 500,014 $ 377,013 $ 314,236 (1) Our condensed statements of cash flows reflect a correction to the nonbank subsidiaries related line items in net cash provided by (used for) operating and investing activities. The correction of this immaterial error had no impact on cash flows in our consolidated statements of cash flows. |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Data | Unaudited Quarterly Financial Data Our supplemental consolidated financial information for each three month period in 2016 and 2015 are as follows: Three months ended (Dollars in thousands, except per share amounts) March 31, June 30, September 30, December 31, 2016: Interest income $ 291,658 $ 293,992 $ 300,413 $ 307,333 Interest expense 10,237 10,656 11,252 10,728 Net interest income 281,421 283,336 289,161 296,605 Provision for loan losses 33,341 36,333 18,950 7,073 Noninterest income 86,134 112,776 144,140 113,502 Noninterest expense 204,033 200,352 221,827 244,567 Income before income tax expense 130,181 159,427 192,524 158,467 Income tax expense 53,584 65,047 76,877 54,825 Net income before noncontrolling interests 76,597 94,380 115,647 103,642 Net loss (income) attributable to noncontrolling interests 2,577 (1,416 ) (4,566 ) (4,176 ) Net income available to common stockholders $ 79,174 $ 92,964 $ 111,081 $ 99,466 Earnings per common share—basic $ 1.53 $ 1.79 $ 2.13 $ 1.91 Earnings per common share—diluted 1.52 1.78 2.12 1.89 2015: Interest income $ 248,816 $ 253,926 $ 264,791 $ 279,232 Interest expense 9,891 10,155 10,131 10,163 Net interest income 238,925 243,771 254,660 269,069 Provision for loan losses 6,452 26,513 33,403 31,261 Noninterest income 123,524 126,287 108,477 114,506 Noninterest expense 190,541 194,112 184,755 208,608 Income before income tax expense 165,456 149,433 144,979 143,706 Income tax expense 63,066 54,974 57,017 53,697 Net income before noncontrolling interests 102,390 94,459 87,962 90,009 Net income attributable to noncontrolling interests (13,874 ) (8,316 ) (6,229 ) (2,497 ) Net income available to common stockholders $ 88,516 $ 86,143 $ 81,733 $ 87,512 Earnings per common share—basic $ 1.74 $ 1.68 $ 1.59 $ 1.70 Earnings per common share—diluted 1.71 1.66 1.57 1.68 |
Legal Matters
Legal Matters | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters | Legal Matters Certain lawsuits and claims arising in the ordinary course of business have been filed or are pending against us and/or our affiliates, and we may from time to time be involved in other legal or regulatory proceedings. In accordance with applicable accounting guidance, we establish accruals for all such matters, including expected settlements, when we believe it is probable that a loss has been incurred and the amount of the loss is reasonably estimable. When a loss contingency is not both probable and estimable, we do not establish an accrual. Any such loss estimates are inherently uncertain, based on currently available information and are subject to management’s judgment and various assumptions. Due to the inherent subjectivity of these estimates and unpredictability of outcomes of legal proceedings, any amounts accrued may not represent the ultimate resolution of such matters. To the extent we believe any potential loss relating to such matters may have a material impact on our liquidity, consolidated financial position, results of operations, and/or our business as a whole and is reasonably possible but not probable, we aim to disclose information relating to such potential loss. We also aim to disclose information relating to any material potential loss that is probable but not reasonably estimable. In such cases, where reasonably practicable, we aim to provide an estimate of loss or range of potential loss. No disclosures are generally made for any loss contingencies that are deemed to be remote. Based upon information available to us, our review of lawsuits and claims filed or pending against us to date and consultation with our outside legal counsel, we have not recognized a material accrual liability for any such matters, nor do we currently expect that these matters will result in a material liability to the Company. However, the outcome of litigation and other legal and regulatory matters is inherently uncertain, and it is possible that one or more of such matters currently pending or threatened could have an unanticipated material adverse effect on our liquidity, consolidated financial position, results of operations, and/or our business as a whole, in the future. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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 Prior to April 1, 2015, the Company’s consolidated financial statements included the accounts of SVB Financial Group and entities in which we had a controlling interest. The determination of whether we had a controlling interest was based on consolidation principles prescribed by ASC Topic 810, Consolidation , and whether the controlling interest in an entity was a voting interest entity or a variable interest entity (“VIE”). However, during the three months ended June 30, 2015, we adopted the provisions of ASU 2015-02, Amendments to the Consolidation Analysis (ASU 2015-02), which simplifies consolidation accounting by reducing the number of consolidation models and changing various aspects of current GAAP, including certain consolidation criteria for variable interest entities. The new guidance eliminates the presumption that a general partner of a limited partnership arrangement should consolidate a limited partnership. The amendments to ASC Topic 810 in ASU 2015-02 modify the evaluation of whether limited partnerships and similar entities are VIEs or voting entities. With these changes, we determined that the majority of our investments in limited partnership arrangements are VIEs under the new guidance while these entities were typically voting interest entities under the prior guidance. ASU 2015-02 provided a single model for evaluating VIE entities for consolidation. VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or equity investors and, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity, or (c) the right to receive the expected returns of the entity. We assess VIEs to determine if we are the primary beneficiary of a VIE. A primary beneficiary is defined as a variable interest holder that has a controlling financial interest. A controlling financial interest requires both: (a) the power to direct the activities that most significantly impact the VIEs economic performance, and (b) the obligation to absorb losses or receive benefits of a VIE that could potentially be significant to a VIE. Under this analysis, we also evaluate kick-out rights and other participating rights, which could provide us a controlling financial interest. The primary beneficiary of a VIE is required to consolidate the VIE. ASU 2015-02 also changed how we evaluate fees paid to managers of our limited partnership investments. Under the new guidance, we exclude those fee arrangements that are not deemed to be variable interests from the analysis of our interests in our investments in VIEs and the determination of a primary beneficiary, if any. Fee arrangements based on terms that are customary and commensurate with the services provided are deemed not to be variable interests and are, therefore, excluded. Our consolidated financial statements include the accounts of SVB Financial Group and consolidated entities. We consolidate voting entities in which we have control through voting interests. We determine whether we have a controlling financial interest in a VIE by determining if we have the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and whether we have significant variable interests. Generally, we have significant variable interests if our commitments to a limited partnership investment represent a significant amount of the total commitments to the entity. We also evaluate the impact of related parties on our determination of variable interests in our consolidation conclusions. We consolidate VIEs in which we are the primary beneficiary based on a controlling financial interest. If we are not the primary beneficiary of a VIE, we record our pro-rata interests or our cost basis in the VIE, as appropriate, based on other accounting guidance within GAAP. All significant intercompany accounts and transactions with consolidated entities have been eliminated. We have not provided financial or other support during the periods presented to any VIE that we were not previously contractually required to provide. |
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 and meeting 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 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 accretion and amortization of discounts and premiums, respectively, are included in interest income over the contractual terms of the underlying securities replicating the effective interest method. |
Held-to-Maturity Securities | Held-to-Maturity Securities Debt securities purchased in which we have the positive intent and ability to hold to its maturity are classified as held-to-maturity securities and are recorded at amortized cost. During the second quarter of 2014, we re-designated certain securities from the classification of available-for-sale to held-to-maturity. 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, our China Joint Venture, debt funds, private and public portfolio companies and investments in qualified affordable housing projects. 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, (iii) cost method accounting, and (iv) the proportional amortization method which is used only for qualified affordable housing projects. |
Fair Value Accounting | Fair Value Accounting Our managed funds are investment companies under the AICPA Audit and Accounting Guide for Investment Companies (codified in ASC 946) 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 | Equity Method Our equity method non-marketable securities consist of investments in venture capital and private equity funds, privately-held companies, debt funds, and joint ventures. 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 , or in which we have the ability to exercise significant influence over the investees' operating and financial policies through board involvement or other influence, are accounted for under the equity method. • Investments in limited partnerships in which we hold voting interests of more than 5 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 30 th , for our December 31 st consolidated financial statements. We adjust the value of our investments 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 | 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 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 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 the fair value of the consideration received when the acquisition occurs. The resulting gains or losses are recognized in consolidated net income in the period of acquisition. Proportional Amortization Method In order to fulfill our responsibilities under the Community Reinvestment Act, we invest as a limited partner in low income housing partnerships that operate qualified affordable housing projects and generate tax benefits, including federal low income housing tax credits, for investors. The partnerships are deemed to be VIEs because they do not have sufficient equity investment at risk and are structured with non-substantive voting rights. We are not the primary beneficiary of the VIEs and do not consolidate them. Our investments in low income housing partnerships are recorded in non-marketable and other securities within our investment securities portfolio on the consolidated balance sheet. As a practical expedient, we amortize the investment in proportion to the allocated tax benefits under the proportional amortization method of accounting and present such benefits net of investment amortization in income tax expense. |
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 and incurred 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, 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. The credit risk ratings for each loan are monitored and updated on an ongoing basis. 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 through 9 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 determined based on a qualitative analysis and 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 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 | Reserve for Unfunded Credit Commitments We record a liability for probable and estimable incurred 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 and portfolio segment. 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 and portfolio segment 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 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. Commercial loans are considered for a full or partial charge-off in the event that principal or interest is over 180 days past due and the loan lacks sufficient collateral and it is not in the process of collection, provided that a loss event has been defined and the charge-off is consistent with GAAP. Consumer loans are considered for a full or partial charge-off in the event that principal or interest is over 120 days past due and the loan lacks sufficient collateral and it is not in the process of collection, provided that a loss event has been defined and the charge-off is consistent with GAAP. 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 financial condition, or c) the expected sale of all or a portion of the borrower's business is insufficient to repay the loan in full, or 2) the loan has been identified for charge-off by regulatory authorities |
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 that does not include sufficient offsetting borrower concessions; (2) interest rate reductions; (3) extension of the maturity date outside of ordinary course extension; (4) principal forgiveness; and/or (5) reduction of accrued interest. We use the factors in ASC 310-40, Receivables, Troubled Debt Restructurings by Creditors, in analyzing 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 | Nonaccrual 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 nonaccrual. All of our nonaccrual loans have credit risk ratings of 8 or 9 and are classified under the nonperforming impaired category. |
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 7 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, 2016 and 2015 . |
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 independent pricing service providers who have experience in valuing these securities and by comparison to and/or average of quoted market prices obtained from independent brokers. We perform a monthly analysis on the values received from third parties to ensure that the prices represent a reasonable estimate of the fair value. The procedures include, but are not limited to, initial and ongoing review of third party pricing methodologies, review of pricing trends and monitoring of trading volumes. Additional corroboration, such as obtaining a non-binding price from a broker, may be obtained depending on the frequency of trades of the security and the level of liquidity or depth of the market. We ensure prices received from independent brokers represent a reasonable estimate of the fair value through the use of observable market inputs including comparable trades, yield curve, spreads and, when available, market indices. As a result of this analysis, if the Company determines that there is a more appropriate fair value based upon the available market data, the price received from the third party is adjusted accordingly. Below is a summary of the significant inputs used for each class of Level 2 assets and liabilities: U.S. agency debentures: Fair value measurements of U.S. agency debentures are based on the characteristics specific to bonds held, such as issuer name, issuance date, coupon rate, maturity date and any applicable issuer call option features. Valuations are based on market spreads relative to similar term benchmark market interest rates, generally U.S. Treasury securities. Agency-issued 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 rate on the floating leg of the contract. Valuation is based on both spot and forward rates on the swap yield curve and the credit worthiness of the contract counterparty. 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. The valuation techniques are consistent with the market approach, income approach and/or the cost approach used to measure fair value. Below is a summary of the valuation techniques used for each class of Level 3 assets: 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 three to six 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 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 approaches 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, net of rewards expense, 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 fund of funds and direct venture funds exceeds certain performance targets and is payable to us, as the general partners of the managed funds. The carried interest we earn is often shared with employees, who are also members of the general partner entities. We record carried interest on a quarterly basis by measuring fund performance to date versus the performance target. For our unconsolidated managed funds, carried interest is recorded as gains on investment securities, net. For our consolidated managed funds, it is recorded as a component of net income attributable to noncontrolling interests. Carried interest allocated to others is recorded as a component of net income attributable to noncontrolling interests. Any carried interest paid to us (or our employees) may be subject to reversal to the extent fund performance declines to a level where inception to date carried interest is lower than actual payments made by the funds. The limited partnership agreements for our funds provide that carried interest is generally not paid to the general partners until the funds have provided a full return of contributed capital to the limited partners. Accrued, but unpaid carried interest may be subject to reversal to the extent that the fund performance declines to a level where inception to date carried interest is less than prior amounts recognized. |
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 |
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 instruments, 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. Typically, we account for these securities at cost and only record adjustments to the value at the time of exit or liquidation though gains or losses on investments securities, in noninterest income, a component of consolidated net 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 in valuation reports, including any information regarding subsequent rounds of funding or performance of a company. • Stated strike price, which can be adjusted for certain warrants upon the occurrence of subsequent funding rounds or other future events. • Price volatility or risk associated with possible 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. • Number of shares and contingencies associated with obtaining warrant positions such as the funding of associated loans. 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 assets and liabilities. 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 1 year or less, although we may have contracts extending for up to 5 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued a new accounting standard update (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. This guidance will be effective January 1, 2018, either on a full retrospective approach or a modified retrospective approach, with early adoption permitted, but not before January 1, 2017. This guidance is not applicable to financial instruments and, therefore, is not expected to impact a majority of our revenue, which is primarily net interest income. We continue to evaluate the impact of this guidance to our noninterest income and on our presentation and disclosures. In January 2016, the FASB issued a new accounting standard update (ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825)), which will significantly change the income statement impact of equity investments, and the recognition of changes in fair value of financial liabilities. This guidance will be effective on January 1, 2018, on a prospective basis with a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. Upon adoption we expect to carry our cost method venture capital and private equity fund investments at fair value. The actual adjustment to opening retained earnings will depend upon the fair value of our investments at the adoption date. In February 2016, the FASB issued a new accounting standard update (ASU 2016-02, Leases (Topic 842)), which will require for all operating leases the recognition of a right-of-use asset and a lease liability, in the statement of financial position. The lease cost will be allocated over the lease term on a straight-line basis. This guidance will be effective on January 1, 2019, on a modified retrospective basis, with early adoption permitted. We plan to adopt the lease accounting guidance in first quarter 2019. We are currently evaluating the impact this guidance will have on our financial position, results of operation and stockholders’ equity. In March 2016, the FASB issued a new accounting standard update (ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)), which is intended to improve the operability and understandability of the implementation guidance by clarifying the following: how an entity should identify the unit of accounting for the principal versus agent evaluation; how the control principle applies to transactions, such as service arrangements; reframes the indicators to focus on a principal rather than an agent, removes the credit risk and commission indicators and clarifies the relationship between the control principle and the indicators; and revises the existing illustrative examples and adds new illustrative examples. This guidance will be effective January 1, 2018, either on a full retrospective approach or a modified retrospective approach, with early adoption permitted, but not before January 1, 2017. We are currently evaluating the impact this guidance will have on our financial position, results of operation and stockholders’ equity. In March 2016, the FASB issued a new accounting standard update (ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718)), which includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. Under the ASU, an entity recognizes all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement in the period when the awards vest or are settled. The guidance also permits an entity to make an accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. This guidance will be effective January 1, 2017. Early adoption is permitted, but all of the guidance must be adopted in the same period. We plan to adopt the share-based payment guidance in first quarter 2017 and will continue to estimate the number of awards that are expected to vest. Currently, we record excess tax benefits and tax deficiencies to APIC at the time of vesting and/or settlement, however, upon adoption of this standard, the excess tax benefits and tax deficiencies will be recorded to the income statement as income tax expense or benefit. We do not expect the guidance to have a material impact on our annual earnings; however, the impact will vary period to period depending on the volatility of the Company's stock price and the actual timing of vesting and/or settlement of awards. We would expect the most significant impact to occur during our second quarter as the majority of awards vest during that period. If this guidance would have been effective in 2016 and 2015 we would have recorded a reduction in income tax expense of approximately $5.5 million and $11.7 million in 2016 and 2015, respectively. The impact to our 2016 diluted EPS would have been $0.10 higher and in 2015 our diluted EPS would have been $0.23 higher. Since 2015, the highest quarterly EPS impact would have been $0.15 during the second quarter of 2015 and the lowest quarterly EPS impact would have been $0.00 during the third quarter of 2016. In April 2016, the FASB issued a new accounting standard update (ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing), which amends the new revenue recognition guidance on accounting for licenses of intellectual property and identifying performance obligations. The amendments clarify how an entity should evaluate the nature of its promise in granting a license of intellectual property, which will determine whether it recognizes revenue over time or a point in time. The amendments also clarify when a promised good or service is separately identifiable, that is distinct within the context of the contract, and allow entities to disregard items that are immaterial in the context of a contract. The effective date and transition requirements for this update are the same as those of the new standard. This guidance is effective January 1, 2018, on either a full retrospective approach or a modified retrospective approach, with early adoption permitted, but not before January 1, 2017. We are currently evaluating the impact this guidance will have on our financial position, results of operation and stockholders’ equity. In June 2016, the FASB issued a new accounting standard update (ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments), which amends the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This guidance will be effective January 1, 2020, on a modified retrospective approach, with early adoption permitted, but not before January 1, 2019. We are currently evaluating the impact this guidance will have on our financial position, results of operation and stockholders’ equity. In August 2016, the FASB issued a new accounting standard update (ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments), which clarifies the guidance on eight specific cash flow issues. This guidance will be effective January 1, 2018 on a full retrospective approach, with early adoption permitted. We plan to adopt the cash flow guidance in first quarter 2018. We are currently evaluating the impact this guidance will have on our statement of cash flows. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to current period presentations. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 is presented in the following table: Limited partnership Company Direct and Indirect Ownership in Limited Partnership Managed funds of funds Strategic Investors Fund, LP 12.6 % Capital Preferred Return Fund, LP 20.0 Growth Partners, LP 33.0 Other private equity fund 58.2 Managed direct venture funds CP I, LP 10.7 |
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 7 years Computer software 3-7 years Computer hardware 3-5 years |
Stockholders' Equity and EPS (T
Stockholders' Equity and EPS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 into the Consolidated Statements of Income for 2016 , 2015 and 2014 : Year ended December 31, (Dollars in thousands) Income Statement Location 2016 2015 2014 Reclassification adjustment for (gains) losses included in net income Gains on investment securities, net $ (12,195 ) $ (1,201 ) $ 18,598 Related tax expense (benefit) Income tax expense 4,963 481 (7,510 ) Total reclassification adjustment for (gains) losses included in net income, net of tax $ (7,232 ) $ (720 ) $ 11,088 |
Reconciliation of Basic EPS to Diluted EPS | The following is a reconciliation of basic EPS to diluted EPS for 2016 , 2015 and 2014 : Year ended December 31, (Dollars and shares in thousands, except per share amounts) 2016 2015 2014 Numerator: Net income available to common stockholders $ 382,685 $ 343,904 $ 263,870 Denominator: Weighted average common shares outstanding—basic 51,915 51,318 48,931 Weighted average effect of dilutive securities: Stock options and ESPP 254 387 485 Restricted stock units 180 211 246 Weighted average common shares outstanding—diluted 52,349 51,916 49,662 Earnings per common share: Basic $ 7.37 $ 6.70 $ 5.39 Diluted $ 7.31 $ 6.62 $ 5.31 |
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 due to the antidilutive effect for 2016 , 2015 and 2014 : Year ended December 31, (Shares in thousands) 2016 2015 2014 Stock options 272 185 161 Restricted stock units 1 — — Total 273 185 161 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Compensation and Related Benefits | In 2016 , 2015 and 2014 , we recorded share-based compensation and related benefits as follows: Year ended December 31, (Dollars in thousands) 2016 2015 2014 Share-based compensation expense $ 35,494 $ 32,239 $ 29,545 Income tax benefit related to share-based compensation expense (12,505 ) (11,395 ) (9,923 ) Capitalized compensation costs 5,580 2,226 2,048 |
Unrecognized Share Based Compensation Expense | As of December 31, 2016 , unrecognized share-based compensation expense was as follows: (Dollars in thousands) Unrecognized Expense Average Expected Recognition Period - in Years Stock options $ 9,423 2.38 Restricted stock units 44,425 2.53 Total unrecognized share-based compensation expense $ 53,848 |
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 2016 2015 2014 Weighted average expected term of options - in years 4.8 4.7 4.6 Weighted average expected volatility of the Company's underlying common stock 31.7 % 31.3 % 35.9 % Risk-free interest rate 1.32 1.49 1.72 Expected dividend yield — — — Weighted average grant date fair value - stock options $ 31.17 $ 37.86 $ 35.65 Weighted average grant date fair value - restricted stock units 100.35 129.23 107.76 |
Weighted Average Assumptions and Fair Values Used for ESPP | The following weighted average assumptions and fair values were used for our ESPP: ESPP 2016 2015 2014 Expected term in years 0.5 0.5 0.5 Weighted average expected volatility of the Company's underlying common stock 41.8 % 25.9 % 23.7 % Risk-free interest rate 0.45 0.12 0.08 Expected dividend yield — — — Weighted average grand date fair value $ 29.16 $ 29.27 $ 24.00 |
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, 2016 : Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life - in Years Aggregate Intrinsic Value of In-The-Money Options Outstanding at December 31, 2015 1,137,228 $ 77.12 Granted 177,203 105.11 Exercised (271,528 ) 54.78 Forfeited (32,156 ) 102.51 Expired (190 ) 19.48 Outstanding at December 31, 2016 1,010,557 87.24 3.76 $ 85,315,707 Vested and expected to vest at December 31, 2016 985,983 86.69 3.71 83,778,687 Exercisable at December 31, 2016 580,165 73.67 2.69 56,848,539 |
Stock Options Outstanding | The following table summarizes information regarding stock options outstanding and exercisable as of December 31, 2016 : 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 $34.41 - 60.14 66,122 0.88 $ 49.67 66,122 $ 49.67 60.15 - 63.62 103,005 1.36 60.46 103,005 60.46 63.63 - 64.40 157,424 2.33 64.37 157,424 64.37 64.41 - 79.77 194,684 3.32 71.04 130,632 71.01 79.78 - 105.14 18,955 4.65 99.05 8,531 97.82 105.15 - 105.84 170,822 6.33 105.18 442 105.18 105.85 - 108.59 179,133 4.32 107.95 82,486 107.95 108.60 - 127.44 12,421 5.21 119.03 4,922 118.20 127.45 - 129.81 107,991 5.33 129.81 26,601 129.81 Total 1,010,557 3.76 87.24 580,165 73.67 |
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, 2016 : Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2015 572,038 $ 103.50 Granted 361,646 100.35 Vested (220,476 ) 88.24 Forfeited (42,239 ) 106.38 Nonvested at December 31, 2016 670,969 106.64 |
Summary of Information Regarding Stock Option and Restricted Stock Activity | The following table summarizes information regarding stock option and restricted stock unit activity during 2016 , 2015 and 2014 : Year ended December 31, (Dollars in thousands) 2016 2015 2014 Total intrinsic value of stock options exercised $ 18,186 $ 27,430 $ 21,288 Total grant date fair value of stock options vested 7,364 21,052 20,291 Total intrinsic value of restricted stock vested 22,966 34,009 25,453 Total grant date fair value of restricted stock vested 19,454 19,428 14,935 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments In Variable Interest Entities [Abstract] | |
Schedule of Variable Interest Entities | The following table presents the carrying amounts and classification of significant variable interests in consolidated and unconsolidated VIEs as of December 31, 2016 and December 31, 2015 : (Dollars in thousands) Consolidated VIEs Unconsolidated VIEs Maximum Exposure to Loss in Unconsolidated VIEs December 31, 2016: Assets: Cash and cash equivalents $ 11,469 $ — $ — Non-marketable and other securities (1) 196,140 314,810 314,810 Accrued interest receivable and other assets 294 — — Total assets $ 207,903 $ 314,810 $ 314,810 Liabilities: Accrued expenses and other liabilities (1) 517 58,095 — Total liabilities $ 517 $ 58,095 $ — December 31, 2015: Assets: Cash and cash equivalents $ 11,811 $ — $ — Non-marketable and other securities (1) 203,714 364,450 364,450 Accrued interest receivable and other assets 494 — — Total assets $ 216,019 $ 364,450 $ 364,450 Liabilities: Accrued expenses and other liabilities (1) 433 90,978 — Total liabilities $ 433 $ 90,978 $ — (1) Included in our unconsolidated non-marketable and other securities portfolio and accrued expenses and other liabilities at December 31, 2016 and December 31, 2015 are investments in qualified affordable housing projects of $112.4 million and $154.4 million , respectively, and related unfunded commitments of $58.1 million and $91.0 million , respectively. |
Reserves on Deposit with the 38
Reserves on Deposit with the Federal Reserve Bank and Federal Bank Stock (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 : Year ended December 31, (Dollars in thousands) 2016 2015 Average required reserve balances at FRB San Francisco $ 370,002 $ 278,101 |
Shares Held at Federal Reserve Bank and Federal Home Loan Bank | December 31, (Dollars in thousands) 2016 2015 FHLB stock holdings $ 17,250 $ 17,250 FRB stock holdings 40,342 39,741 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | The following table details our cash and cash equivalents at December 31, 2016 and December 31, 2015 : (Dollars in thousands) December 31, 2016 December 31, 2015 Cash and due from banks (1) $ 2,476,588 $ 1,372,743 Securities purchased under agreements to resell (2) 64,028 125,391 Other short-term investment securities 5,134 5,123 Total cash and cash equivalents $ 2,545,750 $ 1,503,257 (1) At December 31, 2016 and 2015 , $1.1 billion and $405 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 $721 million and $500 million , respectively. (2) At December 31, 2016 and 2015 , securities purchased under agreements to resell were collateralized by U.S. Treasury securities and U.S. agency securities with aggregate fair values of $66 million and $128 million , respectively. None of these securities were sold or repledged as of December 31, 2016 and 2015 . |
Securities Purchased Under Agreements to Resell | Additional information regarding our securities purchased under agreements to resell for 2016 and 2015 are as follows: Year Ended December 31, (Dollars in thousands) 2016 2015 Average securities purchased under agreements to resell $ 90,362 $ 75,504 Maximum amount outstanding at any month-end during the year 316,059 338,612 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 are as follows: December 31, 2016 (Dollars in thousands) Amortized Unrealized Unrealized Carrying Available-for-sale securities, at fair value: U.S. Treasury securities $ 8,880,358 $ 30,323 $ (1,190 ) $ 8,909,491 U.S. agency debentures 2,065,535 14,443 (1,603 ) 2,078,375 Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate 1,163,017 3,046 (13,398 ) 1,152,665 Agency-issued collateralized mortgage obligations—variable rate 474,238 685 (640 ) 474,283 Equity securities 5,635 748 (786 ) 5,597 Total available-for-sale securities $ 12,588,783 $ 49,245 $ (17,617 ) $ 12,620,411 December 31, 2015 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Carrying Value Available-for-sale securities, at fair value: U.S. Treasury securities $ 11,679,450 $ 19,134 $ (20,549 ) $ 11,678,035 U.S. agency debentures 2,677,453 17,684 (5,108 ) 2,690,029 Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate 1,408,206 6,591 (15,518 ) 1,399,279 Agency-issued collateralized mortgage obligations—variable rate 604,236 3,709 (9 ) 607,936 Equity securities 6,596 460 (1,587 ) 5,469 Total available-for-sale securities $ 16,375,941 $ 47,578 $ (42,771 ) $ 16,380,748 |
Summary of Unrealized Losses on Available for Sale Securities | The following tables summarize our unrealized losses on our AFS securities portfolio into categories of less than 12 months, or 12 months or longer as of December 31, 2016 and 2015 : December 31, 2016 Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Available-for-sale securities: U.S. Treasury securities $ 879,255 $ (1,190 ) $ — $ — $ 879,255 $ (1,190 ) U.S. agency debentures 513,198 (1,603 ) — — 513,198 (1,603 ) Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate 635,566 (6,704 ) 227,480 (6,694 ) 863,046 (13,398 ) Agency-issued collateralized mortgage obligations—variable rate 258,325 (613 ) 6,068 (27 ) 264,393 (640 ) Equity securities 3,693 (786 ) — — 3,693 (786 ) Total temporarily impaired securities (1) $ 2,290,037 $ (10,896 ) $ 233,548 $ (6,721 ) $ 2,523,585 $ (17,617 ) (1) As of December 31, 2016 , we identified a total of 174 investments that were in unrealized loss positions, of which 20 investments totaling $233.5 million with unrealized losses of $6.7 million have been in an impaired position for a period of time greater than 12 months. As of December 31, 2016 , we do not intend to sell any impaired debt 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, 2016 , 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 AFS securities portfolio are reviewed and monitored on a quarterly basis. December 31, 2015 Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Available-for-sale securities: U.S. Treasury securities $ 7,467,519 $ (20,549 ) $ — $ — $ 7,467,519 $ (20,549 ) U.S. agency debentures 760,071 (5,108 ) — — 760,071 (5,108 ) Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate 545,404 (4,681 ) 373,284 (10,837 ) 918,688 (15,518 ) Agency-issued collateralized mortgage obligations—variable rate 7,776 (9 ) — — 7,776 (9 ) Equity securities 2,955 (1,587 ) — — 2,955 (1,587 ) Total temporarily impaired securities (1) $ 8,783,725 $ (31,934 ) $ 373,284 $ (10,837 ) $ 9,157,009 $ (42,771 ) (1) As of December 31, 2015 , we identified a total of 243 investments that were in unrealized loss positions, of which 18 investments totaling $373.3 million with unrealized losses of $10.8 million have been in an impaired position for a period of time greater than 12 months. |
Summary of Remaining Contractual Principal Maturities and Fully Taxable Equivalent Yields on Securities | The following table summarizes the fixed income securities, carried at fair value, classified as available-for-sale as of December 31, 2016 by the remaining contractual principal maturities. For U.S. Treasury securities and U.S. agency debentures, the expected maturity is the actual contractual maturity of the notes. 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. December 31, 2016 (Dollars in thousands) Total One Year After One After Five After U.S. Treasury securities $ 8,909,491 $ 2,224,538 $ 6,684,953 $ — $ — U.S. agency debentures 2,078,375 500,520 1,577,855 — — Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations - fixed rate 1,152,665 — — 680,688 471,977 Agency-issued collateralized mortgage obligations - variable rate 474,283 — — — 474,283 Total $ 12,614,814 $ 2,725,058 $ 8,262,808 $ 680,688 $ 946,260 The following table summarizes the remaining contractual principal maturities on fixed income investment securities classified as held-to-maturity as of December 31, 2016 . For U.S. agency debentures, the expected maturity is the actual contractual maturity of the notes. 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. December 31, 2016 Total One Year or Less After One Year to Five Years After Five Years to Ten Years After Ten Years (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value U.S. agency debentures $ 622,445 $ 629,087 $ — $ — $ 47,357 $ 47,943 $ 575,088 $ 581,144 $ — $ — Residential mortgage-backed securities: Agency-issued mortgage-backed securities 2,896,179 2,878,572 — — 264,607 263,759 172,472 171,290 2,459,100 2,443,523 Agency-issued collateralized mortgage obligations - fixed rate 3,362,598 3,332,112 — — — — 71,260 70,227 3,291,338 3,261,885 Agency-issued collateralized mortgage obligations - variable rate 312,665 311,502 — — — — — — 312,665 311,502 Agency-issued commercial mortgage-backed securities 1,151,363 1,144,962 — — — — — — 1,151,363 1,144,962 Municipal bonds and notes 81,748 79,903 4,509 4,498 33,148 32,562 34,810 33,878 9,281 8,965 Total $ 8,426,998 $ 8,376,138 $ 4,509 $ 4,498 $ 345,112 $ 344,264 $ 853,630 $ 856,539 $ 7,223,747 $ 7,170,837 |
Held-to-maturity Securities | The components of our held-to-maturity investment securities portfolio at December 31, 2016 and 2015 are as follows: December 31, 2016 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Held-to-maturity securities, at cost: U.S. agency debentures (1) $ 622,445 $ 7,840 $ (1,198 ) $ 629,087 Residential mortgage-backed securities: Agency-issued mortgage-backed securities 2,896,179 6,919 (24,526 ) 2,878,572 Agency-issued collateralized mortgage obligations—fixed rate 3,362,598 788 (31,274 ) 3,332,112 Agency-issued collateralized mortgage obligations—variable rate 312,665 176 (1,339 ) 311,502 Agency-issued commercial mortgage-backed securities 1,151,363 1,237 (7,638 ) 1,144,962 Municipal bonds and notes 81,748 8 (1,853 ) 79,903 Total held-to-maturity securities $ 8,426,998 $ 16,968 $ (67,828 ) $ 8,376,138 (1) Consists of pools of Small Business Investment Company debentures issued and guaranteed by the U.S. Small Business Administration, an independent agency of the United States. December 31, 2015 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Held-to-maturity securities, at cost: U.S. agency debentures (1) $ 545,473 $ 8,876 $ — $ 554,349 Residential mortgage-backed securities: Agency-issued mortgage-backed securities 2,366,627 546 (11,698 ) 2,355,475 Agency-issued collateralized mortgage obligations—fixed rate 4,225,781 3,054 (32,999 ) 4,195,836 Agency-issued collateralized mortgage obligations—variable rate 370,779 758 (33 ) 371,504 Agency-issued commercial mortgage-backed securities 1,214,716 3,405 (3,475 ) 1,214,646 Municipal bonds and notes 67,587 55 (830 ) 66,812 Total held-to-maturity securities $ 8,790,963 $ 16,694 $ (49,035 ) $ 8,758,622 (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 tables summarize 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, 2016 and 2015 : December 31, 2016 Less than 12 months 12 months or longer (1) Total (Dollars in thousands) Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Held-to-maturity securities: U.S. agency debentures $ 118,721 $ (1,198 ) $ — $ — $ 118,721 $ (1,198 ) Residential mortgage-backed securities: Agency-issued mortgage-backed securities 1,801,861 (23,558 ) 21,917 (968 ) 1,823,778 (24,526 ) Agency-issued collateralized mortgage obligations—fixed rate 2,729,889 (25,723 ) 228,220 (5,551 ) 2,958,109 (31,274 ) Agency-issued collateralized mortgage obligations—variable rate 251,012 (1,339 ) — — 251,012 (1,339 ) Agency-issued commercial mortgage-backed securities 999,440 (7,494 ) 14,934 (144 ) 1,014,374 (7,638 ) Municipal bonds and notes 42,267 (877 ) 30,586 (976 ) 72,853 (1,853 ) Total temporarily impaired securities (1) $ 5,943,190 $ (60,189 ) $ 295,657 $ (7,639 ) $ 6,238,847 $ (67,828 ) (1) As of December 31, 2016 , we identified a total of 462 investments that were in unrealized loss positions, of which 85 investments totaling $295.7 million with unrealized losses of $7.6 million have been in an impaired position for a period of time greater than 12 months. As of December 31, 2016 , 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, 2016 , we deem all impairments to be temporary. Market valuations and impairment analyses on assets in the HTM securities portfolio are reviewed and monitored on a quarterly basis. December 31, 2015 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 Held-to-maturity securities: Residential mortgage-backed securities: Agency-issued mortgage-backed securities $ 2,121,258 $ (10,860 ) $ 22,507 $ (838 ) $ 2,143,765 $ (11,698 ) Agency-issued collateralized mortgage obligations—fixed rate 3,153,483 (30,230 ) 150,058 (2,769 ) 3,303,541 (32,999 ) Agency-issued collateralized mortgage obligations—variable rate 170,350 (33 ) — — 170,350 (33 ) Agency-issued commercial mortgage-backed securities 823,414 (2,994 ) 40,276 (481 ) 863,690 (3,475 ) Municipal bonds and notes 34,278 (274 ) 25,509 (556 ) 59,787 (830 ) Total temporarily impaired securities (1) $ 6,302,783 $ (44,391 ) $ 238,350 $ (4,644 ) $ 6,541,133 $ (49,035 ) (1) As of December 31, 2015 , we identified a total of 384 investments that were in unrealized loss positions, of which 58 investments totaling $238.4 million with unrealized losses of $4.6 million have been in an impaired position for a period of time greater than 12 months. |
Schedule of Nonmarketable and Other Securities | The major components of our non-marketable and other investment securities portfolio at December 31, 2016 and 2015 are as follows: (Dollars in thousands) December 31, 2016 December 31, 2015 Non-marketable and other securities: Non-marketable securities (fair value accounting): Venture capital and private equity fund investments (1) $ 141,649 $ 152,237 Other venture capital investments (2) 2,040 2,040 Other securities (fair value accounting) (3) 753 548 Non-marketable securities (equity method accounting) (4): Venture capital and private equity fund investments 82,823 85,705 Debt funds 17,020 21,970 Other investments 123,514 118,532 Non-marketable securities (cost method accounting): Venture capital and private equity fund investments (5) 114,606 120,676 Other investments 27,700 18,882 Investments in qualified affordable housing projects, net (6) 112,447 154,356 Total non-marketable and other securities $ 622,552 $ 674,946 (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, 2016 and 2015 (fair value accounting): December 31, 2016 December 31, 2015 (Dollars in thousands) Amount Ownership % Amount Ownership % Strategic Investors Fund, LP $ 18,459 12.6 % $ 20,794 12.6 % Capital Preferred Return Fund, LP 57,627 20.0 60,619 20.0 Growth Partners, LP 59,718 33.0 62,983 33.0 Other private equity fund (i) 5,845 58.2 7,841 58.2 Total venture capital and private equity fund investments $ 141,649 $ 152,237 (i) Our ownership includes direct ownership interest of 41.5 percent in other private equity funds and an indirect ownership interest of 12.6 percent through our ownership interest of Growth Partners, LP and an indirect ownership interest of 4.1 percent through our ownership interest of Capital Preferred Return Fund, LP. (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, 2016 and 2015 (fair value accounting): December 31, 2016 December 31, 2015 (Dollars in thousands) Amount Ownership % Amount Ownership % CP I, LP $ 2,040 10.7 % $ 2,040 10.7 % Total other venture capital investments $ 2,040 $ 2,040 (3) Investments classified as other securities (fair value accounting) represent direct equity investments in public companies held by our consolidated funds. (4) The following table shows the carrying value and our ownership percentage of each investment at December 31, 2016 and December 31, 2015 (equity method accounting): December 31, 2016 December 31, 2015 (Dollars in thousands) Amount Ownership % Amount Ownership % Venture capital and private equity fund investments: Strategic Investors Fund II, LP $ 7,720 8.6 % $ 10,035 8.6 % Strategic Investors Fund III, LP 20,449 5.9 23,926 5.9 Strategic Investors Fund IV, LP 24,530 5.0 26,411 5.0 Strategic Investors Fund V funds 12,029 Various 10,470 Various Other venture capital and private equity fund investments 18,095 Various 14,863 Various Total venture capital and private equity fund investments $ 82,823 $ 85,705 Debt funds: Gold Hill Capital 2008, LP (i) $ 13,557 15.5 % $ 17,453 15.5 % Other debt funds 3,463 Various 4,517 Various Total debt funds $ 17,020 $ 21,970 Other investments: China Joint Venture investment $ 75,296 50.0 % $ 78,799 50.0 % Other investments 48,218 Various 39,733 Various Total other investments $ 123,514 $ 118,532 (i) Our ownership includes direct ownership interest of 11.5 percent in the fund and an indirect interest in the fund through our investment in Gold Hill Capital 2008, LLC of 4.0 percent . (5) Represents investments in 252 and 267 funds (primarily venture capital funds) at December 31, 2016 and 2015 , 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 $115 million , and $222 million , respectively, as of December 31, 2016 . The carrying value, and estimated fair value, of the venture capital and private equity fund investments (cost method accounting) was $121 million , and $233 million , respectively, as of December 31, 2015 . (6) The following table presents the balances of our investments in qualified affordable housing projects and related unfunded commitments at December 31, 2016 and 2015 : (Dollars in thousands) December 31, 2016 December 31, 2015 Investments in qualified affordable housing projects, net $ 112,447 $ 154,356 Accrued expenses and other liabilities 58,095 90,978 The following table presents other information relating to our investments in qualified affordable housing projects for the year ended December 31, 2016 , 2015 and 2014 : Year ended December 31, (Dollars in thousands) 2016 2015 2014 Tax credits and other tax benefits recognized $ 15,404 $ 14,375 $ 12,109 Amortization expense included in provision for income taxes (i) 12,145 10,389 9,340 (i) All investments are amortized using the proportional amortization method and amortization expense is included in the provision for income taxes. |
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 2016 , 2015 and 2014 : Year ended December 31, (Dollars in thousands) 2016 2015 2014 Gross gains on investment securities: Available-for-sale securities, at fair value (1) $ 15,051 $ 2,971 $ 657 Non-marketable securities (fair value accounting): Venture capital and private equity fund investments 25,041 32,399 349,747 Other venture capital investments 17 1,512 17,309 Other securities (fair value accounting) 691 9,180 151,007 Non-marketable securities (equity method accounting): Venture capital and private equity fund investments 10,834 26,415 1,661 Debt funds 1,406 4,111 4,749 Other investments 15,739 2,791 4,755 Non-marketable securities (cost method accounting): Venture capital and private equity fund investments 18,428 25,908 16,001 Other investments 293 2,599 5,795 Total gross gains on investment securities 87,500 107,886 551,681 Gross losses on investment securities: Available-for-sale securities, at fair value (1) (2,856 ) (1,770 ) (19,255 ) Non-marketable securities (fair value accounting): Venture capital and private equity fund investments (19,077 ) (9,210 ) (86,263 ) Other venture capital investments (38 ) (320 ) (4,516 ) Other securities (fair value accounting) (781 ) (1,559 ) (170,890 ) Non-marketable securities (equity method accounting): Venture capital and private equity fund investments (6,764 ) (909 ) (231 ) Debt funds (458 ) (774 ) (1,558 ) Other investments (4,857 ) (3,146 ) (759 ) Non-marketable securities (cost method accounting): Venture capital and private equity fund investments (2) (591 ) (729 ) (827 ) Other investments (3) (338 ) (24 ) (359 ) Total gross losses on investment securities (35,760 ) (18,441 ) (284,658 ) Gains on investment securities, net $ 51,740 $ 89,445 $ 267,023 (1) Includes realized gains (losses) on sales of AFS securities that are recognized in the income statement. Unrealized gains (losses) on AFS securities are recognized in other comprehensive income. The cost basis of AFS securities sold is determined on a specific identification basis. (2) Includes OTTI of $0.6 million from the declines in value for 26 of the 252 investments held at December 31, 2016 , $0.6 million from the declines in value for 22 of the 267 investments held at December 31, 2015 and $0.8 million from the declines in value for 27 of the 281 investments held at December 31, 2014 . 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 years ended December 31, 2016 , 2015 , and 2014 , respectively. We concluded that any declines in value for the investments were temporary, and as such, no OTTI was required to be recognized. |
Loans and Allowance for Loan 41
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | The composition of loans, net of unearned income of $125 million and $115 million at December 31, 2016 and 2015 , respectively, is presented in the following table: December 31, (Dollars in thousands) 2016 2015 Commercial loans: Software and internet $ 5,627,031 $ 5,437,915 Hardware 1,180,398 1,071,528 Private equity/venture capital 7,691,148 5,467,577 Life science/healthcare 1,853,004 1,710,642 Premium wine 200,156 201,175 Other 393,551 312,278 Total commercial loans 16,945,288 14,201,115 Real estate secured loans: Premium wine (1) 678,166 646,120 Consumer loans (2) 1,926,968 1,544,440 Other 43,487 44,830 Total real estate secured loans 2,648,621 2,235,390 Construction loans 64,671 78,682 Consumer loans 241,364 226,883 Total loans, net of unearned income (3) $ 19,899,944 $ 16,742,070 (1) Included in our premium wine portfolio are gross construction loans of $110 million and $121 million at December 31, 2016 and 2015 , respectively. (2) Consumer loans secured by real estate at December 31, 2016 and 2015 were comprised of the following: December 31, (Dollars in thousands) 2016 2015 Loans for personal residence $ 1,655,349 $ 1,312,818 Loans to eligible employees 199,291 156,001 Home equity lines of credit 72,328 75,621 Consumer loans secured by real estate $ 1,926,968 $ 1,544,440 (3) Included within our total loan portfolio are credit card loans of $224 million and $177 million at December 31, 2016 and 2015 , 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 $125 million and $115 million at December 31, 2016 and 2015 , respectively, broken out by portfolio segment and class of financing receivable, is as follows: December 31, (Dollars in thousands) 2016 2015 Commercial loans: Software and internet $ 5,627,031 $ 5,437,915 Hardware 1,180,398 1,071,528 Private equity/venture capital 7,691,148 5,467,577 Life science/healthcare 1,853,004 1,710,642 Premium wine 878,322 847,295 Other 501,709 435,790 Total commercial loans 17,731,612 14,970,747 Consumer loans: Real estate secured loans 1,926,968 1,544,440 Other consumer loans 241,364 226,883 Total consumer loans 2,168,332 1,771,323 Total loans, net of unearned income $ 19,899,944 $ 16,742,070 |
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, 2016 and 2015 : (Dollars in thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Loans Past Due 90 Days or More Still Accruing Interest December 31, 2016: Commercial loans: Software and internet $ 37,087 $ 1,162 $ 6 $ 38,255 $ 5,507,575 $ 6 Hardware 5,591 36 27 5,654 1,118,065 27 Private equity/venture capital 689 — — 689 7,747,222 — Life science/healthcare 283 551 — 834 1,827,490 — Premium wine 1,003 4 — 1,007 876,185 — Other 34 300 — 334 504,021 — Total commercial loans 44,687 2,053 33 46,773 17,580,558 33 Consumer loans: Real estate secured loans 850 — — 850 1,923,266 — Other consumer loans 1,402 — — 1,402 237,353 — Total consumer loans 2,252 — — 2,252 2,160,619 — Total gross loans excluding impaired loans 46,939 2,053 33 49,025 19,741,177 33 Impaired loans 34,636 3,451 11,180 49,267 185,193 — Total gross loans $ 81,575 $ 5,504 $ 11,213 $ 98,292 $ 19,926,370 $ 33 December 31, 2015: Commercial loans: Software and internet $ 3,384 $ 6,638 $ — $ 10,022 $ 5,371,222 $ — Hardware 1,061 66 — 1,127 1,051,368 — Private equity/venture capital — 17 — 17 5,511,912 — Life science/healthcare 853 6,537 — 7,390 1,665,801 — Premium wine 16 65 — 81 847,249 — Other 14 22 — 36 438,313 — Total commercial loans 5,328 13,345 — 18,673 14,885,865 — Consumer loans: Real estate secured loans 4,911 865 — 5,776 1,537,421 — Other consumer loans 228 115 — 343 226,369 — Total consumer loans 5,139 980 — 6,119 1,763,790 — Total gross loans excluding impaired loans 10,467 14,325 — 24,792 16,649,655 — Impaired loans 333 — 7,221 7,554 175,130 — Total gross loans $ 10,800 $ 14,325 $ 7,221 $ 32,346 $ 16,824,785 $ — |
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 for the years ended December 31, 2016 and 2015 : (Dollars in thousands) Impaired loans for which there is a related allowance for loan losses Impaired loans for which there is no related allowance for loan losses Total carrying value of impaired loans Total unpaid principal of impaired loans December 31, 2016: Commercial loans: Software and internet $ 121,658 $ 1,090 $ 122,748 $ 129,648 Hardware 65,395 — 65,395 70,683 Private equity/venture capital — — — — Life science/healthcare 38,361 — 38,361 41,130 Premium wine 3,187 — 3,187 3,187 Other 867 — 867 867 Total commercial loans 229,468 1,090 230,558 245,515 Consumer loans: Real estate secured loans 1,504 — 1,504 2,779 Other consumer loans 2,398 — 2,398 2,398 Total consumer loans 3,902 — 3,902 5,177 Total $ 233,370 $ 1,090 $ 234,460 $ 250,692 December 31, 2015: Commercial loans: Software and internet $ 100,866 $ — $ 100,866 $ 125,494 Hardware 27,736 — 27,736 27,869 Private equity/venture capital — — — — Life science/healthcare 50,429 925 51,354 55,310 Premium wine 898 1,167 2,065 2,604 Other 520 — 520 520 Total commercial loans 180,449 2,092 182,541 211,797 Consumer loans: Real estate secured loans 143 — 143 1,393 Other consumer loans — — — — Total consumer loans 143 — 143 1,393 Total $ 180,592 $ 2,092 $ 182,684 $ 213,190 |
Average Impaired Loans, Broken out by Portfolio Segment and Class of Financing Receivable | The following table summarizes our average impaired loans and the related interest income while impaired, broken out by portfolio segment and class of financing receivable during 2016 , 2015 and 2014 : Year ended December 31, (Dollars in thousands) Average impaired loans Interest income on impaired loans 2016 2015 2014 2016 2015 2014 (1) Commercial loans: Software and internet $ 89,462 $ 63,825 $ 14,357 $ 1,054 $ 344 $ — Hardware 39,108 8,854 6,634 2,624 574 — Private equity/venture capital — — — — — — Life science/healthcare 40,620 18,083 516 155 132 — Premium wine 2,056 1,455 1,381 28 12 — Other 3,442 2,758 1,088 6 8 — Total commercial loans 174,688 94,975 23,976 3,867 1,070 — Consumer loans: Real estate secured loans 588 172 218 — — — Other consumer loans 1,136 41 322 17 — — Total consumer loans 1,724 213 540 17 — — Total average impaired loans $ 176,412 $ 95,188 $ 24,516 $ 3,884 $ 1,070 $ — (1) In 2014, all impaired loans were nonaccrual loans and no interest income was recognized. |
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 2016 , 2015 and 2014 broken out by portfolio segment: Year ended December 31, 2016 (Dollars in thousands) Beginning Balance December 31, 2015 Charge-offs Recoveries Provision for (Reduction of) Loan Losses Foreign Currency Translation Adjustments Ending Balance December 31, 2016 Commercial loans: Software and internet $ 103,045 $ (68,784 ) $ 7,278 $ 58,350 $ (2,501 ) $ 97,388 Hardware 23,085 (13,233 ) 1,667 20,851 (1,204 ) 31,166 Private equity/venture capital 35,282 — — 15,114 (97 ) 50,299 Life science/healthcare 36,576 (9,693 ) 1,129 (2,543 ) (23 ) 25,446 Premium wine 5,205 — — (1,260 ) 170 4,115 Other 4,252 (5,045 ) 1,880 3,373 308 4,768 Total commercial loans 207,445 (96,755 ) 11,954 93,885 (3,347 ) 213,182 Consumer loans 10,168 (102 ) 258 1,812 48 12,184 Total allowance for loan losses $ 217,613 $ (96,857 ) $ 12,212 $ 95,697 $ (3,299 ) $ 225,366 Year ended December 31, 2015 (Dollars in thousands) Beginning Balance December 31, 2014 Charge-offs Recoveries Provision for (Reduction of) Loan Losses Foreign Currency Translation Adjustments Ending Balance December 31, 2015 Commercial loans: Software and internet $ 80,981 $ (33,246 ) $ 1,621 $ 53,696 $ (7 ) $ 103,045 Hardware 25,860 (5,145 ) 3,332 (1,035 ) 73 23,085 Private equity/venture capital 27,997 — — 7,391 (106 ) 35,282 Life science/healthcare 15,208 (7,291 ) 277 28,400 (18 ) 36,576 Premium wine 4,473 — 7 725 — 5,205 Other 3,253 (4,990 ) 809 5,736 (556 ) 4,252 Total commercial loans 157,772 (50,672 ) 6,046 94,913 (614 ) 207,445 Consumer loans 7,587 (296 ) 163 2,716 (2 ) 10,168 Total allowance for loan losses $ 165,359 $ (50,968 ) $ 6,209 $ 97,629 $ (616 ) $ 217,613 Year ended December 31, 2014 Beginning Balance December 31, 2013 Charge-offs Recoveries Provision for Loan Losses Foreign Currency Translation Adjustments Ending Balance December 31, 2014 Commercial loans: Software and internet $ 64,084 $ (21,031 ) $ 1,425 $ 36,547 $ (44 ) $ 80,981 Hardware 36,553 (15,265 ) 2,238 2,417 (83 ) 25,860 Private equity/venture capital 16,385 — — 11,632 (20 ) 27,997 Life science/healthcare 11,926 (2,951 ) 374 5,925 (66 ) 15,208 Premium wine 3,914 (35 ) 240 354 — 4,473 Other 3,680 (3,886 ) 1,748 1,760 (49 ) 3,253 Total commercial loans 136,542 (43,168 ) 6,025 58,635 (262 ) 157,772 Consumer loans 6,344 — 379 851 13 7,587 Total allowance for loan losses $ 142,886 $ (43,168 ) $ 6,404 $ 59,486 $ (249 ) $ 165,359 |
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, 2016 and 2015 , broken out by portfolio segment: December 31, 2016 December 31, 2015 Individually Evaluated for Impairment Collectively Evaluated for Impairment Individually Evaluated for Impairment Collectively Evaluated for Impairment (Dollars in thousands) Allowance for loan losses Recorded investment in loans Allowance for loan losses Recorded investment in loans Allowance for loan losses Recorded investment in loans Allowance for loan losses Recorded investment in loans Commercial loans: Software and internet $ 28,245 $ 122,748 $ 69,143 $ 5,504,283 $ 34,098 $ 100,866 $ 68,947 $ 5,337,049 Hardware 9,995 65,395 21,171 1,115,003 3,160 27,736 19,925 1,043,792 Private equity/venture capital — — 50,299 7,691,148 — — 35,282 5,467,577 Life science/healthcare 8,709 38,361 16,737 1,814,643 20,230 51,354 16,346 1,659,288 Premium wine 520 3,187 3,595 875,135 90 2,065 5,115 845,230 Other 233 867 4,535 500,842 52 520 4,200 435,270 Total commercial loans 47,702 230,558 165,480 17,501,054 57,630 182,541 149,815 14,788,206 Consumer loans 1,123 3,902 11,061 2,164,430 143 143 10,025 1,771,180 Total $ 48,825 $ 234,460 $ 176,541 $ 19,665,484 $ 57,773 $ 182,684 $ 159,840 $ 16,559,386 |
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, 2016 and 2015 : (Dollars in thousands) Pass Performing (Criticized) Performing Impaired (Criticized) Nonperforming Impaired (Nonaccrual) Total December 31, 2016: Commercial loans: Software and internet $ 4,924,923 $ 620,907 $ 46,143 $ 76,605 $ 5,668,578 Hardware 985,889 137,830 58,814 6,581 1,189,114 Private equity/venture capital 7,747,317 594 — — 7,747,911 Life science/healthcare 1,707,499 120,825 6,578 31,783 1,866,685 Premium wine 865,354 11,838 2,696 491 880,379 Other 480,845 23,510 464 403 505,222 Total commercial loans 16,711,827 915,504 114,695 115,863 17,857,889 Consumer loans: Real estate secured loans 1,914,512 9,604 — 1,504 1,925,620 Other consumer loans 238,256 499 786 1,612 241,153 Total consumer loans 2,152,768 10,103 786 3,116 2,166,773 Total gross loans $ 18,864,595 $ 925,607 $ 115,481 $ 118,979 $ 20,024,662 December 31, 2015: Commercial loans: Software and internet $ 4,933,179 $ 448,065 $ 23,321 $ 77,545 $ 5,482,110 Hardware 955,675 96,820 27,306 430 1,080,231 Private equity/venture capital 5,474,929 37,000 — — 5,511,929 Life science/healthcare 1,544,555 128,636 7,247 44,107 1,724,545 Premium wine 825,058 22,272 898 1,167 849,395 Other 429,481 8,868 520 — 438,869 Total commercial loans 14,162,877 741,661 59,292 123,249 15,087,079 Consumer loans: Real estate secured loans 1,539,468 3,729 — 143 1,543,340 Other consumer loans 224,601 2,111 — — 226,712 Total consumer loans 1,764,069 5,840 — 143 1,770,052 Total gross loans $ 15,926,946 $ 747,501 $ 59,292 $ 123,392 $ 16,857,131 |
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, 2016 and 2015 : December 31, (Dollars in thousands) 2016 2015 Loans modified in TDRs: Commercial loans: Software and internet $ 52,646 $ 56,790 Hardware 14,870 473 Life science/healthcare 24,176 51,878 Premium wine 3,194 2,065 Other 387 519 Total commercial loans 95,273 111,725 Consumer loans: Other consumer loans 786 — Total consumer loans 786 — Total loans modified in TDRs $ 96,059 $ 111,725 |
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 2016 , 2015 and 2014 : Year ended December 31, (Dollars in thousands) 2016 2015 2014 Loans modified in TDRs during the period: Commercial loans: Software and internet $ 23,574 $ 56,790 $ 1,033 Hardware 14,870 286 1,118 Private equity/venture capital — — — Life science/healthcare 1,638 51,878 — Premium wine 677 898 587 Other — 519 — Total commercial loans 40,759 110,371 2,738 Consumer loans: Other consumer loans 786 — — Total consumer loans 786 — — Total loans modified in TDRs during the period (1) $ 41,545 $ 110,371 $ 2,738 (1) During 2016 we had $3.6 million of partial charge-offs on loans classified as TDRs. We had $23.5 million of partial charge-offs in 2015 and we did not have any partial charge-offs in 2014. |
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) 2016 2015 2014 TDRs modified within the previous 12 months that defaulted during the period: Commercial loans: Software and internet $ — $ 16,804 $ — Hardware 134 286 — Premium wine 491 — — Life science/healthcare — 943 — Total commercial loans 625 18,033 — Consumer loans: Other consumer loans 786 — — Total TDRs modified within the previous 12 months that defaulted in the period $ 1,411 $ 18,033 $ — |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Components of Premises and Equipment | Premises and equipment at December 31, 2016 and 2015 consisted of the following: December 31, (Dollars in thousands) 2016 2015 Computer software $ 189,867 $ 170,625 Computer hardware 56,215 41,856 Leasehold improvements 70,909 60,339 Furniture and equipment 31,886 28,645 Total 348,877 301,465 Accumulated depreciation and amortization (228,194 ) (198,840 ) Premises and equipment, net $ 120,683 $ 102,625 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Composition of Deposits | The following table presents the composition of our deposits at December 31, 2016 and 2015 : December 31, (Dollars in thousands) 2016 2015 Noninterest-bearing demand $ 31,975,457 $ 30,867,497 Interest bearing checking and savings accounts 375,710 330,525 Money market 5,331,054 6,128,442 Money market deposits in foreign offices 107,657 88,656 Sweep deposits in foreign offices 1,133,872 1,657,177 Time 56,118 70,479 Total deposits $ 38,979,868 $ 39,142,776 |
Short-Term Borrowings and Lon44
Short-Term Borrowings and Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 : Carrying Value (Dollars in thousands) Maturity Principal value at December 31, 2016 December 31, December 31, Short-term borrowings: Short-term FHLB advances January 6, 2017 $ 500,000 $ 500,000 $ 638,000 Federal funds purchased - — — 135,000 Other short-term borrowings (1) 12,668 12,668 1,900 Total short-term borrowings $ 512,668 $ 774,900 Long-term debt: 3.50% Senior Notes January 29, 2025 $ 350,000 $ 346,979 $ 346,667 5.375% Senior Notes September 15, 2020 350,000 347,586 347,016 6.05% Subordinated Notes (2) June 1, 2017 45,964 46,646 48,350 7.0% Junior Subordinated Debentures October 15, 2033 50,000 54,493 54,669 Total long-term debt $ 795,704 $ 796,702 (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, 2016 and 2015 , included in the carrying value of our 6.05% Subordinated Notes were $0.8 million and $2.8 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, 2016 are as follows: Year ended December 31, (Dollars in thousands): Amount 2017 $ 46,646 2018 — 2019 — 2020 347,586 2021 — 2022 and thereafter 401,472 Total $ 795,704 |
Derivative Financial Instrume45
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 were as follows: December 31, 2016 December 31, 2015 (Dollars in thousands) Balance Sheet Location Notional or Contractual Amount Fair Value Collateral (1) Net Exposure (2) Notional or Contractual Amount Fair Value Collateral (1) Net Exposure (2) Derivatives designated as hedging instruments: Interest rate risks: Interest rate swaps Other assets $ 45,964 $ 810 $ 89 $ 721 $ 45,964 $ 2,768 $ — $ 2,768 Derivatives not designated as hedging instruments: Currency exchange risks: Foreign exchange forwards Other assets 219,950 3,057 — 3,057 49,287 809 — 809 Foreign exchange forwards Other liabilities 54,338 (968 ) — (968 ) 6,586 (669 ) — (669 ) Net exposure 2,089 — 2,089 140 — 140 Other derivative instruments: Equity warrant assets Other assets 211,434 131,123 — 131,123 210,102 137,105 — 137,105 Other derivatives: Client foreign exchange forwards Other assets 1,251,308 54,587 12,579 42,008 935,514 29,722 1,900 27,822 Client foreign exchange forwards Other liabilities 1,068,991 (43,317 ) — (43,317 ) 841,182 (24,978 ) — (24,978 ) Client foreign currency options Other assets 775,000 10,383 — 10,383 46,625 706 — 706 Client foreign currency options Other liabilities 775,000 (10,383 ) — (10,383 ) 46,625 (706 ) — (706 ) Client interest rate derivatives Other assets 583,511 10,110 — 10,110 422,741 3,973 — 3,973 Client interest rate derivatives Other liabilities 627,639 (9,770 ) — (9,770 ) 422,741 (4,384 ) — (4,384 ) Net exposure 11,610 12,579 (969 ) 4,333 1,900 2,433 Net $ 145,632 $ 12,668 $ 132,964 $ 144,346 $ 1,900 $ 142,446 (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, 2016 remain at investment grade or higher and there were no material changes in their credit ratings for the year ended December 31, 2016 |
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 2016 , 2015 and 2014 is as follows: Year ended December 31, (Dollars in thousands) Statement of income location 2016 2015 2014 Derivatives designated as hedging instruments: Interest rate risks: Net cash benefit associated with interest rate swaps Interest expense—borrowings $ 2,341 $ 2,526 $ 2,553 Changes in fair value of interest rate swaps Gains on derivative instruments, net (35 ) (20 ) (50 ) Net gains associated with interest rate risk derivatives $ 2,306 $ 2,506 $ 2,503 Derivatives not designated as hedging instruments: Currency exchange risks: Losses on revaluations of internal foreign currency instruments, net Other noninterest income $ (16,676 ) $ (12,735 ) $ (21,636 ) Gains on internal foreign exchange forward contracts, net Gains on derivative instruments, net 16,136 12,377 21,598 Net losses associated with internal currency risk $ (540 ) $ (358 ) $ (38 ) Other derivative instruments: Gains (losses) on revaluations of client foreign currency instruments, net Other noninterest income $ 4,215 $ 115 $ (4,078 ) (Losses) gains on client foreign exchange forward contracts, net Gains on derivative instruments, net (5,674 ) 694 5,081 Net (losses) gains associated with client currency risk $ (1,459 ) $ 809 $ 1,003 Net gains on equity warrant assets Gains on derivative instruments, net $ 37,892 $ 70,963 $ 71,012 Net gains (losses) on other derivatives (1) Gains on derivative instruments, net $ 262 $ (209 ) $ (796 ) (1) Derivative activity in 2014 primarily represents the change in fair value of loan conversion options. We did not have any loan conversion options in 2016 or 2015. |
Offsetting Assets | The following table summarizes our assets subject to enforceable master netting arrangements as of December 31, 2016 and 2015 : (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 Gross Amounts Not Offset in the Statement of Financial Position But Subject to Master Netting Arrangements Net Amount Financial Instruments Cash Collateral Received December 31, 2016: Derivative Assets: Interest rate swaps $ 810 $ — $ 810 $ (721 ) $ (89 ) $ — Foreign exchange forwards 57,644 — 57,644 (22,738 ) (12,579 ) 22,327 Foreign currency options 10,383 — 10,383 (8,806 ) — 1,577 Client interest rate derivatives 10,110 — 10,110 (10,091 ) — 19 Total derivative assets: 78,947 — 78,947 (42,356 ) (12,668 ) 23,923 Reverse repurchase, securities borrowing, and similar arrangements 64,028 — 64,028 (64,028 ) — — Total $ 142,975 $ — $ 142,975 $ (106,384 ) $ (12,668 ) $ 23,923 December 31, 2015: Derivative Assets: Interest rate swaps $ 2,768 $ — $ 2,768 $ (2,768 ) $ — $ — Foreign exchange forwards 30,531 — 30,531 (18,141 ) (1,900 ) 10,490 Foreign currency options 711 (5 ) 706 (706 ) — — Client interest rate derivatives 3,973 — 3,973 (3,973 ) — — Total derivative assets: 37,983 (5 ) 37,978 (25,588 ) (1,900 ) 10,490 Reverse repurchase, securities borrowing, and similar arrangements 125,391 — 125,391 (125,391 ) — — Total $ 163,374 $ (5 ) $ 163,369 $ (150,979 ) $ (1,900 ) $ 10,490 |
Offsetting Liabilities | The following table summarizes our liabilities subject to enforceable master netting arrangements as of December 31, 2016 and 2015 : (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 Gross Amounts Not Offset in the Statement of Financial Position But Subject to Master Netting Arrangements Net Amount Financial Instruments Cash Collateral Pledged December 31, 2016: Derivative Liabilities: Foreign exchange forwards $ 44,285 $ — $ 44,285 $ (17,964 ) $ — $ 26,321 Foreign currency options 10,383 — 10,383 (1,585 ) — 8,798 Client interest rate derivatives 9,770 — 9,770 (9,770 ) — — Total derivative liabilities: 64,438 — 64,438 (29,319 ) — 35,119 Repurchase, securities lending, and similar arrangements — — — — — — Total $ 64,438 $ — $ 64,438 $ (29,319 ) $ — $ 35,119 December 31, 2015: Derivative Liabilities: Foreign exchange forwards $ 25,647 $ — $ 25,647 $ (10,818 ) $ — $ 14,829 Foreign currency options 711 (5 ) 706 — — 706 Client interest rate derivatives 4,384 — 4,384 (4,384 ) — — Total derivative liabilities: 30,742 (5 ) 30,737 (15,202 ) — 15,535 Repurchase, securities lending, and similar arrangements — — — — — — Total $ 30,742 $ (5 ) $ 30,737 $ (15,202 ) $ — $ 15,535 |
Other Noninterest Income (Los46
Other Noninterest Income (Loss) and Other Noninterest Expense (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Summary of Other Noninterest Income | A summary of other noninterest (loss) income for 2016 , 2015 and 2014 is as follows: Year ended December 31, (Dollars in thousands) 2016 2015 2014 Fund management fees $ 19,195 $ 15,941 $ 13,498 Service-based fee income 7,962 8,767 8,650 Net losses on the sale of certain assets related to our SVBIF business — — (13,934 ) Gains (losses) on revaluation of client foreign currency instruments, net (1) 4,215 115 (4,078 ) Losses on revaluation of internal foreign currency instruments, net (2) (16,676 ) (12,735 ) (21,636 ) Other (3) 25,365 22,074 16,240 Total other noninterest income (loss) $ 40,061 $ 34,162 $ (1,260 ) (1) Represents the net revaluation of client foreign currency denominated financial instruments. We enter into client foreign exchange forward contracts to economically reduce our foreign exchange exposure related to client foreign currency denominated financial instruments. The changes in the fair value of client foreign exchange forward contracts are included within noninterest income in the line item "Gains on derivative instruments, net". (2) Represents the net revaluation of foreign currency denominated financial instruments issued and held by us, primarily loans, deposits and cash. We enter into internal foreign exchange forward contracts to economically reduce our foreign exchange exposure related to these foreign currency denominated financial instruments issued and held by us. The changes in the fair value of internal foreign exchange forward contracts are included within noninterest income in the line item "Gains on derivative instruments, net". (3) Includes dividends on FHLB/FRB stock, correspondent bank rebate income, incentive fees related to carried interest and other fee income. |
Summary of Other Noninterest Expense | A summary of other noninterest expense for 2016 , 2015 and 2014 is as follows: Year ended December 31, (Dollars in thousands) 2016 2015 2014 Lending and other client related processing costs $ 19,867 $ 15,944 $ 10,692 Data processing services 9,014 7,316 8,079 Telephone 9,793 9,398 7,250 Postage and supplies 2,851 3,154 3,196 Dues and publications 2,828 2,476 2,549 Other 17,890 19,999 12,939 Total other noninterest expense $ 62,243 $ 58,287 $ 44,705 |
Employee Compensation and Ben47
Employee Compensation and Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 , 2015 and 2014 is as follows: Year ended December 31, (Dollars in thousands) 2016 2015 2014 Incentive Compensation Plan $ 96,892 $ 97,565 $ 78,014 Direct Drive Incentive Compensation Plan 21,174 21,930 20,153 Retention Program 1,475 1,996 1,792 Warrant Incentive Plan 4,954 9,110 3,926 Deferred Compensation Plan 1,318 2,404 2,458 SVBFG 401(k) Plan 16,078 13,809 11,996 SVBFG ESOP 3,159 8,585 6,691 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Provision for Income Taxes | The components of our provision for income taxes for 2016 , 2015 and 2014 were as follows: Year ended December 31, (Dollars in thousands) 2016 2015 2014 Current provision: Federal $ 195,249 $ 191,194 $ 181,011 State 59,319 50,815 45,488 Deferred benefit: Federal (3,560 ) (11,270 ) (36,067 ) State (675 ) (1,985 ) (6,924 ) Income tax expense $ 250,333 $ 228,754 $ 183,508 |
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 2016 , 2015 and 2014 , is as follows: December 31, (Dollars in thousands) 2016 2015 2014 Federal statutory income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of the federal tax effect 5.9 5.7 5.6 Meals and entertainment 0.4 0.3 0.3 Disallowed officer's compensation 0.1 0.3 0.3 Share-based compensation expense on incentive stock options and ESPP — — 0.2 Tax-exempt interest income (0.2 ) (0.2 ) (0.3 ) Valuation allowance benefit (0.3 ) (0.4 ) — Qualified affordable housing project tax credits (0.5 ) (0.5 ) (0.5 ) Other, net (0.9 ) (0.3 ) 0.4 Effective income tax rate 39.5 % 39.9 % 41.0 % |
Deferred Tax Assets (Liabilities) | Deferred tax assets and liabilities at December 31, 2016 and 2015 , consisted of the following: December 31, (Dollars in thousands) 2016 2015 Deferred tax assets: Allowance for loan losses $ 110,248 $ 102,410 Other accruals 20,502 6,670 Share-based compensation expense 15,498 11,979 State income taxes 12,682 11,933 Deferred rent 10,050 — Loan fee income and costs 8,266 13,770 Accrued compensation 6,799 8,720 Net operating loss 4,116 4,406 Other 2,168 2,645 Deferred tax assets 190,329 162,533 Valuation allowance (4,440 ) (4,730 ) Net deferred tax assets after valuation allowance 185,889 157,803 Deferred tax liabilities: Change in accounting method (section 481(a)) (35,262 ) — Derivative equity warrant assets (36,406 ) (31,955 ) Net unrealized gains on available-for-sale securities (17,970 ) (10,199 ) Premises and equipment and other intangibles (11,956 ) — Non-marketable and other securities (6,075 ) (35,721 ) Deferred rent — (1,843 ) Other (6,380 ) (4,144 ) Deferred tax liabilities (114,049 ) (83,862 ) Net deferred tax assets $ 71,840 $ 73,941 |
Changes in Unrecognized Tax Benefit (Including Interest and Penalties) | A summary of changes in our unrecognized tax benefit (including interest and penalties) for December 31, 2016, 2015 and 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 Additions for tax positions for current year 1,208 — 1,208 Additions for tax positions for prior years — 228 228 Reduction for tax positions for prior years (1,228 ) (22 ) (1,250 ) Lapse of the applicable statute of limitations (20 ) (5 ) (25 ) Balance at December 31, 2015 $ 3,357 $ 301 $ 3,658 Additions for tax positions for current year 793 — 793 Additions for tax positions for prior years 1,427 166 1,593 Reduction for tax positions for prior years (271 ) (16 ) (287 ) Lapse of the applicable statute of limitations (37 ) (9 ) (46 ) Balance at December 31, 2016 $ 5,269 $ 442 $ 5,711 |
Off-Balance Sheet Arrangement49
Off-Balance Sheet Arrangements, Guarantees and Other Commitments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 : Year ended December 31, (Dollars in thousands) Amount 2017 $ 26,967 2018 29,377 2019 30,167 2020 27,591 2021 26,725 2022 and thereafter 75,887 Net minimum operating lease payments $ 216,714 |
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, 2016 and 2015 , respectively: December 31, (Dollars in thousands) 2016 2015 Loan commitments available for funding: (1) Fixed interest rate commitments $ 1,475,179 $ 1,312,734 Variable interest rate commitments 13,572,161 12,822,461 Total loan commitments available for funding 15,047,340 14,135,195 Commercial and standby letters of credit (2) 1,695,856 1,479,164 Total unfunded credit commitments $ 16,743,196 $ 15,614,359 Commitments unavailable for funding (3) $ 1,719,524 $ 2,026,532 Maximum lending limits for accounts receivable factoring arrangements (4) 725,395 1,006,404 Reserve for unfunded credit commitments (5) 45,265 34,415 (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, 2016 . 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 $ 1,547,011 $ 47,134 $ 1,594,145 $ 1,594,145 Performance standby letters of credit 82,544 12,958 95,502 95,502 Commercial letters of credit 6,209 — 6,209 6,209 Total $ 1,635,764 $ 60,092 $ 1,695,856 $ 1,695,856 |
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, 2016 : Our Ownership in Venture Capital and Private Equity Funds (Dollars in thousands) SVBFG Capital Commitments SVBFG Unfunded Commitments SVBFG Ownership of each Fund (4) CP I, LP $ 6,000 $ 270 10.7 % CP II, LP (1) 1,200 162 5.1 Shanghai Yangpu Venture Capital Fund (LP) 835 — 6.8 Strategic Investors Fund, LP 15,300 688 12.6 Strategic Investors Fund II, LP 15,000 1,050 8.6 Strategic Investors Fund III, LP 15,000 1,275 5.9 Strategic Investors Fund IV, LP 12,239 2,325 5.0 Strategic Investors Fund V funds 515 141 Various Capital Preferred Return Fund, LP 12,688 — 20.0 Growth Partners, LP 24,670 1,340 33.0 Other private equity fund (2) 9,338 — 58.2 Debt funds (equity method accounting) 58,021 — Various Other fund investments (3) 297,634 10,816 Various Total $ 468,440 $ 18,067 (1) Our ownership includes direct ownership of 1.3 percent and indirect ownership of 3.8 percent through our investment in 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 Growth Partners, LP and Capital Preferred Return Fund, LP, respectively. (3) Represents commitments to 258 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 of 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, 2016 : Limited Partnership (Dollars in thousands) Unfunded Commitments Strategic Investors Fund, LP $ 1,338 Capital Preferred Return Fund, LP 1,603 Growth Partners, LP 1,563 Total $ 4,504 |
Fair Value of Financial Instr50
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 : (Dollars in thousands) Level 1 Level 2 Level 3 Balance at December 31, 2016 Assets Available-for-sale securities: U.S. Treasury securities $ 8,909,491 $ — $ — $ 8,909,491 U.S. agency debentures — 2,078,375 — 2,078,375 Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations - fixed rate — 1,152,665 — 1,152,665 Agency-issued collateralized mortgage obligations - variable rate — 474,283 — 474,283 Equity securities 175 5,422 — 5,597 Total available-for-sale securities 8,909,666 3,710,745 — 12,620,411 Non-marketable and other securities (fair value accounting): Non-marketable securities: Venture capital and private equity fund investments measured at net asset value — — — 141,649 Other venture capital investments (1) — — 2,040 2,040 Other securities (1) 753 — — 753 Total non-marketable and other securities (fair value accounting) 753 — 2,040 144,442 Other assets: Interest rate swaps — 810 — 810 Foreign exchange forward and option contracts — 68,027 — 68,027 Equity warrant assets — 2,310 128,813 131,123 Client interest rate derivatives — 10,110 — 10,110 Total assets $ 8,910,419 $ 3,792,002 $ 130,853 $ 12,974,923 Liabilities Foreign exchange forward and option contracts $ — $ 54,668 $ — $ 54,668 Client interest rate derivatives — 9,770 — 9,770 Total liabilities $ — $ 64,438 $ — $ 64,438 (1) Included in Level 1 and Level 3 assets are $0.6 million and $1.8 million , 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, 2015 : (Dollars in thousands) Level 1 Level 2 Level 3 Balance at December 31, 2015 Assets Available-for-sale securities: U.S. Treasury securities $ 11,678,035 $ — $ — $ 11,678,035 U.S. agency debentures — 2,690,029 — 2,690,029 Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations - fixed rate — 1,399,279 — 1,399,279 Agency-issued collateralized mortgage obligations - variable rate — 607,936 — 607,936 Equity securities 4,517 952 — 5,469 Total available-for-sale securities 11,682,552 4,698,196 — 16,380,748 Non-marketable and other securities (fair value accounting): Non-marketable securities: Venture capital and private equity fund investments measured at net asset value — — — 152,237 Other venture capital investments (1) — — 2,040 2,040 Other securities (1) 548 — — 548 Total non-marketable and other securities (fair value accounting) 548 — 2,040 154,825 Other assets: Interest rate swaps — 2,768 — 2,768 Foreign exchange forward and option contracts — 31,237 — 31,237 Equity warrant assets — 1,937 135,168 137,105 Client interest rate derivatives — 3,973 — 3,973 Total assets $ 11,683,100 $ 4,738,111 $ 137,208 $ 16,710,656 Liabilities Foreign exchange forward and option contracts $ — $ 26,353 $ — $ 26,353 Client interest rate derivatives — 4,384 — 4,384 Total liabilities $ — $ 30,737 $ — $ 30,737 (1) Included in Level 1 and Level 3 assets are $0.4 million and $1.8 million , 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 2016 , 2015 and 2014 , respectively: (Dollars in thousands) Beginning Balance Total Realized and Unrealized Gains (Losses), net Included in Income Purchases Sales Issuances Distributions and Other Settlements Transfers Out of Level 3 Ending Balance Year ended December 31, 2016: Non-marketable and other securities (fair value accounting): Other venture capital investments (1) $ 2,040 $ (21 ) $ — $ (4 ) $ — $ 25 $ — $ 2,040 Other assets: Equity warrant assets (2) 135,168 38,091 — (56,643 ) 13,405 — (1,208 ) 128,813 Total assets $ 137,208 $ 38,070 $ — $ (56,647 ) $ 13,405 $ 25 $ (1,208 ) $ 130,853 Year ended December 31, 2015: Non-marketable and other securities (fair value accounting): Other venture capital investments (1) (3) $ 3,291 $ 1,192 $ — $ (2,356 ) $ — $ (87 ) $ — $ 2,040 Other assets: Equity warrant assets (2) 114,698 71,402 — (61,044 ) 12,534 — (2,422 ) 135,168 Total assets $ 117,989 $ 72,594 $ — $ (63,400 ) $ 12,534 $ (87 ) $ (2,422 ) $ 137,208 Year ended December 31, 2014: Non-marketable and other securities (fair value accounting): 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) 352,088 116,657 51,407 (67,202 ) — (1,484 ) (380,262 ) 71,204 Other assets: Equity warrant assets (2) 99,891 71,516 — (70,875 ) 15,886 — (1,720 ) 114,698 Total assets $ 451,979 $ 188,173 $ 51,407 $ (138,077 ) $ 15,886 $ (1,484 ) $ (381,982 ) $ 185,902 (1) Realized and unrealized gains (losses) are recorded in the line item “Gains on investment securities, net”, a component of noninterest income. (2) Realized and unrealized gains (losses) are recorded on the line item “Gains on derivative instruments, net”, a component of noninterest income. (3) Beginning balance was adjusted to conform with our adoption of the new accounting standards (ASU 2015-02), Amendments to the Consolidation Analysis (Topic 820). |
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, 2016 and 2015 , respectively: Year ended December 31, (Dollars in thousands) 2016 2015 Non-marketable and other securities (fair value accounting): Other venture capital investments (1) $ 1,739 $ (177 ) Other assets: Equity warrant assets (2) 14,502 32,576 Total unrealized gains, net $ 16,241 $ 32,399 Unrealized gains (losses) attributable to noncontrolling interests $ 1,553 $ (158 ) (1) Unrealized gains are recorded on the line item “gains on investment securities, net”, a component of noninterest income. (2) 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, 2016 and 2015 . 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, 2016: Other venture capital investments (fair value accounting) $ 2,040 Private company equity pricing (1) (1) Equity warrant assets (public portfolio) 764 Modified Black-Scholes option pricing model Volatility 46.6 % Risk-Free interest rate 2.1 Sales restrictions discount (2) 17.7 Equity warrant assets (private portfolio) 128,049 Modified Black-Scholes option pricing model Volatility 36.9 Risk-Free interest rate 1.3 Marketability discount (3) 17.1 Remaining life assumption (4) 45.0 December 31, 2015: Other venture capital investments (fair value accounting) $ 2,040 Private company equity pricing (1) (1) Equity warrant assets (public portfolio) 1,786 Modified Black-Scholes option pricing model Volatility 38.1 % Risk-Free interest rate 2.1 Sales restrictions discount (2) 18.0 Equity warrant assets (private portfolio) 133,382 Modified Black-Scholes option pricing model Volatility 36.0 Risk-Free interest rate 1.1 Marketability discount (3) 16.6 Remaining life assumption (4) 45.0 (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. We use company provided valuation reports, if available, to support our valuation assumptions. These factors are specific to each portfolio company and a weighted average or range of values of the unobservable inputs is not meaningful. (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 three to six 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, 2016 , the weighted average contractual remaining term was 5.9 years, compared to our estimated remaining life of 2.6 years. On a quarterly basis, a sensitivity analysis is performed on our remaining life assumption. |
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, 2016 and 2015 : Estimated Fair Value (Dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 December 31, 2016: Financial assets: Cash and cash equivalents $ 2,545,750 $ 2,545,750 $ 2,545,750 $ — $ — Held-to-maturity securities 8,426,998 8,376,138 — 8,376,138 — Non-marketable securities (cost and equity method accounting) not measured at net asset value 120,037 127,343 — — 127,343 Non-marketable securities (cost and equity method accounting) measured at net asset value (1) 245,626 353,870 — — — Net commercial loans 17,518,430 17,811,356 — — 17,811,356 Net consumer loans 2,156,148 2,199,501 — — 2,199,501 FHLB and FRB stock 57,592 57,592 — — 57,592 Accrued interest receivable 111,222 111,222 — 111,222 — Financial liabilities: Short-term FHLB advances 500,000 500,000 500,000 — — Other short-term borrowings 12,668 12,668 12,668 — — Non-maturity deposits (2) 38,923,750 38,923,750 38,923,750 — — Time deposits 56,118 55,949 — 55,949 — 3.50% Senior Notes 346,979 337,600 — 337,600 — 5.375% Senior Notes 347,586 378,777 — 378,777 — 6.05% Subordinated Notes (3) 46,646 47,489 — 47,489 — 7.0% Junior Subordinated Debentures 54,493 53,140 — 53,140 — Accrued interest payable 12,013 12,013 — 12,013 — Off-balance sheet financial assets: Commitments to extend credit — 22,074 — — 22,074 December 31, 2015: Financial assets: Cash and cash equivalents $ 1,503,257 $ 1,503,257 $ 1,503,257 $ — $ — Held-to-maturity securities 8,790,963 8,758,622 — 8,758,622 — Non-marketable securities (cost and equity method accounting) not measured at net asset value 114,795 117,172 — — 117,172 Non-marketable securities (cost and equity method accounting) measured at net asset value (1) 250,970 364,799 — — — Net commercial loans 14,763,302 14,811,588 — — 14,811,588 Net consumer loans 1,761,155 1,737,960 — — 1,737,960 FHLB and FRB stock 56,991 56,991 — — 56,991 Accrued interest receivable 107,604 107,604 — 107,604 — Financial liabilities: Short-term FHLB advances 638,000 638,000 638,000 Federal funds purchased 135,000 135,000 135,000 Other short-term borrowings 1,900 1,900 1,900 — — Non-maturity deposits (2) 39,072,297 39,072,297 39,072,297 — — Time deposits 70,479 70,347 — 70,347 — 3.50% Senior Notes 346,667 333,648 — 333,648 — 5.375% Senior Notes 347,016 384,216 — 384,216 — 6.05% Subordinated Notes (3) 48,350 49,820 — 49,820 — 7.0% Junior Subordinated Debentures 54,669 52,905 — 52,905 — Accrued interest payable 12,058 12,058 — 12,058 — Off-balance sheet financial assets: Commitments to extend credit — 26,483 — — 26,483 (1) In accordance with the accounting standard (ASU 2015-07, Fair Value Measurement (Topic 820)), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (2) Includes noninterest-bearing demand deposits, interest-bearing checking accounts, money market accounts and interest-bearing sweep deposits. (3) At December 31, 2016 and 2015 , included in the carrying value and estimated fair value of our 6.05% Subordinated Notes was $0.8 million and $2.8 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, 2016 : (Dollars in thousands) Carrying Amount Fair Value Unfunded Commitments Non-marketable securities (fair value accounting): Venture capital and private equity fund investments (1) $ 141,649 $ 141,649 $ 4,504 Non-marketable securities (equity method accounting): Venture capital and private equity fund investments (2) 82,823 82,823 4,953 Debt funds (2) 17,020 18,187 — Other investments (2) 31,177 31,180 715 Non-marketable securities (cost method accounting): Venture capital and private equity fund investments (2) 114,606 221,680 10,008 Total $ 387,275 $ 495,519 $ 20,180 (1) Venture capital and private equity fund investments within non-marketable securities (fair value accounting) include investments made by our managed funds of funds and one of our direct venture funds. These investments represent investments in venture capital and private equity funds that invest primarily in U.S. and global technology and life science/healthcare companies. Included in the fair value and unfunded commitments of fund investments under fair value accounting are $101 million and $3 million , respectively, attributable to noncontrolling interests. It is estimated that we will receive distributions from the fund investments over the next 10 to 13 years, depending on the age of the funds and any potential extensions of terms of the funds. (2) Venture capital and private equity fund investments, debt funds, and other fund investments within non-marketable securities (equity and cost method accounting) include funds that invest in or lend money to primarily U.S. and global technology and life science/healthcare companies. It is estimated that we will receive distributions from the funds over the next 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, 2016 | |
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, 2016 and 2015 : Capital Ratios Capital Amounts (Dollars in thousands) Actual Well Capitalized Minimum Adequately Capitalized Minimum Actual Well Capitalized Minimum Adequately Capitalized Minimum December 31, 2016: CET 1 risk-based capital: SVB Financial 12.80 % 6.5 % 4.5 % $ 3,616,404 $ 1,836,169 $ 1,271,194 Bank 12.65 6.5 4.5 3,397,232 1,745,695 1,208,558 Tier 1 risk-based capital: SVB Financial 13.26 8.0 6.0 3,744,605 2,259,900 1,694,925 Bank 12.65 8.0 6.0 3,397,232 2,148,548 1,611,411 Total risk-based capital: SVB Financial 14.21 10.0 8.0 4,015,236 2,824,875 2,259,900 Bank 13.66 10.0 8.0 3,667,709 2,685,685 2,148,548 Tier 1 leverage: SVB Financial 8.34 N/A 4.0 3,744,605 N/A 1,796,387 Bank 7.67 5.0 4.0 3,397,232 2,214,467 1,771,574 December 31, 2015: CET 1 risk-based capital: SVB Financial 12.28 % 6.5 % 4.5 % $ 3,183,206 $ 1,684,774 $ 1,166,382 Bank 12.52 6.5 4.5 3,043,435 1,579,568 1,093,547 Tier 1 risk-based capital: SVB Financial 12.83 8.0 6.0 3,325,245 2,073,567 1,555,176 Bank 12.52 8.0 6.0 3,043,435 1,944,083 1,458,063 Total risk-based capital: SVB Financial 13.84 10.0 8.0 3,586,466 2,591,959 2,073,567 Bank 13.60 10.0 8.0 3,304,537 2,430,104 1,944,083 Tier 1 leverage: SVB Financial 7.63 N/A 4.0 3,325,245 N/A 1,743,555 Bank 7.09 5.0 4.0 3,043,435 2,147,532 1,718,026 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Our segment information for 2016 , 2015 and 2014 is as follows: (Dollars in thousands) Global Commercial Bank (1) SVB Private Bank SVB Capital (1) Other Items (2) Total Year ended December 31, 2016 Net interest income (expense) $ 1,040,712 $ 53,582 $ (49 ) $ 56,278 $ 1,150,523 Provision for loan losses (93,885 ) (1,812 ) — — (95,697 ) Noninterest income 320,421 2,713 49,365 84,053 456,552 Noninterest expense (3) (630,760 ) (12,379 ) (15,546 ) (212,094 ) (870,779 ) Income before income tax expense (4) $ 636,488 $ 42,104 $ 33,770 $ (71,763 ) $ 640,599 Total average loans, net of unearned income $ 16,047,545 $ 2,025,381 $ — $ 210,665 $ 18,283,591 Total average assets (5) 41,494,959 2,035,311 338,848 118,333 43,987,451 Total average deposits 37,301,483 1,133,425 — 324,151 38,759,059 Year ended December 31, 2015 Net interest income $ 853,882 $ 44,412 $ 3 $ 108,128 $ 1,006,425 Provision for loan losses (94,913 ) (2,716 ) — — (97,629 ) Noninterest income 272,862 2,011 70,857 127,064 472,794 Noninterest expense (3) (577,477 ) (12,185 ) (14,699 ) (173,655 ) (778,016 ) Income before income tax expense (4) $ 454,354 $ 31,522 $ 56,161 $ 61,537 $ 603,574 Total average loans, net of unearned income $ 12,984,646 $ 1,592,065 $ — $ 186,230 $ 14,762,941 Total average assets (5) 38,439,161 1,588,778 337,884 480,554 40,846,377 Total average deposits 34,996,194 1,108,411 — 188,757 36,293,362 Year ended December 31, 2014 Net interest income $ 742,245 $ 31,427 $ 58 $ 82,865 $ 856,595 Provision for loan losses (58,635 ) (851 ) — — (59,486 ) Noninterest income 203,474 1,494 58,058 309,213 572,239 Noninterest expense (3) (512,245 ) (11,314 ) (12,668 ) (170,953 ) (707,180 ) Income before income tax expense (4) $ 374,839 $ 20,756 $ 45,448 $ 221,125 $ 662,168 Total average loans, net of unearned income $ 10,144,291 $ 1,155,992 $ — $ 202,658 $ 11,502,941 Total average assets (5) 30,183,254 1,176,326 320,129 1,282,227 32,961,936 Total average deposits 27,360,721 890,062 — 70,042 28,320,825 (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. Net interest income consists primarily of interest earned from our fixed income investment portfolio, net of FTP. Noninterest income consists primarily of gains on equity warrant assets and gains on the sale of fixed income securities. Noninterest expense consists primarily of expenses associated with corporate support functions such as finance, human resources, marketing, legal and other expenses. Amounts for the year ended December 31, 2014 have not been revised for the adoption of accounting guidance related to our consolidated variable interest entities. (3) The Global Commercial Bank segment includes direct depreciation and amortization of $24.8 million , $20.3 million and $21.5 million for 2016 , 2015 and 2014 , respectively. (4) The internal reporting model used by management to assess segment performance does not calculate income tax expense by segment. Our effective tax rate is a reasonable approximation of the segment rates. (5) Total average assets equal the greater of total average assets or the sum of total average liabilities and total average stockholders’ equity for each segment to reconcile the results to the consolidated financial statements prepared in conformity with GAAP. |
Parent Company Only Condensed53
Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | The condensed balance sheets of SVB Financial at December 31, 2016 and 2015 , and the related condensed statements of income, comprehensive income and cash flows for 2016 , 2015 and 2014 , are presented below: Condensed Balance Sheets December 31, (Dollars in thousands) 2016 2015 Assets: Cash and cash equivalents $ 500,014 $ 377,013 Investment securities 244,603 250,257 Net loans 13,337 9,859 Other assets 197,220 224,748 Investment in subsidiaries: Bank subsidiary 3,423,427 3,059,045 Nonbank subsidiaries 113,928 106,896 Total assets $ 4,492,529 $ 4,027,818 Liabilities and SVBFG stockholders’ equity: 3.50% Senior Notes $ 346,979 $ 346,667 5.375% Senior Notes 347,586 347,016 7.0% Junior Subordinated Debentures 54,493 54,669 Other liabilities 100,917 81,332 Total liabilities $ 849,975 $ 829,684 SVBFG stockholders’ equity 3,642,554 3,198,134 Total liabilities and SVBFG stockholders’ equity $ 4,492,529 $ 4,027,818 |
Condensed Statements of Income | Condensed Statements of Income Year ended December 31, (Dollars in thousands) 2016 2015 2014 Interest income $ 690 $ 964 $ 2,534 Interest expense (35,316 ) (34,169 ) (21,863 ) Dividend income from bank subsidiary 40,000 — — Gains on derivative instruments, net 35,608 55,477 66,604 Gains on investment securities, net 20,644 39,447 8,750 Fund management fees and other noninterest income (1) 24,197 17,772 13,960 Impairment loss on cumulative foreign currency translation losses — — (9,564 ) General and administrative expenses (55,139 ) (54,822 ) (53,912 ) Income tax benefit (expense) 423 (14,448 ) (15,038 ) Income (loss) before net income of subsidiaries $ 31,107 $ 10,221 $ (8,529 ) Equity in undistributed net income of nonbank subsidiaries (1) 11,949 26,819 23,049 Equity in undistributed net income of bank subsidiary 339,629 306,864 249,350 Net income available to common stockholders $ 382,685 $ 343,904 $ 263,870 |
Condensed Statements of Comprehensive Income | Condensed Statements of Comprehensive Income Year ended December 31, (Dollars in thousands) 2016 2015 2014 Net income available to common stockholders $ 382,685 $ 343,904 $ 263,870 Other comprehensive income (loss), net of tax: Foreign currency translation gains (losses) 3,071 (1,492 ) 3,012 Changes in unrealized holding gains (losses) on securities available-for-sale 654 (2,041 ) 1,232 Equity in other comprehensive income (losses) of subsidiaries 4,301 (23,767 ) 87,224 Other comprehensive income (loss), net of tax 8,026 (27,300 ) 91,468 Total comprehensive income $ 390,711 $ 316,604 $ 355,338 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Year ended December 31, (Dollars in thousands) 2016 2015 2014 Cash flows from operating activities: Net income attributable to SVBFG $ 382,685 $ 343,904 $ 263,870 Adjustments to reconcile net income to net cash used for operating activities: Gains on derivative instruments, net (35,608 ) (55,477 ) (66,604 ) Gains on investment securities, net (20,644 ) (39,447 ) (8,750 ) Net income of bank subsidiary (379,629 ) (306,864 ) (249,350 ) Net income on nonbank subsidiaries (1) (11,949 ) (26,819 ) (23,049 ) Cash dividends from bank subsidiary 40,000 — — Amortization of share-based compensation 35,494 32,239 29,545 Decrease (increase) in other assets 35,699 (30,638 ) 46,512 Increase in other liabilities 15,293 28,985 25,697 Impairment loss on SVBIF sale transaction — — 9,564 Other, net 708 470 513 Net cash provided by (used for) operating activities 62,049 (53,647 ) 27,948 Cash flows from investing activities: Net decrease in investment securities from purchases, sales and maturities 54,737 31,380 15,469 Net (increase) decrease in loans (3,478 ) 6,825 (11,893 ) Increase in investment in bank subsidiary (14,738 ) (378,286 ) (432,804 ) Decrease in investment in nonbank subsidiaries (1) 1,924 71,062 30,754 Net cash provided by (used for) investing activities 38,445 (269,019 ) (398,474 ) Cash flows from financing activities: Proceeds from issuance of common stock, ESPP and ESOP 26,147 22,410 22,146 Tax effect from stock exercises (3,640 ) 16,602 9,602 Net proceeds from public equity offering — — 434,866 Net proceeds from issuance of long-term debt — 346,431 — Net cash provided by financing activities 22,507 385,443 466,614 Net increase in cash and cash equivalents 123,001 62,777 96,088 Cash and cash equivalents at beginning of period 377,013 314,236 218,148 Cash and cash equivalents at end of period $ 500,014 $ 377,013 $ 314,236 |
Unaudited Quarterly Financial54
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplemental Consolidated Financial Information | Our supplemental consolidated financial information for each three month period in 2016 and 2015 are as follows: Three months ended (Dollars in thousands, except per share amounts) March 31, June 30, September 30, December 31, 2016: Interest income $ 291,658 $ 293,992 $ 300,413 $ 307,333 Interest expense 10,237 10,656 11,252 10,728 Net interest income 281,421 283,336 289,161 296,605 Provision for loan losses 33,341 36,333 18,950 7,073 Noninterest income 86,134 112,776 144,140 113,502 Noninterest expense 204,033 200,352 221,827 244,567 Income before income tax expense 130,181 159,427 192,524 158,467 Income tax expense 53,584 65,047 76,877 54,825 Net income before noncontrolling interests 76,597 94,380 115,647 103,642 Net loss (income) attributable to noncontrolling interests 2,577 (1,416 ) (4,566 ) (4,176 ) Net income available to common stockholders $ 79,174 $ 92,964 $ 111,081 $ 99,466 Earnings per common share—basic $ 1.53 $ 1.79 $ 2.13 $ 1.91 Earnings per common share—diluted 1.52 1.78 2.12 1.89 2015: Interest income $ 248,816 $ 253,926 $ 264,791 $ 279,232 Interest expense 9,891 10,155 10,131 10,163 Net interest income 238,925 243,771 254,660 269,069 Provision for loan losses 6,452 26,513 33,403 31,261 Noninterest income 123,524 126,287 108,477 114,506 Noninterest expense 190,541 194,112 184,755 208,608 Income before income tax expense 165,456 149,433 144,979 143,706 Income tax expense 63,066 54,974 57,017 53,697 Net income before noncontrolling interests 102,390 94,459 87,962 90,009 Net income attributable to noncontrolling interests (13,874 ) (8,316 ) (6,229 ) (2,497 ) Net income available to common stockholders $ 88,516 $ 86,143 $ 81,733 $ 87,512 Earnings per common share—basic $ 1.74 $ 1.68 $ 1.59 $ 1.70 Earnings per common share—diluted 1.71 1.66 1.57 1.68 |
Nature of Business (Details)
Nature of Business (Details) | 12 Months Ended |
Dec. 31, 2016Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 3 |
Summary of Significant Accoun56
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, 2016 | Dec. 31, 2015 | |
Venture capital and private equity fund investments | Strategic Investors Fund, L.P. | ||
Schedule of Investments [Line Items] | ||
Company Direct and Indirect Ownership in Limited Partnership | 12.60% | 12.60% |
Venture capital and private equity fund investments | Capital Preferred Return Fund, L.P. | ||
Schedule of Investments [Line Items] | ||
Company Direct and Indirect Ownership in Limited Partnership | 20.00% | 20.00% |
Venture capital and private equity fund investments | Growth Partners, L.P. | ||
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% | 58.20% |
Other venture capital investments | CP I, L.P. | ||
Schedule of Investments [Line Items] | ||
Company Direct and Indirect Ownership in Limited Partnership | 10.70% | 10.70% |
Summary of Significant Accoun57
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
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% | |||
Duration of the sale restrictions | 6 months | |||
Percentage of voting interest held by the company for investments accounted for under the equity method | 5.00% | 5.00% | ||
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 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% | |||
China Joint Venture investment | Other investments | Equity method accounting | ||||
Significant Accounting Policies [Line Items] | ||||
Ownership percentage of each Fund | 50.00% | 50.00% | ||
Restatement Adjustment [Member] | Accounting Standards Update 2016-09 | ||||
Significant Accounting Policies [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 5.5 | $ 11.7 | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Diluted Earnings Per Share | $ 0 | $ 0.15 | $ 0.10 | $ 0.23 |
Summary of Significant Accoun58
Summary of Significant Accounting Policies Maximum Estimated Useful Lives by Asset Classification (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
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 | 7 years |
Premises and equipment, estimated useful life | 7 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 ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stockholders Equity Note [Line Items] | |||
Proceeds from issuance of common stock | $ 0 | $ 0 | $ 434,866 |
Common stock | |||
Stockholders Equity Note [Line Items] | |||
Common stock issued in public offering (in shares) | 4,485,000 |
Stockholders' Equity and EPS Re
Stockholders' Equity and EPS Reclassification of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Related tax expense (benefit) | $ (54,825) | $ (76,877) | $ (65,047) | $ (53,584) | $ (53,697) | $ (57,017) | $ (54,974) | $ (63,066) | $ (250,333) | $ (228,754) | $ (183,508) |
Net income available to common stockholders | $ 99,466 | $ 111,081 | $ 92,964 | $ 79,174 | $ 87,512 | $ 81,733 | $ 86,143 | $ 88,516 | 382,685 | 343,904 | 263,870 |
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) losses included in net income | (12,195) | (1,201) | 18,598 | ||||||||
Related tax expense (benefit) | 4,963 | 481 | (7,510) | ||||||||
Net income available to common stockholders | $ (7,232) | $ (720) | $ 11,088 |
Stockholders' Equity and EPS 61
Stockholders' Equity and EPS Reconciliation of Basic EPS to Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | |||||||||||
Net income available to common stockholders | $ 99,466 | $ 111,081 | $ 92,964 | $ 79,174 | $ 87,512 | $ 81,733 | $ 86,143 | $ 88,516 | $ 382,685 | $ 343,904 | $ 263,870 |
Denominator: | |||||||||||
Weighted average common shares outstanding-basic (in shares) | 51,915 | 51,318 | 48,931 | ||||||||
Denominator for diluted calculation (in shares) | 52,349 | 51,916 | 49,662 | ||||||||
Earnings per common share: | |||||||||||
Basic (usd per share) | $ 1.91 | $ 2.13 | $ 1.79 | $ 1.53 | $ 1.70 | $ 1.59 | $ 1.68 | $ 1.74 | $ 7.37 | $ 6.70 | $ 5.39 |
Diluted (usd per share) | $ 1.89 | $ 2.12 | $ 1.78 | $ 1.52 | $ 1.68 | $ 1.57 | $ 1.66 | $ 1.71 | $ 7.31 | $ 6.62 | $ 5.31 |
Stock options and ESPP | |||||||||||
Denominator: | |||||||||||
Weighted average effect of dilutive securities (in shares) | 254 | 387 | 485 | ||||||||
Restricted stock units | |||||||||||
Denominator: | |||||||||||
Weighted average effect of dilutive securities (in shares) | 180 | 211 | 246 |
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) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from diluted earnings per share calculation | 273 | 185 | 161 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from diluted earnings per share calculation | 272 | 185 | 161 |
Restricted stock unit | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from diluted earnings per share calculation | 1 | 0 | 0 |
Share Based Compensation and Re
Share Based Compensation and Related Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based compensation expense | $ 35,494 | $ 32,239 | $ 29,545 |
Income tax benefit related to share-based compensation expense | (12,505) | (11,395) | (9,923) |
Capitalized compensation costs | $ 5,580 | $ 2,226 | $ 2,048 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |
Expected volatility term | 5 years |
Closing stock price | $ / shares | $ 171.66 |
Equity Incentive Plan | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,414,320 |
Maximum aggregate number of shares that may be awarded and sold | 9,528,505 |
Conversion ratio for awards granted | 2 |
Conversion ratio for awards forfeited | 2 |
Equity Incentive Plan | Restricted stock units | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |
Options, exercisable period | 4 years |
Equity Incentive Plan | Restricted stock units | Lower Limit | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |
Options, exercisable period | 3 years |
Equity Incentive Plan | Performance-based restricted stock | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |
Options, exercisable period | 3 years |
Equity Incentive Plan | Performance-based restricted stock | Lower Limit | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |
Options, exercisable period | 1 year |
Equity Incentive Plan | Stock options | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |
Options granted under the 2006 Incentive Plan, expiration period | 7 years |
Options, exercisable period | 4 years |
Employee Stock Purchase Plan | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,737,293 |
Maximum percentage of gross compensation that participating employees may annually contribute towards ESPP | 10.00% |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ | $ 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 | 188,435 |
Proceeds from issuance of shares under ESPP | $ | $ 15,200,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 1,500,000 |
Share-Based Compensation Unreco
Share-Based Compensation Unrecognized Share-Based Compensation Expense (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Unrecognized Share Based Compensation Expense [Line Items] | |
Unrecognized Expense | $ 53,848 |
Stock option | |
Unrecognized Share Based Compensation Expense [Line Items] | |
Unrecognized Expense | $ 9,423 |
Average Expected Recognition Period - in Years | 2 years 4 months 17 days |
Restricted stock units | |
Unrecognized Share Based Compensation Expense [Line Items] | |
Unrecognized Expense | $ 44,425 |
Average Expected Recognition Period - in Years | 2 years 6 months 11 days |
Share-Based Compensation Weight
Share-Based Compensation Weighted Average Assumptions and Fair Values Used for Employee Stock Options and Restricted Stock Units (Detail) - Equity Incentive Plan - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 10 months 2 days | 4 years 8 months 27 days | 4 years 7 months 3 days |
Weighted average expected volatility of the Company's underlying common stock | 31.70% | 31.30% | 35.90% |
Risk-free interest rate | 1.32% | 1.49% | 1.72% |
Expected dividend yield | $ 0 | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 31.17 | $ 37.86 | $ 35.65 |
Weighted average grant date fair value-restricted stock units (usd per share) | $ 100.35 | $ 129.23 | $ 107.76 |
Share-Based Compensation Weig67
Share-Based Compensation Weighted Average Assumptions and Fair Values Used for ESPP (Detail) - Employee Stock Purchase Plan - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | 41.80% | 25.90% | 23.70% |
Risk-free interest rate | 0.45% | 0.12% | 0.08% |
Expected dividend yield | $ 0 | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 29.16 | $ 29.27 | $ 24 |
Share-Based Compensation Stock
Share-Based Compensation Stock Option Information Related to Equity Incentive Plan (Detail) | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Options | |
Outstanding, beginning of period (in shares) | shares | 1,137,228 |
Granted (in shares) | shares | 177,203 |
Exercised (in shares) | shares | (271,528) |
Forfeited (in shares) | shares | (32,156) |
Expired (in shares) | shares | (190) |
Outstanding, end of period (in shares) | shares | 1,010,557 |
Vested and expected to vest (in shares) | shares | 985,983 |
Exercisable (in shares) | shares | 580,165 |
Weighted average exercise price | |
Outstanding, beginning of period (usd per share) | $ / shares | $ 77.12 |
Granted (usd per share) | $ / shares | 105.11 |
Exercised (usd per share) | $ / shares | 54.78 |
Forfeited (usd per share) | $ / shares | 102.51 |
Expired (usd per share) | $ / shares | 19.48 |
Outstanding, end of period (usd per share) | $ / shares | 87.24 |
Vested and expected to vest (usd per share) | $ / shares | 86.69 |
Exercisable (usd per share) | $ / shares | $ 73.67 |
Weighted Average Remaining Contractual Life in Years | |
Outstanding (in years) | 3 years 9 months 4 days |
Vested and expected to vest (in years) | 3 years 8 months 16 days |
Exercisable (in years) | 2 years 8 months 9 days |
Aggregate Intrinsic Value of In-The-Money Options | |
Outstanding | $ | $ 85,315,707 |
Vested and expected to vest | $ | 83,778,687 |
Exercisable | $ | $ 56,848,539 |
Share-Based Compensation Stoc69
Share-Based Compensation Stock Options Outstanding (Detail) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Options, Shares | shares | 1,010,557 |
Outstanding Options ,Weighted Average Remaining Contractual Life in Years | 3 years 9 months 4 days |
Outstanding Options, Weighted Average Exercise Price | $ 87.24 |
Exercisable Options, Shares | shares | 580,165 |
Exercisable Options, Weighted Average Exercise Price | $ 73.67 |
$34.41 - 60.14 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum | 34.41 |
Range of Exercise Prices, maximum | $ 60.14 |
Outstanding Options, Shares | shares | 66,122 |
Outstanding Options ,Weighted Average Remaining Contractual Life in Years | 10 months 17 days |
Outstanding Options, Weighted Average Exercise Price | $ 49.67 |
Exercisable Options, Shares | shares | 66,122 |
Exercisable Options, Weighted Average Exercise Price | $ 49.67 |
60.15 - 63.62 | |
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 | $ 63.62 |
Outstanding Options, Shares | shares | 103,005 |
Outstanding Options ,Weighted Average Remaining Contractual Life in Years | 1 year 4 months 10 days |
Outstanding Options, Weighted Average Exercise Price | $ 60.46 |
Exercisable Options, Shares | shares | 103,005 |
Exercisable Options, Weighted Average Exercise Price | $ 60.46 |
63.63 - 64.40 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum | 63.63 |
Range of Exercise Prices, maximum | $ 64.4 |
Outstanding Options, Shares | shares | 157,424 |
Outstanding Options ,Weighted Average Remaining Contractual Life in Years | 2 years 3 months 29 days |
Outstanding Options, Weighted Average Exercise Price | $ 64.37 |
Exercisable Options, Shares | shares | 157,424 |
Exercisable Options, Weighted Average Exercise Price | $ 64.37 |
64.41 - 79.77 | |
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 | $ 79.77 |
Outstanding Options, Shares | shares | 194,684 |
Outstanding Options ,Weighted Average Remaining Contractual Life in Years | 3 years 3 months 26 days |
Outstanding Options, Weighted Average Exercise Price | $ 71.04 |
Exercisable Options, Shares | shares | 130,632 |
Exercisable Options, Weighted Average Exercise Price | $ 71.01 |
79.78 - 105.14 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum | 79.78 |
Range of Exercise Prices, maximum | $ 105.14 |
Outstanding Options, Shares | shares | 18,955 |
Outstanding Options ,Weighted Average Remaining Contractual Life in Years | 4 years 7 months 24 days |
Outstanding Options, Weighted Average Exercise Price | $ 99.05 |
Exercisable Options, Shares | shares | 8,531 |
Exercisable Options, Weighted Average Exercise Price | $ 97.82 |
105.15 - 105.84 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum | 105.15 |
Range of Exercise Prices, maximum | $ 105.84 |
Outstanding Options, Shares | shares | 170,822 |
Outstanding Options ,Weighted Average Remaining Contractual Life in Years | 6 years 3 months 29 days |
Outstanding Options, Weighted Average Exercise Price | $ 105.18 |
Exercisable Options, Shares | shares | 442 |
Exercisable Options, Weighted Average Exercise Price | $ 105.18 |
105.85 - 108.59 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum | 105.85 |
Range of Exercise Prices, maximum | $ 108.59 |
Outstanding Options, Shares | shares | 179,133 |
Outstanding Options ,Weighted Average Remaining Contractual Life in Years | 4 years 3 months 26 days |
Outstanding Options, Weighted Average Exercise Price | $ 107.95 |
Exercisable Options, Shares | shares | 82,486 |
Exercisable Options, Weighted Average Exercise Price | $ 107.95 |
108.60 - 127.44 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum | 108.6 |
Range of Exercise Prices, maximum | $ 127.44 |
Outstanding Options, Shares | shares | 12,421 |
Outstanding Options ,Weighted Average Remaining Contractual Life in Years | 5 years 2 months 16 days |
Outstanding Options, Weighted Average Exercise Price | $ 119.03 |
Exercisable Options, Shares | shares | 4,922 |
Exercisable Options, Weighted Average Exercise Price | $ 118.20 |
127.45 - 129.81 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum | 127.45 |
Range of Exercise Prices, maximum | $ 129.81 |
Outstanding Options, Shares | shares | 107,991 |
Outstanding Options ,Weighted Average Remaining Contractual Life in Years | 5 years 3 months 29 days |
Outstanding Options, Weighted Average Exercise Price | $ 129.81 |
Exercisable Options, Shares | shares | 26,601 |
Exercisable Options, Weighted Average Exercise Price | $ 129.81 |
Share-Based Compensation Inform
Share-Based Compensation Information for Restricted Stock Units under Equity Incentive Plan (Detail) - Restricted stock units | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Shares | |
Nonvested, beginning of period (in shares) | shares | 572,038 |
Granted (in shares) | shares | 361,646 |
Vested (in shares) | shares | (220,476) |
Forfeited (in shares) | shares | (42,239) |
Nonvested, end of period (in shares) | shares | 670,969 |
Weighted Average Grant Date Fair Value | |
Nonvested, beginning of period (usd per share) | $ / shares | $ 103.50 |
Granted (usd per share) | $ / shares | 100.35 |
Vested (usd per share) | $ / shares | 88.24 |
Forfeited (usd per share) | $ / shares | 106.38 |
Nonvested, end of period (usd per share) | $ / shares | $ 106.64 |
Share-Based Compensation Summar
Share-Based Compensation Summary of Information Regarding Stock Option and Restricted Stock Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of stock options exercised | $ 18,186 | $ 27,430 | $ 21,288 |
Total grant date fair value of stock options vested | 7,364 | 21,052 | 20,291 |
Restricted stock unit | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of restricted stock vested | 22,966 | 34,009 | 25,453 |
Total grant date fair value of restricted stock vested | $ 19,454 | $ 19,428 | $ 14,935 |
Variable Interest Entities - Ca
Variable Interest Entities - Carrying Amounts and Classification of Significant Variable Interests (Details)(Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | [1] | Dec. 31, 2013 |
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | $ 2,545,750 | $ 1,503,257 | $ 1,811,014 | $ 1,538,779 | |
Non-marketable and other securities | 622,552 | 674,946 | |||
Accrued interest receivable and other assets | 672,688 | 709,707 | |||
Total assets | 44,683,660 | 44,686,703 | |||
Other liabilities | 618,383 | 639,094 | |||
Total liabilities | 40,906,623 | 41,353,472 | |||
Maximum Exposure to Loss in Unconsolidated VIEs | 314,810 | 364,450 | |||
Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | 11,469 | 11,811 | |||
Non-marketable and other securities | 196,140 | 203,714 | |||
Accrued interest receivable and other assets | 294 | 494 | |||
Total assets | 207,903 | 216,019 | |||
Accrued expenses and other liabilities | 517 | 433 | |||
Total liabilities | 517 | 433 | |||
Maximum Exposure to Loss in Unconsolidated VIEs | 207,400 | ||||
Variable Interest Entity, Not Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | |||
Non-marketable and other securities | 314,810 | 364,450 | |||
Accrued interest receivable and other assets | 0 | 0 | |||
Total assets | 314,810 | 364,450 | |||
Accrued expenses and other liabilities | 58,095 | 90,978 | |||
Total liabilities | $ 58,095 | $ 90,978 | |||
[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. On April 13, 2015 we received net proceeds of $39.3 million consisting of the sales price of $48.6 million less $9.3 million of cash and cash equivalents held by SVBIF that were sold. |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) $ in Thousands | Dec. 31, 2016USD ($)entity | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Variable Interest Entity [Line Items] | ||||
Amortization method qualified affordable housing project investments | $ 112,447 | $ 154,356 | ||
Qualified Affordable Housing Project Investments, Commitment | 58,095 | 90,978 | ||
Total assets | (44,683,660) | (44,686,703) | ||
Total equity | $ (3,777,037) | (3,333,231) | $ (4,051,734) | $ (3,074,693) |
Number of consolidated entities | entity | 5 | |||
Maximum Exposure to Loss in Unconsolidated VIEs | $ 314,810 | 364,450 | ||
Variable Interest Entity, Not Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Total assets | (314,810) | (364,450) | ||
Accrued expenses and other liabilities | 58,095 | 90,978 | ||
Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Total assets | (207,903) | (216,019) | ||
Accrued expenses and other liabilities | 517 | $ 433 | ||
Maximum Exposure to Loss in Unconsolidated VIEs | $ 207,400 |
Reserves on Deposit with the 74
Reserves on Deposit with the Federal Reserve Bank and Federal Bank Stock Average Required Reserve Balances (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Reserves on Deposit with the Federal Reserve Bank and Federal Bank Stock [Abstract] | ||
Average required reserve balances at FRB San Francisco | $ 370,002 | $ 278,101 |
Reserves on Deposit with the 75
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 ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Shares Held At Federal Reserve Bank And Federal Home Loan Bank [Abstract] | ||
FHLB stock holdings | $ 17,250 | $ 17,250 |
FRB stock holdings | $ 40,342 | $ 39,741 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | [1] | Dec. 31, 2013 |
Cash and Cash Equivalents [Abstract] | |||||
Cash and due from banks | $ 2,476,588 | $ 1,372,743 | |||
Securities purchased under agreements to resell | 64,028 | 125,391 | |||
Other short-term investment securities | 5,134 | 5,123 | |||
Total cash and cash equivalents | $ 2,545,750 | $ 1,503,257 | $ 1,811,014 | $ 1,538,779 | |
[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. On April 13, 2015 we received net proceeds of $39.3 million consisting of the sales price of $48.6 million less $9.3 million of cash and cash equivalents held by SVBIF that were sold. |
Cash and Cash Equivalents (Foot
Cash and Cash Equivalents (Footnote Information) (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and Cash Equivalents [Abstract] | ||
Fair Value of Securities Received as Collateral that Have Been Resold or Repledged | $ 0 | $ 0 |
Deposits at the Federal Reserve Bank earning interest at the Federal Funds target rate | 1,100,000,000 | 405,000,000 |
Interest-earning deposits in other financial institutions | 721,000,000 | 500,000,000 |
Fair value of securities purchased under agreements to resell | $ 66,000,000 | $ 128,000,000 |
Cash and Cash Equivalents Secur
Cash and Cash Equivalents Securities Purchased Under Agreements (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Securities Purchased Under Agreements [Abstract] | ||
Average securities purchased under agreements to resell | $ 90,362 | $ 75,504 |
Maximum amount outstanding at any month-end during the year | $ 316,059 | $ 338,612 |
Investment Securities - Major C
Investment Securities - Major Components of Investment Securities Portfolio (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment Holdings [Line Items] | ||
Amortized Cost | $ 12,588,783 | $ 16,375,941 |
Unrealized Gains | 49,245 | 47,578 |
Unrealized Losses | (17,617) | (42,771) |
Carrying Value | 12,620,411 | 16,380,748 |
U.S. treasury securities | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 8,880,358 | 11,679,450 |
Unrealized Gains | 30,323 | 19,134 |
Unrealized Losses | (1,190) | (20,549) |
Carrying Value | 8,909,491 | 11,678,035 |
U.S. agency debentures | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 2,065,535 | 2,677,453 |
Unrealized Gains | 14,443 | 17,684 |
Unrealized Losses | (1,603) | (5,108) |
Carrying Value | 2,078,375 | 2,690,029 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Fixed rate | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 1,163,017 | 1,408,206 |
Unrealized Gains | 3,046 | 6,591 |
Unrealized Losses | (13,398) | (15,518) |
Carrying Value | 1,152,665 | 1,399,279 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 474,238 | 604,236 |
Unrealized Gains | 685 | 3,709 |
Unrealized Losses | (640) | (9) |
Carrying Value | 474,283 | 607,936 |
Equity securities | ||
Investment Holdings [Line Items] | ||
Amortized Cost | 5,635 | 6,596 |
Unrealized Gains | 748 | 460 |
Unrealized Losses | (786) | (1,587) |
Carrying Value | $ 5,597 | $ 5,469 |
Investment Securities - Summary
Investment Securities - Summary of Available for Sale Securities (Detail) $ in Thousands | Dec. 31, 2016USD ($)Investment | Dec. 31, 2015USD ($)Investment |
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 months - Fair Value of Investments | $ 2,290,037 | $ 8,783,725 |
Less than 12 months - Unrealized Losses | (10,896) | (31,934) |
12 months or longer - Fair Value of Investments | 233,548 | 373,284 |
12 months or longer - Unrealized Losses | (6,721) | (10,837) |
Fair Value of Investments | 2,523,585 | 9,157,009 |
Unrealized Losses | $ (17,617) | $ (42,771) |
Number of investments in unrealized loss position | Investment | 174 | 243 |
Number of investments with unrealized losses greater than 12 months | Investment | 20 | 18 |
U.S. treasury securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 months - Fair Value of Investments | $ 879,255 | $ 7,467,519 |
Less than 12 months - Unrealized Losses | (1,190) | (20,549) |
12 months or longer - Fair Value of Investments | 0 | 0 |
12 months or longer - Unrealized Losses | 0 | 0 |
Fair Value of Investments | 879,255 | 7,467,519 |
Unrealized Losses | (1,190) | (20,549) |
U.S. agency debentures | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 months - Fair Value of Investments | 513,198 | 760,071 |
Less than 12 months - Unrealized Losses | (1,603) | (5,108) |
12 months or longer - Fair Value of Investments | 0 | 0 |
12 months or longer - Unrealized Losses | 0 | 0 |
Fair Value of Investments | 513,198 | 760,071 |
Unrealized Losses | (1,603) | (5,108) |
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 | 635,566 | 545,404 |
Less than 12 months - Unrealized Losses | (6,704) | (4,681) |
12 months or longer - Fair Value of Investments | 227,480 | 373,284 |
12 months or longer - Unrealized Losses | (6,694) | (10,837) |
Fair Value of Investments | 863,046 | 918,688 |
Unrealized Losses | (13,398) | (15,518) |
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 | 258,325 | 7,776 |
Less than 12 months - Unrealized Losses | (613) | (9) |
12 months or longer - Fair Value of Investments | 6,068 | 0 |
12 months or longer - Unrealized Losses | (27) | 0 |
Fair Value of Investments | 264,393 | 7,776 |
Unrealized Losses | (640) | (9) |
Equity securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 months - Fair Value of Investments | 3,693 | 2,955 |
Less than 12 months - Unrealized Losses | (786) | (1,587) |
12 months or longer - Fair Value of Investments | 0 | 0 |
12 months or longer - Unrealized Losses | 0 | 0 |
Fair Value of Investments | 3,693 | 2,955 |
Unrealized Losses | $ (786) | $ (1,587) |
Investment Securities - Summa81
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 $ in Thousands | Dec. 31, 2016USD ($) |
Investments Classified By Contractual Maturity Date [Line Items] | |
Carrying Value | $ 12,614,814 |
One Year or Less - Carrying Value | 2,725,058 |
After One Year to Five Years - Carrying Value | 8,262,808 |
After Five Years to Ten Years - Carrying Value | 680,688 |
After Ten Years - Carrying Value | 946,260 |
U.S. treasury securities | |
Investments Classified By Contractual Maturity Date [Line Items] | |
Carrying Value | 8,909,491 |
One Year or Less - Carrying Value | 2,224,538 |
After One Year to Five Years - Carrying Value | 6,684,953 |
After Five Years to Ten Years - Carrying Value | 0 |
After Ten Years - Carrying Value | 0 |
U.S. agency debentures | |
Investments Classified By Contractual Maturity Date [Line Items] | |
Carrying Value | 2,078,375 |
One Year or Less - Carrying Value | 500,520 |
After One Year to Five Years - Carrying Value | 1,577,855 |
After Five Years to Ten Years - Carrying Value | 0 |
After Ten Years - Carrying Value | 0 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Fixed rate | |
Investments Classified By Contractual Maturity Date [Line Items] | |
Carrying Value | 1,152,665 |
One Year or Less - Carrying Value | 0 |
After One Year to Five Years - Carrying Value | 0 |
After Five Years to Ten Years - Carrying Value | 680,688 |
After Ten Years - Carrying Value | 471,977 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | |
Investments Classified By Contractual Maturity Date [Line Items] | |
Carrying Value | 474,283 |
One Year or Less - Carrying Value | 0 |
After One Year to Five Years - Carrying Value | 0 |
After Five Years to Ten Years - Carrying Value | 0 |
After Ten Years - Carrying Value | $ 474,283 |
Investment Securities - Summa82
Investment Securities - Summary Held to Maturity Securities (Details) $ in Thousands | Dec. 31, 2016USD ($)Investment | Dec. 31, 2015USD ($)Investment |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 8,426,998 | $ 8,790,963 |
Unrealized Gains | 16,968 | 16,694 |
Unrealized Losses | (67,828) | (49,035) |
Fair Value | 8,376,138 | 8,758,622 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | 5,943,190 | 6,302,783 |
Unrealized Losses, Less than 12 months | (60,189) | (44,391) |
Fair Value of Investments, 12 months or longer | 295,657 | 238,350 |
Unrealized Losses, 12 months or longer | (7,639) | (4,644) |
Fair Value of Investments | 6,238,847 | 6,541,133 |
Unrealized Losses | $ (67,828) | $ (49,035) |
Number of held-to-maturity investments with unrealized loss | Investment | 462 | 384 |
Number of held-to-maturity investments in continuous loss more than 12 months | Investment | 85 | 58 |
U.S. agency debentures | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 622,445 | $ 545,473 |
Unrealized Gains | 7,840 | 8,876 |
Unrealized Losses | (1,198) | 0 |
Fair Value | 629,087 | 554,349 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | 118,721 | |
Unrealized Losses, Less than 12 months | (1,198) | |
Fair Value of Investments, 12 months or longer | 0 | |
Unrealized Losses, 12 months or longer | 0 | |
Fair Value of Investments | 118,721 | |
Unrealized Losses | (1,198) | |
Agency-issued mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,896,179 | 2,366,627 |
Unrealized Gains | 6,919 | 546 |
Unrealized Losses | (24,526) | (11,698) |
Fair Value | 2,878,572 | 2,355,475 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | 1,801,861 | 2,121,258 |
Unrealized Losses, Less than 12 months | (23,558) | (10,860) |
Fair Value of Investments, 12 months or longer | 21,917 | 22,507 |
Unrealized Losses, 12 months or longer | (968) | (838) |
Fair Value of Investments | 1,823,778 | 2,143,765 |
Unrealized Losses | (24,526) | (11,698) |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Fixed rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3,362,598 | 4,225,781 |
Unrealized Gains | 788 | 3,054 |
Unrealized Losses | (31,274) | (32,999) |
Fair Value | 3,332,112 | 4,195,836 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | 2,729,889 | 3,153,483 |
Unrealized Losses, Less than 12 months | (25,723) | (30,230) |
Fair Value of Investments, 12 months or longer | 228,220 | 150,058 |
Unrealized Losses, 12 months or longer | (5,551) | (2,769) |
Fair Value of Investments | 2,958,109 | 3,303,541 |
Unrealized Losses | (31,274) | (32,999) |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 312,665 | 370,779 |
Unrealized Gains | 176 | 758 |
Unrealized Losses | (1,339) | (33) |
Fair Value | 311,502 | 371,504 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | 251,012 | 170,350 |
Unrealized Losses, Less than 12 months | (1,339) | (33) |
Fair Value of Investments, 12 months or longer | 0 | 0 |
Unrealized Losses, 12 months or longer | 0 | 0 |
Fair Value of Investments | 251,012 | 170,350 |
Unrealized Losses | (1,339) | (33) |
Agency-issued commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,151,363 | 1,214,716 |
Unrealized Gains | 1,237 | 3,405 |
Unrealized Losses | (7,638) | (3,475) |
Fair Value | 1,144,962 | 1,214,646 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | 999,440 | 823,414 |
Unrealized Losses, Less than 12 months | (7,494) | (2,994) |
Fair Value of Investments, 12 months or longer | 14,934 | 40,276 |
Unrealized Losses, 12 months or longer | (144) | (481) |
Fair Value of Investments | 1,014,374 | 863,690 |
Unrealized Losses | (7,638) | (3,475) |
Municipal bonds and notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 81,748 | 67,587 |
Unrealized Gains | 8 | 55 |
Unrealized Losses | (1,853) | (830) |
Fair Value | 79,903 | 66,812 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | 42,267 | 34,278 |
Unrealized Losses, Less than 12 months | (877) | (274) |
Fair Value of Investments, 12 months or longer | 30,586 | 25,509 |
Unrealized Losses, 12 months or longer | (976) | (556) |
Fair Value of Investments | 72,853 | 59,787 |
Unrealized Losses | $ (1,853) | $ (830) |
Investment Securities - Summa83
Investment Securities - Summary of Remaining Contractual Principal Maturities and Fully Taxable Equivalent Yields on Debt Securities Classified as Held to Maturity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 8,426,998 | $ 8,790,963 |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 8,426,998 | 8,790,963 |
Held-to-maturity Securities, Fair Value | 8,376,138 | 8,758,622 |
Held-to-maturity securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 8,426,998 | |
Held-to-maturity Securities, Fair Value | 8,376,138 | |
One Year or Less - Amortized Cost | 4,509 | |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | 4,498 | |
One Year to Five Years - Amortized Cost | 345,112 | |
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value | 344,264 | |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 853,630 | |
After Five Years to Ten Years - Amortized Cost | 856,539 | |
After Ten Years - Amortized Cost | 7,223,747 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | $ 7,170,837 | |
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 | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $ 622,445 | 545,473 |
Held-to-maturity Securities, Fair Value | 629,087 | 554,349 |
U.S. agency debentures | Held-to-maturity securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 622,445 | |
Held-to-maturity Securities, Fair Value | 629,087 | |
One Year or Less - Amortized Cost | 0 | |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | |
One Year to Five Years - Amortized Cost | 47,357 | |
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value | 47,943 | |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 575,088 | |
After Five Years to Ten Years - Amortized Cost | 581,144 | |
After Ten Years - Amortized Cost | 0 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 0 | |
Agency-issued mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 2,896,179 | 2,366,627 |
Held-to-maturity Securities, Fair Value | 2,878,572 | 2,355,475 |
Agency-issued mortgage-backed securities | Held-to-maturity securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 2,896,179 | |
Held-to-maturity Securities, Fair Value | 2,878,572 | |
One Year or Less - Amortized Cost | 0 | |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | |
One Year to Five Years - Amortized Cost | 264,607 | |
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value | 263,759 | |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 172,472 | |
After Five Years to Ten Years - Amortized Cost | 171,290 | |
After Ten Years - Amortized Cost | 2,459,100 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 2,443,523 | |
Residential mortgage-backed securities | Held-to-maturity securities | Agency-issued collateralized mortgage obligations | Fixed rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 3,362,598 | |
One Year or Less - Amortized Cost | 0 | |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | |
One Year to Five Years - Amortized Cost | 0 | |
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value | 0 | |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 71,260 | |
After Five Years to Ten Years - Amortized Cost | 70,227 | |
After Ten Years - Amortized Cost | 3,291,338 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 3,261,885 | |
Residential mortgage-backed securities | Held-to-maturity securities | Agency-issued collateralized mortgage obligations | Variable rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 312,665 | |
One Year or Less - Amortized Cost | 0 | |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | |
One Year to Five Years - Amortized Cost | 0 | |
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value | 0 | |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 0 | |
After Five Years to Ten Years - Amortized Cost | 0 | |
After Ten Years - Amortized Cost | 312,665 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 311,502 | |
Agency-issued commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 1,151,363 | 1,214,716 |
Held-to-maturity Securities, Fair Value | 1,144,962 | 1,214,646 |
Agency-issued commercial mortgage-backed securities | Held-to-maturity securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 1,151,363 | |
Held-to-maturity Securities, Fair Value | 1,144,962 | |
One Year or Less - Amortized Cost | 0 | |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | |
One Year to Five Years - Amortized Cost | 0 | |
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value | 0 | |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 0 | |
After Five Years to Ten Years - Amortized Cost | 0 | |
After Ten Years - Amortized Cost | 1,151,363 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 1,144,962 | |
Municipal bonds and notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 81,748 | 67,587 |
Held-to-maturity Securities, Fair Value | 79,903 | 66,812 |
Municipal bonds and notes | Held-to-maturity securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 81,748 | |
Held-to-maturity Securities, Fair Value | 79,903 | |
One Year or Less - Amortized Cost | 4,509 | |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | 4,498 | |
One Year to Five Years - Amortized Cost | 33,148 | |
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value | 32,562 | |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 34,810 | |
After Five Years to Ten Years - Amortized Cost | 33,878 | |
After Ten Years - Amortized Cost | 9,281 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 8,965 | |
Variable rate | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 312,665 | 370,779 |
Held-to-maturity Securities, Fair Value | 311,502 | 371,504 |
Variable rate | Residential mortgage-backed securities | Held-to-maturity securities | Agency-issued collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Fair Value | 311,502 | |
Fixed rate | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 3,362,598 | 4,225,781 |
Held-to-maturity Securities, Fair Value | 3,332,112 | $ 4,195,836 |
Fixed rate | Residential mortgage-backed securities | Held-to-maturity securities | Agency-issued collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Fair Value | $ 3,332,112 |
Investment Securities - Non-mar
Investment Securities - Non-marketable and Other Securities (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)Investment | Dec. 31, 2015USD ($)Investment | Dec. 31, 2014USD ($)Investment | |
Investment Holdings [Line Items] | |||
Non-marketable securities | $ 82,823 | $ 85,705 | |
Amortization method qualified affordable housing project investments | 112,447 | 154,356 | |
Total non-marketable and other securities | 622,552 | 674,946 | |
Qualified Affordable Housing Project Investments, Commitment | 58,095 | 90,978 | |
Tax Credits And Other Tax Benefits Recognized | 15,404 | 14,375 | $ 12,109 |
Amortization Expense Included In Provision For Income Taxes | $ 12,145 | $ 10,389 | $ 9,340 |
Upper Limit | |||
Investment Holdings [Line Items] | |||
Ownership interest percentage | 5.00% | 5.00% | |
Fair value accounting | |||
Investment Holdings [Line Items] | |||
Non-marketable securities | $ 753 | $ 548 | |
Venture capital and private equity fund investments | Fair value accounting | |||
Investment Holdings [Line Items] | |||
Non-marketable securities | 141,649 | 152,237 | |
Non-marketable securities | 222,000 | 233,000 | |
Venture capital and private equity fund investments | Fair value accounting | Strategic Investors Fund, L.P. | |||
Investment Holdings [Line Items] | |||
Non-marketable securities | $ 18,459 | $ 20,794 | |
Ownership percentage of each Fund | 12.60% | 12.60% | |
Venture capital and private equity fund investments | Fair value accounting | Strategic Investors Fund II, L.P. | |||
Investment Holdings [Line Items] | |||
Non-marketable securities | $ 7,720 | $ 10,035 | |
Ownership percentage of each Fund | 8.60% | 8.60% | |
Venture capital and private equity fund investments | Fair value accounting | Strategic Investors Fund III, L.P. | |||
Investment Holdings [Line Items] | |||
Non-marketable securities | $ 20,449 | $ 23,926 | |
Ownership percentage of each Fund | 5.90% | 5.90% | |
Venture capital and private equity fund investments | Fair value accounting | Strategic Investors Fund IV, L.P. | |||
Investment Holdings [Line Items] | |||
Non-marketable securities | $ 24,530 | $ 26,411 | |
Ownership percentage of each Fund | 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 | $ 12,029 | $ 10,470 | |
Venture capital and private equity fund investments | Fair value accounting | Capital Preferred Return Fund, L.P. | |||
Investment Holdings [Line Items] | |||
Non-marketable securities | $ 57,627 | $ 60,619 | |
Ownership percentage of each Fund | 20.00% | 20.00% | |
Venture capital and private equity fund investments | Fair value accounting | Growth Partners, L.P. | |||
Investment Holdings [Line Items] | |||
Non-marketable securities | $ 59,718 | $ 62,983 | |
Ownership percentage of each Fund | 33.00% | 33.00% | |
Venture capital and private equity fund investments | Fair value accounting | Other private equity fund | |||
Investment Holdings [Line Items] | |||
Non-marketable securities | $ 5,845 | $ 7,841 | |
Ownership percentage of each Fund | 58.20% | 58.20% | |
Venture capital and private equity fund investments | Fair value accounting | Other private equity fund | Direct ownership interest | |||
Investment Holdings [Line Items] | |||
Ownership percentage of each Fund | 41.50% | ||
Venture capital and private equity fund investments | Fair value accounting | Other investments | |||
Investment Holdings [Line Items] | |||
Non-marketable securities | $ 18,095 | $ 14,863 | |
Venture capital and private equity fund investments | Equity method accounting | |||
Investment Holdings [Line Items] | |||
Non-marketable securities | 82,823 | 85,705 | |
Venture capital and private equity fund investments | Cost method accounting | |||
Investment Holdings [Line Items] | |||
Non-marketable securities | $ 114,606 | $ 120,676 | |
Number of investments | Investment | 252 | 267 | 281 |
Other venture capital investments | Fair value accounting | |||
Investment Holdings [Line Items] | |||
Non-marketable securities | $ 2,040 | $ 2,040 | |
Other venture capital investments | Fair value accounting | CP I, L.P. | |||
Investment Holdings [Line Items] | |||
Non-marketable securities | $ 2,040 | $ 2,040 | |
Ownership percentage of each Fund | 10.70% | 10.70% | |
Debt Securities | Equity method accounting | |||
Investment Holdings [Line Items] | |||
Non-marketable securities | $ 17,020 | $ 21,970 | |
Debt Securities | Equity method accounting | Gold Hill Capital 2008, LP | |||
Investment Holdings [Line Items] | |||
Non-marketable securities | $ 13,557 | $ 17,453 | |
Ownership percentage of each Fund | 15.50% | 15.50% | |
Debt Securities | Equity method accounting | Other investments | |||
Investment Holdings [Line Items] | |||
Non-marketable securities | $ 3,463 | $ 4,517 | |
Other investments | Fair value accounting | Capital Preferred Return Fund, L.P. | Indirect ownership interest | |||
Investment Holdings [Line Items] | |||
Ownership percentage of each Fund | 4.10% | ||
Other investments | Fair value accounting | Growth Partners, L.P. | Indirect ownership interest | |||
Investment Holdings [Line Items] | |||
Ownership percentage of each Fund | 12.60% | ||
Other investments | Fair value accounting | Other private equity fund | Direct ownership interest | |||
Investment Holdings [Line Items] | |||
Ownership percentage of each Fund | 41.50% | ||
Other investments | Equity method accounting | |||
Investment Holdings [Line Items] | |||
Non-marketable securities | $ 123,514 | 118,532 | |
Other investments | Equity method accounting | Gold Hill Capital 2008, LP | Direct ownership interest | |||
Investment Holdings [Line Items] | |||
Ownership percentage of each Fund | 11.50% | ||
Other investments | Equity method accounting | Gold Hill Capital 2008, LP | Indirect ownership interest | |||
Investment Holdings [Line Items] | |||
Ownership percentage of each Fund | 4.00% | ||
Other investments | Equity method accounting | China Joint Venture investment | |||
Investment Holdings [Line Items] | |||
Non-marketable securities | $ 75,296 | $ 78,799 | |
Ownership percentage of each Fund | 50.00% | 50.00% | |
Other investments | Equity method accounting | Other investments | |||
Investment Holdings [Line Items] | |||
Non-marketable securities | $ 48,218 | $ 39,733 | |
Other investments | Cost method accounting | |||
Investment Holdings [Line Items] | |||
Non-marketable securities | $ 27,700 | $ 18,882 |
Investment Securities - Compone
Investment Securities - Components of Gains and Losses (Realized and Unrealized) on Investment Securities (Detail) | 12 Months Ended | |||
Dec. 31, 2016USD ($)Investment | Dec. 31, 2015USD ($)Investment | Dec. 31, 2014USD ($)Investment | ||
Gain (Loss) on Investments [Line Items] | ||||
Gross gains on investment securities | $ 87,500,000 | $ 107,886,000 | $ 551,681,000 | |
Gross losses on investment securities | (35,760,000) | (18,441,000) | (284,658,000) | |
Gains on investment securities, net | 51,740,000 | 89,445,000 | [1],[2] | 267,023,000 |
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 | $ 0 | |
Cost method accounting | Venture capital and private equity fund investments | ||||
Gain (Loss) on Investments [Line Items] | ||||
Number of other-than-temporary impaired investments | Investment | 26 | 22 | 27 | |
Number of investments | Investment | 252 | 267 | 281 | |
Cost-method Investments, Other than Temporary Impairment | $ 600,000 | $ 600,000 | $ 800,000 | |
Available-for-sale Securities | ||||
Gain (Loss) on Investments [Line Items] | ||||
Available-for-sale Securities, Gross Realized Gains | 15,051,000 | 2,971,000 | 657,000 | |
Available-for-sale Securities, Gross Realized Losses | (2,856,000) | (1,770,000) | (19,255,000) | |
Non-marketable securities | Fair value accounting | Venture capital and private equity fund investments | ||||
Gain (Loss) on Investments [Line Items] | ||||
Gross gains on investment securities | 25,041,000 | 32,399,000 | 349,747,000 | |
Gross losses on investment securities | (19,077,000) | (9,210,000) | (86,263,000) | |
Non-marketable securities | Fair value accounting | Other venture capital investments | ||||
Gain (Loss) on Investments [Line Items] | ||||
Gross gains on investment securities | 17,000 | 1,512,000 | 17,309,000 | |
Gross losses on investment securities | (38,000) | (320,000) | (4,516,000) | |
Non-marketable securities | Fair value accounting | Other securities | ||||
Gain (Loss) on Investments [Line Items] | ||||
Gross gains on investment securities | 691,000 | 9,180,000 | 151,007,000 | |
Gross losses on investment securities | (781,000) | (1,559,000) | (170,890,000) | |
Non-marketable securities | Equity method accounting | Venture capital and private equity fund investments | ||||
Gain (Loss) on Investments [Line Items] | ||||
Gross gains on investment securities | 10,834,000 | 26,415,000 | 1,661,000 | |
Gross losses on investment securities | (6,764,000) | (909,000) | (231,000) | |
Non-marketable securities | Equity method accounting | Debt Securities | ||||
Gain (Loss) on Investments [Line Items] | ||||
Gross gains on investment securities | 1,406,000 | 4,111,000 | 4,749,000 | |
Gross losses on investment securities | (458,000) | (774,000) | (1,558,000) | |
Non-marketable securities | Equity method accounting | Other investments | ||||
Gain (Loss) on Investments [Line Items] | ||||
Gross gains on investment securities | 15,739,000 | 2,791,000 | 4,755,000 | |
Gross losses on investment securities | (4,857,000) | (3,146,000) | (759,000) | |
Non-marketable securities | Cost method accounting | Venture capital and private equity fund investments | ||||
Gain (Loss) on Investments [Line Items] | ||||
Gross gains on investment securities | 18,428,000 | 25,908,000 | 16,001,000 | |
Gross losses on investment securities | (591,000) | (729,000) | (827,000) | |
Non-marketable securities | Cost method accounting | Other investments | ||||
Gain (Loss) on Investments [Line Items] | ||||
Gross gains on investment securities | 293,000 | 2,599,000 | 5,795,000 | |
Gross losses on investment securities | $ (338,000) | $ (24,000) | $ (359,000) | |
[1] | During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details. | |||
[2] | During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details. |
Loans and Allowance for Loan 86
Loans and Allowance for Loan Losses - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Receivables [Abstract] | |||
Deferred loan fee income | $ 125,000 | $ 115,000 | |
Loans modified in TDRs | 96,059 | 111,725 | |
Unfunded commitments available for funding | 1,600 | ||
Loans modified in TDRs during the period | $ 41,545 | $ 110,371 | $ 2,738 |
Loans and Allowance for Loan 87
Loans and Allowance for Loan Losses - Composition of Loans, Net of Unearned Income (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 19,899,944 | $ 16,742,070 |
Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 17,731,612 | 14,970,747 |
Commercial loans | Software and internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 5,627,031 | 5,437,915 |
Commercial loans | Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 1,180,398 | 1,071,528 |
Commercial loans | Private equity/venture capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 7,691,148 | 5,467,577 |
Commercial loans | Life science/healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 1,853,004 | 1,710,642 |
Commercial loans | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 878,322 | 847,295 |
Commercial loans | Commercial Other Financing Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 393,551 | 312,278 |
Commercial loans | Commercial Loans Receivable excluding Construction and Real Estate Secured | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 16,945,288 | 14,201,115 |
Commercial loans | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 501,709 | 435,790 |
Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 2,648,621 | 2,235,390 |
Real estate secured loans | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 678,166 | 646,120 |
Real estate secured loans | Real estate secured consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 1,926,968 | 1,544,440 |
Real estate secured loans | Other Real Estate Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 43,487 | 44,830 |
Construction Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 64,671 | 78,682 |
Consumer loans | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 241,364 | 226,883 |
Consumer loans | Real estate secured consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 1,926,968 | 1,544,440 |
Non-real Estate Secured Commercial Loans | Commercial loans | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 200,156 | 201,175 |
Loans for personal residence | Consumer loans | Real estate secured consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 1,655,349 | 1,312,818 |
Loans to eligible employees | Consumer loans | Real estate secured consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 199,291 | 156,001 |
Home equity lines of credit | Consumer loans | Real estate secured consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 72,328 | $ 75,621 |
Loans and Allowance for Loan 88
Loans and Allowance for Loan Losses - Composition of Loans, Net of Unearned Income (Footnote Information) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Credit card receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit card loans | $ 224 | $ 177 |
Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross construction loans | $ 110 | $ 121 |
Loans and Allowance for Loan 89
Loans and Allowance for Loan Losses - Composition of Loans, Net of Unearned Income, Broken Out by Portfolio Segment and Class of Financing Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | $ 19,899,944 | $ 16,742,070 |
Consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 2,168,332 | 1,771,323 |
Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 17,731,612 | 14,970,747 |
Commercial loans | Software and internet | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 5,627,031 | 5,437,915 |
Commercial loans | Hardware | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 1,180,398 | 1,071,528 |
Commercial loans | Private equity/venture capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 7,691,148 | 5,467,577 |
Commercial loans | Life science/healthcare | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 1,853,004 | 1,710,642 |
Commercial loans | Premium wine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 878,322 | 847,295 |
Commercial loans | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 501,709 | 435,790 |
Consumer loans | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 241,364 | 226,883 |
Consumer loans | Real estate secured consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | $ 1,926,968 | $ 1,544,440 |
Loans and Allowance for Loan 90
Loans and Allowance for Loan Losses - Aging of Gross Loans, Broken out by Portfolio Segment and Class of Financing Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 98,292 | $ 32,346 |
Current | 19,926,370 | 16,824,785 |
Loans Past Due 90 Days or More Still Accruing Interest | 33 | 0 |
Total gross loans excluding impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 49,025 | 24,792 |
Current | 19,741,177 | 16,649,655 |
Loans Past Due 90 Days or More Still Accruing Interest | 33 | 0 |
Impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 49,267 | 7,554 |
Current | 185,193 | 175,130 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
30 - 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 81,575 | 10,800 |
30 - 59 Days Past Due | Total gross loans excluding impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 46,939 | 10,467 |
30 - 59 Days Past Due | Impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 34,636 | 333 |
60 - 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 5,504 | 14,325 |
60 - 89 Days Past Due | Total gross loans excluding impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,053 | 14,325 |
60 - 89 Days Past Due | Impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 3,451 | 0 |
Greater Than 90 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 11,213 | 7,221 |
Greater Than 90 Days Past Due | Total gross loans excluding impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 33 | 0 |
Greater Than 90 Days Past Due | Impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 11,180 | 7,221 |
Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 46,773 | 18,673 |
Current | 17,580,558 | 14,885,865 |
Loans Past Due 90 Days or More Still Accruing Interest | 33 | 0 |
Commercial loans | Software and internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 38,255 | 10,022 |
Current | 5,507,575 | 5,371,222 |
Loans Past Due 90 Days or More Still Accruing Interest | 6 | 0 |
Commercial loans | Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 5,654 | 1,127 |
Current | 1,118,065 | 1,051,368 |
Loans Past Due 90 Days or More Still Accruing Interest | 27 | 0 |
Commercial loans | Private equity/venture capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 689 | 17 |
Current | 7,747,222 | 5,511,912 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Commercial loans | Life science/healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 834 | 7,390 |
Current | 1,827,490 | 1,665,801 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Commercial loans | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,007 | 81 |
Current | 876,185 | 847,249 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Commercial loans | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 334 | 36 |
Current | 504,021 | 438,313 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Commercial loans | 30 - 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 44,687 | 5,328 |
Commercial loans | 30 - 59 Days Past Due | Software and internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 37,087 | 3,384 |
Commercial loans | 30 - 59 Days Past Due | Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 5,591 | 1,061 |
Commercial loans | 30 - 59 Days Past Due | Private equity/venture capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 689 | 0 |
Commercial loans | 30 - 59 Days Past Due | Life science/healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 283 | 853 |
Commercial loans | 30 - 59 Days Past Due | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,003 | 16 |
Commercial loans | 30 - 59 Days Past Due | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 34 | 14 |
Commercial loans | 60 - 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,053 | 13,345 |
Commercial loans | 60 - 89 Days Past Due | Software and internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,162 | 6,638 |
Commercial loans | 60 - 89 Days Past Due | Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 36 | 66 |
Commercial loans | 60 - 89 Days Past Due | Private equity/venture capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 17 |
Commercial loans | 60 - 89 Days Past Due | Life science/healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 551 | 6,537 |
Commercial loans | 60 - 89 Days Past Due | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 4 | 65 |
Commercial loans | 60 - 89 Days Past Due | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 300 | 22 |
Commercial loans | Greater Than 90 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 33 | 0 |
Commercial loans | Greater Than 90 Days Past Due | Software and internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 6 | 0 |
Commercial loans | Greater Than 90 Days Past Due | Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 27 | 0 |
Commercial loans | Greater Than 90 Days Past Due | Private equity/venture capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial loans | Greater Than 90 Days Past Due | Life science/healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial loans | Greater Than 90 Days Past Due | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial loans | Greater Than 90 Days Past Due | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer, Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,252 | 6,119 |
Current | 2,160,619 | 1,763,790 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Consumer, Other | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,402 | 343 |
Consumer, Other | Real estate secured consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 850 | 5,776 |
Current | 1,923,266 | 1,537,421 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Consumer, Other | Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 237,353 | 226,369 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Consumer, Other | 30 - 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,252 | 5,139 |
Consumer, Other | 30 - 59 Days Past Due | Real estate secured consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 850 | 4,911 |
Consumer, Other | 30 - 59 Days Past Due | Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,402 | 228 |
Consumer, Other | 60 - 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 980 |
Consumer, Other | 60 - 89 Days Past Due | Real estate secured consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 865 |
Consumer, Other | 60 - 89 Days Past Due | Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 115 |
Consumer, Other | Greater Than 90 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer, Other | Greater Than 90 Days Past Due | Real estate secured consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer, Other | Greater Than 90 Days Past Due | Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 0 | $ 0 |
Loans and Allowance for Loan 91
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 ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | $ 234,460 | $ 182,684 |
Impaired Financing Receivable, Unpaid Principal Balance | 250,692 | 213,190 |
Impaired Financing Receivables With Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 233,370 | 180,592 |
Impaired Financing Receivables With No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 1,090 | 2,092 |
Commercial loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 230,558 | 182,541 |
Impaired Financing Receivable, Unpaid Principal Balance | 245,515 | 211,797 |
Commercial loans | Software and internet | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 122,748 | 100,866 |
Impaired Financing Receivable, Unpaid Principal Balance | 129,648 | 125,494 |
Commercial loans | Hardware | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 65,395 | 27,736 |
Impaired Financing Receivable, Unpaid Principal Balance | 70,683 | 27,869 |
Commercial loans | Private equity/venture capital | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 0 |
Commercial loans | Life science/healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 38,361 | 51,354 |
Impaired Financing Receivable, Unpaid Principal Balance | 41,130 | 55,310 |
Commercial loans | Premium wine | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 3,187 | 2,065 |
Impaired Financing Receivable, Unpaid Principal Balance | 3,187 | 2,604 |
Commercial loans | Other | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 867 | 520 |
Impaired Financing Receivable, Unpaid Principal Balance | 867 | 520 |
Commercial loans | Impaired Financing Receivables With Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 229,468 | 180,449 |
Commercial loans | Impaired Financing Receivables With Related Allowance | Software and internet | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 121,658 | 100,866 |
Commercial loans | Impaired Financing Receivables With Related Allowance | Hardware | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 65,395 | 27,736 |
Commercial loans | Impaired Financing Receivables With Related Allowance | Private equity/venture capital | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Commercial loans | Impaired Financing Receivables With Related Allowance | Life science/healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 38,361 | 50,429 |
Commercial loans | Impaired Financing Receivables With Related Allowance | Premium wine | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 3,187 | 898 |
Commercial loans | Impaired Financing Receivables With Related Allowance | Other | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 867 | 520 |
Commercial loans | Impaired Financing Receivables With No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 1,090 | 2,092 |
Commercial loans | Impaired Financing Receivables With No Related Allowance | Software and internet | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 1,090 | 0 |
Commercial loans | Impaired Financing Receivables With No Related Allowance | Hardware | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Commercial loans | Impaired Financing Receivables With No Related Allowance | Private equity/venture capital | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Commercial loans | Impaired Financing Receivables With No Related Allowance | Life science/healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 925 |
Commercial loans | Impaired Financing Receivables With No Related Allowance | Premium wine | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 1,167 |
Commercial loans | Impaired Financing Receivables With No Related Allowance | Other | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Consumer loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 3,902 | 143 |
Impaired Financing Receivable, Unpaid Principal Balance | 5,177 | 1,393 |
Consumer loans | Other | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 2,398 | 0 |
Consumer loans | Real estate secured consumer loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 1,504 | 143 |
Impaired Financing Receivable, Unpaid Principal Balance | 2,779 | 1,393 |
Consumer loans | Other Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 2,398 | 0 |
Consumer loans | Impaired Financing Receivables With Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 3,902 | 143 |
Consumer loans | Impaired Financing Receivables With Related Allowance | Real estate secured consumer loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 1,504 | 143 |
Consumer loans | Impaired Financing Receivables With Related Allowance | Other Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 2,398 | 0 |
Consumer loans | Impaired Financing Receivables With No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Consumer loans | Impaired Financing Receivables With No Related Allowance | Real estate secured consumer loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | 0 |
Consumer loans | Impaired Financing Receivables With No Related Allowance | Other Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | $ 0 | $ 0 |
Loans and Allowance for Loan 92
Loans and Allowance for Loan Losses - Average Impaired Loans, Broken out by Portfolio Segment and Class of Financing Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | $ 176,412 | $ 95,188 | $ 24,516 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 3,884 | 1,070 | 0 |
Private equity/venture capital | |||
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | 0 | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 |
Commercial loans | |||
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | 174,688 | 94,975 | 23,976 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 3,867 | 1,070 | 0 |
Commercial loans | Software and internet | |||
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | 89,462 | 63,825 | 14,357 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 1,054 | 344 | 0 |
Commercial loans | Hardware | |||
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | 39,108 | 8,854 | 6,634 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 2,624 | 574 | 0 |
Commercial loans | Life science/healthcare | |||
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | 40,620 | 18,083 | 516 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 155 | 132 | 0 |
Commercial loans | Premium wine | |||
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | 2,056 | 1,455 | 1,381 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 28 | 12 | 0 |
Commercial loans | Other | |||
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | 3,442 | 2,758 | 1,088 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 6 | 8 | 0 |
Consumer loans | |||
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | 1,724 | 213 | 540 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 17 | 0 | 0 |
Consumer loans | Real estate secured consumer loans | |||
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | 588 | 172 | 218 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 |
Consumer loans | Other Loans | |||
Financing Receivable, Impaired [Line Items] | |||
Average impaired loans | 1,136 | 41 | 322 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | $ 17 | $ 0 | $ 0 |
Loans and Allowance for Loan 93
Loans and Allowance for Loan Losses - Activity in Allowance for Loan Losses Broken out by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | $ 217,613 | $ 165,359 | $ 217,613 | $ 165,359 | $ 142,886 | ||||||
Charge-offs | (96,857) | (50,968) | (43,168) | ||||||||
Recoveries | 12,212 | 6,209 | 6,404 | ||||||||
Provision for loan losses | $ 7,073 | $ 18,950 | $ 36,333 | 33,341 | $ 31,261 | $ 33,403 | $ 26,513 | 6,452 | 95,697 | 97,629 | 59,486 |
Allowance for Loan and Lease Losses, Foreign Currency Translation | (3,299) | (616) | (249) | ||||||||
Ending Balance | 225,366 | 217,613 | 225,366 | 217,613 | 165,359 | ||||||
Software and internet | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 80,981 | 80,981 | 64,084 | ||||||||
Charge-offs | (21,031) | ||||||||||
Recoveries | 1,425 | ||||||||||
Provision for loan losses | 36,547 | ||||||||||
Ending Balance | 80,981 | ||||||||||
Hardware | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 25,860 | 25,860 | 36,553 | ||||||||
Charge-offs | (15,265) | ||||||||||
Recoveries | 2,238 | ||||||||||
Provision for loan losses | 2,417 | ||||||||||
Ending Balance | 25,860 | ||||||||||
Private equity/venture capital | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 27,997 | 27,997 | 16,385 | ||||||||
Charge-offs | 0 | ||||||||||
Recoveries | 0 | ||||||||||
Provision for loan losses | 11,632 | ||||||||||
Ending Balance | 27,997 | ||||||||||
Life science/healthcare | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 15,208 | 15,208 | 11,926 | ||||||||
Charge-offs | (2,951) | ||||||||||
Recoveries | 374 | ||||||||||
Provision for loan losses | 5,925 | ||||||||||
Ending Balance | 15,208 | ||||||||||
Premium wine | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 4,473 | 4,473 | 3,914 | ||||||||
Charge-offs | (35) | ||||||||||
Recoveries | 240 | ||||||||||
Provision for loan losses | 354 | ||||||||||
Ending Balance | 4,473 | ||||||||||
Other | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 3,253 | 3,253 | 3,680 | ||||||||
Charge-offs | (3,886) | ||||||||||
Recoveries | 1,748 | ||||||||||
Provision for loan losses | 1,760 | ||||||||||
Ending Balance | 3,253 | ||||||||||
Commercial loans | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 207,445 | 157,772 | 207,445 | 157,772 | 136,542 | ||||||
Charge-offs | (96,755) | (50,672) | (43,168) | ||||||||
Recoveries | 11,954 | 6,046 | 6,025 | ||||||||
Provision for loan losses | 93,885 | 94,913 | 58,635 | ||||||||
Ending Balance | 213,182 | 207,445 | 213,182 | 207,445 | 157,772 | ||||||
Commercial loans | Software and internet | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 103,045 | 80,981 | 103,045 | 80,981 | |||||||
Charge-offs | (68,784) | (33,246) | |||||||||
Recoveries | 7,278 | 1,621 | |||||||||
Provision for loan losses | 58,350 | 53,696 | |||||||||
Allowance for Loan and Lease Losses, Foreign Currency Translation | (2,501) | (7) | (44) | ||||||||
Ending Balance | 97,388 | 103,045 | 97,388 | 103,045 | 80,981 | ||||||
Commercial loans | Hardware | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 23,085 | 25,860 | 23,085 | 25,860 | |||||||
Charge-offs | (13,233) | (5,145) | |||||||||
Recoveries | 1,667 | 3,332 | |||||||||
Provision for loan losses | 20,851 | (1,035) | |||||||||
Allowance for Loan and Lease Losses, Foreign Currency Translation | (1,204) | 73 | (83) | ||||||||
Ending Balance | 31,166 | 23,085 | 31,166 | 23,085 | 25,860 | ||||||
Commercial loans | Private equity/venture capital | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 35,282 | 27,997 | 35,282 | 27,997 | |||||||
Charge-offs | 0 | 0 | |||||||||
Recoveries | 0 | 0 | |||||||||
Provision for loan losses | 15,114 | 7,391 | |||||||||
Allowance for Loan and Lease Losses, Foreign Currency Translation | (97) | (106) | (20) | ||||||||
Ending Balance | 50,299 | 35,282 | 50,299 | 35,282 | 27,997 | ||||||
Commercial loans | Life science/healthcare | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 36,576 | 15,208 | 36,576 | 15,208 | |||||||
Charge-offs | (9,693) | (7,291) | |||||||||
Recoveries | 1,129 | 277 | |||||||||
Provision for loan losses | (2,543) | 28,400 | |||||||||
Allowance for Loan and Lease Losses, Foreign Currency Translation | (23) | (18) | (66) | ||||||||
Ending Balance | 25,446 | 36,576 | 25,446 | 36,576 | 15,208 | ||||||
Commercial loans | Premium wine | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 5,205 | 4,473 | 5,205 | 4,473 | |||||||
Charge-offs | 0 | 0 | |||||||||
Recoveries | 0 | 7 | |||||||||
Provision for loan losses | (1,260) | 725 | |||||||||
Allowance for Loan and Lease Losses, Foreign Currency Translation | 170 | 0 | 0 | ||||||||
Ending Balance | 4,115 | 5,205 | 4,115 | 5,205 | 4,473 | ||||||
Commercial loans | Other | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 4,252 | 3,253 | 4,252 | 3,253 | |||||||
Charge-offs | (5,045) | (4,990) | |||||||||
Recoveries | 1,880 | 809 | |||||||||
Provision for loan losses | 3,373 | 5,736 | |||||||||
Allowance for Loan and Lease Losses, Foreign Currency Translation | 308 | (556) | (49) | ||||||||
Ending Balance | 4,768 | 4,252 | 4,768 | 4,252 | 3,253 | ||||||
Commercial loans | Commercial Loan [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Allowance for Loan and Lease Losses, Foreign Currency Translation | (3,347) | (614) | (262) | ||||||||
Consumer loans | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 10,168 | 7,587 | 10,168 | 7,587 | 6,344 | ||||||
Charge-offs | 0 | ||||||||||
Recoveries | 379 | ||||||||||
Provision for loan losses | 851 | ||||||||||
Ending Balance | $ 12,184 | 10,168 | 12,184 | 10,168 | 7,587 | ||||||
Consumer loans | Consumer Loan | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | $ 10,168 | $ 7,587 | 10,168 | 7,587 | |||||||
Charge-offs | (102) | (296) | |||||||||
Recoveries | 258 | 163 | |||||||||
Provision for loan losses | 1,812 | 2,716 | |||||||||
Allowance for Loan and Lease Losses, Foreign Currency Translation | $ 48 | (2) | 13 | ||||||||
Ending Balance | $ 10,168 | $ 10,168 | $ 7,587 |
Loans and Allowance for Loan 94
Loans and Allowance for Loan Losses - Allowance for Loan Losses Individually and Collectively Evaluated for Impairment (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Individually Evaluated for Impairment | $ 48,825 | $ 57,773 |
Financing Receivable, Individually Evaluated for Impairment | 234,460 | 182,684 |
Collectively Evaluated for Impairment | 176,541 | 159,840 |
Financing Receivable, Collectively Evaluated for Impairment | 19,665,484 | 16,559,386 |
Commercial loans | ||
Financing Receivable, Impaired [Line Items] | ||
Individually Evaluated for Impairment | 47,702 | 57,630 |
Financing Receivable, Individually Evaluated for Impairment | 230,558 | 182,541 |
Collectively Evaluated for Impairment | 165,480 | 149,815 |
Financing Receivable, Collectively Evaluated for Impairment | 17,501,054 | 14,788,206 |
Commercial loans | Software and internet | ||
Financing Receivable, Impaired [Line Items] | ||
Individually Evaluated for Impairment | 28,245 | 34,098 |
Financing Receivable, Individually Evaluated for Impairment | 122,748 | 100,866 |
Collectively Evaluated for Impairment | 69,143 | 68,947 |
Financing Receivable, Collectively Evaluated for Impairment | 5,504,283 | 5,337,049 |
Commercial loans | Hardware | ||
Financing Receivable, Impaired [Line Items] | ||
Individually Evaluated for Impairment | 9,995 | 3,160 |
Financing Receivable, Individually Evaluated for Impairment | 65,395 | 27,736 |
Collectively Evaluated for Impairment | 21,171 | 19,925 |
Financing Receivable, Collectively Evaluated for Impairment | 1,115,003 | 1,043,792 |
Commercial loans | Private equity/venture capital | ||
Financing Receivable, Impaired [Line Items] | ||
Individually Evaluated for Impairment | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 50,299 | 35,282 |
Financing Receivable, Collectively Evaluated for Impairment | 7,691,148 | 5,467,577 |
Commercial loans | Life science/healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Individually Evaluated for Impairment | 8,709 | 20,230 |
Financing Receivable, Individually Evaluated for Impairment | 38,361 | 51,354 |
Collectively Evaluated for Impairment | 16,737 | 16,346 |
Financing Receivable, Collectively Evaluated for Impairment | 1,814,643 | 1,659,288 |
Commercial loans | Premium wine | ||
Financing Receivable, Impaired [Line Items] | ||
Individually Evaluated for Impairment | 520 | 90 |
Financing Receivable, Individually Evaluated for Impairment | 3,187 | 2,065 |
Collectively Evaluated for Impairment | 3,595 | 5,115 |
Financing Receivable, Collectively Evaluated for Impairment | 875,135 | 845,230 |
Commercial loans | Other | ||
Financing Receivable, Impaired [Line Items] | ||
Individually Evaluated for Impairment | 233 | 52 |
Financing Receivable, Individually Evaluated for Impairment | 867 | 520 |
Collectively Evaluated for Impairment | 4,535 | 4,200 |
Financing Receivable, Collectively Evaluated for Impairment | 500,842 | 435,270 |
Consumer loans | Consumer Loan | ||
Financing Receivable, Impaired [Line Items] | ||
Individually Evaluated for Impairment | 1,123 | 143 |
Financing Receivable, Individually Evaluated for Impairment | 3,902 | 143 |
Collectively Evaluated for Impairment | 11,061 | 10,025 |
Financing Receivable, Collectively Evaluated for Impairment | $ 2,164,430 | $ 1,771,180 |
Loans and Allowance for Loan 95
Loans and Allowance for Loan Losses - Credit Quality Indicators, Broken out by Portfolio Segment and Class of Financing Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | $ 20,024,662 | $ 16,857,131 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 18,864,595 | 15,926,946 |
Performing (Criticized) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 925,607 | 747,501 |
Performing Impaired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 115,481 | 59,292 |
Non Performing Impaired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 118,979 | 123,392 |
Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 17,857,889 | 15,087,079 |
Commercial loans | Software and internet | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 5,668,578 | 5,482,110 |
Commercial loans | Hardware | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,189,114 | 1,080,231 |
Commercial loans | Private equity/venture capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 7,747,911 | 5,511,929 |
Commercial loans | Life science/healthcare | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,866,685 | 1,724,545 |
Commercial loans | Premium wine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 880,379 | 849,395 |
Commercial loans | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 505,222 | 438,869 |
Commercial loans | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 16,711,827 | 14,162,877 |
Commercial loans | Pass | Software and internet | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 4,924,923 | 4,933,179 |
Commercial loans | Pass | Hardware | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 985,889 | 955,675 |
Commercial loans | Pass | Private equity/venture capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 7,747,317 | 5,474,929 |
Commercial loans | Pass | Life science/healthcare | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,707,499 | 1,544,555 |
Commercial loans | Pass | Premium wine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 865,354 | 825,058 |
Commercial loans | Pass | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 480,845 | 429,481 |
Commercial loans | Performing (Criticized) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 915,504 | 741,661 |
Commercial loans | Performing (Criticized) | Software and internet | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 620,907 | 448,065 |
Commercial loans | Performing (Criticized) | Hardware | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 137,830 | 96,820 |
Commercial loans | Performing (Criticized) | Private equity/venture capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 594 | 37,000 |
Commercial loans | Performing (Criticized) | Life science/healthcare | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 120,825 | 128,636 |
Commercial loans | Performing (Criticized) | Premium wine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 11,838 | 22,272 |
Commercial loans | Performing (Criticized) | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 23,510 | 8,868 |
Commercial loans | Performing Impaired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 114,695 | 59,292 |
Commercial loans | Performing Impaired | Software and internet | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 46,143 | 23,321 |
Commercial loans | Performing Impaired | Hardware | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 58,814 | 27,306 |
Commercial loans | Performing Impaired | Private equity/venture capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 0 | 0 |
Commercial loans | Performing Impaired | Life science/healthcare | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 6,578 | 7,247 |
Commercial loans | Performing Impaired | Premium wine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 2,696 | 898 |
Commercial loans | Performing Impaired | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 464 | 520 |
Commercial loans | Non Performing Impaired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 115,863 | 123,249 |
Commercial loans | Non Performing Impaired | Software and internet | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 76,605 | 77,545 |
Commercial loans | Non Performing Impaired | Hardware | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 6,581 | 430 |
Commercial loans | Non Performing Impaired | Private equity/venture capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 0 | 0 |
Commercial loans | Non Performing Impaired | Life science/healthcare | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 31,783 | 44,107 |
Commercial loans | Non Performing Impaired | Premium wine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 491 | 1,167 |
Commercial loans | Non Performing Impaired | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 403 | 0 |
Consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 2,166,773 | 1,770,052 |
Consumer loans | Real estate secured consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,925,620 | 1,543,340 |
Consumer loans | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 241,153 | 226,712 |
Consumer loans | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 2,152,768 | 1,764,069 |
Consumer loans | Pass | Real estate secured consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,914,512 | 1,539,468 |
Consumer loans | Pass | Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 238,256 | 224,601 |
Consumer loans | Performing (Criticized) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 10,103 | 5,840 |
Consumer loans | Performing (Criticized) | Real estate secured consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 9,604 | 3,729 |
Consumer loans | Performing (Criticized) | Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 499 | 2,111 |
Consumer loans | Performing Impaired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 786 | 0 |
Consumer loans | Performing Impaired | Real estate secured consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 0 | 0 |
Consumer loans | Performing Impaired | Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 786 | 0 |
Consumer loans | Non Performing Impaired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 3,116 | 143 |
Consumer loans | Non Performing Impaired | Real estate secured consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,504 | 143 |
Consumer loans | Non Performing Impaired | Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | $ 1,612 | $ 0 |
Loans and Allowance for Loan 96
Loans and Allowance for Loan Losses - Summary of Loans Modified in Troubled Debt Restructurings ("TDRs") by Portfolio Segment and Class of Financing Receivables (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)troubled_debt_restructuring | Dec. 31, 2015USD ($)troubled_debt_restructuring | |
Financing Receivable, Modifications [Line Items] | ||
Number of TDRs | troubled_debt_restructuring | 20 | 17 |
Loans modified in TDRs | $ 96,059 | $ 111,725 |
Commercial loans | ||
Financing Receivable, Modifications [Line Items] | ||
Loans modified in TDRs | 95,273 | 111,725 |
Commercial loans | Software and internet | ||
Financing Receivable, Modifications [Line Items] | ||
Loans modified in TDRs | 52,646 | 56,790 |
Commercial loans | Hardware | ||
Financing Receivable, Modifications [Line Items] | ||
Loans modified in TDRs | 14,870 | 473 |
Commercial loans | Life science/healthcare | ||
Financing Receivable, Modifications [Line Items] | ||
Loans modified in TDRs | 24,176 | 51,878 |
Commercial loans | Premium wine | ||
Financing Receivable, Modifications [Line Items] | ||
Loans modified in TDRs | 3,194 | 2,065 |
Commercial loans | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Loans modified in TDRs | 387 | 519 |
Consumer loans | ||
Financing Receivable, Modifications [Line Items] | ||
Loans modified in TDRs | 786 | 0 |
Consumer loans | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Loans modified in TDRs | $ 786 | $ 0 |
Loans and Allowance for Loan 97
Loans and Allowance for Loan Losses - Recorded Investment in Loans Modified in TDRs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Modifications [Line Items] | |||
Loans modified in TDRs during the period | $ 41,545 | $ 110,371 | $ 2,738 |
Partial charge-offs on loans classified as TDRs | 3,600 | 23,500 | |
Commercial loans | |||
Financing Receivable, Modifications [Line Items] | |||
Loans modified in TDRs during the period | 40,759 | 110,371 | 2,738 |
Commercial loans | Software and internet | |||
Financing Receivable, Modifications [Line Items] | |||
Loans modified in TDRs during the period | 23,574 | 56,790 | 1,033 |
Commercial loans | Hardware | |||
Financing Receivable, Modifications [Line Items] | |||
Loans modified in TDRs during the period | 14,870 | 286 | 1,118 |
Commercial loans | Private equity/venture capital | |||
Financing Receivable, Modifications [Line Items] | |||
Loans modified in TDRs during the period | 0 | 0 | 0 |
Commercial loans | Life science/healthcare | |||
Financing Receivable, Modifications [Line Items] | |||
Loans modified in TDRs during the period | 1,638 | 51,878 | 0 |
Commercial loans | Premium wine | |||
Financing Receivable, Modifications [Line Items] | |||
Loans modified in TDRs during the period | 677 | 898 | 587 |
Commercial loans | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Loans modified in TDRs during the period | 0 | 519 | 0 |
Consumer loans | |||
Financing Receivable, Modifications [Line Items] | |||
Loans modified in TDRs during the period | 786 | 0 | 0 |
Consumer loans | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Loans modified in TDRs during the period | $ 786 | $ 0 | 0 |
Payment Deferrals Granted | |||
Financing Receivable, Modifications [Line Items] | |||
Loans modified in TDRs during the period | 1,700 | ||
Forgiveness Of Principal | |||
Financing Receivable, Modifications [Line Items] | |||
Loans modified in TDRs during the period | $ 1,000 |
Loans and Allowance for Loan 98
Loans and Allowance for Loan Losses - Recorded Investment in Loans Modified in TDRs within Previous 12 months Subsequently Defaulted (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Modifications [Line Items] | |||
TDRs modified within the previous 12 months that defaulted in the period | $ 1,411 | $ 18,033 | $ 0 |
Premium wine | |||
Financing Receivable, Modifications [Line Items] | |||
TDRs modified within the previous 12 months that defaulted in the period | 0 | 0 | |
Commercial loans | |||
Financing Receivable, Modifications [Line Items] | |||
TDRs modified within the previous 12 months that defaulted in the period | 625 | 18,033 | 0 |
Commercial loans | Software and internet | |||
Financing Receivable, Modifications [Line Items] | |||
TDRs modified within the previous 12 months that defaulted in the period | 0 | 16,804 | 0 |
Commercial loans | Hardware | |||
Financing Receivable, Modifications [Line Items] | |||
TDRs modified within the previous 12 months that defaulted in the period | 134 | 286 | 0 |
Commercial loans | Premium wine | |||
Financing Receivable, Modifications [Line Items] | |||
TDRs modified within the previous 12 months that defaulted in the period | 491 | ||
Commercial loans | Life science/healthcare | |||
Financing Receivable, Modifications [Line Items] | |||
TDRs modified within the previous 12 months that defaulted in the period | 0 | 943 | 0 |
Consumer loans | Other | |||
Financing Receivable, Modifications [Line Items] | |||
TDRs modified within the previous 12 months that defaulted in the period | $ 786 | $ 0 | $ 0 |
Premises and Equipment Componen
Premises and Equipment Components of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Abstract] | ||
Computer software | $ 189,867 | $ 170,625 |
Computer hardware | 56,215 | 41,856 |
Leasehold improvements | 70,909 | 60,339 |
Furniture and equipment | 31,886 | 28,645 |
Total | 348,877 | 301,465 |
Accumulated depreciation and amortization | (228,194) | (198,840) |
Premises and equipment, net | $ 120,683 | $ 102,625 |
Premises and Equipment Addition
Premises and Equipment Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 33.9 | $ 28.3 | $ 30 |
Disposal - Assets Held-for-Sale
Disposal - Assets Held-for-Sale Income Statement Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment loss on SVBIF Sale Transaction | $ 0 | $ 0 | $ 13,934 |
Deposits Composition of Deposit
Deposits Composition of Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Noninterest-bearing demand deposits | $ 31,975,457 | $ 30,867,497 |
Interest bearing checking and savings | 375,710 | 330,525 |
Money market | 5,331,054 | 6,128,442 |
Money market deposits in foreign offices | 107,657 | 88,656 |
Sweep deposits in foreign offices | 1,133,872 | 1,657,177 |
Time | 56,118 | 70,479 |
Total deposits | $ 38,979,868 | $ 39,142,776 |
Deposits Additional Information
Deposits Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Time Deposits, $250,000 or More | $ 43 | $ 54 |
Time Deposit Maturities, Next Twelve Months | $ 43 |
Short-Term Borrowings and Lo104
Short-Term Borrowings and Long-Term Debt Outstanding Short Term Borrowings and Long Term Debt (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Jan. 29, 2015 | Sep. 30, 2010 | |
Debt Outstanding [Line Items] | ||||
Short-term borrowings | $ 512,668,000 | $ 774,900,000 | ||
Total long-term debt | $ 795,704,000 | 796,702,000 | ||
Federal Home Loan Bank Advances | ||||
Debt Outstanding [Line Items] | ||||
Maturity | Jan. 6, 2017 | |||
Principal value | $ 500,000,000 | |||
Federal Home Loan Bank Advances | 500,000,000 | 638,000,000 | ||
Federal Funds Purchased | ||||
Debt Outstanding [Line Items] | ||||
Principal value | 0 | |||
Short-term borrowings | 0 | 135,000,000 | ||
Other short-term borrowings | ||||
Debt Outstanding [Line Items] | ||||
Principal value | 12,668,000 | |||
Short-term borrowings | $ 12,668,000 | 1,900,000 | ||
3.50% Senior Notes | ||||
Debt Outstanding [Line Items] | ||||
Maturity | Jan. 29, 2025 | |||
Principal value | $ 350,000,000 | $ 350,000,000 | ||
Senior Notes | $ 346,979,000 | 346,667,000 | ||
5.375% Senior Notes | ||||
Debt Outstanding [Line Items] | ||||
Maturity | Sep. 15, 2020 | |||
Principal value | $ 350,000,000 | $ 350,000,000 | ||
Senior Notes | $ 347,586,000 | 347,016,000 | ||
6.05% Subordinated Notes | ||||
Debt Outstanding [Line Items] | ||||
Maturity | Jun. 1, 2017 | |||
Principal value | $ 45,964,000 | |||
Subordinated Notes | $ 46,646,000 | 48,350,000 | ||
7.0% Junior Subordinated Debentures | ||||
Debt Outstanding [Line Items] | ||||
Maturity | Oct. 15, 2033 | |||
Principal value | $ 50,000,000 | |||
Junior Subordinated Debentures | $ 54,493,000 | $ 54,669,000 |
Short-Term Borrowings and Lo105
Short-Term Borrowings and Long-Term Debt Outstanding Short Term Borrowings and Long Term Debt (Additional Information) (Detail) - USD ($) | Jan. 29, 2015 | Sep. 30, 2010 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Outstanding [Line Items] | |||||
Weighted average interest rates associated with short-term borrowings | 0.59% | 0.32% | |||
Proceeds from issuance of 3.50% Senior Notes | $ 0 | $ 346,431,000 | $ 0 | ||
3.50% Senior Notes | |||||
Debt Outstanding [Line Items] | |||||
Stated interest rate | 3.50% | 3.50% | |||
Principal value | $ 350,000,000 | $ 350,000,000 | |||
Maturity | Jan. 29, 2025 | ||||
Senior Notes | $ 346,979,000 | $ 346,667,000 | |||
Deferred Finance Costs, Gross | 3,000,000 | ||||
Debt Instrument, Unamortized Discount | $ 300,000 | ||||
5.375% Senior Notes | |||||
Debt Outstanding [Line Items] | |||||
Stated interest rate | 5.375% | 5.375% | |||
Principal value | $ 350,000,000 | $ 350,000,000 | |||
Maturity | Sep. 15, 2020 | ||||
Proceeds from issuance of 3.50% Senior Notes | $ 346,400,000 | $ 345,000,000 | |||
Senior Notes | $ 347,586,000 | $ 347,016,000 | |||
6.05% Subordinated Notes | |||||
Debt Outstanding [Line Items] | |||||
Fair value of the interest rate swap associated with the notes | $ 800,000 | $ 2,800,000 | |||
Stated interest rate | 6.05% | 6.05% | |||
Principal value | $ 45,964,000 | ||||
Maturity | Jun. 1, 2017 | ||||
6.05% Subordinated Notes | Interest rate swaps | |||||
Debt Outstanding [Line Items] | |||||
Fair value of the interest rate swap associated with the notes | $ 800,000 | $ 2,800,000 | |||
7.0% Junior Subordinated Debentures | |||||
Debt Outstanding [Line Items] | |||||
Stated interest rate | 7.00% | 7.00% | |||
Principal value | $ 50,000,000 | ||||
Maturity | Oct. 15, 2033 |
Aggregate Annual Maturities of
Aggregate Annual Maturities of Long-Term Debt Obligations (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
2,016 | $ 46,646 | |
2,017 | 0 | |
2,018 | 0 | |
2,019 | 347,586 | |
2,020 | 0 | |
2021 and thereafter | 401,472 | |
Total | $ 795,704 | $ 796,702 |
Short-Term Borrowings and Lo107
Short-Term Borrowings and Long-Term Debt - Additional Information (Detail) - USD ($) | Jan. 29, 2015 | Sep. 30, 2010 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | May 15, 2007 | Oct. 30, 2003 |
Debt Disclosure [Line Items] | |||||||||||||||
Interest expense, debt | $ 37,300,000 | $ 34,900,000 | $ 23,200,000 | ||||||||||||
Weighted average interest rates associated with short-term borrowings | 0.59% | 0.32% | 0.59% | 0.32% | |||||||||||
Short-term borrowings | $ 512,668,000 | $ 774,900,000 | $ 512,668,000 | $ 774,900,000 | |||||||||||
Proceeds from issuance of senior notes, net of discount and issuance cost | 0 | 346,431,000 | 0 | ||||||||||||
Interest expense | $ 10,728,000 | $ 11,252,000 | $ 10,656,000 | $ 10,237,000 | $ 10,163,000 | $ 10,131,000 | $ 10,155,000 | $ 9,891,000 | 42,873,000 | $ 40,340,000 | $ 35,321,000 | ||||
Special Purpose Trust Entity | |||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||
Interest expense | $ 3,500,000 | ||||||||||||||
3.50% Senior Notes | |||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||
Stated interest rate | 3.50% | 3.50% | 3.50% | 3.50% | |||||||||||
Principal value | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | ||||||||||||
Debt Instrument, Unamortized Discount | $ 300,000 | $ 300,000 | |||||||||||||
Maturity | Jan. 29, 2025 | ||||||||||||||
5.375% Senior Notes | |||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||
Stated interest rate | 5.375% | 5.375% | 5.375% | 5.375% | |||||||||||
Principal value | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | ||||||||||||
Maturity | Sep. 15, 2020 | ||||||||||||||
Payments for settlement of 3.875% Convertible Notes | 250,000,000 | ||||||||||||||
Proceeds from issuance of senior notes, net of discount and issuance cost | $ 346,400,000 | $ 345,000,000 | |||||||||||||
6.05% Subordinated Notes | |||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||
Debt Instrument, Unamortized Discount | $ 250,000,000 | ||||||||||||||
7.0% Junior Subordinated Debentures | |||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||
Principal value | $ 50,000,000 | ||||||||||||||
Debt issuance costs | $ 2,200,000 | ||||||||||||||
Federal Funds Purchased | |||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||
Principal value | 0 | $ 0 | |||||||||||||
Short-term borrowings | 0 | $ 135,000,000 | 0 | $ 135,000,000 | |||||||||||
Federal Home Loan Bank Advances | |||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||
Principal value | 500,000,000 | $ 500,000,000 | |||||||||||||
Maturity | Jan. 6, 2017 | ||||||||||||||
Market value of collateral pledged | 1,700,000,000 | $ 1,700,000,000 | |||||||||||||
Unused and available funds | 1,200,000,000 | 1,200,000,000 | |||||||||||||
Federal Reserve Bank Advances | |||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||
Market value of collateral pledged | $ 800,000,000 | $ 800,000,000 | |||||||||||||
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 | Jun. 1, 2017 | ||||||||||||||
7.0% Junior Subordinated Debentures | |||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||
Stated interest rate | 7.00% | 7.00% | 7.00% | 7.00% | |||||||||||
Principal value | $ 50,000,000 | $ 50,000,000 | |||||||||||||
Maturity | Oct. 15, 2033 |
Derivative Financial Instrum108
Derivative Financial Instruments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
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 Instrum109
Derivative Financial Instruments Total Notional or Contractual Amounts, Fair Value, Collateral and Net Exposure of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Fair value | $ 78,947 | $ 37,983 |
Fair value | (64,438) | (30,742) |
Net Exposure Derivative Instruments | 132,964 | 142,446 |
Fair value | 145,632 | 144,346 |
Collateral | 12,668 | 1,900 |
Derivatives designated as hedging instruments | Interest rate risks | Other Assets | ||
Derivative [Line Items] | ||
Notional or Contractual Amount | 45,964 | 45,964 |
Fair value | 810 | 2,768 |
Collateral | 89 | 0 |
Net Exposure | 721 | 2,768 |
Derivatives not designated as hedging instruments | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Fair value | 2,089 | 140 |
Net Exposure Derivative Instruments | 2,089 | 140 |
Collateral | 0 | 0 |
Derivatives not designated as hedging instruments | Foreign Exchange Contract [Member] | Other Assets | ||
Derivative [Line Items] | ||
Notional or Contractual Amount | 219,950 | 49,287 |
Fair value | 3,057 | 809 |
Collateral | 0 | 0 |
Net Exposure | 3,057 | 809 |
Derivatives not designated as hedging instruments | Foreign Exchange Contract [Member] | Other liability | ||
Derivative [Line Items] | ||
Notional or Contractual Amount | 54,338 | 6,586 |
Fair value | (968) | (669) |
Net Exposure Derivative Instruments Liabilities | (968) | (669) |
Collateral | 0 | 0 |
Derivatives not designated as hedging instruments | Other derivative instruments | Equity warrant assets | Other Assets | ||
Derivative [Line Items] | ||
Notional or Contractual Amount | 211,434 | 210,102 |
Fair value | 131,123 | 137,105 |
Collateral | 0 | 0 |
Net Exposure | 131,123 | 137,105 |
Derivatives not designated as hedging instruments | Other derivative instruments | Foreign Exchange Contract [Member] | Other Assets | ||
Derivative [Line Items] | ||
Notional or Contractual Amount | 1,251,308 | 935,514 |
Fair value | 54,587 | 29,722 |
Collateral | 12,579 | 1,900 |
Net Exposure | 42,008 | 27,822 |
Derivatives not designated as hedging instruments | Other derivative instruments | Foreign Exchange Contract [Member] | Other liability | ||
Derivative [Line Items] | ||
Notional or Contractual Amount | 1,068,991 | 841,182 |
Fair value | (43,317) | (24,978) |
Net Exposure Derivative Instruments Liabilities | (43,317) | (24,978) |
Collateral | 0 | 0 |
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivatives | ||
Derivative [Line Items] | ||
Fair value | 11,610 | 4,333 |
Net Exposure Derivative Instruments | (969) | 2,433 |
Collateral | 12,579 | 1,900 |
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivatives | Other Assets | ||
Derivative [Line Items] | ||
Notional or Contractual Amount | 775,000 | 46,625 |
Fair value | 10,383 | 706 |
Collateral | 0 | 0 |
Net Exposure | 10,383 | 706 |
Derivatives not designated as hedging instruments | Other derivative instruments | Other derivatives | Other liability | ||
Derivative [Line Items] | ||
Notional or Contractual Amount | 775,000 | 46,625 |
Fair value | (10,383) | (706) |
Net Exposure Derivative Instruments Liabilities | (10,383) | (706) |
Collateral | 0 | 0 |
Derivatives not designated as hedging instruments | Other derivative instruments | Client interest rate derivatives | Other Assets | ||
Derivative [Line Items] | ||
Notional or Contractual Amount | 583,511 | 422,741 |
Fair value | 10,110 | 3,973 |
Collateral | 0 | 0 |
Net Exposure | 10,110 | 3,973 |
Derivatives not designated as hedging instruments | Other derivative instruments | Client interest rate derivatives | Other liability | ||
Derivative [Line Items] | ||
Notional or Contractual Amount | 627,639 | 422,741 |
Fair value | (9,770) | (4,384) |
Net Exposure Derivative Instruments Liabilities | (9,770) | (4,384) |
Collateral | $ 0 | $ 0 |
Derivative Financial Instrum110
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, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Credit rating of institutional counterparties | The credit ratings of our institutional counterparties as of December 31, 2016 remain at investment grade or higher and there were no material changes in their credit ratings for the year ended December 31, 2016 |
Derivative Financial Instrum111
Derivative Financial Instruments Summary of Derivative Activity and Related Impact on Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) on derivatives | $ 18,287 | $ 53,470 | $ 22,139 |
Derivatives designated as hedging instruments | Interest rate risks | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) on derivatives | 2,306 | 2,506 | 2,503 |
Derivatives designated as hedging instruments | Interest rate risks | Interest expense-borrowings | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) on derivatives | 2,341 | 2,526 | 2,553 |
Derivatives designated as hedging instruments | Interest rate risks | Net gains on derivative instruments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) on derivatives | (35) | (20) | (50) |
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 | 37,892 | 70,963 | 71,012 |
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 | 262 | (209) | (796) |
Internal Instruments [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign Currency Transaction Gain (Loss), before Tax | (16,676) | (12,735) | (21,636) |
Internal Instruments [Member] | Derivatives not designated as hedging instruments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) on derivatives | (540) | (358) | (38) |
Internal Instruments [Member] | Derivatives not designated as hedging instruments | Other noninterest income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign Currency Transaction Gain (Loss), before Tax | (16,676) | (12,735) | (21,636) |
Internal Instruments [Member] | Derivatives not designated as hedging instruments | Currency exchange risks | Net gains on derivative instruments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) on derivatives | 16,136 | 12,377 | 21,598 |
Client Instruments [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign Currency Transaction Gain (Loss), before Tax | 4,215 | 115 | (4,078) |
Client Instruments [Member] | Derivatives not designated as hedging instruments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) on derivatives | (1,459) | 809 | 1,003 |
Client Instruments [Member] | Derivatives not designated as hedging instruments | Other noninterest income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign Currency Transaction Gain (Loss), before Tax | 4,215 | 115 | (4,078) |
Client Instruments [Member] | Derivatives not designated as hedging instruments | Currency exchange risks | Net gains on derivative instruments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gain (loss) on derivatives | $ (5,674) | $ 694 | $ 5,081 |
Derivative Financial Instrum112
Derivative Financial Instruments Master Netting Arrangements (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Offsetting Derivative Assets [Abstract] | ||
Fair value | $ 78,947 | $ 37,983 |
Derivative Asset, Fair Value, Gross Liability | 0 | (5) |
Derivative Asset | 78,947 | 37,978 |
Derivative, Collateral, Obligation to Return Securities | (42,356) | (25,588) |
Derivative, Collateral, Obligation to Return Cash | (12,668) | (1,900) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 23,923 | 10,490 |
Offsetting Securities Purchased under Agreements to Resell [Abstract] | ||
Securities Purchased under Agreements to Resell, Gross | 64,028 | 125,391 |
Securities Purchased under Agreements to Resell, Liability | 0 | 0 |
Securities Purchased under Agreements to Resell | 64,028 | 125,391 |
Securities Purchased under Agreements to Resell, Collateral, Obligation to Return Securities | (64,028) | (125,391) |
Securities Purchased under Agreements to Resell, Collateral, Obligation to Return Cash | 0 | 0 |
Securities Purchased under Agreements to Resell, Amount Offset Against Collateral | 0 | 0 |
Offsetting Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed [Abstract] | ||
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Gross | 142,975 | 163,374 |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Liability | 0 | (5) |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed | 142,975 | 163,369 |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Collateral, Obligation to Return Securities | (106,384) | (150,979) |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Collateral, Obligation to Return Cash | (12,668) | (1,900) |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Amount Offset Against Collateral | 23,923 | 10,490 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | (64,438) | (30,742) |
Derivative Liability, Fair Value, Gross Asset | 0 | 5 |
Derivative Liability | 64,438 | 30,737 |
Derivative, Collateral, Right to Reclaim Securities | 29,319 | 15,202 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | (35,119) | (15,535) |
Offsetting Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities Sold under Agreements to Repurchase, Gross | 0 | 0 |
Securities Sold under Agreements to Repurchase, Asset | 0 | 0 |
Securities Sold under Agreements to Repurchase | 0 | 0 |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | 0 | 0 |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Cash | 0 | 0 |
Securities Sold under Agreements to Repurchase, Amount Offset Against Collateral | 0 | 0 |
Offsetting Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned [Abstract] | ||
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Gross | (64,438) | (30,742) |
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Asset | 0 | 5 |
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned | (64,438) | (30,737) |
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Collateral, Right to Reclaim Securities | 29,319 | 15,202 |
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Amount Offset Against Collateral | (35,119) | (15,535) |
Interest rate swaps | ||
Offsetting Derivative Assets [Abstract] | ||
Fair value | 810 | 2,768 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Derivative Asset | 810 | 2,768 |
Derivative, Collateral, Obligation to Return Securities | (721) | (2,768) |
Derivative, Collateral, Obligation to Return Cash | (89) | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Foreign exchange forwards | ||
Offsetting Derivative Assets [Abstract] | ||
Fair value | 57,644 | 30,531 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Derivative Asset | 57,644 | 30,531 |
Derivative, Collateral, Obligation to Return Securities | (22,738) | (18,141) |
Derivative, Collateral, Obligation to Return Cash | (12,579) | (1,900) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 22,327 | 10,490 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | (44,285) | (25,647) |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability | 44,285 | 25,647 |
Derivative, Collateral, Right to Reclaim Securities | 17,964 | 10,818 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | (26,321) | (14,829) |
Foreign currency options | ||
Offsetting Derivative Assets [Abstract] | ||
Fair value | 10,383 | 711 |
Derivative Asset, Fair Value, Gross Liability | 0 | (5) |
Derivative Asset | 10,383 | 706 |
Derivative, Collateral, Obligation to Return Securities | (8,806) | (706) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 1,577 | 0 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | (10,383) | (711) |
Derivative Liability, Fair Value, Gross Asset | 0 | 5 |
Derivative Liability | 10,383 | 706 |
Derivative, Collateral, Right to Reclaim Securities | 1,585 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | (8,798) | (706) |
Client interest rate derivatives | ||
Offsetting Derivative Assets [Abstract] | ||
Fair value | 10,110 | 3,973 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Derivative Asset | 10,110 | 3,973 |
Derivative, Collateral, Obligation to Return Securities | (10,091) | (3,973) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 19 | 0 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | (9,770) | (4,384) |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability | 9,770 | 4,384 |
Derivative, Collateral, Right to Reclaim Securities | 9,770 | 4,384 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 0 | $ 0 |
Other Noninterest Income (Lo113
Other Noninterest Income (Loss) and Other Noninterest Expense - Summary of Other Noninterest Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Trading Activity, Gains and Losses, Net [Line Items] | |||
Fund management fees | $ 19,195 | $ 15,941 | $ 13,498 |
Service-based fee income | 7,962 | 8,767 | 8,650 |
Net losses on the sale of certain assets related to our SVBIF business | 0 | 0 | (13,934) |
Other | 25,365 | 22,074 | 16,240 |
Total other noninterest income | 40,061 | 34,162 | (1,260) |
Client Instruments [Member] | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Foreign Currency Transaction Gain (Loss), before Tax | 4,215 | 115 | (4,078) |
Internal Instruments [Member] | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ (16,676) | $ (12,735) | $ (21,636) |
Other Noninterest Income (Lo114
Other Noninterest Income (Loss) and Other Noninterest Expense - Summary of Other Noninterest Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Income and Expenses [Abstract] | |||
Client services | $ 19,867 | $ 15,944 | $ 10,692 |
Data processing services | 9,014 | 7,316 | 8,079 |
Telephone | 9,793 | 9,398 | 7,250 |
Postage and supplies | 2,851 | 3,154 | 3,196 |
Dues and publications | 2,828 | 2,476 | 2,549 |
Other | 17,890 | 19,999 | 12,939 |
Total other noninterest expense | $ 62,243 | $ 58,287 | $ 44,705 |
Employee Compensation and Be115
Employee Compensation and Benefit Plans Expenses Incurred Under Certain Employee Compensation and Benefit Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Benefits Disclosure [Line Items] | |||
Incentive Compensation Plans | $ 96,892 | $ 97,565 | $ 78,014 |
Direct Drive Incentive Compensation Plan | 21,174 | 21,930 | 20,153 |
Retention Program | 1,475 | 1,996 | 1,792 |
Warrant Incentive Plan | 4,954 | 9,110 | 3,926 |
Deferred Compensation Arrangement with Individual, Compensation Expense | 1,318 | 2,404 | 2,458 |
SVBFG 401(k) Plan | 16,078 | 13,809 | 11,996 |
SVBFG Employee Stock Ownership Plan | $ 3,159 | $ 8,585 | $ 6,691 |
Employee Compensation and Be116
Employee Compensation and Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 18,000 | $ 18,000 | $ 17,500 |
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% | ||
Number of days loan rate locked | 30 days | ||
Loans Receivable, Description of Variable Rate Basis | 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. | ||
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 | $ 4,400,000 | 3,700,000 | 3,900,000 |
Deferred compensation arrangement with individual employee mandatory retention incentive deferrals | 2,800,000 | ||
DC Plan investment gains | $ 2,400,000 | $ 100,000 | $ 1,400,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | ||||
Valuation allowance | $ (4,440) | $ (4,730) | ||
Unrecognized tax benefit | 5,711 | 3,658 | $ 3,497 | $ 343 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 3,400 | |||
Internal Revenue Service (IRS) | ||||
Income Taxes [Line Items] | ||||
Income tax examination description | Our U.S. federal tax returns for 2013 and subsequent years remain open to full examination. Our California tax returns for 2012 and subsequent tax years remain open to full examination. | |||
Federal | ||||
Income Taxes [Line Items] | ||||
Operating Loss Carryforwards | $ 4,000 | 10,000 | ||
State and Local Jurisdiction | ||||
Income Taxes [Line Items] | ||||
Operating Loss Carryforwards | 2,000 | |||
Foreign Tax Authority | ||||
Income Taxes [Line Items] | ||||
Operating Loss Carryforwards | 16,000 | 4,000 | ||
Unrecognized Tax Benefits Before Interest And Penalties | ||||
Income Taxes [Line Items] | ||||
Unrecognized tax benefit | $ 5,269 | $ 3,357 | $ 3,397 | $ 252 |
Income Taxes Components of Prov
Income Taxes Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current provision: | |||||||||||
Federal | $ 195,249 | $ 191,194 | $ 181,011 | ||||||||
State | 59,319 | 50,815 | 45,488 | ||||||||
Deferred expense (benefit): | |||||||||||
Federal | (3,560) | (11,270) | (36,067) | ||||||||
State | (675) | (1,985) | (6,924) | ||||||||
Income tax expense | $ 54,825 | $ 76,877 | $ 65,047 | $ 53,584 | $ 53,697 | $ 57,017 | $ 54,974 | $ 63,066 | $ 250,333 | $ 228,754 | $ 183,508 |
Income Taxes Reconciliation bet
Income Taxes Reconciliation between Federal Statutory Income Tax Rate and Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of the federal tax effect | 5.90% | 5.70% | 5.60% |
Meals and entertainment | 0.40% | 0.30% | 0.30% |
Disallowed officer's compensation | 0.10% | 0.30% | 0.30% |
Share-based compensation expense on incentive stock options and ESPP | 0.00% | 0.00% | 0.20% |
Tax-exempt interest income | (0.20%) | (0.20%) | (0.30%) |
Valuation allowance benefit | (0.30%) | (0.40%) | (0.00%) |
Qualified affordable housing project tax credits | (0.50%) | (0.50%) | (0.50%) |
Other, net | (0.90%) | (0.30%) | 0.40% |
Effective income tax rate | 39.50% | 39.90% | 41.00% |
Income Taxes Deferred Tax (Liab
Income Taxes Deferred Tax (Liabilities) Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Allowance for loan losses | $ 110,248 | $ 102,410 |
Other accruals not currently deductible | 20,502 | 6,670 |
Share-based compensation expense | 15,498 | 11,979 |
State income taxes | 12,682 | 11,933 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Deferred Rent | 10,050 | 0 |
Loan fee income | 8,266 | 13,770 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Other | 6,799 | 8,720 |
Net operating loss | 4,116 | 4,406 |
Other | 2,168 | 2,645 |
Deferred tax assets | 190,329 | 162,533 |
Valuation allowance | (4,440) | (4,730) |
Net deferred tax assets after valuation allowance | 185,889 | 157,803 |
Deferred tax liabilities: | ||
DeferredTaxLiabilities,ChangeInAccountingMethod | (35,262) | 0 |
Derivative equity warrant assets | (36,406) | (31,955) |
Net unrealized gains on available-for-sale securities | (17,970) | (10,199) |
Deferred Tax Assets, Property, Plant and Equipment | (11,956) | 0 |
Nonmarketable securities | (6,075) | (35,721) |
Deferred Tax Liabilities, Deferred Expense | 0 | (1,843) |
Other | (6,380) | (4,144) |
Deferred tax liabilities | (114,049) | (83,862) |
Net deferred tax (liabilities) assets | $ 71,840 | $ 73,941 |
Income Taxes Changes in Unrecog
Income Taxes Changes in Unrecognized Tax Benefit (Including Interest and Penalties) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits [Line Items] | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 3,400 | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | 3,658 | $ 3,497 | $ 343 |
Additions for tax positions for current year | 793 | 1,208 | 2,879 |
Additions for tax positions for prior years | 1,593 | 228 | 396 |
Lapse of the applicable statute of limitations | (46) | (25) | (121) |
Reduction for tax positions for prior years | (287) | (1,250) | |
Ending Balance | 5,711 | 3,658 | 3,497 |
Unrecognized Tax Benefits Before Interest And Penalties | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | 3,357 | 3,397 | 252 |
Additions for tax positions for current year | 793 | 1,208 | 2,879 |
Additions for tax positions for prior years | 1,427 | 0 | 349 |
Lapse of the applicable statute of limitations | (37) | (20) | (83) |
Reduction for tax positions for prior years | (271) | (1,228) | |
Ending Balance | 5,269 | 3,357 | 3,397 |
Interest & Penalties | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | 301 | 100 | 91 |
Additions for tax positions for current year | 0 | 0 | 0 |
Additions for tax positions for prior years | 166 | 228 | 47 |
Lapse of the applicable statute of limitations | (9) | (5) | (38) |
Reduction for tax positions for prior years | (16) | (22) | |
Ending Balance | $ 442 | $ 301 | $ 100 |
Off-Balance Sheet Arrangemen122
Off-Balance Sheet Arrangements, Guarantees and Other Commitments Minimum Future Payments Under Noncancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Disclosure Minimum Future Payments Under Noncancelable Operating Leases [Abstract] | |
2,017 | $ 26,967 |
2,018 | 29,377 |
2,019 | 30,167 |
2,020 | 27,591 |
2,021 | 26,725 |
2022 and thereafter | 75,887 |
Net minimum operating lease payments | $ 216,714 |
Off-Balance Sheet Arrangemen123
Off-Balance Sheet Arrangements, Guarantees and Other Commitments Summary Information Related to Commitments to Extend Credit (Excluding Letters of Credit) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Summary Information Related To Commitments To Extend Credit [Abstract] | ||
Fixed interest rate commitments | $ 1,475,179 | $ 1,312,734 |
Variable interest rate commitments | 13,572,161 | 12,822,461 |
Total loan commitments available for funding | 15,047,340 | 14,135,195 |
Commercial and standby letters of credit | 1,695,856 | 1,479,164 |
Total unfunded credit commitments | 16,743,196 | 15,614,359 |
Commitments unavailable for funding | 1,719,524 | 2,026,532 |
Maximum lending limits for accounts receivable factoring arrangements | 725,395 | 1,006,404 |
Reserve for unfunded credit commitments | $ 45,265 | $ 34,415 |
Off-Balance Sheet Arrangemen124
Off-Balance Sheet Arrangements, Guarantees and Other Commitments Summary of Commercial and Standby Letters of Credit (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Guarantor Obligations [Line Items] | ||
Expires In One Year or Less | $ 1,635,764 | |
Expires After One Year | 60,092 | |
Total Amount Outstanding | 1,695,856 | $ 1,479,164 |
Maximum Amount of Future Payments | 1,695,856 | |
Financial standby letters of credit | ||
Guarantor Obligations [Line Items] | ||
Expires In One Year or Less | 1,547,011 | |
Expires After One Year | 47,134 | |
Total Amount Outstanding | 1,594,145 | |
Maximum Amount of Future Payments | 1,594,145 | |
Performance standby letters of credit | ||
Guarantor Obligations [Line Items] | ||
Expires In One Year or Less | 82,544 | |
Expires After One Year | 12,958 | |
Total Amount Outstanding | 95,502 | |
Maximum Amount of Future Payments | 95,502 | |
Commercial letters of credit | ||
Guarantor Obligations [Line Items] | ||
Expires In One Year or Less | 6,209 | |
Expires After One Year | 0 | |
Total Amount Outstanding | 6,209 | |
Maximum Amount of Future Payments | $ 6,209 |
Off-Balance Sheet Arrangemen125
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Line Items] | |||
Rent expense for premises and equipment leased under operating leases | $ 24.8 | $ 21.9 | $ 20.3 |
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 Revenue | $ 10 | $ 10 | |
Collateral in the form of cash | $ 763 |
Total Capital Commitments, Unfu
Total Capital Commitments, Unfunded Capital Commitments, and Our Ownership in Each Fund (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Unfunded Commitments | $ 4,504 | |
Strategic Investors Fund, L.P. | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Unfunded Commitments | 1,338 | |
Capital Preferred Return Fund, L.P. | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Unfunded Commitments | 1,603 | |
Growth Partners, L.P. | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Unfunded Commitments | 1,563 | |
Parent Company | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Capital Commitments | 468,440 | |
Unfunded Commitments | 18,067 | |
Parent Company | CP I, L.P. | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Capital Commitments | 6,000 | |
Unfunded Commitments | $ 270 | |
Ownership percentage of each Fund | 10.70% | |
Parent Company | CP II, L.P. | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Capital Commitments | $ 1,200 | |
Unfunded Commitments | $ 162 | |
Ownership percentage of each Fund | 5.10% | |
Parent Company | Shanghai Yangpu Venture Capital Fund (LP) | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Capital Commitments | $ 835 | |
Unfunded Commitments | $ 0 | |
Ownership percentage of each Fund | 6.80% | |
Parent Company | Strategic Investors Fund, L.P. | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Capital Commitments | $ 15,300 | |
Unfunded Commitments | $ 688 | |
Ownership percentage of each Fund | 12.60% | |
Parent Company | Strategic Investors Fund II, L.P. | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Capital Commitments | $ 15,000 | |
Unfunded Commitments | $ 1,050 | |
Ownership percentage of each Fund | 8.60% | |
Parent Company | Strategic Investors Fund III, L.P. | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Capital Commitments | $ 15,000 | |
Unfunded Commitments | $ 1,275 | |
Ownership percentage of each Fund | 5.90% | |
Parent Company | Strategic Investors Fund IV, L.P. | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Capital Commitments | $ 12,239 | |
Unfunded Commitments | $ 2,325 | |
Ownership percentage of each Fund | 5.00% | |
Parent Company | Strategic Investors Fund V Funds | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Capital Commitments | $ 515 | |
Unfunded Commitments | 141 | |
Parent Company | Capital Preferred Return Fund, L.P. | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Capital Commitments | 12,688 | |
Unfunded Commitments | $ 0 | |
Ownership percentage of each Fund | 20.00% | |
Parent Company | Growth Partners, L.P. | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Capital Commitments | $ 24,670 | |
Unfunded Commitments | $ 1,340 | |
Ownership percentage of each Fund | 33.00% | |
Parent Company | Other private equity fund | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Capital Commitments | $ 9,338 | |
Unfunded Commitments | $ 0 | |
Ownership percentage of each Fund | 58.20% | |
Parent Company | Debt Funds (Equity Method Accounting) | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Capital Commitments | $ 58,021 | |
Unfunded Commitments | 0 | |
Parent Company | Other Fund Investments | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Capital Commitments | 297,634 | |
Unfunded Commitments | $ 10,816 | |
Fair value accounting | Venture capital and private equity fund investments | Strategic Investors Fund, L.P. | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Ownership percentage of each Fund | 12.60% | 12.60% |
Fair value accounting | Venture capital and private equity fund investments | Strategic Investors Fund II, L.P. | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Ownership percentage of each Fund | 8.60% | 8.60% |
Fair value accounting | Venture capital and private equity fund investments | Strategic Investors Fund III, L.P. | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Ownership percentage of each Fund | 5.90% | 5.90% |
Fair value accounting | Venture capital and private equity fund investments | Strategic Investors Fund IV, L.P. | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Ownership percentage of each Fund | 5.00% | 5.00% |
Fair value accounting | Venture capital and private equity fund investments | Capital Preferred Return Fund, L.P. | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Ownership percentage of each Fund | 20.00% | 20.00% |
Fair value accounting | Venture capital and private equity fund investments | Growth Partners, L.P. | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Ownership percentage 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 percentage of each Fund | 58.20% | 58.20% |
Fair value accounting | Venture capital and private equity fund investments | Direct ownership interest | CP II, L.P. | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Ownership percentage 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 percentage of each Fund | 41.50% | |
Fair value accounting | Venture capital and private equity fund investments | Indirect ownership interest | CP II, L.P. | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Ownership percentage of each Fund | 3.80% |
Total Capital Commitments, U127
Total Capital Commitments, Unfunded Capital Commitments, and Our Ownership in Each Fund (Footnote Information) (Detail) - Venture capital and private equity fund investments - Investment | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
CP II, L.P. | 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% | |
CP II, L.P. | 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% | 58.20% |
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 | 258 | |
Upper Limit | Other Fund Investments | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Company Direct and Indirect Ownership in Limited Partnership | 5.00% | |
Growth Partners, L.P. | 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% | |
Capital Preferred Return Fund, L.P. | 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% |
Remaining Unfunded Commitments
Remaining Unfunded Commitments to Venture Capital or Private Equity Funds by our Consolidated Managed Funds (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | $ 4,504 |
Strategic Investors Fund, L.P. | |
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | 1,338 |
Capital Preferred Return Fund, L.P. | |
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | 1,603 |
Growth Partners, L.P. | |
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | $ 1,563 |
Fair Value of Financial Inst129
Fair Value of Financial Instruments Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 12,620,411 | $ 16,380,748 |
Fair value | 78,947 | 37,983 |
Fair value | 64,438 | 30,742 |
Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 810 | 2,768 |
Client interest rate derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 10,110 | 3,973 |
Fair value | 9,770 | 4,384 |
Derivatives not designated as hedging instruments | Currency exchange risks | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 3,057 | 809 |
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 | 968 | 669 |
Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 753 | 548 |
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 | 141,649 | 152,237 |
Fair value accounting | Other venture capital investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 2,040 | 2,040 |
U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 8,909,491 | 11,678,035 |
U.S. agency debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 2,078,375 | 2,690,029 |
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 | 1,152,665 | 1,399,279 |
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 | 474,283 | 607,936 |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 5,597 | 5,469 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 12,620,411 | 16,380,748 |
Total assets | 12,974,923 | 16,710,656 |
Total liabilities | 64,438 | 30,737 |
Fair Value, Measurements, Recurring | Derivatives designated as hedging instruments | Interest rate swaps | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 810 | 2,768 |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Currency exchange risks | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 68,027 | 31,237 |
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 | 54,668 | 26,353 |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Equity warrant assets | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 131,123 | 137,105 |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Client interest rate derivatives | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 10,110 | 3,973 |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Client interest rate derivatives | Other liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 4,384 | |
Fair Value, Measurements, Recurring | Derivatives not designated as hedging instruments | Other derivative instruments | Other liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 9,770 | |
Fair Value, Measurements, Recurring | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 144,442 | 154,825 |
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 | 141,649 | 152,237 |
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 | 2,040 | 2,040 |
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 | 753 | 548 |
Fair Value, Measurements, Recurring | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 8,909,491 | 11,678,035 |
Fair Value, Measurements, Recurring | U.S. agency debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 2,078,375 | 2,690,029 |
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 | 1,152,665 | 1,399,279 |
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 | 474,283 | 607,936 |
Fair Value, Measurements, Recurring | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 5,597 | 5,469 |
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 | 8,909,666 | 11,682,552 |
Total assets | 8,910,419 | 11,683,100 |
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 swaps | Other Assets | ||
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 | ||
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 | Equity warrant assets | Other Assets | ||
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 | Client interest rate derivatives | Other Assets | ||
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 | Client interest rate derivatives | Other liability | ||
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 | Other liability | ||
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) | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 753 | 548 |
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 | 753 | 548 |
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 | 8,909,491 | 11,678,035 |
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 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) | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 175 | 4,517 |
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 | 3,710,745 | 4,698,196 |
Total assets | 3,792,002 | 4,738,111 |
Total liabilities | 64,438 | 30,737 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Derivatives designated as hedging instruments | Interest rate swaps | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 810 | 2,768 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Derivatives not designated as hedging instruments | Currency exchange risks | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 68,027 | 31,237 |
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 | 54,668 | 26,353 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Derivatives not designated as hedging instruments | Equity warrant assets | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 2,310 | 1,937 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Derivatives not designated as hedging instruments | Client interest rate derivatives | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 10,110 | 3,973 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Derivatives not designated as hedging instruments | Client interest rate derivatives | Other liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 4,384 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Derivatives not designated as hedging instruments | Other derivative instruments | Other liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 9,770 | |
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 | 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 | 2,078,375 | 2,690,029 |
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 | 1,152,665 | 1,399,279 |
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 | 474,283 | 607,936 |
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 | 5,422 | 952 |
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 | 130,853 | 137,208 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Derivatives designated as hedging instruments | Interest rate swaps | Other Assets | ||
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 | ||
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 | Equity warrant assets | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 128,813 | 135,168 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Derivatives not designated as hedging instruments | Client interest rate derivatives | Other Assets | ||
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 | Client interest rate derivatives | Other liability | ||
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 | Other liability | ||
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) | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 2,040 | 2,040 |
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 | 0 | 0 |
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 | 2,040 | 2,040 |
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 | 0 |
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 | 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 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) | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 0 | $ 0 |
Fair Value of Financial Inst130
Fair Value of Financial Instruments Assets and Liabilities Measured at Fair Value on a Recurring Basis (Footnote Information) (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 12,974,923 | $ 16,710,656 |
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 | 8,910,419 | 11,683,100 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 130,853 | 137,208 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 3,792,002 | 4,738,111 |
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 | 600 | 400 |
Noncontrolling Interests | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 1,800 | $ 1,800 |
Fair Value of Financial Inst131
Fair Value of Financial Instruments Additional Information about Level 3 Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity warrant assets | Other Assets | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | $ 135,168 | $ 114,698 | |
Total Realized and Unrealized Gains (Losses) Included in Income | 38,091 | 71,402 | |
Purchases | 0 | 0 | |
Sales | (56,643) | (61,044) | |
Issuances | 13,405 | 12,534 | |
Distributions and Other Settlements | 0 | 0 | |
Transfers Out of Level 3 | (1,208) | (2,422) | |
Ending Balance | 135,168 | $ 114,698 | |
Non-marketable securities | Fair value accounting | Other venture capital investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total Realized and Unrealized Gains (Losses) Included in Income | 1,192 | ||
Purchases | 0 | ||
Sales | (2,356) | ||
Issuances | 0 | ||
Distributions and Other Settlements | (87) | ||
Transfers Out of Level 3 | 0 | ||
Fair Value, Measurements, Recurring | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | 137,208 | 185,902 | 451,979 |
Total Realized and Unrealized Gains (Losses) Included in Income | 38,070 | 72,594 | 188,173 |
Purchases | 0 | 0 | 51,407 |
Sales | (56,647) | (63,400) | (138,077) |
Issuances | 13,405 | 12,534 | 15,886 |
Distributions and Other Settlements | 25 | (87) | (1,484) |
Transfers Out of Level 3 | (1,208) | (2,422) | (381,982) |
Ending Balance | 130,853 | 137,208 | 185,902 |
Fair Value, Measurements, Recurring | Equity warrant assets | Other Assets | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | 135,168 | 114,698 | 99,891 |
Total Realized and Unrealized Gains (Losses) Included in Income | 71,516 | ||
Purchases | 0 | ||
Sales | (70,875) | ||
Issuances | 15,886 | ||
Distributions and Other Settlements | 0 | ||
Transfers Out of Level 3 | (1,720) | ||
Ending Balance | 128,813 | 135,168 | 114,698 |
Fair Value, Measurements, Recurring | Non-marketable securities | Fair value accounting | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | 71,204 | 352,088 | |
Total Realized and Unrealized Gains (Losses) Included in Income | 116,657 | ||
Purchases | 51,407 | ||
Sales | (67,202) | ||
Issuances | 0 | ||
Distributions and Other Settlements | (1,484) | ||
Transfers Out of Level 3 | (380,262) | ||
Ending Balance | 71,204 | ||
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 | 2,040 | 71,204 | 32,839 |
Total Realized and Unrealized Gains (Losses) Included in Income | (21) | 12,793 | |
Purchases | 0 | 51,407 | |
Sales | (4) | (20,362) | |
Issuances | 0 | 0 | |
Distributions and Other Settlements | 25 | (5,347) | |
Transfers Out of Level 3 | 0 | (126) | |
Ending Balance | $ 2,040 | 2,040 | 71,204 |
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 | 319,249 | |
Total Realized and Unrealized Gains (Losses) Included in Income | 103,864 | ||
Purchases | 0 | ||
Sales | (46,840) | ||
Issuances | 0 | ||
Distributions and Other Settlements | 3,863 | ||
Transfers Out of Level 3 | (380,136) | ||
Ending Balance | 0 | ||
Accounting Standards Update 2015-02 | Non-marketable securities | Fair value accounting | Other venture capital investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | 3,291 | ||
Ending Balance | 3,291 | ||
Accounting Standards Update 2015-02 | Fair Value, Measurements, Recurring | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | $ 117,989 | ||
Ending Balance | $ 117,989 |
Fair Value of Financial Inst132
Fair Value of Financial Instruments Unrealized Gains Included in Earnings Attributable to Level 3 Assets Held (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 16,241 | $ 32,399 |
Unrealized gains (losses) attributable to noncontrolling interests | 1,553 | (158) |
Equity warrant assets | Other Assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Unrealized Gains (Losses) [Line Items] | ||
Unrealized gains included in earnings attributable to Level 3 assets still held | 14,502 | 32,576 |
Non-marketable securities | Fair value accounting | Other venture capital investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Unrealized Gains (Losses) [Line Items] | ||
Unrealized gains included in earnings attributable to Level 3 assets still held | $ 1,739 | $ (177) |
Fair Value of Financial Inst133
Fair Value of Financial Instruments Quantitative Information About Significant Unobservable Inputs (Detail) - Significant Unobservable Inputs (Level 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Warrant Asset, Private Portfolio | Other Assets | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value | $ 128,049 | $ 133,382 |
Valuation Technique | Modified Black-Scholes option pricing model | Modified Black-Scholes option pricing model |
Volatility | 36.90% | 36.00% |
Risk-Free interest rate | 1.30% | 1.10% |
Marketability discount | 17.10% | 16.60% |
Remaining Life Assumption | 45.00% | 45.00% |
Equity Warrant Asset, Public Portfolio | Other Assets | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value | $ 764 | $ 1,786 |
Valuation Technique | Modified Black-Scholes option pricing model | Modified Black-Scholes option pricing model |
Sales Restrictions Discount | 17.70% | 18.00% |
Volatility | 46.60% | 38.10% |
Risk-Free interest rate | 2.10% | 2.10% |
Other venture capital investments | Fair value accounting | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value | $ 2,040 | $ 2,040 |
Valuation Technique | Private company equity pricing | Private company equity pricing |
Fair Value of Financial Inst134
Fair Value of Financial Instruments Quantitative Information About Significant Unobservable Inputs (Footnote Information) (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Warrant Asset, Private Portfolio | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Weighted average contractual remaining term | 5 years 10 months 13 days |
Estimated remaining life | 2 years 7 months 21 days |
Lower Limit | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Marketability discount | 10.00% |
Duration of the sale restrictions | 3 months |
Upper Limit | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Marketability discount | 20.00% |
Duration of the sale restrictions | 6 months |
Fair Value of Financial Inst135
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
6.05% Subordinated Notes | |||
Debt Disclosure [Line Items] | |||
Stated interest rate | 6.05% | 6.05% | |
5.375% Senior Notes | |||
Debt Disclosure [Line Items] | |||
Stated interest rate | 5.375% | 5.375% | |
7.0% Junior Subordinated Debentures | |||
Debt Disclosure [Line Items] | |||
Stated interest rate | 7.00% | 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 | $ 0 | ||
Fair Value, Measurements, Recurring | |||
Debt Disclosure [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ (1,208) | $ (2,422) | $ (381,982) |
Fair Value, Measurements, Recurring | 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 | (380,262) | ||
Fair Value, Measurements, Recurring | 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 | $ 0 | $ (126) |
Fair Value of Financial Inst136
Fair Value of Financial Instruments Summary of Estimated Fair Values of Financial Instruments not Carried at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity Securities, Fair Value | $ 8,376,138 | $ 8,758,622 |
Net loans | 19,674,578 | 16,524,457 |
Short-term borrowings | 512,668 | 774,900 |
Time Deposits | 56,118 | 70,479 |
Federal Funds Purchased | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 0 | 135,000 |
Federal Home Loan Bank Advances | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Federal Home Loan Bank Advances | 500,000 | 638,000 |
Other short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 12,668 | 1,900 |
3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 346,979 | 346,667 |
5.375% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 347,586 | 347,016 |
6.05% Subordinated Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Subordinated Notes | 46,646 | 48,350 |
7.0% Junior Subordinated Debentures | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Junior Subordinated Debentures | 54,493 | 54,669 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 2,545,750 | 1,503,257 |
Held-to-maturity Securities, Fair Value | 8,426,998 | 8,790,963 |
Non-marketable securities (cost and equity method accounting) | 120,037 | 114,795 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Non-Marketable Securities | 245,626 | 250,970 |
FHLB and FRB stock | 57,592 | 56,991 |
Accrued interest receivable | 111,222 | 107,604 |
Non-maturity deposits (2) | 38,923,750 | 39,072,297 |
Time Deposits | 56,118 | 70,479 |
Accrued interest payable | 12,013 | 12,058 |
Commitments to extend credit | 0 | 0 |
Carrying Amount | Federal Funds Purchased | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 135,000 | |
Carrying Amount | Federal Home Loan Bank Advances | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Federal Home Loan Bank Advances | 500,000 | 638,000 |
Carrying Amount | Other short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 12,668 | 1,900 |
Carrying Amount | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 346,979 | 346,667 |
Carrying Amount | 5.375% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 347,586 | 347,016 |
Carrying Amount | 6.05% Subordinated Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Subordinated Notes | 46,646 | 48,350 |
Carrying Amount | 7.0% Junior Subordinated Debentures | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Junior Subordinated Debentures | 54,493 | 54,669 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 2,545,750 | 1,503,257 |
Held-to-maturity Securities, Fair Value | 8,376,138 | 8,758,622 |
Non-marketable securities (cost and equity method accounting) | 127,343 | 117,172 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Non-Marketable Securities | 353,870 | 364,799 |
FHLB and FRB stock | 57,592 | 56,991 |
Accrued interest receivable | 111,222 | 107,604 |
Federal Home Loan Bank Advances | 500,000 | 638,000 |
Non-maturity deposits (2) | 38,923,750 | 39,072,297 |
Time Deposits | 55,949 | 70,347 |
Accrued interest payable | 12,013 | 12,058 |
Commitments to extend credit | 22,074 | 26,483 |
Estimated Fair Value | Federal Funds Purchased | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 135,000 | |
Estimated Fair Value | Other short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 12,668 | 1,900 |
Estimated Fair Value | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 337,600 | 333,648 |
Estimated Fair Value | 5.375% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 378,777 | 384,216 |
Estimated Fair Value | 6.05% Subordinated Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Subordinated Notes | 47,489 | 49,820 |
Estimated Fair Value | 7.0% Junior Subordinated Debentures | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Junior Subordinated Debentures | 53,140 | 52,905 |
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 | 2,545,750 | 1,503,257 |
Held-to-maturity Securities, Fair Value | 0 | 0 |
Non-marketable securities (cost and equity method accounting) | 0 | 0 |
FHLB and FRB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Non-maturity deposits (2) | 38,923,750 | 39,072,297 |
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) | Federal Funds Purchased | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 135,000 | |
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Federal Home Loan Bank Advances | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Federal Home Loan Bank Advances | 500,000 | 638,000 |
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 | 12,668 | 1,900 |
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 | 0 |
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 | 8,376,138 | 8,758,622 |
Non-marketable securities (cost and equity method accounting) | 0 | 0 |
FHLB and FRB stock | 0 | 0 |
Accrued interest receivable | 111,222 | 107,604 |
Non-maturity deposits (2) | 0 | 0 |
Time Deposits | 55,949 | 70,347 |
Accrued interest payable | 12,013 | 12,058 |
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) | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 337,600 | 333,648 |
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 | 378,777 | 384,216 |
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 | 47,489 | 49,820 |
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 | 53,140 | 52,905 |
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 | 0 |
Non-marketable securities (cost and equity method accounting) | 127,343 | 117,172 |
FHLB and FRB stock | 57,592 | 56,991 |
Accrued interest receivable | 0 | 0 |
Non-maturity deposits (2) | 0 | 0 |
Time Deposits | 0 | 0 |
Accrued interest payable | 0 | 0 |
Commitments to extend credit | 22,074 | 26,483 |
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 | 0 |
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 |
Commercial loans | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 17,518,430 | 14,763,302 |
Commercial loans | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 17,811,356 | 14,811,588 |
Commercial loans | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 0 | 0 |
Commercial loans | Estimated Fair Value | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 0 | 0 |
Commercial loans | Estimated Fair Value | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 17,811,356 | 14,811,588 |
Consumer loans | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 2,156,148 | 1,761,155 |
Consumer loans | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 2,199,501 | 1,737,960 |
Consumer loans | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 0 | 0 |
Consumer loans | Estimated Fair Value | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 0 | 0 |
Consumer loans | Estimated Fair Value | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | $ 2,199,501 | $ 1,737,960 |
Fair Value of Financial Inst137
Fair Value of Financial Instruments Summary of Estimated Fair Values of Financial Instruments not Carried at Fair Value (Footnote Information) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
6.05% Subordinated Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of the interest rate swap associated with the notes | $ 0.8 | $ 2.8 |
Fair Value of Financial Inst138
Fair Value of Financial Instruments Summary of Estimated Fair Values of Investments and Remaining Unfunded Commitments for Each Major Category of Investments (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | $ 387,275 |
Fair Value | 495,519 |
Unfunded Commitments | 20,180 |
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 | 141,649 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Planned Sale, Investments Not Identified, Value | 141,649 |
Unfunded Commitments | 4,504 |
Non-marketable securities | Equity method accounting | Venture capital and private equity fund investments | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 82,823 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Planned Sale, Investments Not Identified, Value | 82,823 |
Unfunded Commitments | 4,953 |
Non-marketable securities | Equity method accounting | Debt Securities | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 17,020 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Planned Sale, Investments Not Identified, Value | 18,187 |
Unfunded Commitments | 0 |
Non-marketable securities | Equity method accounting | Other investments | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 31,177 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Planned Sale, Investments Not Identified, Value | 31,180 |
Unfunded Commitments | 715 |
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 | 114,606 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Planned Sale, Investments Not Identified, Value | 221,680 |
Unfunded Commitments | $ 10,008 |
Fair Value of Financial Inst139
Fair Value of Financial Instruments Summary of Estimated Fair Values of Investments and Remaining Unfunded Commitments for Each Major Category of Investments (Textual) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Unfunded Commitments | $ 20,180 |
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, Investments, Entities that Calculate Net Asset Value Per Share, Planned Sale, Investments Not Identified, Value | 141,649 |
Unfunded Commitments | 4,504 |
Non-marketable securities | Equity method accounting | Venture capital and private equity fund investments | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Planned Sale, Investments Not Identified, Value | 82,823 |
Unfunded Commitments | 4,953 |
Non-marketable securities | Equity method accounting | Other investments | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Planned Sale, Investments Not Identified, Value | 31,180 |
Unfunded Commitments | 715 |
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, Investments, Entities that Calculate Net Asset Value Per Share, Planned Sale, Investments Not Identified, Value | 221,680 |
Unfunded Commitments | 10,008 |
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, Investments, Entities that Calculate Net Asset Value Per Share, Planned Sale, Investments Not Identified, Value | 101,000 |
Unfunded Commitments | $ 3,000 |
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 | 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 |
Regulatory Matters Capital Rati
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 ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
SVB Financial Group | ||
CET 1 risk-based capital, actual ratio | 12.80% | 12.28% |
CET 1 risk-based capital, well capitalized minimum ratio | 6.50% | 6.50% |
CET 1 risk-based capital, adequately capitalized minimum ratio | 4.50% | 4.50% |
CET 1 risk-based capital, actual amount | $ 3,616,404 | $ 3,183,206 |
CET 1 risk-based capital, well capitalized minimum amount | 1,836,169 | 1,684,774 |
CET 1 risk-based capital, adequately capitalized minimum amount | $ 1,271,194 | $ 1,166,382 |
Tier 1 risk-based capital, actual ratio | 13.26% | 12.83% |
Tier 1 risk-based capital, well capitalized minimum ratio | 8.00% | 8.00% |
Tier 1 risk-based capital, adequately capitalized minimum ratio | 6.00% | 6.00% |
Tier 1 risk-based capital, actual amount | $ 3,744,605 | $ 3,325,245 |
Tier 1 risk-based capital, well capitalized minimum amount | 2,259,900 | 2,073,567 |
Tier 1 risk-based capital, adequately capitalized minimum amount | $ 1,694,925 | $ 1,555,176 |
Total risk-based capital, actual ratio | 14.21% | 13.84% |
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 | $ 4,015,236 | $ 3,586,466 |
Total risk-based capital, well capitalized minimum amount | 2,824,875 | 2,591,959 |
Total risk-based capital, adequately capitalized minimum amount | $ 2,259,900 | $ 2,073,567 |
Tier 1 leverage, actual ratio | 8.34% | 7.63% |
Tier 1 leverage, adequately capitalized minimum ratio | 4.00% | 4.00% |
Tier 1 leverage, actual amount | $ 3,744,605 | $ 3,325,245 |
Tier 1 leverage, adequately capitalized minimum amount | $ 1,796,387 | $ 1,743,555 |
Silicon Valley Bank | ||
CET 1 risk-based capital, actual ratio | 12.65% | 12.52% |
CET 1 risk-based capital, well capitalized minimum ratio | 6.50% | 650.00% |
CET 1 risk-based capital, adequately capitalized minimum ratio | 4.50% | 450.00% |
CET 1 risk-based capital, actual amount | $ 3,397,232 | $ 3,043,435 |
CET 1 risk-based capital, well capitalized minimum amount | 1,745,695 | 1,579,568 |
CET 1 risk-based capital, adequately capitalized minimum amount | $ 1,208,558 | $ 1,093,547 |
Tier 1 risk-based capital, actual ratio | 12.65% | 12.52% |
Tier 1 risk-based capital, well capitalized minimum ratio | 8.00% | 8.00% |
Tier 1 risk-based capital, adequately capitalized minimum ratio | 6.00% | 6.00% |
Tier 1 risk-based capital, actual amount | $ 3,397,232 | $ 3,043,435 |
Tier 1 risk-based capital, well capitalized minimum amount | 2,148,548 | 1,944,083 |
Tier 1 risk-based capital, adequately capitalized minimum amount | $ 1,611,411 | $ 1,458,063 |
Total risk-based capital, actual ratio | 13.66% | 13.60% |
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 | $ 3,667,709 | $ 3,304,537 |
Total risk-based capital, well capitalized minimum amount | 2,685,685 | 2,430,104 |
Total risk-based capital, adequately capitalized minimum amount | $ 2,148,548 | $ 1,944,083 |
Tier 1 leverage, actual ratio | 7.67% | 7.09% |
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 | $ 3,397,232 | $ 3,043,435 |
Tier 1 leverage, well capitalized minimum amount | 2,214,467 | 2,147,532 |
Tier 1 leverage, adequately capitalized minimum amount | $ 1,771,574 | $ 1,718,026 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Reporting Segment Infor
Segment Reporting Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | $ 296,605 | $ 289,161 | $ 283,336 | $ 281,421 | $ 269,069 | $ 254,660 | $ 243,771 | $ 238,925 | $ 1,150,523 | $ 1,006,425 | $ 856,595 |
Provision for loan losses | (7,073) | (18,950) | (36,333) | (33,341) | (31,261) | (33,403) | (26,513) | (6,452) | (95,697) | (97,629) | (59,486) |
Noninterest income | 113,502 | 144,140 | 112,776 | 86,134 | 114,506 | 108,477 | 126,287 | 123,524 | 456,552 | 472,794 | 572,239 |
Noninterest expense | $ (244,567) | $ (221,827) | $ (200,352) | $ (204,033) | $ (208,608) | $ (184,755) | $ (194,112) | $ (190,541) | (870,779) | (778,016) | (707,180) |
Income before income tax expense | 640,599 | 603,574 | 662,168 | ||||||||
Total average loans, net of unearned income | 18,283,591 | 14,762,941 | 11,502,941 | ||||||||
Total average assets | 43,987,451 | 40,846,377 | 32,961,936 | ||||||||
Total average deposits | 38,759,059 | 36,293,362 | 28,320,825 | ||||||||
Global Commercial Bank | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 1,040,712 | 853,882 | 742,245 | ||||||||
Provision for loan losses | (93,885) | (94,913) | (58,635) | ||||||||
Noninterest income | 320,421 | 272,862 | 203,474 | ||||||||
Noninterest expense | (630,760) | (577,477) | (512,245) | ||||||||
Income before income tax expense | 636,488 | 454,354 | 374,839 | ||||||||
Total average loans, net of unearned income | 16,047,545 | 12,984,646 | 10,144,291 | ||||||||
Total average assets | 41,494,959 | 38,439,161 | 30,183,254 | ||||||||
Total average deposits | 37,301,483 | 34,996,194 | 27,360,721 | ||||||||
SVB Private Bank | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 53,582 | 44,412 | 31,427 | ||||||||
Provision for loan losses | (1,812) | (2,716) | (851) | ||||||||
Noninterest income | 2,713 | 2,011 | 1,494 | ||||||||
Noninterest expense | (12,379) | (12,185) | (11,314) | ||||||||
Income before income tax expense | 42,104 | 31,522 | 20,756 | ||||||||
Total average loans, net of unearned income | 2,025,381 | 1,592,065 | 1,155,992 | ||||||||
Total average assets | 2,035,311 | 1,588,778 | 1,176,326 | ||||||||
Total average deposits | 1,133,425 | 1,108,411 | 890,062 | ||||||||
SVB Capital | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | (49) | 3 | 58 | ||||||||
Provision for loan losses | 0 | 0 | 0 | ||||||||
Noninterest income | 49,365 | 70,857 | 58,058 | ||||||||
Noninterest expense | (15,546) | (14,699) | (12,668) | ||||||||
Income before income tax expense | 33,770 | 56,161 | 45,448 | ||||||||
Total average loans, net of unearned income | 0 | 0 | 0 | ||||||||
Total average assets | 338,848 | 337,884 | 320,129 | ||||||||
Total average deposits | 0 | 0 | 0 | ||||||||
Other Items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 56,278 | 108,128 | 82,865 | ||||||||
Provision for loan losses | 0 | 0 | 0 | ||||||||
Noninterest income | 84,053 | 127,064 | 309,213 | ||||||||
Noninterest expense | (212,094) | (173,655) | (170,953) | ||||||||
Income before income tax expense | (71,763) | 61,537 | 221,125 | ||||||||
Total average loans, net of unearned income | 210,665 | 186,230 | 202,658 | ||||||||
Total average assets | 118,333 | 480,554 | 1,282,227 | ||||||||
Total average deposits | $ 324,151 | $ 188,757 | $ 70,042 |
Segment Information (Additional
Segment Information (Additional Information) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Global Commercial Bank | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 24.8 | $ 20.3 | $ 21.5 |
Parent Company Only Condense144
Parent Company Only Condensed Financial Information Condensed Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Assets: | |||||
Cash and cash equivalents | $ 2,545,750 | $ 1,503,257 | $ 1,811,014 | [1] | $ 1,538,779 |
Investment securities | 21,669,961 | 25,846,657 | |||
Net loans | 19,674,578 | 16,524,457 | |||
Other assets | 672,688 | 709,707 | |||
Total assets | 44,683,660 | 44,686,703 | |||
Liabilities and total equity | |||||
Other liabilities | 618,383 | 639,094 | |||
Total liabilities | 40,906,623 | 41,353,472 | |||
SVBFG stockholders' equity | 3,642,554 | 3,198,134 | |||
Total liabilities and total equity | 44,683,660 | 44,686,703 | |||
Parent Company | |||||
Assets: | |||||
Cash and cash equivalents | 500,014 | 377,013 | $ 314,236 | $ 218,148 | |
Investment securities | 244,603 | 250,257 | |||
Net loans | 13,337 | 9,859 | |||
Other assets | 197,220 | 224,748 | |||
Total assets | 4,492,529 | 4,027,818 | |||
Liabilities and total equity | |||||
Other liabilities | 100,917 | 81,332 | |||
Total liabilities | 849,975 | 829,684 | |||
SVBFG stockholders' equity | 3,642,554 | 3,198,134 | |||
Total liabilities and total equity | 4,492,529 | 4,027,818 | |||
Parent Company | 3.50% Senior Notes | |||||
Liabilities and total equity | |||||
Notes payable | 346,979 | 346,667 | |||
Parent Company | 5.375% Senior Notes | |||||
Liabilities and total equity | |||||
Notes payable | 347,586 | 347,016 | |||
Parent Company | 7.0% Junior Subordinated Debentures | |||||
Liabilities and total equity | |||||
Notes payable | 54,493 | 54,669 | |||
Parent Company | Bank Subsidiaries | |||||
Assets: | |||||
Investment in subsidiaries | 3,423,427 | 3,059,045 | |||
Parent Company | Nonbank Subsidiaries | |||||
Assets: | |||||
Investment in subsidiaries | $ 113,928 | $ 106,896 | |||
[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. On April 13, 2015 we received net proceeds of $39.3 million consisting of the sales price of $48.6 million less $9.3 million of cash and cash equivalents held by SVBIF that were sold. |
Parent Company Only Condense145
Parent Company Only Condensed Financial Information Condensed Statement of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ||||||||||||
Interest income | $ 307,333 | $ 300,413 | $ 293,992 | $ 291,658 | $ 279,232 | $ 264,791 | $ 253,926 | $ 248,816 | $ 1,193,396 | $ 1,046,765 | $ 891,916 | |
Interest expense | (10,728) | (11,252) | (10,656) | (10,237) | (10,163) | (10,131) | (10,155) | (9,891) | (42,873) | (40,340) | (35,321) | |
Gains on derivative instruments, net | 48,581 | 83,805 | 96,845 | |||||||||
Gains on investment securities, net | 51,740 | 89,445 | [1],[2] | 267,023 | ||||||||
Fund management fees | 19,195 | 15,941 | 13,498 | |||||||||
Impairment loss on SVBIF Sale Transaction | 0 | 0 | (13,934) | |||||||||
Income tax expense | (54,825) | (76,877) | (65,047) | (53,584) | (53,697) | (57,017) | (54,974) | (63,066) | (250,333) | (228,754) | (183,508) | |
Net income available to common stockholders | $ 99,466 | $ 111,081 | $ 92,964 | $ 79,174 | $ 87,512 | $ 81,733 | $ 86,143 | $ 88,516 | 382,685 | 343,904 | 263,870 | |
Parent Company | ||||||||||||
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ||||||||||||
Interest income | 690 | 964 | 2,534 | |||||||||
Interest expense | (35,316) | (34,169) | (21,863) | |||||||||
Dividend income from subsidiary | 40,000 | 0 | 0 | |||||||||
Gains on derivative instruments, net | 35,608 | 55,477 | 66,604 | |||||||||
Gains on investment securities, net | 20,644 | 39,447 | 8,750 | |||||||||
Fund management fees | 24,197 | 17,772 | 13,960 | |||||||||
Impairment loss on SVBIF Sale Transaction | 0 | 0 | (9,564) | |||||||||
General and administrative expenses | (55,139) | (54,822) | (53,912) | |||||||||
Income tax expense | 423 | (14,448) | (15,038) | |||||||||
Loss before net income of subsidiaries | 31,107 | 10,221 | (8,529) | |||||||||
Net income available to common stockholders | 382,685 | 343,904 | 263,870 | |||||||||
Parent Company | Nonbank Subsidiaries | ||||||||||||
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ||||||||||||
Loss before net income of subsidiaries | 11,949 | 26,819 | 23,049 | |||||||||
Equity in undistributed net income of subsidiary | 11,949 | 26,819 | 23,049 | |||||||||
Parent Company | Bank Subsidiaries | ||||||||||||
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ||||||||||||
Loss before net income of subsidiaries | 379,629 | 306,864 | 249,350 | |||||||||
Equity in undistributed net income of subsidiary | $ 339,629 | $ 306,864 | $ 249,350 | |||||||||
[1] | During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details. | |||||||||||
[2] | During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details. |
Parent Company Only Condense146
Parent Company Only Condensed Financial Information Condensed Statement of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income available to common stockholders | $ 99,466 | $ 111,081 | $ 92,964 | $ 79,174 | $ 87,512 | $ 81,733 | $ 86,143 | $ 88,516 | $ 382,685 | $ 343,904 | $ 263,870 |
Other comprehensive income (loss), net of tax | 8,026 | (27,300) | 91,468 | ||||||||
Comprehensive income attributable to SVBFG | 390,711 | 316,604 | 355,338 | ||||||||
Parent Company | |||||||||||
Net income available to common stockholders | 382,685 | 343,904 | 263,870 | ||||||||
Foreign currency translation gains (losses) | 3,071 | (1,492) | 3,012 | ||||||||
Unrealized holding gains (losses) on securities available for sale | 654 | (2,041) | 1,232 | ||||||||
Equity in other comprehensive income (losses) of subsidiaries | 4,301 | (23,767) | 87,224 | ||||||||
Other comprehensive income (loss), net of tax | 8,026 | (27,300) | 91,468 | ||||||||
Comprehensive income attributable to SVBFG | $ 390,711 | $ 316,604 | $ 355,338 |
Parent Company Only Condense147
Parent Company Only Condensed Financial Information Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Adjustments to reconcile net income to net cash used for operating activities: | |||||
Gains on derivative instruments, net | $ (48,581) | $ (83,805) | $ (96,845) | ||
Gains on investment securities, net | (51,740) | (89,445) | [1],[2] | (267,023) | |
Amortization of share-based compensation | 35,494 | 32,239 | 29,545 | ||
Impairment loss on SVBIF Sale Transaction | 0 | 0 | 13,934 | ||
Other, net | 41,684 | 64,044 | 19,788 | ||
Net cash used for operating activities | 437,977 | 339,197 | 255,268 | ||
Cash flows from investing activities: | |||||
Net (increase) decrease in loans | (3,169,493) | (2,335,153) | (3,480,531) | ||
Net cash used for investing activities | 1,015,344 | (6,495,736) | (12,233,682) | ||
Cash flows from financing activities: | |||||
Proceeds from issuance of common stock, ESPP, and ESOP | 26,147 | 22,410 | 22,146 | ||
Tax benefit from stock exercises | (3,640) | 16,602 | 9,602 | ||
Net proceeds from public equity offering | 0 | 0 | 434,866 | ||
Net cash provided by financing activities | (410,828) | 5,848,782 | 12,250,649 | ||
Net increase (decrease) in cash and cash equivalents | 1,042,493 | (307,757) | 272,235 | ||
Cash and cash equivalents at beginning of period | 1,503,257 | 1,811,014 | [3] | 1,538,779 | |
Cash and cash equivalents at end of period | 2,545,750 | 1,503,257 | 1,811,014 | [3] | |
Parent Company | |||||
Cash flows from operating activities: | |||||
Net income attributable to SVBFG | 382,685 | 343,904 | 263,870 | ||
Adjustments to reconcile net income to net cash used for operating activities: | |||||
Gains on derivative instruments, net | (35,608) | (55,477) | (66,604) | ||
Gains on investment securities, net | (20,644) | (39,447) | (8,750) | ||
Net income of subsidiaries | (31,107) | (10,221) | 8,529 | ||
Cash dividends from bank subsidiary | 40,000 | 0 | 0 | ||
Amortization of share-based compensation | 35,494 | 32,239 | 29,545 | ||
Decrease (increase) in other assets | 35,699 | (30,638) | 46,512 | ||
Increase (decrease) in other liabilities | 15,293 | 28,985 | 25,697 | ||
Impairment loss on SVBIF Sale Transaction | 0 | 0 | 9,564 | ||
Other, net | 708 | 470 | 513 | ||
Net cash used for operating activities | 62,049 | (53,647) | 27,948 | ||
Cash flows from investing activities: | |||||
Net decrease in investment securities from purchases, sales and maturities | 54,737 | 31,380 | 15,469 | ||
Net (increase) decrease in loans | (3,478) | 6,825 | (11,893) | ||
Net cash used for investing activities | 38,445 | (269,019) | (398,474) | ||
Cash flows from financing activities: | |||||
Proceeds from issuance of common stock, ESPP, and ESOP | 26,147 | 22,410 | 22,146 | ||
Tax benefit from stock exercises | (3,640) | 16,602 | 9,602 | ||
Net proceeds from public equity offering | 0 | 0 | 434,866 | ||
Proceeds from Issuance of Long-term Debt | 0 | 346,431 | 0 | ||
Net cash provided by financing activities | 22,507 | 385,443 | 466,614 | ||
Net increase (decrease) in cash and cash equivalents | 123,001 | 62,777 | 96,088 | ||
Cash and cash equivalents at beginning of period | 377,013 | 314,236 | 218,148 | ||
Cash and cash equivalents at end of period | 500,014 | 377,013 | 314,236 | ||
Parent Company | Bank Subsidiaries | |||||
Adjustments to reconcile net income to net cash used for operating activities: | |||||
Net income of subsidiaries | (379,629) | (306,864) | (249,350) | ||
Cash flows from investing activities: | |||||
Investment in subsidiaries | (14,738) | (378,286) | (432,804) | ||
Parent Company | Nonbank Subsidiaries | |||||
Adjustments to reconcile net income to net cash used for operating activities: | |||||
Net income of subsidiaries | (11,949) | (26,819) | (23,049) | ||
Cash flows from investing activities: | |||||
Investment in subsidiaries | $ 1,924 | $ 71,062 | $ 30,754 | ||
[1] | During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details. | ||||
[2] | During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details. | ||||
[3] | 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. On April 13, 2015 we received net proceeds of $39.3 million consisting of the sales price of $48.6 million less $9.3 million of cash and cash equivalents held by SVBIF that were sold. |
Unaudited Quarterly Financia148
Unaudited Quarterly Financial Data Supplemental Consolidated Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Interest income | $ 307,333 | $ 300,413 | $ 293,992 | $ 291,658 | $ 279,232 | $ 264,791 | $ 253,926 | $ 248,816 | $ 1,193,396 | $ 1,046,765 | $ 891,916 | |
Interest expense | 10,728 | 11,252 | 10,656 | 10,237 | 10,163 | 10,131 | 10,155 | 9,891 | 42,873 | 40,340 | 35,321 | |
Net interest income | 296,605 | 289,161 | 283,336 | 281,421 | 269,069 | 254,660 | 243,771 | 238,925 | 1,150,523 | 1,006,425 | 856,595 | |
Provision for loan losses | 7,073 | 18,950 | 36,333 | 33,341 | 31,261 | 33,403 | 26,513 | 6,452 | 95,697 | 97,629 | 59,486 | |
Noninterest income | 113,502 | 144,140 | 112,776 | 86,134 | 114,506 | 108,477 | 126,287 | 123,524 | 456,552 | 472,794 | 572,239 | |
Noninterest expense | 244,567 | 221,827 | 200,352 | 204,033 | 208,608 | 184,755 | 194,112 | 190,541 | 870,779 | 778,016 | 707,180 | |
Income before income tax expense | 158,467 | 192,524 | 159,427 | 130,181 | 143,706 | 144,979 | 149,433 | 165,456 | ||||
Income tax expense | 54,825 | 76,877 | 65,047 | 53,584 | 53,697 | 57,017 | 54,974 | 63,066 | 250,333 | 228,754 | 183,508 | |
Net income before noncontrolling interests | 103,642 | 115,647 | 94,380 | 76,597 | 90,009 | 87,962 | 94,459 | 102,390 | 390,266 | 374,820 | [1],[2] | 478,660 |
Net income attributable to noncontrolling interests | (4,176) | (4,566) | (1,416) | 2,577 | (2,497) | (6,229) | (8,316) | (13,874) | (7,581) | (30,916) | [1],[3] | (214,790) |
Net income available to common stockholders | $ 99,466 | $ 111,081 | $ 92,964 | $ 79,174 | $ 87,512 | $ 81,733 | $ 86,143 | $ 88,516 | $ 382,685 | $ 343,904 | $ 263,870 | |
Earnings per common share—basic, in dollars per share | $ 1.91 | $ 2.13 | $ 1.79 | $ 1.53 | $ 1.70 | $ 1.59 | $ 1.68 | $ 1.74 | $ 7.37 | $ 6.70 | $ 5.39 | |
Earnings per common share—diluted, in dollars per share | $ 1.89 | $ 2.12 | $ 1.78 | $ 1.52 | $ 1.68 | $ 1.57 | $ 1.66 | $ 1.71 | $ 7.31 | $ 6.62 | $ 5.31 | |
[1] | During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details. | |||||||||||
[2] | During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details. | |||||||||||
[3] | During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02). Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance. See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details. |