Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 31, 2018 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | SIVB | |
Entity Registrant Name | SVB FINANCIAL GROUP | |
Entity Central Index Key | 719,739 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 53,250,854 |
Interim Consolidated Balance Sh
Interim Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and cash equivalents | $ 3,819,141 | $ 2,923,075 |
Available-for-sale securities, at fair value (cost of $9,236,301 and $11,131,008, respectively) | 9,087,609 | 11,120,664 |
Held-to-maturity securities, at cost (fair value of $15,372,238 and $12,548,280, respectively) | 15,899,726 | 12,663,455 |
Non-marketable and other equity securities | 896,249 | 651,053 |
Total investment securities | 25,883,584 | 24,435,172 |
Loans, net of unearned income | 27,494,915 | 23,106,316 |
Allowance for loan losses | (285,713) | (255,024) |
Net loans | 27,209,202 | 22,851,292 |
Premises and equipment, net of accumulated depreciation and amortization | 121,890 | 128,682 |
Accrued interest receivable and other assets | 1,105,917 | 876,246 |
Total assets | 58,139,734 | 51,214,467 |
Liabilities: | ||
Noninterest-bearing demand deposits | 40,473,774 | 36,655,497 |
Interest-bearing deposits | 8,122,337 | 7,598,578 |
Total deposits | 48,596,111 | 44,254,075 |
Short-term borrowings | 2,631,252 | 1,033,730 |
Other liabilities | 1,146,109 | 911,755 |
Long-term debt | 696,217 | 695,492 |
Total liabilities | 53,069,689 | 46,895,052 |
Commitments and contingencies (Note 13 and Note 16) | ||
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; 53,250,255 shares and 52,835,188 shares outstanding, respectively | 53 | 53 |
Additional paid-in capital | 1,360,030 | 1,314,377 |
Retained earnings | 3,672,696 | 2,866,837 |
Accumulated other comprehensive loss | (108,410) | (1,472) |
Total SVBFG stockholders’ equity | 4,924,369 | 4,179,795 |
Noncontrolling interests | 145,676 | 139,620 |
Total equity | 5,070,045 | 4,319,415 |
Total liabilities and total equity | $ 58,139,734 | $ 51,214,467 |
Interim Consolidated Balance _2
Interim Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value, in usd per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value, in usd per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares outstanding | 53,250,255 | 52,835,188 |
Available-for-sale securities, cost | $ 9,236,301 | $ 11,131,008 |
Held-to-maturity securities | $ 15,372,238 | $ 12,548,280 |
Interim Consolidated Statements
Interim Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Interest income: | ||||
Loans | $ 352,353 | $ 268,445 | $ 979,724 | $ 745,983 |
Investment securities: | ||||
Taxable | 142,075 | 109,443 | 403,702 | 294,768 |
Non-taxable | 10,748 | 1,172 | 23,506 | 2,703 |
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities | 8,137 | 6,211 | 20,080 | 16,670 |
Total interest income | 513,313 | 385,271 | 1,427,012 | 1,060,124 |
Interest expense: | ||||
Deposits | 8,042 | 2,304 | 18,409 | 6,218 |
Borrowings | 12,049 | 8,993 | 29,075 | 27,243 |
Total interest expense | 20,091 | 11,297 | 47,484 | 33,461 |
Net interest income | 493,222 | 373,974 | 1,379,528 | 1,026,663 |
Provision for credit losses | 17,174 | 23,522 | 74,226 | 70,062 |
Net interest income after provision for credit losses | 476,048 | 350,452 | 1,305,302 | 956,601 |
Noninterest income: | ||||
Gains on investment securities, net | 32,193 | 15,238 | 77,365 | 48,838 |
Gains on equity warrant assets, net | 34,141 | 24,922 | 72,393 | 42,432 |
Foreign exchange fees | 32,656 | 29,671 | 100,560 | 82,026 |
Fees and Commissions, Credit and Debit Cards1 | 24,121 | 20,270 | 68,739 | 56,099 |
Credit card fees | 24,121 | 20,270 | 68,739 | 56,099 |
Deposit service charges | 19,588 | 14,508 | 56,081 | 43,046 |
Client investment fees | 36,265 | 15,563 | 88,592 | 37,571 |
Lending related fees | 10,675 | 15,404 | 30,938 | 32,874 |
Letters of credit and standby letters of credit fees | 8,409 | 7,306 | 24,938 | 20,951 |
Other | 12,022 | 15,896 | 38,671 | 41,128 |
Total noninterest income | 210,070 | 158,778 | 558,277 | 404,965 |
Noninterest expense: | ||||
Compensation and benefits | 195,437 | 153,263 | 543,198 | 449,412 |
Professional services | 36,542 | 32,987 | 112,080 | 86,331 |
Premises and equipment | 19,858 | 18,937 | 57,576 | 53,753 |
Net occupancy | 13,694 | 12,660 | 40,598 | 35,437 |
Business development and travel | 12,712 | 10,329 | 35,998 | 30,913 |
FDIC and state assessments | 9,550 | 8,359 | 29,306 | 26,354 |
Correspondent bank fees | 3,513 | 3,162 | 10,200 | 9,770 |
Other | 18,139 | 18,064 | 51,645 | 54,670 |
Total noninterest expense | 309,445 | 257,761 | 880,601 | 746,640 |
Income before income tax expense | 376,673 | 251,469 | 982,978 | 614,926 |
Income tax expense | 95,308 | 97,351 | 246,561 | 220,412 |
Net income before noncontrolling interests | 281,365 | 154,118 | 736,417 | 394,514 |
Net income attributable to noncontrolling interests | (6,548) | (5,498) | (28,841) | (21,218) |
Net income available to common stockholders | $ 274,817 | $ 148,620 | $ 707,576 | $ 373,296 |
Earnings per common share—basic (dollars per share) | $ 5.16 | $ 2.82 | $ 13.33 | $ 7.11 |
Earnings per common share—diluted (dollars per share) | $ 5.10 | $ 2.79 | $ 13.15 | $ 7.01 |
Interim Consolidated Statemen_2
Interim Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income before noncontrolling interests | $ 281,365 | $ 154,118 | $ 736,417 | $ 394,514 | |
Change in foreign currency cumulative translation gains and losses: | |||||
Foreign currency translation (losses) gains | (3,259) | 1,928 | (5,337) | 4,463 | |
Related tax benefit (expense) | 905 | (787) | 1,482 | (1,821) | |
Change in unrealized gains and losses on available-for-sale securities: | |||||
Unrealized holding (losses) gains | (24,902) | 925 | (98,032) | (12,471) | |
Related tax benefit (expense) | 6,994 | (429) | 27,269 | 5,207 | |
Reclassification adjustment for losses (gains) included in net income | [1] | 0 | 101 | 0 | (384) |
Related tax (benefit) expense | [1] | 0 | (41) | 0 | 157 |
Reclassification of unrealized gains on equity securities to retained earnings for ASU 2016-01 | [1] | 0 | 0 | (40,316) | 0 |
Related tax expense | [1] | 0 | 0 | 11,145 | 0 |
Amortization of unrealized holding gains on securities transferred from available-for-sale to held-to-maturity | (1,777) | (1,594) | (3,915) | (4,931) | |
Related tax benefit | 494 | 641 | 1,085 | 1,984 | |
Reclassification of stranded tax effect to retained earnings for ASU 2018-02 | [1] | 0 | 0 | (319) | 0 |
Other comprehensive loss, net of tax | (21,545) | 744 | (106,938) | (7,796) | |
Comprehensive income | 259,820 | 154,862 | 629,479 | 386,718 | |
Comprehensive income attributable to noncontrolling interests | (6,548) | (5,498) | (28,841) | (21,218) | |
Comprehensive income attributable to SVBFG | $ 253,272 | $ 149,364 | $ 600,638 | $ 365,500 | |
[1] | See "Adoption of New Accounting Standards" in Note 1—“Basis of Presentation” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional details. |
Interim Consolidated Statemen_3
Interim Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total SVBFG Stockholders’ Equity | Noncontrolling Interests | |||
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 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 458,742 | |||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 14,192 | $ 1 | 14,191 | 14,192 | ||||||
Common stock issued under ESOP (in shares) | 10,838 | |||||||||
Common stock issued under ESOP | 2,094 | 2,094 | 2,094 | |||||||
Net income | 394,514 | 373,296 | 373,296 | 21,218 | ||||||
Capital calls and distributions, net | (18,216) | (18,216) | ||||||||
Net change in unrealized gains and losses on AFS securities, net of tax | (7,491) | (7,491) | (7,491) | |||||||
Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax | (2,947) | (2,947) | (2,947) | |||||||
Foreign currency translation adjustments, net of tax | 2,642 | 2,642 | 2,642 | |||||||
Share-based compensation, net | 35,473 | 35,473 | 35,473 | |||||||
Reclassification of stranded tax effect for ASU 2018-02 | [1] | 0 | ||||||||
Balance (in shares) at Sep. 30, 2017 | 52,723,654 | |||||||||
Balance at Sep. 30, 2017 | 4,197,298 | $ 53 | 1,294,499 | 2,749,627 | 15,634 | 4,059,813 | 137,485 | |||
Balance (in shares) at Jun. 30, 2017 | 52,684,159 | |||||||||
Balance at Jun. 30, 2017 | 4,040,035 | $ 53 | 1,283,485 | 2,601,007 | 14,890 | 3,899,435 | 140,600 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 39,495 | |||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 2,370 | $ 0 | 2,370 | 2,370 | ||||||
Net income | 154,118 | 148,620 | 148,620 | 5,498 | ||||||
Capital calls and distributions, net | (8,613) | (8,613) | ||||||||
Net change in unrealized gains and losses on AFS securities, net of tax | 556 | 556 | 556 | |||||||
Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax | (953) | (953) | (953) | |||||||
Foreign currency translation adjustments, net of tax | 1,141 | 1,141 | 1,141 | |||||||
Share-based compensation, net | 8,644 | 8,644 | 8,644 | |||||||
Reclassification of stranded tax effect for ASU 2018-02 | [1] | 0 | ||||||||
Balance (in shares) at Sep. 30, 2017 | 52,723,654 | |||||||||
Balance at Sep. 30, 2017 | 4,197,298 | $ 53 | 1,294,499 | 2,749,627 | 15,634 | 4,059,813 | 137,485 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Cumulative adjustment for ASU, net of tax | Accounting Standards Update 2014-09 | [2] | (5,802) | (5,802) | (5,802) | ||||||
Cumulative adjustment for ASU, net of tax | Accounting Standards Update 2016-01 | [2] | 74,595 | 103,766 | (29,171) | 74,595 | |||||
Balance (in shares) at Dec. 31, 2017 | 52,835,188 | |||||||||
Balance at Dec. 31, 2017 | 4,319,415 | $ 53 | 1,314,377 | 2,866,837 | (1,472) | 4,179,795 | 139,620 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 405,395 | |||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 9,108 | $ 0 | 9,108 | 9,108 | ||||||
Common stock issued under ESOP (in shares) | 9,672 | |||||||||
Common stock issued under ESOP | 2,577 | 2,577 | 2,577 | |||||||
Net income | 736,417 | 707,576 | 707,576 | 28,841 | ||||||
Capital calls and distributions, net | (22,785) | (22,785) | ||||||||
Net change in unrealized gains and losses on AFS securities, net of tax | (70,763) | (70,763) | (70,763) | |||||||
Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax | (2,830) | (2,830) | (2,830) | |||||||
Foreign currency translation adjustments, net of tax | (3,855) | (3,855) | (3,855) | |||||||
Share-based compensation, net | 33,968 | 33,968 | 33,968 | |||||||
Reclassification of stranded tax effect for ASU 2018-02 | [1] | 319 | ||||||||
Reclassification of stranded tax effect for ASU 2018-02 | Accounting Standards Update 2018-02 | 300 | 319 | [2] | (319) | [2] | |||||
Balance (in shares) at Sep. 30, 2018 | 53,250,255 | |||||||||
Balance at Sep. 30, 2018 | 5,070,045 | $ 53 | 1,360,030 | 3,672,696 | (108,410) | 4,924,369 | 145,676 | |||
Balance (in shares) at Jun. 30, 2018 | 53,210,627 | |||||||||
Balance at Jun. 30, 2018 | 4,804,841 | $ 53 | 1,346,586 | 3,397,879 | (86,865) | 4,657,653 | 147,188 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 39,628 | |||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 1,943 | $ 0 | 1,943 | 1,943 | ||||||
Net income | 281,365 | 274,817 | 274,817 | 6,548 | ||||||
Capital calls and distributions, net | (8,060) | (8,060) | ||||||||
Net change in unrealized gains and losses on AFS securities, net of tax | (17,908) | (17,908) | (17,908) | |||||||
Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax | (1,283) | (1,283) | (1,283) | |||||||
Foreign currency translation adjustments, net of tax | (2,354) | (2,354) | (2,354) | |||||||
Share-based compensation, net | 11,501 | 11,501 | 11,501 | |||||||
Reclassification of stranded tax effect for ASU 2018-02 | [1] | 0 | ||||||||
Balance (in shares) at Sep. 30, 2018 | 53,250,255 | |||||||||
Balance at Sep. 30, 2018 | $ 5,070,045 | $ 53 | $ 1,360,030 | $ 3,672,696 | $ (108,410) | $ 4,924,369 | $ 145,676 | |||
[1] | See "Adoption of New Accounting Standards" in Note 1—“Basis of Presentation” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional details. | |||||||||
[2] | See "Adoption of New Accounting Standards" in Note 1—“Basis of Presentation” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional details. |
Interim Consolidated Statemen_4
Interim Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
Cash flows from operating activities: | |||
Net income before noncontrolling interests | $ 736,417 | $ 394,514 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 74,226 | 70,062 | |
Gains on investment securities, net | [1] | (77,365) | (31,032) |
Distributions of earnings from non-marketable and other equity securities | [1] | 54,605 | 38,965 |
Depreciation and amortization | 43,389 | 39,265 | |
Amortization of premiums and discounts on investment securities, net | (252) | 2,609 | |
Amortization of share-based compensation | 33,968 | 27,739 | |
Amortization of deferred loan fees | (94,771) | (81,060) | |
Deferred income tax (benefit) expense | (16,532) | 2,325 | |
Excess tax benefit from exercise of stock options and vesting of restricted shares | (17,543) | (14,399) | |
Losses from the write-off of premises and equipment | 7,117 | 0 | |
Other gains | 0 | (6,150) | |
Changes in other assets and liabilities: | |||
Accrued interest receivable and payable, net | (51,521) | (26,092) | |
Accounts receivable and payable, net | 1,697 | 4,120 | |
Income tax receivable and payable, net | (12,962) | 30,069 | |
Accrued compensation | 5,505 | (11,731) | |
Foreign exchange spot contracts, net | 86,298 | 86,911 | |
Other, net | (46,874) | 16,410 | |
Net cash provided by operating activities | 703,904 | 521,073 | |
Cash flows from investing activities: | |||
Purchases of available-for-sale securities | (662,458) | (2,420,741) | |
Proceeds from sales of available-for-sale securities | 0 | 7,311 | |
Proceeds from maturities and paydowns of available-for-sale securities | 2,529,666 | 2,434,039 | |
Purchases of held-to-maturity securities | (4,726,595) | (3,812,782) | |
Proceeds from maturities and paydowns of held-to-maturity securities | 1,482,204 | 1,283,764 | |
Purchases of non-marketable and other securities | (56,435) | (18,766) | |
Proceeds from sales and distributions of capital of non-marketable and other securities | [1] | 83,020 | 35,821 |
Net increase in loans | (4,356,980) | (2,263,600) | |
Purchases of premises and equipment | (28,718) | (35,470) | |
Proceeds from sale of equity valuation services business | 0 | 3,000 | |
Net cash used for investing activities | (5,736,296) | (4,787,424) | |
Cash flows from financing activities: | |||
Net increase in deposits | 4,342,036 | 5,832,165 | |
Net increase (decrease) in short-term borrowings | 1,597,522 | (507,828) | |
Principal payments of long-term debt | 0 | (46,235) | |
(Distributions to noncontrolling interests), net of contributions from noncontrolling interests | (22,785) | (18,216) | |
Proceeds from issuance of common stock, ESPP and ESOP | 11,685 | 16,286 | |
Net cash provided by financing activities | 5,928,458 | 5,276,172 | |
Net increase in cash and cash equivalents | 896,066 | 1,009,821 | |
Cash and cash equivalents at beginning of period | 2,923,075 | 2,545,750 | |
Cash and cash equivalents at end of period | 3,819,141 | 3,555,571 | |
Cash paid during the period for: | |||
Interest | 54,681 | 41,324 | |
Income taxes | 277,388 | 190,706 | |
Noncash items during the period: | |||
Changes in unrealized gains and losses on available-for-sale securities, net of tax | (70,763) | (7,491) | |
Distributions of stock from investments | 4,368 | 5,360 | |
Equity warrant assets | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Changes in fair values of derivatives, net | (24,462) | (29,666) | |
Derivative | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Changes in fair values of derivatives, net | $ 2,964 | $ 8,214 | |
[1] | During the first quarter of 2018 we adopted ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This guidance was adopted on a retrospective basis and impacted the presentation between investing and operating activities related to distributions and net gains from our nonmarketable and other securities portfolio. See Note 1—“Basis of Presentation” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional details. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation SVB Financial Group is a diversified financial services company, as well as a bank holding company and a financial holding company. SVB Financial was incorporated in the state of Delaware in March 1999. Through our various subsidiaries and divisions, we offer a variety of banking and financial products and services to support our clients of all sizes and stages throughout their life cycles. In these notes to our consolidated financial statements, when we refer to “SVB Financial Group,” “SVBFG," the “Company,” “we,” “our,” “us” or use similar words, we mean SVB Financial Group and all of its subsidiaries collectively, including Silicon Valley Bank (the “Bank”), unless the context requires otherwise. When we refer to “SVB Financial” or the “Parent” we are referring only to the parent company, SVB Financial Group (not including subsidiaries). The accompanying unaudited interim consolidated financial statements reflect all adjustments of a normal and recurring nature that are, in the opinion of management, necessary to fairly present our financial position, results of operations and cash flows in accordance with GAAP. Such unaudited interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of results to be expected for any future periods. These unaudited interim consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2017 (“ 2017 Form 10-K”). The accompanying unaudited interim consolidated financial statements have been prepared on a consistent basis with the accounting policies described in Consolidated Financial Statements and Supplementary Data—Note 2—“Summary of Significant Accounting Policies” under Part II, Item 8 of our 2017 Form 10-K. The preparation of unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates may change as new information is obtained. Significant items that are subject to such estimates include measurements of fair value, the valuation of non-marketable and other equity securities, the valuation of equity warrant assets, the adequacy of the allowance for loan losses and allowance for unfunded credit commitments, and the recognition and measurement of income tax assets and liabilities. Principles of Consolidation and Presentation Our consolidated financial statements include the accounts of SVB Financial Group and consolidated entities. We consolidate voting entities in which we have control through voting interests or entities through which we have a controlling financial interest in a variable interest entity (“VIE”). We determine whether we have a controlling financial interest in a VIE by determining if we have: (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses, or (c) the right to receive the expected returns of the entity. 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 based on our ownership percentage. 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, 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) power to direct the activities that most significantly impact the VIE’s economic performance, and (b) 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. We also evaluate fees paid to managers of our limited partnership investments. 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. 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. Adoption of New Accounting Standards 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. The guidance requires that revenue from contracts with customers be recognized when transfer of control over goods or services is passed to customers in the amount of consideration expected to be received. Subsequent Accounting Standard Updates have been issued clarifying the original pronouncement (ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20). On January 1, 2018, we adopted the new accounting standard ASU 2014-09, Revenue from Contracts with Customers and all the related amendments ("new revenue standard," "ASC 606" or "ASU 2014-09") using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. We elected to apply the practical expedient which allows us to expense costs related to obtaining contracts as incurred because the amortization period would have been one year or less. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We completed a comprehensive scoping exercise to determine the revenue streams that are within the scope of this guidance. The scope of this guidance explicitly excludes net interest income, including interest income earned from our loan and fixed income securities portfolios, as well as certain other noninterest income earned from our lending-, investment- and derivative-related activities. Based on our completed assessment, we did not identify any material changes to the timing or the amounts of our revenue recognition, however, we identified a change in the timing of recognizing fund management fees in other noninterest income for a portion of our SVB Capital funds. Fund management fees for these certain SVB Capital funds will now be recognized at the time of distribution which typically occurs later in the life of the fund than had been previously recognized. The cumulative adjustment to retained earnings associated with this change was $5.8 million , net of tax, with an immaterial impact to our net income on an ongoing basis. The impacts to net income as a result of applying the new revenue standard were decreases of $0.5 million and $1.4 million for the three and nine months ended September 30, 2018 , respectively. The timing of revenue recognition may differ from the timing of cash settlements or invoicing to customers. We record a receivable when revenue is recognized prior to invoicing, and unearned revenue when revenue is recognized subsequent to receipt of consideration. These assets and liabilities are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period. During the three and nine months ended September 30, 2018 , changes in our contract assets, contract liabilities and receivables were not material. Additionally, revenues recognized during the three and nine months ended September 30, 2018 that were included in the corresponding contract liability balance at the beginning of the period were not material. The cumulative effect of the changes to our consolidated balance sheets at January 1, 2018, for the adoption of the new revenue standard were as follows: (Dollars in thousands) Balance at December 31, 2017 Adjustments Due to Adoption of ASC 606 Balance at January 1, 2018 Accrued interest receivable and other assets: Accounts receivable $ 55,946 $ (34,340 ) $ 21,606 Other liabilities: Deferred revenue 27,057 (26,321 ) 736 Current taxes payable 4,675 (2,217 ) 2,458 Stockholders' Equity: Retained earnings 2,866,837 (5,802 ) 2,861,035 In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our consolidated balance sheets at September 30, 2018 and our statements of income for the three and nine months ended September 30, 2018 , were as follows: September 30, 2018 (Dollars in thousands) As Reported Balances Without Adoption of ASC 606 Effect of Change Higher/(Lower) Accrued interest receivable and other assets: Accounts receivable $ 61,090 $ 100,470 $ (39,380 ) Other liabilities: Deferred fees 556 28,379 (27,823 ) Current taxes payable (receivable) 2,002 (694 ) 2,696 Stockholders' Equity: Retained earnings 3,672,696 3,678,020 (5,324 ) Three months ended September 30, 2018 (Dollars in thousands) As Reported Balances Without Adoption of ASC 606 Effect of Change Higher/(Lower) Other noninterest income: Fund management fees $ 5,479 $ 6,087 $ (608 ) Income tax expense 95,308 95,463 (155 ) Net Income available to common stockholders 274,817 275,270 (453 ) Diluted earnings per share 5.10 5.11 (0.01 ) Nine months ended September 30, 2018 (Dollars in thousands) As Reported Balances Without Adoption of ASC 606 Effect of Change Higher/(Lower) Other noninterest income: Fund management fees $ 17,144 $ 19,001 $ (1,857 ) Income tax expense 246,561 247,040 (479 ) Net Income available to common stockholders 707,576 708,954 (1,378 ) Diluted earnings per share 13.15 13.18 (0.03 ) In February 2018, the FASB issued a new accounting standard update (ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (ASU "2018-02")) to address certain stranded income tax effects in accumulated other comprehensive income ("AOCI") resulting from H.R.1, known as the Tax Cuts and Jobs Act (the "TCJ Act"). ASU 2018-02 changed current accounting whereby an entity may elect to reclassify the stranded tax effect from AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the TCJ Act (or portion thereof) is recorded. ASU 2018-02 is effective for periods beginning after December 15, 2018 and early adoption is permitted. We have elected to early adopt ASU 2018-02 and reclassified approximately $0.3 million from accumulated other comprehensive income to retained earnings within our consolidated statements of stockholders' equity in the first quarter of 2018. On January 1, 2018, we adopted the new accounting standard update ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825), which addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. This guidance requires equity investments (except those accounted for under the equity method of accounting) to be measured at fair value with changes in fair value recognized in net income. We adopted this guidance using the modified retrospective method and our equity investments carried at cost with readily determinable fair values were re-measured at fair value and the difference between cost and fair value was recorded as a cumulative-effect adjustment to opening retained earnings as of January 1, 2018. The adjustment to opening retained earnings for these investments was $74.6 million , net of tax, with subsequent changes in the fair value of these equity securities recorded as unrealized gains or losses in our consolidated statements of income. Additionally, in accordance with this guidance, net unrealized gains of $29.2 million , net of tax, included in accumulated other comprehensive income on January 1, 2018, related to our previously reported available-for-sale equity securities, were reclassified as an adjustment to retained earnings. Subsequent changes in the fair value of these equity securities were recorded as unrealized gains or losses in our consolidated statements of income. Furthermore, for purposes of disclosing the fair value of loans carried at amortized cost, our valuation methodology was updated to conform to an “exit price” concept as required by the standard update, resulting in an immaterial change in the fair value. 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. We adopted the new accounting standard, specifically as it relates to distributions from our equity method investments, on January 1, 2018. We elected to adopt the nature of distribution approach and applied the guidance retrospectively. The new guidance had an immaterial impact on the presentation between investing and operating activities within our statements of cash flows related to distributions and net gains from our nonmarketable and other securities portfolio. In November 2016, the FASB issued a new accounting standard update (ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash), which requires that a statement of cash flows explains the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. Previous to the update, there had been some diversity in practice. Given that we had already classified restricted cash such as cash reserves at the Federal Reserve as part of cash and cash equivalents on the cash flow statement, the update had no impact on how we were already reporting and presenting our statement of cash flows. Recent Accounting Pronouncements 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 corresponding lease liability, in the statement of financial position. The lease cost will be allocated over the lease term on a straight-line basis. There were further amendments, including practical expedients, with the issuance of ASU 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842” in January 2018. In July 2018 the FASB issued ASU No. 2018-11, "Leases (Topic 842): Targeted Improvements," which provides us with the option to apply the new leasing standard to all open leases as of the adoption date, on a prospective basis. This guidance will be effective on January 1, 2019, with early adoption permitted. We plan to adopt the lease accounting guidance on January 1, 2019, on a prospective basis. We intend to elect the transition "package of expedients" which will result in continuing to account for existing leases for which the commencement date is before January 1, 2019, in accordance with Leases (Topic 840) throughout the lease term, including periods after adoption of the new guidance. We expect the adoption of this standard to have an impact of less than one percent of total assets and liabilities on our consolidated balance sheets reflective of the recognition of right-of-use assets and related lease liabilities associated predominantly with noncancelable operating leases. In addition, we do not expect the adoption of this guidance to have a material impact on our consolidated statements of income. 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 over the life of the loan 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 currently have a project team in place and subject matter experts to assist with our review of key interpretive issues and the assessment of our existing credit loss forecasting models and processes against the new guidance to determine what modifications may be required. We are currently evaluating the impact this guidance will have on our financial position, results of operation and stockholders’ equity. In August 2017, the FASB issued a new accounting standard update (ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities (Topic 815)), which better aligns an entity’s risk management activities and financial reporting for hedging relationships through changes to the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. The targeted improvements in the ASU will allow increased flexibility to structure hedges of fixed rate instruments and floating rate instruments. Application of the ASU is expected to reduce the amount of ineffectiveness as the revised accounting guidance will better reflect the economics of risk management activities and will also reduce the volatility associated with foreign currency hedging. The ASU requires the hedging instrument to be presented in the same line item as the hedged item and requires expanded disclosures. There were further amendments, with the issuance of ASU 2018-16, “Derivatives and Hedging (Topic 815)," which provides us with the option to use the Overnight Index Swap ("OIS") rate based on the Secured Overnight Financing Rate ("SOFR") as a U.S. benchmark interest rate for purposes of applying hedge accounting under Topic 815. This guidance will be effective January 1, 2019, with early adoption permitted. We plan to early adopt this guidance in the fourth quarter of 2018, effective October 1, 2018. The accounting standard will not have a material impact on our consolidated financial position, results of operations or the disclosures in our Notes to the Consolidated Financial Statements. In August 2018, the FASB issued a new accounting standard update (ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement). The ASU primarily modifies certain disclosures with respect to Level 3 fair value measurements. This guidance will be effective January 1, 2020, with early adoption permitted. This guidance will not have an impact on our consolidated financial position or results of operations, and we do not expect the adoption of this standard to have a material impact on the disclosures in our Notes to the Consolidated Financial Statements. Reclassifications Certain prior period amounts, primarily related to the adoption of new accounting guidance, have been reclassified to conform to current period presentations. |
Stockholders' Equity and EPS
Stockholders' Equity and EPS | 9 Months Ended |
Sep. 30, 2018 | |
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 (unaudited) for the three and nine months ended September 30, 2018 and 2017 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) Income Statement Location 2018 2017 2018 2017 Reclassification adjustment for losses (gains) included in net income (1) Gains on investment securities, net $ — $ 101 $ — $ (384 ) Related tax (benefit) expense (1) Income tax expense — (41 ) — 157 Total reclassification adjustment for losses (gains) included in net income, net of tax (1) $ — $ 60 $ — $ (227 ) (1) See "Adoption of New Accounting Standards" in Note 1—“Basis of Presentation” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional details. EPS Basic EPS is the amount of earnings available to each share of common stock outstanding during the reporting period. Diluted EPS is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental shares issuable for stock options and restricted stock units outstanding under our 2006 Equity Incentive Plan and our ESPP. Potentially dilutive common shares are excluded from the computation of dilutive EPS in periods in which the effect would be antidilutive. The following is a reconciliation of basic EPS to diluted EPS for the three and nine months ended September 30, 2018 and 2017 : Three months ended September 30, Nine months ended September 30, (Dollars and shares in thousands, except per share amounts) 2018 2017 2018 2017 Numerator: Net income available to common stockholders $ 274,817 $ 148,620 $ 707,576 $ 373,296 Denominator: Weighted average common shares outstanding—basic 53,235 52,705 53,062 52,530 Weighted average effect of dilutive securities: Stock options and ESPP 383 343 404 381 Restricted stock units 301 257 334 319 Weighted average common shares outstanding—diluted 53,919 53,305 53,800 53,230 Earnings per common share: Basic $ 5.16 $ 2.82 $ 13.33 $ 7.11 Diluted 5.10 2.79 13.15 7.01 The following table summarizes the weighted-average common shares excluded from the diluted EPS calculation due to the antidilutive effect for the three and nine months ended September 30, 2018 and 2017 : Three months ended September 30, Nine months ended September 30, (Shares in thousands) 2018 2017 2018 2017 Stock options 86 112 49 61 Restricted stock units 5 5 71 2 Total 91 117 120 63 Consolidated Statement of Changes in Equity The following table summarizes the changes in our consolidated equity for the three months ended September 30, 2018 and 2017 : Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total SVBFG Stockholders’ Equity Noncontrolling Interests Total Equity (Dollars in thousands) Shares Amount Balance at June 30, 2017 52,684,159 $ 53 $ 1,283,485 $ 2,601,007 $ 14,890 $ 3,899,435 $ 140,600 $ 4,040,035 Common stock issued under employee benefit plans, net of restricted stock cancellations 39,495 — 2,370 — — 2,370 — 2,370 Net income — — — 148,620 — 148,620 5,498 154,118 Capital calls and distributions, net — — — — — — (8,613 ) (8,613 ) Net change in unrealized gains and losses on AFS securities, net of tax — — — — 556 556 — 556 Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax — — — — (953 ) (953 ) — (953 ) Foreign currency translation adjustments, net of tax — — — — 1,141 1,141 — 1,141 Share-based compensation, net — — 8,644 — — 8,644 — 8,644 Balance at September 30, 2017 52,723,654 $ 53 $ 1,294,499 $ 2,749,627 $ 15,634 $ 4,059,813 $ 137,485 $ 4,197,298 Balance at June 30, 2018 53,210,627 $ 53 $ 1,346,586 $ 3,397,879 $ (86,865 ) $ 4,657,653 $ 147,188 $ 4,804,841 Common stock issued under employee benefit plans, net of restricted stock cancellations 39,628 — 1,943 — — 1,943 — 1,943 Net income — — — 274,817 — 274,817 6,548 281,365 Capital calls and distributions, net — — — — — — (8,060 ) (8,060 ) Net change in unrealized gains and losses on AFS securities, net of tax — — — — (17,908 ) (17,908 ) — (17,908 ) Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax — — — — (1,283 ) (1,283 ) — (1,283 ) Foreign currency translation adjustments, net of tax — — — — (2,354 ) (2,354 ) — (2,354 ) Share-based compensation, net — — 11,501 — — 11,501 — 11,501 Balance at September 30, 2018 53,250,255 $ 53 $ 1,360,030 $ 3,672,696 $ (108,410 ) $ 4,924,369 $ 145,676 $ 5,070,045 |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation For the three and nine months ended September 30, 2018 and 2017 , we recorded share-based compensation and related tax benefits as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Share-based compensation expense $ 11,501 $ 8,644 $ 33,968 $ 27,739 Income tax benefit related to share-based compensation expense (2,895 ) (3,154 ) (7,955 ) (9,518 ) Unrecognized Compensation Expense As of September 30, 2018 , unrecognized share-based compensation expense was as follows: (Dollars in thousands) Unrecognized Expense Weighted Average Expected Recognition Period - in Years Stock options $ 13,525 2.91 Restricted stock units 73,037 2.74 Total unrecognized share-based compensation expense $ 86,562 Share-Based Payment Award Activity The table below provides stock option information related to the 2006 Equity Incentive Plan for the nine months ended September 30, 2018 : Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life - in Years Aggregate Intrinsic Value of In-The- Money Options Outstanding at December 31, 2017 808,049 $ 105.68 Granted 89,616 305.71 Exercised (191,585 ) 83.37 Forfeited (9,498 ) 187.76 Expired (2,337 ) 60.37 Outstanding at September 30, 2018 694,245 136.68 3.76 $ 120,932,288 Vested and expected to vest at September 30, 2018 673,674 134.25 3.70 118,982,041 Exercisable at September 30, 2018 415,993 99.63 2.66 87,856,349 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 $310.83 as of September 30, 2018 . The total intrinsic value of options exercised during the three and nine months ended September 30, 2018 was $8.5 million and $39.5 million , respectively, compared to $3.8 million and $25.8 million for the comparable 2017 periods. The table below provides information for restricted stock units under the 2006 Equity Incentive Plan for the nine months ended September 30, 2018 : Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2017 637,667 $ 135.86 Granted 193,405 302.53 Vested (213,944 ) 130.20 Forfeited (37,080 ) 170.97 Nonvested at September 30, 2018 580,048 191.28 |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 and December 31, 2017 : (Dollars in thousands) Consolidated VIEs Unconsolidated VIEs Maximum Exposure to Loss in Unconsolidated VIEs September 30, 2018: Assets: Cash and cash equivalents $ 5,470 $ — $ — Non-marketable and other equity securities (1) 212,514 524,812 524,812 Accrued interest receivable and other assets 298 — — Total assets $ 218,282 $ 524,812 $ 524,812 Liabilities: Other liabilities (1) 680 166,867 — Total liabilities $ 680 $ 166,867 $ — December 31, 2017: Assets: Cash and cash equivalents $ 6,674 $ — $ — Non-marketable and other equity securities (1) 190,562 346,097 346,097 Accrued interest receivable and other assets 365 — — Total assets $ 197,601 $ 346,097 $ 346,097 Liabilities: Other liabilities (1) 990 100,891 — Total liabilities $ 990 $ 100,891 $ — (1) Included in our unconsolidated non-marketable and other equity securities portfolio at September 30, 2018 and December 31, 2017 are investments in qualified affordable housing projects of $261.7 million and $174.2 million , respectively, and related other liabilities consisting of unfunded credit commitments of $166.9 million and $100.9 million , respectively. Non-marketable and other equity securities Our non-marketable and other equity securities portfolio primarily represents investments in venture capital and private equity funds, SPD Silicon Valley Bank Co., Ltd. (the Bank's joint venture bank in China (“SPD-SVB”)), 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 equity securities portfolio also includes investments from SVB Capital. SVB Capital is the funds management business of SVB Financial Group, which focuses primarily on venture capital investments. The SVB Capital family of funds is comprised of direct venture funds that invest in companies and funds of funds that invest in other venture capital funds. We have a controlling and significant variable interest in four of these SVB Capital funds and consolidate these funds for financial reporting purposes. All investments are generally nonredeemable and distributions are expected to be received through the liquidation of the underlying investments throughout the life of the investment fund. Investments may only be sold or transferred subject to the notice and approval provisions of the underlying investment agreement. Subject to applicable regulatory requirements, including the Volcker Rule, we also make commitments to invest in venture capital and private equity funds. For additional details, see Note 13—“Off-Balance Sheet Arrangements, Guarantees and Other Commitments” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report . The Bank also has variable interests in low income housing 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; therefore, these investments are not consolidated. For additional information on our investments in qualified affordable housing projects, see Note 6—“Investment Securities" of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report . As of September 30, 2018 , our exposure to loss with respect to the consolidated VIEs is limited to our net assets of $217.6 million and our exposure to loss for our unconsolidated VIEs is equal to our investment in these assets of $524.8 million . |
Cash and Cash Equivalents
Cash and Cash Equivalents | 9 Months Ended |
Sep. 30, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents The following table details our cash and cash equivalents at September 30, 2018 and December 31, 2017 : (Dollars in thousands) September 30, 2018 December 31, 2017 Cash and due from banks (1) $ 3,697,018 $ 2,672,290 Securities purchased under agreements to resell (2) 119,181 247,876 Other short-term investment securities 2,942 2,909 Total cash and cash equivalents $ 3,819,141 $ 2,923,075 (1) At September 30, 2018 and December 31, 2017 , $2.1 billion and $0.6 billion , respectively, of our cash and due from banks was deposited at the Federal Reserve Bank and was earning interest at the Federal Funds target rate, and interest-earning deposits in other financial institutions were $1.1 billion at both September 30, 2018 and December 31, 2017. (2) At September 30, 2018 and December 31, 2017 , securities purchased und er agreements to resell were collateralized by U.S. Treasury securities and U.S. agency securities with aggregate fair values of $124.5 million an d $252.8 million , respectively. None of these securities were sold or repledged as of September 30, 2018 and December 31, 2017 . |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2018 | |
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 equity securities portfolio, which primarily represents investments managed as part of our funds management business as well as public equity securities held as a result of equity warrant assets exercised. Available-for-Sale Securities The components of our available-for-sale investment securities portfolio at September 30, 2018 and December 31, 2017 are as follows: September 30, 2018 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Carrying Value Available-for-sale securities, at fair value: U.S. Treasury securities $ 5,560,828 $ 117 $ (59,071 ) $ 5,501,874 U.S. agency debentures 1,357,069 — (10,397 ) 1,346,672 Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate 2,001,048 3 (80,510 ) 1,920,541 Agency-issued collateralized mortgage obligations—variable rate 317,356 1,297 (131 ) 318,522 Total available-for-sale securities $ 9,236,301 $ 1,417 $ (150,109 ) $ 9,087,609 December 31, 2017 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Carrying Value Available-for-sale securities, at fair value: U.S. Treasury securities $ 6,865,068 $ 1,113 $ (25,679 ) $ 6,840,502 U.S. agency debentures 1,569,195 3,569 (5,636 ) 1,567,128 Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate 2,292,311 258 (25,534 ) 2,267,035 Agency-issued collateralized mortgage obligations—variable rate 372,481 1,375 (126 ) 373,730 Equity securities 31,953 40,525 (209 ) 72,269 Total available-for-sale securities $ 11,131,008 $ 46,840 $ (57,184 ) $ 11,120,664 The following table summarizes sale activity of available-for-sale securities during the three and nine months ended September 30, 2018 and 2017 as recorded in the line item “Gains on investment securities, net," a component of noninterest income: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Sales proceeds $ — $ 2,287 $ — $ 7,311 Net realized gains and losses: Gross realized gains — 38 — 1,131 Gross realized losses — (139 ) — (747 ) Net realized (losses) gains $ — $ (101 ) $ — $ 384 The following tables summarize our unrealized losses on our available-for-sale securities portfolio into categories of less than 12 months, or 12 months or longer as of September 30, 2018 and December 31, 2017 : September 30, 2018 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 $ 3,915,282 $ (46,503 ) $ 1,438,839 $ (12,568 ) $ 5,354,121 $ (59,071 ) U.S. agency debentures 838,609 (4,615 ) 508,062 (5,782 ) 1,346,671 (10,397 ) Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate 812,726 (30,350 ) 1,103,803 (50,160 ) 1,916,529 (80,510 ) Agency-issued collateralized mortgage obligations—variable rate 14,076 (5 ) 49,729 (126 ) 63,805 (131 ) Total temporarily impaired securities (1) $ 5,580,693 $ (81,473 ) $ 3,100,433 $ (68,636 ) $ 8,681,126 $ (150,109 ) (1) As of September 30, 2018 , we identified a total of 265 investments that were in unrealized loss positions, of which 109 investments totaling $3.1 billion with unrealized losses of $68.6 million have been in an impaired position for a period of time greater than 12 months. As of September 30, 2018 , we do not intend to sell any of our impaired securities prior to recovery of our adjusted cost basis, and it is more likely than not that we will not be required to sell any of our securities prior to recovery of our adjusted cost basis. Based on our analysis as of September 30, 2018 , we deem all impairments to be temporary, and therefore changes in value for our temporarily impaired securities as of the same date are included in other comprehensive income. Market valuations and impairment analyses on assets in the available-for-sale securities portfolio are reviewed and monitored on a quarterly basis. December 31, 2017 Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Available-for-sale securities: U.S. Treasury securities $ 5,968,914 $ (23,397 ) $ 323,966 $ (2,282 ) $ 6,292,880 $ (25,679 ) U.S. agency debentures 736,541 (2,289 ) 336,196 (3,347 ) 1,072,737 (5,636 ) Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate 2,193,277 (25,534 ) — — 2,193,277 (25,534 ) Agency-issued collateralized mortgage obligations—variable rate 13,843 (3 ) 53,186 (123 ) 67,029 (126 ) Equity securities 624 (209 ) — — 624 (209 ) Total temporarily impaired securities (1) $ 8,913,199 $ (51,432 ) $ 713,348 $ (5,752 ) $ 9,626,547 $ (57,184 ) (1) As of December 31, 2017 , we identified a total of 268 investments that were in unrealized loss positions, of which 46 investments totaling $713.3 million with unrealized losses of $5.8 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 September 30, 2018 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 interest rate environments. September 30, 2018 (Dollars in thousands) Total One Year After One After Five After U.S. Treasury securities $ 5,501,874 $ 2,016,438 $ 3,047,620 $ 437,816 $ — U.S. agency debentures 1,346,672 653,271 693,401 — — Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations — fixed rate 1,920,541 — — 29,113 1,891,428 Agency-issued collateralized mortgage obligations — variable rate 318,522 — — — 318,522 Total $ 9,087,609 $ 2,669,709 $ 3,741,021 $ 466,929 $ 2,209,950 Held-to-Maturity Securities The components of our held-to-maturity investment securities portfolio at September 30, 2018 and December 31, 2017 are as follows: September 30, 2018 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Held-to-maturity securities, at cost: U.S. agency debentures (1) $ 641,134 $ 85 $ (18,482 ) $ 622,737 Residential mortgage-backed securities: Agency-issued mortgage-backed securities 8,333,088 2 (276,748 ) 8,056,342 Agency-issued collateralized mortgage obligations—fixed rate 2,329,065 — (98,559 ) 2,230,506 Agency-issued collateralized mortgage obligations—variable rate 223,374 667 (32 ) 224,009 Agency-issued commercial mortgage-backed securities 2,795,952 — (78,688 ) 2,717,264 Municipal bonds and notes 1,577,113 161 (55,894 ) 1,521,380 Total held-to-maturity securities $ 15,899,726 $ 915 $ (528,403 ) $ 15,372,238 (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, 2017 (Dollars in thousands) Amortized Unrealized Unrealized Fair Value Held-to-maturity securities, at cost: U.S. agency debentures (1) $ 659,979 $ 3,167 $ (1,601 ) $ 661,545 Residential mortgage-backed securities: Agency-issued mortgage-backed securities 6,304,969 4,854 (43,528 ) 6,266,295 Agency-issued collateralized mortgage obligations—fixed rate 2,829,979 23 (54,372 ) 2,775,630 Agency-issued collateralized mortgage obligations—variable rate 255,782 733 (34 ) 256,481 Agency-issued commercial mortgage-backed securities 1,868,985 694 (25,563 ) 1,844,116 Municipal bonds and notes 743,761 3,452 (3,000 ) 744,213 Total held-to-maturity securities $ 12,663,455 $ 12,923 $ (128,098 ) $ 12,548,280 (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 September 30, 2018 and December 31, 2017 : September 30, 2018 Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Held-to-maturity securities: U.S. agency debentures $ 549,916 $ (14,744 ) $ 61,635 $ (3,738 ) $ 611,551 $ (18,482 ) Residential mortgage-backed securities: Agency-issued mortgage-backed securities 5,514,402 (155,580 ) 2,541,848 (121,168 ) 8,056,250 (276,748 ) Agency-issued collateralized mortgage obligations—fixed rate 77,011 (2,285 ) 2,153,494 (96,274 ) 2,230,505 (98,559 ) Agency-issued collateralized mortgage obligations—variable rate 3,504 (1 ) 8,445 (31 ) 11,949 (32 ) Agency-issued commercial mortgage-backed securities 1,595,146 (30,149 ) 1,122,118 (48,539 ) 2,717,264 (78,688 ) Municipal bonds and notes 1,429,117 (51,806 ) 83,486 (4,088 ) 1,512,603 (55,894 ) Total temporarily impaired securities (1) $ 9,169,096 $ (254,565 ) $ 5,971,026 $ (273,838 ) $ 15,140,122 $ (528,403 ) (1) As of September 30, 2018 , we identified a total of 1,433 investments that were in unrealized loss positions, of which 454 investments totaling $6.0 billion with unrealized losses of $273.8 million have been in an impaired position for a period of time greater than 12 months. As of September 30, 2018 , we do not intend to sell any of our impaired securities prior to recovery of our adjusted cost basis, and it is more likely than not that we will not be required to sell any of our securities prior to recovery of our adjusted cost basis, which is consistent with our classification of these securities. Based on our analysis as of September 30, 2018 , we deem all impairments to be temporary. Market valuations and impairment analyses on assets in the held-to-maturity securities portfolio are reviewed and monitored on a quarterly basis. December 31, 2017 Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Value of Unrealized Fair Value of Unrealized Fair Value of Unrealized Held-to-maturity securities: U.S. agency debentures $ 104,688 $ (1,601 ) $ — $ — $ 104,688 $ (1,601 ) Residential mortgage-backed securities: Agency-issued mortgage-backed securities 4,270,377 (34,092 ) 408,913 (9,436 ) 4,679,290 (43,528 ) Agency-issued collateralized mortgage obligations—fixed rate 1,011,709 (13,631 ) 1,741,614 (40,741 ) 2,753,323 (54,372 ) Agency-issued collateralized mortgage obligations—variable rate — — 9,812 (34 ) 9,812 (34 ) Agency-issued commercial mortgage-backed securities 979,361 (11,566 ) 773,712 (13,997 ) 1,753,073 (25,563 ) Municipal bonds and notes 344,796 (2,103 ) 32,844 (897 ) 377,640 (3,000 ) Total temporarily impaired securities (1) $ 6,710,931 $ (62,993 ) $ 2,966,895 $ (65,105 ) $ 9,677,826 $ (128,098 ) (1) As of December 31, 2017 , we identified a total of 753 investments that were in unrealized loss positions, of which 237 investments totaling $3.0 billion with unrealized losses of $65.1 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 September 30, 2018 . 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 interest rate environments. September 30, 2018 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 $ 641,134 $ 622,737 $ — $ — $ 104,550 $ 102,498 $ 536,584 $ 520,239 $ — $ — Residential mortgage-backed securities: Agency-issued mortgage-backed securities 8,333,088 8,056,342 — — 179,847 174,664 859,233 821,883 7,294,008 7,059,795 Agency-issued collateralized mortgage obligations — fixed rate 2,329,065 2,230,506 — — — — 474,668 452,428 1,854,397 1,778,078 Agency-issued collateralized mortgage obligations — variable rate 223,374 224,009 — — — — — — 223,374 224,009 Agency-issued commercial mortgage-backed securities 2,795,952 2,717,264 — — — — — — 2,795,952 2,717,264 Municipal bonds and notes 1,577,113 1,521,380 8,376 8,373 74,518 73,331 256,453 245,277 1,237,766 1,194,399 Total $ 15,899,726 $ 15,372,238 $ 8,376 $ 8,373 $ 358,915 $ 350,493 $ 2,126,938 $ 2,039,827 $ 13,405,497 $ 12,973,545 Non-marketable and Other Equity Securities The components of our non-marketable and other equity securities portfolio at September 30, 2018 and December 31, 2017 are as follows: (Dollars in thousands) September 30, 2018 December 31, 2017 Non-marketable and other equity securities: Non-marketable securities (fair value accounting): Consolidated venture capital and private equity fund investments (1) $ 126,467 $ 128,111 Unconsolidated venture capital and private equity fund investments (2) 208,953 98,548 Other investments without a readily determinable fair value (3) 25,253 27,680 Other equity securities in public companies (fair value accounting) (4) 30,460 310 Non-marketable securities (equity method accounting) (5): Venture capital and private equity fund investments 112,537 89,809 Debt funds 5,241 21,183 Other investments 125,632 111,198 Investments in qualified affordable housing projects, net (6) 261,706 174,214 Total non-marketable and other equity securities $ 896,249 $ 651,053 (1) The following table shows the amounts of venture capital and private equity fund investments held by the following consolidated funds and our ownership percentage of each fund at September 30, 2018 and December 31, 2017 (fair value accounting): September 30, 2018 December 31, 2017 (Dollars in thousands) Amount Ownership % Amount Ownership % Strategic Investors Fund, LP $ 12,733 12.6 % $ 14,673 12.6 % Capital Preferred Return Fund, LP 56,453 20.0 54,147 20.0 Growth Partners, LP 56,280 33.0 58,372 33.0 CP I, LP 1,001 10.7 919 10.7 Total consolidated venture capital and private equity fund investments $ 126,467 $ 128,111 (2) The carrying value represents investments in 220 and 235 funds (primarily venture capital funds) at September 30, 2018 and December 31, 2017 , respectively, where our ownership interest is typically less than 5% of the voting interests of each such fund and in which we do not have the ability to exercise significant influence over the partnerships operating activities and financial policies. Effective January 1, 2018, we adopted ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities which eliminated the concept of cost method accounting. On a prospective basis, we will carry our unconsolidated venture capital and private equity fund investments at fair value based on the fund investments' net asset values per share as obtained from the general partners of the investments. For each fund investment, we adjust the net asset value per share for differences between our measurement date and the date of the fund investment’s net asset value by using the most recently available financial information from the investee general partner, for example June 30 th , for our September 30 th consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period. We recorded a cumulative adjustment to opening retained earnings on January 1, 2018 for the difference between fair value and cost for these fund investments. The estimated fair value and carrying value of these venture capital and private equity fund investments was $209.0 million as of September 30, 2018 . As of December 31, 2017, these investments were carried at cost and had a carrying value of $98.5 million . (3) Effective January 1, 2018, we adopted ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities which eliminated the concept of cost method accounting. On a prospective basis, we will report our other investments in the line item "Other investments without a readily determinable fair value". These investments include direct equity investments in private companies. The carrying value is based on the price at which the investment was acquired plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments. We consider a range of factors when adjusting the fair value of these investments, including, but not limited to, the term and nature of the investment, local market conditions, values for comparable securities, current and projected operating performance, exit strategies, financing transactions subsequent to the acquisition of the investment and a discount for certain investments that have lock-up restrictions or other features that indicate a discount to fair value is warranted. The following table shows the changes to the carrying amount of other investments without a readily determinable fair value for the nine months ended September 30, 2018 : (Dollars in thousands) Nine months ended September 30, 2018 Carrying value as of January 1, 2018 $ 27,680 Upward carrying value adjustments 4,854 Downward carrying value adjustments (1,729 ) Additions 3,870 Sales and dispositions (9,422 ) Carrying value as of September 30, 2018 $ 25,253 (4) Investments classified as other equity securities (fair value accounting) represent shares held in public companies as a result of exercising public equity warrant assets and direct equity investments in public companies held by our consolidated funds. Effective January 1, 2018 we adopted ASU 2016-01 Recognition and Measurement of Financial Assets and Financial Liabilities which requires equity securities to be measured at fair value with changes in the fair value recognized through net income. Prior to January 1, 2018 we reported equity securities in public companies that we held as a result of exercising public equity warrant assets in available-for-sale securities. On a prospective basis, these equity securities will be reported in non-marketable and other equity securities. (5) The following table shows the carrying value and our ownership percentage of each investment at September 30, 2018 and December 31, 2017 (equity method accounting): September 30, 2018 December 31, 2017 (Dollars in thousands) Amount Ownership % Amount Ownership % Venture capital and private equity fund investments: Strategic Investors Fund II, LP $ 4,739 8.6 % $ 6,342 8.6 % Strategic Investors Fund III, LP 18,176 5.9 18,758 5.9 Strategic Investors Fund IV, LP 29,445 5.0 25,551 5.0 Strategic Investors Fund V funds 24,245 Various 16,856 Various CP II, LP (i) 6,865 5.1 6,700 5.1 Other venture capital and private equity fund investments 29,067 Various 15,602 Various Total venture capital and private equity fund investments $ 112,537 $ 89,809 Debt funds: Gold Hill Capital 2008, LP (ii) $ 3,267 15.5 % $ 18,690 15.5 % Other debt funds 1,974 Various 2,493 Various Total debt funds $ 5,241 $ 21,183 Other investments: SPD Silicon Valley Bank Co., Ltd. $ 75,314 50.0 % $ 75,337 50.0 % Other investments 50,318 Various 35,861 Various Total other investments $ 125,632 $ 111,198 (i) Our ownership includes direct ownership interest of 1.3 percent and indirect ownership interest of 3.8 percent through our investments in Strategic Investors Fund II, LP. (ii) Our ownership includes direct ownership interest of 11.5 percent in the fund and an indirect interest in the fund through our investment in Gold Hill Capital 2008, LLC of 4.0 percent . (6) The following table presents the balances of our investments in qualified affordable housing projects and related unfunded commitments included as a component of “other liabilities” on our consolidated balance sheets at September 30, 2018 and December 31, 2017 : (Dollars in thousands) September 30, 2018 December 31, 2017 Investments in qualified affordable housing projects, net $ 261,706 $ 174,214 Other liabilities 166,867 100,891 The following table presents other information relating to our investments in qualified affordable housing projects for the three and nine months ended September 30, 2018 and 2017 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Tax credits and other tax benefits recognized $ 6,283 $ 4,539 $ 16,912 $ 13,199 Amortization expense included in provision for income taxes (i) 4,773 3,533 14,269 10,154 (i) All investments are amortized using the proportional amortization method and amortization expense is included in the provision for income taxes. The following table presents the net gains on non-marketable and other equity securities for the three and nine months ended September 30, 2018 and 2017 as recorded in the line item “Gains on investment securities, net," a component of noninterest income: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Net gains on non-marketable and other equity securities: Non-marketable securities (fair value accounting): Consolidated venture capital and private equity fund investments $ 2,928 $ 4,473 $ 18,971 $ 20,649 Unconsolidated venture capital and private equity fund investments (1) 6,240 4,697 37,095 13,928 Other investments without a readily determinable fair value (1) 2,509 (49 ) 4,310 3,354 Other equity securities in public companies (fair value accounting) (1) 4,407 387 (17,786 ) 280 Non-marketable securities (equity method accounting): Venture capital and private equity fund investments 11,341 4,319 30,122 10,710 Debt funds 1,473 2,445 (100 ) 2,696 Other investments 3,295 (933 ) 4,753 (3,163 ) Total net gains on non-marketable and other equity securities $ 32,193 $ 15,339 $ 77,365 $ 48,454 Less: Net gains (losses) on non-marketable and other equity securities sold 357 (49 ) (20,806 ) 3,355 Unrealized net gains on non-marketable and other equity securities still held $ 31,836 $ 15,388 $ 98,171 $ 45,099 (1) Prior period amounts are not determined in a manner consistent with the current period presentation due to the adoption of accounting standard update (ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825)). |
Loans, Allowance for Loan Losse
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments | Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments 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, data, storage, and electronics), software/internet (such as infrastructure software, applications, software services, digital content and advertising technology), and energy and resource innovation (“ERI”). Because of the diverse nature of ERI products and services, for our loan-related reporting purposes, ERI-related loans are reported under our hardware, software/internet, life science/healthcare and other commercial loan categories, as applicable. Our life science/healthcare clients primarily tend to be in the industries of biotechnology, medical devices, healthcare information technology and healthcare services. Loans made to private equity/venture capital firm clients typically enable them to fund investments prior to their receipt of funds from capital calls. Loans to the premium wine industry focus on vineyards and wineries that produce grapes and wines of high quality. In addition to commercial loans, we make consumer loans through SVB Private Bank and provide real estate secured loans to eligible employees through our EHOP. Our private banking clients are primarily private equity/venture capital professionals and executive leaders in the innovation companies they support. These products and services include real estate secured home equity lines of credit, which may be used to finance real estate investments and loans used to purchase, renovate or refinance personal residences. These products and services also include restricted stock purchase loans and capital call lines of credit. We also provide community development loans made as part of our responsibilities under the Community Reinvestment Act. These loans are included within “Construction loans” below and are primarily secured by real estate. The composition of loans, net of unearned income of $174 million and $148 million at September 30, 2018 and December 31, 2017 , respectively, is presented in the following table: (Dollars in thousands) September 30, 2018 December 31, 2017 Commercial loans: Software/internet $ 6,258,724 $ 6,172,531 Hardware 1,306,709 1,193,599 Private equity/venture capital 13,360,511 9,952,377 Life science/healthcare 2,302,453 1,808,827 Premium wine 227,498 204,105 Other 256,413 365,724 Total commercial loans 23,712,308 19,697,163 Real estate secured loans: Premium wine (1) 685,941 669,053 Consumer loans (2) 2,556,906 2,300,506 Other 40,879 42,068 Total real estate secured loans 3,283,726 3,011,627 Construction loans 81,163 68,546 Consumer loans 417,718 328,980 Total loans, net of unearned income (3) $ 27,494,915 $ 23,106,316 (1) Included in our premium wine portfolio are gross construction loans of $92 million and $100 million at September 30, 2018 and December 31, 2017 , respectively. (2) Consumer loans secured by real estate at September 30, 2018 and December 31, 2017 were comprised of the following: (Dollars in thousands) September 30, 2018 December 31, 2017 Loans for personal residence $ 2,196,948 $ 1,995,840 Loans to eligible employees 285,186 243,118 Home equity lines of credit 74,772 61,548 Consumer loans secured by real estate $ 2,556,906 $ 2,300,506 (3) Included within our total loan portfolio are credit card loans of $342 million and $270 million at September 30, 2018 and December 31, 2017 , respectively. Credit Quality The composition of loans, net of unearned income of $174 million and $148 million at September 30, 2018 and December 31, 2017 , respectively, broken out by portfolio segment and class of financing receivable, is as follows: (Dollars in thousands) September 30, 2018 December 31, 2017 Commercial loans: Software/internet $ 6,258,724 $ 6,172,531 Hardware 1,306,709 1,193,599 Private equity/venture capital 13,360,511 9,952,377 Life science/healthcare 2,302,453 1,808,827 Premium wine 913,439 873,158 Other 378,455 476,338 Total commercial loans 24,520,291 20,476,830 Consumer loans: Real estate secured loans 2,556,906 2,300,506 Other consumer loans 417,718 328,980 Total consumer loans 2,974,624 2,629,486 Total loans, net of unearned income $ 27,494,915 $ 23,106,316 The following table summarizes the aging of our gross loans, broken out by portfolio segment and class of financing receivable as of September 30, 2018 and December 31, 2017 : (Dollars in thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due Equal to or Greater Than 90 Days Past Due Total Past Due Current Loans Past Due 90 Days or More Still Accruing Interest September 30, 2018: Commercial loans: Software/internet $ 17,067 $ 4,842 $ 116 $ 22,025 $ 6,175,651 $ 116 Hardware 491 99 — 590 1,298,215 — Private equity/venture capital 7,556 — 2 7,558 13,357,777 2 Life science/healthcare 9,620 897 45 10,562 2,330,483 45 Premium wine 1,594 — — 1,594 910,356 — Other 340 27 — 367 400,547 — Total commercial loans 36,668 5,865 163 42,696 24,473,029 163 Consumer loans: Real estate secured loans 8,389 — — 8,389 2,540,950 — Other consumer loans 2,111 — — 2,111 415,582 — Total consumer loans 10,500 — — 10,500 2,956,532 — Total gross loans excluding impaired loans 47,168 5,865 163 53,196 27,429,561 163 Impaired loans 2,345 970 29,197 32,512 153,560 — Total gross loans $ 49,513 $ 6,835 $ 29,360 $ 85,708 $ 27,583,121 $ 163 December 31, 2017: Commercial loans: Software/internet $ 14,257 $ 6,526 $ 141 $ 20,924 $ 6,101,147 $ 141 Hardware 1,145 77 50 1,272 1,163,278 50 Private equity/venture capital 86,566 38,580 — 125,146 9,835,317 — Life science/healthcare 4,390 191 — 4,581 1,841,692 — Premium wine 418 — — 418 871,074 — Other 445 — — 445 490,292 — Total commercial loans 107,221 45,374 191 152,786 20,302,800 191 Consumer loans: Real estate secured loans 2,164 532 — 2,696 2,292,980 — Other consumer loans 796 — — 796 327,234 — Total consumer loans 2,960 532 — 3,492 2,620,214 — Total gross loans excluding impaired loans 110,181 45,906 191 156,278 22,923,014 191 Impaired loans 1,344 11,902 30,403 43,649 131,212 — Total gross loans $ 111,525 $ 57,808 $ 30,594 $ 199,927 $ 23,054,226 $ 191 The following table summarizes our impaired loans as they relate to our allowance for loan losses, broken out by portfolio segment and class of financing receivable as of September 30, 2018 and December 31, 2017 : (Dollars in thousands) Impaired loans for which there is a related allowance for loan losses Impaired loans for which there is no related allowance for loan losses Total carrying value of impaired loans Total unpaid principal of impaired loans September 30, 2018: Commercial loans: Software/internet $ 64,197 $ 55,442 $ 119,639 $ 145,122 Hardware 2,431 17,249 19,680 31,804 Private equity/venture capital — 3,700 3,700 3,700 Life science/healthcare 22,300 14,125 36,425 44,065 Premium wine 306 2,010 2,316 2,375 Other — — — — Total commercial loans 89,234 92,526 181,760 227,066 Consumer loans: Real estate secured loans 3,990 322 4,312 5,996 Other consumer loans — — — — Total consumer loans 3,990 322 4,312 5,996 Total $ 93,224 $ 92,848 $ 186,072 $ 233,062 December 31, 2017: Commercial loans: Software/internet $ 49,645 $ 61,009 $ 110,654 $ 129,006 Hardware 15,637 20,713 36,350 41,721 Private equity/venture capital 658 — 658 984 Life science/healthcare 20,521 1,166 21,687 26,360 Premium wine — 2,877 2,877 2,911 Other 32 — 32 165 Total commercial loans 86,493 85,765 172,258 201,147 Consumer loans: Real estate secured loans 1,331 850 2,181 3,712 Other consumer loans 422 — 422 436 Total consumer loans 1,753 850 2,603 4,148 Total $ 88,246 $ 86,615 $ 174,861 $ 205,295 The following tables summarize our average impaired loans and interest income recognized on impaired loans, broken out by portfolio segment and class of financing receivable for the three and nine months ended September 30, 2018 and 2017 : Three months ended September 30, Average impaired loans Interest income recognized on impaired loans (Dollars in thousands) 2018 2017 2018 2017 Commercial loans: Software/internet $ 118,840 $ 121,290 $ 607 $ 767 Hardware 27,922 35,932 410 419 Private equity/venture capital 1,233 644 — 3 Life science/healthcare 38,545 25,796 365 21 Premium wine 2,384 3,625 35 39 Other — 348 — — Total commercial loans 188,924 187,635 1,417 1,249 Consumer loans: Real estate secured loans 4,330 1,306 4 24 Other consumer loans — 1,966 — — Total consumer loans 4,330 3,272 4 24 Total average impaired loans $ 193,254 $ 190,907 $ 1,421 $ 1,273 Nine months ended September 30, Average impaired loans Interest income recognized on impaired loans (Dollars in thousands) 2018 2017 2018 2017 Commercial loans: Software/internet $ 112,576 $ 122,527 $ 991 $ 1,646 Hardware 34,469 33,271 499 518 Private equity/venture capital 536 443 — 8 Life science/healthcare 27,671 33,590 376 60 Premium wine 2,586 3,353 103 115 Other 130 706 — — Total commercial loans 177,968 193,890 1,969 2,347 Consumer loans: Real estate secured loans 3,953 1,385 12 24 Other consumer loans 477 1,931 — — Total consumer loans 4,430 3,316 12 24 Total average impaired loans $ 182,398 $ 197,206 $ 1,981 $ 2,371 The following tables summarize the activity relating to our allowance for loan losses for the three and nine months ended September 30, 2018 and 2017 , broken out by portfolio segment: Three months ended September 30, 2018 Beginning Balance June 30, 2018 Charge-offs Recoveries Provision for (Reduction of) Loan Losses Foreign Currency Translation Adjustments Ending Balance September 30, 2018 (Dollars in thousands) Commercial loans: Software/internet $ 102,648 $ (6,304 ) $ 841 $ 16,640 $ (335 ) $ 113,490 Hardware 34,695 (12,697 ) 227 (1,763 ) 36 20,498 Private equity/venture capital 89,409 — 3 1,632 (33 ) 91,011 Life science/healthcare 35,064 (2,076 ) 189 2,322 (47 ) 35,452 Premium wine 3,438 — — 125 (3 ) 3,560 Other 2,896 (1,128 ) 771 118 (2 ) 2,655 Total commercial loans 268,150 (22,205 ) 2,031 19,074 (384 ) 266,666 Total consumer loans 18,559 — 133 362 (7 ) 19,047 Total allowance for loan losses $ 286,709 $ (22,205 ) $ 2,164 $ 19,436 $ (391 ) $ 285,713 Three months ended September 30, 2017 Beginning Balance June 30, 2017 Charge-offs Recoveries Provision for (Reduction of) Loan Losses Foreign Currency Translation Adjustments Ending Balance September 30, 2017 (Dollars in thousands) Commercial loans: Software/internet $ 92,937 $ (8,791 ) $ 426 $ 7,241 $ 199 $ 92,012 Hardware 27,800 (2,453 ) 115 5,681 156 31,299 Private equity/venture capital 66,785 — — 10,142 279 77,206 Life science/healthcare 27,730 (1,083 ) 63 (1,621 ) (45 ) 25,044 Premium wine 3,133 — — 362 10 3,505 Other 4,135 — 947 (931 ) (26 ) 4,125 Total commercial loans 222,520 (12,327 ) 1,551 20,874 573 233,191 Total consumer loans 13,976 (11 ) 277 1,535 42 15,819 Total allowance for loan losses $ 236,496 $ (12,338 ) $ 1,828 $ 22,409 $ 615 $ 249,010 Nine months ended September 30, 2018 Beginning Balance December 31, 2017 Charge-offs Recoveries Provision for (Reduction of) Loan Losses Foreign Currency Translation Adjustments Ending Balance September 30, 2018 (Dollars in thousands) Commercial loans: Software/internet $ 96,104 $ (26,377 ) $ 1,818 $ 42,620 $ (675 ) $ 113,490 Hardware 27,614 (16,111 ) 1,458 7,788 (251 ) 20,498 Private equity/venture capital 82,468 (112 ) 13 8,200 442 91,011 Life science/healthcare 24,924 (2,940 ) 245 13,829 (606 ) 35,452 Premium wine 3,532 — — 42 (14 ) 3,560 Other 3,941 (2,391 ) 1,874 (775 ) 6 2,655 Total commercial loans 238,583 (47,931 ) 5,408 71,704 (1,098 ) 266,666 Total consumer loans 16,441 (289 ) 470 2,384 41 19,047 Total allowance for loan losses $ 255,024 $ (48,220 ) $ 5,878 $ 74,088 $ (1,057 ) $ 285,713 Nine months ended September 30, 2017 Beginning Balance December 31, 2016 Charge-offs Recoveries Provision for (Reduction of) Loan Losses Foreign Currency Translation Adjustments Ending Balance September 30, 2017 (Dollars in thousands) Commercial loans: Software/internet $ 97,388 $ (36,172 ) $ 2,833 $ 27,487 $ 476 $ 92,012 Hardware 31,166 (6,726 ) 459 6,075 325 31,299 Private equity/venture capital 50,299 — — 26,111 796 77,206 Life science/healthcare 25,446 (7,493 ) 107 6,906 78 25,044 Premium wine 4,115 — — (567 ) (43 ) 3,505 Other 4,768 (1,047 ) 1,424 (1,005 ) (15 ) 4,125 Total commercial loans 213,182 (51,438 ) 4,823 65,007 1,617 233,191 Total consumer loans 12,184 (11 ) 1,332 2,266 48 15,819 Total allowance for loan losses $ 225,366 $ (51,449 ) $ 6,155 $ 67,273 $ 1,665 $ 249,010 The following table summarizes the activity relating to our allowance for unfunded credit commitments for the three and nine months ended September 30, 2018 and 2017 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Allowance for unfunded credit commitments, beginning balance $ 54,104 $ 47,000 $ 51,770 $ 45,265 (Reduction of) provision for unfunded credit commitments (2,262 ) 1,113 138 2,789 Foreign currency translation adjustments (34 ) 59 (100 ) 118 Allowance for unfunded credit commitments, ending balance (1) $ 51,808 $ 48,172 $ 51,808 $ 48,172 (1) See Note 13—“Off-Balance Sheet Arrangements, Guarantees and Other Commitments” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional disclosures related to our commitments to extend credit. The following table summarizes the allowance for loan losses individually and collectively evaluated for impairment as of September 30, 2018 and December 31, 2017 , broken out by portfolio segment: September 30, 2018 December 31, 2017 Individually Evaluated for Impairment Collectively Evaluated for Impairment Individually Evaluated for Impairment Collectively Evaluated for Impairment (Dollars in thousands) Allowance for loan losses Recorded investment in loans Allowance for loan losses Recorded investment in loans Allowance for loan losses Recorded investment in loans Allowance for loan losses Recorded investment in loans Commercial loans: Software/internet $ 36,856 $ 119,639 $ 76,634 $ 6,139,085 $ 23,088 $ 110,654 $ 73,016 $ 6,061,877 Hardware 764 19,680 19,734 1,287,029 8,450 36,350 19,164 1,157,249 Private equity/venture capital — 3,700 91,011 13,356,811 330 658 82,138 9,951,719 Life science/healthcare 11,951 36,425 23,501 2,266,028 9,315 21,687 15,609 1,787,140 Premium wine 3 2,316 3,557 911,123 — 2,877 3,532 870,281 Other — — 2,655 378,455 32 32 3,909 476,306 Total commercial loans 49,574 181,760 217,092 24,338,531 41,215 172,258 197,368 20,304,572 Total consumer loans 418 4,312 18,629 2,970,312 578 2,603 15,863 2,626,883 Total $ 49,992 $ 186,072 $ 235,721 $ 27,308,843 $ 41,793 $ 174,861 $ 213,231 $ 22,931,455 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 full repayment of a criticized loan has been deemed improbable under the original contractual terms but full repayment remains probable overall, the loan is considered to be a “Performing Impaired (Criticized)” loan. All of our nonaccrual loans are risk-rated 8 or 9 and are classified under the nonperforming impaired category. (For further description of nonaccrual loans, refer to Note 2—“Summary of Significant Accounting Policies” under Part II, Item 8 of our 2017 Form 10-K). Loans rated 10 are charged-off and are not included as part of our loan portfolio balance. We review our credit quality indicators for performance and appropriateness of risk ratings as part of our evaluation process for our allowance for loan losses. The following table summarizes the credit quality indicators, broken out by portfolio segment and class of financing receivables as of September 30, 2018 and December 31, 2017 : (Dollars in thousands) Pass Performing (Criticized) Performing Impaired (Criticized) Nonperforming Impaired (Nonaccrual) Total September 30, 2018: Commercial loans: Software/internet $ 5,613,023 $ 584,653 $ 37,204 $ 82,435 $ 6,317,315 Hardware 1,245,532 53,273 17,249 2,431 1,318,485 Private equity/venture capital 13,362,294 3,041 — 3,700 13,369,035 Life science/healthcare 2,172,679 168,366 14,125 22,300 2,377,470 Premium wine 862,311 49,639 2,010 306 914,266 Other 398,263 2,651 — — 400,914 Total commercial loans 23,654,102 861,623 70,588 111,172 24,697,485 Consumer loans: Real estate secured loans 2,529,708 19,631 322 3,990 2,553,651 Other consumer loans 417,344 349 — — 417,693 Total consumer loans 2,947,052 19,980 322 3,990 2,971,344 Total gross loans $ 26,601,154 $ 881,603 $ 70,910 $ 115,162 $ 27,668,829 December 31, 2017: Commercial loans: Software/internet $ 5,655,739 $ 466,332 $ 31,794 $ 78,860 $ 6,232,725 Hardware 1,112,574 51,976 20,165 16,185 1,200,900 Private equity/venture capital 9,955,082 5,381 — 658 9,961,121 Life science/healthcare 1,720,613 125,660 1,167 20,520 1,867,960 Premium wine 834,537 36,955 2,476 401 874,369 Other 469,721 21,016 — 32 490,769 Total commercial loans 19,748,266 707,320 55,602 116,656 20,627,844 Consumer loans: Real estate secured loans 2,282,375 13,301 — 2,181 2,297,857 Other consumer loans 326,851 1,179 — 422 328,452 Total consumer loans 2,609,226 14,480 — 2,603 2,626,309 Total gross loans $ 22,357,492 $ 721,800 $ 55,602 $ 119,259 $ 23,254,153 Troubled Debt Restructurings As of September 30, 2018 , we had 20 TDRs with a total carrying value of $85.8 million where concessions have been granted to borrowers experiencing financial difficulties, in an attempt to maximize collection. There were $0.8 million of unfunded commitments available for funding to the clients associated with these TDRs as of September 30, 2018 . The following table summarizes our loans modified in TDRs, broken out by portfolio segment and class of financing receivables at September 30, 2018 and December 31, 2017 : (Dollars in thousands) September 30, 2018 December 31, 2017 Loans modified in TDRs: Commercial loans: Software/internet $ 49,078 $ 73,455 Hardware 12,499 51,132 Private equity/venture capital — 350 Life science/healthcare 20,942 19,235 Premium wine 2,964 3,198 Total commercial loans 85,483 147,370 Consumer loans: Other consumer loans 322 423 Total $ 85,805 $ 147,793 The following table summarizes the recorded investment in loans modified in TDRs, broken out by portfolio segment and class of financing receivable, for modifications made during the three and nine months ended September 30, 2018 and 2017 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Loans modified in TDRs during the period: Commercial loans: Software/internet $ — $ 10,876 $ 14,069 $ 26,034 Hardware 10,398 396 12,347 396 Life science/healthcare — — 5,909 — Premium wine — — — 185 Total commercial loans 10,398 11,272 32,325 26,615 Consumer loans: Other consumer loans — — 322 — Total loans modified in TDRs during the period (1) $ 10,398 $ 11,272 $ 32,647 $ 26,615 (1) There were $13.0 million and $21.5 million of partial charge-offs for the three and nine months ended September 30, 2018 , respectively, and zero and $2.6 million of partial charge-offs during the three and nine months ended September 30, 2017 , respectively. During the three and nine months ended September 30, 2018 , all new TDRs of $10.4 million and $32.6 million , respectively, were modified through payment deferrals granted to our clients. During the three and nine months ended September 30, 2017 , all new TDRs of $11.3 million and $26.6 million , respectively, were modified through payment deferrals granted to our clients. 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 the three and nine months ended September 30, 2018 and 2017 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 TDRs modified within the previous 12 months that defaulted during the period: Commercial loans: Software/internet $ 18,911 $ 1,234 $ 41,568 $ 1,234 Hardware 2,100 — 5,549 — Life science/healthcare 5,909 — 7,139 — Premium wine — 186 — 186 Total TDRs modified within the previous 12 months that defaulted in the period $ 26,920 $ 1,420 $ 54,256 $ 1,420 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 for TDRs was necessary to determine the allowance for loan losses as of September 30, 2018 . |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings and Long-Term Debt | Short-Term Borrowings and Long-Term Debt The following table represents outstanding short-term borrowings and long-term debt at September 30, 2018 and December 31, 2017 : Carrying Value (Dollars in thousands) Maturity Principal value at September 30, 2018 September 30, December 31, Short-term borrowings: Short-term FHLB advances (1) $ 2,250,000 $ 2,250,000 $ 700,000 Federal funds purchased — — 330,000 Securities sold under agreement to repurchase (2) 371,539 371,539 — Other short-term borrowings (3) 9,713 9,713 3,730 Total short-term borrowings $ 2,631,252 $ 1,033,730 Long-term debt: 3.50% Senior Notes January 29, 2025 $ 350,000 $ 347,554 $ 347,303 5.375% Senior Notes September 15, 2020 350,000 348,663 348,189 Total long-term debt $ 696,217 $ 695,492 (1) Represents advances from the FHLB at September 30, 2018 with maturity dates through November 26, 2018. (2) Securities sold under repurchase agreements are effectively short-term collateralized borrowings. Gross repurchase agreements held at September 30, 2018 have maturity dates through October 17, 2018. (3) Represents cash collateral received from certain counterparties in relation to market value exposures of derivative contracts in our favor. Interest expense related to short-term borrowings and long-term debt was $12.0 million and $29.1 million for the three and nine months ended September 30,2018, respectively, and $9.0 million and $27.2 million for the three and nine months ended September 30, 2017 , respectively. The weighted average interest rate associated with our short-term borrowings was 2.31 percent as of September 30, 2018 and 1.39 percent as of December 31, 2017 . Available Lines of Credit We have certain facilities in place to enable us to access short-term borrowings on a secured (using loans and fixed income investment securities as collateral) and unsecured basis. These include repurchase agreements and federal funds lines with various financial institutions. As of September 30, 2018 , we did not have any borrowings outstanding against our federal funds lines. We also pledge collateral to the FHLB of San Francisco (comprised primarily of loans and fixed income investment securities) and the discount window at the FRB (comprised primarily of fixed income investment securities) of which $2.0 billion and $1.0 billion , respectively, of our borrowing capacity, was unused and available to support additional borrowings at September 30, 2018 . |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
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, which may include currency exchange rate risks and interest rate risks. Also, in connection with negotiating credit facilities and certain other services, we often obtain equity warrant assets giving us the right to acquire stock in private, venture-backed companies in the technology and life science/healthcare industries. Currency Exchange Risk We enter into foreign exchange forward contracts to economically reduce our foreign exchange exposure risk associated with the net difference between foreign currency denominated assets and liabilities. We do not designate any foreign exchange forward contracts as derivative instruments that qualify for hedge accounting. Gains or losses from changes in currency rates on foreign currency denominated instruments are recorded in the line item “other” as part of noninterest income, a component of consolidated net income. We may experience ineffectiveness in the economic hedging relationship, because the instruments are revalued based upon changes in the currency’s spot rate on the principal value, while the forwards are revalued on a discounted cash flow basis. We record forward agreements in gain positions in other assets and loss positions in other liabilities, while net changes in fair value are recorded in the line item “other” as part of noninterest income, a component of consolidated net income. Other Derivative Instruments Also included in our derivative instruments are equity warrant assets and client forward and option contracts, and client interest rate contracts. For further description of these other derivative instruments, refer to Note 2-“Summary of Significant Accounting Policies" under Part II, Item 8 of our 2017 Form 10-K. Counterparty Credit Risk We are exposed to credit risk if counterparties to our derivative contracts do not perform as expected. We mitigate counterparty credit risk through credit approvals, limits, monitoring procedures and obtaining collateral, as appropriate. With respect to measuring counterparty credit risk for derivative instruments, we measure the fair value of a group of financial assets and financial liabilities on a net risk basis by counterparty portfolio. The total notional or contractual amounts and fair value of our derivative financial instruments at September 30, 2018 and December 31, 2017 were as follows: September 30, 2018 December 31, 2017 Notional or Contractual Amount Fair Value Notional or Contractual Amount Fair Value (Dollars in thousands) Derivative Assets (1) Derivative Liabilities (1) Derivative Assets (1) Derivative Liabilities (1) Derivatives not designated as hedging instruments: Currency exchange risks: Foreign exchange forwards $ 241,360 $ 2,842 $ — $ 50,889 $ 414 $ — Foreign exchange forwards 397,153 — 4,370 425,055 — 5,201 Other derivative instruments: Equity warrant assets 223,868 146,967 — 211,253 123,763 — Client foreign exchange forwards 2,523,524 77,585 — 2,203,643 95,035 — Client foreign exchange forwards 2,390,294 — 70,317 2,092,207 — 90,253 Client foreign currency options 91,125 1,476 — 102,678 1,187 — Client foreign currency options 91,149 — 1,478 102,678 — 1,187 Client interest rate derivatives (2) 937,808 6,262 — 726,984 11,753 — Client interest rate derivatives 1,335,830 — 15,156 782,586 — 11,940 Total Derivatives not designated as hedging instruments $ 235,132 $ 91,321 $ 232,152 $ 108,581 (1) Derivative assets and liabilities are included in " accrued interest receivable and other assets " and " other liabilities " , respectively, on our consolidated balance sheets. (2) The amount reported for September 30, 2018 reflects rule changes implemented by two central clearing houses that allow entities to elect to treat derivative assets, liabilities and the related variation margin as settlement of the related derivative fair values for legal and accounting purposes, as opposed to presenting gross derivative assets and liabilities. As a result, client interest rate derivatives at September 30, 2018 , reflect reductions of approximately $8.7 million of derivative assets that previously would have been reported on a gross basis and approximately $302.4 million in related notional amounts for these derivative assets cleared through central clearing houses. A summary of our derivative activity and the related impact on our consolidated statements of income for the three and nine months ended September 30, 2018 and 2017 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) Statement of income location 2018 2017 2018 2017 Derivatives designated as hedging instruments: Interest rate risks: Net cash benefit associated with interest rate swaps Interest expense—borrowings $ — $ 62 $ — $ 997 Changes in fair value of interest rate swaps Other noninterest income — — — (7 ) Net gains associated with interest rate risk derivatives $ — $ 62 $ — $ 990 Derivatives not designated as hedging instruments: Currency exchange risks: Gains on revaluations of internal foreign currency instruments, net Other noninterest income $ 5,412 $ 10,561 $ 8,019 $ 29,265 (Losses) on internal foreign exchange forward contracts, net Other noninterest income (5,002 ) (10,550 ) (8,055 ) (28,349 ) Net gains (losses) associated with internal currency risk $ 410 $ 11 $ (36 ) $ 916 Other derivative instruments: (Losses) gains on revaluations of client foreign currency instruments, net Other noninterest income $ (1,187 ) $ 3,760 $ 3,718 $ 8,889 Gains (losses) on client foreign exchange forward contracts, net Other noninterest income 1,573 (3,871 ) (2,697 ) (8,350 ) Net gains (losses) associated with client currency risk $ 386 $ (111 ) $ 1,021 $ 539 Net gains on equity warrant assets Gains on equity warrant assets, net $ 34,141 $ 24,922 $ 72,393 $ 42,432 Net gains (losses) on other derivatives Other noninterest income $ 222 $ (38 ) $ 643 $ (524 ) Balance Sheet Offsetting Certain of our derivative and other financial instruments are subject to enforceable master netting arrangements with our counterparties. These agreements provide for the net settlement of multiple contracts with a single counterparty through a single payment, in a single currency, in the event of default on or termination of any one contract. The following table summarizes our assets subject to enforceable master netting arrangements as of September 30, 2018 and December 31, 2017 : Gross Amounts of Recognized Assets Gross Amounts offset in the Statement of Financial Position Net Amounts of Assets Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position But Subject to Master Netting Arrangements Net Amount (Dollars in thousands) Financial Instruments Cash Collateral Received (1) September 30, 2018 Derivative Assets: Foreign exchange forwards $ 80,427 $ — $ 80,427 $ (29,400 ) $ (6,816 ) $ 44,211 Foreign currency options 1,476 — 1,476 (811 ) — 665 Client interest rate derivatives 6,262 — 6,262 (3,365 ) (2,897 ) — Total derivative assets 88,165 — 88,165 (33,576 ) (9,713 ) 44,876 Reverse repurchase, securities borrowing, and similar arrangements 119,181 — 119,181 (119,181 ) — — Total $ 207,346 $ — $ 207,346 $ (152,757 ) $ (9,713 ) $ 44,876 December 31, 2017 Derivative Assets: Foreign exchange forwards (2) $ 95,449 $ — $ 95,449 $ (14,570 ) $ (3,616 ) $ 77,263 Foreign currency options 1,187 — 1,187 (557 ) — 630 Client interest rate derivatives (2) 11,753 — 11,753 (11,627 ) (114 ) 12 Total derivative assets 108,389 — 108,389 (26,754 ) (3,730 ) 77,905 Reverse repurchase, securities borrowing, and similar arrangements 247,876 — 247,876 (247,876 ) — — Total $ 356,265 $ — $ 356,265 $ (274,630 ) $ (3,730 ) $ 77,905 (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) For the period ending December 31, 2017, previously reported amounts for our foreign exchange forwards and client interest rate derivatives were reclassified between " Financial Instruments " and " Cash Collateral Received " to properly reflect cash collateral received for these derivative assets subject to master netting arrangements, respectively . The correction of this immaterial error had no impact on the " Net Amount " of derivative assets subject to enforceable master netting arrangements. The following table summarizes our liabilities subject to enforceable master netting arrangements as of September 30, 2018 and December 31, 2017 : Gross Amounts of Recognized Liabilities Gross Amounts offset in the Statement of Financial Position Net Amounts of Liabilities Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position But Subject to Master Netting Arrangements Net Amount (Dollars in thousands) Financial Instruments Cash Collateral Pledged (1) September 30, 2018 Derivative Liabilities: Foreign exchange forwards $ 74,687 $ — $ 74,687 $ (22,038 ) $ (20,036 ) $ 32,613 Foreign currency options 1,478 — 1,478 (666 ) — 812 Client interest rate derivatives 15,156 — 15,156 (4,882 ) (10,180 ) 94 Total derivative liabilities 91,321 — 91,321 (27,586 ) (30,216 ) 33,519 Repurchase, securities lending, and similar arrangements 371,539 — 371,539 (147,757 ) (750 ) 223,032 Total $ 462,860 $ — $ 462,860 $ (175,343 ) $ (30,966 ) $ 256,551 December 31, 2017 Derivative Liabilities: Foreign exchange forwards (2) $ 95,454 $ — $ 95,454 $ (10,997 ) $ (69,110 ) $ 15,347 Foreign currency options (2) 1,187 — 1,187 (501 ) (130 ) 556 Client interest rate derivatives (2) 11,940 — 11,940 — (11,924 ) 16 Total derivative liabilities (2) 108,581 — 108,581 (11,498 ) (81,164 ) 15,919 Repurchase, securities lending, and similar arrangements — — — — — — Total (2) $ 108,581 $ — $ 108,581 $ (11,498 ) $ (81,164 ) $ 15,919 (1) Cash collateral pledged to our counterparties in relation to market value exposures of derivative contracts in a liability position and repurchase agreements are recorded as a component of “cash and cash equivalents " on our consolidated balance sheets. (2) For the period ending December 31, 2017, previously reported amounts included in " Financial Instruments " were reclassified to " Cash Collateral Pledged " to properly reflect cash collateral pledged for these derivative liabilities subject to master netting arrangements. The correction of this immaterial error had no impact on the " Net Amount " of derivative liabilities subject to enforceable master netting arrangements. |
Noninterest Income
Noninterest Income | 9 Months Ended |
Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | |
Noninterest Income | Noninterest Income On January 1, 2018, we adopted Topic 606 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018, are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our previous accounting methodology under Topic 605. A summary of noninterest income for the three and nine months ended September 30, 2018 and 2017 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Noninterest income: Gains on investment securities, net $ 32,193 $ 15,238 $ 77,365 $ 48,838 Gains on equity warrant assets, net 34,141 24,922 72,393 42,432 Foreign exchange fees 32,656 29,671 100,560 82,026 Credit card fees 24,121 20,270 68,739 56,099 Deposit service charges 19,588 14,508 56,081 43,046 Client investment fees 36,265 15,563 88,592 37,571 Lending related fees 10,675 15,404 30,938 32,874 Letters of credit and standby letters of credit fees 8,409 7,306 24,938 20,951 Other 12,022 15,896 38,671 41,128 Total noninterest income $ 210,070 $ 158,778 $ 558,277 $ 404,965 Gains on investment securities, net Net gains on investment securities include both gains and losses from our non-marketable and other equity securities, which include public equity securities held as a result of exercised equity warrant assets, gains and losses from sales of our AFS debt securities portfolio, when applicable, and carried interest. Our non-marketable and other equity securities portfolio primarily represents investments in venture capital and private equity funds, our China Joint Venture, debt funds, private and public portfolio companies and investments in qualified affordable housing projects. We experience variability in the performance of our non-marketable and other equity securities from period to period, which results in net gains or losses on investment securities (both realized and unrealized). This variability is due to a number of factors, including unrealized changes in the values of our investments, changes in the amount of realized gains from distributions, changes in liquidity events and general economic and market conditions. Unrealized gains from non-marketable and other equity securities for any single period are typically driven by valuation changes, and are therefore subject to potential increases or decreases in future periods. Such variability may lead to volatility in the gains or losses from investment securities. As such, our results for a particular period are not necessarily indicative of our expected performance in a future period. The extent to which any unrealized gains or losses will become realized is subject to a variety of factors, including, among other things, the expiration of certain sales restrictions to which these equity securities may be subject to (i.e., lock-up agreements), changes in prevailing market prices, market conditions, the actual sales or distributions of securities, and the timing of such actual sales or distributions, which, to the extent such securities are managed by our managed funds, are subject to our funds' separate discretionary sales/distributions and governance processes. Carried interest is comprised of preferential allocations of profits recognizable when the return on assets of our individual managed fund of funds and direct venture funds exceeds certain performance targets and is payable to us, as the general partners of the managed funds. The carried interest we earn is often shared with employees, who are also members of the general partner entities. We record carried interest on a quarterly basis by measuring fund performance to date versus the performance target. For our unconsolidated managed funds, carried interest is recorded as gains on investment securities, net. For our consolidated managed funds, it is recorded as a component of net income attributable to noncontrolling interests. Carried interest allocated to others is recorded as a component of net income attributable to noncontrolling interests. Any carried interest paid to us (or our employees) may be subject to reversal to the extent fund performance declines to a level where inception to date carried interest is lower than actual payments made by the funds. The limited partnership agreements for our funds provide that carried interest is generally not paid to the general partners until the funds have provided a full return of contributed capital to the limited partners. Accrued, but unpaid carried interest may be subject to reversal to the extent that the fund performance declines to a level where inception-to-date carried interest is less than prior amounts recognized. Carried interest income is accounted for under an ownership model based on ASC 323 — Equity Method of Accounting and ASC 810 — Consolidation. Our available-for-sale securities portfolio is a fixed income investment portfolio that is managed with the objective of earning an appropriate portfolio yield over the long-term while maintaining sufficient liquidity and credit diversification as well as addressing our asset/liability management objectives. Though infrequent, sales of debt securities in our AFS securities portfolio may result in net gains or losses and are conducted pursuant to the guidelines of our investment policy related to the management of our liquidity position and interest rate risk. Gains on investment securities are outside of the scope of the new revenue standard as it explicitly excludes noninterest income earned from our investment-related activities. A summary of gains and losses on investment securities for the three and nine months ended September 30, 2018 and 2017 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Gains on non-marketable and other equity securities, net $ 32,193 $ 15,339 $ 77,365 $ 48,454 (Losses) gains on sales of available-for-sale securities, net — (101 ) — 384 Total gains on investment securities, net $ 32,193 $ 15,238 $ 77,365 $ 48,838 Gains on equity warrant assets, net In connection with negotiating credit facilities and certain other services, we often obtain rights to acquire stock in the form of equity warrant assets in primarily private, venture-backed companies in the technology and life science/healthcare industries. Any changes in fair value from the grant date fair value of equity warrant assets will be recognized as increases or decreases to other assets on our balance sheet and as net gains or losses on equity warrant assets, in noninterest income, a component of consolidated net income. Gains on equity warrant assets are recognized outside of the scope of the new revenue standard as it explicitly excludes noninterest income earned from our derivative-related activities. A summary of net gains on equity warrant assets for the three and nine months ended September 30, 2018 and 2017 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Equity warrant assets: Gains on exercises, net $ 18,287 $ 7,449 $ 42,808 $ 22,482 Cancellations and expirations (1,432 ) (757 ) (3,158 ) (3,614 ) Changes in fair value, net 17,286 18,230 32,743 23,564 Total net gains on equity warrant assets $ 34,141 $ 24,922 $ 72,393 $ 42,432 Foreign exchange fees Foreign exchange fees represent the income differential between purchases and sales of foreign currency on behalf of our clients, primarily from spot contracts. Foreign exchange spot contract fees are recognized upon the completion of the single performance obligation, the execution of a spot trade in exchange for a fee. In line with customary business practice, the legal right transfers to the client upon execution of a foreign exchange contract on the trade date, and as such, we currently recognize our fees based on the trade date and are typically settled within two business days. Forward contract and option premium fees are recognized outside of the scope of the new revenue standard as it explicitly excludes noninterest income earned from our derivative-related activities. A summary of foreign exchange fee income by instrument type for the three and nine months ended September 30, 2018 and 2017 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Foreign exchange fees by instrument type: Spot contract commissions $ 30,041 $ 27,700 $ 92,791 $ 73,707 Forward contract commissions 2,534 1,877 7,474 7,948 Option premium fees 81 94 295 371 Total foreign exchange fees $ 32,656 $ 29,671 $ 100,560 $ 82,026 Credit card fees Credit card fees include interchange income from credit and debit cards and fees earned from processing transactions for merchants. Interchange income is earned after satisfying our performance obligation of providing nightly settlement services to a payment network. Costs related to rewards programs are recorded when the rewards are earned by the customer and presented as a reduction to interchange fee income. Rewards programs continue to be accounted for under ASC 310 - Receivables . Our performance obligations for merchant service fees are to transmit data and funds between the merchant and the payment network. Credit card interchange and merchant service fees are earned daily upon completion of transaction settlement services. Annual card service fees are recognized on a straight-line basis over a 12-month period and continue to be accounted for under ASC 310 - Receivables . A summary of credit card fees by instrument type for the three and nine months ended September 30, 2018 and 2017 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Credit card fees by instrument type: Card interchange fees, net $ 18,849 $ 16,179 $ 54,547 $ 44,182 Merchant service fees 3,679 2,930 10,010 8,553 Card service fees 1,593 1,161 4,182 3,364 Total credit card fees $ 24,121 $ 20,270 $ 68,739 $ 56,099 Deposit service charges Deposit service charges include fees earned from performing cash management activities and other deposit account services. Deposit services include, but are not limited to, the following: receivables services, which include merchant services, remote capture, lockbox, electronic deposit capture, and fraud control services. Payment and cash management products and services include wire transfer and automated clearing house payment services to enable clients to transfer funds more quickly, as well as business bill pay, business credit and debit cards, account analysis, and disbursement services. Deposit service charges are recognized over the period in which the related performance obligation is provided, generally on a monthly basis. Client investment fees Client investment fees include fees earned from discretionary investment management services for substantially all clients, managing clients’ portfolios based on their investment policies, strategies and objectives and investment advisory fees. Revenue is recognized on a monthly basis upon completion of our performance obligation and consideration is typically received in the subsequent month. Included in our sweep money market fees are Rule 12(b)-1 fees, revenue sharing and customer transactional-based fees. Rule 12(b)-1 fees and revenue sharing are recognized as earned based on client funds that are invested in the period, typically monthly. Transactional based fees are earned and recognized on fixed income securities when the transaction is executed on the clients' behalf. Amounts paid to third-party service providers are predominantly expensed, such that client investment fees are recorded gross of payments made to third parties. A summary of client investment fees by instrument type for the three and nine months ended September 30, 2018 and 2017 , is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Client investment fees by type: Sweep money market fees $ 21,105 $ 7,968 $ 50,605 $ 18,838 Asset management fees (1) 6,358 4,177 17,447 11,666 Repurchase agreement fees 8,802 3,418 20,540 7,067 Total client investment fees (2) $ 36,265 $ 15,563 $ 88,592 $ 37,571 (1) Represents fees earned from investments in third-party money market mutual funds and fixed-income securities managed by SVB Asset Management. (2) Represents fees earned on client investment funds which are maintained at third-party financial institutions and are not recorded on our balance sheet. Lending related fees Unused commitment fees, minimum finance fees and unused line fees are recognized as earned on a monthly basis. Fees that qualify for syndication treatment are recognized at the completion of the syndicated loan deal for which the fees were received. Lending related fees are recognized outside of the scope of the new revenue standard as it explicitly excludes noninterest income earned from our lending-related activities. A summary of lending related fees by instrument type for the three and nine months ended September 30, 2018 and 2017 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Lending related fees by instrument type: Unused commitment fees $ 8,410 $ 12,334 $ 24,994 $ 25,923 Other 2,265 3,070 5,944 6,951 Total lending related fees $ 10,675 $ 15,404 $ 30,938 $ 32,874 Letters of credit and standby letters of credit fees Commercial and standby letters of credit represent conditional commitments issued by us on behalf of a client to guarantee the performance of the client to a third party when certain specified future events have occurred. Fees generated from letters of credit and standby letters of credit are deferred as a component of other liabilities and recognized in noninterest income over the commitment period using the straight-line method, based on the likelihood that the commitment being drawn down will be remote. Letters of credit and standby letters of credit fees are recognized outside of the scope of the new revenue standard as it explicitly excludes noninterest income earned from our lending related activities. Other Other noninterest income primarily includes income from fund management fees and service revenue. Fund management fees are comprised of fees charged directly to our managed funds of funds and direct venture funds. Fund management fees are based upon the contractual terms of the limited partnership agreements and are generally recognized as earned over the specified contract period, which is generally equal to the life of the individual fund. Fund management fees are calculated as a percentage of committed capital and collected in advance and are received quarterly. Fund management fees for certain of our limited partnership agreements are calculated as a percentage of distributions made by the funds and revenue is recorded only at the time of a distribution event. As distribution events are not predetermined for these certain funds, management fees are considered variable and constrained under the new revenue standard. Other service revenue primarily consists of dividend income on FHLB/FRB stock, correspondent bank rebate income, incentive fees related to carried interest and other fee income. We recognize revenue when our performance obligations are met and record revenues on a daily/monthly basis, quarterly, semi-annually or annual basis. For event driven revenue sources, we recognize revenue when: (i) persuasive evidence of an arrangement exists, (ii) we have performed the service, provided we have no other remaining obligations to the customer, (iii) the fee is fixed or determinable and (iv) collectability is probable. A summary of other noninterest income by instrument type for the three and nine months ended September 30, 2018 and 2017 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Other noninterest income by instrument type: Fund management fees $ 5,479 $ 5,198 $ 17,144 $ 15,903 Net gains (losses) on revaluation of foreign currency instruments, net of foreign exchange forward contracts(1) 796 (100 ) 985 1,455 Other service revenue 5,747 10,798 20,542 23,770 Total other noninterest income $ 12,022 $ 15,896 $ 38,671 $ 41,128 (1) Represents the net revaluation of client and internal foreign currency denominated financial instruments. We enter into foreign exchange forward contracts to economically reduce our foreign exchange exposure related to client and internal foreign currency denominated financial instruments. Disaggregation of Revenue from Contracts with Customers The following tables present our revenues from contracts with customers disaggregated by revenue source and segment for the three and nine months ended September 30, 2018 : Three months ended September 30, 2018 (Dollars in thousands) Global Commercial Bank SVB Private Bank SVB Capital Other Income Total Revenue from contracts with customers: Spot contract commissions $ 29,776 $ 184 $ — $ 81 $ 30,041 Card interchange fees, gross 33,905 — — 108 34,013 Merchant service fees 3,677 2 — — 3,679 Deposit service charges 19,207 24 — 357 19,588 Client investment fees 14,740 420 — 21,105 36,265 Fund management fees — — 5,479 — 5,479 Correspondent bank rebates 1,372 — — — 1,372 Total revenue from contracts with customers $ 102,677 $ 630 $ 5,479 $ 21,651 $ 130,437 Revenues outside the scope of ASC 606 (1) 11,446 (25 ) 18,944 49,268 79,633 Total noninterest income $ 114,123 $ 605 $ 24,423 $ 70,919 $ 210,070 (1) Amounts are accounted for under separate guidance than ASC 606. Nine months ended September 30, 2018 (Dollars in thousands) Global Commercial Bank SVB Private Bank SVB Capital Other Income Total Revenue from contracts with customers: Spot contract commissions $ 92,098 $ 507 $ — $ 186 $ 92,791 Card interchange fees, gross 95,088 — — 311 95,399 Merchant service fees 10,008 2 — — 10,010 Deposit service charges 54,633 83 — 1,365 56,081 Client investment fees 36,885 1,101 — 50,606 88,592 Fund management fees — — 17,144 — 17,144 Correspondent bank rebates 4,241 — — — 4,241 Total revenue from contracts with customers $ 292,953 $ 1,693 $ 17,144 $ 52,468 $ 364,258 Revenues outside the scope of ASC 606 (1) 33,761 (16 ) 64,688 95,586 194,019 Total noninterest income $ 326,714 $ 1,677 $ 81,832 $ 148,054 $ 558,277 (1) Amounts are accounted for under separate guidance than ASC 606. |
Other Noninterest Expense
Other Noninterest Expense | 9 Months Ended |
Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | |
Other Noninterest Expense | Other Noninterest Expense A summary of other noninterest expense for the three and nine months ended September 30, 2018 and 2017 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Lending and other client related processing costs $ 5,698 $ 6,935 $ 16,301 $ 18,806 Data processing services 2,740 2,244 7,934 7,254 Telephone 2,269 2,518 7,025 7,892 Dues and publications 1,387 883 3,081 2,355 Postage and supplies 652 612 2,133 2,013 Other 5,393 4,872 15,171 16,350 Total other noninterest expense $ 18,139 $ 18,064 $ 51,645 $ 54,670 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2018 | |
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 (“FTP”), and interest paid on deposits, net of FTP. Accordingly, these segments are reported using net interest income, net of FTP. FTP is an internal measurement framework designed to assess the financial impact of a financial institution’s sources and uses of funds. It is the mechanism by which a funding credit is given for deposits raised, and a funding charge is made for loans funded. FTP is calculated at an instrument level based on account characteristics. We also evaluate performance based on provision for credit losses, noninterest income and noninterest expense, which are presented as components of segment operating profit or loss. In calculating each operating segment’s noninterest expense, we consider the direct costs incurred by the operating segment as well as certain allocated direct costs. As part of this review, we allocate certain corporate overhead costs to a corporate account. We do not allocate income tax expense or the provision for unfunded credit commitments (included in provision for credit losses) to our segments. Additionally, our management reporting model is predicated on average asset balances; therefore, period-end asset balances are not presented for segment reporting purposes. Changes in an individual client’s primary relationship designation have resulted, and in the future may result, in the inclusion of certain clients in different segments in different periods. Unlike financial reporting, which benefits from the comprehensive structure provided by GAAP, our internal management reporting process is highly subjective, as there is no comprehensive, authoritative guidance for management reporting. Our management reporting process measures the performance of our operating segments based on our internal operating structure, which is subject to change from time to time, and is not necessarily comparable with similar information for other financial services companies. For reporting purposes, SVB Financial Group has three operating segments for which we report our financial information: • Global Commercial Bank is comprised of results from the following: ◦ Our Commercial Bank products and services are provided by the Bank and its subsidiaries to commercial clients in the technology, life science/healthcare and private equity/venture capital industries. The Bank provides solutions to the financial needs of commercial clients, through credit, global treasury management, foreign exchange, global trade finance, and other services. It serves clients within the United States, as well as non-U.S. clients in key international innovation markets. In addition, the Bank and its subsidiaries offer a variety of investment services and solutions to its clients that enable them to effectively manage their assets. ◦ Our Private Equity Division provides banking products and services primarily to our private equity and venture capital clients. ◦ Our Wine practice provides banking products and services to our premium wine industry clients, including vineyard development loans. ◦ SVB Analytics previously provided equity valuation services and currently provides research for investors and companies in the global innovation economy. In September 2017, SVB Analytics sold its equity valuation services business. ◦ Debt Fund Investments 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, as well as cash and wealth management services. • SVB Capital is the funds management business of SVBFG, which focuses primarily on venture capital investments. SVB Capital manages funds (primarily venture capital funds) on behalf of third-party limited partners and, on a more limited basis, SVB Financial Group. The SVB Capital family of funds is comprised of direct venture funds that invest in companies 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 allocations) and management fees. The summary financial results of our operating segments are presented along with a reconciliation to our consolidated interim results. Our segment information for the three and nine months ended September 30, 2018 and 2017 is as follows: (Dollars in thousands) Global Commercial Bank (1) SVB Private Bank SVB Capital (1) Other Items (2) Total Three months ended September 30, 2018 Net interest income $ 431,036 $ 14,919 $ 6 $ 47,261 $ 493,222 (Provision for) reduction of credit losses (19,074 ) (362 ) — 2,262 (17,174 ) Noninterest income 114,123 605 24,423 70,919 210,070 Noninterest expense (3) (206,487 ) (6,760 ) (6,469 ) (89,729 ) (309,445 ) Income before income tax expense (4) $ 319,598 $ 8,402 $ 17,960 $ 30,713 $ 376,673 Total average loans, net of unearned income $ 22,925,909 $ 2,928,576 $ — $ 476,892 $ 26,331,377 Total average assets (5) 54,296,808 2,538,662 388,531 (758,964 ) 56,465,037 Total average deposits 47,037,693 1,505,746 — 548,801 49,092,240 Three months ended September 30, 2017 Net interest income $ 337,860 $ 14,600 $ 15 $ 21,499 $ 373,974 Provision for credit losses (20,874 ) (1,535 ) — (1,113 ) (23,522 ) Noninterest income 97,227 460 13,913 47,178 158,778 Noninterest expense (3) (178,306 ) (4,706 ) (4,873 ) (69,876 ) (257,761 ) Income (loss) before income tax expense (4) $ 235,907 $ 8,819 $ 9,055 $ (2,312 ) $ 251,469 Total average loans, net of unearned income $ 18,807,616 $ 2,499,507 $ — $ 277,769 $ 21,584,892 Total average assets (5) 47,809,890 2,538,400 323,417 (876,341 ) 49,795,366 Total average deposits 42,376,024 1,231,390 — 435,428 44,042,842 Nine months ended September 30, 2018 Net interest income $ 1,209,960 $ 46,811 $ 22 $ 122,735 $ 1,379,528 Provision for credit losses (71,704 ) (2,384 ) — (138 ) (74,226 ) Noninterest income 326,714 1,677 81,832 148,054 558,277 Noninterest expense (3) (591,434 ) (18,729 ) (17,182 ) (253,256 ) (880,601 ) Income before income tax expense (4) $ 873,536 $ 27,375 $ 64,672 $ 17,395 $ 982,978 Total average loans, net of unearned income $ 21,781,557 $ 2,791,910 $ — $ 434,810 $ 25,008,277 Total average assets (5) 52,277,701 2,548,184 379,809 (773,042 ) 54,432,652 Total average deposits 45,701,317 1,519,200 — 513,845 47,734,362 Nine months ended September 30, 2017 Net interest income $ 924,789 $ 42,952 $ 41 $ 58,881 $ 1,026,663 Provision for credit losses (65,007 ) (2,266 ) — (2,789 ) (70,062 ) Noninterest income 260,650 1,715 45,707 96,893 404,965 Noninterest expense (3) (528,807 ) (12,675 ) (14,537 ) (190,621 ) (746,640 ) Income (loss) before income tax expense (4) $ 591,625 $ 29,726 $ 31,211 $ (37,636 ) $ 614,926 Total average loans, net of unearned income $ 18,125,020 $ 2,371,027 $ — $ 230,420 $ 20,726,467 Total average assets (5) 45,408,476 2,403,777 333,439 (580,641 ) 47,565,051 Total average deposits 40,398,413 1,289,990 — 373,232 42,061,635 (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 or losses on the sale of fixed income investments and equity securities from exercised warrant assets. Noninterest expense consists primarily of expenses associated with corporate support functions such as finance, human resources, marketing, legal and other expenses. (3) The Global Commercial Bank segment includes direct depreciation and amortization of $5.5 million and $6.1 million for the three months ended September 30, 2018 and 2017 , respectively, and $16.6 million and $19.4 million for the nine months ended September 30, 2018 and 2017 , 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. |
Off-Balance Sheet Arrangements,
Off-Balance Sheet Arrangements, Guarantees and Other Commitments | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure Off Balance Sheet Arrangements Guarantees And Other Commitments Additional Information [Abstract] | |
Off-Balance Sheet Arrangements, Guarantees and Other Commitments | Off-Balance Sheet Arrangements, Guarantees and Other Commitments In the normal course of business, we use financial instruments with off-balance sheet risk to meet the financing needs of our customers. These financial instruments include commitments to extend credit, commercial and standby letters of credit and commitments to invest in venture capital and private equity fund investments. These instruments involve, to varying degrees, elements of credit risk. Credit risk is defined as the possibility of sustaining a loss because other parties to the financial instrument fail to perform in accordance with the terms of the contract. Commitments to Extend Credit The following table summarizes information related to our commitments to extend credit at September 30, 2018 and December 31, 2017 : (Dollars in thousands) September 30, 2018 December 31, 2017 Loan commitments available for funding: (1) Fixed interest rate commitments $ 1,768,904 $ 1,478,157 Variable interest rate commitments 14,698,357 14,034,169 Total loan commitments available for funding 16,467,261 15,512,326 Commercial and standby letters of credit (2) 2,072,253 1,950,211 Total unfunded credit commitments $ 18,539,514 $ 17,462,537 Commitments unavailable for funding (3) $ 2,458,846 $ 2,117,057 Allowance for unfunded credit commitments (4) 51,808 51,770 (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) Our allowance for unfunded credit commitments includes an allowance for both our unfunded loan commitments and our letters of credit. Commercial and Standby Letters of Credit The table below summarizes our commercial and standby letters of credit at September 30, 2018 . 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 $ 1,906,562 $ 41,565 $ 1,948,127 $ 1,948,127 Performance standby letters of credit 84,402 15,666 100,068 100,068 Commercial letters of credit 23,707 351 24,058 24,058 Total $ 2,014,671 $ 57,582 $ 2,072,253 $ 2,072,253 Deferred fees related to financial and performance standby letters of credit were $11.9 million at September 30, 2018 and $12.4 million at December 31, 2017 . At September 30, 2018 , collateral in the form of cash of $1.1 billion was available to us to reimburse losses, if any, under financial and performance standby letters of credit. Commitments to Invest in Venture Capital and Private Equity Funds Subject to applicable regulatory requirements, including the Volcker Rule, we make commitments to invest in venture capital and private equity funds, which generally makes investments in privately-held companies. Commitments to invest in these funds are generally made for a 10 -year period from the inception of the fund. Although the limited partnership agreements governing these investments typically do not restrict the general partners from calling 100% of committed capital in one year, it is customary for these funds to call most of the capital commitments over 5 to 7 years, and in certain cases, the funds may not call 100% of committed capital. The actual timing of future cash requirements to fund these commitments is generally dependent upon the investment cycle, overall market conditions, and the nature and type of industry in which the privately held companies operate. The following table details our total capital commitments, unfunded capital commitments, and our ownership percentage in each fund at September 30, 2018 : (Dollars in thousands) SVBFG Capital Commitments SVBFG Unfunded Commitments SVBFG Ownership of each Fund (3) CP I, LP $ 6,000 $ 270 10.7 % CP II, LP (1) 1,200 162 5.1 Shanghai Yangpu Venture Capital Fund (LP) 844 — 6.8 Strategic Investors Fund, LP 15,300 688 12.6 Strategic Investors Fund II, LP 15,000 1,050 8.6 Strategic Investors Fund III, LP 15,000 1,275 5.9 Strategic Investors Fund IV, LP 12,239 2,325 5.0 Strategic Investors Fund V funds 515 131 Various Capital Preferred Return Fund, LP 12,688 — 20.0 Growth Partners, LP 24,670 1,340 33.0 Debt funds (equity method accounting) 48,443 — Various Other fund investments (2) 298,168 8,366 Various Total $ 450,067 $ 15,607 (1) Our ownership includes direct ownership of 1.3 percent and indirect ownership interest of 3.8 percent through our investment in Strategic Investors Fund II, LP. (2) Represents commitments to 223 funds (primarily venture capital funds) where our ownership interest is generally less than five percent of the voting interests of each such fund. (3) 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 1, Item 1 of our 2017 Form 10-K. The following table details the amounts of remaining unfunded commitments to venture capital and private equity funds by our consolidated managed funds of funds (including our interest and the noncontrolling interests) at September 30, 2018 : (Dollars in thousands) Unfunded Commitments Strategic Investors Fund, LP $ 1,338 Capital Preferred Return Fund, LP 2,658 Growth Partners, LP 1,779 Total $ 5,775 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We are subject to income tax in the U.S. federal jurisdiction and various state and foreign jurisdictions and have identified our federal tax and California tax returns as major tax filings. Our U.S. federal tax returns for 2015 and subsequent tax years remain open to full examination. Our California tax returns for 2013 and subsequent tax years remain open to full examination. At September 30, 2018 , our unrecognized tax benefit was $13.2 million , the recognition of which would reduce our income tax expense by $10.2 million . We do not expect that our unrecognized tax benefit will materially change in the next 12 months. We recognize interest and penalties related to income tax matters as part of income before income taxes. Interest and penalties were not material for the three or nine months ended September 30, 2018 . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
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 equity securities are financial instruments recorded at fair value on a recurring basis. We make estimates regarding valuation of assets and liabilities measured at fair value in preparing our interim consolidated financial statements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (the “exit price”) in an orderly transaction between market participants at the measurement date. There is a three-level hierarchy for disclosure of assets and liabilities recorded at fair value. The classification of assets and liabilities within the hierarchy is based on whether the inputs to the valuation methodology used for measurement are observable or unobservable and on the significance of those inputs in the fair value measurement. Observable inputs reflect market-derived or market-based information obtained from independent sources, while unobservable inputs reflect our estimates about market data and views of market participants. The three levels for measuring fair value are based on the reliability of inputs and are as follows: Level 1 Fair value measurements based on quoted prices in active markets for identical assets or liabilities that we have the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment. Assets utilizing Level 1 inputs include U.S. Treasury securities, 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, coupon rate, maturity date and any applicable issuer call option features. Valuations are based on market spreads relative to similar term benchmark market interest rates, generally U.S. Treasury securities. Agency-issued mortgage-backed securities: Agency-issued mortgage-backed securities are pools of individual conventional mortgage loans underwritten to U.S. agency standards with similar coupon rates, tenor, and other attributes such as geographic location, loan size and origination vintage. Fair value measurements of these securities are based on observable price adjustments relative to benchmark market interest rates taking into consideration estimated loan prepayment speeds. Agency-issued collateralized mortgage obligations: Agency-issued collateralized mortgage obligations are structured into classes or tranches with defined cash flow characteristics and are collateralized by U.S. agency-issued mortgage pass-through securities. Fair value measurements of these securities incorporate similar characteristics of mortgage pass-through securities such as coupon rate, tenor, geographic location, loan size and origination vintage, in addition to incorporating the effect of estimated prepayment speeds on the cash flow structure of the class or tranche. These measurements incorporate observable market spreads over an estimated average life after considering the inputs listed above. Agency-issued commercial mortgage-backed securities: Fair value measurements of these securities are based on spreads to benchmark market interest rates (usually U.S. Treasury rates or rates observable in the swaps market), prepayment speeds, loan default rate assumptions and loan loss severity assumptions on underlying loans. Municipal bonds and notes: Bonds issued by municipal governments generally have stated coupon rates, final maturity dates and are subject to being called ahead of the final maturity date at the option of the issuer. Fair value measurements of these securities are priced based on spreads to other municipal benchmark bonds with similar characteristics; or, relative to market rates on U.S. Treasury bonds of similar maturity. Interest rate derivative assets and liabilities: Fair value measurements of interest rate derivatives are priced considering the coupon rate of the fixed leg of the contract and the variable coupon on the floating leg of the contract. Valuation is based on both spot and forward rates on the swap yield curve and the credit worthiness of the contract counterparty. Foreign exchange forward and option contract assets and liabilities: Fair value measurements of these assets and liabilities are priced based on spot and forward foreign currency rates and option volatility assumptions. Equity warrant assets (public portfolio): Fair value measurements of equity warrant assets of publicly-traded portfolio companies are valued based on the Black-Scholes option pricing model. The model uses the price of publicly-traded companies (underlying stock price), stated strike prices, warrant expiration dates, the risk-free interest rate and market-observable option volatility assumptions. Level 3 The fair value measurement is derived from valuation techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions we believe market participants would use in pricing the asset. Below is a summary of the valuation techniques used for each class of Level 3 assets: Venture capital and private equity fund investments not measured at net asset value: Fair value measurements are based on consideration of a range of factors including, but not limited to, the price at which the investment was acquired, the term and nature of the investment, local market conditions, values for comparable securities, and as it relates to the private company, the current and projected operating performance, exit strategies and financing transactions subsequent to the acquisition of the investment. The significant unobservable inputs used in the fair value measurement include the information about each portfolio company, including actual and forecasted results, cash position, recent or planned transactions and market comparable companies. Significant changes to any one of these inputs in isolation could result in a significant change in the fair value measurement; however, we generally consider all factors available through ongoing communication with the portfolio companies and venture capital fund managers to determine whether there are changes to the portfolio company or the environment that indicate a change in the fair value measurement. Equity warrant assets (public portfolio): Fair value measurements of equity warrant assets of publicly-traded portfolio companies are valued based on the Black-Scholes option pricing model. The model uses the price of publicly-traded companies (underlying stock price), stated strike prices, warrant expiration dates, the risk-free interest rate and market-observable option volatility assumptions. Modeled asset values are further adjusted by applying a discount of up to 20 percent for certain warrants that have lock-up restrictions or other features that indicate a discount to fair value is warranted. As a lock-up term nears, and other sale restrictions are lifted, discounts are adjusted downward to zero percent once all restrictions expire or are removed. Equity warrant assets (private portfolio): Fair value measurements of equity warrant assets of private portfolio companies are priced based on a 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 model are based on public market indices whose members operate in similar industries as companies in our private company portfolio. Option expiration dates are modified to account for estimates to actual life relative to stated expiration. Overall model asset values are further adjusted for a general lack of liquidity due to the private nature of the associated underlying company. There is a direct correlation between changes in the volatility and remaining life assumptions in isolation and the fair value measurement while there is an inverse correlation between changes in the liquidity discount assumption and the fair value measurement. It is our policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements. When available, we use quoted market prices to measure fair value. If market prices are not available, fair value measurement is based upon valuation techniques that use primarily market-based or independently-sourced market parameters, including interest rate yield curves, prepayment speeds, option volatilities and currency rates. Substantially all of our financial instruments use the foregoing methodologies, and are categorized as a Level 1 or Level 2 measurement in the fair value hierarchy. However, in certain cases, when market observable inputs for our valuation techniques may not be readily available, we are required to make judgments about assumptions we believe market participants would use in estimating the fair value of the financial instrument, and based on the significance of those judgments, the measurement may be determined to be a Level 3 fair value measurement. The degree of management judgment involved in determining the fair value of a financial instrument is dependent upon the availability of quoted market prices or observable market parameters. For financial instruments that trade actively and have quoted market prices or observable market parameters, there is minimal subjectivity involved in measuring fair value. When observable market prices and parameters are not fully available, management judgment is necessary to estimate fair value. For inactive markets, there is little information, if any, to evaluate if individual transactions are orderly. Accordingly, we are required to estimate, based upon all available facts and circumstances, the degree to which orderly transactions are occurring and provide more weighting to price quotes that are based upon orderly transactions. In addition, changes in the market conditions may reduce the availability of quoted prices or observable data. For example, reduced liquidity in the capital markets or changes in secondary market activities could result in observable market inputs becoming unavailable. Therefore, when market data is not available, we use valuation techniques requiring more management judgment to estimate the appropriate fair value measurement. Accordingly, the degree of judgment exercised by management in determining fair value is greater for financial assets and liabilities categorized as Level 3. The following fair value hierarchy table presents information about our assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2018 : (Dollars in thousands) Level 1 Level 2 Level 3 Balance at September 30, 2018 Assets: Available-for-sale securities: U.S. Treasury securities $ 5,501,874 $ — $ — $ 5,501,874 U.S. agency debentures — 1,346,672 — 1,346,672 Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations — fixed rate — 1,920,541 — 1,920,541 Agency-issued collateralized mortgage obligations —v ariable rate — 318,522 — 318,522 Total available-for-sale securities 5,501,874 3,585,735 — 9,087,609 Non-marketable and other equity securities (fair value accounting): Non-marketable securities: Venture capital and private equity fund investments measured at net asset value — — — 334,419 Venture capital and private equity fund investments not measured at net asset value (1) — — 1,001 1,001 Other equity securities in public companies 2,184 28,276 — 30,460 Total non-marketable and other equity securities (fair value accounting) 2,184 28,276 1,001 365,880 Other assets: Foreign exchange forward and option contracts — 81,903 — 81,903 Equity warrant assets — 6,478 140,489 146,967 Client interest rate derivatives — 6,262 — 6,262 Total assets $ 5,504,058 $ 3,708,654 $ 141,490 $ 9,688,621 Liabilities: Foreign exchange forward and option contracts $ — $ 76,165 $ — $ 76,165 Client interest rate derivatives — 15,156 — 15,156 Total liabilities $ — $ 91,321 $ — $ 91,321 (1) Included in Level 3 assets is $0.9 million 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, 2017 : (Dollars in thousands) Level 1 Level 2 Level 3 Balance at December 31, 2017 Assets: Available-for-sale securities: U.S. Treasury securities $ 6,840,502 $ — $ — $ 6,840,502 U.S. agency debentures — 1,567,128 — 1,567,128 Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate — 2,267,035 — 2,267,035 Agency-issued collateralized mortgage obligations—variable rate — 373,730 — 373,730 Equity securities 158 72,111 — 72,269 Total available-for-sale securities 6,840,660 4,280,004 — 11,120,664 Non-marketable and other equity securities (fair value accounting): Non-marketable securities: Venture capital and private equity fund investments measured at net asset value — — — 127,192 Venture capital and private equity fund investments not measured at net asset value (1) — — 919 919 Other equity securities in public companies (1) 310 — — 310 Total non-marketable and other equity securities (fair value accounting) 310 — 919 128,421 Other assets: Foreign exchange forward and option contracts — 96,636 — 96,636 Equity warrant assets — 2,432 121,331 123,763 Client interest rate derivatives — 11,753 — 11,753 Total assets $ 6,840,970 $ 4,390,825 $ 122,250 $ 11,481,237 Liabilities: Foreign exchange forward and option contracts $ — $ 96,641 $ — $ 96,641 Client interest rate derivatives — 11,940 — 11,940 Total liabilities $ — $ 108,581 $ — $ 108,581 (1) Included in Level 1 and Level 3 assets are $0.2 million and $0.8 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 the three and nine months ended September 30, 2018 and 2017 : (Dollars in thousands) Beginning Balance Total Realized and Unrealized Gains (Losses) Included in Income Sales/Exits Issuances Distributions and Other Settlements Transfers Out of Level 3 Ending Balance Three months ended September 30, 2018 Non-marketable and other securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (1) $ 1,001 $ — $ — $ — $ — $ — $ 1,001 Other assets: Equity warrant assets (2) 137,753 32,237 (34,101 ) 4,809 — (209 ) 140,489 Total assets $ 138,754 $ 32,237 $ (34,101 ) $ 4,809 $ — $ (209 ) $ 141,490 Three months ended September 30, 2017 Non-marketable and other securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (1) $ 1,897 $ — $ — $ — $ — $ — $ 1,897 Other assets: Equity warrant assets (2) 128,952 24,354 (17,412 ) 3,622 — (441 ) 139,075 Total assets $ 130,849 $ 24,354 $ (17,412 ) $ 3,622 $ — $ (441 ) $ 140,972 Nine months ended September 30, 2018 Non-marketable and other securities (fair value accounting): Other venture capital investments (1) $ 919 $ 82 $ — $ — $ — $ — $ 1,001 Other assets: Equity warrant assets (2) 121,331 69,097 (61,464 ) 14,007 — (2,482 ) 140,489 Total assets $ 122,250 $ 69,179 $ (61,464 ) $ 14,007 $ — $ (2,482 ) $ 141,490 Nine months ended September 30, 2017 Non-marketable and other securities (fair value accounting): Other venture capital investments (1) $ 2,040 $ (143 ) $ — $ — $ — $ — $ 1,897 Other assets: Equity warrant assets (2) 128,813 41,549 (40,998 ) 11,071 — (1,360 ) 139,075 Total assets $ 130,853 $ 41,406 $ (40,998 ) $ 11,071 $ — $ (1,360 ) $ 140,972 (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 in the line item “Gains on equity warrant assets, net," a component of noninterest income. The following table presents the amount of net unrealized gains and losses included in earnings (which is inclusive of noncontrolling interest) attributable to Level 3 assets still held at September 30, 2018 and 2017 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Non-marketable and other securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (1) $ — $ — $ 82 $ (143 ) Other assets: Equity warrant assets (2) 15,841 17,827 30,954 23,734 Total unrealized gains, net $ 15,841 $ 17,827 $ 31,036 $ 23,591 Unrealized gains (losses) attributable to noncontrolling interests (1) $ — $ — $ 73 $ (127 ) (1) Unrealized gains (losses) are recorded in the line item “Gains on investment securities, net ," a component of noninterest income. (2) Unrealized gains (losses) are recorded in the line item “Gains on equity warrant assets, net ," a component of noninterest income. The extent to which any unrealized gains or losses will become realized is subject to a variety of factors, including, among other things, the expiration of current sales restrictions to which these securities are subject, the actual sales of securities and the timing of such actual sales. The following table presents quantitative information about the significant unobservable inputs used for certain of our Level 3 fair value measurements at September 30, 2018 and December 31, 2017. We have not included in this table our venture capital and private equity fund investments (fair value accounting) as we use net asset value per share (as obtained from the general partners of the investments) as a practical expedient to determine fair value. (Dollars in thousands) Fair value Valuation Technique Significant Unobservable Inputs Weighted Average September 30, 2018: Venture capital and private equity fund investments (fair value accounting) $ 1,001 Private company equity pricing (1) (1 ) Equity warrant assets (public portfolio) 1,805 Black-Scholes option pricing model Volatility 53.1 % Risk-Free interest rate 3.0 Sales restrictions discount (2) 14.1 Equity warrant assets (private portfolio) 138,684 Black-Scholes option pricing model Volatility 38.2 Risk-Free interest rate 2.8 Marketability discount (3) 17.2 Remaining life assumption (4) 45.0 December 31, 2017: Venture capital and private equity fund investments (fair value accounting) $ 919 Private company equity pricing (1) (1 ) Equity warrant assets (public portfolio) 1,936 Black-Scholes option pricing model Volatility 47.9 % Risk-Free interest rate 2.1 Sales restrictions discount (2) 15.5 Equity warrant assets (private portfolio) 119,395 Black-Scholes option pricing model Volatility 36.7 Risk-Free interest rate 1.8 Marketability discount (3) 16.4 Remaining life assumption (4) 45.0 (1) In determining the fair value of our venture capital and private equity fund investment portfolio (not measured at net asset value), 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 upon various option-pricing models. On a quarterly basis, a sensitivity analysis is performed on our marketability discount. (4) We adjust the contractual remaining term of private company warrants based on our estimate of the actual remaining life, which we determine by utilizing historical data on cancellations and exercises. At September 30, 2018 , the weighted average contractual remaining term was 6.2 years, compared to our estimated remaining life of 2.8 years. On a quarterly basis, a sensitivity analysis is performed on our remaining life assumption. For the three and nine months ended September 30, 2018 and 2017 , we did not have any transfers between Level 2 and Level 1 or transfers between Level 3 and Level 1. All transfers from Level 3 to Level 2 for the three and nine months ended September 30, 2018 and 2017 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. The following fair value hierarchy table presents the estimated fair values of our financial instruments that are not carried at fair value at September 30, 2018 and December 31, 2017 : Estimated Fair Value (Dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 September 30, 2018: Financial assets: Cash and cash equivalents $ 3,819,141 $ 3,819,141 $ 3,819,141 $ — $ — Held-to-maturity securities 15,899,726 15,372,238 — 15,372,238 — Non-marketable securities not measured at net asset value 134,646 134,646 — — 134,646 Non-marketable securities measured at net asset value 134,017 134,017 — — — Net commercial loans 24,253,625 23,285,628 — — 23,285,628 Net consumer loans 2,955,577 2,809,916 — — 2,809,916 FHLB and Federal Reserve Bank stock 102,378 102,378 — — 102,378 Financial liabilities: Short-term borrowings 2,631,252 2,631,252 — 2,631,252 — Non-maturity deposits (1) 48,518,701 48,518,701 48,518,701 — — Time deposits 77,410 77,047 — 77,047 — 3.50% Senior Notes 347,554 338,370 — 338,370 — 5.375% Senior Notes 348,663 363,447 — 363,447 — Off-balance sheet financial assets: Commitments to extend credit — 22,857 — — 22,857 December 31, 2017: Financial assets: Cash and cash equivalents $ 2,923,075 $ 2,923,075 $ 2,923,075 $ — $ — Held-to-maturity securities 12,663,455 12,548,280 — 12,548,280 — Non-marketable securities (cost and equity method accounting) not measured at net asset value 120,019 126,345 — — 126,345 Non-marketable securities (cost and equity method accounting) measured at net asset value 228,399 331,496 — — — Net commercial loans 20,238,247 20,520,623 — — 20,520,623 Net consumer loans 2,613,045 2,593,538 — — 2,593,538 FHLB and Federal Reserve Bank stock 60,020 60,020 — — 60,020 Financial liabilities: Short-term borrowings 1,033,730 1,033,730 1,033,730 — — Non-maturity deposits (1) 44,206,929 44,206,929 44,206,929 — — Time deposits 47,146 46,885 — 46,885 — 3.50% Senior Notes 347,303 352,058 — 352,058 — 5.375% Senior Notes 348,189 374,483 — 374,483 — Off-balance sheet financial assets: Commitments to extend credit — 22,208 — — 22,208 (1) Includes noninterest-bearing demand deposits, interest-bearing checking accounts, money market accounts and interest-bearing sweep deposits. Investments in Entities that Calculate Net Asset Value Per Share FASB guidance over certain fund investments requires that we disclose the fair value of funds, significant investment strategies of the investees, redemption features of the investees, restrictions on the ability to sell investments, estimate of the period of time over which the underlying assets are expected to be liquidated by the investee, and unfunded commitments related to the investments. Our investments in debt funds and venture capital and private equity fund investments generally cannot be redeemed. Alternatively, we expect distributions, if any, to be received primarily through IPO and M&A activity of the underlying assets of the fund. Subject to applicable requirements under the Volcker Rule, we do not have any plans to sell any of these fund investments. If we decide to sell these investments in the future, the investee fund’s management must approve of the buyer before the sale of the investments can be completed. The fair values of the fund investments have been estimated using the net asset value per share of the investments, adjusted for any differences between our measurement date and the date of the fund investment’s net asset value by using the most recently available financial information from the investee general partner, for example June 30 th , for our September 30 th consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period. The following table is a summary of the estimated fair values of these investments and remaining unfunded commitments for each major category of these investments as of September 30, 2018 : (Dollars in thousands) Carrying Amount Fair Value Unfunded Commitments Non-marketable securities (fair value accounting): Venture capital and private equity fund investments (1) $ 334,419 $ 334,419 $ 13,255 Non-marketable securities (equity method accounting): Venture capital and private equity fund investments (2) 112,537 112,537 4,943 Debt funds (2) 5,241 5,241 — Other investments (2) 16,239 16,239 886 Total $ 468,436 $ 468,436 $ 19,084 (1) Venture capital and private equity fund investments within non-marketable securities (fair value accounting) include investments made by our managed funds of funds and one of our direct venture funds (consolidated VIEs) and investments in venture capital and private equity fund investments (unconsolidated VIEs). Collectively, these investments in venture capital and private equity funds are primarily in U.S. and global technology and life science/healthcare companies. Included in the fair value and unfunded commitments of fund investments under fair value accounting are $93.0 million and $4.3 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 method accounting) include funds that invest in or lend money to primarily U.S. and global technology and life science/healthcare companies. It is estimated that we will receive distributions from the funds over the next 5 to 8 years, depending on the age of the funds and any potential extensions of the terms of the funds. |
Legal Matters
Legal Matters | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters | Legal Matters Certain lawsuits and claims arising in the ordinary course of business have been filed or are pending against us and/or our affiliates, and we may from time to time be involved in other legal or regulatory proceedings. In accordance with applicable accounting guidance, we establish accruals for all such matters, including expected settlements, when we believe it is probable that a loss has been incurred and the amount of the loss is reasonably estimable. When a loss contingency is not both probable and estimable, we do not establish an accrual. Any such loss estimates are inherently uncertain, based on currently available information and are subject to management’s judgment and various assumptions. Due to the inherent subjectivity of these estimates and unpredictability of outcomes of legal proceedings, any amounts accrued may not represent the ultimate resolution of such matters. To the extent we believe any potential loss relating to such matters may have a material impact on our liquidity, consolidated financial position, results of operations, and/or our business as a whole and is reasonably possible but not probable, we aim to disclose information relating to such potential loss. We also aim to disclose information relating to any material potential loss that is probable but not reasonably estimable. In such cases, where reasonably practicable, we aim to provide an estimate of loss or range of potential loss. No disclosures are generally made for any loss contingencies that are deemed to be remote. Based upon information available to us, our review of lawsuits and claims filed or pending against us to date and consultation with our outside legal counsel, we have not recognized a material accrual liability for any such matters, nor do we currently expect that these matters will result in a material liability to the Company. However, the outcome of litigation and other legal and regulatory matters is inherently uncertain, and it is possible that one or more of such matters currently pending or threatened could have an unanticipated material adverse effect on our liquidity, consolidated financial position, results of operations, and/or our business as a whole, in the future. |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2018 | |
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 may extend credit to related parties, including executive officers, directors, principal shareholders and their related interests. Additionally, we provide real estate secured loans to eligible employees through our EHOP. For additional details, see Note 17—“Employee Compensation and Benefit Plans" under Part II, Item 8 of our 2017 Form 10-K. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation and Presentation | Principles of Consolidation and Presentation Our consolidated financial statements include the accounts of SVB Financial Group and consolidated entities. We consolidate voting entities in which we have control through voting interests or entities through which we have a controlling financial interest in a variable interest entity (“VIE”). We determine whether we have a controlling financial interest in a VIE by determining if we have: (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses, or (c) the right to receive the expected returns of the entity. 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 based on our ownership percentage. 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, 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) power to direct the activities that most significantly impact the VIE’s economic performance, and (b) 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. We also evaluate fees paid to managers of our limited partnership investments. 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. 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. |
Recent Accounting Pronouncements | In February 2018, the FASB issued a new accounting standard update (ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (ASU "2018-02")) to address certain stranded income tax effects in accumulated other comprehensive income ("AOCI") resulting from H.R.1, known as the Tax Cuts and Jobs Act (the "TCJ Act"). ASU 2018-02 changed current accounting whereby an entity may elect to reclassify the stranded tax effect from AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the TCJ Act (or portion thereof) is recorded. ASU 2018-02 is effective for periods beginning after December 15, 2018 and early adoption is permitted. We have elected to early adopt ASU 2018-02 and reclassified approximately $0.3 million from accumulated other comprehensive income to retained earnings within our consolidated statements of stockholders' equity in the first quarter of 2018. On January 1, 2018, we adopted the new accounting standard update ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825), which addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. This guidance requires equity investments (except those accounted for under the equity method of accounting) to be measured at fair value with changes in fair value recognized in net income. We adopted this guidance using the modified retrospective method and our equity investments carried at cost with readily determinable fair values were re-measured at fair value and the difference between cost and fair value was recorded as a cumulative-effect adjustment to opening retained earnings as of January 1, 2018. The adjustment to opening retained earnings for these investments was $74.6 million , net of tax, with subsequent changes in the fair value of these equity securities recorded as unrealized gains or losses in our consolidated statements of income. Additionally, in accordance with this guidance, net unrealized gains of $29.2 million , net of tax, included in accumulated other comprehensive income on January 1, 2018, related to our previously reported available-for-sale equity securities, were reclassified as an adjustment to retained earnings. Subsequent changes in the fair value of these equity securities were recorded as unrealized gains or losses in our consolidated statements of income. Furthermore, for purposes of disclosing the fair value of loans carried at amortized cost, our valuation methodology was updated to conform to an “exit price” concept as required by the standard update, resulting in an immaterial change in the fair value. 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. We adopted the new accounting standard, specifically as it relates to distributions from our equity method investments, on January 1, 2018. We elected to adopt the nature of distribution approach and applied the guidance retrospectively. The new guidance had an immaterial impact on the presentation between investing and operating activities within our statements of cash flows related to distributions and net gains from our nonmarketable and other securities portfolio. In November 2016, the FASB issued a new accounting standard update (ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash), which requires that a statement of cash flows explains the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. Previous to the update, there had been some diversity in practice. Given that we had already classified restricted cash such as cash reserves at the Federal Reserve as part of cash and cash equivalents on the cash flow statement, the update had no impact on how we were already reporting and presenting our statement of cash flows. Recent Accounting Pronouncements 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 corresponding lease liability, in the statement of financial position. The lease cost will be allocated over the lease term on a straight-line basis. There were further amendments, including practical expedients, with the issuance of ASU 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842” in January 2018. In July 2018 the FASB issued ASU No. 2018-11, "Leases (Topic 842): Targeted Improvements," which provides us with the option to apply the new leasing standard to all open leases as of the adoption date, on a prospective basis. This guidance will be effective on January 1, 2019, with early adoption permitted. We plan to adopt the lease accounting guidance on January 1, 2019, on a prospective basis. We intend to elect the transition "package of expedients" which will result in continuing to account for existing leases for which the commencement date is before January 1, 2019, in accordance with Leases (Topic 840) throughout the lease term, including periods after adoption of the new guidance. We expect the adoption of this standard to have an impact of less than one percent of total assets and liabilities on our consolidated balance sheets reflective of the recognition of right-of-use assets and related lease liabilities associated predominantly with noncancelable operating leases. In addition, we do not expect the adoption of this guidance to have a material impact on our consolidated statements of income. 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 over the life of the loan 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 currently have a project team in place and subject matter experts to assist with our review of key interpretive issues and the assessment of our existing credit loss forecasting models and processes against the new guidance to determine what modifications may be required. We are currently evaluating the impact this guidance will have on our financial position, results of operation and stockholders’ equity. Adoption of New Accounting Standards 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. The guidance requires that revenue from contracts with customers be recognized when transfer of control over goods or services is passed to customers in the amount of consideration expected to be received. Subsequent Accounting Standard Updates have been issued clarifying the original pronouncement (ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20). On January 1, 2018, we adopted the new accounting standard ASU 2014-09, Revenue from Contracts with Customers and all the related amendments ("new revenue standard," "ASC 606" or "ASU 2014-09") using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. We elected to apply the practical expedient which allows us to expense costs related to obtaining contracts as incurred because the amortization period would have been one year or less. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We completed a comprehensive scoping exercise to determine the revenue streams that are within the scope of this guidance. The scope of this guidance explicitly excludes net interest income, including interest income earned from our loan and fixed income securities portfolios, as well as certain other noninterest income earned from our lending-, investment- and derivative-related activities. Based on our completed assessment, we did not identify any material changes to the timing or the amounts of our revenue recognition, however, we identified a change in the timing of recognizing fund management fees in other noninterest income for a portion of our SVB Capital funds. Fund management fees for these certain SVB Capital funds will now be recognized at the time of distribution which typically occurs later in the life of the fund than had been previously recognized. The cumulative adjustment to retained earnings associated with this change was $5.8 million , net of tax, with an immaterial impact to our net income on an ongoing basis. The impacts to net income as a result of applying the new revenue standard were decreases of $0.5 million and $1.4 million for the three and nine months ended September 30, 2018 , respectively. The timing of revenue recognition may differ from the timing of cash settlements or invoicing to customers. We record a receivable when revenue is recognized prior to invoicing, and unearned revenue when revenue is recognized subsequent to receipt of consideration. These assets and liabilities are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period. During the three and nine months ended September 30, 2018 , changes in our contract assets, contract liabilities and receivables were not material. Additionally, revenues recognized during the three and nine months ended September 30, 2018 that were included in the corresponding contract liability balance at the beginning of the period were not material. |
Reclassifications | Reclassifications Certain prior period amounts, primarily related to the adoption of new accounting guidance, have been reclassified to conform to current period presentations. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Changes Due to Adoption of New Revenue Recognition Guidance | The cumulative effect of the changes to our consolidated balance sheets at January 1, 2018, for the adoption of the new revenue standard were as follows: (Dollars in thousands) Balance at December 31, 2017 Adjustments Due to Adoption of ASC 606 Balance at January 1, 2018 Accrued interest receivable and other assets: Accounts receivable $ 55,946 $ (34,340 ) $ 21,606 Other liabilities: Deferred revenue 27,057 (26,321 ) 736 Current taxes payable 4,675 (2,217 ) 2,458 Stockholders' Equity: Retained earnings 2,866,837 (5,802 ) 2,861,035 In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our consolidated balance sheets at September 30, 2018 and our statements of income for the three and nine months ended September 30, 2018 , were as follows: September 30, 2018 (Dollars in thousands) As Reported Balances Without Adoption of ASC 606 Effect of Change Higher/(Lower) Accrued interest receivable and other assets: Accounts receivable $ 61,090 $ 100,470 $ (39,380 ) Other liabilities: Deferred fees 556 28,379 (27,823 ) Current taxes payable (receivable) 2,002 (694 ) 2,696 Stockholders' Equity: Retained earnings 3,672,696 3,678,020 (5,324 ) Three months ended September 30, 2018 (Dollars in thousands) As Reported Balances Without Adoption of ASC 606 Effect of Change Higher/(Lower) Other noninterest income: Fund management fees $ 5,479 $ 6,087 $ (608 ) Income tax expense 95,308 95,463 (155 ) Net Income available to common stockholders 274,817 275,270 (453 ) Diluted earnings per share 5.10 5.11 (0.01 ) Nine months ended September 30, 2018 (Dollars in thousands) As Reported Balances Without Adoption of ASC 606 Effect of Change Higher/(Lower) Other noninterest income: Fund management fees $ 17,144 $ 19,001 $ (1,857 ) Income tax expense 246,561 247,040 (479 ) Net Income available to common stockholders 707,576 708,954 (1,378 ) Diluted earnings per share 13.15 13.18 (0.03 ) |
Stockholders' Equity and EPS (T
Stockholders' Equity and EPS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity and Earnings Per Share [Abstract] | |
Reclassifications out of AOCI | The following table summarizes the items reclassified out of accumulated other comprehensive income into the Consolidated Statements of Income (unaudited) for the three and nine months ended September 30, 2018 and 2017 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) Income Statement Location 2018 2017 2018 2017 Reclassification adjustment for losses (gains) included in net income (1) Gains on investment securities, net $ — $ 101 $ — $ (384 ) Related tax (benefit) expense (1) Income tax expense — (41 ) — 157 Total reclassification adjustment for losses (gains) included in net income, net of tax (1) $ — $ 60 $ — $ (227 ) (1) See "Adoption of New Accounting Standards" in Note 1—“Basis of Presentation” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional details. |
Reconciliation of Basic EPS to Diluted EPS | The following is a reconciliation of basic EPS to diluted EPS for the three and nine months ended September 30, 2018 and 2017 : Three months ended September 30, Nine months ended September 30, (Dollars and shares in thousands, except per share amounts) 2018 2017 2018 2017 Numerator: Net income available to common stockholders $ 274,817 $ 148,620 $ 707,576 $ 373,296 Denominator: Weighted average common shares outstanding—basic 53,235 52,705 53,062 52,530 Weighted average effect of dilutive securities: Stock options and ESPP 383 343 404 381 Restricted stock units 301 257 334 319 Weighted average common shares outstanding—diluted 53,919 53,305 53,800 53,230 Earnings per common share: Basic $ 5.16 $ 2.82 $ 13.33 $ 7.11 Diluted 5.10 2.79 13.15 7.01 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share | The following table summarizes the weighted-average common shares excluded from the diluted EPS calculation due to the antidilutive effect for the three and nine months ended September 30, 2018 and 2017 : Three months ended September 30, Nine months ended September 30, (Shares in thousands) 2018 2017 2018 2017 Stock options 86 112 49 61 Restricted stock units 5 5 71 2 Total 91 117 120 63 |
Schedule of Stockholders Equity | The following table summarizes the changes in our consolidated equity for the three months ended September 30, 2018 and 2017 : Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total SVBFG Stockholders’ Equity Noncontrolling Interests Total Equity (Dollars in thousands) Shares Amount Balance at June 30, 2017 52,684,159 $ 53 $ 1,283,485 $ 2,601,007 $ 14,890 $ 3,899,435 $ 140,600 $ 4,040,035 Common stock issued under employee benefit plans, net of restricted stock cancellations 39,495 — 2,370 — — 2,370 — 2,370 Net income — — — 148,620 — 148,620 5,498 154,118 Capital calls and distributions, net — — — — — — (8,613 ) (8,613 ) Net change in unrealized gains and losses on AFS securities, net of tax — — — — 556 556 — 556 Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax — — — — (953 ) (953 ) — (953 ) Foreign currency translation adjustments, net of tax — — — — 1,141 1,141 — 1,141 Share-based compensation, net — — 8,644 — — 8,644 — 8,644 Balance at September 30, 2017 52,723,654 $ 53 $ 1,294,499 $ 2,749,627 $ 15,634 $ 4,059,813 $ 137,485 $ 4,197,298 Balance at June 30, 2018 53,210,627 $ 53 $ 1,346,586 $ 3,397,879 $ (86,865 ) $ 4,657,653 $ 147,188 $ 4,804,841 Common stock issued under employee benefit plans, net of restricted stock cancellations 39,628 — 1,943 — — 1,943 — 1,943 Net income — — — 274,817 — 274,817 6,548 281,365 Capital calls and distributions, net — — — — — — (8,060 ) (8,060 ) Net change in unrealized gains and losses on AFS securities, net of tax — — — — (17,908 ) (17,908 ) — (17,908 ) Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax — — — — (1,283 ) (1,283 ) — (1,283 ) Foreign currency translation adjustments, net of tax — — — — (2,354 ) (2,354 ) — (2,354 ) Share-based compensation, net — — 11,501 — — 11,501 — 11,501 Balance at September 30, 2018 53,250,255 $ 53 $ 1,360,030 $ 3,672,696 $ (108,410 ) $ 4,924,369 $ 145,676 $ 5,070,045 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation and Related Benefits | For the three and nine months ended September 30, 2018 and 2017 , we recorded share-based compensation and related tax benefits as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Share-based compensation expense $ 11,501 $ 8,644 $ 33,968 $ 27,739 Income tax benefit related to share-based compensation expense (2,895 ) (3,154 ) (7,955 ) (9,518 ) |
Unrecognized Share-based Compensation Expense | As of September 30, 2018 , unrecognized share-based compensation expense was as follows: (Dollars in thousands) Unrecognized Expense Weighted Average Expected Recognition Period - in Years Stock options $ 13,525 2.91 Restricted stock units 73,037 2.74 Total unrecognized share-based compensation expense $ 86,562 |
Stock Option Information Related to Equity Incentive Plan | The table below provides stock option information related to the 2006 Equity Incentive Plan for the nine months ended September 30, 2018 : Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life - in Years Aggregate Intrinsic Value of In-The- Money Options Outstanding at December 31, 2017 808,049 $ 105.68 Granted 89,616 305.71 Exercised (191,585 ) 83.37 Forfeited (9,498 ) 187.76 Expired (2,337 ) 60.37 Outstanding at September 30, 2018 694,245 136.68 3.76 $ 120,932,288 Vested and expected to vest at September 30, 2018 673,674 134.25 3.70 118,982,041 Exercisable at September 30, 2018 415,993 99.63 2.66 87,856,349 |
Information for Restricted Stock Units under Equity Incentive Plan | The table below provides information for restricted stock units under the 2006 Equity Incentive Plan for the nine months ended September 30, 2018 : Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2017 637,667 $ 135.86 Granted 193,405 302.53 Vested (213,944 ) 130.20 Forfeited (37,080 ) 170.97 Nonvested at September 30, 2018 580,048 191.28 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 and December 31, 2017 : (Dollars in thousands) Consolidated VIEs Unconsolidated VIEs Maximum Exposure to Loss in Unconsolidated VIEs September 30, 2018: Assets: Cash and cash equivalents $ 5,470 $ — $ — Non-marketable and other equity securities (1) 212,514 524,812 524,812 Accrued interest receivable and other assets 298 — — Total assets $ 218,282 $ 524,812 $ 524,812 Liabilities: Other liabilities (1) 680 166,867 — Total liabilities $ 680 $ 166,867 $ — December 31, 2017: Assets: Cash and cash equivalents $ 6,674 $ — $ — Non-marketable and other equity securities (1) 190,562 346,097 346,097 Accrued interest receivable and other assets 365 — — Total assets $ 197,601 $ 346,097 $ 346,097 Liabilities: Other liabilities (1) 990 100,891 — Total liabilities $ 990 $ 100,891 $ — (1) Included in our unconsolidated non-marketable and other equity securities portfolio at September 30, 2018 and December 31, 2017 are investments in qualified affordable housing projects of $261.7 million and $174.2 million , respectively, and related other liabilities consisting of unfunded credit commitments of $166.9 million and $100.9 million , respectively. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table details our cash and cash equivalents at September 30, 2018 and December 31, 2017 : (Dollars in thousands) September 30, 2018 December 31, 2017 Cash and due from banks (1) $ 3,697,018 $ 2,672,290 Securities purchased under agreements to resell (2) 119,181 247,876 Other short-term investment securities 2,942 2,909 Total cash and cash equivalents $ 3,819,141 $ 2,923,075 (1) At September 30, 2018 and December 31, 2017 , $2.1 billion and $0.6 billion , respectively, of our cash and due from banks was deposited at the Federal Reserve Bank and was earning interest at the Federal Funds target rate, and interest-earning deposits in other financial institutions were $1.1 billion at both September 30, 2018 and December 31, 2017. (2) At September 30, 2018 and December 31, 2017 , securities purchased und er agreements to resell were collateralized by U.S. Treasury securities and U.S. agency securities with aggregate fair values of $124.5 million an d $252.8 million , respectively. None of these securities were sold or repledged as of September 30, 2018 and December 31, 2017 . |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Components of Available-for-Sale Securities Portfolio | The components of our available-for-sale investment securities portfolio at September 30, 2018 and December 31, 2017 are as follows: September 30, 2018 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Carrying Value Available-for-sale securities, at fair value: U.S. Treasury securities $ 5,560,828 $ 117 $ (59,071 ) $ 5,501,874 U.S. agency debentures 1,357,069 — (10,397 ) 1,346,672 Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate 2,001,048 3 (80,510 ) 1,920,541 Agency-issued collateralized mortgage obligations—variable rate 317,356 1,297 (131 ) 318,522 Total available-for-sale securities $ 9,236,301 $ 1,417 $ (150,109 ) $ 9,087,609 December 31, 2017 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Carrying Value Available-for-sale securities, at fair value: U.S. Treasury securities $ 6,865,068 $ 1,113 $ (25,679 ) $ 6,840,502 U.S. agency debentures 1,569,195 3,569 (5,636 ) 1,567,128 Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate 2,292,311 258 (25,534 ) 2,267,035 Agency-issued collateralized mortgage obligations—variable rate 372,481 1,375 (126 ) 373,730 Equity securities 31,953 40,525 (209 ) 72,269 Total available-for-sale securities $ 11,131,008 $ 46,840 $ (57,184 ) $ 11,120,664 |
Activity of Available-for-Sale Securities | The following table summarizes sale activity of available-for-sale securities during the three and nine months ended September 30, 2018 and 2017 as recorded in the line item “Gains on investment securities, net," a component of noninterest income: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Sales proceeds $ — $ 2,287 $ — $ 7,311 Net realized gains and losses: Gross realized gains — 38 — 1,131 Gross realized losses — (139 ) — (747 ) Net realized (losses) gains $ — $ (101 ) $ — $ 384 |
Summary of Unrealized Losses on Available for Sale Securities | The following tables summarize our unrealized losses on our available-for-sale securities portfolio into categories of less than 12 months, or 12 months or longer as of September 30, 2018 and December 31, 2017 : September 30, 2018 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 $ 3,915,282 $ (46,503 ) $ 1,438,839 $ (12,568 ) $ 5,354,121 $ (59,071 ) U.S. agency debentures 838,609 (4,615 ) 508,062 (5,782 ) 1,346,671 (10,397 ) Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate 812,726 (30,350 ) 1,103,803 (50,160 ) 1,916,529 (80,510 ) Agency-issued collateralized mortgage obligations—variable rate 14,076 (5 ) 49,729 (126 ) 63,805 (131 ) Total temporarily impaired securities (1) $ 5,580,693 $ (81,473 ) $ 3,100,433 $ (68,636 ) $ 8,681,126 $ (150,109 ) (1) As of September 30, 2018 , we identified a total of 265 investments that were in unrealized loss positions, of which 109 investments totaling $3.1 billion with unrealized losses of $68.6 million have been in an impaired position for a period of time greater than 12 months. As of September 30, 2018 , we do not intend to sell any of our impaired securities prior to recovery of our adjusted cost basis, and it is more likely than not that we will not be required to sell any of our securities prior to recovery of our adjusted cost basis. Based on our analysis as of September 30, 2018 , we deem all impairments to be temporary, and therefore changes in value for our temporarily impaired securities as of the same date are included in other comprehensive income. Market valuations and impairment analyses on assets in the available-for-sale securities portfolio are reviewed and monitored on a quarterly basis. December 31, 2017 Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Available-for-sale securities: U.S. Treasury securities $ 5,968,914 $ (23,397 ) $ 323,966 $ (2,282 ) $ 6,292,880 $ (25,679 ) U.S. agency debentures 736,541 (2,289 ) 336,196 (3,347 ) 1,072,737 (5,636 ) Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate 2,193,277 (25,534 ) — — 2,193,277 (25,534 ) Agency-issued collateralized mortgage obligations—variable rate 13,843 (3 ) 53,186 (123 ) 67,029 (126 ) Equity securities 624 (209 ) — — 624 (209 ) Total temporarily impaired securities (1) $ 8,913,199 $ (51,432 ) $ 713,348 $ (5,752 ) $ 9,626,547 $ (57,184 ) (1) As of December 31, 2017 , we identified a total of 268 investments that were in unrealized loss positions, of which 46 investments totaling $713.3 million with unrealized losses of $5.8 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 September 30, 2018 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 interest rate environments. September 30, 2018 (Dollars in thousands) Total One Year After One After Five After U.S. Treasury securities $ 5,501,874 $ 2,016,438 $ 3,047,620 $ 437,816 $ — U.S. agency debentures 1,346,672 653,271 693,401 — — Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations — fixed rate 1,920,541 — — 29,113 1,891,428 Agency-issued collateralized mortgage obligations — variable rate 318,522 — — — 318,522 Total $ 9,087,609 $ 2,669,709 $ 3,741,021 $ 466,929 $ 2,209,950 The following table summarizes the remaining contractual principal maturities on fixed income investment securities classified as held-to-maturity as of September 30, 2018 . 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 interest rate environments. September 30, 2018 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 $ 641,134 $ 622,737 $ — $ — $ 104,550 $ 102,498 $ 536,584 $ 520,239 $ — $ — Residential mortgage-backed securities: Agency-issued mortgage-backed securities 8,333,088 8,056,342 — — 179,847 174,664 859,233 821,883 7,294,008 7,059,795 Agency-issued collateralized mortgage obligations — fixed rate 2,329,065 2,230,506 — — — — 474,668 452,428 1,854,397 1,778,078 Agency-issued collateralized mortgage obligations — variable rate 223,374 224,009 — — — — — — 223,374 224,009 Agency-issued commercial mortgage-backed securities 2,795,952 2,717,264 — — — — — — 2,795,952 2,717,264 Municipal bonds and notes 1,577,113 1,521,380 8,376 8,373 74,518 73,331 256,453 245,277 1,237,766 1,194,399 Total $ 15,899,726 $ 15,372,238 $ 8,376 $ 8,373 $ 358,915 $ 350,493 $ 2,126,938 $ 2,039,827 $ 13,405,497 $ 12,973,545 |
Held-to-maturity Securities | The components of our held-to-maturity investment securities portfolio at September 30, 2018 and December 31, 2017 are as follows: September 30, 2018 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Held-to-maturity securities, at cost: U.S. agency debentures (1) $ 641,134 $ 85 $ (18,482 ) $ 622,737 Residential mortgage-backed securities: Agency-issued mortgage-backed securities 8,333,088 2 (276,748 ) 8,056,342 Agency-issued collateralized mortgage obligations—fixed rate 2,329,065 — (98,559 ) 2,230,506 Agency-issued collateralized mortgage obligations—variable rate 223,374 667 (32 ) 224,009 Agency-issued commercial mortgage-backed securities 2,795,952 — (78,688 ) 2,717,264 Municipal bonds and notes 1,577,113 161 (55,894 ) 1,521,380 Total held-to-maturity securities $ 15,899,726 $ 915 $ (528,403 ) $ 15,372,238 (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, 2017 (Dollars in thousands) Amortized Unrealized Unrealized Fair Value Held-to-maturity securities, at cost: U.S. agency debentures (1) $ 659,979 $ 3,167 $ (1,601 ) $ 661,545 Residential mortgage-backed securities: Agency-issued mortgage-backed securities 6,304,969 4,854 (43,528 ) 6,266,295 Agency-issued collateralized mortgage obligations—fixed rate 2,829,979 23 (54,372 ) 2,775,630 Agency-issued collateralized mortgage obligations—variable rate 255,782 733 (34 ) 256,481 Agency-issued commercial mortgage-backed securities 1,868,985 694 (25,563 ) 1,844,116 Municipal bonds and notes 743,761 3,452 (3,000 ) 744,213 Total held-to-maturity securities $ 12,663,455 $ 12,923 $ (128,098 ) $ 12,548,280 (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 September 30, 2018 and December 31, 2017 : September 30, 2018 Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Held-to-maturity securities: U.S. agency debentures $ 549,916 $ (14,744 ) $ 61,635 $ (3,738 ) $ 611,551 $ (18,482 ) Residential mortgage-backed securities: Agency-issued mortgage-backed securities 5,514,402 (155,580 ) 2,541,848 (121,168 ) 8,056,250 (276,748 ) Agency-issued collateralized mortgage obligations—fixed rate 77,011 (2,285 ) 2,153,494 (96,274 ) 2,230,505 (98,559 ) Agency-issued collateralized mortgage obligations—variable rate 3,504 (1 ) 8,445 (31 ) 11,949 (32 ) Agency-issued commercial mortgage-backed securities 1,595,146 (30,149 ) 1,122,118 (48,539 ) 2,717,264 (78,688 ) Municipal bonds and notes 1,429,117 (51,806 ) 83,486 (4,088 ) 1,512,603 (55,894 ) Total temporarily impaired securities (1) $ 9,169,096 $ (254,565 ) $ 5,971,026 $ (273,838 ) $ 15,140,122 $ (528,403 ) (1) As of September 30, 2018 , we identified a total of 1,433 investments that were in unrealized loss positions, of which 454 investments totaling $6.0 billion with unrealized losses of $273.8 million have been in an impaired position for a period of time greater than 12 months. As of September 30, 2018 , we do not intend to sell any of our impaired securities prior to recovery of our adjusted cost basis, and it is more likely than not that we will not be required to sell any of our securities prior to recovery of our adjusted cost basis, which is consistent with our classification of these securities. Based on our analysis as of September 30, 2018 , we deem all impairments to be temporary. Market valuations and impairment analyses on assets in the held-to-maturity securities portfolio are reviewed and monitored on a quarterly basis. December 31, 2017 Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Value of Unrealized Fair Value of Unrealized Fair Value of Unrealized Held-to-maturity securities: U.S. agency debentures $ 104,688 $ (1,601 ) $ — $ — $ 104,688 $ (1,601 ) Residential mortgage-backed securities: Agency-issued mortgage-backed securities 4,270,377 (34,092 ) 408,913 (9,436 ) 4,679,290 (43,528 ) Agency-issued collateralized mortgage obligations—fixed rate 1,011,709 (13,631 ) 1,741,614 (40,741 ) 2,753,323 (54,372 ) Agency-issued collateralized mortgage obligations—variable rate — — 9,812 (34 ) 9,812 (34 ) Agency-issued commercial mortgage-backed securities 979,361 (11,566 ) 773,712 (13,997 ) 1,753,073 (25,563 ) Municipal bonds and notes 344,796 (2,103 ) 32,844 (897 ) 377,640 (3,000 ) Total temporarily impaired securities (1) $ 6,710,931 $ (62,993 ) $ 2,966,895 $ (65,105 ) $ 9,677,826 $ (128,098 ) (1) As of December 31, 2017 , we identified a total of 753 investments that were in unrealized loss positions, of which 237 investments totaling $3.0 billion with unrealized losses of $65.1 million have been in an impaired position for a period of time greater than 12 months. |
Schedule of Nonmarketable and Other Securities | The components of our non-marketable and other equity securities portfolio at September 30, 2018 and December 31, 2017 are as follows: (Dollars in thousands) September 30, 2018 December 31, 2017 Non-marketable and other equity securities: Non-marketable securities (fair value accounting): Consolidated venture capital and private equity fund investments (1) $ 126,467 $ 128,111 Unconsolidated venture capital and private equity fund investments (2) 208,953 98,548 Other investments without a readily determinable fair value (3) 25,253 27,680 Other equity securities in public companies (fair value accounting) (4) 30,460 310 Non-marketable securities (equity method accounting) (5): Venture capital and private equity fund investments 112,537 89,809 Debt funds 5,241 21,183 Other investments 125,632 111,198 Investments in qualified affordable housing projects, net (6) 261,706 174,214 Total non-marketable and other equity securities $ 896,249 $ 651,053 (1) The following table shows the amounts of venture capital and private equity fund investments held by the following consolidated funds and our ownership percentage of each fund at September 30, 2018 and December 31, 2017 (fair value accounting): September 30, 2018 December 31, 2017 (Dollars in thousands) Amount Ownership % Amount Ownership % Strategic Investors Fund, LP $ 12,733 12.6 % $ 14,673 12.6 % Capital Preferred Return Fund, LP 56,453 20.0 54,147 20.0 Growth Partners, LP 56,280 33.0 58,372 33.0 CP I, LP 1,001 10.7 919 10.7 Total consolidated venture capital and private equity fund investments $ 126,467 $ 128,111 (2) The carrying value represents investments in 220 and 235 funds (primarily venture capital funds) at September 30, 2018 and December 31, 2017 , respectively, where our ownership interest is typically less than 5% of the voting interests of each such fund and in which we do not have the ability to exercise significant influence over the partnerships operating activities and financial policies. Effective January 1, 2018, we adopted ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities which eliminated the concept of cost method accounting. On a prospective basis, we will carry our unconsolidated venture capital and private equity fund investments at fair value based on the fund investments' net asset values per share as obtained from the general partners of the investments. For each fund investment, we adjust the net asset value per share for differences between our measurement date and the date of the fund investment’s net asset value by using the most recently available financial information from the investee general partner, for example June 30 th , for our September 30 th consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period. We recorded a cumulative adjustment to opening retained earnings on January 1, 2018 for the difference between fair value and cost for these fund investments. The estimated fair value and carrying value of these venture capital and private equity fund investments was $209.0 million as of September 30, 2018 . As of December 31, 2017, these investments were carried at cost and had a carrying value of $98.5 million . (3) Effective January 1, 2018, we adopted ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities which eliminated the concept of cost method accounting. On a prospective basis, we will report our other investments in the line item "Other investments without a readily determinable fair value". These investments include direct equity investments in private companies. The carrying value is based on the price at which the investment was acquired plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments. We consider a range of factors when adjusting the fair value of these investments, including, but not limited to, the term and nature of the investment, local market conditions, values for comparable securities, current and projected operating performance, exit strategies, financing transactions subsequent to the acquisition of the investment and a discount for certain investments that have lock-up restrictions or other features that indicate a discount to fair value is warranted. The following table shows the changes to the carrying amount of other investments without a readily determinable fair value for the nine months ended September 30, 2018 : (Dollars in thousands) Nine months ended September 30, 2018 Carrying value as of January 1, 2018 $ 27,680 Upward carrying value adjustments 4,854 Downward carrying value adjustments (1,729 ) Additions 3,870 Sales and dispositions (9,422 ) Carrying value as of September 30, 2018 $ 25,253 (4) Investments classified as other equity securities (fair value accounting) represent shares held in public companies as a result of exercising public equity warrant assets and direct equity investments in public companies held by our consolidated funds. Effective January 1, 2018 we adopted ASU 2016-01 Recognition and Measurement of Financial Assets and Financial Liabilities which requires equity securities to be measured at fair value with changes in the fair value recognized through net income. Prior to January 1, 2018 we reported equity securities in public companies that we held as a result of exercising public equity warrant assets in available-for-sale securities. On a prospective basis, these equity securities will be reported in non-marketable and other equity securities. (5) The following table shows the carrying value and our ownership percentage of each investment at September 30, 2018 and December 31, 2017 (equity method accounting): September 30, 2018 December 31, 2017 (Dollars in thousands) Amount Ownership % Amount Ownership % Venture capital and private equity fund investments: Strategic Investors Fund II, LP $ 4,739 8.6 % $ 6,342 8.6 % Strategic Investors Fund III, LP 18,176 5.9 18,758 5.9 Strategic Investors Fund IV, LP 29,445 5.0 25,551 5.0 Strategic Investors Fund V funds 24,245 Various 16,856 Various CP II, LP (i) 6,865 5.1 6,700 5.1 Other venture capital and private equity fund investments 29,067 Various 15,602 Various Total venture capital and private equity fund investments $ 112,537 $ 89,809 Debt funds: Gold Hill Capital 2008, LP (ii) $ 3,267 15.5 % $ 18,690 15.5 % Other debt funds 1,974 Various 2,493 Various Total debt funds $ 5,241 $ 21,183 Other investments: SPD Silicon Valley Bank Co., Ltd. $ 75,314 50.0 % $ 75,337 50.0 % Other investments 50,318 Various 35,861 Various Total other investments $ 125,632 $ 111,198 (i) Our ownership includes direct ownership interest of 1.3 percent and indirect ownership interest of 3.8 percent through our investments in Strategic Investors Fund II, LP. (ii) Our ownership includes direct ownership interest of 11.5 percent in the fund and an indirect interest in the fund through our investment in Gold Hill Capital 2008, LLC of 4.0 percent . |
Schedule Of Investments In Qualified Affordable Housing Projects And Related Unfunded Commitments | The following table presents the balances of our investments in qualified affordable housing projects and related unfunded commitments included as a component of “other liabilities” on our consolidated balance sheets at September 30, 2018 and December 31, 2017 : (Dollars in thousands) September 30, 2018 December 31, 2017 Investments in qualified affordable housing projects, net $ 261,706 $ 174,214 Other liabilities 166,867 100,891 The following table presents other information relating to our investments in qualified affordable housing projects for the three and nine months ended September 30, 2018 and 2017 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Tax credits and other tax benefits recognized $ 6,283 $ 4,539 $ 16,912 $ 13,199 Amortization expense included in provision for income taxes (i) 4,773 3,533 14,269 10,154 (i) All investments are amortized using the proportional amortization method and amortization expense is included in the provision for income taxes. |
Gain Loss On Investment Securities | The following table presents the net gains on non-marketable and other equity securities for the three and nine months ended September 30, 2018 and 2017 as recorded in the line item “Gains on investment securities, net," a component of noninterest income: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Net gains on non-marketable and other equity securities: Non-marketable securities (fair value accounting): Consolidated venture capital and private equity fund investments $ 2,928 $ 4,473 $ 18,971 $ 20,649 Unconsolidated venture capital and private equity fund investments (1) 6,240 4,697 37,095 13,928 Other investments without a readily determinable fair value (1) 2,509 (49 ) 4,310 3,354 Other equity securities in public companies (fair value accounting) (1) 4,407 387 (17,786 ) 280 Non-marketable securities (equity method accounting): Venture capital and private equity fund investments 11,341 4,319 30,122 10,710 Debt funds 1,473 2,445 (100 ) 2,696 Other investments 3,295 (933 ) 4,753 (3,163 ) Total net gains on non-marketable and other equity securities $ 32,193 $ 15,339 $ 77,365 $ 48,454 Less: Net gains (losses) on non-marketable and other equity securities sold 357 (49 ) (20,806 ) 3,355 Unrealized net gains on non-marketable and other equity securities still held $ 31,836 $ 15,388 $ 98,171 $ 45,099 (1) Prior period amounts are not determined in a manner consistent with the current period presentation due to the adoption of accounting standard update (ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825)). |
Loans, Allowance for Loan Los_2
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | The composition of loans, net of unearned income of $174 million and $148 million at September 30, 2018 and December 31, 2017 , respectively, is presented in the following table: (Dollars in thousands) September 30, 2018 December 31, 2017 Commercial loans: Software/internet $ 6,258,724 $ 6,172,531 Hardware 1,306,709 1,193,599 Private equity/venture capital 13,360,511 9,952,377 Life science/healthcare 2,302,453 1,808,827 Premium wine 227,498 204,105 Other 256,413 365,724 Total commercial loans 23,712,308 19,697,163 Real estate secured loans: Premium wine (1) 685,941 669,053 Consumer loans (2) 2,556,906 2,300,506 Other 40,879 42,068 Total real estate secured loans 3,283,726 3,011,627 Construction loans 81,163 68,546 Consumer loans 417,718 328,980 Total loans, net of unearned income (3) $ 27,494,915 $ 23,106,316 (1) Included in our premium wine portfolio are gross construction loans of $92 million and $100 million at September 30, 2018 and December 31, 2017 , respectively. (2) Consumer loans secured by real estate at September 30, 2018 and December 31, 2017 were comprised of the following: (Dollars in thousands) September 30, 2018 December 31, 2017 Loans for personal residence $ 2,196,948 $ 1,995,840 Loans to eligible employees 285,186 243,118 Home equity lines of credit 74,772 61,548 Consumer loans secured by real estate $ 2,556,906 $ 2,300,506 (3) Included within our total loan portfolio are credit card loans of $342 million and $270 million at September 30, 2018 and December 31, 2017 , 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 $174 million and $148 million at September 30, 2018 and December 31, 2017 , respectively, broken out by portfolio segment and class of financing receivable, is as follows: (Dollars in thousands) September 30, 2018 December 31, 2017 Commercial loans: Software/internet $ 6,258,724 $ 6,172,531 Hardware 1,306,709 1,193,599 Private equity/venture capital 13,360,511 9,952,377 Life science/healthcare 2,302,453 1,808,827 Premium wine 913,439 873,158 Other 378,455 476,338 Total commercial loans 24,520,291 20,476,830 Consumer loans: Real estate secured loans 2,556,906 2,300,506 Other consumer loans 417,718 328,980 Total consumer loans 2,974,624 2,629,486 Total loans, net of unearned income $ 27,494,915 $ 23,106,316 |
Aging of Gross Loans, Broken out by Portfolio Segment and Class of Financing Receivable | The following table summarizes the aging of our gross loans, broken out by portfolio segment and class of financing receivable as of September 30, 2018 and December 31, 2017 : (Dollars in thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due Equal to or Greater Than 90 Days Past Due Total Past Due Current Loans Past Due 90 Days or More Still Accruing Interest September 30, 2018: Commercial loans: Software/internet $ 17,067 $ 4,842 $ 116 $ 22,025 $ 6,175,651 $ 116 Hardware 491 99 — 590 1,298,215 — Private equity/venture capital 7,556 — 2 7,558 13,357,777 2 Life science/healthcare 9,620 897 45 10,562 2,330,483 45 Premium wine 1,594 — — 1,594 910,356 — Other 340 27 — 367 400,547 — Total commercial loans 36,668 5,865 163 42,696 24,473,029 163 Consumer loans: Real estate secured loans 8,389 — — 8,389 2,540,950 — Other consumer loans 2,111 — — 2,111 415,582 — Total consumer loans 10,500 — — 10,500 2,956,532 — Total gross loans excluding impaired loans 47,168 5,865 163 53,196 27,429,561 163 Impaired loans 2,345 970 29,197 32,512 153,560 — Total gross loans $ 49,513 $ 6,835 $ 29,360 $ 85,708 $ 27,583,121 $ 163 December 31, 2017: Commercial loans: Software/internet $ 14,257 $ 6,526 $ 141 $ 20,924 $ 6,101,147 $ 141 Hardware 1,145 77 50 1,272 1,163,278 50 Private equity/venture capital 86,566 38,580 — 125,146 9,835,317 — Life science/healthcare 4,390 191 — 4,581 1,841,692 — Premium wine 418 — — 418 871,074 — Other 445 — — 445 490,292 — Total commercial loans 107,221 45,374 191 152,786 20,302,800 191 Consumer loans: Real estate secured loans 2,164 532 — 2,696 2,292,980 — Other consumer loans 796 — — 796 327,234 — Total consumer loans 2,960 532 — 3,492 2,620,214 — Total gross loans excluding impaired loans 110,181 45,906 191 156,278 22,923,014 191 Impaired loans 1,344 11,902 30,403 43,649 131,212 — Total gross loans $ 111,525 $ 57,808 $ 30,594 $ 199,927 $ 23,054,226 $ 191 |
Impaired Loans and Allowance for Loan Losses, Broken out by Portfolio Segment and Class of Financing Receivable | The following table summarizes our impaired loans as they relate to our allowance for loan losses, broken out by portfolio segment and class of financing receivable as of September 30, 2018 and December 31, 2017 : (Dollars in thousands) Impaired loans for which there is a related allowance for loan losses Impaired loans for which there is no related allowance for loan losses Total carrying value of impaired loans Total unpaid principal of impaired loans September 30, 2018: Commercial loans: Software/internet $ 64,197 $ 55,442 $ 119,639 $ 145,122 Hardware 2,431 17,249 19,680 31,804 Private equity/venture capital — 3,700 3,700 3,700 Life science/healthcare 22,300 14,125 36,425 44,065 Premium wine 306 2,010 2,316 2,375 Other — — — — Total commercial loans 89,234 92,526 181,760 227,066 Consumer loans: Real estate secured loans 3,990 322 4,312 5,996 Other consumer loans — — — — Total consumer loans 3,990 322 4,312 5,996 Total $ 93,224 $ 92,848 $ 186,072 $ 233,062 December 31, 2017: Commercial loans: Software/internet $ 49,645 $ 61,009 $ 110,654 $ 129,006 Hardware 15,637 20,713 36,350 41,721 Private equity/venture capital 658 — 658 984 Life science/healthcare 20,521 1,166 21,687 26,360 Premium wine — 2,877 2,877 2,911 Other 32 — 32 165 Total commercial loans 86,493 85,765 172,258 201,147 Consumer loans: Real estate secured loans 1,331 850 2,181 3,712 Other consumer loans 422 — 422 436 Total consumer loans 1,753 850 2,603 4,148 Total $ 88,246 $ 86,615 $ 174,861 $ 205,295 |
Average Impaired Loans, Broken out by Portfolio Segment and Class of Financing Receivable | The following tables summarize our average impaired loans and interest income recognized on impaired loans, broken out by portfolio segment and class of financing receivable for the three and nine months ended September 30, 2018 and 2017 : Three months ended September 30, Average impaired loans Interest income recognized on impaired loans (Dollars in thousands) 2018 2017 2018 2017 Commercial loans: Software/internet $ 118,840 $ 121,290 $ 607 $ 767 Hardware 27,922 35,932 410 419 Private equity/venture capital 1,233 644 — 3 Life science/healthcare 38,545 25,796 365 21 Premium wine 2,384 3,625 35 39 Other — 348 — — Total commercial loans 188,924 187,635 1,417 1,249 Consumer loans: Real estate secured loans 4,330 1,306 4 24 Other consumer loans — 1,966 — — Total consumer loans 4,330 3,272 4 24 Total average impaired loans $ 193,254 $ 190,907 $ 1,421 $ 1,273 Nine months ended September 30, Average impaired loans Interest income recognized on impaired loans (Dollars in thousands) 2018 2017 2018 2017 Commercial loans: Software/internet $ 112,576 $ 122,527 $ 991 $ 1,646 Hardware 34,469 33,271 499 518 Private equity/venture capital 536 443 — 8 Life science/healthcare 27,671 33,590 376 60 Premium wine 2,586 3,353 103 115 Other 130 706 — — Total commercial loans 177,968 193,890 1,969 2,347 Consumer loans: Real estate secured loans 3,953 1,385 12 24 Other consumer loans 477 1,931 — — Total consumer loans 4,430 3,316 12 24 Total average impaired loans $ 182,398 $ 197,206 $ 1,981 $ 2,371 |
Activity in Allowance for Loan Losses Broken out by Portfolio Segment | The following tables summarize the activity relating to our allowance for loan losses for the three and nine months ended September 30, 2018 and 2017 , broken out by portfolio segment: Three months ended September 30, 2018 Beginning Balance June 30, 2018 Charge-offs Recoveries Provision for (Reduction of) Loan Losses Foreign Currency Translation Adjustments Ending Balance September 30, 2018 (Dollars in thousands) Commercial loans: Software/internet $ 102,648 $ (6,304 ) $ 841 $ 16,640 $ (335 ) $ 113,490 Hardware 34,695 (12,697 ) 227 (1,763 ) 36 20,498 Private equity/venture capital 89,409 — 3 1,632 (33 ) 91,011 Life science/healthcare 35,064 (2,076 ) 189 2,322 (47 ) 35,452 Premium wine 3,438 — — 125 (3 ) 3,560 Other 2,896 (1,128 ) 771 118 (2 ) 2,655 Total commercial loans 268,150 (22,205 ) 2,031 19,074 (384 ) 266,666 Total consumer loans 18,559 — 133 362 (7 ) 19,047 Total allowance for loan losses $ 286,709 $ (22,205 ) $ 2,164 $ 19,436 $ (391 ) $ 285,713 Three months ended September 30, 2017 Beginning Balance June 30, 2017 Charge-offs Recoveries Provision for (Reduction of) Loan Losses Foreign Currency Translation Adjustments Ending Balance September 30, 2017 (Dollars in thousands) Commercial loans: Software/internet $ 92,937 $ (8,791 ) $ 426 $ 7,241 $ 199 $ 92,012 Hardware 27,800 (2,453 ) 115 5,681 156 31,299 Private equity/venture capital 66,785 — — 10,142 279 77,206 Life science/healthcare 27,730 (1,083 ) 63 (1,621 ) (45 ) 25,044 Premium wine 3,133 — — 362 10 3,505 Other 4,135 — 947 (931 ) (26 ) 4,125 Total commercial loans 222,520 (12,327 ) 1,551 20,874 573 233,191 Total consumer loans 13,976 (11 ) 277 1,535 42 15,819 Total allowance for loan losses $ 236,496 $ (12,338 ) $ 1,828 $ 22,409 $ 615 $ 249,010 Nine months ended September 30, 2018 Beginning Balance December 31, 2017 Charge-offs Recoveries Provision for (Reduction of) Loan Losses Foreign Currency Translation Adjustments Ending Balance September 30, 2018 (Dollars in thousands) Commercial loans: Software/internet $ 96,104 $ (26,377 ) $ 1,818 $ 42,620 $ (675 ) $ 113,490 Hardware 27,614 (16,111 ) 1,458 7,788 (251 ) 20,498 Private equity/venture capital 82,468 (112 ) 13 8,200 442 91,011 Life science/healthcare 24,924 (2,940 ) 245 13,829 (606 ) 35,452 Premium wine 3,532 — — 42 (14 ) 3,560 Other 3,941 (2,391 ) 1,874 (775 ) 6 2,655 Total commercial loans 238,583 (47,931 ) 5,408 71,704 (1,098 ) 266,666 Total consumer loans 16,441 (289 ) 470 2,384 41 19,047 Total allowance for loan losses $ 255,024 $ (48,220 ) $ 5,878 $ 74,088 $ (1,057 ) $ 285,713 Nine months ended September 30, 2017 Beginning Balance December 31, 2016 Charge-offs Recoveries Provision for (Reduction of) Loan Losses Foreign Currency Translation Adjustments Ending Balance September 30, 2017 (Dollars in thousands) Commercial loans: Software/internet $ 97,388 $ (36,172 ) $ 2,833 $ 27,487 $ 476 $ 92,012 Hardware 31,166 (6,726 ) 459 6,075 325 31,299 Private equity/venture capital 50,299 — — 26,111 796 77,206 Life science/healthcare 25,446 (7,493 ) 107 6,906 78 25,044 Premium wine 4,115 — — (567 ) (43 ) 3,505 Other 4,768 (1,047 ) 1,424 (1,005 ) (15 ) 4,125 Total commercial loans 213,182 (51,438 ) 4,823 65,007 1,617 233,191 Total consumer loans 12,184 (11 ) 1,332 2,266 48 15,819 Total allowance for loan losses $ 225,366 $ (51,449 ) $ 6,155 $ 67,273 $ 1,665 $ 249,010 The following table summarizes the activity relating to our allowance for unfunded credit commitments for the three and nine months ended September 30, 2018 and 2017 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Allowance for unfunded credit commitments, beginning balance $ 54,104 $ 47,000 $ 51,770 $ 45,265 (Reduction of) provision for unfunded credit commitments (2,262 ) 1,113 138 2,789 Foreign currency translation adjustments (34 ) 59 (100 ) 118 Allowance for unfunded credit commitments, ending balance (1) $ 51,808 $ 48,172 $ 51,808 $ 48,172 (1) See Note 13—“Off-Balance Sheet Arrangements, Guarantees and Other Commitments” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional disclosures related to our commitments to extend credit. |
Allowance for Loan Losses Individually and Collectively Evaluated for Impairment | The following table summarizes the allowance for loan losses individually and collectively evaluated for impairment as of September 30, 2018 and December 31, 2017 , broken out by portfolio segment: September 30, 2018 December 31, 2017 Individually Evaluated for Impairment Collectively Evaluated for Impairment Individually Evaluated for Impairment Collectively Evaluated for Impairment (Dollars in thousands) Allowance for loan losses Recorded investment in loans Allowance for loan losses Recorded investment in loans Allowance for loan losses Recorded investment in loans Allowance for loan losses Recorded investment in loans Commercial loans: Software/internet $ 36,856 $ 119,639 $ 76,634 $ 6,139,085 $ 23,088 $ 110,654 $ 73,016 $ 6,061,877 Hardware 764 19,680 19,734 1,287,029 8,450 36,350 19,164 1,157,249 Private equity/venture capital — 3,700 91,011 13,356,811 330 658 82,138 9,951,719 Life science/healthcare 11,951 36,425 23,501 2,266,028 9,315 21,687 15,609 1,787,140 Premium wine 3 2,316 3,557 911,123 — 2,877 3,532 870,281 Other — — 2,655 378,455 32 32 3,909 476,306 Total commercial loans 49,574 181,760 217,092 24,338,531 41,215 172,258 197,368 20,304,572 Total consumer loans 418 4,312 18,629 2,970,312 578 2,603 15,863 2,626,883 Total $ 49,992 $ 186,072 $ 235,721 $ 27,308,843 $ 41,793 $ 174,861 $ 213,231 $ 22,931,455 |
Credit Quality Indicators, Broken out by Portfolio Segment and Class of Financing Receivables | The following table summarizes the credit quality indicators, broken out by portfolio segment and class of financing receivables as of September 30, 2018 and December 31, 2017 : (Dollars in thousands) Pass Performing (Criticized) Performing Impaired (Criticized) Nonperforming Impaired (Nonaccrual) Total September 30, 2018: Commercial loans: Software/internet $ 5,613,023 $ 584,653 $ 37,204 $ 82,435 $ 6,317,315 Hardware 1,245,532 53,273 17,249 2,431 1,318,485 Private equity/venture capital 13,362,294 3,041 — 3,700 13,369,035 Life science/healthcare 2,172,679 168,366 14,125 22,300 2,377,470 Premium wine 862,311 49,639 2,010 306 914,266 Other 398,263 2,651 — — 400,914 Total commercial loans 23,654,102 861,623 70,588 111,172 24,697,485 Consumer loans: Real estate secured loans 2,529,708 19,631 322 3,990 2,553,651 Other consumer loans 417,344 349 — — 417,693 Total consumer loans 2,947,052 19,980 322 3,990 2,971,344 Total gross loans $ 26,601,154 $ 881,603 $ 70,910 $ 115,162 $ 27,668,829 December 31, 2017: Commercial loans: Software/internet $ 5,655,739 $ 466,332 $ 31,794 $ 78,860 $ 6,232,725 Hardware 1,112,574 51,976 20,165 16,185 1,200,900 Private equity/venture capital 9,955,082 5,381 — 658 9,961,121 Life science/healthcare 1,720,613 125,660 1,167 20,520 1,867,960 Premium wine 834,537 36,955 2,476 401 874,369 Other 469,721 21,016 — 32 490,769 Total commercial loans 19,748,266 707,320 55,602 116,656 20,627,844 Consumer loans: Real estate secured loans 2,282,375 13,301 — 2,181 2,297,857 Other consumer loans 326,851 1,179 — 422 328,452 Total consumer loans 2,609,226 14,480 — 2,603 2,626,309 Total gross loans $ 22,357,492 $ 721,800 $ 55,602 $ 119,259 $ 23,254,153 |
Summary of Loans Modified in Troubled Debt Restructurings ("TDRs") by Portfolio Segment and Class of Financing Receivables | The following table summarizes our loans modified in TDRs, broken out by portfolio segment and class of financing receivables at September 30, 2018 and December 31, 2017 : (Dollars in thousands) September 30, 2018 December 31, 2017 Loans modified in TDRs: Commercial loans: Software/internet $ 49,078 $ 73,455 Hardware 12,499 51,132 Private equity/venture capital — 350 Life science/healthcare 20,942 19,235 Premium wine 2,964 3,198 Total commercial loans 85,483 147,370 Consumer loans: Other consumer loans 322 423 Total $ 85,805 $ 147,793 |
Recorded Investment in Loans Modified in TDRs | The following table summarizes the recorded investment in loans modified in TDRs, broken out by portfolio segment and class of financing receivable, for modifications made during the three and nine months ended September 30, 2018 and 2017 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Loans modified in TDRs during the period: Commercial loans: Software/internet $ — $ 10,876 $ 14,069 $ 26,034 Hardware 10,398 396 12,347 396 Life science/healthcare — — 5,909 — Premium wine — — — 185 Total commercial loans 10,398 11,272 32,325 26,615 Consumer loans: Other consumer loans — — 322 — Total loans modified in TDRs during the period (1) $ 10,398 $ 11,272 $ 32,647 $ 26,615 (1) There were $13.0 million and $21.5 million of partial charge-offs for the three and nine months ended September 30, 2018 , respectively, and zero and $2.6 million of partial charge-offs during the three and nine months ended September 30, 2017 , respectively. |
Troubled Debt Restructurings On Financing Receivables Subsequently Defaulted Table | The following table summarizes the recorded investment in loans modified in TDRs within the previous 12 months that subsequently defaulted during the three and nine months ended September 30, 2018 and 2017 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 TDRs modified within the previous 12 months that defaulted during the period: Commercial loans: Software/internet $ 18,911 $ 1,234 $ 41,568 $ 1,234 Hardware 2,100 — 5,549 — Life science/healthcare 5,909 — 7,139 — Premium wine — 186 — 186 Total TDRs modified within the previous 12 months that defaulted in the period $ 26,920 $ 1,420 $ 54,256 $ 1,420 |
Short-Term Borrowings and Lon_2
Short-Term Borrowings and Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Outstanding Short Term Borrowings and Long Term Debt | The following table represents outstanding short-term borrowings and long-term debt at September 30, 2018 and December 31, 2017 : Carrying Value (Dollars in thousands) Maturity Principal value at September 30, 2018 September 30, December 31, Short-term borrowings: Short-term FHLB advances (1) $ 2,250,000 $ 2,250,000 $ 700,000 Federal funds purchased — — 330,000 Securities sold under agreement to repurchase (2) 371,539 371,539 — Other short-term borrowings (3) 9,713 9,713 3,730 Total short-term borrowings $ 2,631,252 $ 1,033,730 Long-term debt: 3.50% Senior Notes January 29, 2025 $ 350,000 $ 347,554 $ 347,303 5.375% Senior Notes September 15, 2020 350,000 348,663 348,189 Total long-term debt $ 696,217 $ 695,492 (1) Represents advances from the FHLB at September 30, 2018 with maturity dates through November 26, 2018. (2) Securities sold under repurchase agreements are effectively short-term collateralized borrowings. Gross repurchase agreements held at September 30, 2018 have maturity dates through October 17, 2018. (3) Represents cash collateral received from certain counterparties in relation to market value exposures of derivative contracts in our favor. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 and fair value of our derivative financial instruments at September 30, 2018 and December 31, 2017 were as follows: September 30, 2018 December 31, 2017 Notional or Contractual Amount Fair Value Notional or Contractual Amount Fair Value (Dollars in thousands) Derivative Assets (1) Derivative Liabilities (1) Derivative Assets (1) Derivative Liabilities (1) Derivatives not designated as hedging instruments: Currency exchange risks: Foreign exchange forwards $ 241,360 $ 2,842 $ — $ 50,889 $ 414 $ — Foreign exchange forwards 397,153 — 4,370 425,055 — 5,201 Other derivative instruments: Equity warrant assets 223,868 146,967 — 211,253 123,763 — Client foreign exchange forwards 2,523,524 77,585 — 2,203,643 95,035 — Client foreign exchange forwards 2,390,294 — 70,317 2,092,207 — 90,253 Client foreign currency options 91,125 1,476 — 102,678 1,187 — Client foreign currency options 91,149 — 1,478 102,678 — 1,187 Client interest rate derivatives (2) 937,808 6,262 — 726,984 11,753 — Client interest rate derivatives 1,335,830 — 15,156 782,586 — 11,940 Total Derivatives not designated as hedging instruments $ 235,132 $ 91,321 $ 232,152 $ 108,581 (1) Derivative assets and liabilities are included in " accrued interest receivable and other assets " and " other liabilities " , respectively, on our consolidated balance sheets. (2) The amount reported for September 30, 2018 reflects rule changes implemented by two central clearing houses that allow entities to elect to treat derivative assets, liabilities and the related variation margin as settlement of the related derivative fair values for legal and accounting purposes, as opposed to presenting gross derivative assets and liabilities. As a result, client interest rate derivatives at September 30, 2018 , reflect reductions of approximately $8.7 million of derivative assets that previously would have been reported on a gross basis and approximately $302.4 million in related notional amounts for these derivative assets cleared through central clearing houses. |
Summary of Derivative Activity and Related Impact on Consolidated Statements of Income | A summary of our derivative activity and the related impact on our consolidated statements of income for the three and nine months ended September 30, 2018 and 2017 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) Statement of income location 2018 2017 2018 2017 Derivatives designated as hedging instruments: Interest rate risks: Net cash benefit associated with interest rate swaps Interest expense—borrowings $ — $ 62 $ — $ 997 Changes in fair value of interest rate swaps Other noninterest income — — — (7 ) Net gains associated with interest rate risk derivatives $ — $ 62 $ — $ 990 Derivatives not designated as hedging instruments: Currency exchange risks: Gains on revaluations of internal foreign currency instruments, net Other noninterest income $ 5,412 $ 10,561 $ 8,019 $ 29,265 (Losses) on internal foreign exchange forward contracts, net Other noninterest income (5,002 ) (10,550 ) (8,055 ) (28,349 ) Net gains (losses) associated with internal currency risk $ 410 $ 11 $ (36 ) $ 916 Other derivative instruments: (Losses) gains on revaluations of client foreign currency instruments, net Other noninterest income $ (1,187 ) $ 3,760 $ 3,718 $ 8,889 Gains (losses) on client foreign exchange forward contracts, net Other noninterest income 1,573 (3,871 ) (2,697 ) (8,350 ) Net gains (losses) associated with client currency risk $ 386 $ (111 ) $ 1,021 $ 539 Net gains on equity warrant assets Gains on equity warrant assets, net $ 34,141 $ 24,922 $ 72,393 $ 42,432 Net gains (losses) on other derivatives Other noninterest income $ 222 $ (38 ) $ 643 $ (524 ) |
Offsetting Assets | The following table summarizes our assets subject to enforceable master netting arrangements as of September 30, 2018 and December 31, 2017 : Gross Amounts of Recognized Assets Gross Amounts offset in the Statement of Financial Position Net Amounts of Assets Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position But Subject to Master Netting Arrangements Net Amount (Dollars in thousands) Financial Instruments Cash Collateral Received (1) September 30, 2018 Derivative Assets: Foreign exchange forwards $ 80,427 $ — $ 80,427 $ (29,400 ) $ (6,816 ) $ 44,211 Foreign currency options 1,476 — 1,476 (811 ) — 665 Client interest rate derivatives 6,262 — 6,262 (3,365 ) (2,897 ) — Total derivative assets 88,165 — 88,165 (33,576 ) (9,713 ) 44,876 Reverse repurchase, securities borrowing, and similar arrangements 119,181 — 119,181 (119,181 ) — — Total $ 207,346 $ — $ 207,346 $ (152,757 ) $ (9,713 ) $ 44,876 December 31, 2017 Derivative Assets: Foreign exchange forwards (2) $ 95,449 $ — $ 95,449 $ (14,570 ) $ (3,616 ) $ 77,263 Foreign currency options 1,187 — 1,187 (557 ) — 630 Client interest rate derivatives (2) 11,753 — 11,753 (11,627 ) (114 ) 12 Total derivative assets 108,389 — 108,389 (26,754 ) (3,730 ) 77,905 Reverse repurchase, securities borrowing, and similar arrangements 247,876 — 247,876 (247,876 ) — — Total $ 356,265 $ — $ 356,265 $ (274,630 ) $ (3,730 ) $ 77,905 (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) For the period ending December 31, 2017, previously reported amounts for our foreign exchange forwards and client interest rate derivatives were reclassified between " Financial Instruments " and " Cash Collateral Received " to properly reflect cash collateral received for these derivative assets subject to master netting arrangements, respectively . The |
Offsetting Liabilities | The following table summarizes our liabilities subject to enforceable master netting arrangements as of September 30, 2018 and December 31, 2017 : Gross Amounts of Recognized Liabilities Gross Amounts offset in the Statement of Financial Position Net Amounts of Liabilities Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position But Subject to Master Netting Arrangements Net Amount (Dollars in thousands) Financial Instruments Cash Collateral Pledged (1) September 30, 2018 Derivative Liabilities: Foreign exchange forwards $ 74,687 $ — $ 74,687 $ (22,038 ) $ (20,036 ) $ 32,613 Foreign currency options 1,478 — 1,478 (666 ) — 812 Client interest rate derivatives 15,156 — 15,156 (4,882 ) (10,180 ) 94 Total derivative liabilities 91,321 — 91,321 (27,586 ) (30,216 ) 33,519 Repurchase, securities lending, and similar arrangements 371,539 — 371,539 (147,757 ) (750 ) 223,032 Total $ 462,860 $ — $ 462,860 $ (175,343 ) $ (30,966 ) $ 256,551 December 31, 2017 Derivative Liabilities: Foreign exchange forwards (2) $ 95,454 $ — $ 95,454 $ (10,997 ) $ (69,110 ) $ 15,347 Foreign currency options (2) 1,187 — 1,187 (501 ) (130 ) 556 Client interest rate derivatives (2) 11,940 — 11,940 — (11,924 ) 16 Total derivative liabilities (2) 108,581 — 108,581 (11,498 ) (81,164 ) 15,919 Repurchase, securities lending, and similar arrangements — — — — — — Total (2) $ 108,581 $ — $ 108,581 $ (11,498 ) $ (81,164 ) $ 15,919 (1) Cash collateral pledged to our counterparties in relation to market value exposures of derivative contracts in a liability position and repurchase agreements are recorded as a component of “cash and cash equivalents " on our consolidated balance sheets. (2) For the period ending December 31, 2017, previously reported amounts included in " Financial Instruments " were reclassified to " Cash Collateral Pledged " to properly reflect cash collateral pledged for these derivative liabilities subject to master netting arrangements. The correction of this immaterial error had no impact on the " Net Amount " of derivative liabilities subject to enforceable master netting arrangements. |
Noninterest Income (Tables)
Noninterest Income (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | |
Summary of Noninterest Income | A summary of noninterest income for the three and nine months ended September 30, 2018 and 2017 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Noninterest income: Gains on investment securities, net $ 32,193 $ 15,238 $ 77,365 $ 48,838 Gains on equity warrant assets, net 34,141 24,922 72,393 42,432 Foreign exchange fees 32,656 29,671 100,560 82,026 Credit card fees 24,121 20,270 68,739 56,099 Deposit service charges 19,588 14,508 56,081 43,046 Client investment fees 36,265 15,563 88,592 37,571 Lending related fees 10,675 15,404 30,938 32,874 Letters of credit and standby letters of credit fees 8,409 7,306 24,938 20,951 Other 12,022 15,896 38,671 41,128 Total noninterest income $ 210,070 $ 158,778 $ 558,277 $ 404,965 |
Components of Gains and Losses (Realized and Unrealized) on Investment Securities | A summary of gains and losses on investment securities for the three and nine months ended September 30, 2018 and 2017 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Gains on non-marketable and other equity securities, net $ 32,193 $ 15,339 $ 77,365 $ 48,454 (Losses) gains on sales of available-for-sale securities, net — (101 ) — 384 Total gains on investment securities, net $ 32,193 $ 15,238 $ 77,365 $ 48,838 |
Components of Gains on Equity Warrant Assets | A summary of net gains on equity warrant assets for the three and nine months ended September 30, 2018 and 2017 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Equity warrant assets: Gains on exercises, net $ 18,287 $ 7,449 $ 42,808 $ 22,482 Cancellations and expirations (1,432 ) (757 ) (3,158 ) (3,614 ) Changes in fair value, net 17,286 18,230 32,743 23,564 Total net gains on equity warrant assets $ 34,141 $ 24,922 $ 72,393 $ 42,432 |
Components of Foreign Exchange Fees | A summary of foreign exchange fee income by instrument type for the three and nine months ended September 30, 2018 and 2017 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Foreign exchange fees by instrument type: Spot contract commissions $ 30,041 $ 27,700 $ 92,791 $ 73,707 Forward contract commissions 2,534 1,877 7,474 7,948 Option premium fees 81 94 295 371 Total foreign exchange fees $ 32,656 $ 29,671 $ 100,560 $ 82,026 |
Components of Credit Card Fees | A summary of credit card fees by instrument type for the three and nine months ended September 30, 2018 and 2017 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Credit card fees by instrument type: Card interchange fees, net $ 18,849 $ 16,179 $ 54,547 $ 44,182 Merchant service fees 3,679 2,930 10,010 8,553 Card service fees 1,593 1,161 4,182 3,364 Total credit card fees $ 24,121 $ 20,270 $ 68,739 $ 56,099 |
Components of Asset Management Fees | A summary of client investment fees by instrument type for the three and nine months ended September 30, 2018 and 2017 , is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Client investment fees by type: Sweep money market fees $ 21,105 $ 7,968 $ 50,605 $ 18,838 Asset management fees (1) 6,358 4,177 17,447 11,666 Repurchase agreement fees 8,802 3,418 20,540 7,067 Total client investment fees (2) $ 36,265 $ 15,563 $ 88,592 $ 37,571 (1) Represents fees earned from investments in third-party money market mutual funds and fixed-income securities managed by SVB Asset Management. (2) Represents fees earned on client investment funds which are maintained at third-party financial institutions and are not recorded on our balance sheet. |
Components of Lending Related Fees | A summary of lending related fees by instrument type for the three and nine months ended September 30, 2018 and 2017 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Lending related fees by instrument type: Unused commitment fees $ 8,410 $ 12,334 $ 24,994 $ 25,923 Other 2,265 3,070 5,944 6,951 Total lending related fees $ 10,675 $ 15,404 $ 30,938 $ 32,874 |
Summary of Other Noninterest Income | A summary of other noninterest income by instrument type for the three and nine months ended September 30, 2018 and 2017 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Other noninterest income by instrument type: Fund management fees $ 5,479 $ 5,198 $ 17,144 $ 15,903 Net gains (losses) on revaluation of foreign currency instruments, net of foreign exchange forward contracts(1) 796 (100 ) 985 1,455 Other service revenue 5,747 10,798 20,542 23,770 Total other noninterest income $ 12,022 $ 15,896 $ 38,671 $ 41,128 (1) Represents the net revaluation of client and internal foreign currency denominated financial instruments. We enter into foreign exchange forward contracts to economically reduce our foreign exchange exposure related to client and internal foreign currency denominated financial instruments. |
Disaggregation of Revenue | The following tables present our revenues from contracts with customers disaggregated by revenue source and segment for the three and nine months ended September 30, 2018 : Three months ended September 30, 2018 (Dollars in thousands) Global Commercial Bank SVB Private Bank SVB Capital Other Income Total Revenue from contracts with customers: Spot contract commissions $ 29,776 $ 184 $ — $ 81 $ 30,041 Card interchange fees, gross 33,905 — — 108 34,013 Merchant service fees 3,677 2 — — 3,679 Deposit service charges 19,207 24 — 357 19,588 Client investment fees 14,740 420 — 21,105 36,265 Fund management fees — — 5,479 — 5,479 Correspondent bank rebates 1,372 — — — 1,372 Total revenue from contracts with customers $ 102,677 $ 630 $ 5,479 $ 21,651 $ 130,437 Revenues outside the scope of ASC 606 (1) 11,446 (25 ) 18,944 49,268 79,633 Total noninterest income $ 114,123 $ 605 $ 24,423 $ 70,919 $ 210,070 (1) Amounts are accounted for under separate guidance than ASC 606. Nine months ended September 30, 2018 (Dollars in thousands) Global Commercial Bank SVB Private Bank SVB Capital Other Income Total Revenue from contracts with customers: Spot contract commissions $ 92,098 $ 507 $ — $ 186 $ 92,791 Card interchange fees, gross 95,088 — — 311 95,399 Merchant service fees 10,008 2 — — 10,010 Deposit service charges 54,633 83 — 1,365 56,081 Client investment fees 36,885 1,101 — 50,606 88,592 Fund management fees — — 17,144 — 17,144 Correspondent bank rebates 4,241 — — — 4,241 Total revenue from contracts with customers $ 292,953 $ 1,693 $ 17,144 $ 52,468 $ 364,258 Revenues outside the scope of ASC 606 (1) 33,761 (16 ) 64,688 95,586 194,019 Total noninterest income $ 326,714 $ 1,677 $ 81,832 $ 148,054 $ 558,277 (1) Amounts are accounted for under separate guidance than ASC 606. |
Other Noninterest Expense (Tabl
Other Noninterest Expense (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | |
Summary of Other Noninterest Expense | A summary of other noninterest expense for the three and nine months ended September 30, 2018 and 2017 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Lending and other client related processing costs $ 5,698 $ 6,935 $ 16,301 $ 18,806 Data processing services 2,740 2,244 7,934 7,254 Telephone 2,269 2,518 7,025 7,892 Dues and publications 1,387 883 3,081 2,355 Postage and supplies 652 612 2,133 2,013 Other 5,393 4,872 15,171 16,350 Total other noninterest expense $ 18,139 $ 18,064 $ 51,645 $ 54,670 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | Our segment information for the three and nine months ended September 30, 2018 and 2017 is as follows: (Dollars in thousands) Global Commercial Bank (1) SVB Private Bank SVB Capital (1) Other Items (2) Total Three months ended September 30, 2018 Net interest income $ 431,036 $ 14,919 $ 6 $ 47,261 $ 493,222 (Provision for) reduction of credit losses (19,074 ) (362 ) — 2,262 (17,174 ) Noninterest income 114,123 605 24,423 70,919 210,070 Noninterest expense (3) (206,487 ) (6,760 ) (6,469 ) (89,729 ) (309,445 ) Income before income tax expense (4) $ 319,598 $ 8,402 $ 17,960 $ 30,713 $ 376,673 Total average loans, net of unearned income $ 22,925,909 $ 2,928,576 $ — $ 476,892 $ 26,331,377 Total average assets (5) 54,296,808 2,538,662 388,531 (758,964 ) 56,465,037 Total average deposits 47,037,693 1,505,746 — 548,801 49,092,240 Three months ended September 30, 2017 Net interest income $ 337,860 $ 14,600 $ 15 $ 21,499 $ 373,974 Provision for credit losses (20,874 ) (1,535 ) — (1,113 ) (23,522 ) Noninterest income 97,227 460 13,913 47,178 158,778 Noninterest expense (3) (178,306 ) (4,706 ) (4,873 ) (69,876 ) (257,761 ) Income (loss) before income tax expense (4) $ 235,907 $ 8,819 $ 9,055 $ (2,312 ) $ 251,469 Total average loans, net of unearned income $ 18,807,616 $ 2,499,507 $ — $ 277,769 $ 21,584,892 Total average assets (5) 47,809,890 2,538,400 323,417 (876,341 ) 49,795,366 Total average deposits 42,376,024 1,231,390 — 435,428 44,042,842 Nine months ended September 30, 2018 Net interest income $ 1,209,960 $ 46,811 $ 22 $ 122,735 $ 1,379,528 Provision for credit losses (71,704 ) (2,384 ) — (138 ) (74,226 ) Noninterest income 326,714 1,677 81,832 148,054 558,277 Noninterest expense (3) (591,434 ) (18,729 ) (17,182 ) (253,256 ) (880,601 ) Income before income tax expense (4) $ 873,536 $ 27,375 $ 64,672 $ 17,395 $ 982,978 Total average loans, net of unearned income $ 21,781,557 $ 2,791,910 $ — $ 434,810 $ 25,008,277 Total average assets (5) 52,277,701 2,548,184 379,809 (773,042 ) 54,432,652 Total average deposits 45,701,317 1,519,200 — 513,845 47,734,362 Nine months ended September 30, 2017 Net interest income $ 924,789 $ 42,952 $ 41 $ 58,881 $ 1,026,663 Provision for credit losses (65,007 ) (2,266 ) — (2,789 ) (70,062 ) Noninterest income 260,650 1,715 45,707 96,893 404,965 Noninterest expense (3) (528,807 ) (12,675 ) (14,537 ) (190,621 ) (746,640 ) Income (loss) before income tax expense (4) $ 591,625 $ 29,726 $ 31,211 $ (37,636 ) $ 614,926 Total average loans, net of unearned income $ 18,125,020 $ 2,371,027 $ — $ 230,420 $ 20,726,467 Total average assets (5) 45,408,476 2,403,777 333,439 (580,641 ) 47,565,051 Total average deposits 40,398,413 1,289,990 — 373,232 42,061,635 (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 or losses on the sale of fixed income investments and equity securities from exercised warrant assets. Noninterest expense consists primarily of expenses associated with corporate support functions such as finance, human resources, marketing, legal and other expenses. (3) The Global Commercial Bank segment includes direct depreciation and amortization of $5.5 million and $6.1 million for the three months ended September 30, 2018 and 2017 , respectively, and $16.6 million and $19.4 million for the nine months ended September 30, 2018 and 2017 , 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. |
Off-Balance Sheet Arrangement_2
Off-Balance Sheet Arrangements, Guarantees and Other Commitments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure Off Balance Sheet Arrangements Guarantees And Other Commitments Additional Information [Abstract] | |
Summary Information Related to Commitments to Extend Credit (Excluding Letters of Credit) | The following table summarizes information related to our commitments to extend credit at September 30, 2018 and December 31, 2017 : (Dollars in thousands) September 30, 2018 December 31, 2017 Loan commitments available for funding: (1) Fixed interest rate commitments $ 1,768,904 $ 1,478,157 Variable interest rate commitments 14,698,357 14,034,169 Total loan commitments available for funding 16,467,261 15,512,326 Commercial and standby letters of credit (2) 2,072,253 1,950,211 Total unfunded credit commitments $ 18,539,514 $ 17,462,537 Commitments unavailable for funding (3) $ 2,458,846 $ 2,117,057 Allowance for unfunded credit commitments (4) 51,808 51,770 (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) Our allowance for unfunded credit commitments includes an allowance for both our unfunded loan commitments and our letters of credit. |
Summary of Commercial and Standby Letters of Credit | The table below summarizes our commercial and standby letters of credit at September 30, 2018 . 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 $ 1,906,562 $ 41,565 $ 1,948,127 $ 1,948,127 Performance standby letters of credit 84,402 15,666 100,068 100,068 Commercial letters of credit 23,707 351 24,058 24,058 Total $ 2,014,671 $ 57,582 $ 2,072,253 $ 2,072,253 |
Total Capital Commitments, Unfunded Capital Commitments, and Ownership in Each Fund | The following table details our total capital commitments, unfunded capital commitments, and our ownership percentage in each fund at September 30, 2018 : (Dollars in thousands) SVBFG Capital Commitments SVBFG Unfunded Commitments SVBFG Ownership of each Fund (3) CP I, LP $ 6,000 $ 270 10.7 % CP II, LP (1) 1,200 162 5.1 Shanghai Yangpu Venture Capital Fund (LP) 844 — 6.8 Strategic Investors Fund, LP 15,300 688 12.6 Strategic Investors Fund II, LP 15,000 1,050 8.6 Strategic Investors Fund III, LP 15,000 1,275 5.9 Strategic Investors Fund IV, LP 12,239 2,325 5.0 Strategic Investors Fund V funds 515 131 Various Capital Preferred Return Fund, LP 12,688 — 20.0 Growth Partners, LP 24,670 1,340 33.0 Debt funds (equity method accounting) 48,443 — Various Other fund investments (2) 298,168 8,366 Various Total $ 450,067 $ 15,607 (1) Our ownership includes direct ownership of 1.3 percent and indirect ownership interest of 3.8 percent through our investment in Strategic Investors Fund II, LP. (2) Represents commitments to 223 funds (primarily venture capital funds) where our ownership interest is generally less than five percent of the voting interests of each such fund. (3) 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 1, Item 1 of our 2017 Form 10-K. |
Remaining Unfunded Commitments to Venture Capital or Private Equity Funds by Consolidated Managed Funds | The following table details the amounts of remaining unfunded commitments to venture capital and private equity funds by our consolidated managed funds of funds (including our interest and the noncontrolling interests) at September 30, 2018 : (Dollars in thousands) Unfunded Commitments Strategic Investors Fund, LP $ 1,338 Capital Preferred Return Fund, LP 2,658 Growth Partners, LP 1,779 Total $ 5,775 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Hierarchy Tables Present Information about Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following fair value hierarchy table presents information about our assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2018 : (Dollars in thousands) Level 1 Level 2 Level 3 Balance at September 30, 2018 Assets: Available-for-sale securities: U.S. Treasury securities $ 5,501,874 $ — $ — $ 5,501,874 U.S. agency debentures — 1,346,672 — 1,346,672 Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations — fixed rate — 1,920,541 — 1,920,541 Agency-issued collateralized mortgage obligations —v ariable rate — 318,522 — 318,522 Total available-for-sale securities 5,501,874 3,585,735 — 9,087,609 Non-marketable and other equity securities (fair value accounting): Non-marketable securities: Venture capital and private equity fund investments measured at net asset value — — — 334,419 Venture capital and private equity fund investments not measured at net asset value (1) — — 1,001 1,001 Other equity securities in public companies 2,184 28,276 — 30,460 Total non-marketable and other equity securities (fair value accounting) 2,184 28,276 1,001 365,880 Other assets: Foreign exchange forward and option contracts — 81,903 — 81,903 Equity warrant assets — 6,478 140,489 146,967 Client interest rate derivatives — 6,262 — 6,262 Total assets $ 5,504,058 $ 3,708,654 $ 141,490 $ 9,688,621 Liabilities: Foreign exchange forward and option contracts $ — $ 76,165 $ — $ 76,165 Client interest rate derivatives — 15,156 — 15,156 Total liabilities $ — $ 91,321 $ — $ 91,321 (1) Included in Level 3 assets is $0.9 million 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, 2017 : (Dollars in thousands) Level 1 Level 2 Level 3 Balance at December 31, 2017 Assets: Available-for-sale securities: U.S. Treasury securities $ 6,840,502 $ — $ — $ 6,840,502 U.S. agency debentures — 1,567,128 — 1,567,128 Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate — 2,267,035 — 2,267,035 Agency-issued collateralized mortgage obligations—variable rate — 373,730 — 373,730 Equity securities 158 72,111 — 72,269 Total available-for-sale securities 6,840,660 4,280,004 — 11,120,664 Non-marketable and other equity securities (fair value accounting): Non-marketable securities: Venture capital and private equity fund investments measured at net asset value — — — 127,192 Venture capital and private equity fund investments not measured at net asset value (1) — — 919 919 Other equity securities in public companies (1) 310 — — 310 Total non-marketable and other equity securities (fair value accounting) 310 — 919 128,421 Other assets: Foreign exchange forward and option contracts — 96,636 — 96,636 Equity warrant assets — 2,432 121,331 123,763 Client interest rate derivatives — 11,753 — 11,753 Total assets $ 6,840,970 $ 4,390,825 $ 122,250 $ 11,481,237 Liabilities: Foreign exchange forward and option contracts $ — $ 96,641 $ — $ 96,641 Client interest rate derivatives — 11,940 — 11,940 Total liabilities $ — $ 108,581 $ — $ 108,581 (1) Included in Level 1 and Level 3 assets are $0.2 million and $0.8 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 the three and nine months ended September 30, 2018 and 2017 : (Dollars in thousands) Beginning Balance Total Realized and Unrealized Gains (Losses) Included in Income Sales/Exits Issuances Distributions and Other Settlements Transfers Out of Level 3 Ending Balance Three months ended September 30, 2018 Non-marketable and other securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (1) $ 1,001 $ — $ — $ — $ — $ — $ 1,001 Other assets: Equity warrant assets (2) 137,753 32,237 (34,101 ) 4,809 — (209 ) 140,489 Total assets $ 138,754 $ 32,237 $ (34,101 ) $ 4,809 $ — $ (209 ) $ 141,490 Three months ended September 30, 2017 Non-marketable and other securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (1) $ 1,897 $ — $ — $ — $ — $ — $ 1,897 Other assets: Equity warrant assets (2) 128,952 24,354 (17,412 ) 3,622 — (441 ) 139,075 Total assets $ 130,849 $ 24,354 $ (17,412 ) $ 3,622 $ — $ (441 ) $ 140,972 Nine months ended September 30, 2018 Non-marketable and other securities (fair value accounting): Other venture capital investments (1) $ 919 $ 82 $ — $ — $ — $ — $ 1,001 Other assets: Equity warrant assets (2) 121,331 69,097 (61,464 ) 14,007 — (2,482 ) 140,489 Total assets $ 122,250 $ 69,179 $ (61,464 ) $ 14,007 $ — $ (2,482 ) $ 141,490 Nine months ended September 30, 2017 Non-marketable and other securities (fair value accounting): Other venture capital investments (1) $ 2,040 $ (143 ) $ — $ — $ — $ — $ 1,897 Other assets: Equity warrant assets (2) 128,813 41,549 (40,998 ) 11,071 — (1,360 ) 139,075 Total assets $ 130,853 $ 41,406 $ (40,998 ) $ 11,071 $ — $ (1,360 ) $ 140,972 (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 in the line item “Gains on equity warrant assets, net," a component of noninterest income. |
Unrealized Gains Included in Earnings Attributable to Level 3 Assets Held | The following table presents the amount of net unrealized gains and losses included in earnings (which is inclusive of noncontrolling interest) attributable to Level 3 assets still held at September 30, 2018 and 2017 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2018 2017 2018 2017 Non-marketable and other securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (1) $ — $ — $ 82 $ (143 ) Other assets: Equity warrant assets (2) 15,841 17,827 30,954 23,734 Total unrealized gains, net $ 15,841 $ 17,827 $ 31,036 $ 23,591 Unrealized gains (losses) attributable to noncontrolling interests (1) $ — $ — $ 73 $ (127 ) (1) Unrealized gains (losses) are recorded in the line item “Gains on investment securities, net ," a component of noninterest income. (2) Unrealized gains (losses) are recorded in the line item “Gains on equity warrant assets, net ," a component of noninterest income. |
Quantitative Information About Significant Unobservable Inputs | The following table presents quantitative information about the significant unobservable inputs used for certain of our Level 3 fair value measurements at September 30, 2018 and December 31, 2017. We have not included in this table our venture capital and private equity fund investments (fair value accounting) as we use net asset value per share (as obtained from the general partners of the investments) as a practical expedient to determine fair value. (Dollars in thousands) Fair value Valuation Technique Significant Unobservable Inputs Weighted Average September 30, 2018: Venture capital and private equity fund investments (fair value accounting) $ 1,001 Private company equity pricing (1) (1 ) Equity warrant assets (public portfolio) 1,805 Black-Scholes option pricing model Volatility 53.1 % Risk-Free interest rate 3.0 Sales restrictions discount (2) 14.1 Equity warrant assets (private portfolio) 138,684 Black-Scholes option pricing model Volatility 38.2 Risk-Free interest rate 2.8 Marketability discount (3) 17.2 Remaining life assumption (4) 45.0 December 31, 2017: Venture capital and private equity fund investments (fair value accounting) $ 919 Private company equity pricing (1) (1 ) Equity warrant assets (public portfolio) 1,936 Black-Scholes option pricing model Volatility 47.9 % Risk-Free interest rate 2.1 Sales restrictions discount (2) 15.5 Equity warrant assets (private portfolio) 119,395 Black-Scholes option pricing model Volatility 36.7 Risk-Free interest rate 1.8 Marketability discount (3) 16.4 Remaining life assumption (4) 45.0 (1) In determining the fair value of our venture capital and private equity fund investment portfolio (not measured at net asset value), 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 upon various option-pricing models. On a quarterly basis, a sensitivity analysis is performed on our marketability discount. (4) We adjust the contractual remaining term of private company warrants based on our estimate of the actual remaining life, which we determine by utilizing historical data on cancellations and exercises. At September 30, 2018 , the weighted average contractual remaining term was 6.2 years, compared to our estimated remaining life of 2.8 years. On a quarterly basis, a sensitivity analysis is performed on our remaining life assumption. |
Summary of Estimated Fair Values of Financial Instruments Not Carried at Fair Value | The following fair value hierarchy table presents the estimated fair values of our financial instruments that are not carried at fair value at September 30, 2018 and December 31, 2017 : Estimated Fair Value (Dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 September 30, 2018: Financial assets: Cash and cash equivalents $ 3,819,141 $ 3,819,141 $ 3,819,141 $ — $ — Held-to-maturity securities 15,899,726 15,372,238 — 15,372,238 — Non-marketable securities not measured at net asset value 134,646 134,646 — — 134,646 Non-marketable securities measured at net asset value 134,017 134,017 — — — Net commercial loans 24,253,625 23,285,628 — — 23,285,628 Net consumer loans 2,955,577 2,809,916 — — 2,809,916 FHLB and Federal Reserve Bank stock 102,378 102,378 — — 102,378 Financial liabilities: Short-term borrowings 2,631,252 2,631,252 — 2,631,252 — Non-maturity deposits (1) 48,518,701 48,518,701 48,518,701 — — Time deposits 77,410 77,047 — 77,047 — 3.50% Senior Notes 347,554 338,370 — 338,370 — 5.375% Senior Notes 348,663 363,447 — 363,447 — Off-balance sheet financial assets: Commitments to extend credit — 22,857 — — 22,857 December 31, 2017: Financial assets: Cash and cash equivalents $ 2,923,075 $ 2,923,075 $ 2,923,075 $ — $ — Held-to-maturity securities 12,663,455 12,548,280 — 12,548,280 — Non-marketable securities (cost and equity method accounting) not measured at net asset value 120,019 126,345 — — 126,345 Non-marketable securities (cost and equity method accounting) measured at net asset value 228,399 331,496 — — — Net commercial loans 20,238,247 20,520,623 — — 20,520,623 Net consumer loans 2,613,045 2,593,538 — — 2,593,538 FHLB and Federal Reserve Bank stock 60,020 60,020 — — 60,020 Financial liabilities: Short-term borrowings 1,033,730 1,033,730 1,033,730 — — Non-maturity deposits (1) 44,206,929 44,206,929 44,206,929 — — Time deposits 47,146 46,885 — 46,885 — 3.50% Senior Notes 347,303 352,058 — 352,058 — 5.375% Senior Notes 348,189 374,483 — 374,483 — Off-balance sheet financial assets: Commitments to extend credit — 22,208 — — 22,208 (1) Includes noninterest-bearing demand deposits, interest-bearing checking accounts, money market accounts and interest-bearing sweep deposits. |
Summary of Estimated Fair Values of Investments and Remaining Unfunded Commitments for Each Major Category of Investments | The following table is a summary of the estimated fair values of these investments and remaining unfunded commitments for each major category of these investments as of September 30, 2018 : (Dollars in thousands) Carrying Amount Fair Value Unfunded Commitments Non-marketable securities (fair value accounting): Venture capital and private equity fund investments (1) $ 334,419 $ 334,419 $ 13,255 Non-marketable securities (equity method accounting): Venture capital and private equity fund investments (2) 112,537 112,537 4,943 Debt funds (2) 5,241 5,241 — Other investments (2) 16,239 16,239 886 Total $ 468,436 $ 468,436 $ 19,084 (1) Venture capital and private equity fund investments within non-marketable securities (fair value accounting) include investments made by our managed funds of funds and one of our direct venture funds (consolidated VIEs) and investments in venture capital and private equity fund investments (unconsolidated VIEs). Collectively, these investments in venture capital and private equity funds are primarily in U.S. and global technology and life science/healthcare companies. Included in the fair value and unfunded commitments of fund investments under fair value accounting are $93.0 million and $4.3 million , respectively, attributable to noncontrolling interests. It is estimated that we will receive distributions from the fund investments over the next 10 to 13 years, depending on the age of the funds and any potential extensions of terms of the funds. (2) Venture capital and private equity fund investments, debt funds, and other fund investments within non-marketable securities (equity method accounting) include funds that invest in or lend money to primarily U.S. and global technology and life science/healthcare companies. It is estimated that we will receive distributions from the funds over the next 5 to 8 years, depending on the age of the funds and any potential extensions of the terms of the funds. |
Basis of Presentation - Adoptio
Basis of Presentation - Adoption of New Accounting Standards (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Accounts receivable | $ 61,090 | $ 61,090 | $ 21,606 | $ 55,946 | ||||
Deferred fees | 556 | 556 | 736 | 27,057 | ||||
Current taxes payable | 2,002 | 2,002 | 2,458 | 4,675 | ||||
Retained earnings | 3,672,696 | 3,672,696 | 2,861,035 | 2,866,837 | ||||
Fund management fees | 5,479 | 17,144 | ||||||
Income tax expense | 95,308 | $ 97,351 | 246,561 | $ 220,412 | ||||
Net income available to common stockholders | $ 274,817 | $ 148,620 | $ 707,576 | $ 373,296 | ||||
Diluted (dollars per share) | $ 5.10 | $ 2.79 | $ 13.15 | $ 7.01 | ||||
Reclassification of stranded tax effect for ASU 2018-02 | [1] | $ 0 | $ 0 | $ 319 | $ 0 | |||
Accounting Standards Update 2014-09 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Accounts receivable | (34,340) | |||||||
Deferred fees | (26,321) | |||||||
Current taxes payable | (2,217) | |||||||
Retained earnings | (5,802) | |||||||
Cumulative adjustment for ASU, net of tax | [2] | (5,802) | ||||||
Accounting Standards Update 2018-02 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Reclassification of stranded tax effect for ASU 2018-02 | 300 | |||||||
Accounting Standards Update 2016-01 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Cumulative adjustment for ASU, net of tax | [2] | 74,595 | ||||||
Total SVBFG Stockholders’ Equity | Accounting Standards Update 2014-09 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Cumulative adjustment for ASU, net of tax | [2] | (5,802) | ||||||
Total SVBFG Stockholders’ Equity | Accounting Standards Update 2016-01 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Cumulative adjustment for ASU, net of tax | 74,600 | 74,595 | [2] | |||||
Accumulated Other Comprehensive Income (Loss) | Accounting Standards Update 2018-02 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Reclassification of stranded tax effect for ASU 2018-02 | [2] | (319) | ||||||
Accumulated Other Comprehensive Income (Loss) | Accounting Standards Update 2016-01 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Cumulative adjustment for ASU, net of tax | $ (29,200) | $ (29,171) | [2] | |||||
Balances Without Adoption of ASC 606 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Accounts receivable | 100,470 | 100,470 | ||||||
Deferred fees | 28,379 | 28,379 | ||||||
Current taxes payable | (694) | (694) | ||||||
Retained earnings | 3,678,020 | 3,678,020 | ||||||
Fund management fees | 6,087 | 19,001 | ||||||
Income tax expense | 95,463 | 247,040 | ||||||
Net income available to common stockholders | $ 275,270 | $ 708,954 | ||||||
Diluted (dollars per share) | $ 5.11 | $ 13.18 | ||||||
Effect of Change Higher/(Lower) | Accounting Standards Update 2014-09 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Accounts receivable | $ (39,380) | $ (39,380) | ||||||
Deferred fees | (27,823) | (27,823) | ||||||
Current taxes payable | 2,696 | 2,696 | ||||||
Retained earnings | (5,324) | (5,324) | ||||||
Fund management fees | (608) | (1,857) | ||||||
Income tax expense | (155) | (479) | ||||||
Net income available to common stockholders | $ (453) | $ (1,378) | ||||||
Diluted (dollars per share) | $ (0.01) | $ (0.03) | ||||||
[1] | See "Adoption of New Accounting Standards" in Note 1—“Basis of Presentation” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional details. | |||||||
[2] | See "Adoption of New Accounting Standards" in Note 1—“Basis of Presentation” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional details. |
Stockholders' Equity and EPS -
Stockholders' Equity and EPS - Reclassifications out of AOCI (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification adjustment for losses (gains) included in net income | $ 32,193 | $ 15,238 | $ 77,365 | $ 48,838 |
Related tax (benefit) expense | (95,308) | (97,351) | (246,561) | (220,412) |
Net income available to common stockholders | 274,817 | 148,620 | 707,576 | 373,296 |
Reclassification out of Accumulated Other Comprehensive Income | Gains on investment securities, net | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification adjustment for losses (gains) included in net income | 0 | 101 | 0 | (384) |
Related tax (benefit) expense | 0 | (41) | 0 | 157 |
Net income available to common stockholders | $ 0 | $ 60 | $ 0 | $ (227) |
Stockholders' Equity and EPS _2
Stockholders' Equity and EPS - Reconciliation of Basic EPS to Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Numerator: | ||||
Net income available to common stockholders | $ 274,817 | $ 148,620 | $ 707,576 | $ 373,296 |
Denominator: | ||||
Weighted average common shares outstanding-basic (in shares) | 53,235 | 52,705 | 53,062 | 52,530 |
Weighted average common shares outstanding—diluted (in shares) | 53,919 | 53,305 | 53,800 | 53,230 |
Earnings per common share: | ||||
Basic (dollars per share) | $ 5.16 | $ 2.82 | $ 13.33 | $ 7.11 |
Diluted (dollars per share) | $ 5.10 | $ 2.79 | $ 13.15 | $ 7.01 |
Stock options and ESPP | ||||
Denominator: | ||||
Weighted average effect of dilutive securities (in shares) | 383 | 343 | 404 | 381 |
Restricted stock units | ||||
Denominator: | ||||
Weighted average effect of dilutive securities (in shares) | 301 | 257 | 334 | 319 |
Stockholders' Equity and EPS _3
Stockholders' Equity and EPS - Common Shares Excluded from Diluted EPS Calculation as They Were Deemed to be Anti-Dilutive (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from diluted earnings per share calculation | 91 | 117 | 120 | 63 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from diluted earnings per share calculation | 86 | 112 | 49 | 61 |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from diluted earnings per share calculation | 5 | 5 | 71 | 2 |
Stockholders' Equity and EPS _4
Stockholders' Equity and EPS - QTD Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Stockholders Equity Note [Line Items] | ||||
Balance | $ 4,804,841 | $ 4,040,035 | $ 4,319,415 | $ 3,777,037 |
Common stock issued under employee benefit plans, net of restricted stock cancellations | 1,943 | 2,370 | 9,108 | 14,192 |
Net income | 281,365 | 154,118 | 736,417 | 394,514 |
Capital calls and distributions, net | (8,060) | (8,613) | (22,785) | (18,216) |
Net change in unrealized gains and losses on AFS securities, net of tax | (17,908) | 556 | (70,763) | (7,491) |
Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax | (1,283) | (953) | (2,830) | (2,947) |
Foreign currency translation adjustments, net of tax | (2,354) | 1,141 | (3,855) | 2,642 |
Share-based compensation, net | 11,501 | 8,644 | 33,968 | 35,473 |
Balance | 5,070,045 | 4,197,298 | 5,070,045 | 4,197,298 |
Common Stock | ||||
Stockholders Equity Note [Line Items] | ||||
Balance | $ 53 | $ 53 | $ 53 | $ 52 |
Balance (in shares) | 53,210,627 | 52,684,159 | 52,835,188 | 52,254,074 |
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 39,628 | 39,495 | 405,395 | 458,742 |
Common stock issued under employee benefit plans, net of restricted stock cancellations | $ 0 | $ 0 | $ 0 | $ 1 |
Balance | $ 53 | $ 53 | $ 53 | $ 53 |
Balance (in shares) | 53,250,255 | 52,723,654 | 53,250,255 | 52,723,654 |
Additional Paid-in Capital | ||||
Stockholders Equity Note [Line Items] | ||||
Balance | $ 1,346,586 | $ 1,283,485 | $ 1,314,377 | $ 1,242,741 |
Common stock issued under employee benefit plans, net of restricted stock cancellations | 1,943 | 2,370 | 9,108 | 14,191 |
Share-based compensation, net | 11,501 | 8,644 | 33,968 | 35,473 |
Balance | 1,360,030 | 1,294,499 | 1,360,030 | 1,294,499 |
Retained Earnings | ||||
Stockholders Equity Note [Line Items] | ||||
Balance | 3,397,879 | 2,601,007 | 2,866,837 | 2,376,331 |
Net income | 274,817 | 148,620 | 707,576 | 373,296 |
Balance | 3,672,696 | 2,749,627 | 3,672,696 | 2,749,627 |
Accumulated Other Comprehensive Income (Loss) | ||||
Stockholders Equity Note [Line Items] | ||||
Balance | (86,865) | 14,890 | (1,472) | 23,430 |
Net change in unrealized gains and losses on AFS securities, net of tax | (17,908) | 556 | (70,763) | (7,491) |
Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax | (1,283) | (953) | (2,830) | (2,947) |
Foreign currency translation adjustments, net of tax | (2,354) | 1,141 | (3,855) | 2,642 |
Balance | (108,410) | 15,634 | (108,410) | 15,634 |
Total SVBFG Stockholders’ Equity | ||||
Stockholders Equity Note [Line Items] | ||||
Balance | 4,657,653 | 3,899,435 | 4,179,795 | 3,642,554 |
Common stock issued under employee benefit plans, net of restricted stock cancellations | 1,943 | 2,370 | 9,108 | 14,192 |
Net income | 274,817 | 148,620 | 707,576 | 373,296 |
Net change in unrealized gains and losses on AFS securities, net of tax | (17,908) | 556 | (70,763) | (7,491) |
Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax | (1,283) | (953) | (2,830) | (2,947) |
Foreign currency translation adjustments, net of tax | (2,354) | 1,141 | (3,855) | 2,642 |
Share-based compensation, net | 11,501 | 8,644 | 33,968 | 35,473 |
Balance | 4,924,369 | 4,059,813 | 4,924,369 | 4,059,813 |
Noncontrolling Interests | ||||
Stockholders Equity Note [Line Items] | ||||
Balance | 147,188 | 140,600 | 139,620 | 134,483 |
Net income | 6,548 | 5,498 | 28,841 | 21,218 |
Capital calls and distributions, net | (8,060) | (8,613) | (22,785) | (18,216) |
Balance | $ 145,676 | $ 137,485 | $ 145,676 | $ 137,485 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation and Related Tax Benefits (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Share-based compensation expense | $ 11,501 | $ 8,644 | $ 33,968 | $ 27,739 |
Income tax benefit related to share-based compensation expense | $ (2,895) | $ (3,154) | $ (7,955) | $ (9,518) |
Share-Based Compensation - Unre
Share-Based Compensation - Unrecognized Compensation Expense (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Unrecognized Share Based Compensation Expense [Line Items] | |
Unrecognized Expense | $ 86,562 |
Stock options | |
Unrecognized Share Based Compensation Expense [Line Items] | |
Unrecognized Expense | $ 13,525 |
Average Expected Recognition Period - in Years | 2 years 10 months 28 days |
Restricted stock units | |
Unrecognized Share Based Compensation Expense [Line Items] | |
Unrecognized Expense | $ 73,037 |
Average Expected Recognition Period - in Years | 2 years 8 months 27 days |
Share-Based Compensation - Sh_2
Share-Based Compensation - Share-Based Payment Award Activity (Detail) | 9 Months Ended |
Sep. 30, 2018USD ($)$ / sharesshares | |
Options | |
Outstanding, beginning of period, in shares | shares | 808,049 |
Granted, in shares | shares | 89,616 |
Exercised, in shares | shares | (191,585) |
Forfeited, in shares | shares | (9,498) |
Expired, in shares | shares | (2,337) |
Outstanding, end of period, in shares | shares | 694,245 |
Vested and expected to vest, end of period, in shares | shares | 673,674 |
Exercisable, end of period, in shares | shares | 415,993 |
Weighted Average Exercise Price | |
Outstanding, beginning of period, in usd per share | $ / shares | $ 105.68 |
Granted, in usd per share | $ / shares | 305.71 |
Exercised, in usd per share | $ / shares | 83.37 |
Forfeited, in usd per share | $ / shares | 187.76 |
Expired, in usd per share | $ / shares | 60.37 |
Outstanding, end of period, in usd per share | $ / shares | 136.68 |
Vested and expected to vest, end of period, in usd per share | $ / shares | 134.25 |
Exercisable, end of period, in usd per share | $ / shares | $ 99.63 |
Weighted Average Remaining Contractual Life - in Years | |
Outstanding, end of period | 3 years 9 months 3 days |
Vested and expected to vest, end of period | 3 years 8 months 11 days |
Exercisable, end of period | 2 years 7 months 27 days |
Aggregate Intrinsic Value of In-The-Money Options | |
Outstanding, end of period | $ | $ 120,932,288 |
Vested and expected to vest, end of period | $ | 118,982,041 |
Exercisable, end of period | $ | $ 87,856,349 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Closing stock price (usd per share) | $ 310.83 | $ 310.83 | ||
Total intrinsic value of options exercised | $ 8.5 | $ 3.8 | $ 39.5 | $ 25.8 |
Share-Based Compensation - Info
Share-Based Compensation - Information for Restricted Stock Units under Equity Incentive Plan (Detail) - Restricted stock units | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Shares | |
Nonvested, beginning of period, in shares | shares | 637,667 |
Granted, in shares | shares | 193,405 |
Vested, in shares | shares | (213,944) |
Forfeited, in shares | shares | (37,080) |
Nonvested, end of period, in shares | shares | 580,048 |
Weighted Average Grant Date Fair Value | |
Nonvested, beginning of period, in usd per share | $ / shares | $ 135.86 |
Granted, in usd per share | $ / shares | 302.53 |
Vested, in usd per share | $ / shares | 130.20 |
Forfeited, in usd per share | $ / shares | 170.97 |
Nonvested, end of period, in usd per share | $ / shares | $ 191.28 |
Variable Interest Entities - Ca
Variable Interest Entities - Carrying Amounts and Classification of Significant Variable Interests (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | $ 3,819,141 | $ 2,923,075 | $ 3,555,571 | $ 2,545,750 |
Non-marketable and other equity securities | 896,249 | 651,053 | ||
Accrued interest receivable and other assets | 1,105,917 | 876,246 | ||
Total assets | 58,139,734 | 51,214,467 | ||
Other liabilities | 1,146,109 | 911,755 | ||
Total liabilities | 53,069,689 | 46,895,052 | ||
Maximum exposure to loss in unconsolidated VIEs | 524,812 | 346,097 | ||
Investments in qualified affordable housing projects, net | 261,706 | 174,214 | ||
Other liabilities consisting of unfunded commitments related to qualified affordable housing projects | 166,867 | 100,891 | ||
Consolidated | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 5,470 | 6,674 | ||
Non-marketable and other equity securities | 212,514 | 190,562 | ||
Accrued interest receivable and other assets | 298 | 365 | ||
Total assets | 218,282 | 197,601 | ||
Other liabilities | 680 | 990 | ||
Total liabilities | 680 | 990 | ||
Maximum exposure to loss in unconsolidated VIEs | 217,600 | |||
Unconsolidated | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Non-marketable and other equity securities | 524,812 | 346,097 | ||
Accrued interest receivable and other assets | 0 | 0 | ||
Total assets | 524,812 | 346,097 | ||
Other liabilities | 166,867 | 100,891 | ||
Total liabilities | $ 166,867 | $ 100,891 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) $ in Thousands | Sep. 30, 2018USD ($)entity | Dec. 31, 2017USD ($) |
Investments In Variable Interest Entities [Abstract] | ||
Number of consolidated entities | entity | 4 | |
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss in unconsolidated VIEs | $ 524,812 | $ 346,097 |
Consolidated | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss in unconsolidated VIEs | $ 217,600 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and due from banks | $ 3,697,018 | $ 2,672,290 | ||
Securities purchased under agreements to resell | 119,181 | 247,876 | ||
Other short-term investment securities | 2,942 | 2,909 | ||
Total cash and cash equivalents | $ 3,819,141 | $ 2,923,075 | $ 3,555,571 | $ 2,545,750 |
Cash and Cash Equivalents (Addi
Cash and Cash Equivalents (Additional Information) (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Cash and Cash Equivalents [Abstract] | ||
Deposits at the Federal Reserve Bank earning interest at the Federal Funds target rate | $ 2,100 | $ 600 |
Interest-earning deposits in other financial institutions | 1,100 | |
Fair value of securities purchased under agreements to resell | $ 124.5 | $ 252.8 |
Investment Securities - Compone
Investment Securities - Components of Available-for-Sale Investment Securities Portfolio (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 9,236,301 | $ 11,131,008 |
Unrealized Gains | 1,417 | 46,840 |
Unrealized Losses | (150,109) | (57,184) |
Carrying Value | 9,087,609 | 11,120,664 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,560,828 | 6,865,068 |
Unrealized Gains | 117 | 1,113 |
Unrealized Losses | (59,071) | (25,679) |
Carrying Value | 5,501,874 | 6,840,502 |
U.S. agency debentures | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,357,069 | 1,569,195 |
Unrealized Gains | 0 | 3,569 |
Unrealized Losses | (10,397) | (5,636) |
Carrying Value | 1,346,672 | 1,567,128 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Fixed rate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,001,048 | 2,292,311 |
Unrealized Gains | 3 | 258 |
Unrealized Losses | (80,510) | (25,534) |
Carrying Value | 1,920,541 | 2,267,035 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | Variable rate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 317,356 | 372,481 |
Unrealized Gains | 1,297 | 1,375 |
Unrealized Losses | (131) | (126) |
Carrying Value | $ 318,522 | 373,730 |
Equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 31,953 | |
Unrealized Gains | 40,525 | |
Unrealized Losses | (209) | |
Carrying Value | $ 72,269 |
Investment Securities - Activit
Investment Securities - Activity of Available-for-Sale Securities (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Sales proceeds | $ 0 | $ 2,287,000 | $ 0 | $ 7,311,000 |
Gross realized gains | 0 | 38,000 | 0 | 1,131,000 |
Gross realized losses | 0 | (139,000) | 0 | (747,000) |
Net realized (losses) gains | $ 0 | $ (101,000) | $ 0 | $ 384,000 |
Investment Securities - Summary
Investment Securities - Summary of Unrealized Losses on Available-for-Sale Securities (Detail) $ in Thousands | Sep. 30, 2018USD ($)Investment | Dec. 31, 2017USD ($)Investment |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months - Fair Value of Investments | $ 5,580,693 | $ 8,913,199 |
Less than 12 months - Unrealized Losses | (81,473) | (51,432) |
12 months or longer - Fair Value of Investments | 3,100,433 | 713,348 |
12 months or longer - Unrealized Losses | (68,636) | (5,752) |
Fair Value of Investments | 8,681,126 | 9,626,547 |
Unrealized Losses | $ (150,109) | $ (57,184) |
Number of investments in unrealized loss position | Investment | 265 | 268 |
Number of investments with unrealized losses greater than 12 months | Investment | 109 | 46 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months - Fair Value of Investments | $ 3,915,282 | $ 5,968,914 |
Less than 12 months - Unrealized Losses | (46,503) | (23,397) |
12 months or longer - Fair Value of Investments | 1,438,839 | 323,966 |
12 months or longer - Unrealized Losses | (12,568) | (2,282) |
Fair Value of Investments | 5,354,121 | 6,292,880 |
Unrealized Losses | (59,071) | (25,679) |
U.S. agency debentures | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months - Fair Value of Investments | 838,609 | 736,541 |
Less than 12 months - Unrealized Losses | (4,615) | (2,289) |
12 months or longer - Fair Value of Investments | 508,062 | 336,196 |
12 months or longer - Unrealized Losses | (5,782) | (3,347) |
Fair Value of Investments | 1,346,671 | 1,072,737 |
Unrealized Losses | (10,397) | (5,636) |
Residential mortgage-backed securities | Fixed rate | Agency-issued collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months - Fair Value of Investments | 812,726 | 2,193,277 |
Less than 12 months - Unrealized Losses | (30,350) | (25,534) |
12 months or longer - Fair Value of Investments | 1,103,803 | 0 |
12 months or longer - Unrealized Losses | (50,160) | 0 |
Fair Value of Investments | 1,916,529 | 2,193,277 |
Unrealized Losses | (80,510) | (25,534) |
Residential mortgage-backed securities | Variable rate | Agency-issued collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months - Fair Value of Investments | 14,076 | 13,843 |
Less than 12 months - Unrealized Losses | (5) | (3) |
12 months or longer - Fair Value of Investments | 49,729 | 53,186 |
12 months or longer - Unrealized Losses | (126) | (123) |
Fair Value of Investments | 63,805 | 67,029 |
Unrealized Losses | $ (131) | (126) |
Equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months - Fair Value of Investments | 624 | |
Less than 12 months - Unrealized Losses | (209) | |
12 months or longer - Fair Value of Investments | 0 | |
12 months or longer - Unrealized Losses | 0 | |
Fair Value of Investments | 624 | |
Unrealized Losses | $ (209) |
Investment Securities - Summa_2
Investment Securities - Summary of Remaining Contractual Principal Maturities for Available-for-Sale Securities (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |
Total | $ 9,087,609 |
One Year or Less | 2,669,709 |
After One Year to Five Years | 3,741,021 |
After Five Years to Ten Years | 466,929 |
After Ten Years | 2,209,950 |
U.S. treasury securities | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |
Total | 5,501,874 |
U.S. agency debentures | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |
Total | 1,346,672 |
Residential mortgage-backed securities | Fixed rate | Agency-issued collateralized mortgage obligations | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |
Total | 1,920,541 |
Residential mortgage-backed securities | Variable rate | Agency-issued collateralized mortgage obligations | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |
Total | $ 318,522 |
Available-for-sale Securities | Lower Limit | |
Debt Securities, Available-for-sale [Line Items] | |
Mortgage-backed securities contractual maturities (in years) | 10 years |
Available-for-sale Securities | Upper Limit | |
Debt Securities, Available-for-sale [Line Items] | |
Mortgage-backed securities contractual maturities (in years) | 30 years |
Available-for-sale Securities | U.S. treasury securities | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |
One Year or Less | $ 2,016,438 |
After One Year to Five Years | 3,047,620 |
After Five Years to Ten Years | 437,816 |
After Ten Years | 0 |
Available-for-sale Securities | U.S. agency debentures | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |
One Year or Less | 653,271 |
After One Year to Five Years | 693,401 |
After Five Years to Ten Years | 0 |
After Ten Years | 0 |
Available-for-sale Securities | Residential mortgage-backed securities | Fixed rate | Agency-issued collateralized mortgage obligations | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |
One Year or Less | 0 |
After One Year to Five Years | 0 |
After Five Years to Ten Years | 29,113 |
After Ten Years | 1,891,428 |
Available-for-sale Securities | Residential mortgage-backed securities | Variable rate | Agency-issued collateralized mortgage obligations | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |
One Year or Less | 0 |
After One Year to Five Years | 0 |
After Five Years to Ten Years | 0 |
After Ten Years | $ 318,522 |
Investment Securities - Compo_2
Investment Securities - Components of Held-to-Maturity Investment Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 15,899,726 | $ 12,663,455 |
Unrealized Gains | 915 | 12,923 |
Unrealized Losses | (528,403) | (128,098) |
Fair Value | 15,372,238 | 12,548,280 |
U.S. agency debentures | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 641,134 | 659,979 |
Unrealized Gains | 85 | 3,167 |
Unrealized Losses | (18,482) | (1,601) |
Fair Value | 622,737 | 661,545 |
Agency-issued mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 8,333,088 | 6,304,969 |
Unrealized Gains | 2 | 4,854 |
Unrealized Losses | (276,748) | (43,528) |
Fair Value | 8,056,342 | 6,266,295 |
Residential mortgage-backed securities | Fixed rate | Agency-issued collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,329,065 | 2,829,979 |
Unrealized Gains | 0 | 23 |
Unrealized Losses | (98,559) | (54,372) |
Fair Value | 2,230,506 | 2,775,630 |
Residential mortgage-backed securities | Variable rate | Agency-issued collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 223,374 | 255,782 |
Unrealized Gains | 667 | 733 |
Unrealized Losses | (32) | (34) |
Fair Value | 224,009 | 256,481 |
Agency-issued commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,795,952 | 1,868,985 |
Unrealized Gains | 0 | 694 |
Unrealized Losses | (78,688) | (25,563) |
Fair Value | 2,717,264 | 1,844,116 |
Municipal bonds and notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,577,113 | 743,761 |
Unrealized Gains | 161 | 3,452 |
Unrealized Losses | (55,894) | (3,000) |
Fair Value | $ 1,521,380 | $ 744,213 |
Investment Securities - Summa_3
Investment Securities - Summary of Unrealized Losses on Held to Maturity Securities (Detail) $ in Thousands | Sep. 30, 2018USD ($)Investment | Dec. 31, 2017USD ($)Investment |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | $ 9,169,096 | $ 6,710,931 |
Unrealized Losses, Less than 12 months | (254,565) | (62,993) |
Fair Value of Investments, 12 months or longer | 5,971,026 | 2,966,895 |
Unrealized Losses, 12 months or longer | (273,838) | (65,105) |
Fair Value of Investments | 15,140,122 | 9,677,826 |
Unrealized Losses | $ (528,403) | $ (128,098) |
Number of held-to-maturity investments with unrealized loss | Investment | 1,433 | 753 |
Number of held-to-maturity investments in continuous loss more than 12 months | Investment | 454 | 237 |
U.S. agency debentures | ||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | $ 549,916 | $ 104,688 |
Unrealized Losses, Less than 12 months | (14,744) | (1,601) |
Fair Value of Investments, 12 months or longer | 61,635 | 0 |
Unrealized Losses, 12 months or longer | (3,738) | 0 |
Fair Value of Investments | 611,551 | 104,688 |
Unrealized Losses | (18,482) | (1,601) |
Agency-issued mortgage-backed securities | ||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | 5,514,402 | 4,270,377 |
Unrealized Losses, Less than 12 months | (155,580) | (34,092) |
Fair Value of Investments, 12 months or longer | 2,541,848 | 408,913 |
Unrealized Losses, 12 months or longer | (121,168) | (9,436) |
Fair Value of Investments | 8,056,250 | 4,679,290 |
Unrealized Losses | (276,748) | (43,528) |
Residential mortgage-backed securities | Fixed rate | Agency-issued collateralized mortgage obligations | ||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | 77,011 | 1,011,709 |
Unrealized Losses, Less than 12 months | (2,285) | (13,631) |
Fair Value of Investments, 12 months or longer | 2,153,494 | 1,741,614 |
Unrealized Losses, 12 months or longer | (96,274) | (40,741) |
Fair Value of Investments | 2,230,505 | 2,753,323 |
Unrealized Losses | (98,559) | (54,372) |
Residential mortgage-backed securities | Variable rate | Agency-issued collateralized mortgage obligations | ||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | 3,504 | 0 |
Unrealized Losses, Less than 12 months | (1) | 0 |
Fair Value of Investments, 12 months or longer | 8,445 | 9,812 |
Unrealized Losses, 12 months or longer | (31) | (34) |
Fair Value of Investments | 11,949 | 9,812 |
Unrealized Losses | (32) | (34) |
Agency-issued commercial mortgage-backed securities | ||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | 1,595,146 | 979,361 |
Unrealized Losses, Less than 12 months | (30,149) | (11,566) |
Fair Value of Investments, 12 months or longer | 1,122,118 | 773,712 |
Unrealized Losses, 12 months or longer | (48,539) | (13,997) |
Fair Value of Investments | 2,717,264 | 1,753,073 |
Unrealized Losses | (78,688) | (25,563) |
Municipal bonds and notes | ||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | 1,429,117 | 344,796 |
Unrealized Losses, Less than 12 months | (51,806) | (2,103) |
Fair Value of Investments, 12 months or longer | 83,486 | 32,844 |
Unrealized Losses, 12 months or longer | (4,088) | (897) |
Fair Value of Investments | 1,512,603 | 377,640 |
Unrealized Losses | $ (55,894) | $ (3,000) |
Investment Securities - Summa_4
Investment Securities - Summary of Remaining Contractual Principal Maturities for Held-to-Maturity Securities (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 15,899,726 | $ 12,663,455 |
Fair Value | 15,372,238 | 12,548,280 |
One Year or Less, Amortized Cost | 8,376 | |
One Year or Less, Fair Value | 8,373 | |
After One Year to Five Years, Amortized Cost | 358,915 | |
After One Year to Five Years, Fair Value | 350,493 | |
After Five Years to Ten Years, Amortized Cost | 2,126,938 | |
After Five Years to Ten Years, Fair Value | 2,039,827 | |
After Ten Years, Amortized Cost | 13,405,497 | |
After Ten Years, Fair Value | 12,973,545 | |
U.S. agency debentures | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 641,134 | 659,979 |
Fair Value | 622,737 | 661,545 |
One Year or Less, Amortized Cost | 0 | |
One Year or Less, Fair Value | 0 | |
After One Year to Five Years, Amortized Cost | 104,550 | |
After Five Years to Ten Years, Amortized Cost | 536,584 | |
After Ten Years, Amortized Cost | 0 | |
After Ten Years, Fair Value | 0 | |
Agency-issued mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 8,333,088 | 6,304,969 |
Fair Value | 8,056,342 | 6,266,295 |
One Year or Less, Amortized Cost | 0 | |
One Year or Less, Fair Value | 0 | |
After One Year to Five Years, Amortized Cost | 179,847 | |
After Five Years to Ten Years, Amortized Cost | 859,233 | |
After Ten Years, Amortized Cost | 7,294,008 | |
Residential mortgage-backed securities | Fixed rate | Agency-issued collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,329,065 | 2,829,979 |
Fair Value | 2,230,506 | 2,775,630 |
One Year or Less, Amortized Cost | 0 | |
One Year or Less, Fair Value | 0 | |
After One Year to Five Years, Amortized Cost | 0 | |
After One Year to Five Years, Fair Value | 0 | |
After Five Years to Ten Years, Amortized Cost | 474,668 | |
After Ten Years, Amortized Cost | 1,854,397 | |
After Ten Years, Fair Value | 1,778,078 | |
Residential mortgage-backed securities | Variable rate | Agency-issued collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 223,374 | 255,782 |
Fair Value | 224,009 | 256,481 |
One Year or Less, Amortized Cost | 0 | |
One Year or Less, Fair Value | 0 | |
After One Year to Five Years, Amortized Cost | 0 | |
After One Year to Five Years, Fair Value | 0 | |
After Five Years to Ten Years, Amortized Cost | 0 | |
After Five Years to Ten Years, Fair Value | 0 | |
After Ten Years, Amortized Cost | 223,374 | |
After Ten Years, Fair Value | 224,009 | |
Agency-issued commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,795,952 | 1,868,985 |
Fair Value | 2,717,264 | 1,844,116 |
One Year or Less, Amortized Cost | 0 | |
One Year or Less, Fair Value | 0 | |
After One Year to Five Years, Amortized Cost | 0 | |
After One Year to Five Years, Fair Value | 0 | |
After Five Years to Ten Years, Amortized Cost | 0 | |
After Five Years to Ten Years, Fair Value | 0 | |
After Ten Years, Amortized Cost | 2,795,952 | |
Municipal bonds and notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,577,113 | 743,761 |
Fair Value | 1,521,380 | $ 744,213 |
One Year or Less, Amortized Cost | 8,376 | |
After One Year to Five Years, Amortized Cost | 74,518 | |
After Five Years to Ten Years, Amortized Cost | 256,453 | |
After Ten Years, Amortized Cost | $ 1,237,766 | |
Held-to-maturity Securities | Lower Limit | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Mortgage-backed securities contractual maturities (in years) | 10 years | |
Held-to-maturity Securities | Upper Limit | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Mortgage-backed securities contractual maturities (in years) | 30 years | |
Held-to-maturity Securities | U.S. agency debentures | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
After One Year to Five Years, Fair Value | $ 102,498 | |
After Five Years to Ten Years, Fair Value | 520,239 | |
Held-to-maturity Securities | Agency-issued mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
After One Year to Five Years, Fair Value | 174,664 | |
After Five Years to Ten Years, Fair Value | 821,883 | |
After Ten Years, Fair Value | 7,059,795 | |
Held-to-maturity Securities | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
After Five Years to Ten Years, Fair Value | 452,428 | |
Held-to-maturity Securities | Agency-issued commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
After Ten Years, Fair Value | 2,717,264 | |
Held-to-maturity Securities | Municipal bonds and notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
One Year or Less, Fair Value | 8,373 | |
After One Year to Five Years, Fair Value | 73,331 | |
After Five Years to Ten Years, Fair Value | 245,277 | |
After Ten Years, Fair Value | $ 1,194,399 |
Investment Securities - Compo_3
Investment Securities - Components of Non-marketable and Other Equity Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Investment Holdings [Line Items] | ||
Investments in qualified affordable housing projects, net | $ 261,706 | $ 174,214 |
Non-marketable and other equity securities | 896,249 | 651,053 |
Non-marketable securities | Equity method accounting | Consolidated venture capital and private equity fund investments | ||
Investment Holdings [Line Items] | ||
Non-marketable securities, equity method accounting | 112,537 | 89,809 |
Non-marketable securities | Equity method accounting | Other investments | ||
Investment Holdings [Line Items] | ||
Non-marketable securities, equity method accounting | 125,632 | 111,198 |
Non-marketable securities | Equity method accounting | Debt funds | ||
Investment Holdings [Line Items] | ||
Non-marketable securities, equity method accounting | 5,241 | 21,183 |
Non-marketable securities | Fair value accounting | Consolidated venture capital and private equity fund investments | ||
Investment Holdings [Line Items] | ||
Consolidated venture capital and private equity fund investments | 126,467 | 128,111 |
Non-marketable securities | Fair value accounting | Unconsolidated venture capital and private equity fund investments | ||
Investment Holdings [Line Items] | ||
Unconsolidated venture capital and private equity fund investments | 208,953 | 98,548 |
Non-marketable securities | Fair value accounting | Other investments | ||
Investment Holdings [Line Items] | ||
Other investments without a readily determinable fair value | 25,253 | 27,680 |
Other equity securities | Fair value accounting | ||
Investment Holdings [Line Items] | ||
Other equity securities in public companies (fair value accounting) | $ 30,460 | $ 310 |
Investment Securities - Summa_5
Investment Securities - Summary of Venture Capital and Private Equity Fund Investments Held by Consolidated Funds and Percentage Ownership (Detail) - Non-marketable securities - Fair value accounting - Consolidated venture capital and private equity fund investments - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Investment Holdings [Line Items] | ||
Amount | $ 126,467 | $ 128,111 |
Strategic Investors Fund, LP | ||
Investment Holdings [Line Items] | ||
Amount | $ 12,733 | $ 14,673 |
Percentage of ownership | 12.60% | 12.60% |
Capital Preferred Return Fund, LP | ||
Investment Holdings [Line Items] | ||
Amount | $ 56,453 | $ 54,147 |
Percentage of ownership | 20.00% | 20.00% |
Growth Partners, LP | ||
Investment Holdings [Line Items] | ||
Amount | $ 56,280 | $ 58,372 |
Percentage of ownership | 33.00% | 33.00% |
CP I, LP | ||
Investment Holdings [Line Items] | ||
Amount | $ 1,001 | $ 919 |
Percentage of ownership | 10.70% | 10.70% |
Investment Securities - Non-mar
Investment Securities - Non-marketable and Other Securities Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($)Investment | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)Investment | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)Investment | |
Investment Holdings [Line Items] | |||||
Investments in qualified affordable housing projects, net | $ 261,706 | $ 261,706 | $ 174,214 | ||
Tax credits and other tax benefits recognized | 6,283 | $ 4,539 | 16,912 | $ 13,199 | |
Amortization expense included in provision for income taxes | 4,773 | $ 3,533 | 14,269 | $ 10,154 | |
Other liabilities | $ 166,867 | $ 166,867 | $ 100,891 | ||
Upper Limit | |||||
Investment Holdings [Line Items] | |||||
Equity method investment voting ownership percentage | 5.00% | 5.00% | |||
Non-marketable securities | Fair value accounting | Unconsolidated venture capital and private equity fund investments | |||||
Investment Holdings [Line Items] | |||||
Number of investments | Investment | 220 | 220 | 235 | ||
Unconsolidated venture capital and private equity fund investments | $ 208,953 | $ 208,953 | $ 98,548 |
Investment Securities - Changes
Investment Securities - Changes to Carrying Amount of Other Investments without Readily Determinable Fair Value (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Carrying value as of January 1, 2018 | $ 27,680 |
Upward carrying value adjustments | 4,854 |
Downward carrying value adjustments | (1,729) |
Additions | 3,870 |
Sales and dispositions | (9,422) |
Carrying value as of September 30, 2018 | $ 25,253 |
Investment Securities - Carryin
Investment Securities - Carrying Value and Ownership Percentage of Investments (Detail) - Non-marketable securities - Equity method accounting - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Consolidated venture capital and private equity fund investments | ||
Investment Holdings [Line Items] | ||
Non-marketable securities, equity method accounting | $ 112,537 | $ 89,809 |
Consolidated venture capital and private equity fund investments | Strategic Investors Fund II, LP | ||
Investment Holdings [Line Items] | ||
Non-marketable securities, equity method accounting | $ 4,739 | $ 6,342 |
Percentage of ownership | 8.60% | 8.60% |
Consolidated venture capital and private equity fund investments | Strategic Investors Fund III, LP | ||
Investment Holdings [Line Items] | ||
Non-marketable securities, equity method accounting | $ 18,176 | $ 18,758 |
Percentage of ownership | 5.90% | 5.90% |
Consolidated venture capital and private equity fund investments | Strategic Investors Fund IV, LP | ||
Investment Holdings [Line Items] | ||
Non-marketable securities, equity method accounting | $ 29,445 | $ 25,551 |
Percentage of ownership | 5.00% | 5.00% |
Consolidated venture capital and private equity fund investments | Strategic Investors Fund V funds | ||
Investment Holdings [Line Items] | ||
Non-marketable securities, equity method accounting | $ 24,245 | $ 16,856 |
Consolidated venture capital and private equity fund investments | CP II, LP | ||
Investment Holdings [Line Items] | ||
Non-marketable securities, equity method accounting | $ 6,865 | $ 6,700 |
Percentage of ownership | 5.10% | 5.10% |
Consolidated venture capital and private equity fund investments | CP II, LP | Indirect ownership interest | ||
Investment Holdings [Line Items] | ||
Percentage of ownership | 3.80% | |
Consolidated venture capital and private equity fund investments | CP II, LP | Direct ownership interest | ||
Investment Holdings [Line Items] | ||
Percentage of ownership | 1.30% | |
Consolidated venture capital and private equity fund investments | Other venture capital and private equity fund investments | ||
Investment Holdings [Line Items] | ||
Non-marketable securities, equity method accounting | $ 29,067 | $ 15,602 |
Debt funds | ||
Investment Holdings [Line Items] | ||
Non-marketable securities, equity method accounting | $ 5,241 | 21,183 |
Debt funds | Indirect ownership interest | ||
Investment Holdings [Line Items] | ||
Percentage of ownership | 4.00% | |
Debt funds | Direct ownership interest | ||
Investment Holdings [Line Items] | ||
Percentage of ownership | 11.50% | |
Debt funds | Gold Hill Capital 2008, LP | ||
Investment Holdings [Line Items] | ||
Non-marketable securities, equity method accounting | $ 3,267 | $ 18,690 |
Percentage of ownership | 15.50% | 15.50% |
Debt funds | Other debt funds | ||
Investment Holdings [Line Items] | ||
Non-marketable securities, equity method accounting | $ 1,974 | $ 2,493 |
Other investments | ||
Investment Holdings [Line Items] | ||
Non-marketable securities, equity method accounting | 125,632 | 111,198 |
Other investments | SPD Silicon Valley Bank Co., Ltd. | ||
Investment Holdings [Line Items] | ||
Non-marketable securities, equity method accounting | $ 75,314 | $ 75,337 |
Percentage of ownership | 50.00% | 50.00% |
Other investments | Other investments | ||
Investment Holdings [Line Items] | ||
Non-marketable securities, equity method accounting | $ 50,318 | $ 35,861 |
Investment Securities - Net Gai
Investment Securities - Net Gains on Non-marketable and Other Equity Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Gain (Loss) on Securities [Line Items] | ||||
Total net gains on non-marketable and other equity securities | $ 32,193 | $ 15,339 | $ 77,365 | $ 48,454 |
Non-marketable securities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Unrealized net gains on non-marketable and other equity securities still held | 31,836 | 15,388 | 98,171 | 45,099 |
Less: Net gains (losses) on non-marketable and other equity securities sold | 357 | (49) | (20,806) | 3,355 |
Non-marketable securities | Fair value accounting | Consolidated venture capital and private equity fund investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Unrealized net gains on non-marketable and other equity securities still held | 2,928 | 4,473 | 18,971 | 20,649 |
Non-marketable securities | Fair value accounting | Unconsolidated venture capital and private equity fund investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Unrealized net gains on non-marketable and other equity securities still held | 6,240 | 4,697 | 37,095 | 13,928 |
Non-marketable securities | Fair value accounting | Other investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Unrealized net gains on non-marketable and other equity securities still held | 2,509 | (49) | 4,310 | 3,354 |
Non-marketable securities | Equity method accounting | Consolidated venture capital and private equity fund investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Unrealized net gains on non-marketable and other equity securities still held | 11,341 | 4,319 | 30,122 | 10,710 |
Non-marketable securities | Equity method accounting | Other investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Unrealized net gains on non-marketable and other equity securities still held | 3,295 | (933) | 4,753 | (3,163) |
Non-marketable securities | Equity method accounting | Debt funds | ||||
Gain (Loss) on Securities [Line Items] | ||||
Unrealized net gains on non-marketable and other equity securities still held | 1,473 | 2,445 | (100) | 2,696 |
Other equity securities | Fair value accounting | ||||
Gain (Loss) on Securities [Line Items] | ||||
Unrealized net gains on non-marketable and other equity securities still held | $ 4,407 | $ 387 | $ (17,786) | $ 280 |
Loans, Allowance for Loan Los_3
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Composition of Loans, Net of Unearned Income (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unearned income on loans | $ 174,000 | $ 148,000 |
Loans, net of unearned income | 27,494,915 | 23,106,316 |
Commercial loans, excluding real estate secured and construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 23,712,308 | 19,697,163 |
Commercial loans, excluding real estate secured and construction | Software/internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 6,258,724 | 6,172,531 |
Commercial loans, excluding real estate secured and construction | Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 1,306,709 | 1,193,599 |
Commercial loans, excluding real estate secured and construction | Private equity/venture capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 13,360,511 | 9,952,377 |
Commercial loans, excluding real estate secured and construction | Life science/healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 2,302,453 | 1,808,827 |
Commercial loans, excluding real estate secured and construction | Premium wine | Non-real estate secured commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 227,498 | 204,105 |
Commercial loans, excluding real estate secured and construction | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 256,413 | 365,724 |
Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 3,283,726 | 3,011,627 |
Real estate secured loans | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 685,941 | 669,053 |
Real estate secured loans | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 2,556,906 | 2,300,506 |
Real estate secured loans | Other real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 40,879 | 42,068 |
Construction loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 81,163 | 68,546 |
Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 2,974,624 | 2,629,486 |
Consumer loans | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 2,556,906 | 2,300,506 |
Consumer loans | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 417,718 | $ 328,980 |
Loans, Allowance for Loan Los_4
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Composition of Loans, Net of Unearned income (Additional Information) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 27,494,915 | $ 23,106,316 |
Credit card loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 342,000 | 270,000 |
Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 3,283,726 | 3,011,627 |
Real estate secured loans | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross construction loans | 92,000 | 100,000 |
Loans, net of unearned income | 685,941 | 669,053 |
Real estate secured loans | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 2,556,906 | 2,300,506 |
Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 2,974,624 | 2,629,486 |
Consumer loans | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 2,556,906 | 2,300,506 |
Consumer loans | Real estate secured loans | Loans for personal residence | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 2,196,948 | 1,995,840 |
Consumer loans | Real estate secured loans | Loans to eligible employees | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 285,186 | 243,118 |
Consumer loans | Real estate secured loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 74,772 | $ 61,548 |
Loans, Allowance for Loan Los_5
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Composition of Loans, Net of Unearned Income, Broken Out by Portfolio Segment and Class of Financing Receivable (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Unearned income on loans | $ 174,000 | $ 148,000 |
Loans, net of unearned income | 27,494,915 | 23,106,316 |
Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 24,520,291 | 20,476,830 |
Commercial loans | Software/internet | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 6,258,724 | 6,172,531 |
Commercial loans | Hardware | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 1,306,709 | 1,193,599 |
Commercial loans | Private equity/venture capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 13,360,511 | 9,952,377 |
Commercial loans | Life science/healthcare | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 2,302,453 | 1,808,827 |
Commercial loans | Premium wine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 913,439 | 873,158 |
Commercial loans | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 378,455 | 476,338 |
Consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 2,974,624 | 2,629,486 |
Consumer loans | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | 417,718 | 328,980 |
Consumer loans | Real estate secured loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income | $ 2,556,906 | $ 2,300,506 |
Loans, Allowance for Loan Los_6
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Aging of Gross Loans, Broken out by Portfolio Segment and Class of Financing Receivable (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 85,708 | $ 199,927 |
Current | 27,583,121 | 23,054,226 |
Loans Past Due 90 Days or More Still Accruing Interest | 163 | 191 |
Total gross loans excluding impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 53,196 | 156,278 |
Current | 27,429,561 | 22,923,014 |
Loans Past Due 90 Days or More Still Accruing Interest | 163 | 191 |
Impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 32,512 | 43,649 |
Current | 153,560 | 131,212 |
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 | 49,513 | 111,525 |
30 - 59 Days Past Due | Total gross loans excluding impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 47,168 | 110,181 |
30 - 59 Days Past Due | Impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,345 | 1,344 |
60 - 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 6,835 | 57,808 |
60 - 89 Days Past Due | Total gross loans excluding impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 5,865 | 45,906 |
60 - 89 Days Past Due | Impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 970 | 11,902 |
Greater Than 90 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 29,360 | 30,594 |
Greater Than 90 Days Past Due | Total gross loans excluding impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 163 | 191 |
Greater Than 90 Days Past Due | Impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 29,197 | 30,403 |
Commercial loans | Software/internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 22,025 | 20,924 |
Current | 6,175,651 | 6,101,147 |
Loans Past Due 90 Days or More Still Accruing Interest | 116 | 141 |
Commercial loans | Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 590 | 1,272 |
Current | 1,298,215 | 1,163,278 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 50 |
Commercial loans | Private equity/venture capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 7,558 | 125,146 |
Current | 13,357,777 | 9,835,317 |
Loans Past Due 90 Days or More Still Accruing Interest | 2 | 0 |
Commercial loans | Life science/healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 10,562 | 4,581 |
Current | 2,330,483 | 1,841,692 |
Loans Past Due 90 Days or More Still Accruing Interest | 45 | 0 |
Commercial loans | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,594 | 418 |
Current | 910,356 | 871,074 |
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 | 367 | 445 |
Current | 400,547 | 490,292 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Commercial loans | Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 42,696 | 152,786 |
Current | 24,473,029 | 20,302,800 |
Loans Past Due 90 Days or More Still Accruing Interest | 163 | 191 |
Commercial loans | 30 - 59 Days Past Due | Software/internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 17,067 | 14,257 |
Commercial loans | 30 - 59 Days Past Due | Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 491 | 1,145 |
Commercial loans | 30 - 59 Days Past Due | Private equity/venture capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 7,556 | 86,566 |
Commercial loans | 30 - 59 Days Past Due | Life science/healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 9,620 | 4,390 |
Commercial loans | 30 - 59 Days Past Due | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,594 | 418 |
Commercial loans | 30 - 59 Days Past Due | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 340 | 445 |
Commercial loans | 30 - 59 Days Past Due | Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 36,668 | 107,221 |
Commercial loans | 60 - 89 Days Past Due | Software/internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 4,842 | 6,526 |
Commercial loans | 60 - 89 Days Past Due | Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 99 | 77 |
Commercial loans | 60 - 89 Days Past Due | Private equity/venture capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 38,580 |
Commercial loans | 60 - 89 Days Past Due | Life science/healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 897 | 191 |
Commercial loans | 60 - 89 Days Past Due | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial loans | 60 - 89 Days Past Due | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 27 | 0 |
Commercial loans | 60 - 89 Days Past Due | Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 5,865 | 45,374 |
Commercial loans | Greater Than 90 Days Past Due | Software/internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 116 | 141 |
Commercial loans | Greater Than 90 Days Past Due | Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 50 |
Commercial loans | Greater Than 90 Days Past Due | Private equity/venture capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2 | 0 |
Commercial loans | Greater Than 90 Days Past Due | Life science/healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 45 | 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 |
Commercial loans | Greater Than 90 Days Past Due | Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 163 | 191 |
Consumer loans | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 8,389 | 2,696 |
Current | 2,540,950 | 2,292,980 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Consumer loans | Other consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,111 | 796 |
Current | 415,582 | 327,234 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Consumer loans | Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 10,500 | 3,492 |
Current | 2,956,532 | 2,620,214 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Consumer loans | 30 - 59 Days Past Due | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 8,389 | 2,164 |
Consumer loans | 30 - 59 Days Past Due | Other consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,111 | 796 |
Consumer loans | 30 - 59 Days Past Due | Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 10,500 | 2,960 |
Consumer loans | 60 - 89 Days Past Due | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 532 |
Consumer loans | 60 - 89 Days Past Due | Other consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer loans | 60 - 89 Days Past Due | Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 532 |
Consumer loans | Greater Than 90 Days Past Due | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer loans | Greater Than 90 Days Past Due | Other consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer loans | Greater Than 90 Days Past Due | Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 0 | $ 0 |
Loans, Allowance for Loan Los_7
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Impaired Loans and Allowance for Loan Losses, Broken out by Portfolio Segment and Class of Financing Receivable (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans for which there is a related allowance for loan losses | $ 93,224 | $ 88,246 |
Impaired loans for which there is no related allowance for loan losses | 92,848 | 86,615 |
Total carrying value of impaired loans | 186,072 | 174,861 |
Total unpaid principal of impaired loans | 233,062 | 205,295 |
Commercial loans | Software/internet | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans for which there is a related allowance for loan losses | 64,197 | 49,645 |
Impaired loans for which there is no related allowance for loan losses | 55,442 | 61,009 |
Total carrying value of impaired loans | 119,639 | 110,654 |
Total unpaid principal of impaired loans | 145,122 | 129,006 |
Commercial loans | Hardware | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans for which there is a related allowance for loan losses | 2,431 | 15,637 |
Impaired loans for which there is no related allowance for loan losses | 17,249 | 20,713 |
Total carrying value of impaired loans | 19,680 | 36,350 |
Total unpaid principal of impaired loans | 31,804 | 41,721 |
Commercial loans | Private equity/venture capital | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans for which there is a related allowance for loan losses | 0 | 658 |
Impaired loans for which there is no related allowance for loan losses | 3,700 | 0 |
Total carrying value of impaired loans | 3,700 | 658 |
Total unpaid principal of impaired loans | 3,700 | 984 |
Commercial loans | Life science/healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans for which there is a related allowance for loan losses | 22,300 | 20,521 |
Impaired loans for which there is no related allowance for loan losses | 14,125 | 1,166 |
Total carrying value of impaired loans | 36,425 | 21,687 |
Total unpaid principal of impaired loans | 44,065 | 26,360 |
Commercial loans | Premium wine | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans for which there is a related allowance for loan losses | 306 | 0 |
Impaired loans for which there is no related allowance for loan losses | 2,010 | 2,877 |
Total carrying value of impaired loans | 2,316 | 2,877 |
Total unpaid principal of impaired loans | 2,375 | 2,911 |
Commercial loans | Other | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans for which there is a related allowance for loan losses | 0 | 32 |
Impaired loans for which there is no related allowance for loan losses | 0 | 0 |
Total carrying value of impaired loans | 0 | 32 |
Total unpaid principal of impaired loans | 0 | 165 |
Commercial loans | Commercial loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans for which there is a related allowance for loan losses | 89,234 | 86,493 |
Impaired loans for which there is no related allowance for loan losses | 92,526 | 85,765 |
Total carrying value of impaired loans | 181,760 | 172,258 |
Total unpaid principal of impaired loans | 227,066 | 201,147 |
Consumer loans | Real estate secured loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans for which there is a related allowance for loan losses | 3,990 | 1,331 |
Impaired loans for which there is no related allowance for loan losses | 322 | 850 |
Total carrying value of impaired loans | 4,312 | 2,181 |
Total unpaid principal of impaired loans | 5,996 | 3,712 |
Consumer loans | Other consumer loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans for which there is a related allowance for loan losses | 0 | 422 |
Impaired loans for which there is no related allowance for loan losses | 0 | 0 |
Total carrying value of impaired loans | 0 | 422 |
Total unpaid principal of impaired loans | 0 | 436 |
Consumer loans | Consumer loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans for which there is a related allowance for loan losses | 3,990 | 1,753 |
Impaired loans for which there is no related allowance for loan losses | 322 | 850 |
Total carrying value of impaired loans | 4,312 | 2,603 |
Total unpaid principal of impaired loans | $ 5,996 | $ 4,148 |
Loans, Allowance for Loan Los_8
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Average Impaired Loans, Broken out by Portfolio Segment and Class of Financing Receivable (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | $ 193,254 | $ 190,907 | $ 182,398 | $ 197,206 |
Interest income on impaired loans | 1,421 | 1,273 | 1,981 | 2,371 |
Private equity/venture capital | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 1,233 | 644 | 443 | |
Commercial loans | Software/internet | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 118,840 | 121,290 | 112,576 | 122,527 |
Interest income on impaired loans | 607 | 767 | 991 | 1,646 |
Commercial loans | Hardware | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 27,922 | 35,932 | 34,469 | 33,271 |
Interest income on impaired loans | 410 | 419 | 499 | 518 |
Commercial loans | Private equity/venture capital | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 536 | |||
Interest income on impaired loans | 0 | 3 | 0 | 8 |
Commercial loans | Life science/healthcare | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 38,545 | 25,796 | 27,671 | 33,590 |
Interest income on impaired loans | 365 | 21 | 376 | 60 |
Commercial loans | Premium wine | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 2,384 | 3,625 | 2,586 | 3,353 |
Interest income on impaired loans | 35 | 39 | 103 | 115 |
Commercial loans | Other | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 0 | 348 | 130 | 706 |
Interest income on impaired loans | 0 | 0 | 0 | 0 |
Commercial loans | Commercial loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 188,924 | 187,635 | 177,968 | 193,890 |
Interest income on impaired loans | 1,417 | 1,249 | 1,969 | 2,347 |
Consumer loans | Real estate secured loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 4,330 | 1,306 | 3,953 | 1,385 |
Interest income on impaired loans | 4 | 24 | 12 | 24 |
Consumer loans | Other consumer loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 0 | 1,966 | 477 | 1,931 |
Interest income on impaired loans | 0 | 0 | 0 | 0 |
Consumer loans | Consumer loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 4,330 | 3,272 | 4,430 | 3,316 |
Interest income on impaired loans | $ 4 | $ 24 | $ 12 | $ 24 |
Loans, Allowance for Loan Los_9
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Activity in Allowance for Loan Losses Broken out by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | $ 286,709 | $ 236,496 | $ 255,024 | $ 225,366 |
Charge-offs | (22,205) | (12,338) | (48,220) | (51,449) |
Recoveries | 2,164 | 1,828 | 5,878 | 6,155 |
Provision for (Reduction of) Loan Losses | 19,436 | 22,409 | 74,088 | 67,273 |
Foreign Currency Translation Adjustments | (391) | 615 | (1,057) | 1,665 |
Ending Balance | 285,713 | 249,010 | 285,713 | 249,010 |
Allowance for Unfunded Credit Commitments [Roll Forward] | ||||
Allowance for unfunded credit commitments, beginning balance | 54,104 | 47,000 | 51,770 | 45,265 |
Provision for unfunded credit commitments | (2,262) | 1,113 | 138 | 2,789 |
Foreign currency translation adjustments | (34) | 59 | (100) | 118 |
Ending balance | 51,808 | 48,172 | 51,808 | 48,172 |
Commercial loans | Software/internet | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 102,648 | 92,937 | 96,104 | 97,388 |
Charge-offs | (6,304) | (8,791) | (26,377) | (36,172) |
Recoveries | 841 | 426 | 1,818 | 2,833 |
Provision for (Reduction of) Loan Losses | 16,640 | 7,241 | 42,620 | 27,487 |
Foreign Currency Translation Adjustments | (335) | 199 | (675) | 476 |
Ending Balance | 113,490 | 92,012 | 113,490 | 92,012 |
Commercial loans | Hardware | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 34,695 | 27,800 | 27,614 | 31,166 |
Charge-offs | (12,697) | (2,453) | (16,111) | (6,726) |
Recoveries | 227 | 115 | 1,458 | 459 |
Provision for (Reduction of) Loan Losses | (1,763) | 5,681 | 7,788 | 6,075 |
Foreign Currency Translation Adjustments | 36 | 156 | (251) | 325 |
Ending Balance | 20,498 | 31,299 | 20,498 | 31,299 |
Commercial loans | Private equity/venture capital | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 89,409 | 66,785 | 82,468 | 50,299 |
Charge-offs | 0 | 0 | (112) | 0 |
Recoveries | 3 | 0 | 13 | 0 |
Provision for (Reduction of) Loan Losses | 1,632 | 10,142 | 8,200 | 26,111 |
Foreign Currency Translation Adjustments | (33) | 279 | 442 | 796 |
Ending Balance | 91,011 | 77,206 | 91,011 | 77,206 |
Commercial loans | Life science/healthcare | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 35,064 | 27,730 | 24,924 | 25,446 |
Charge-offs | (2,076) | (1,083) | (2,940) | (7,493) |
Recoveries | 189 | 63 | 245 | 107 |
Provision for (Reduction of) Loan Losses | 2,322 | (1,621) | 13,829 | 6,906 |
Foreign Currency Translation Adjustments | (47) | (45) | (606) | 78 |
Ending Balance | 35,452 | 25,044 | 35,452 | 25,044 |
Commercial loans | Premium wine | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 3,438 | 3,133 | 3,532 | 4,115 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for (Reduction of) Loan Losses | 125 | 362 | 42 | (567) |
Foreign Currency Translation Adjustments | (3) | 10 | (14) | (43) |
Ending Balance | 3,560 | 3,505 | 3,560 | 3,505 |
Commercial loans | Other | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 2,896 | 4,135 | 3,941 | 4,768 |
Charge-offs | (1,128) | 0 | (2,391) | (1,047) |
Recoveries | 771 | 947 | 1,874 | 1,424 |
Provision for (Reduction of) Loan Losses | 118 | (931) | (775) | (1,005) |
Foreign Currency Translation Adjustments | (2) | (26) | 6 | (15) |
Ending Balance | 2,655 | 4,125 | 2,655 | 4,125 |
Commercial loans | Commercial loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 268,150 | 222,520 | 238,583 | 213,182 |
Charge-offs | (22,205) | (12,327) | (47,931) | (51,438) |
Recoveries | 2,031 | 1,551 | 5,408 | 4,823 |
Provision for (Reduction of) Loan Losses | 19,074 | 20,874 | 71,704 | 65,007 |
Foreign Currency Translation Adjustments | (384) | 573 | (1,098) | 1,617 |
Ending Balance | 266,666 | 233,191 | 266,666 | 233,191 |
Consumer loans | Consumer loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 18,559 | 13,976 | 16,441 | 12,184 |
Charge-offs | 0 | (11) | (289) | (11) |
Recoveries | 133 | 277 | 470 | 1,332 |
Provision for (Reduction of) Loan Losses | 362 | 1,535 | 2,384 | 2,266 |
Foreign Currency Translation Adjustments | (7) | 42 | 41 | 48 |
Ending Balance | $ 19,047 | $ 15,819 | $ 19,047 | $ 15,819 |
Loans, Allowance for Loan Lo_10
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Allowance for Loan Losses Individually and Collectively Evaluated for Impairment (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | $ 49,992 | $ 41,793 |
Individually evaluated for impairment, recorded investment in loans | 186,072 | 174,861 |
Collectively evaluated for impairment, allowance for loan losses | 235,721 | 213,231 |
Collectively evaluated for impairment, allowance for loan losses | 27,308,843 | 22,931,455 |
Commercial loans | Software/internet | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 36,856 | 23,088 |
Individually evaluated for impairment, recorded investment in loans | 119,639 | 110,654 |
Collectively evaluated for impairment, allowance for loan losses | 76,634 | 73,016 |
Collectively evaluated for impairment, allowance for loan losses | 6,139,085 | 6,061,877 |
Commercial loans | Hardware | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 764 | 8,450 |
Individually evaluated for impairment, recorded investment in loans | 19,680 | 36,350 |
Collectively evaluated for impairment, allowance for loan losses | 19,734 | 19,164 |
Collectively evaluated for impairment, allowance for loan losses | 1,287,029 | 1,157,249 |
Commercial loans | Private equity/venture capital | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 0 | 330 |
Individually evaluated for impairment, recorded investment in loans | 3,700 | 658 |
Collectively evaluated for impairment, allowance for loan losses | 91,011 | 82,138 |
Collectively evaluated for impairment, allowance for loan losses | 13,356,811 | 9,951,719 |
Commercial loans | Life science/healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 11,951 | 9,315 |
Individually evaluated for impairment, recorded investment in loans | 36,425 | 21,687 |
Collectively evaluated for impairment, allowance for loan losses | 23,501 | 15,609 |
Collectively evaluated for impairment, allowance for loan losses | 2,266,028 | 1,787,140 |
Commercial loans | Premium wine | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 3 | 0 |
Individually evaluated for impairment, recorded investment in loans | 2,316 | 2,877 |
Collectively evaluated for impairment, allowance for loan losses | 3,557 | 3,532 |
Collectively evaluated for impairment, allowance for loan losses | 911,123 | 870,281 |
Commercial loans | Other | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 0 | 32 |
Individually evaluated for impairment, recorded investment in loans | 0 | 32 |
Collectively evaluated for impairment, allowance for loan losses | 2,655 | 3,909 |
Collectively evaluated for impairment, allowance for loan losses | 378,455 | 476,306 |
Commercial loans | Commercial loans | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 49,574 | 41,215 |
Individually evaluated for impairment, recorded investment in loans | 181,760 | 172,258 |
Collectively evaluated for impairment, allowance for loan losses | 217,092 | 197,368 |
Collectively evaluated for impairment, allowance for loan losses | 24,338,531 | 20,304,572 |
Consumer loans | Consumer loans | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 418 | 578 |
Individually evaluated for impairment, recorded investment in loans | 4,312 | 2,603 |
Collectively evaluated for impairment, allowance for loan losses | 18,629 | 15,863 |
Collectively evaluated for impairment, allowance for loan losses | $ 2,970,312 | $ 2,626,883 |
Loans, Allowance for Loan Lo_11
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Credit Quality Indicators, Broken out by Portfolio Segment and Class of Financing Receivables (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | $ 27,668,829 | $ 23,254,153 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 26,601,154 | 22,357,492 |
Performing (Criticized) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 881,603 | 721,800 |
Performing Impaired (Criticized) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 70,910 | 55,602 |
Nonperforming Impaired (Nonaccrual) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 115,162 | 119,259 |
Commercial loans | Software/internet | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 6,317,315 | 6,232,725 |
Commercial loans | Hardware | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,318,485 | 1,200,900 |
Commercial loans | Private equity/venture capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 13,369,035 | 9,961,121 |
Commercial loans | Life science/healthcare | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 2,377,470 | 1,867,960 |
Commercial loans | Premium wine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 914,266 | 874,369 |
Commercial loans | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 400,914 | 490,769 |
Commercial loans | Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 24,697,485 | 20,627,844 |
Commercial loans | Pass | Software/internet | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 5,613,023 | 5,655,739 |
Commercial loans | Pass | Hardware | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 1,245,532 | 1,112,574 |
Commercial loans | Pass | Private equity/venture capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 13,362,294 | 9,955,082 |
Commercial loans | Pass | Life science/healthcare | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 2,172,679 | 1,720,613 |
Commercial loans | Pass | Premium wine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 862,311 | 834,537 |
Commercial loans | Pass | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 398,263 | 469,721 |
Commercial loans | Pass | Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 23,654,102 | 19,748,266 |
Commercial loans | Performing (Criticized) | Software/internet | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 584,653 | 466,332 |
Commercial loans | Performing (Criticized) | Hardware | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 53,273 | 51,976 |
Commercial loans | Performing (Criticized) | Private equity/venture capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 3,041 | 5,381 |
Commercial loans | Performing (Criticized) | Life science/healthcare | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 168,366 | 125,660 |
Commercial loans | Performing (Criticized) | Premium wine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 49,639 | 36,955 |
Commercial loans | Performing (Criticized) | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 2,651 | 21,016 |
Commercial loans | Performing (Criticized) | Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 861,623 | 707,320 |
Commercial loans | Performing Impaired (Criticized) | Software/internet | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 37,204 | 31,794 |
Commercial loans | Performing Impaired (Criticized) | Hardware | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 17,249 | 20,165 |
Commercial loans | Performing Impaired (Criticized) | Private equity/venture capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 0 | 0 |
Commercial loans | Performing Impaired (Criticized) | Life science/healthcare | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 14,125 | 1,167 |
Commercial loans | Performing Impaired (Criticized) | Premium wine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 2,010 | 2,476 |
Commercial loans | Performing Impaired (Criticized) | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 0 | 0 |
Commercial loans | Performing Impaired (Criticized) | Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 70,588 | 55,602 |
Commercial loans | Nonperforming Impaired (Nonaccrual) | Software/internet | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 82,435 | 78,860 |
Commercial loans | Nonperforming Impaired (Nonaccrual) | Hardware | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 2,431 | 16,185 |
Commercial loans | Nonperforming Impaired (Nonaccrual) | Private equity/venture capital | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 3,700 | 658 |
Commercial loans | Nonperforming Impaired (Nonaccrual) | Life science/healthcare | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 22,300 | 20,520 |
Commercial loans | Nonperforming Impaired (Nonaccrual) | Premium wine | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 306 | 401 |
Commercial loans | Nonperforming Impaired (Nonaccrual) | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 0 | 32 |
Commercial loans | Nonperforming Impaired (Nonaccrual) | Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 111,172 | 116,656 |
Consumer loans | Real estate secured loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 2,553,651 | 2,297,857 |
Consumer loans | Other consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 417,693 | 328,452 |
Consumer loans | Consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 2,971,344 | 2,626,309 |
Consumer loans | Pass | Real estate secured loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 2,529,708 | 2,282,375 |
Consumer loans | Pass | Other consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 417,344 | 326,851 |
Consumer loans | Pass | Consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 2,947,052 | 2,609,226 |
Consumer loans | Performing (Criticized) | Real estate secured loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 19,631 | 13,301 |
Consumer loans | Performing (Criticized) | Other consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 349 | 1,179 |
Consumer loans | Performing (Criticized) | Consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 19,980 | 14,480 |
Consumer loans | Performing Impaired (Criticized) | Real estate secured loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 322 | 0 |
Consumer loans | Performing Impaired (Criticized) | Other consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 0 | 0 |
Consumer loans | Performing Impaired (Criticized) | Consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 322 | 0 |
Consumer loans | Nonperforming Impaired (Nonaccrual) | Real estate secured loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 3,990 | 2,181 |
Consumer loans | Nonperforming Impaired (Nonaccrual) | Other consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | 0 | 422 |
Consumer loans | Nonperforming Impaired (Nonaccrual) | Consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable | $ 3,990 | $ 2,603 |
Loans, Allowance for Loan Lo_12
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Summary of Loans Modified in Troubled Debt Restructurings (TDRs) (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018USD ($)troubled_debt_restructuring | Dec. 31, 2017USD ($) | |
Financing Receivable, Modifications [Line Items] | ||
Number of troubled debt restructurings | troubled_debt_restructuring | 20 | |
Loans modified in TDRs | $ 85,805 | $ 147,793 |
Unfunded commitments available for funding associated with TDRs | 800 | |
Commercial loans | ||
Financing Receivable, Modifications [Line Items] | ||
Loans modified in TDRs | 85,483 | 147,370 |
Commercial loans | Software/internet | ||
Financing Receivable, Modifications [Line Items] | ||
Loans modified in TDRs | 49,078 | 73,455 |
Commercial loans | Hardware | ||
Financing Receivable, Modifications [Line Items] | ||
Loans modified in TDRs | 12,499 | 51,132 |
Commercial loans | Private equity/venture capital | ||
Financing Receivable, Modifications [Line Items] | ||
Loans modified in TDRs | 0 | 350 |
Commercial loans | Life science/healthcare | ||
Financing Receivable, Modifications [Line Items] | ||
Loans modified in TDRs | 20,942 | 19,235 |
Commercial loans | Premium wine | ||
Financing Receivable, Modifications [Line Items] | ||
Loans modified in TDRs | 2,964 | 3,198 |
Consumer loans | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Loans modified in TDRs | $ 322 | $ 423 |
Loans, Allowance for Loan Lo_13
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Summary of Recorded Investment in Loans Modified in TDRs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | $ 10,398 | $ 11,272 | $ 32,647 | $ 26,615 |
Loans classified as TDRs, charge-offs | 13,000 | 0 | 21,500 | 2,600 |
Commercial loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | 10,398 | 11,272 | 32,325 | 26,615 |
Commercial loans | Software/internet | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | 0 | 10,876 | 14,069 | 26,034 |
Commercial loans | Hardware | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | 10,398 | 396 | 12,347 | 396 |
Commercial loans | Life science/healthcare | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | 0 | 0 | 5,909 | 0 |
Commercial loans | Premium wine | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | 0 | 0 | 0 | 185 |
Consumer loans | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | 0 | 0 | 322 | 0 |
Payment deferrals granted | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | $ 10,400 | $ 11,300 | $ 32,600 | $ 26,600 |
Loans, Allowance for Loan Lo_14
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Recorded Investment in Loans Modified in TDRs within Previous 12 months Subsequently Defaulted (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Financing Receivable, Modifications [Line Items] | ||||
TDRs modified within the previous 12 months that defaulted in the period | $ 26,920 | $ 1,420 | $ 54,256 | $ 1,420 |
Commercial loans | Software/internet | ||||
Financing Receivable, Modifications [Line Items] | ||||
TDRs modified within the previous 12 months that defaulted in the period | 18,911 | 1,234 | 41,568 | 1,234 |
Commercial loans | Hardware | ||||
Financing Receivable, Modifications [Line Items] | ||||
TDRs modified within the previous 12 months that defaulted in the period | 2,100 | 0 | 5,549 | 0 |
Commercial loans | Life science/healthcare | ||||
Financing Receivable, Modifications [Line Items] | ||||
TDRs modified within the previous 12 months that defaulted in the period | 5,909 | 0 | 7,139 | 0 |
Commercial loans | Premium wine | ||||
Financing Receivable, Modifications [Line Items] | ||||
TDRs modified within the previous 12 months that defaulted in the period | $ 0 | $ 186 | $ 0 | $ 186 |
Short-Term Borrowings and Lon_3
Short-Term Borrowings and Long-Term Debt - Outstanding Short Term Borrowings and Long Term Debt (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Debt Outstanding [Line Items] | ||
Short-term borrowings | $ 2,631,252,000 | $ 1,033,730,000 |
Long-term debt | $ 696,217,000 | 695,492,000 |
Senior Notes | 3.50% Senior Notes | ||
Debt Outstanding [Line Items] | ||
Maturity | Jan. 29, 2025 | |
Principal value at period end | $ 350,000,000 | |
Long-term debt | $ 347,554,000 | $ 347,303,000 |
Interest rate on senior notes | 3.50% | 3.50% |
Senior Notes | 5.375% Senior Notes | ||
Debt Outstanding [Line Items] | ||
Maturity | Sep. 15, 2020 | |
Principal value at period end | $ 350,000,000 | |
Long-term debt | $ 348,663,000 | $ 348,189,000 |
Interest rate on senior notes | 5.375% | 5.375% |
Short-term FHLB advances | ||
Debt Outstanding [Line Items] | ||
Principal value at period end | $ 2,250,000,000 | |
Short-term borrowings | 2,250,000,000 | $ 700,000,000 |
Federal funds purchased | ||
Debt Outstanding [Line Items] | ||
Principal value at period end | 0 | |
Short-term borrowings | 0 | 330,000,000 |
Securities sold under agreement to repurchase | ||
Debt Outstanding [Line Items] | ||
Principal value at period end | 371,539,000 | |
Short-term borrowings | 371,539,000 | 0 |
Short-term borrowings | ||
Debt Outstanding [Line Items] | ||
Principal value at period end | 9,713,000 | |
Short-term borrowings | $ 9,713,000 | $ 3,730,000 |
Short-Term Borrowings and Lon_4
Short-Term Borrowings and Long-Term Debt - Outstanding Short Term Borrowings and Long Term Debt (Additional Information) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |||||
Interest expense on debt | $ 12 | $ 9 | $ 29.1 | $ 27.2 | |
Weighted average interest rate on short-term borrowings | 2.31% | 2.31% | 1.39% |
Short-Term Borrowings and Lon_5
Short-Term Borrowings and Long-Term Debt - Available Lines of Credit (Detail) $ in Billions | Sep. 30, 2018USD ($) |
Short-term FHLB advances | |
Debt Disclosure [Line Items] | |
Unused borrowing capacity | $ 2 |
Federal Reserve Bank Advances | |
Debt Disclosure [Line Items] | |
Unused borrowing capacity | $ 1 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Total Notional or Contractual Amounts, Fair Value, Collateral and Net Exposure of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Fair Value, Derivative Assets | $ 88,165 | $ 108,389 |
Fair Value, Derivative Liabilities | 91,321 | 108,581 |
Variation Margin | 8,700 | |
Variation Margin - Notional Amount | 302,400 | |
Foreign exchange forwards | ||
Derivative [Line Items] | ||
Fair Value, Derivative Assets | 80,427 | 95,449 |
Fair Value, Derivative Liabilities | 74,687 | 95,454 |
Client foreign currency options | ||
Derivative [Line Items] | ||
Fair Value, Derivative Assets | 1,476 | 1,187 |
Fair Value, Derivative Liabilities | 1,478 | 1,187 |
Client interest rate derivatives | ||
Derivative [Line Items] | ||
Fair Value, Derivative Assets | 6,262 | 11,753 |
Fair Value, Derivative Liabilities | 15,156 | 11,940 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Fair Value, Derivative Assets | 235,132 | 232,152 |
Fair Value, Derivative Liabilities | 91,321 | 108,581 |
Derivatives not designated as hedging instruments | Foreign exchange forwards | Other assets | ||
Derivative [Line Items] | ||
Derivative Assets, Notional or Contractual Amount | 241,360 | 50,889 |
Fair Value, Derivative Assets | 2,842 | 414 |
Derivatives not designated as hedging instruments | Foreign exchange forwards | Other liability | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 397,153 | 425,055 |
Fair Value, Derivative Liabilities | 4,370 | 5,201 |
Derivatives not designated as hedging instruments | Equity warrant assets | Other assets | ||
Derivative [Line Items] | ||
Derivative Assets, Notional or Contractual Amount | 223,868 | 211,253 |
Fair Value, Derivative Assets | 146,967 | 123,763 |
Derivatives not designated as hedging instruments | Client foreign exchange forwards | Other assets | ||
Derivative [Line Items] | ||
Derivative Assets, Notional or Contractual Amount | 2,523,524 | 2,203,643 |
Fair Value, Derivative Assets | 77,585 | 95,035 |
Derivatives not designated as hedging instruments | Client foreign exchange forwards | Other liability | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 2,390,294 | 2,092,207 |
Fair Value, Derivative Liabilities | 70,317 | 90,253 |
Derivatives not designated as hedging instruments | Client foreign currency options | Other assets | ||
Derivative [Line Items] | ||
Derivative Assets, Notional or Contractual Amount | 91,125 | 102,678 |
Fair Value, Derivative Assets | 1,476 | 1,187 |
Derivatives not designated as hedging instruments | Client foreign currency options | Other liability | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 91,149 | 102,678 |
Fair Value, Derivative Liabilities | 1,478 | 1,187 |
Derivatives not designated as hedging instruments | Client interest rate derivatives | Other assets | ||
Derivative [Line Items] | ||
Derivative Assets, Notional or Contractual Amount | 937,808 | 726,984 |
Fair Value, Derivative Assets | 6,262 | 11,753 |
Derivatives not designated as hedging instruments | Client interest rate derivatives | Other liability | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 1,335,830 | 782,586 |
Fair Value, Derivative Liabilities | $ 15,156 | $ 11,940 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Derivative Activity and Related Impact on Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Interest rate risks | Derivatives designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | $ 0 | $ 62 | $ 0 | $ 990 |
Interest rate risks | Derivatives designated as hedging instruments | Interest expense—borrowings | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | 0 | 62 | 0 | 997 |
Interest rate risks | Derivatives designated as hedging instruments | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | 0 | 0 | 0 | (7) |
Currency exchange risk | Derivatives not designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | 410 | 11 | (36) | 916 |
Currency exchange risk | Derivatives not designated as hedging instruments | Revaluations of internal foreign currency instruments, net | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | 5,412 | 10,561 | 8,019 | 29,265 |
Currency exchange risk | Derivatives not designated as hedging instruments | Foreign exchange forward contracts, net | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | (5,002) | (10,550) | (8,055) | (28,349) |
Other derivative instruments | Derivatives not designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | 386 | (111) | 1,021 | 539 |
Other derivative instruments | Derivatives not designated as hedging instruments | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | 222 | (38) | 643 | (524) |
Other derivative instruments | Derivatives not designated as hedging instruments | Revaluations of internal foreign currency instruments, net | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | (1,187) | 3,760 | 3,718 | 8,889 |
Other derivative instruments | Derivatives not designated as hedging instruments | Foreign exchange forward contracts, net | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | 1,573 | (3,871) | (2,697) | (8,350) |
Equity warrant assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | 24,462 | 29,666 | ||
Equity warrant assets | Derivatives not designated as hedging instruments | Gains on equity warrant assets, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | $ 34,141 | $ 24,922 | $ 72,393 | $ 42,432 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Balance Sheet Offsetting, Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Derivative Assets | ||
Gross Amounts of Recognized Assets | $ 88,165 | $ 108,389 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 88,165 | 108,389 |
Financial Instruments (Collateral) | (33,576) | (26,754) |
Cash Collateral Received | (9,713) | (3,730) |
Net Amount | 44,876 | 77,905 |
Reverse repurchase, securities borrowing, and similar arrangements | ||
Gross Amounts of Recognized Assets | 119,181 | 247,876 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 119,181 | 247,876 |
Financial Instruments (Collateral) | (119,181) | (247,876) |
Cash Collateral Received | 0 | 0 |
Net Amount | 0 | 0 |
Total | ||
Gross Amounts of Recognized Assets | 207,346 | 356,265 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 207,346 | 356,265 |
Financial Instruments (Collateral) | (152,757) | (274,630) |
Cash Collateral Received | (9,713) | (3,730) |
Net Amount | 44,876 | 77,905 |
Foreign exchange forwards | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 80,427 | 95,449 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 80,427 | 95,449 |
Financial Instruments (Collateral) | (29,400) | (14,570) |
Cash Collateral Received | (6,816) | (3,616) |
Net Amount | 44,211 | 77,263 |
Client foreign currency options | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 1,476 | 1,187 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 1,476 | 1,187 |
Financial Instruments (Collateral) | (811) | (557) |
Cash Collateral Received | 0 | 0 |
Net Amount | 665 | 630 |
Client interest rate derivatives | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 6,262 | 11,753 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 6,262 | 11,753 |
Financial Instruments (Collateral) | (3,365) | (11,627) |
Cash Collateral Received | (2,897) | (114) |
Net Amount | $ 0 | $ 12 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Balance Sheet Offsetting, Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | $ 91,321 | $ 108,581 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 91,321 | 108,581 |
Financial Instruments (Collateral) | (27,586) | (11,498) |
Cash Collateral Pledged | (30,216) | (81,164) |
Net Amount | 33,519 | 15,919 |
Repurchase, securities lending, and similar arrangements | ||
Securities Sold under Agreements to Repurchase, Gross | 371,539 | 0 |
Securities Sold under Agreements to Repurchase, Asset | 0 | 0 |
Securities Sold under Agreements to Repurchase | 371,539 | 0 |
Financial Instruments (Collateral) | (147,757) | 0 |
Cash Collateral Pledged | (750) | 0 |
Net Amount | 223,032 | 0 |
Total | ||
Gross Amounts of Recognized Liabilities | 462,860 | 108,581 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 462,860 | 108,581 |
Financial Instruments (Collateral) | (175,343) | (11,498) |
Cash Collateral Pledged | (30,966) | (81,164) |
Net Amount | 256,551 | 15,919 |
Foreign exchange forwards | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 74,687 | 95,454 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 74,687 | 95,454 |
Financial Instruments (Collateral) | (22,038) | (10,997) |
Cash Collateral Pledged | (20,036) | (69,110) |
Net Amount | 32,613 | 15,347 |
Client foreign currency options | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 1,478 | 1,187 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 1,478 | 1,187 |
Financial Instruments (Collateral) | (666) | (501) |
Cash Collateral Pledged | 0 | (130) |
Net Amount | 812 | 556 |
Client interest rate derivatives | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 15,156 | 11,940 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 15,156 | 11,940 |
Financial Instruments (Collateral) | (4,882) | 0 |
Cash Collateral Pledged | (10,180) | (11,924) |
Net Amount | $ 94 | $ 16 |
Noninterest Income - Summary of
Noninterest Income - Summary of Noninterest Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Other Income and Expenses [Abstract] | ||||
Gains on investment securities, net | $ 32,193 | $ 15,238 | $ 77,365 | $ 48,838 |
Gains on equity warrant assets, net | 34,141 | 24,922 | 72,393 | 42,432 |
Foreign exchange fees | 32,656 | 29,671 | 100,560 | 82,026 |
Credit card fees | 24,121 | 20,270 | 68,739 | 56,099 |
Deposit service charges | 19,588 | 14,508 | 56,081 | 43,046 |
Client investment fees | 36,265 | 15,563 | 88,592 | 37,571 |
Lending related fees | 10,675 | 15,404 | 30,938 | 32,874 |
Letters of credit and standby letters of credit fees | 8,409 | 7,306 | 24,938 | 20,951 |
Other | 12,022 | 15,896 | 38,671 | 41,128 |
Total noninterest income | $ 210,070 | $ 158,778 | $ 558,277 | $ 404,965 |
Noninterest Income - Gains and
Noninterest Income - Gains and Losses on Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Other Income and Expenses [Abstract] | ||||
Total net gains on non-marketable and other equity securities | $ 32,193 | $ 15,339 | $ 77,365 | $ 48,454 |
(Losses) gains on sales of available-for-sale securities, net | 0 | (101) | 0 | 384 |
Gains on investment securities, net | $ 32,193 | $ 15,238 | $ 77,365 | $ 48,838 |
Noninterest Income - Gains an_2
Noninterest Income - Gains and Losses on Derivatives (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Other Income and Expenses [Abstract] | ||||
Gains on exercises, net | $ 18,287 | $ 7,449 | $ 42,808 | $ 22,482 |
Cancellations and expirations | (1,432) | (757) | (3,158) | (3,614) |
Changes in fair value, net | 17,286 | 18,230 | 32,743 | 23,564 |
Gains on equity warrant assets, net | $ 34,141 | $ 24,922 | $ 72,393 | $ 42,432 |
Noninterest Income - Foreign Ex
Noninterest Income - Foreign Exchange Fees (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 130,437 | $ 364,258 | ||
Revenue not from contract with customer | 79,633 | 194,019 | ||
Foreign exchange fees | 32,656 | $ 29,671 | 100,560 | $ 82,026 |
Spot contract commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 30,041 | 27,700 | 92,791 | 73,707 |
Forward contract commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customer | 2,534 | 1,877 | 7,474 | 7,948 |
Option premium fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customer | $ 81 | $ 94 | $ 295 | $ 371 |
Noninterest Income - Credit Car
Noninterest Income - Credit Card Fees (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Card interchange fees, net | $ 18,849 | $ 16,179 | $ 54,547 | $ 44,182 |
Revenue from contracts with customers | 130,437 | 364,258 | ||
Revenue not from contract with customer | 79,633 | 194,019 | ||
Total credit card fees | 24,121 | 20,270 | 68,739 | 56,099 |
Merchant service fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3,679 | 2,930 | 10,010 | 8,553 |
Card service fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customer | $ 1,593 | $ 1,161 | $ 4,182 | $ 3,364 |
Noninterest Income - Client Inv
Noninterest Income - Client Investment Fees (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 130,437 | $ 364,258 | ||
Sweep money market fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 21,105 | $ 7,968 | 50,605 | $ 18,838 |
Asset management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 6,358 | 4,177 | 17,447 | 11,666 |
Repurchase agreement fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 8,802 | 3,418 | 20,540 | 7,067 |
Client investment fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 36,265 | $ 15,563 | $ 88,592 | $ 37,571 |
Noninterest Income - Lending Re
Noninterest Income - Lending Related Fees (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Lending related fees | $ 10,675 | $ 15,404 | $ 30,938 | $ 32,874 |
Unused commitment fees | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Lending related fees | 8,410 | 12,334 | 24,994 | 25,923 |
Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Lending related fees | $ 2,265 | $ 3,070 | $ 5,944 | $ 6,951 |
Noninterest Income - Summary _2
Noninterest Income - Summary of Other Noninterest Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Revenue from contracts with customers | $ 130,437 | $ 364,258 | ||
Net gains on revaluation of foreign currency instruments, net of foreign exchange forward contracts | 796 | $ (100) | 985 | $ 1,455 |
Other service revenue | 5,747 | 10,798 | 20,542 | 23,770 |
Other | 12,022 | 15,896 | 38,671 | 41,128 |
Fund management fees | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Revenue from contracts with customers | $ 5,479 | $ 5,198 | $ 17,144 | $ 15,903 |
Noninterest Income - Disaggrega
Noninterest Income - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 130,437 | $ 364,258 | ||
Revenues outside the scope of ASC 606 | 79,633 | 194,019 | ||
Noninterest income | 210,070 | $ 158,778 | 558,277 | $ 404,965 |
Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 102,677 | 292,953 | ||
Revenues outside the scope of ASC 606 | 11,446 | 33,761 | ||
Noninterest income | 114,123 | 326,714 | ||
SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 630 | 1,693 | ||
Revenues outside the scope of ASC 606 | (25) | (16) | ||
Noninterest income | 605 | 1,677 | ||
SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 5,479 | 17,144 | ||
Revenues outside the scope of ASC 606 | 18,944 | 64,688 | ||
Noninterest income | 24,423 | 81,832 | ||
Other Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 21,651 | 52,468 | ||
Revenues outside the scope of ASC 606 | 49,268 | 95,586 | ||
Noninterest income | 70,919 | 148,054 | ||
Spot contract commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 30,041 | 27,700 | 92,791 | 73,707 |
Spot contract commissions | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 29,776 | 92,098 | ||
Spot contract commissions | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 184 | 507 | ||
Spot contract commissions | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Spot contract commissions | Other Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 81 | 186 | ||
Card interchange fees, gross | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 34,013 | 95,399 | ||
Card interchange fees, gross | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 33,905 | 95,088 | ||
Card interchange fees, gross | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Card interchange fees, gross | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Card interchange fees, gross | Other Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 108 | 311 | ||
Merchant service fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3,679 | 10,010 | ||
Merchant service fees | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3,677 | 10,008 | ||
Merchant service fees | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2 | 2 | ||
Merchant service fees | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Merchant service fees | Other Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Deposit service charges | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 19,588 | 56,081 | ||
Deposit service charges | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 19,207 | 54,633 | ||
Deposit service charges | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 24 | 83 | ||
Deposit service charges | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Deposit service charges | Other Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 357 | 1,365 | ||
Client investment fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 36,265 | 15,563 | 88,592 | 37,571 |
Client investment fees | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 14,740 | 36,885 | ||
Client investment fees | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 420 | 1,101 | ||
Client investment fees | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Client investment fees | Other Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 21,105 | 50,606 | ||
Fund management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 5,479 | $ 5,198 | 17,144 | $ 15,903 |
Fund management fees | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Fund management fees | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Fund management fees | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 5,479 | 17,144 | ||
Fund management fees | Other Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Correspondent bank rebates | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,372 | 4,241 | ||
Correspondent bank rebates | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,372 | 4,241 | ||
Correspondent bank rebates | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Correspondent bank rebates | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Correspondent bank rebates | Other Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 0 | $ 0 |
Other Noninterest Expense - Sum
Other Noninterest Expense - Summary of Other Noninterest Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Other Income and Expenses [Abstract] | ||||
Lending and other client related processing costs | $ 5,698 | $ 6,935 | $ 16,301 | $ 18,806 |
Data processing services | 2,740 | 2,244 | 7,934 | 7,254 |
Telephone | 2,269 | 2,518 | 7,025 | 7,892 |
Dues and publications | 1,387 | 883 | 3,081 | 2,355 |
Postage and supplies | 652 | 612 | 2,133 | 2,013 |
Other | 5,393 | 4,872 | 15,171 | 16,350 |
Total other noninterest expense | $ 18,139 | $ 18,064 | $ 51,645 | $ 54,670 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2018Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Reporting - Segment Inf
Segment Reporting - Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Net interest income | $ 493,222 | $ 373,974 | $ 1,379,528 | $ 1,026,663 |
Provision for credit losses | (17,174) | (23,522) | (74,226) | (70,062) |
Noninterest income | 210,070 | 158,778 | 558,277 | 404,965 |
Noninterest expense | (309,445) | (257,761) | (880,601) | (746,640) |
Income before income tax expense | 376,673 | 251,469 | 982,978 | 614,926 |
Total average loans, net of unearned income | 26,331,377 | 21,584,892 | 25,008,277 | 20,726,467 |
Total average assets | 56,465,037 | 49,795,366 | 54,432,652 | 47,565,051 |
Total average deposits | 49,092,240 | 44,042,842 | 47,734,362 | 42,061,635 |
Global Commercial Bank | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 114,123 | 326,714 | ||
SVB Private Bank | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 605 | 1,677 | ||
SVB Capital | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 24,423 | 81,832 | ||
Operating segments | Global Commercial Bank | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 431,036 | 337,860 | 1,209,960 | 924,789 |
Provision for credit losses | (19,074) | (20,874) | (71,704) | (65,007) |
Noninterest income | 114,123 | 97,227 | 326,714 | 260,650 |
Noninterest expense | (206,487) | (178,306) | (591,434) | (528,807) |
Income before income tax expense | 319,598 | 235,907 | 873,536 | 591,625 |
Total average loans, net of unearned income | 22,925,909 | 18,807,616 | 21,781,557 | 18,125,020 |
Total average assets | 54,296,808 | 47,809,890 | 52,277,701 | 45,408,476 |
Total average deposits | 47,037,693 | 42,376,024 | 45,701,317 | 40,398,413 |
Operating segments | SVB Private Bank | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 14,919 | 14,600 | 46,811 | 42,952 |
Provision for credit losses | (362) | (1,535) | (2,384) | (2,266) |
Noninterest income | 605 | 460 | 1,677 | 1,715 |
Noninterest expense | (6,760) | (4,706) | (18,729) | (12,675) |
Income before income tax expense | 8,402 | 8,819 | 27,375 | 29,726 |
Total average loans, net of unearned income | 2,928,576 | 2,499,507 | 2,791,910 | 2,371,027 |
Total average assets | 2,538,662 | 2,538,400 | 2,548,184 | 2,403,777 |
Total average deposits | 1,505,746 | 1,231,390 | 1,519,200 | 1,289,990 |
Operating segments | SVB Capital | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 6 | 15 | 22 | 41 |
Provision for credit losses | 0 | 0 | 0 | 0 |
Noninterest income | 24,423 | 13,913 | 81,832 | 45,707 |
Noninterest expense | (6,469) | (4,873) | (17,182) | (14,537) |
Income before income tax expense | 17,960 | 9,055 | 64,672 | 31,211 |
Total average loans, net of unearned income | 0 | 0 | 0 | 0 |
Total average assets | 388,531 | 323,417 | 379,809 | 333,439 |
Total average deposits | 0 | 0 | 0 | 0 |
Other Income | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 47,261 | 21,499 | 122,735 | 58,881 |
Provision for credit losses | 2,262 | (1,113) | (138) | (2,789) |
Noninterest income | 70,919 | 47,178 | 148,054 | 96,893 |
Noninterest expense | (89,729) | (69,876) | (253,256) | (190,621) |
Income before income tax expense | 30,713 | (2,312) | 17,395 | (37,636) |
Total average loans, net of unearned income | 476,892 | 277,769 | 434,810 | 230,420 |
Total average assets | (758,964) | (876,341) | (773,042) | (580,641) |
Total average deposits | $ 548,801 | $ 435,428 | $ 513,845 | $ 373,232 |
Segment Reporting - Segment I_2
Segment Reporting - Segment Information (Additional Information) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating segments | Global Commercial Bank | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 5.5 | $ 6.1 | $ 16.6 | $ 19.4 |
Off-Balance Sheet Arrangement_3
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Summary Information Related to Commitments to Extend Credit (Excluding Letters of Credit) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Disclosure Off Balance Sheet Arrangements Guarantees And Other Commitments Additional Information [Abstract] | ||||||
Fixed interest rate commitments | $ 1,768,904 | $ 1,478,157 | ||||
Variable interest rate commitments | 14,698,357 | 14,034,169 | ||||
Total loan commitments available for funding | 16,467,261 | 15,512,326 | ||||
Commercial and standby letters of credit | 2,072,253 | 1,950,211 | ||||
Total unfunded credit commitments | 18,539,514 | 17,462,537 | ||||
Commitments unavailable for funding | 2,458,846 | 2,117,057 | ||||
Reserve for unfunded commitments | $ 51,808 | $ 54,104 | $ 51,770 | $ 48,172 | $ 47,000 | $ 45,265 |
Off-Balance Sheet Arrangement_4
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Summary of Commercial and Standby Letters of Credit (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Guarantor Obligations [Line Items] | ||
Expires In One Year or Less | $ 2,014,671 | |
Expires After One Year | 57,582 | |
Total Amount Outstanding | 2,072,253 | $ 1,950,211 |
Maximum Amount of Future Payments | 2,072,253 | |
Financial standby letters of credit | ||
Guarantor Obligations [Line Items] | ||
Expires In One Year or Less | 1,906,562 | |
Expires After One Year | 41,565 | |
Total Amount Outstanding | 1,948,127 | |
Maximum Amount of Future Payments | 1,948,127 | |
Performance standby letters of credit | ||
Guarantor Obligations [Line Items] | ||
Expires In One Year or Less | 84,402 | |
Expires After One Year | 15,666 | |
Total Amount Outstanding | 100,068 | |
Maximum Amount of Future Payments | 100,068 | |
Commercial letters of credit | ||
Guarantor Obligations [Line Items] | ||
Expires In One Year or Less | 23,707 | |
Expires After One Year | 351 | |
Total Amount Outstanding | 24,058 | |
Maximum Amount of Future Payments | $ 24,058 |
Off-Balance Sheet Arrangement_5
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Summary of Commercial and Standby Letters of Credit (Additional Information) (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Line Items] | |||
Deferred fees | $ 556 | $ 736 | $ 27,057 |
Standby Letter of Credit | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Deferred fees | 11,900 | $ 12,400 | |
Collateral in the form of cash | $ 1,100,000 | ||
Consolidated 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 | ||
Call unrestricted, percentage of committed capital | 100.00% | ||
Consolidated 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 | ||
Consolidated 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 |
Off-Balance Sheet Arrangement_6
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Total Capital Commitments, Unfunded Capital Commitments, and Our Ownership in Each Fund (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Unfunded Commitments | $ 5,775 |
Strategic Investors Fund, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Unfunded Commitments | 1,338 |
Capital Preferred Return Fund, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Unfunded Commitments | 2,658 |
Growth Partners, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Unfunded Commitments | 1,779 |
Parent Company | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | 450,067 |
SVBFG Unfunded Commitments | 15,607 |
Parent Company | CP I, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | 6,000 |
SVBFG Unfunded Commitments | $ 270 |
SVBFG Ownership of each Fund | 10.70% |
Parent Company | CP II, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 1,200 |
SVBFG Unfunded Commitments | $ 162 |
SVBFG Ownership of each Fund | 5.10% |
Parent Company | Shanghai Yangpu Venture Capital Fund (LP) | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 844 |
SVBFG Unfunded Commitments | $ 0 |
SVBFG Ownership of each Fund | 6.80% |
Parent Company | Strategic Investors Fund, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 15,300 |
SVBFG Unfunded Commitments | $ 688 |
SVBFG Ownership of each Fund | 12.60% |
Parent Company | Strategic Investors Fund II, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 15,000 |
SVBFG Unfunded Commitments | $ 1,050 |
SVBFG Ownership of each Fund | 8.60% |
Parent Company | Strategic Investors Fund III, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 15,000 |
SVBFG Unfunded Commitments | $ 1,275 |
SVBFG Ownership of each Fund | 5.90% |
Parent Company | Strategic Investors Fund IV, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 12,239 |
SVBFG Unfunded Commitments | $ 2,325 |
SVBFG Ownership of each Fund | 5.00% |
Parent Company | Strategic Investors Fund V funds | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 515 |
SVBFG Unfunded Commitments | 131 |
Parent Company | Capital Preferred Return Fund, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | 12,688 |
SVBFG Unfunded Commitments | $ 0 |
SVBFG Ownership of each Fund | 20.00% |
Parent Company | Growth Partners, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 24,670 |
SVBFG Unfunded Commitments | $ 1,340 |
SVBFG Ownership of each Fund | 33.00% |
Parent Company | Debt funds (equity method accounting) | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | $ 48,443 |
SVBFG Unfunded Commitments | 0 |
Parent Company | Other fund investments | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | 298,168 |
SVBFG Unfunded Commitments | $ 8,366 |
Off-Balance Sheet Arrangement_7
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Total Capital Commitments, Unfunded Capital Commitments, and Our Ownership in Each Fund (Additional Information) (Detail) - Other fund investments - Consolidated venture capital and private equity fund investments | 9 Months Ended |
Sep. 30, 2018Investment | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
Number of other funds with investment commitments | 223 |
Upper Limit | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
Percentage of ownership | 5.00% |
Off-Balance Sheet Arrangement_8
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Remaining Unfunded Commitments to Venture Capital or Private Equity Funds by our Consolidated Managed Funds (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Commitments and Contingencies Disclosure [Line Items] | |
SVBFG Unfunded Commitments | $ 5,775 |
Strategic Investors Fund, LP | |
Commitments and Contingencies Disclosure [Line Items] | |
SVBFG Unfunded Commitments | 1,338 |
Capital Preferred Return Fund, LP | |
Commitments and Contingencies Disclosure [Line Items] | |
SVBFG Unfunded Commitments | 2,658 |
Growth Partners, LP | |
Commitments and Contingencies Disclosure [Line Items] | |
SVBFG Unfunded Commitments | $ 1,779 |
Lower Limit | Consolidated venture capital and private equity fund investments | |
Commitments and Contingencies Disclosure [Line Items] | |
Expected commitment period to invest in venture capital and private equity funds (in years) | 5 years |
Upper Limit | Consolidated venture capital and private equity fund investments | |
Commitments and Contingencies Disclosure [Line Items] | |
Expected commitment period to invest in venture capital and private equity funds (in years) | 7 years |
Income Taxes (Detail)
Income Taxes (Detail) $ in Millions | Sep. 30, 2018USD ($) |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits | $ 13.2 |
Income tax reduction from recognized tax benefit | $ 10.2 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 9,087,609 | $ 11,120,664 |
Fair Value, Derivative Assets | 88,165 | 108,389 |
Fair Value, Derivative Liabilities | 91,321 | 108,581 |
Client interest rate derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 6,262 | 11,753 |
Fair Value, Derivative Liabilities | 15,156 | 11,940 |
Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 235,132 | 232,152 |
Fair Value, Derivative Liabilities | 91,321 | 108,581 |
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, Derivative Assets | 146,967 | 123,763 |
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, Derivative Assets | 6,262 | 11,753 |
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, Derivative Liabilities | 15,156 | 11,940 |
U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 5,501,874 | 6,840,502 |
U.S. agency debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 1,346,672 | 1,567,128 |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 72,269 | |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 9,087,609 | 11,120,664 |
Total assets | 9,688,621 | 11,481,237 |
Total liabilities | 91,321 | 108,581 |
Recurring | Derivatives not designated as hedging instruments | Foreign exchange contract | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 81,903 | 96,636 |
Recurring | Derivatives not designated as hedging instruments | Foreign exchange contract | Other liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Liabilities | 76,165 | 96,641 |
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, Derivative Assets | 146,967 | 123,763 |
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, Derivative Assets | 6,262 | 11,753 |
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, Derivative Liabilities | 15,156 | 11,940 |
Recurring | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 365,880 | 128,421 |
Recurring | Venture capital and private equity fund investments | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 1,001 | 919 |
Recurring | Other securities | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 30,460 | 310 |
Recurring | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 5,501,874 | 6,840,502 |
Recurring | U.S. agency debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 1,346,672 | 1,567,128 |
Recurring | Fixed rate | Agency-issued collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 1,920,541 | 2,267,035 |
Recurring | Variable rate | Agency-issued collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 318,522 | 373,730 |
Recurring | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 72,269 | |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 5,501,874 | 6,840,660 |
Total assets | 5,504,058 | 6,840,970 |
Total liabilities | 0 | 0 |
Recurring | Level 1 | Noncontrolling Interests | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 200 | |
Recurring | Level 1 | Derivatives not designated as hedging instruments | Foreign exchange contract | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 0 | 0 |
Recurring | Level 1 | Derivatives not designated as hedging instruments | Foreign exchange contract | Other liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Liabilities | 0 | 0 |
Recurring | 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, Derivative Assets | 0 | 0 |
Recurring | 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, Derivative Assets | 0 | 0 |
Recurring | 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, Derivative Liabilities | 0 | 0 |
Recurring | Level 1 | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 2,184 | 310 |
Recurring | Level 1 | Venture capital and private equity fund investments | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 0 | 0 |
Recurring | Level 1 | Other securities | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 2,184 | 310 |
Recurring | Level 1 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 5,501,874 | 6,840,502 |
Recurring | Level 1 | U.S. agency debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Recurring | Level 1 | Fixed rate | Agency-issued collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Recurring | Level 1 | Variable rate | Agency-issued collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Recurring | Level 1 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 158 | |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 3,585,735 | 4,280,004 |
Total assets | 3,708,654 | 4,390,825 |
Total liabilities | 91,321 | 108,581 |
Recurring | Level 2 | Derivatives not designated as hedging instruments | Foreign exchange contract | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 81,903 | 96,636 |
Recurring | Level 2 | Derivatives not designated as hedging instruments | Foreign exchange contract | Other liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Liabilities | 76,165 | 96,641 |
Recurring | 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, Derivative Assets | 6,478 | 2,432 |
Recurring | 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, Derivative Assets | 6,262 | 11,753 |
Recurring | 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, Derivative Liabilities | 15,156 | 11,940 |
Recurring | Level 2 | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 28,276 | 0 |
Recurring | Level 2 | Venture capital and private equity fund investments | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 0 | 0 |
Recurring | Level 2 | Other securities | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 28,276 | 0 |
Recurring | Level 2 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Recurring | Level 2 | U.S. agency debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 1,346,672 | 1,567,128 |
Recurring | Level 2 | Fixed rate | Agency-issued collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 1,920,541 | 2,267,035 |
Recurring | Level 2 | Variable rate | Agency-issued collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 318,522 | 373,730 |
Recurring | Level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 72,111 | |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Total assets | 141,490 | 122,250 |
Total liabilities | 0 | 0 |
Recurring | Level 3 | Noncontrolling Interests | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 900 | 800 |
Recurring | Level 3 | Derivatives not designated as hedging instruments | Foreign exchange contract | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 0 | 0 |
Recurring | Level 3 | Derivatives not designated as hedging instruments | Foreign exchange contract | Other liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Liabilities | 0 | 0 |
Recurring | 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, Derivative Assets | 140,489 | 121,331 |
Recurring | 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, Derivative Assets | 0 | 0 |
Recurring | 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, Derivative Liabilities | 0 | 0 |
Recurring | Level 3 | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 1,001 | 919 |
Recurring | Level 3 | Venture capital and private equity fund investments | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 1,001 | 919 |
Recurring | Level 3 | Other securities | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 0 | 0 |
Recurring | Level 3 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Recurring | Level 3 | U.S. agency debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Recurring | Level 3 | Fixed rate | Agency-issued collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Recurring | Level 3 | Variable rate | Agency-issued collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Recurring | Level 3 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | |
Recurring | Measured at net asset value | Venture capital and private equity fund investments | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | $ 334,419 | $ 127,192 |
Upper Limit | Level 3 | Equity warrant asset, public portfolio | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Sales restrictions discount rate | 20.00% |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Additional Information about Level 3 Assets Measured at Fair Value on a Recurring Basis (Detail) - Recurring - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | $ 138,754 | $ 130,849 | $ 122,250 | $ 130,853 |
Total Realized and Unrealized Gains (Losses) Included in Income | 32,237 | 24,354 | 69,179 | 41,406 |
Sales/Exits | (34,101) | (17,412) | (61,464) | (40,998) |
Issuances | 4,809 | 3,622 | 14,007 | 11,071 |
Distributions and Other Settlements | 0 | 0 | 0 | 0 |
Transfers Out of Level 3 | (209) | (441) | (2,482) | (1,360) |
Ending Balance | 141,490 | 140,972 | 141,490 | 140,972 |
Equity warrant assets | Other assets | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 137,753 | 128,952 | 121,331 | 128,813 |
Total Realized and Unrealized Gains (Losses) Included in Income | 32,237 | 24,354 | 69,097 | 41,549 |
Sales/Exits | (34,101) | (17,412) | (61,464) | (40,998) |
Issuances | 4,809 | 3,622 | 14,007 | 11,071 |
Distributions and Other Settlements | 0 | 0 | 0 | 0 |
Transfers Out of Level 3 | (209) | (441) | (2,482) | (1,360) |
Ending Balance | 140,489 | 139,075 | 140,489 | 139,075 |
Non-marketable securities | Fair value accounting | Unconsolidated venture capital and private equity fund investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 1,001 | 1,897 | 919 | 2,040 |
Total Realized and Unrealized Gains (Losses) Included in Income | 0 | 0 | 82 | (143) |
Sales/Exits | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Distributions and Other Settlements | 0 | 0 | 0 | 0 |
Transfers Out of Level 3 | 0 | 0 | 0 | 0 |
Ending Balance | $ 1,001 | $ 1,897 | $ 1,001 | $ 1,897 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Unrealized Gains Included in Earnings Attributable to Level 3 Assets Held (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
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 | $ 15,841 | $ 17,827 | $ 31,036 | $ 23,591 |
Unrealized gains (losses) attributable to noncontrolling interests | 0 | 0 | 73 | (127) |
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 | 15,841 | 17,827 | 30,954 | 23,734 |
Unconsolidated venture capital and private equity fund investments | Non-marketable securities | Fair value accounting | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Unrealized Gains (Losses) [Line Items] | ||||
Unrealized gains included in earnings attributable to Level 3 assets still held | $ 0 | $ 0 | $ 82 | $ (143) |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Quantitative Information About Significant Unobservable Inputs (Detail) - Level 3 $ in Thousands | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Unconsolidated venture capital and private equity fund investments | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | $ 1,001 | $ 919 |
Equity warrant asset, public portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | $ 1,805 | $ 1,936 |
Equity warrant asset, public portfolio | Volatility | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Weighted Average | 0.531 | 0.479 |
Equity warrant asset, public portfolio | Risk-Free interest rate | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Weighted Average | 0.030 | 0.021 |
Equity warrant asset, public portfolio | Sales restrictions discount | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Weighted Average | 0.141 | 0.155 |
Equity warrant assets, private portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | $ 138,684 | $ 119,395 |
Equity warrant assets, private portfolio | Volatility | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Weighted Average | 0.382 | 0.367 |
Equity warrant assets, private portfolio | Risk-Free interest rate | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Weighted Average | 0.028 | 0.018 |
Equity warrant assets, private portfolio | Marketability discount | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Weighted Average | 0.172 | 0.164 |
Equity warrant assets, private portfolio | Remaining life assumption | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Weighted Average | 0.450 | 0.450 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Quantitative Information About Significant Unobservable Inputs (Additional Information) (Detail) | 9 Months Ended |
Sep. 30, 2018 | |
Equity warrant assets, private portfolio | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |
Weighted average contractual remaining term | 6 years 2 months 12 days |
Estimated remaining life | 2 years 9 months 18 days |
Lower Limit | Level 3 | Equity warrant asset, public portfolio | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |
Fair value inputs, sales restriction, period | 3 months |
Upper Limit | Level 3 | Equity warrant asset, public portfolio | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |
Fair value inputs, sales restriction, period | 6 months |
Sales restrictions discount | Lower Limit | Level 3 | Equity warrant asset, public portfolio | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |
Weighted Average | 0.10 |
Sales restrictions discount | Upper Limit | Level 3 | Equity warrant asset, public portfolio | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |
Weighted Average | 0.20 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Financial Instruments not Carried at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | $ 15,372,238 | $ 12,548,280 |
Loans and Leases Receivable, Net Amount | 27,209,202 | 22,851,292 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 3,819,141 | 2,923,075 |
Held-to-maturity securities | 15,899,726 | 12,663,455 |
Non-marketable securities not measured at net asset value | 134,646 | 120,019 |
Non-marketable securities measured at net asset value | 134,017 | 228,399 |
FHLB and Federal Reserve Bank stock | 102,378 | 60,020 |
Non-maturity deposits | 48,518,701 | 44,206,929 |
Time deposits | 77,410 | 47,146 |
Commitments to extend credit | 0 | 0 |
Carrying Amount | Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 2,631,252 | 1,033,730 |
Carrying Amount | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 347,554 | 347,303 |
Carrying Amount | 5.375% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 348,663 | 348,189 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 3,819,141 | 2,923,075 |
Held-to-maturity securities | 15,372,238 | 12,548,280 |
Non-marketable securities not measured at net asset value | 134,646 | 126,345 |
Non-marketable securities measured at net asset value | 134,017 | 331,496 |
FHLB and Federal Reserve Bank stock | 102,378 | 60,020 |
Non-maturity deposits | 48,518,701 | 44,206,929 |
Time deposits | 77,047 | 46,885 |
Commitments to extend credit | 22,857 | 22,208 |
Estimated Fair Value | Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 2,631,252 | 1,033,730 |
Estimated Fair Value | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 338,370 | 352,058 |
Estimated Fair Value | 5.375% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 363,447 | 374,483 |
Estimated Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 3,819,141 | 2,923,075 |
Held-to-maturity securities | 0 | 0 |
Non-marketable securities not measured at net asset value | 0 | 0 |
FHLB and Federal Reserve Bank stock | 0 | 0 |
Non-maturity deposits | 48,518,701 | 44,206,929 |
Time deposits | 0 | 0 |
Commitments to extend credit | 0 | 0 |
Estimated Fair Value | Level 1 | Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 0 | 1,033,730 |
Estimated Fair Value | Level 1 | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 0 | 0 |
Estimated Fair Value | Level 1 | 5.375% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 0 | 0 |
Estimated Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Held-to-maturity securities | 15,372,238 | 12,548,280 |
Non-marketable securities not measured at net asset value | 0 | 0 |
FHLB and Federal Reserve Bank stock | 0 | 0 |
Non-maturity deposits | 0 | 0 |
Time deposits | 77,047 | 46,885 |
Commitments to extend credit | 0 | 0 |
Estimated Fair Value | Level 2 | Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 2,631,252 | 0 |
Estimated Fair Value | Level 2 | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 338,370 | 352,058 |
Estimated Fair Value | Level 2 | 5.375% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 363,447 | 374,483 |
Estimated Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Held-to-maturity securities | 0 | 0 |
Non-marketable securities not measured at net asset value | 134,646 | 126,345 |
FHLB and Federal Reserve Bank stock | 102,378 | 60,020 |
Non-maturity deposits | 0 | 0 |
Time deposits | 0 | 0 |
Commitments to extend credit | 22,857 | 22,208 |
Estimated Fair Value | Level 3 | Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 0 | 0 |
Estimated Fair Value | Level 3 | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 0 | 0 |
Estimated Fair Value | Level 3 | 5.375% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 0 | 0 |
Commercial loans | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and Leases Receivable, Net Amount | 24,253,625 | 20,238,247 |
Commercial loans | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and Leases Receivable, Net Amount | 23,285,628 | 20,520,623 |
Commercial loans | Estimated Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and Leases Receivable, Net Amount | 0 | 0 |
Commercial loans | Estimated Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and Leases Receivable, Net Amount | 0 | 0 |
Commercial loans | Estimated Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and Leases Receivable, Net Amount | 23,285,628 | 20,520,623 |
Consumer loans | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and Leases Receivable, Net Amount | 2,955,577 | 2,613,045 |
Consumer loans | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and Leases Receivable, Net Amount | 2,809,916 | 2,593,538 |
Consumer loans | Estimated Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and Leases Receivable, Net Amount | 0 | 0 |
Consumer loans | Estimated Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and Leases Receivable, Net Amount | 0 | 0 |
Consumer loans | Estimated Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and Leases Receivable, Net Amount | $ 2,809,916 | $ 2,593,538 |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Investments and Remaining Unfunded Commitments for Each Major Category of Investments (Detail) $ in Thousands | Sep. 30, 2018USD ($) |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | $ 468,436 |
Fair Value | 468,436 |
Unfunded Commitments | 19,084 |
Venture capital and private equity fund investments | Non-marketable securities | Fair value accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 334,419 |
Fair Value | 334,419 |
Unfunded Commitments | 13,255 |
Venture capital and private equity fund investments | Non-marketable securities | Equity method accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 112,537 |
Fair Value | 112,537 |
Unfunded Commitments | 4,943 |
Debt funds | Non-marketable securities | Equity method accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 5,241 |
Fair Value | 5,241 |
Unfunded Commitments | 0 |
Other investments | Non-marketable securities | Equity method accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 16,239 |
Fair Value | 16,239 |
Unfunded Commitments | $ 886 |
Fair Value of Financial Inst_10
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Investments and Remaining Unfunded Commitments for Each Major Category of Investments (Textual) (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | $ 468,436 |
Unfunded commitments | 19,084 |
Fair value accounting | Venture capital and private equity fund investments | Non-marketable securities | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | 334,419 |
Unfunded commitments | $ 13,255 |
Fair value accounting | Venture capital and private equity fund investments | Non-marketable securities | Lower Limit | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Period distributions from fund investments to be received | 10 years |
Fair value accounting | Venture capital and private equity fund investments | Non-marketable securities | Upper Limit | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Period distributions from fund investments to be received | 13 years |
Fair value accounting | Venture capital and private equity fund investments | Non-marketable securities | Noncontrolling Interests | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | $ 93,000 |
Unfunded commitments | 4,300 |
Equity method accounting | Venture capital and private equity fund investments | Non-marketable securities | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | 112,537 |
Unfunded commitments | $ 4,943 |
Equity method accounting | Venture capital and private equity fund investments | Non-marketable securities | Lower Limit | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Period distributions from fund investments to be received | 5 years |
Equity method accounting | Venture capital and private equity fund investments | Non-marketable securities | Upper Limit | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Period distributions from fund investments to be received | 8 years |