Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-15637 | |
Entity Registrant Name | SVB FINANCIAL GROUP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 91-1962278 | |
Entity Address, Address Line One | 3003 Tasman Drive | |
Entity Address, City or Town | Santa Clara | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95054-1191 | |
City Area Code | 408 | |
Local Phone Number | 654-7400 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | SIVB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 51,568,010 | |
Entity Central Index Key | 0000719739 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Interim Consolidated Balance Sh
Interim Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets: | ||
Cash and cash equivalents | $ 6,946,196 | $ 3,571,539 |
Available-for-sale securities, at fair value (cost of $12,699,542 and $7,862,311, respectively) | 12,866,857 | 7,790,043 |
Held-to-maturity securities, at cost (fair value of $14,698,802 and $15,188,236, respectively) | 14,407,078 | 15,487,442 |
Non-marketable and other equity securities | 1,150,094 | 941,104 |
Total investment securities | 28,424,029 | 24,218,589 |
Loans, net of unearned income | 31,063,994 | 28,338,280 |
Allowance for loan losses | (304,410) | (280,903) |
Net loans | 30,759,584 | 28,057,377 |
Premises and equipment, net of accumulated depreciation and amortization | 146,713 | 129,213 |
Goodwill | 137,823 | 0 |
Other intangible assets, net | 52,288 | 0 |
Lease right-of-use assets | 178,532 | 0 |
Accrued interest receivable and other assets | 1,586,068 | 951,261 |
Total assets | 68,231,233 | 56,927,979 |
Liabilities: | ||
Noninterest-bearing demand deposits | 40,480,610 | 39,103,422 |
Interest-bearing deposits | 19,062,264 | 10,225,478 |
Total deposits | 59,542,874 | 49,328,900 |
Short-term borrowings | 18,898 | 631,412 |
Lease liabilities | 192,543 | 0 |
Other liabilities | 1,731,222 | 1,006,359 |
Long-term debt | 697,227 | 696,465 |
Total liabilities | 62,182,764 | 51,663,136 |
Commitments and contingencies (Note 16 and Note 19) | ||
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; 51,555,831 shares and 52,586,498 shares issued and outstanding, respectively | 52 | 53 |
Additional paid-in capital | 1,441,730 | 1,378,438 |
Retained earnings | 4,312,745 | 3,791,838 |
Accumulated other comprehensive income (loss) | 136,153 | (54,120) |
Total SVBFG stockholders’ equity | 5,890,680 | 5,116,209 |
Noncontrolling interests | 157,789 | 148,634 |
Total equity | 6,048,469 | 5,264,843 |
Total liabilities and total equity | $ 68,231,233 | $ 56,927,979 |
Interim Consolidated Balance _2
Interim Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
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, issued | 51,555,831 | 52,586,498 |
Common stock, shares outstanding | 51,555,831 | 52,586,498 |
Available-for-sale securities, cost | $ 12,699,542 | $ 7,862,311 |
Held-to-maturity securities | $ 14,698,802 | $ 15,188,236 |
Interim Consolidated Statements
Interim Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest income: | ||||
Loans | $ 394,246 | $ 352,353 | $ 1,202,467 | $ 979,724 |
Investment securities: | ||||
Taxable | 149,656 | 142,075 | 410,768 | 403,702 |
Non-taxable | 11,123 | 10,748 | 32,991 | 23,506 |
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities | 28,867 | 8,137 | 74,447 | 20,080 |
Total interest income | 583,892 | 513,313 | 1,720,673 | 1,427,012 |
Interest expense: | ||||
Deposits | 55,106 | 8,042 | 130,163 | 18,409 |
Borrowings | 8,142 | 12,049 | 27,577 | 29,075 |
Total interest expense | 63,248 | 20,091 | 157,740 | 47,484 |
Net interest income | 520,644 | 493,222 | 1,562,933 | 1,379,528 |
Provision for credit losses | 36,536 | 17,174 | 89,033 | 74,226 |
Net interest income after provision for credit losses | 484,108 | 476,048 | 1,473,900 | 1,305,302 |
Noninterest income: | ||||
Gains on investment securities, net | 29,849 | 32,193 | 106,575 | 77,365 |
Gains on equity warrant assets, net | 37,561 | 34,141 | 107,213 | 72,393 |
Client investment fees | 46,679 | 36,265 | 136,905 | 88,592 |
Foreign exchange fees | 40,309 | 32,656 | 116,863 | 100,560 |
Credit card fees | 30,158 | 24,121 | 86,431 | 68,739 |
Deposit service charges | 22,482 | 19,588 | 65,496 | 56,081 |
Lending related fees | 11,707 | 10,675 | 36,857 | 30,938 |
Letters of credit and standby letters of credit fees | 10,842 | 8,409 | 31,205 | 24,938 |
Investment banking revenue | 38,516 | 0 | 137,005 | 0 |
Commissions | 12,275 | 0 | 40,812 | 0 |
Other | 13,631 | 12,022 | 42,773 | 38,671 |
Total noninterest income | 294,009 | 210,070 | 908,135 | 558,277 |
Noninterest expense: | ||||
Compensation and benefits | 233,840 | 195,437 | 715,073 | 543,198 |
Professional services | 55,202 | 36,542 | 133,018 | 112,080 |
Premises and equipment | 26,775 | 19,858 | 72,386 | 57,576 |
Net occupancy | 16,981 | 13,694 | 49,716 | 40,598 |
Business development and travel | 19,539 | 12,712 | 51,915 | 35,998 |
FDIC and state assessments | 4,881 | 9,550 | 13,343 | 29,306 |
Other | 34,106 | 21,652 | 105,059 | 61,845 |
Total noninterest expense | 391,324 | 309,445 | 1,140,510 | 880,601 |
Income before income tax expense | 386,793 | 376,673 | 1,241,525 | 982,978 |
Income tax expense | 105,075 | 95,308 | 331,624 | 246,561 |
Net income before noncontrolling interests | 281,718 | 281,365 | 909,901 | 736,417 |
Net income attributable to noncontrolling interests | (14,437) | (6,548) | (35,901) | (28,841) |
Net income available to common stockholders | $ 267,281 | $ 274,817 | $ 874,000 | $ 707,576 |
Earnings per common share—basic (dollars per share) | $ 5.19 | $ 5.16 | $ 16.80 | $ 13.33 |
Earnings per common share—diluted (dollars per share) | $ 5.15 | $ 5.10 | $ 16.67 | $ 13.15 |
Interim Consolidated Statemen_2
Interim Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income before noncontrolling interests | $ 281,718 | $ 281,365 | $ 909,901 | $ 736,417 |
Change in foreign currency cumulative translation gains and losses: | ||||
Foreign currency translation losses | (6,213) | (3,259) | (6,307) | (5,337) |
Related tax benefit | 1,731 | 905 | 1,757 | 1,482 |
Change in unrealized gains and losses on available-for-sale securities: | ||||
Unrealized holding gains (losses) | 70,185 | (24,902) | 236,203 | (98,032) |
Related tax (expense) benefit | (19,547) | 6,994 | (65,786) | 27,269 |
Reclassification adjustment for losses included in net income | 0 | 0 | 3,905 | 0 |
Related tax benefit | 0 | 0 | (1,087) | 0 |
Reclassification of unrealized gains on equity securities to retained earnings for ASU 2016-01 | 0 | 0 | 0 | (40,316) |
Related tax expense | 0 | 0 | 0 | 11,145 |
Amortization of unrealized holding gains on securities transferred from available-for-sale to held-to-maturity | (374) | (1,777) | (1,767) | (3,915) |
Related tax benefit | 104 | 494 | 492 | 1,085 |
Reclassification of stranded tax effect to retained earnings for ASU 2018-02 | 0 | 0 | 0 | (319) |
Change in unrealized gains and losses on cash flow hedges: | ||||
Unrealized gains | 9,810 | 0 | 28,466 | 0 |
Related tax expense | (2,733) | 0 | (7,930) | 0 |
Reclassification adjustment for losses included in net income | 2,713 | 0 | 3,224 | 0 |
Related tax benefit | (755) | 0 | (897) | 0 |
Other comprehensive income (loss), net of tax | 54,921 | (21,545) | 190,273 | (106,938) |
Comprehensive income | 336,639 | 259,820 | 1,100,174 | 629,479 |
Comprehensive income attributable to noncontrolling interests | (14,437) | (6,548) | (35,901) | (28,841) |
Comprehensive income attributable to SVBFG | $ 322,202 | $ 253,272 | $ 1,064,273 | $ 600,638 |
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, 2017 | 52,835,188 | ||||||
Balance, beginning of period, net of tax 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] | |||||||
Reclassification of stranded tax effect for ASU 2018-02 | 319 | ||||||
Reclassification of stranded tax effect for ASU 2018-02 | Accounting Standards Update 2018-02 | 319 | (319) | |||||
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 | ||||
Balance (in shares) at Sep. 30, 2018 | 53,250,255 | ||||||
Balance, end of period, net of tax 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, beginning of period, net of tax 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] | |||||||
Reclassification of stranded tax effect for ASU 2018-02 | 0 | ||||||
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 | 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 | ||||
Balance (in shares) at Sep. 30, 2018 | 53,250,255 | ||||||
Balance, end of period, net of tax 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 Dec. 31, 2018 | 52,586,498 | ||||||
Balance, beginning of period, net of tax at Dec. 31, 2018 | 5,264,843 | $ 53 | 1,378,438 | 3,791,838 | (54,120) | 5,116,209 | 148,634 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Reclassification of stranded tax effect for ASU 2018-02 | 0 | ||||||
Acquisition of SVB Leerink | 5,256 | 5,256 | |||||
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 487,101 | ||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 9,236 | $ 0 | 9,236 | 9,236 | |||
Common stock issued under ESOP (in shares) | 14,442 | ||||||
Common stock issued under ESOP | 3,506 | 3,506 | 3,506 | ||||
Net income | 909,901 | 874,000 | 874,000 | 35,901 | |||
Capital calls and distributions, net | (32,002) | (32,002) | |||||
Net change in unrealized gains and losses on AFS securities, net of tax | 173,235 | 173,235 | 173,235 | ||||
Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax | (1,275) | (1,275) | (1,275) | ||||
Foreign currency translation adjustments, net of tax | (4,550) | (4,550) | (4,550) | ||||
Net change in unrealized gains and losses on cash flow hedges, net of tax | 22,863 | 22,863 | 22,863 | ||||
Share-based compensation, net | 50,550 | 50,550 | 50,550 | ||||
Common stock repurchases (in shares) | (1,532,210) | ||||||
Common stock repurchases | (352,511) | $ (1) | (352,510) | (352,511) | |||
Balance (in shares) at Sep. 30, 2019 | 51,555,831 | ||||||
Balance, end of period, net of tax at Sep. 30, 2019 | 6,048,469 | $ 52 | 1,441,730 | 4,312,745 | 136,153 | 5,890,680 | 157,789 |
Balance (in shares) at Jun. 30, 2019 | 51,561,719 | ||||||
Balance, beginning of period, net of tax at Jun. 30, 2019 | 5,706,175 | $ 52 | 1,421,565 | 4,051,194 | 81,232 | 5,554,043 | 152,132 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Reclassification of stranded tax effect for ASU 2018-02 | 0 | ||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 19,674 | ||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 1,383 | 1,383 | 1,383 | ||||
Net income | 281,718 | 267,281 | 267,281 | 14,437 | |||
Capital calls and distributions, net | (8,780) | (8,780) | |||||
Net change in unrealized gains and losses on AFS securities, net of tax | 50,638 | 50,638 | 50,638 | ||||
Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax | (270) | (270) | (270) | ||||
Foreign currency translation adjustments, net of tax | (4,482) | (4,482) | (4,482) | ||||
Net change in unrealized gains and losses on cash flow hedges, net of tax | 9,035 | 9,035 | 9,035 | ||||
Share-based compensation, net | 18,782 | 18,782 | 18,782 | ||||
Common stock repurchases (in shares) | (25,562) | ||||||
Common stock repurchases | (5,730) | $ 0 | (5,730) | (5,730) | |||
Balance (in shares) at Sep. 30, 2019 | 51,555,831 | ||||||
Balance, end of period, net of tax at Sep. 30, 2019 | $ 6,048,469 | $ 52 | $ 1,441,730 | $ 4,312,745 | $ 136,153 | $ 5,890,680 | $ 157,789 |
Interim Consolidated Statemen_4
Interim Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income before noncontrolling interests | $ 909,901 | $ 736,417 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 89,033 | 74,226 |
Gains on investment securities, net | (106,575) | (77,365) |
Distributions of earnings from non-marketable and other equity securities | 77,584 | 54,605 |
Depreciation and amortization | 60,408 | 43,389 |
Amortization of premiums and discounts on investment securities, net | 9,646 | (252) |
Amortization of share-based compensation | 50,550 | 33,968 |
Amortization of deferred loan fees | (112,383) | (94,771) |
Deferred income tax benefit | (1,720) | (16,532) |
Excess tax benefit from exercise of stock options and vesting of restricted shares | (7,931) | (17,543) |
Losses from the write-off of premises and equipment | 185 | 7,117 |
Changes in other assets and liabilities: | ||
Accrued interest receivable and payable, net | (10,429) | (51,521) |
Accounts receivable and payable, net | (18,278) | 1,697 |
Income tax receivable and payable, net | (59,527) | (12,962) |
Accrued compensation | (109,837) | 5,505 |
Foreign exchange spot contracts, net | 34,304 | 86,298 |
Other, net | (78,516) | (46,874) |
Net cash provided by operating activities | 709,744 | 703,904 |
Cash flows from investing activities: | ||
Purchases of available-for-sale securities | (7,832,282) | (662,458) |
Proceeds from sales of available-for-sale securities | 2,189,087 | 0 |
Proceeds from maturities and paydowns of available-for-sale securities | 801,605 | 2,529,666 |
Purchases of held-to-maturity securities | (408,479) | (4,726,595) |
Proceeds from maturities and paydowns of held-to-maturity securities | 1,516,340 | 1,482,204 |
Purchases of non-marketable and other equity securities | (100,068) | (56,435) |
Proceeds from sales and distributions of capital of non-marketable and other securities | 90,371 | 83,020 |
Net increase in loans | (2,685,151) | (4,356,980) |
Purchases of premises and equipment | (33,871) | (28,718) |
Acquisition of SVB Leerink, net of cash acquired | (102,328) | 0 |
Net cash used for investing activities | (6,564,776) | (5,736,296) |
Cash flows from financing activities: | ||
Net increase in deposits | 10,213,974 | 4,342,036 |
Net (decrease) increase in short-term borrowings | (612,514) | 1,597,522 |
(Distributions to noncontrolling interests), net of contributions from noncontrolling interests | (32,002) | (22,785) |
Common stock repurchases | (352,511) | 0 |
Proceeds from issuance of common stock, ESPP and ESOP | 12,742 | 11,685 |
Net cash provided by financing activities | 9,229,689 | 5,928,458 |
Net increase in cash and cash equivalents | 3,374,657 | 896,066 |
Cash and cash equivalents at beginning of period | 3,571,539 | 2,923,075 |
Cash and cash equivalents at end of period | 6,946,196 | 3,819,141 |
Cash paid during the period for: | ||
Interest | 164,503 | 54,681 |
Income taxes | 379,579 | 277,388 |
Noncash items during the period: | ||
Changes in unrealized gains and losses on available-for-sale securities, net of tax | 173,235 | (70,763) |
Distributions of stock from investments | 7,770 | 4,368 |
Equity warrant assets | ||
Changes in fair values of derivatives, net | 12,801 | (24,462) |
Derivative | ||
Changes in fair values of derivatives, net | $ (29,472) | $ 2,964 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation SVB Financial Group is a diversified financial services company, as well as a bank holding company and a financial holding company. SVB Financial was incorporated in the state of Delaware in March 1999. Through our various subsidiaries and divisions, we offer a diverse set of banking and financial products and services to support our clients of all sizes and stages throughout their life cycles. In these notes to our unaudited interim consolidated financial statements, when we refer to “SVB Financial Group,” “SVBFG," the “Company,” “we,” “our,” “us” or use similar words, we mean SVB Financial Group and all of its subsidiaries collectively, including Silicon Valley Bank (the “Bank”), unless the context requires otherwise. When we refer to “SVB Financial” or the “Parent” we are referring only to the parent company, SVB Financial Group (not including subsidiaries). The accompanying unaudited interim consolidated financial statements reflect all adjustments of a normal and recurring nature that are, in the opinion of management, necessary to fairly present our financial position, results of operations and cash flows in accordance with GAAP. Such unaudited interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The results of operations for the three and nine months ended September 30, 2019 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, 2018 (“ 2018 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 2018 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 and the adequacy of the allowance for loan losses and allowance for unfunded credit commitments. Principles of Consolidation and Presentation Our unaudited interim 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) the 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 February 2016, the FASB issued a new accounting standard update (ASU 2016-02, Leases (Topic 842)), which requires for all operating leases the recognition of a right-of-use ("ROU") asset and a corresponding lease liability, in the statement of financial position. For short term leases (term of 12 months or less), a lessee is permitted to make an accounting election not to recognize lease assets and lease liabilities. 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. On January 1, 2019, we adopted the new accounting standard ASU 2016-02, Leases (Topic 842) and all the related amendments ("new lease standard", "ASC 842" or "ASU 2016-02") utilizing the practical expedient to apply the new lease standard as of January 1, 2019 on a prospective basis. We also elected the "package of expedients" and elected as an accounting policy to exclude recording ROU assets and lease liabilities for leases that meet the definition of short-term leases. In addition to excluding short-term leases, we have implemented an accounting policy in which non-lease components are not separated from lease components in the measurement of ROU assets and lease liabilities for all lease contracts. The "package of expedients" allowed us to continue to account for existing leases for which the commencement date is before January 1, 2019, in accordance with the previous guidance, Leases (Topic 840), throughout the lease term, including periods after adoption of the new guidance. We recognized $146 million in ROU assets and $178 million in lease liabilities as a result of applying the new lease standard as an adjustment to our opening consolidated balance sheet on January 1, 2019. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. See Note 9—"Leases" of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional disclosures related to our leases. In March 2017, the FASB issued ASU No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which amends the amortization period for certain purchased callable debt securities held at a premium. The ASU requires entities to amortize premiums on debt securities by the first call date when the securities have fixed and determinable call dates and prices. The scope of the ASU includes all accounting premiums, such as purchase premiums and cumulative fair value hedge adjustments. The ASU does not change the accounting for discounts, which continue to be recognized over the contractual life of a security. Adoption of the ASU is on a modified retrospective basis through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. Adoption of the ASU primarily affected our HTM portfolio of callable state and municipal debt securities. On January 1, 2019, we adopted the ASU and recognized a net reduction to retained earnings of $583 thousand . Recent Accounting Pronouncements 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) ( " ASU 2016-13 " ), which amends the incurred loss impairment methodology under current GAAP with a methodology that reflects a current expected credit loss ("CECL") measurement to estimate the allowance for credit losses over the contractual life of the financial assets (including loans, HTM debt securities and off-balance sheet commitments) and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. While the CECL model does not apply to available-for-sale debt securities, ASU 2016-13 does require entities to record an allowance when recognizing credit losses for available-for-sale securities, rather than reduce the amortized cost of the securities by direct write-offs, which allows for reversal of credit impairments in future periods based on improvements in credit. This guidance will be effective January 1, 2020, on a modified retrospective approach. We will adopt the guidance in the first quarter of 2020. Our implementation process, which will continue throughout 2019, includes loss forecasting model development, evaluation of technical accounting topics, updates to our allowance accounting policies, reporting processes and related internal controls, overall operational readiness for our adoption of CECL as well as parallel runs for CECL alongside our current allowance process. Key remaining project implementation activities include the finalization of loss forecasting models and qualitative factors, reporting processes, production processes, completion of documentation, policies and disclosures, development of supporting analytics and control design and operating effectiveness. We provide quarterly updates to senior management and to the Audit and Credit Committees of the Board of Directors. These communications provide an update on the status of the implementation as discussed above. Based on our loan and unfunded credit commitments portfolio composition at September 30, 2019, and the current economic environment, we currently estimate the day 1 combined impact of CECL on our allowance for loan losses and allowance for unfunded credit commitments to be an increase of approximately $25 million to $60 million (on a pre-tax basis) or approximately 7% to 16% of the total combined allowance compared to our reported amount at September 30, 2019. Based on the credit quality of our existing debt securities portfolio, we do not expect a material allowance for our held-to-maturity and available-for-sale debt security portfolios. We will continue to evaluate and refine the results of our loss estimates through the end of 2019. The actual effect of CECL on our allowance for loan losses and our allowance for unfunded credit commitments will depend on a variety of factors as of the date of adoption, including the size and composition of our portfolios, the portfolios’ credit quality, current and forecasted economic conditions and management adjustments. In addition, the actual adjustment amount to our allowances will be subject to any necessary changes to our models, methodology and assumptions or other adjustments. At adoption, we will have a cumulative-effect adjustment to retained earnings for our change in the allowance for credit losses for our loans, unfunded credit commitments and debt securities, which will impact our capital. An increase in our allowance will result in a decrease to our regulatory capital amounts and ratios. Federal banking regulatory agencies have provided relief for an initial capital decrease at adoption by allowing the impact to be phased-in over three years on a straight-line basis. 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. We will adopt the guidance in the first quarter of 2020, however, the adoption 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 |
Business Combination
Business Combination | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combination | Business Combination On January 4, 2019, we completed the acquisition of Leerink Holdings LLC, the Boston-based parent company of healthcare and life science investment bank Leerink Partners LLC, now SVB Leerink Holdings LLC ("SVB Leerink"). The acquisition was previously announced on November 13, 2018. SVB Leerink is an investment bank specializing in Equity & Convertible Capital Markets, Mergers & Acquisitions, Equity Research and Sales & Trading for growth and innovation-minded healthcare and life science companies and operates as a wholly-owned subsidiary of SVB Financial. The acquisition was accounted for as a business combination and accordingly, the results of SVB Leerink's operations have been included in the Company's unaudited interim consolidated financial statements at and for the three and nine months ended September 30, 2019 from the date of acquisition. We acquired SVB Leerink for approximately $273.2 million comprised of cash and share-based replacement award liabilities. In addition, we provided a retention pool for employees of $60.0 million to be paid over five years comprised of a mix of cash and equity issued under the Company's current Equity Incentive Plan. Refer to Note 4—“Share-Based Compensation” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for more information. The following table summarizes the allocation of the purchase price to the net assets of SVB Leerink as of January 4, 2019: (Dollars in thousands) January 4, 2019 Cash paid $ 265,601 Replacement award liabilities (1) 7,629 Total purchase consideration $ 273,230 Fair value of net assets acquired 135,407 Goodwill $ 137,823 (1) The replacement award liabilities recognized as part of the total purchase consideration and the post-combination expenses of $9.1 million related to share-based replacement awards will be paid out in cash in accordance with SVB Leerink's original grant date vesting schedules. The following table summarizes the estimated fair value of assets acquired and liabilities assumed upon the finalization of the purchase: (Dollars in thousands) January 4, 2019 Assets acquired: Cash and cash equivalents $ 163,273 Investment securities 33,644 Accounts receivable 36,538 Intangible assets 60,900 Other assets 35,128 Total assets acquired 329,483 Liabilities assumed: Accrued compensation 137,206 Due to broker-dealers 18,483 Other liabilities 33,131 Noncontrolling interests 5,256 Total liabilities assumed 194,076 Fair value of net assets acquired $ 135,407 The Company recognized identifiable intangible assets of $60.9 million and goodwill of $137.8 million as a result of the acquisition. Intangible assets of $60.9 million are subject to amortization over their estimated useful lives. The goodwill recorded includes revenue generating synergies expected from collaboration between SVB Leerink and the Company. All reported goodwill amounts have been allocated to the SVB Leerink reporting segment and are expected to be deductible for tax purposes. The fair value of the noncontrolling interests in SVB Leerink Holdings LLC represents the noncontrolling ownership percentage for SVB Leerink's consolidated VIE investment securities which are measured at net asset value. The following table summarizes the fair value and estimated useful lives of the other intangible assets at the date of acquisition: (Dollars in thousands) Estimated Fair Value Weighted Average Estimated Useful Life - in Years Other intangible assets: Customer relationships $ 42,000 11.0 Other 18,900 9.9 Total other intangible assets $ 60,900 SVB Leerink's net income from January 4, 2019 through September 30, 2019 was approximately $8.2 million . Supplementary pro forma financial information related to the acquisition is not included because the impact to the Company's unaudited interim consolidated statements of income is not material. The following table represents the amount of revenue and earnings attributable to SVB Leerink that is included in our financial results for the three and nine months ended September 30, 2019: (Dollars in thousands) Three months ended September 30, 2019 Nine months ended September 30, 2019 Net interest income $ 277 $ 961 Noninterest income 53,773 188,925 Noninterest expense 55,200 177,675 (Loss) income before income tax expense (1,150 ) 12,211 Income tax (benefit) expense (558 ) 3,121 Net income attributable to noncontrolling interests 826 861 Net (loss) income available to common stockholders $ (1,418 ) $ 8,229 The following table shows the components of acquisition-related activities expense for the three and nine months ended September 30, 2019 : (Dollars in thousands) Three months ended September 30, 2019 Nine months ended September 30, 2019 Professional fees $ 260 $ 911 Other 94 367 Total acquisition-related expenses $ 354 $ 1,278 |
Stockholders' Equity and EPS
Stockholders' Equity and EPS | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and 2018 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) Income Statement Location 2019 2018 2019 2018 Reclassification adjustment for losses on available-for-sale securities included in net income Gains on investment securities, net $ — $ — $ 3,905 $ — Related tax benefit Income tax expense — — (1,087 ) — Reclassification adjustment for losses on cash flow hedges included in net income Net interest income 2,713 — 3,224 — Related tax benefit Income tax expense (755 ) — (897 ) — Total reclassification adjustment for losses included in net income, net of tax $ 1,958 $ — $ 5,145 $ — The table below summarizes the activity relating to net gains and losses on our cash flow hedges included in accumulated other comprehensive income for the three and nine months ended September 30, 2019 and 2018 . Over the next 12 months, we expect that approximately $1.9 million in accumulated other comprehensive income ("AOCI") at September 30, 2019 , related to our cash flow hedges will be reclassified out of AOCI and recognized in net income. Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Balance, beginning of period, net of tax $ 13,828 $ — $ — $ — Net increase in fair value, net of tax 7,077 — 20,536 — Net realized loss reclassified to net income, net of tax 1,958 — 2,327 — Balance, end of period, net of tax $ 22,863 $ — $ 22,863 $ — EPS Basic EPS is the amount of earnings available to each share of common stock outstanding during the reporting period. Diluted EPS is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental shares issuable for stock options and restricted stock unit awards outstanding under our 2006 Equity Incentive Plan and our ESPP. Potentially dilutive common shares are excluded from the computation of dilutive EPS in periods in which the effect would be antidilutive. The following is a reconciliation of basic EPS to diluted EPS for the three and nine months ended September 30, 2019 and 2018 : Three months ended September 30, Nine months ended September 30, (Dollars and shares in thousands, except per share amounts) 2019 2018 2019 2018 Numerator: Net income available to common stockholders $ 267,281 $ 274,817 $ 874,000 $ 707,576 Denominator: Weighted average common shares outstanding—basic 51,545 53,235 52,025 53,062 Weighted average effect of dilutive securities: Stock options and ESPP 203 383 238 404 Restricted stock units and awards 110 301 168 334 Weighted average common shares outstanding—diluted 51,858 53,919 52,431 53,800 Earnings per common share: Basic $ 5.19 $ 5.16 $ 16.80 $ 13.33 Diluted 5.15 5.10 16.67 13.15 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, 2019 and 2018 : Three months ended September 30, Nine months ended September 30, (Shares in thousands) 2019 2018 2019 2018 Stock options 213 86 154 49 Restricted stock units 432 5 294 71 Total 645 91 448 120 Stock Repurchase Program On November 13, 2018, the Company announced a program to repurchase up to $500 million of our outstanding common stock (the "Stock Repurchase Program"). For the three months ended September 30, 2019 , we repurchased 25,562 shares of our outstanding common stock for $5.7 million under the Stock Repurchase Program. As of September 30, 2019 , we had repurchased 2.2 million shares of our outstanding common stock for $499.6 million under the Stock Repurchase Program. The Stock Repurchase Program was completed on July 1, 2019. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation For the three and nine months ended September 30, 2019 and 2018 , we recorded share-based compensation and related tax benefits as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Share-based compensation expense $ 18,782 $ 11,501 $ 50,550 $ 33,968 Income tax benefit related to share-based compensation expense (4,883 ) (2,895 ) (12,028 ) (7,955 ) Unrecognized Compensation Expense As of September 30, 2019 , unrecognized share-based compensation expense was as follows: (Dollars in thousands) Unrecognized Expense Weighted Average Expected Recognition Period - in Years Stock options $ 15,837 2.69 Restricted stock units and awards 116,952 2.83 Total unrecognized share-based compensation expense $ 132,789 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, 2019 : Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life - in Years Aggregate Intrinsic Value of In-The- Money Options Outstanding at December 31, 2018 679,659 $ 137.19 Granted 121,669 249.64 Exercised (104,576 ) 85.38 Forfeited (20,180 ) 211.23 Expired (720 ) 64.37 Outstanding at September 30, 2019 675,852 163.32 3.68 $ 43,542,167 Vested and expected to vest at September 30, 2019 657,968 161.08 3.62 43,364,465 Exercisable at September 30, 2019 411,981 120.57 2.46 38,394,292 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 $208.95 as of September 30, 2019 . The total intrinsic value of options exercised during the three and nine months ended September 30, 2019 was $1.6 million and $16.0 million , respectively, compared to $8.5 million and $39.5 million for the comparable 2018 periods. The table below provides information for restricted stock units and awards under the 2006 Equity Incentive Plan for the nine months ended September 30, 2019 : Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2018 597,296 $ 194.48 Granted (1) 539,266 243.70 Vested (217,705 ) 151.40 Forfeited (53,905 ) 188.07 Nonvested at September 30, 2019 864,952 236.41 (1) On February 1, 2019, we granted 125,160 restricted stock awards to SVB Leerink employees at a market price of $238.28 under the retention plan previously announced on November 13, 2018. The restricted stock awards will vest over a five -year period. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2019 | |
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 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, 2019 and December 31, 2018 : (Dollars in thousands) Consolidated VIEs Unconsolidated VIEs Maximum Exposure to Loss in Unconsolidated VIEs September 30, 2019: Assets: Cash and cash equivalents $ 21,418 $ — $ — Non-marketable and other equity securities (1) 254,962 655,278 655,278 Accrued interest receivable and other assets 708 — — Total assets $ 277,088 $ 655,278 $ 655,278 Liabilities: Other liabilities (1) 3,077 276,940 — Total liabilities $ 3,077 $ 276,940 $ — December 31, 2018: Assets: Cash and cash equivalents $ 9,058 $ — $ — Non-marketable and other equity securities (1) 221,646 568,272 568,272 Accrued interest receivable and other assets 228 — — Total assets $ 230,932 $ 568,272 $ 568,272 Liabilities: Other liabilities (1) 919 205,685 — Total liabilities $ 919 $ 205,685 $ — (1) Included in our unconsolidated non-marketable and other equity securities portfolio at September 30, 2019 and December 31, 2018 are investments in qualified affordable housing projects of $419.0 million and $318.6 million , respectively, and related other liabilities consisting of unfunded credit commitments of $276.9 million and $205.7 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 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 16—“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 7—“Investment Securities" of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report . As of September 30, 2019 , our exposure to loss with respect to the consolidated VIEs is limited to our net assets of $274.0 million and our exposure to loss for our unconsolidated VIEs is equal to our investment in these assets of $655.3 million |
Cash and Cash Equivalents
Cash and Cash Equivalents | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and December 31, 2018 : (Dollars in thousands) September 30, 2019 December 31, 2018 Cash and due from banks (1) $ 6,557,085 $ 3,444,971 Securities purchased under agreements to resell (2) 387,119 123,611 Other short-term investment securities 1,992 2,957 Total cash and cash equivalents $ 6,946,196 $ 3,571,539 (1) At September 30, 2019 and December 31, 2018 , $4.1 billion and $1.7 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 $1.9 billion and $1.2 billion , respectively. (2) At September 30, 2019 and December 31, 2018 , securities purchased und er agreements to resell were collateralized by U.S. Treasury securities and U.S. agency securities with aggregate fair value s of $395.2 million a n d $126.2 million , respectively. None of these securities were sold or repledged as of September 30, 2019 and December 31, 2018 . |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2019 | |
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 major components of our available-for-sale investment securities portfolio at September 30, 2019 and December 31, 2018 are as follows: September 30, 2019 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Carrying Value Available-for-sale securities, at fair value: U.S. Treasury securities $ 6,233,957 $ 103,821 $ (2,930 ) $ 6,334,848 U.S. agency debentures 100,000 — — 100,000 Foreign government debt securities 8,837 10 — 8,847 Residential mortgage-backed securities: Agency-issued mortgage-backed securities 4,108,235 40,584 (119 ) 4,148,700 Agency-issued collateralized mortgage obligations—fixed rate 1,658,443 21,222 (1 ) 1,679,664 Agency-issued commercial mortgage-backed securities 590,070 4,929 (201 ) 594,798 Total available-for-sale securities $ 12,699,542 $ 170,566 $ (3,251 ) $ 12,866,857 December 31, 2018 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Carrying Value Available-for-sale securities, at fair value: U.S. Treasury securities $ 4,762,182 $ 11,638 $ (35,562 ) $ 4,738,258 U.S. agency debentures 1,090,426 61 (6,370 ) 1,084,117 Foreign government debt securities 5,815 — (3 ) 5,812 Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate 1,922,618 — (42,400 ) 1,880,218 Agency-issued collateralized mortgage obligations—variable rate 81,270 383 (15 ) 81,638 Total available-for-sale securities $ 7,862,311 $ 12,082 $ (84,350 ) $ 7,790,043 The following table summarizes sale activity of available-for-sale securities during the three and nine months ended September 30, 2019 and 2018 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) 2019 2018 2019 2018 Sales proceeds $ — $ — $ 2,189,087 $ — Net realized gains and losses: Gross realized gains — — 1,250 — Gross realized losses — — (5,155 ) — Net realized losses $ — $ — $ (3,905 ) $ — 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, 2019 and December 31, 2018 : September 30, 2019 Less than 12 months 12 months or longer (1) Total (Dollars in thousands) Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Available-for-sale securities: U.S. Treasury securities $ 485,917 $ (973 ) $ 1,647,699 $ (1,957 ) $ 2,133,616 $ (2,930 ) Residential mortgage-backed securities: Agency-issued mortgage-backed securities 305,208 (119 ) — — 305,208 (119 ) Agency-issued collateralized mortgage obligations—fixed rate — — 350 (1 ) 350 (1 ) Agency-issued commercial mortgage-backed securities 144,892 (201 ) — — 144,892 (201 ) Total temporarily impaired securities (1) $ 936,017 $ (1,293 ) $ 1,648,049 $ (1,958 ) $ 2,584,066 $ (3,251 ) (1) As of September 30, 2019 , we identified a total of 59 investments that were in unrealized loss positions, of which 37 investments totaling $1.6 billion with unrealized losses of $2.0 million have been in an impaired position for a period of time greater than 12 months. As of September 30, 2019 , 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, 2019 , 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, 2018 Less than 12 months 12 months or longer (1) Total (Dollars in thousands) Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Available-for-sale securities: U.S. Treasury securities $ 494,287 $ (3,785 ) $ 3,568,119 $ (31,777 ) $ 4,062,406 $ (35,562 ) U.S. agency debentures 443,790 (1,602 ) 591,216 (4,768 ) 1,035,006 (6,370 ) Foreign government debt securities 5,812 (3 ) — — 5,812 (3 ) Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate 13,430 (22 ) 1,866,788 (42,378 ) 1,880,218 (42,400 ) Agency-issued collateralized mortgage obligations—variable rate — — 13,516 (15 ) 13,516 (15 ) Total temporarily impaired securities (1) $ 957,319 $ (5,412 ) $ 6,039,639 $ (78,938 ) $ 6,996,958 $ (84,350 ) (1) As of December 31, 2018 , we identified a total of 200 investments that were in unrealized loss positions, of which 162 investments totaling $6.0 billion with unrealized losses of $78.9 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, 2019 by the remaining contractual principal maturities. For U.S. Treasury securities, U.S. agency debentures and foreign government debt securities, the expected maturity is the actual contractual maturity of the notes. Expected maturities for 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, 2019 (Dollars in thousands) Total One Year After One After Five After U.S. Treasury securities $ 6,334,848 $ 2,007,267 $ 1,710,316 $ 2,617,265 $ — U.S. agency debentures 100,000 — — 100,000 — Foreign government debt securities 8,847 — 8,847 — — Residential mortgage-backed securities: Agency-issued mortgage-backed securities 4,148,700 — — — 4,148,700 Agency-issued collateralized mortgage obligations—fixed rate 1,679,664 — — 3,131 1,676,533 Agency-issued commercial mortgage-backed securities 594,798 — — 300,208 294,590 Total $ 12,866,857 $ 2,007,267 $ 1,719,163 $ 3,020,604 $ 6,119,823 Held-to-Maturity Securities The components of our held-to-maturity investment securities portfolio at September 30, 2019 and December 31, 2018 are as follows: September 30, 2019 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Held-to-maturity securities, at cost: U.S. agency debentures (1) $ 518,841 $ 10,528 $ (22 ) $ 529,347 Residential mortgage-backed securities: Agency-issued mortgage-backed securities 7,376,458 135,996 (4,190 ) 7,508,264 Agency-issued collateralized mortgage obligations—fixed rate 1,754,498 2,254 (10,094 ) 1,746,658 Agency-issued collateralized mortgage obligations—variable rate 188,120 105 (373 ) 187,852 Agency-issued commercial mortgage-backed securities 2,826,344 75,422 (3,046 ) 2,898,720 Municipal bonds and notes 1,742,817 86,112 (968 ) 1,827,961 Total held-to-maturity securities $ 14,407,078 $ 310,417 $ (18,693 ) $ 14,698,802 (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, 2018 (Dollars in thousands) Amortized Unrealized Unrealized Fair Value Held-to-maturity securities, at cost: U.S. agency debentures (1) $ 640,990 $ 2,148 $ (4,850 ) $ 638,288 Residential mortgage-backed securities: Agency-issued mortgage-backed securities 8,103,638 5,011 (157,767 ) 7,950,882 Agency-issued collateralized mortgage obligations—fixed rate 2,183,204 — (62,272 ) 2,120,932 Agency-issued collateralized mortgage obligations—variable rate 214,483 608 (14 ) 215,077 Agency-issued commercial mortgage-backed securities 2,769,706 6,969 (64,374 ) 2,712,301 Municipal bonds and notes 1,575,421 2,304 (26,969 ) 1,550,756 Total held-to-maturity securities $ 15,487,442 $ 17,040 $ (316,246 ) $ 15,188,236 (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, 2019 and December 31, 2018 : September 30, 2019 Less than 12 months 12 months or longer (1) Total (Dollars in thousands) Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Held-to-maturity securities: U.S. agency debentures $ 50,131 $ (22 ) $ — $ — $ 50,131 $ (22 ) Residential mortgage-backed securities: Agency-issued mortgage-backed securities 962,390 (2,520 ) 197,721 (1,670 ) 1,160,111 (4,190 ) Agency-issued collateralized mortgage obligations—fixed rate 244,020 (1,226 ) 1,220,827 (8,868 ) 1,464,847 (10,094 ) Agency-issued collateralized mortgage obligations—variable rate 149,910 (367 ) 4,856 (6 ) 154,766 (373 ) Agency-issued commercial mortgage-backed securities 86,087 (423 ) 456,168 (2,623 ) 542,255 (3,046 ) Municipal bonds and notes 106,335 (966 ) 1,329 (2 ) 107,664 (968 ) Total temporarily impaired securities (1) $ 1,598,873 $ (5,524 ) $ 1,880,901 $ (13,169 ) $ 3,479,774 $ (18,693 ) (1) As of September 30, 2019 , we identified a total of 310 investments that were in unrealized loss positions, of which 164 investments totaling $1.9 billion with unrealized losses of $13.2 million have been in an impaired position for a period of time greater than 12 months. As of September 30, 2019 , 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, 2019 , 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, 2018 Less than 12 months 12 months or longer (1) Total (Dollars in thousands) Fair Value of Unrealized Fair Value of Unrealized Fair Value of Unrealized Held-to-maturity securities: U.S. agency debentures $ 291,432 $ (2,915 ) $ 66,624 $ (1,935 ) $ 358,056 $ (4,850 ) Residential mortgage-backed securities: Agency-issued mortgage-backed securities 2,493,156 (34,956 ) 3,972,690 (122,811 ) 6,465,846 (157,767 ) Agency-issued collateralized mortgage obligations—fixed rate 16,952 (109 ) 2,103,980 (62,163 ) 2,120,932 (62,272 ) Agency-issued collateralized mortgage obligations—variable rate 3,364 (1 ) 8,101 (13 ) 11,465 (14 ) Agency-issued commercial mortgage-backed securities 177,697 (1,580 ) 1,600,277 (62,794 ) 1,777,974 (64,374 ) Municipal bonds and notes 868,751 (17,075 ) 340,413 (9,894 ) 1,209,164 (26,969 ) Total temporarily impaired securities (1) $ 3,851,352 $ (56,636 ) $ 8,092,085 $ (259,610 ) $ 11,943,437 $ (316,246 ) (1) As of December 31, 2018 , we identified a total of 1,244 investments that were in unrealized loss positions, of which 695 investments totaling $8.1 billion with unrealized losses of $259.6 million The following table summarizes the remaining contractual principal maturities on fixed income investment securities classified as held-to-maturity as of September 30, 2019 . For U.S. agency debentures, the expected maturity is the actual contractual maturity of the notes. Expected remaining maturities for certain U.S. agency debentures may occur earlier than their contractual maturities because the note issuers have the right to call outstanding amounts ahead of their contractual maturity. Expected maturities for 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, 2019 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 $ 518,841 $ 529,347 $ — $ — $ 123,205 $ 124,646 $ 395,636 $ 404,701 $ — $ — Residential mortgage-backed securities: Agency-issued mortgage-backed securities 7,376,458 7,508,264 — — 94,514 94,745 771,670 769,409 6,510,274 6,644,110 Agency-issued collateralized mortgage obligations — fixed rate 1,754,498 1,746,658 — — — — 635,235 630,472 1,119,263 1,116,186 Agency-issued collateralized mortgage obligations — variable rate 188,120 187,852 — — — — — — 188,120 187,852 Agency-issued commercial mortgage-backed securities 2,826,344 2,898,720 — — — — — — 2,826,344 2,898,720 Municipal bonds and notes 1,742,817 1,827,961 14,002 14,007 82,708 83,714 369,911 385,458 1,276,196 1,344,782 Total $ 14,407,078 $ 14,698,802 $ 14,002 $ 14,007 $ 300,427 $ 303,105 $ 2,172,452 $ 2,190,040 $ 11,920,197 $ 12,191,650 Non-marketable and Other Equity Securities The major components of our non-marketable and other equity securities portfolio at September 30, 2019 and December 31, 2018 are as follows: (Dollars in thousands) September 30, 2019 December 31, 2018 Non-marketable and other equity securities: Non-marketable securities (fair value accounting): Consolidated venture capital and private equity fund investments (1) $ 92,010 $ 118,333 Unconsolidated venture capital and private equity fund investments (2) 181,550 201,098 Other investments without a readily determinable fair value (3) 43,524 25,668 Other equity securities in public companies (fair value accounting) (4) 56,081 20,398 Non-marketable securities (equity method accounting) (5): Venture capital and private equity fund investments 196,425 129,485 Debt funds 7,153 5,826 Other investments 154,323 121,721 Investments in qualified affordable housing projects, net (6) 419,028 318,575 Total non-marketable and other equity securities $ 1,150,094 $ 941,104 (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, 2019 and December 31, 2018 (fair value accounting): September 30, 2019 December 31, 2018 (Dollars in thousands) Amount Ownership % Amount Ownership % Strategic Investors Fund, LP $ 6,829 12.6 % $ 12,452 12.6 % Capital Preferred Return Fund, LP 46,691 20.0 53,957 20.0 Growth Partners, LP 38,356 33.0 50,845 33.0 CP I, LP 134 10.7 1,079 10.7 Total consolidated venture capital and private equity fund investments $ 92,010 $ 118,333 (2) The carrying value represents investments in 211 and 213 funds (primarily venture capital funds) at September 30, 2019 and December 31, 2018 , respectively, where our ownership interest is typically less than 5% of the voting interests of each such fund and in which we do not have the ability to exercise significant influence over the partnerships operating activities and financial policies. We carry our unconsolidated venture capital and private equity fund investments at fair value based on the fund investments' net asset values per share as obtained from the general partners of the investments. For each fund investment, we adjust the net asset value per share for differences between our measurement date and the date of the fund investment’s net asset value by using the most recently available financial information from the investee general partner, for example June 30 th for our September 30 th consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period. (3) These investments include direct equity investments in private companies. The carrying value is based on the price at which the investment was acquired plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments. We consider a range of factors when adjusting the fair value of these investments, including, but not limited to, the term and nature of the investment, local market conditions, values for comparable securities, current and projected operating performance, exit strategies, financing transactions subsequent to the acquisition of the investment and a discount for certain investments that have lock-up restrictions or other features that indicate a discount to fair value is warranted. The following table shows the changes to the carrying amount of other investments without a readily determinable fair value for the nine months ended September 30, 2019 : (Dollars in thousands) Nine months ended September 30, 2019 Cumulative Adjustments Measurement alternative: Carrying value at September 30, 2019 $ 43,524 Carrying value adjustments: Impairment $ — $ — Upward changes for observable prices 2,605 3,104 Downward changes for observable prices (2,670 ) (4,285 ) (4) Investments classified as other equity securities (fair value accounting) represent shares held in public companies as a result of exercising public equity warrant assets and direct equity investments in public companies held by our consolidated funds. Changes in equity securities measured at fair value are recognized through net income. (5) The following table shows the carrying value and our ownership percentage of each investment at September 30, 2019 and December 31, 2018 (equity method accounting): September 30, 2019 December 31, 2018 (Dollars in thousands) Amount Ownership % Amount Ownership % Venture capital and private equity fund investments: Strategic Investors Fund II, LP $ 4,501 8.6 % $ 4,670 8.6 % Strategic Investors Fund III, LP 15,279 5.9 17,396 5.9 Strategic Investors Fund IV, LP 28,549 5.0 28,974 5.0 Strategic Investors Fund V funds 37,233 Various 28,189 Various CP II, LP (i) 7,333 5.1 7,122 5.1 Other venture capital and private equity fund investments 103,530 Various 43,134 Various Total venture capital and private equity fund investments $ 196,425 $ 129,485 Debt funds: Gold Hill Capital 2008, LP (ii) $ 5,323 15.5 % $ 3,901 15.5 % Other debt funds 1,830 Various 1,925 Various Total debt funds $ 7,153 $ 5,826 Other investments: SPD Silicon Valley Bank Co., Ltd. $ 73,918 50.0 % $ 76,412 50.0 % Other investments 80,405 Various 45,309 Various Total other investments $ 154,323 $ 121,721 (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, 2019 and December 31, 2018 : (Dollars in thousands) September 30, 2019 December 31, 2018 Investments in qualified affordable housing projects, net $ 419,028 $ 318,575 Other liabilities 276,940 205,685 The following table presents other information relating to our investments in qualified affordable housing projects for the three and nine months ended September 30, 2019 and 2018 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Tax credits and other tax benefits recognized $ 8,705 $ 6,283 $ 28,950 $ 16,912 Amortization expense included in provision for income taxes (i) 6,042 4,773 20,436 14,269 (i) All investments are amortized using the proportional amortization method and amortization expense is included in the provision for income taxes. The following table presents the net gains and losses on non-marketable and other equity securities for the three and nine months ended September 30, 2019 and 2018 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) 2019 2018 2019 2018 Net gains (losses) on non-marketable and other equity securities: Non-marketable securities (fair value accounting): Consolidated venture capital and private equity fund investments $ 4,555 $ 2,928 $ 22,674 $ 18,971 Unconsolidated venture capital and private equity fund investments 8,530 6,240 26,688 37,095 Other investments without a readily determinable fair value (471 ) 2,509 4,701 4,310 Other equity securities in public companies (fair value accounting) (11,979 ) 4,407 106 (17,786 ) Non-marketable securities (equity method accounting): Venture capital and private equity fund investments 29,049 11,341 54,189 30,122 Debt funds 187 1,473 1,529 (100 ) Other investments (22 ) 3,295 593 4,753 Total net gains on non-marketable and other equity securities $ 29,849 $ 32,193 $ 110,480 $ 77,365 Less: realized net gains (losses) on sales of securities (1) 277 357 12,637 (20,806 ) Net gains on non-marketable and other equity securities still held $ 29,572 $ 31,836 $ 97,843 $ 98,171 (1) Realized gains and losses include sales of non-marketable and other equity securities. No OTTI was recorded during the three and nine months ended September 30, 2019 and 2018 |
Loans, Allowance for Loan Losse
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments | 9 Months Ended |
Sep. 30, 2019 | |
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 $165 million and $173 million at September 30, 2019 and December 31, 2018 , respectively, is presented in the following table: (Dollars in thousands) September 30, 2019 December 31, 2018 Commercial loans: Software/internet $ 6,009,518 $ 6,154,755 Hardware 1,357,617 1,234,557 Private equity/venture capital 16,293,556 14,110,560 Life science/healthcare 2,381,822 2,385,612 Premium wine 234,555 249,266 Other 385,013 321,978 Total commercial loans 26,662,081 24,456,728 Real estate secured loans: Premium wine (1) 749,259 710,397 Consumer loans (2) 3,015,396 2,612,971 Other 39,332 40,435 Total real estate secured loans 3,803,987 3,363,803 Construction loans 116,854 97,077 Consumer loans 481,072 420,672 Total loans, net of unearned income (3) $ 31,063,994 $ 28,338,280 (1) Included in our premium wine portfolio are gross construction loans of $96 million and $99 million at September 30, 2019 and December 31, 2018 , respectively. (2) Consumer loans secured by real estate at September 30, 2019 and December 31, 2018 were comprised of the following: (Dollars in thousands) September 30, 2019 December 31, 2018 Loans for personal residence $ 2,577,623 $ 2,251,292 Loans to eligible employees 380,677 290,194 Home equity lines of credit 57,096 71,485 Consumer loans secured by real estate $ 3,015,396 $ 2,612,971 (3) Included within our total loan portfolio are credit card loans of $396 million and $335 million at September 30, 2019 and December 31, 2018 , respectively. Credit Quality The composition of loans, net of unearned income of $165 million and $173 million at September 30, 2019 and December 31, 2018 , respectively, broken out by portfolio segment and class of financing receivable, is as follows: (Dollars in thousands) September 30, 2019 December 31, 2018 Commercial loans: Software/internet $ 6,009,518 $ 6,154,755 Hardware 1,357,617 1,234,557 Private equity/venture capital 16,293,556 14,110,560 Life science/healthcare 2,381,822 2,385,612 Premium wine 983,814 959,663 Other 541,199 459,490 Total commercial loans 27,567,526 25,304,637 Consumer loans: Real estate secured loans 3,015,396 2,612,971 Other consumer loans 481,072 420,672 Total consumer loans 3,496,468 3,033,643 Total loans, net of unearned income $ 31,063,994 $ 28,338,280 The following table summarizes the aging of our gross loans, broken out by portfolio segment and class of financing receivable as of September 30, 2019 and December 31, 2018 : (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, 2019: Commercial loans: Software/internet $ 11,314 $ 6,760 $ 806 $ 18,880 $ 5,967,307 $ 806 Hardware 2,934 342 — 3,276 1,354,693 — Private equity/venture capital 21,493 92 — 21,585 16,288,499 — Life science/healthcare 6,645 453 58 7,156 2,400,516 58 Premium wine 5,846 — — 5,846 976,903 — Other 13 8,050 — 8,063 546,943 — Total commercial loans 48,245 15,697 864 64,806 27,534,861 864 Consumer loans: Real estate secured loans 599 2,117 — 2,716 3,002,256 — Other consumer loans 147 — — 147 481,277 — Total consumer loans 746 2,117 — 2,863 3,483,533 — Total gross loans excluding impaired loans 48,991 17,814 864 67,669 31,018,394 864 Impaired loans 2,000 39,135 3,059 44,194 98,746 — Total gross loans $ 50,991 $ 56,949 $ 3,923 $ 111,863 $ 31,117,140 $ 864 December 31, 2018: Commercial loans: Software/internet $ 28,134 $ 6,944 $ 378 $ 35,456 $ 6,059,672 $ 378 Hardware 300 34 4 338 1,233,956 4 Private equity/venture capital 59,481 11 — 59,492 14,054,940 — Life science/healthcare 16,082 817 19 16,918 2,410,091 19 Premium wine 2,953 14 — 2,967 956,285 — Other 7,391 163 1 7,555 477,442 1 Total commercial loans 114,341 7,983 402 122,726 25,192,386 402 Consumer loans: Real estate secured loans 3,598 1,750 1,562 6,910 2,598,496 1,562 Other consumer loans 361 — — 361 420,359 — Total consumer loans 3,959 1,750 1,562 7,271 3,018,855 1,562 Total gross loans excluding impaired loans 118,300 9,733 1,964 129,997 28,211,241 1,964 Impaired loans 2,843 1,181 25,092 29,116 140,958 — Total gross loans $ 121,143 $ 10,914 $ 27,056 $ 159,113 $ 28,352,199 $ 1,964 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, 2019 and December 31, 2018 : (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, 2019: Commercial loans: Software/internet $ 55,892 $ 25,588 $ 81,480 $ 91,126 Hardware 5,441 4,482 9,923 10,175 Life science/healthcare 32,634 6,887 39,521 76,305 Premium wine 393 1,946 2,339 2,424 Other 2,589 — 2,589 2,639 Total commercial loans 96,949 38,903 135,852 182,669 Consumer loans: Real estate secured loans 3,315 3,760 7,075 10,871 Other consumer loans 13 — 13 13 Total consumer loans 3,328 3,760 7,088 10,884 Total $ 100,277 $ 42,663 $ 142,940 $ 193,553 December 31, 2018: Commercial loans: Software/internet $ 49,625 $ 65,225 $ 114,850 $ 131,858 Hardware 1,256 10,250 11,506 12,159 Private equity/venture capital — 3,700 3,700 3,700 Life science/healthcare 17,791 16,276 34,067 44,446 Premium wine — 1,301 1,301 1,365 Other 411 — 411 411 Total commercial loans 69,083 96,752 165,835 193,939 Consumer loans: Real estate secured loans 3,919 320 4,239 5,969 Other consumer loans — — — — Total consumer loans 3,919 320 4,239 5,969 Total $ 73,002 $ 97,072 $ 170,074 $ 199,908 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, 2019 and 2018 : Three months ended September 30, Average impaired loans Interest income recognized on impaired loans (Dollars in thousands) 2019 2018 2019 2018 Commercial loans: Software/internet $ 59,336 $ 118,840 $ 507 $ 607 Hardware 10,617 27,922 70 410 Private equity/venture capital — 1,233 — — Life science/healthcare 42,242 38,545 192 365 Premium wine 2,308 2,384 41 35 Other 3,404 — — — Total commercial loans 117,907 188,924 810 1,417 Consumer loans: Real estate secured loans 7,113 4,330 — 4 Other consumer loans 9 — — — Total consumer loans 7,122 4,330 — 4 Total average impaired loans $ 125,029 $ 193,254 $ 810 $ 1,421 Nine months ended September 30, Average impaired loans Interest income recognized on impaired loans (Dollars in thousands) 2019 2018 2019 2018 Commercial loans: Software/internet $ 88,487 $ 112,576 $ 2,275 $ 991 Hardware 14,188 34,469 417 499 Private equity/venture capital 3,019 536 — — Life science/healthcare 47,208 27,671 785 376 Premium wine 1,538 2,586 141 103 Other 1,541 130 — — Total commercial loans 155,981 177,968 3,618 1,969 Consumer loans: Real estate secured loans 7,379 3,953 54 12 Other consumer loans 9 477 — — Total consumer loans 7,388 4,430 54 12 Total average impaired loans $ 163,369 $ 182,398 $ 3,672 $ 1,981 The following tables summarize the activity relating to our allowance for loan losses for the three and nine months ended September 30, 2019 and 2018 , broken out by portfolio segment: Three months ended September 30, 2019 Beginning Balance June 30, 2019 Charge-offs Recoveries Provision for (Reduction of) Loan Losses Foreign Currency Translation Adjustments Ending Balance September 30, 2019 (Dollars in thousands) Commercial loans: Software/internet $ 101,998 $ (27,128 ) $ 988 $ 22,679 $ (335 ) $ 98,202 Hardware 26,932 (331 ) 1,669 (4,290 ) 64 24,044 Private equity/venture capital 105,524 — 1,200 1,834 (27 ) 108,531 Life science/healthcare 40,206 (9,361 ) 15 13,836 (204 ) 44,492 Premium wine 3,998 — — 46 (1 ) 4,043 Other 4,291 — — (30 ) — 4,261 Total commercial loans 282,949 (36,820 ) 3,872 34,075 (503 ) 283,573 Total consumer loans 18,939 — 16 1,910 (28 ) 20,837 Total allowance for loan losses $ 301,888 $ (36,820 ) $ 3,888 $ 35,985 $ (531 ) $ 304,410 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 Nine months ended September 30, 2019 Beginning Balance December 31, 2018 Charge-offs Recoveries Provision for Loan Losses Foreign Currency Translation Adjustments Ending Balance September 30, 2019 (Dollars in thousands) Commercial loans: Software/internet $ 103,567 $ (38,319 ) $ 8,758 $ 24,667 $ (471 ) $ 98,202 Hardware 19,725 (3,576 ) 4,738 2,962 195 24,044 Private equity/venture capital 98,581 (2,047 ) 1,200 11,305 (508 ) 108,531 Life science/healthcare 32,180 (26,879 ) 196 38,397 598 44,492 Premium wine 3,355 — — 681 7 4,043 Other 3,558 (415 ) — 1,163 (45 ) 4,261 Total commercial loans 260,966 (71,236 ) 14,892 79,175 (224 ) 283,573 Total consumer loans 19,937 (1,019 ) 241 1,779 (101 ) 20,837 Total allowance for loan losses $ 280,903 $ (72,255 ) $ 15,133 $ 80,954 $ (325 ) $ 304,410 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 The following table summarizes the activity relating to our allowance for unfunded credit commitments for the three and nine months ended September 30, 2019 and 2018 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Allowance for unfunded credit commitments, beginning balance $ 62,664 $ 54,104 $ 55,183 $ 51,770 Provision for unfunded credit commitments 551 (2,262 ) 8,079 138 Foreign currency translation adjustments (107 ) (34 ) (154 ) (100 ) Allowance for unfunded credit commitments, ending balance (1) $ 63,108 $ 51,808 $ 63,108 $ 51,808 (1) See Note 16—“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, 2019 and December 31, 2018 , broken out by portfolio segment: September 30, 2019 December 31, 2018 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 $ 24,882 $ 81,480 $ 73,320 $ 5,928,038 $ 28,527 $ 114,850 $ 75,040 $ 6,039,905 Hardware 5,230 9,923 18,814 1,347,694 1,253 11,506 18,472 1,223,051 Private equity/venture capital — — 108,531 16,293,556 — 3,700 98,581 14,106,860 Life science/healthcare 22,161 39,521 22,331 2,342,301 7,484 34,067 24,696 2,351,545 Premium wine 394 2,339 3,649 981,475 — 1,301 3,355 958,362 Other 910 2,589 3,351 538,610 411 411 3,147 459,079 Total commercial loans 53,577 135,852 229,996 27,431,674 37,675 165,835 223,291 25,138,802 Total consumer loans 151 7,088 20,686 3,489,380 266 4,239 19,671 3,029,404 Total $ 53,728 $ 142,940 $ 250,682 $ 30,921,054 $ 37,941 $ 170,074 $ 242,962 $ 28,168,206 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 2018 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, 2019 and December 31, 2018 : (Dollars in thousands) Pass Performing (Criticized) Performing Impaired (Criticized) Nonperforming Impaired (Nonaccrual) Total September 30, 2019: Commercial loans: Software/internet $ 5,454,896 $ 531,291 $ 25,588 $ 55,892 $ 6,067,667 Hardware 1,251,074 106,895 4,482 5,441 1,367,892 Private equity/venture capital 16,310,056 28 — — 16,310,084 Life science/healthcare 2,258,771 148,901 6,879 32,642 2,447,193 Premium wine 928,817 53,932 1,946 393 985,088 Other 537,852 17,154 — 2,589 557,595 Total commercial loans 26,741,466 858,201 38,895 96,957 27,735,519 Consumer loans: Real estate secured loans 2,994,694 10,278 — 7,075 3,012,047 Other consumer loans 481,424 — — 13 481,437 Total consumer loans 3,476,118 10,278 — 7,088 3,493,484 Total gross loans $ 30,217,584 $ 868,479 $ 38,895 $ 104,045 $ 31,229,003 December 31, 2018: Commercial loans: Software/internet $ 5,574,332 $ 520,796 $ 48,069 $ 66,781 $ 6,209,978 Hardware 1,146,985 87,309 10,250 1,256 1,245,800 Private equity/venture capital 14,098,281 16,151 — 3,700 14,118,132 Life science/healthcare 2,291,356 135,653 16,276 17,791 2,461,076 Premium wine 909,965 49,287 1,017 284 960,553 Other 467,653 17,344 — 411 485,408 Total commercial loans 24,488,572 826,540 75,612 90,223 25,480,947 Consumer loans: Real estate secured loans 2,584,261 21,145 320 3,919 2,609,645 Other consumer loans 419,771 949 — — 420,720 Total consumer loans 3,004,032 22,094 320 3,919 3,030,365 Total gross loans $ 27,492,604 $ 848,634 $ 75,932 $ 94,142 $ 28,511,312 Troubled Debt Restructurings As of September 30, 2019 , we had 20 TDRs with a total carrying value of $105.2 million where concessions have been granted to borrowers experiencing financial difficulties, in an attempt to maximize collection. There were $3.8 million of unfunded commitments available for funding to the clients associated with these TDRs as of September 30, 2019 . The following table summarizes our loans modified in TDRs, broken out by portfolio segment and class of financing receivables at September 30, 2019 and December 31, 2018 : (Dollars in thousands) September 30, 2019 December 31, 2018 Loans modified in TDRs: Commercial loans: Software/internet $ 80,704 $ 58,089 Hardware — 9,665 Life science/healthcare 18,689 12,738 Premium wine 3,712 2,883 Total commercial loans 103,105 83,375 Consumer loans: Other consumer loans 2,140 320 Total loans modified in TDRs $ 105,245 $ 83,695 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, 2019 and 2018 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Loans modified in TDRs during the period: Commercial loans: Software/internet $ 8,566 $ — $ 60,650 $ 14,069 Hardware — 10,398 — 12,347 Life science/healthcare — — 10,963 5,909 Total commercial loans 8,566 10,398 71,613 32,325 Consumer loans: Other consumer loans — — 1,826 322 Total loans modified in TDRs during the period (1) $ 8,566 $ 10,398 $ 73,439 $ 32,647 (1) There were $3.7 million and $9.2 million of partial charge-offs for the three and nine months ended September 30, 2019 , respectively, and $13.0 million and $21.5 million of partial charge-offs for the three and nine months ended September 30, 2018 , respectively. During the three and nine months ended September 30, 2019 , $6.4 million and $69.4 million , respectively, were modified through payment deferrals granted to our clients. During the three and nine months ended September 30, 2019 , $2.2 million and $4.0 million , respectively, were modified through partial forgiveness of principal. 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. 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, 2019 and 2018 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 TDRs modified within the previous 12 months that defaulted during the period: Commercial loans: Software/internet $ 37,294 $ 18,911 $ 37,294 $ 41,568 Hardware — 2,100 — 5,549 Life science/healthcare 10,963 5,909 10,963 7,139 Total TDRs modified within the previous 12 months that defaulted in the period $ 48,257 $ 26,920 $ 48,257 $ 54,256 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, 2019 . |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases We have operating leases for our corporate offices, data centers and certain equipment utilized at those properties. We are obligated under a number of noncancelable operating leases for premises and equipment that expire at various dates, through 2030, and in most instances, include options to renew or extend at market rates and terms. Such leases may provide for periodic adjustments of rentals during the term of the lease based on changes in various economic indicators. At the inception of the lease, the lease is evaluated to determine whether the lease will be accounted for as an operating or a finance lease. There were no significant assumptions or judgments required upon applying the new lease standard. Operating lease ROU assets and operating lease liabilities are included in our consolidated balance sheets. We have no leases that meet the definition of a finance lease under ASC 842 and our lessor accounting treatment for subleases is not material. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. Total recorded balances for the lease assets and liabilities are as follows: (Dollars in thousands) September 30, 2019 Assets: Right-of-use assets - operating leases (1) $ 178,532 Liabilities: Lease liabilities - operating leases (1) 192,543 (1) Included in these amounts are $22.8 million and $31.4 million of ROU assets and lease liabilities, respectively, attributable to the inclusion of SVB Leerink in our financial results at September 30, 2019. The components of our lease cost and supplemental cash flow information related to leases for the three and nine months ended September 30, 2019 were as follows: (Dollars in thousands) Three months ended September 30, 2019 Nine months ended September 30, 2019 Operating lease cost $ 10,120 $ 29,099 Short-term lease cost 370 1,214 Variable lease cost 903 2,683 Less: sublease income (1,140 ) (3,363 ) Total lease cost, net $ 10,253 $ 29,633 Supplemental cash flows information: Cash paid for amounts included in the measurement of lease liabilities: Cash paid for operating leases $ 11,514 $ 32,752 Noncash items during the period: Lease obligations in exchange for obtaining Right-of-use assets Operating leases $ 7,770 $ 7,770 The table below presents additional information related to the Company's leases as of September 30, 2019 : September 30, 2019 Weighted-average remaining term (in years) - operating leases 6.15 Weighted-average discount rate - operating leases (1) 3.15 % (1) The incremental borrowing rate used to calculate the lease liability was determined based on the facts and circumstances of the economic environment and the Company’s credit standing as of the effective date of ASC 842. Additionally, the total lease term and total lease payments were also considered in determining the rate. Based on these considerations the Company identified credit terms available under its existing credit lines which represent a collateralized borrowing rate that has varying credit terms that could be matched to total lease terms and total lease payments in ultimately determining the implied borrowing rate in each lease contract. The following table presents our undiscounted future cash payments for our operating lease liabilities as of September 30, 2019 : Years ended December 31, (Dollars in thousands) Operating Leases 2019 (excluding the nine months ended September 30, 2019) $ 10,994 2020 41,197 2021 38,325 2022 32,830 2023 31,033 2024 and thereafter 41,792 Total future lease payments (1) $ 196,171 Less: imputed interest (3,628 ) Total lease liabilities $ 192,543 (1) As of September 30, 2019, we have additional leases that have not yet commenced. We estimate that we will record additional lease liabilities of $35.4 million upon commencement. These leases will commence by 2020 with lease terms of one to ten years . The following table presents minimum future payments under noncancelable operating leases under ASC 840, as of December 31, 2018: (Dollars in thousands) Amount 2019 $ 38,609 2020 37,575 2021 35,854 2022 31,659 2023 30,904 2024 and thereafter 49,071 Total minimum future payments $ 223,672 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill On January 4, 2019, we completed the acquisition of Leerink Holdings LLC, the Boston-based parent company of healthcare and life science investment bank Leerink Partners LLC, now SVB Leerink. We recognized identifiable intangible assets of $60.9 million and goodwill of $137.8 million as a result of the acquisition. For additional information, refer to Note 2—“Business Combination” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report . The goodwill of $137.8 million includes revenue generating synergies expected from collaboration between SVB Leerink and the Company. The changes in goodwill were as follows for the nine months ended September 30, 2019 : (Dollars in thousands) Goodwill Beginning balance at December 31, 2018 $ — Acquisitions (1) 137,823 Ending balance at September 30, 2019 $ 137,823 (1) All reported goodwill amounts have been allocated to the SVB Leerink reporting segment and are expected to be deductible for tax purposes. Refer to Note 15—“Segment Reporting” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional information. Other Intangible Assets The components of net other intangible assets related to the acquisition of SVB Leerink were as follows: September 30, 2019 (Dollars in thousands) Gross Amount Accumulated Amortization Net Carrying Amount Other intangible assets: Customer relationships $ 42,000 $ 2,864 $ 39,136 Other 18,900 5,748 13,152 Total other intangible assets $ 60,900 $ 8,612 $ 52,288 For the nine months ended September 30, 2019 , we recorded amortization expense of $8.6 million . Assuming no future impairments of other intangible assets or additional acquisitions or dispositions, the following table presents the Company's future expected amortization expense for other intangible assets that will continue to be amortized as of September 30, 2019: Years ended December 31, (Dollars in thousands) Other Intangible Assets 2019 (excluding the nine months ended September 30, 2019) $ 2,872 2020 5,382 2021 4,732 2022 4,732 2023 4,732 2024 and thereafter 29,838 Total future amortization expense $ 52,288 |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term Debt | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and December 31, 2018 : Carrying Value (Dollars in thousands) Maturity Principal value at September 30, 2019 September 30, December 31, Short-term borrowings: Short-term FHLB advances $ — $ 300,000 Securities sold under agreement to repurchase (1) — 319,414 Other short-term borrowings (2) $ 18,898 18,898 11,998 Total short-term borrowings $ 18,898 $ 631,412 Long-term debt: 3.50% Senior Notes January 29, 2025 $ 350,000 $ 347,899 $ 347,639 5.375% Senior Notes September 15, 2020 350,000 349,328 348,826 Total long-term debt $ 697,227 $ 696,465 (1) Securities sold under repurchase agreements are effectively short-term borrowings collateralized by U.S. Treasury securities. (2) 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 $8.1 million and $27.6 million for the three and nine months ended September 30, 2019 , respectively, and $12.0 million and $29.1 million for the three and nine months ended September 30, 2018 , respectively. The weighted average interest rate associated with our overnight short-term borrowings was 2.62 percent as of December 31, 2018 . There were no overnight short-term borrowings as of September 30, 2019 . Short-term Borrowings We have certain facilities in place to enable us to access short-term borrowings on a secured and unsecured basis. Our secured facilities include collateral pledged to the FHLB of San Francisco and the discount window at the FRB (using both fixed income securities and loans as collateral). Our unsecured facility consists of our uncommitted federal funds lines. As of September 30, 2019 , collateral pledged to the FHLB of San Francisco was comprised primarily of fixed income investment securities and loans and had a carrying value of $4.5 billion , of which $4.1 billion was available to support additional borrowings. As of September 30, 2019 , collateral pledged to the discount window at the FRB was comprised of fixed income investment securities and had a carrying value of $1.0 billion , all of which was unused and available to support additional borrowings. Our total unused and available borrowing capacity for our uncommitted federal funds lines totaled $1.9 billion at September 30, 2019 . Our total unused and available borrowing capacity under our master repurchase agreements with various financial institutions totaled $3.3 billion at September 30, 2019 . |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
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. Interest Rate Risk Interest rate risk is our primary market risk and can result from timing and volume differences in the repricing of our interest rate sensitive assets and liabilities and changes in market interest rates. To manage interest rate risk on our variable-interest rate loan portfolio, we enter into interest rate swap contracts to hedge against future changes in interest rates by using hedging instruments to lock in future cash inflows that would otherwise be impacted by movements in the market interest rates. We designate these interest rate swap contracts as cash flow hedges that qualify for hedge accounting under ASC 815, Derivatives and Hedging ( " ASC 815 " ), and record them in other assets and other liabilities. For qualifying cash flow hedges, changes in the fair value of the derivative are recorded in accumulated other comprehensive income and recognized in earnings as the hedged item affects earnings. Derivative amounts affecting earnings are recognized consistent with the classification of the hedged item in the line item "Loans" as part of interest income, a component of consolidated net income. We assess hedge effectiveness under ASC 815 on a quarterly basis to ensure all hedges remain highly effective to ensure hedge accounting under ASC 815 can be applied. If the hedging relationship no longer exists or no longer qualifies as a hedge per ASC 815, any amounts remaining as gain or loss in accumulated other comprehensive income are reclassified into earnings in the line item "Loans" as part of interest income, a component of consolidated net income. As of September 30, 2019 , no derivatives classified as hedges were terminated or were disqualified for hedge accounting. The maximum length of time over which the forecasted transactions are hedged is approximately six years . Currency Exchange Risk We enter into foreign exchange forward contracts to economically reduce our foreign exchange exposure risk associated with the net difference between foreign currency denominated assets and liabilities. We do not designate any foreign exchange forward contracts as derivative instruments that qualify for hedge accounting. Gains or losses from changes in currency rates on foreign currency denominated instruments are recorded in the line item “Other” as part of noninterest income, a component of consolidated net income. We may experience ineffectiveness in the economic hedging relationship, because the instruments are revalued based upon changes in the currency’s spot rate on the principal value, while the forwards are revalued on a discounted cash flow basis. We record forward agreements in gain positions in other assets and loss positions in other liabilities, while net changes in fair value are recorded in the line item “Other” as part of noninterest income, a component of consolidated net income. Other Derivative Instruments Also included in our derivative instruments are equity warrant assets and client forward and option contracts, and client interest rate contracts. For further description of these other derivative instruments, refer to Note 2-“Summary of Significant Accounting Policies" under Part II, Item 8 of our 2018 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, 2019 and December 31, 2018 were as follows: September 30, 2019 December 31, 2018 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 designated as hedging instruments: Interest rate risks: Interest rate swaps $ 2,000,000 $ 40,976 $ — $ — $ — $ — Interest rate swaps 2,000,000 — 9,286 — — — Derivatives not designated as hedging instruments: Currency exchange risks: Foreign exchange forwards 255,228 4,303 — 263,733 4,767 — Foreign exchange forwards — — — 178,310 — 1,094 Other derivative instruments: Equity warrant assets 223,383 149,113 — 223,532 149,238 — Client foreign exchange forwards 3,921,970 116,492 — 2,759,878 93,876 — Client foreign exchange forwards 3,876,021 — 100,244 2,568,085 — 85,706 Client foreign currency options 125,531 1,485 — 93,556 1,759 — Client foreign currency options 125,531 — 1,485 93,579 — 1,759 Client interest rate derivatives (2) 1,230,782 25,608 — 1,020,416 8,499 — Client interest rate derivatives (2) 1,310,689 — 37,525 1,337,328 — 9,491 Total derivatives not designated as hedging instruments 297,001 139,254 258,139 98,050 Total derivatives $ 337,977 $ 148,540 $ 258,139 $ 98,050 (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, 2019 reflects rule changes implemented by two central clearing houses that require entities 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 reflect reductions of approximately $7.8 million and $0.4 million of derivative assets at September 30, 2019 and December 31, 2018 , respectively. 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, 2019 and 2018 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) Statement of income location 2019 2018 2019 2018 Derivatives designated as hedging instruments: Interest rate risks: Amounts reclassified from accumulated other comprehensive income into income Interest income—loans $ (2,713 ) $ — $ (3,224 ) $ — Derivatives not designated as hedging instruments: Currency exchange risks: (Losses) gains on revaluations of internal foreign currency instruments, net Other noninterest income $ (8,724 ) $ 5,412 $ (5,183 ) $ 8,019 Gains (losses) on internal foreign exchange forward contracts, net Other noninterest income 8,660 (5,002 ) 4,917 (8,055 ) Net (losses) gains associated with internal currency risk $ (64 ) $ 410 $ (266 ) $ (36 ) Other derivative instruments: (Losses) gains on revaluations of client foreign currency instruments, net Other noninterest income $ (2,181 ) $ (1,187 ) $ (14,793 ) $ 3,718 Gains (losses) on client foreign exchange forward contracts, net Other noninterest income 2,167 1,573 15,232 (2,697 ) Net (losses) gains associated with client currency risk $ (14 ) $ 386 $ 439 $ 1,021 Net gains on equity warrant assets Gains on equity warrant assets, net $ 37,561 $ 34,141 $ 107,213 $ 72,393 Net (losses) gains on other derivatives Other noninterest income $ (1,123 ) $ 222 $ (2,619 ) $ 643 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, 2019 and December 31, 2018 : 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, 2019 Derivative assets: Interest rate swaps $ 40,976 $ — $ 40,976 $ (9,286 ) $ (13 ) $ 31,677 Foreign exchange forwards 120,795 — 120,795 (60,525 ) (18,586 ) 41,684 Foreign currency options 1,485 — 1,485 (848 ) (299 ) 338 Client interest rate derivatives 25,608 — 25,608 (25,608 ) — — Total derivative assets 188,864 — 188,864 (96,267 ) (18,898 ) 73,699 Reverse repurchase, securities borrowing, and similar arrangements 387,119 — 387,119 (387,119 ) — — Total $ 575,983 $ — $ 575,983 $ (483,386 ) $ (18,898 ) $ 73,699 December 31, 2018 Derivative assets: Foreign exchange forwards $ 98,643 $ — $ 98,643 $ (38,213 ) $ (11,825 ) $ 48,605 Foreign currency options 1,759 — 1,759 (613 ) (90 ) 1,056 Client interest rate derivatives 8,499 — 8,499 (8,416 ) (83 ) — Total derivative assets 108,901 — 108,901 (47,242 ) (11,998 ) 49,661 Reverse repurchase, securities borrowing, and similar arrangements 123,611 — 123,611 (123,611 ) — — Total $ 232,512 $ — $ 232,512 $ (170,853 ) $ (11,998 ) $ 49,661 (1) Cash collateral received from our counterparties in relation to market value exposures of derivative contracts in our favor is recorded as a component of “Short-term borrowings” on our consolidated balance sheets. The following table summarizes our liabilities subject to enforceable master netting arrangements as of September 30, 2019 and December 31, 2018 : 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, 2019 Derivative liabilities: Interest rate swaps $ 9,286 $ — $ 9,286 $ (9,286 ) $ — $ — Foreign exchange forwards 100,244 — 100,244 (44,565 ) (5,010 ) 50,669 Foreign currency options 1,485 — 1,485 (802 ) — 683 Client interest rate derivatives 37,525 — 37,525 — (37,220 ) 305 Total derivative liabilities 148,540 — 148,540 (54,653 ) (42,230 ) 51,657 Repurchase, securities lending, and similar arrangements — — — — — — Total $ 148,540 $ — $ 148,540 $ (54,653 ) $ (42,230 ) $ 51,657 December 31, 2018 Derivative liabilities: Foreign exchange forwards $ 86,800 $ — $ 86,800 $ (24,778 ) $ (20,732 ) $ 41,290 Foreign currency options 1,759 — 1,759 (1,054 ) — 705 Client interest rate derivatives 9,491 — 9,491 — (9,207 ) 284 Total derivative liabilities 98,050 — 98,050 (25,832 ) (29,939 ) 42,279 Repurchase, securities lending, and similar arrangements 319,414 — 319,414 — — 319,414 Total $ 417,464 $ — $ 417,464 $ (25,832 ) $ (29,939 ) $ 361,693 (1) Cash collateral pledged to our counterparties in relation to market value exposures of derivative contracts in a liability position and repurchase agreements are recorded as a component of “Cash and cash equivalents " on our consolidated balance sheets. |
Noninterest Income
Noninterest Income | 9 Months Ended |
Sep. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Noninterest Income | Noninterest Income On January 1, 2018, we adopted accounting standard ASU 2014-09, Revenue from Contracts with Customers and all the related amendments ("ASC 606" or "ASU 2014-09"). Included below is a summary of noninterest income for the three and nine months ended September 30, 2019 and 2018 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Noninterest income: Gains on investment securities, net $ 29,849 $ 32,193 $ 106,575 $ 77,365 Gains on equity warrant assets, net 37,561 34,141 107,213 72,393 Client investment fees 46,679 36,265 136,905 88,592 Foreign exchange fees 40,309 32,656 116,863 100,560 Credit card fees 30,158 24,121 86,431 68,739 Deposit service charges 22,482 19,588 65,496 56,081 Lending related fees 11,707 10,675 36,857 30,938 Letters of credit and standby letters of credit fees 10,842 8,409 31,205 24,938 Investment banking revenue 38,516 — 137,005 — Commissions 12,275 — 40,812 — Other 13,631 12,022 42,773 38,671 Total noninterest income $ 294,009 $ 210,070 $ 908,135 $ 558,277 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, which include public equity securities held as a result of exercised equity warrant assets and qualified affordable housing projects. We experience variability in the performance of our non-marketable and other equity securities from period to period, which results in net gains or losses on investment securities (both realized and unrealized). This variability is due to a number of factors, including unrealized changes in the values of our investments, changes in the amount of realized gains from distributions, changes in liquidity events and general economic and market conditions. Unrealized gains from non-marketable and other equity securities for any single period are typically driven by valuation changes. The extent to which any unrealized gains or losses will become realized is subject to a variety of factors, including, among other things, the expiration of certain sales restrictions to which these equity securities may be subject to (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 recognized outside of the scope of ASC 606 as it explicitly excludes noninterest income earned from our investment-related activities. A summary of gains and losses on investment securities for the three and nine months ended September 30, 2019 and 2018 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Gains on non-marketable and other equity securities, net $ 29,849 $ 32,193 $ 110,480 $ 77,365 Losses on sales of available-for-sale securities, net — — (3,905 ) — Total gains on investment securities, net $ 29,849 $ 32,193 $ 106,575 $ 77,365 Gains on equity warrant assets, net In connection with negotiating credit facilities and certain other services, we often obtain rights to acquire stock in the form of equity warrant assets in primarily private, venture-backed companies in the technology and life science/healthcare industries. Any changes in fair value from the grant date fair value of equity warrant assets will be recognized as increases or decreases to other assets on our balance sheet and as net gains or losses on equity warrant assets, in noninterest income, a component of consolidated net income. Gains on equity warrant assets are recognized outside of the scope of ASC 606 as it explicitly excludes noninterest income earned from our derivative-related activities. A summary of net gains on equity warrant assets for the three and nine months ended September 30, 2019 and 2018 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Equity warrant assets: Gains on exercises, net $ 30,047 $ 18,287 $ 90,357 $ 42,808 Terminations (481 ) (1,432 ) (2,931 ) (3,158 ) Changes in fair value, net 7,995 17,286 19,787 32,743 Total net gains on equity warrant assets $ 37,561 $ 34,141 $ 107,213 $ 72,393 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, 2019 and 2018 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Client investment fees by type: Sweep money market fees $ 26,202 $ 21,105 $ 79,698 $ 50,605 Asset management fees (1) 7,256 6,358 20,883 17,447 Repurchase agreement fees 13,221 8,802 36,324 20,540 Total client investment fees (2) $ 46,679 $ 36,265 $ 136,905 $ 88,592 (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. 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 ASC 606 as it explicitly excludes noninterest income earned from our derivative-related activities. A summary of foreign exchange fee income by instrument type for the three and nine months ended September 30, 2019 and 2018 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Foreign exchange fees by instrument type: Spot contract commissions $ 36,836 $ 30,041 $ 106,561 $ 92,791 Forward contract commissions 3,371 2,534 10,144 7,474 Option premium fees 102 81 158 295 Total foreign exchange fees $ 40,309 $ 32,656 $ 116,863 $ 100,560 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, 2019 and 2018 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Credit card fees by instrument type: Card interchange fees, net $ 24,560 $ 18,849 $ 68,808 $ 54,547 Merchant service fees 3,943 3,679 12,763 10,010 Card service fees 1,655 1,593 4,860 4,182 Total credit card fees $ 30,158 $ 24,121 $ 86,431 $ 68,739 Deposit service charges Deposit service charges include fees earned from performing cash management activities and other deposit account services. Deposit services include, but are not limited to, the following: receivables services, which include merchant services, remote capture, lockbox, electronic deposit capture, and fraud control services. Payment and cash management products and services include wire transfer and automated clearing house payment services to enable clients to transfer funds more quickly, as well as business bill pay, business credit and debit cards, account analysis, and disbursement services. Deposit service charges are recognized over the period in which the related performance obligation is provided, generally on a monthly basis, and are presented in the "Disaggregation of revenue from contracts with customers" table below. Lending related fees Unused commitment fees, minimum finance fees and unused line fees are recognized as earned on a monthly basis. Fees that qualify for syndication treatment are recognized at the completion of the syndicated loan deal for which the fees were received. Lending related fees are recognized outside of the scope of ASC 606 as it explicitly excludes noninterest income earned from our lending-related activities. A summary of lending related fees by instrument type for the three and nine months ended September 30, 2019 and 2018 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Lending related fees by instrument type: Unused commitment fees $ 8,339 $ 8,410 $ 25,060 $ 24,994 Other 3,368 2,265 11,797 5,944 Total lending related fees $ 11,707 $ 10,675 $ 36,857 $ 30,938 Letters of credit and standby letters of credit fees Commercial and standby letters of credit represent conditional commitments issued by us on behalf of a client to guarantee the performance of the client to a third party when certain specified future events have occurred. Fees generated from letters of credit and standby letters of credit are deferred as a component of other liabilities and recognized in noninterest income over the commitment period using the straight-line method, based on the likelihood that the commitment being drawn down will be remote. Letters of credit and standby letters of credit fees are recognized outside of the scope of ASC 606 as it explicitly excludes noninterest income earned from our lending related activities. Investment banking revenue The Company earns investment banking revenue from clients for providing services related to securities underwriting, private placements and advisory services on strategic matters such as mergers and acquisitions. Underwriting fees are attributable to public and private offerings of equity and debt securities and are recognized at the point in time when the offering has been deemed to be completed by the lead manager of the underwriting group. Once the offering is completed, the performance obligation has been satisfied and the Company recognizes the applicable management fee as well the underwriting fee, net of consideration payable to customers. The Company recognizes private placement fees at the point in time when the private placement is completed, which is generally when the client accepts capital from the fund raise. Advisory fees from mergers and acquisitions engagements are generally recognized at the point in time when the related transaction is completed. Expenses are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other deal-related expenses are expensed as incurred. The Company has determined that it acts as principal in the majority of these transactions and therefore presents expenses gross within other operating expenses. A summary of investment banking revenue by instrument type for the three and nine months ended September 30, 2019 and 2018 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Investment banking revenue: Underwriting fees $ 31,016 $ — $ 109,371 $ — Advisory fees 5,200 — 22,789 — Private placements and other 2,300 — 4,845 — Total investment banking revenue $ 38,516 $ — $ 137,005 $ — Commissions Commissions include commissions received from customers for the execution of agency-based brokerage transactions in listed and over-the-counter equities. The execution of each trade order represents a distinct performance obligation and the transaction price is fixed at the point in time or trade order execution. Trade execution is satisfied at the point in time that the customer has control of the asset and as such, fees are recorded on a trade date basis. Commission are presented in the "Disaggregation of revenue from contracts with customers" table below. 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 ASC 606. 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, 2019 and 2018 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Other noninterest income by instrument type: Fund management fees $ 8,493 $ 5,479 $ 24,292 $ 17,144 Net (losses) gains on revaluation of foreign currency instruments, net of foreign exchange forward contracts (1) (78 ) 796 173 985 Other service revenue 5,216 5,747 18,308 20,542 Total other noninterest income $ 13,631 $ 12,022 $ 42,773 $ 38,671 (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, 2019 and 2018 : Three months ended September 30, 2019 (Dollars in thousands) Global SVB Private SVB Capital (2) SVB Other Items Total Revenue from contracts with customers: Client investment fees $ 46,171 $ 508 $ — $ — $ — $ 46,679 Spot contract commissions 36,644 89 — — 103 36,836 Card interchange fees, gross 34,867 — — — 181 35,048 Merchant service fees 3,943 — — — — 3,943 Deposit service charges 22,263 36 — — 183 22,482 Investment banking revenue — — — 38,516 — 38,516 Commissions — — — 12,275 — 12,275 Fund management fees — — 7,063 1,430 — 8,493 Correspondent bank rebates 1,633 — — — — 1,633 Total revenue from contracts with customers $ 145,521 $ 633 $ 7,063 $ 52,221 $ 467 $ 205,905 Revenues outside the scope of ASC 606 (1) 15,508 1 27,892 726 43,977 88,104 Total noninterest income $ 161,029 $ 634 $ 34,955 $ 52,947 $ 44,444 $ 294,009 (1) Amounts are accounted for under separate guidance than ASC 606. (2) Global Commercial Bank’s, SVB Capital’s and SVB Leerink's components of noninterest income are shown net of noncontrolling interests. Noncontrolling interest is included within “Other Items." Three months ended September 30, 2018 (Dollars in thousands) Global SVB Private SVB Capital (2) Other Items Total Revenue from contracts with customers: Client investment fees (3) $ 35,845 $ 420 $ — $ — $ 36,265 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 Fund management fees — — 5,479 — 5,479 Correspondent bank rebates 1,372 — — — 1,372 Total revenue from contracts with customers $ 123,782 $ 630 $ 5,479 $ 546 $ 130,437 Revenues outside the scope of ASC 606 (1) 11,446 (25 ) 18,944 49,268 79,633 Total noninterest income $ 135,228 $ 605 $ 24,423 $ 49,814 $ 210,070 (1) Amounts are accounted for under separate guidance than ASC 606. (2) Global Commercial Bank’s and SVB Capital’s components of noninterest income are shown net of noncontrolling interests. Noncontrolling interest is included within “Other Items." (3) For the three months ended September 30, 2018, the amount of client investment fees previously reported as "Other Items" has been correctly allocated to the reportable segment "Global Commercial Bank" to properly reflect the source of such revenue. The correction of this immaterial error had no impact on the "Total" amount of client investment fees. Nine months ended September 30, 2019 (Dollars in thousands) Global SVB Private SVB Capital (2) SVB Other Items Total Revenue from contracts with customers: Client investment fees $ 135,551 $ 1,354 $ — $ — $ — 136,905 Spot contract commissions 105,877 376 — — 308 106,561 Card interchange fees, gross 115,468 — — — 518 115,986 Merchant service fees 12,764 — — — — 12,764 Deposit service charges 64,806 104 — — 586 65,496 Investment banking revenue — — — 137,005 — 137,005 Commissions — — — 40,812 — 40,812 Fund management fees — — 20,050 4,242 — 24,292 Correspondent bank rebates 4,712 — — — — 4,712 Total revenue from contracts with customers $ 439,178 $ 1,834 $ 20,050 $ 182,059 $ 1,412 $ 644,533 Revenues outside the scope of ASC 606 (1) 32,314 (5 ) 79,810 6,005 145,478 263,602 Total noninterest income $ 471,492 $ 1,829 $ 99,860 $ 188,064 $ 146,890 $ 908,135 (1) Amounts are accounted for under separate guidance than ASC 606. (2) Global Commercial Bank’s, SVB Capital’s and SVB Leerink's components of noninterest income are shown net of noncontrolling interests. Noncontrolling interest is included within “Other Items." Nine months ended September 30, 2018 (Dollars in thousands) Global SVB Private SVB Capital (2) Other Items Total Revenue from contracts with customers: Client investment fees (3) $ 87,491 $ 1,101 $ — $ — $ 88,592 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 Fund management fees — — 17,144 — 17,144 Correspondent bank rebates 4,241 — — — 4,241 Total revenue from contracts with customers $ 343,559 $ 1,693 $ 17,144 $ 1,862 $ 364,258 Revenues outside the scope of ASC 606 (1) 33,761 (16 ) 64,688 95,586 194,019 Total noninterest income $ 377,320 $ 1,677 $ 81,832 $ 97,448 $ 558,277 (1) Amounts are accounted for under separate guidance than ASC 606. (2) Global Commercial Bank’s and SVB Capital’s components of noninterest income are shown net of noncontrolling interests. Noncontrolling interest is included within “Other Items." (3) For the nine months ended September 30, 2018, the amount of client investment fees previously reported as "Other Items" has been correctly allocated to the reportable segment "Global Commercial Bank" to properly reflect the source of such revenue. The correction of this immaterial error had no impact on the "Total" amount of client investment fees. 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, 2019 and 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, 2019 and 2018 that were included in the corresponding contract liability balance at the beginning of the periods were not material. |
Other Noninterest Expense
Other Noninterest Expense | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and 2018 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Lending and other client related processing costs $ 7,502 $ 5,698 $ 21,442 $ 16,301 Correspondent bank fees 3,657 3,513 10,970 10,200 Investment banking activities 1,864 — 9,918 — Trade order execution costs 2,615 — 7,959 — Data processing services 3,066 2,740 8,624 7,934 Telephone 2,466 2,269 7,629 7,025 Dues and publications 1,055 1,387 3,439 3,081 Postage and supplies 720 652 2,168 2,133 Other 11,161 5,393 32,910 15,171 Total other noninterest expense $ 34,106 $ 21,652 $ 105,059 $ 61,845 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting We have four reportable segments for management reporting purposes: Global Commercial Bank, SVB Private Bank, SVB Capital and SVB Leerink. SVB Leerink is a new reportable segment and was created as a result of the acquisition of Leerink Holdings LLC effective January 4, 2019. 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 funded loans. FTP is calculated at an instrument level based on account characteristics. We also evaluate performance based on provision for credit losses, noninterest income and noninterest expense, which are presented as components of segment operating profit or loss. In calculating each operating segment’s noninterest expense, we consider the direct costs incurred by the operating segment as well as certain allocated direct costs. As part of this review, we allocate certain corporate overhead costs to a corporate account. We do not allocate income tax expense or the 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 four 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, trade finance, and other services. We broadly serve clients within the U.S., as well as non-U.S. clients in key international innovation markets. In addition, the Bank and its subsidiaries offer a variety of investment services and solutions to its clients that enable them to effectively manage their assets. ◦ Our Private Equity Division provides banking products and services primarily to our private equity and venture capital clients. ◦ SVB Wine provides banking products and services to our premium wine industry clients, including vineyard development loans. ◦ SVB Analytics 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 is comprised of our investments in certain debt funds in which we are a strategic investor. • SVB Private Bank is the private banking division of the Bank, which provides a range of personal financial solutions for consumers. Our clients are primarily private equity/venture capital professionals and executive leaders of the innovation companies they support. We offer a customized suite of private banking services, including mortgages, home equity lines of credit, restricted stock purchase loans, capital call lines of credit and other secured and unsecured lending products, as well as cash and wealth management services. • SVB Capital is the 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. • SVB Leerink is an investment bank specializing in the equity and convertible capital markets, mergers and acquisitions, equity research and sales and trading for growth and innovation-minded healthcare and life science companies and operates as a wholly-owned subsidiary of SVB Financial. SVB Leerink provides investment banking services across all subsectors of healthcare including: biotechnology, pharmaceuticals, medical devices, diagnostic and life science tools, healthcare services and digital health. SVB Leerink focuses on two primary lines of business: (i) investment banking focused on providing companies with capital-raising services, financial advice on mergers and acquisitions, sales and trading services and equity research, and (ii) sponsorship of private investment funds. The 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, 2019 and 2018 is as follows: (Dollars in thousands) Global Commercial Bank (1) SVB Private Bank SVB Capital (1) SVB Leerink (1) Other Items (2) Total Three months ended September 30, 2019 Net interest income $ 455,161 $ 12,772 $ 9 $ 277 $ 52,425 $ 520,644 Provision for credit losses (34,075 ) (1,910 ) — — (551 ) (36,536 ) Noninterest income 161,029 634 34,955 52,947 44,444 294,009 Noninterest expense (3) (213,786 ) (11,638 ) (8,129 ) (55,200 ) (102,571 ) (391,324 ) Income (loss) before income tax expense (4) $ 368,329 $ (142 ) $ 26,835 $ (1,976 ) $ (6,253 ) $ 386,793 Total average loans, net of unearned income $ 25,839,647 $ 3,400,889 $ — $ — $ 581,890 $ 29,822,426 Total average assets (5) (6) 58,384,473 3,431,313 396,031 428,848 2,687,083 65,327,748 Total average deposits 55,250,154 1,497,303 — — 487,512 57,234,969 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 (7) 135,228 605 24,423 — 49,814 210,070 Noninterest expense (3) (206,487 ) (6,760 ) (6,469 ) — (89,729 ) (309,445 ) Income before income tax expense (4) $ 340,703 $ 8,402 $ 17,960 $ — $ 9,608 $ 376,673 Total average loans, net of unearned income $ 22,925,909 $ 2,928,576 $ — $ — $ 476,892 $ 26,331,377 Total average assets (5) (8) 49,948,578 2,949,908 388,531 — 3,178,020 56,465,037 Total average deposits 47,037,693 1,505,746 — — 548,801 49,092,240 Nine months ended September 30, 2019 Net interest income $ 1,360,997 $ 37,200 $ 20 $ 961 $ 163,755 $ 1,562,933 Provision for credit losses (79,175 ) (1,779 ) — — (8,079 ) (89,033 ) Noninterest income 471,492 1,829 99,860 188,064 146,890 908,135 Noninterest expense (3) (617,933 ) (30,015 ) (21,794 ) (177,675 ) (293,093 ) (1,140,510 ) Income before income tax expense (4) $ 1,135,381 $ 7,235 $ 78,086 $ 11,350 $ 9,473 $ 1,241,525 Total average loans, net of unearned income $ 25,457,997 $ 3,235,943 $ — $ — $ 517,020 $ 29,210,960 Total average assets (5) (6) 54,196,976 3,264,071 382,707 380,290 2,990,088 61,214,132 Total average deposits 51,352,644 1,461,170 — — 517,530 53,331,344 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 (7) 377,320 1,677 81,832 — 97,448 558,277 Noninterest expense (3) (591,434 ) (18,729 ) (17,182 ) — (253,256 ) (880,601 ) Income (loss) before income tax expense (4) $ 924,142 $ 27,375 $ 64,672 $ — $ (33,211 ) $ 982,978 Total average loans, net of unearned income $ 21,781,557 $ 2,791,910 $ — $ — $ 434,810 $ 25,008,277 Total average assets (5) (8) 48,380,180 2,813,101 379,809 — 2,859,562 54,432,652 Total average deposits 45,701,317 1,519,200 — — 513,845 47,734,362 (1) Global Commercial Bank’s, SVB Capital’s and SVB Leerink's components of net interest income, noninterest income, noninterest expense and total average assets are shown net of noncontrolling interests for all periods presented. Noncontrolling interest is included within “Other Items." (2) The “Other Items” column reflects the adjustments necessary to reconcile the results of the 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, gains or losses on the sale of fixed income investments and gains on equity securities from exercised warrant assets. Noninterest expense consists primarily of expenses associated with corporate support functions such as finance, human resources, marketing, legal and other expenses. (3) The Global Commercial Bank segment includes direct depreciation and amortization of $5.1 million and $5.5 million for the three months ended September 30, 2019 and 2018 , respectively, and $14.8 million and $16.6 million for the nine months ended September 30, 2019 and 2018 . (4) The internal reporting model used by management to assess segment performance does not calculate income tax expense by segment. Our effective tax rate is a reasonable approximation of the segment rates. (5) Total average assets equal the greater of total average assets or the sum of total average liabilities and total average stockholders’ equity for each segment to reconcile the results to the consolidated financial statements prepared in conformity with GAAP. (6) Included in the total average assets for SVB Leerink is goodwill of $137.8 million for both the three and nine months ended September 30, 2019 related to the acquisition effective January 4, 2019. (7) For the three and nine months ended September 30, 2018, amounts of client investment fees included in the line item "Noninterest Income" previously reported as "Other Items" have been correctly allocated to our reportable segment "Global Commercial Bank" to properly reflect the source of such revenue. The correction of this immaterial error had no impact on the "Total" amount of noninterest income. (8) For the three and nine months ended September 30, 2018, amounts for average assets previously reported as "Other Items" have been correctly allocated to the reportable segments " Global Commercial Bank" and “Private Bank” to properly reflect the greater of total average assets or the sum of total average liabilities and total average stockholders’ equity for “Global Commercial Bank” and “Private Bank.” The correction of this immaterial error had no impact on the "Total" amount of average assets. |
Off-Balance Sheet Arrangements,
Off-Balance Sheet Arrangements, Guarantees and Other Commitments | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and December 31, 2018 : (Dollars in thousands) September 30, 2019 December 31, 2018 Loan commitments available for funding: (1) Fixed interest rate commitments $ 2,154,186 $ 1,839,190 Variable interest rate commitments 17,272,556 14,821,815 Total loan commitments available for funding 19,426,742 16,661,005 Commercial and standby letters of credit (2) 2,847,676 2,252,016 Total unfunded credit commitments $ 22,274,418 $ 18,913,021 Commitments unavailable for funding (3) $ 3,306,209 $ 2,723,835 Allowance for unfunded credit commitments (4) 63,108 55,183 (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, 2019 . 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 $ 2,571,352 $ 58,290 $ 2,629,642 $ 2,629,642 Performance standby letters of credit 119,666 19,102 138,768 138,768 Commercial letters of credit 79,266 — 79,266 79,266 Total $ 2,770,284 $ 77,392 $ 2,847,676 $ 2,847,676 Deferred fees related to financial and performance standby letters of credit were $16.6 million at September 30, 2019 and $14.1 million at December 31, 2018 . At September 30, 2019 , collateral in the form of cash of $1.6 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 make investments in privately-held companies. Commitments to invest in these funds are generally made for a 10 -year period from the inception of the fund. Although the limited partnership agreements governing these investments typically do not restrict the general partners from calling 100% of committed capital in one year, it is customary for these funds to call most of the capital commitments over 5 to 7 years, and in certain cases, the funds may not call 100% of committed capital. The actual timing of future cash requirements to fund these commitments is generally dependent upon the investment cycle, overall market conditions, and the nature and type of industry in which the privately held companies operate. The following table details our total capital commitments, unfunded capital commitments, and our ownership percentage in each fund at September 30, 2019 : (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 Capital Preferred Return Fund, LP 12,688 — 20.0 Growth Partners, LP 24,670 1,340 33.0 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 Other venture capital and private equity fund investments (equity method accounting) 21,782 5,732 Various Debt funds (equity method accounting) 58,493 — Various Other fund investments (2) 286,293 6,111 Various Total $ 469,180 $ 19,084 (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 217 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 2018 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, 2019 : (Dollars in thousands) Unfunded Commitments Strategic Investors Fund, LP $ 1,338 Capital Preferred Return Fund, LP 1,563 Growth Partners, LP 2,527 Total $ 5,428 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
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 2015 and subsequent tax years remain open to full examination. At September 30, 2019 , our unrecognized tax benefit was $13.7 million , the recognition of which would reduce our income tax expense by $10.7 million . We do not expect that our unrecognized tax benefit will materially change in the next 12 months. We recognize interest and penalties related to income tax matters as part of income before income taxes. Interest and penalties were not material for the three and nine months ended September 30, 2019 . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
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, foreign government debt 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. Other equity securities: Fair value measurements of equity securities of public companies are priced based on quoted market prices less a discount if the securities are subject to certain sales restrictions. Certain sales restriction discounts generally range from 10 percent to 20 percent depending on the duration of the sale restrictions which typically range from three to six months. Equity warrant assets (public portfolio): Fair value measurements of equity warrant assets of publicly-traded portfolio companies are valued based on the Black-Scholes option pricing model. The model uses the price of publicly-traded companies (underlying stock price), stated strike prices, warrant expiration dates, the risk-free interest rate and market-observable option volatility assumptions. Foreign exchange forward and option contract assets and liabilities: Fair value measurements of these assets and liabilities are priced based on spot and forward foreign currency rates and option volatility assumptions. Interest rate derivative and interest rate swap assets and liabilities: Fair value measurements of interest rate derivatives 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. 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, 2019 : (Dollars in thousands) Level 1 Level 2 Level 3 Balance at September 30, 2019 Assets: Available-for-sale securities: U.S. Treasury securities $ 6,334,848 $ — $ — $ 6,334,848 U.S. agency debentures — 100,000 — 100,000 Foreign government debt securities 8,847 — — 8,847 Residential mortgage-backed securities: Agency-issued mortgage-backed securities — 4,148,700 — 4,148,700 Agency-issued collateralized mortgage obligations — fixed rate — 1,679,664 — 1,679,664 Agency-issued commercial mortgage-backed securities — 594,798 — 594,798 Total available-for-sale securities 6,343,695 6,523,162 — 12,866,857 Non-marketable and other equity securities (fair value accounting): Non-marketable securities: Venture capital and private equity fund investments measured at net asset value — — — 273,426 Venture capital and private equity fund investments not measured at net asset value (1) — — 134 134 Other equity securities in public companies 3,226 52,855 — 56,081 Total non-marketable and other equity securities (fair value accounting) 3,226 52,855 134 329,641 Other assets: Foreign exchange forward and option contracts — 122,280 — 122,280 Equity warrant assets — 4,072 145,041 149,113 Interest rate swaps — 40,976 — 40,976 Client interest rate derivatives — 25,608 — 25,608 Total assets $ 6,346,921 $ 6,768,953 $ 145,175 $ 13,534,475 Liabilities: Foreign exchange forward and option contracts $ — $ 101,729 $ — $ 101,729 Interest rate swaps — 9,286 — 9,286 Client interest rate derivatives — 37,525 — 37,525 Total liabilities $ — $ 148,540 $ — $ 148,540 (1) Included in Level 3 assets is $120 thousand 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, 2018 : (Dollars in thousands) Level 1 Level 2 Level 3 Balance at December 31, 2018 Assets: Available-for-sale securities: U.S. Treasury securities $ 4,738,258 $ — $ — $ 4,738,258 U.S. agency debentures — 1,084,117 — 1,084,117 Foreign government debt securities 5,812 — — 5,812 Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate — 1,880,218 — 1,880,218 Agency-issued collateralized mortgage obligations—variable rate — 81,638 — 81,638 Total available-for-sale securities 4,744,070 3,045,973 — 7,790,043 Non-marketable and other equity securities (fair value accounting): Non-marketable securities: Venture capital and private equity fund investments measured at net asset value — — — 318,352 Venture capital and private equity fund investments not measured at net asset value (1) — — 1,079 1,079 Other equity securities in public companies 1,181 19,217 — 20,398 Total non-marketable and other equity securities (fair value accounting) 1,181 19,217 1,079 339,829 Other assets: Foreign exchange forward and option contracts — 100,402 — 100,402 Equity warrant assets — 4,039 145,199 149,238 Client interest rate derivatives — 8,499 — 8,499 Total assets $ 4,745,251 $ 3,178,130 $ 146,278 $ 8,388,011 Liabilities: Foreign exchange forward and option contracts $ — $ 88,559 $ — $ 88,559 Client interest rate derivatives — 9,491 — 9,491 Total liabilities $ — $ 98,050 $ — $ 98,050 (1) Included in Level 3 assets is $964 thousand 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, 2019 and 2018 : (Dollars in thousands) Beginning Balance Total Realized and Unrealized Gains Included in Income Purchases Sales/Exits Issuances Distributions and Other Settlements Transfers Out of Level 3 Ending Balance Three months ended September 30, 2019 Non-marketable and other equity securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (1) $ 441 $ 57 $ — $ (364 ) $ — $ — $ — $ 134 Other assets: Equity warrant assets (2) 147,770 39,527 — (45,270 ) 4,130 — (1,116 ) 145,041 Total assets $ 148,211 $ 39,584 $ — $ (45,634 ) $ 4,130 $ — $ (1,116 ) $ 145,175 Three months ended September 30, 2018 Non-marketable and other equity 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 Nine months ended September 30, 2019 Non-marketable and other equity securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (1) $ 1,079 $ 12 $ — $ (960 ) $ — $ 3 $ — $ 134 Other assets: Equity warrant assets (2) 145,199 105,338 575 (113,143 ) 11,714 — (4,642 ) 145,041 Total assets $ 146,278 $ 105,350 $ 575 $ (114,103 ) $ 11,714 $ 3 $ (4,642 ) $ 145,175 Nine months ended September 30, 2018 Non-marketable and other equity securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (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 (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, 2019 and 2018 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Non-marketable and other equity securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (1) $ 57 $ — $ 12 $ 82 Other assets: Equity warrant assets (2) (727 ) 15,841 21,041 30,954 Total unrealized (losses) gains, net $ (670 ) $ 15,841 $ 21,053 $ 31,036 Unrealized (losses) gains attributable to noncontrolling interests (1) $ (158 ) $ — $ (199 ) $ 73 (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, 2019 and December 31, 2018. 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, 2019: Venture capital and private equity fund investments (fair value accounting) $ 134 Private company equity pricing (1) (1 ) Equity warrant assets (public portfolio) 776 Black-Scholes option pricing model Volatility 34.8 % Risk-Free interest rate 1.6 Sales restrictions discount (2) 19.2 Equity warrant assets (private portfolio) 144,265 Black-Scholes option pricing model Volatility 38.9 Risk-Free interest rate 1.6 Marketability discount (3) 17.8 Remaining life assumption (4) 45.0 December 31, 2018: Venture capital and private equity fund investments (fair value accounting) $ 1,079 Private company equity pricing (1) (1 ) Equity warrant assets (public portfolio) 2,757 Black-Scholes option pricing model Volatility 54.7 % Risk-Free interest rate 2.6 Sales restrictions discount (2) 18.5 Equity warrant assets (private portfolio) 142,442 Black-Scholes option pricing model Volatility 38.5 Risk-Free interest rate 2.5 Marketability discount (3) 17.7 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 terminations and exercises. At September 30, 2019 , the weighted average contractual remaining term was 6.1 years, compared to our estimated remaining life of 2.7 years. On a quarterly basis, a sensitivity analysis is performed on our remaining life assumption. For the three and nine months ended September 30, 2019 and 2018 , 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, 2019 and 2018 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, 2019 and December 31, 2018 : Estimated Fair Value (Dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 September 30, 2019: Financial assets: Cash and cash equivalents $ 6,946,196 $ 6,946,196 $ 6,946,196 $ — $ — Held-to-maturity securities 14,407,078 14,698,802 — 14,698,802 — Non-marketable securities not measured at net asset value 183,980 183,980 — — 183,980 Non-marketable securities measured at net asset value 217,459 217,459 — — — Net commercial loans 27,283,952 28,427,753 — — 28,427,753 Net consumer loans 3,475,632 3,620,703 — — 3,620,703 FHLB and Federal Reserve Bank stock 59,790 59,790 — — 59,790 Financial liabilities: Short-term borrowings 18,898 18,898 — 18,898 — Non-maturity deposits (1) 59,352,559 59,352,559 59,352,559 — — Time deposits 190,315 190,078 — 190,078 — 3.50% Senior Notes 347,899 362,551 — 362,551 — 5.375% Senior Notes 349,328 360,560 — 360,560 — Off-balance sheet financial assets: Commitments to extend credit — 25,136 — — 25,136 December 31, 2018: Financial assets: Cash and cash equivalents $ 3,571,539 $ 3,571,539 $ 3,571,539 $ — $ — Held-to-maturity securities 15,487,442 15,188,236 — 15,188,236 — Non-marketable securities not measured at net asset value 131,453 131,453 — — 131,453 Non-marketable securities measured at net asset value 151,247 151,247 — — — Net commercial loans 25,043,671 25,463,968 — — 25,463,968 Net consumer loans 3,013,706 3,064,093 — — 3,064,093 FHLB and Federal Reserve Bank stock 58,878 58,878 — — 58,878 Financial liabilities: Short-term borrowings 631,412 631,412 — 631,412 — Non-maturity deposits (1) 49,278,174 49,278,174 49,278,174 — — Time deposits 50,726 50,337 — 50,337 — 3.50% Senior Notes 347,639 336,088 — 336,088 — 5.375% Senior Notes 348,826 361,281 — 361,281 — Off-balance sheet financial assets: Commitments to extend credit — 22,930 — — 22,930 (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, 2019 : (Dollars in thousands) Carrying Amount Fair Value Unfunded Commitments Non-marketable securities (fair value accounting): Venture capital and private equity fund investments (1) $ 273,426 $ 273,426 $ 10,653 Non-marketable securities (equity method accounting): Venture capital and private equity fund investments (2) 196,425 196,425 10,674 Debt funds (2) 7,153 7,153 — Other investments (2) 13,881 13,881 886 Total $ 490,885 $ 490,885 $ 22,213 (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 $68.2 million and $4.1 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, 2019 | |
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, 2019 | |
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 2018 Form 10-K. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | SVB Financial Group is a diversified financial services company, as well as a bank holding company and a financial holding company. SVB Financial was incorporated in the state of Delaware in March 1999. Through our various subsidiaries and divisions, we offer a diverse set of banking and financial products and services to support our clients of all sizes and stages throughout their life cycles. In these notes to our unaudited interim consolidated financial statements, when we refer to “SVB Financial Group,” “SVBFG," the “Company,” “we,” “our,” “us” or use similar words, we mean SVB Financial Group and all of its subsidiaries collectively, including Silicon Valley Bank (the “Bank”), unless the context requires otherwise. When we refer to “SVB Financial” or the “Parent” we are referring only to the parent company, SVB Financial Group (not including subsidiaries). The accompanying unaudited interim consolidated financial statements reflect all adjustments of a normal and recurring nature that are, in the opinion of management, necessary to fairly present our financial position, results of operations and cash flows in accordance with GAAP. Such unaudited interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The results of operations for the three and nine months ended September 30, 2019 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, 2018 (“ 2018 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 2018 Form 10-K. |
Principles of Consolidation and Presentation | Principles of Consolidation and Presentation Our unaudited interim 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) the 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 and Recent Accounting Pronouncements | Adoption of New Accounting Standards In February 2016, the FASB issued a new accounting standard update (ASU 2016-02, Leases (Topic 842)), which requires for all operating leases the recognition of a right-of-use ("ROU") asset and a corresponding lease liability, in the statement of financial position. For short term leases (term of 12 months or less), a lessee is permitted to make an accounting election not to recognize lease assets and lease liabilities. 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. On January 1, 2019, we adopted the new accounting standard ASU 2016-02, Leases (Topic 842) and all the related amendments ("new lease standard", "ASC 842" or "ASU 2016-02") utilizing the practical expedient to apply the new lease standard as of January 1, 2019 on a prospective basis. We also elected the "package of expedients" and elected as an accounting policy to exclude recording ROU assets and lease liabilities for leases that meet the definition of short-term leases. In addition to excluding short-term leases, we have implemented an accounting policy in which non-lease components are not separated from lease components in the measurement of ROU assets and lease liabilities for all lease contracts. The "package of expedients" allowed us to continue to account for existing leases for which the commencement date is before January 1, 2019, in accordance with the previous guidance, Leases (Topic 840), throughout the lease term, including periods after adoption of the new guidance. We recognized $146 million in ROU assets and $178 million in lease liabilities as a result of applying the new lease standard as an adjustment to our opening consolidated balance sheet on January 1, 2019. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. See Note 9—"Leases" of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional disclosures related to our leases. In March 2017, the FASB issued ASU No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which amends the amortization period for certain purchased callable debt securities held at a premium. The ASU requires entities to amortize premiums on debt securities by the first call date when the securities have fixed and determinable call dates and prices. The scope of the ASU includes all accounting premiums, such as purchase premiums and cumulative fair value hedge adjustments. The ASU does not change the accounting for discounts, which continue to be recognized over the contractual life of a security. Adoption of the ASU is on a modified retrospective basis through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. Adoption of the ASU primarily affected our HTM portfolio of callable state and municipal debt securities. On January 1, 2019, we adopted the ASU and recognized a net reduction to retained earnings of $583 thousand . Recent Accounting Pronouncements 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) ( " ASU 2016-13 " ), which amends the incurred loss impairment methodology under current GAAP with a methodology that reflects a current expected credit loss ("CECL") measurement to estimate the allowance for credit losses over the contractual life of the financial assets (including loans, HTM debt securities and off-balance sheet commitments) and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. While the CECL model does not apply to available-for-sale debt securities, ASU 2016-13 does require entities to record an allowance when recognizing credit losses for available-for-sale securities, rather than reduce the amortized cost of the securities by direct write-offs, which allows for reversal of credit impairments in future periods based on improvements in credit. This guidance will be effective January 1, 2020, on a modified retrospective approach. We will adopt the guidance in the first quarter of 2020. Our implementation process, which will continue throughout 2019, includes loss forecasting model development, evaluation of technical accounting topics, updates to our allowance accounting policies, reporting processes and related internal controls, overall operational readiness for our adoption of CECL as well as parallel runs for CECL alongside our current allowance process. Key remaining project implementation activities include the finalization of loss forecasting models and qualitative factors, reporting processes, production processes, completion of documentation, policies and disclosures, development of supporting analytics and control design and operating effectiveness. We provide quarterly updates to senior management and to the Audit and Credit Committees of the Board of Directors. These communications provide an update on the status of the implementation as discussed above. Based on our loan and unfunded credit commitments portfolio composition at September 30, 2019, and the current economic environment, we currently estimate the day 1 combined impact of CECL on our allowance for loan losses and allowance for unfunded credit commitments to be an increase of approximately $25 million to $60 million (on a pre-tax basis) or approximately 7% to 16% of the total combined allowance compared to our reported amount at September 30, 2019. Based on the credit quality of our existing debt securities portfolio, we do not expect a material allowance for our held-to-maturity and available-for-sale debt security portfolios. We will continue to evaluate and refine the results of our loss estimates through the end of 2019. The actual effect of CECL on our allowance for loan losses and our allowance for unfunded credit commitments will depend on a variety of factors as of the date of adoption, including the size and composition of our portfolios, the portfolios’ credit quality, current and forecasted economic conditions and management adjustments. In addition, the actual adjustment amount to our allowances will be subject to any necessary changes to our models, methodology and assumptions or other adjustments. At adoption, we will have a cumulative-effect adjustment to retained earnings for our change in the allowance for credit losses for our loans, unfunded credit commitments and debt securities, which will impact our capital. An increase in our allowance will result in a decrease to our regulatory capital amounts and ratios. Federal banking regulatory agencies have provided relief for an initial capital decrease at adoption by allowing the impact to be phased-in over three years on a straight-line basis. 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. We will adopt the guidance in the first quarter of 2020, however, the adoption 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 | Reclassifications |
Business Combination (Tables)
Business Combination (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Business Combination, Consideration Transferred | The following table summarizes the allocation of the purchase price to the net assets of SVB Leerink as of January 4, 2019: (Dollars in thousands) January 4, 2019 Cash paid $ 265,601 Replacement award liabilities (1) 7,629 Total purchase consideration $ 273,230 Fair value of net assets acquired 135,407 Goodwill $ 137,823 (1) The replacement award liabilities recognized as part of the total purchase consideration and the post-combination expenses of $9.1 million related to share-based replacement awards will be paid out in cash in accordance with SVB Leerink's original grant date vesting schedules. |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair value of assets acquired and liabilities assumed upon the finalization of the purchase: (Dollars in thousands) January 4, 2019 Assets acquired: Cash and cash equivalents $ 163,273 Investment securities 33,644 Accounts receivable 36,538 Intangible assets 60,900 Other assets 35,128 Total assets acquired 329,483 Liabilities assumed: Accrued compensation 137,206 Due to broker-dealers 18,483 Other liabilities 33,131 Noncontrolling interests 5,256 Total liabilities assumed 194,076 Fair value of net assets acquired $ 135,407 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The following table summarizes the fair value and estimated useful lives of the other intangible assets at the date of acquisition: (Dollars in thousands) Estimated Fair Value Weighted Average Estimated Useful Life - in Years Other intangible assets: Customer relationships $ 42,000 11.0 Other 18,900 9.9 Total other intangible assets $ 60,900 The components of net other intangible assets related to the acquisition of SVB Leerink were as follows: September 30, 2019 (Dollars in thousands) Gross Amount Accumulated Amortization Net Carrying Amount Other intangible assets: Customer relationships $ 42,000 $ 2,864 $ 39,136 Other 18,900 5,748 13,152 Total other intangible assets $ 60,900 $ 8,612 $ 52,288 |
Business Combination, Results of Acquiree Included in Combined Entity | The following table represents the amount of revenue and earnings attributable to SVB Leerink that is included in our financial results for the three and nine months ended September 30, 2019: (Dollars in thousands) Three months ended September 30, 2019 Nine months ended September 30, 2019 Net interest income $ 277 $ 961 Noninterest income 53,773 188,925 Noninterest expense 55,200 177,675 (Loss) income before income tax expense (1,150 ) 12,211 Income tax (benefit) expense (558 ) 3,121 Net income attributable to noncontrolling interests 826 861 Net (loss) income available to common stockholders $ (1,418 ) $ 8,229 |
Restructuring and Related Costs | The following table shows the components of acquisition-related activities expense for the three and nine months ended September 30, 2019 : (Dollars in thousands) Three months ended September 30, 2019 Nine months ended September 30, 2019 Professional fees $ 260 $ 911 Other 94 367 Total acquisition-related expenses $ 354 $ 1,278 |
Stockholders' Equity and EPS (T
Stockholders' Equity and EPS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity and Earnings Per Share [Abstract] | |
Reclassification out of 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, 2019 and 2018 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) Income Statement Location 2019 2018 2019 2018 Reclassification adjustment for losses on available-for-sale securities included in net income Gains on investment securities, net $ — $ — $ 3,905 $ — Related tax benefit Income tax expense — — (1,087 ) — Reclassification adjustment for losses on cash flow hedges included in net income Net interest income 2,713 — 3,224 — Related tax benefit Income tax expense (755 ) — (897 ) — Total reclassification adjustment for losses included in net income, net of tax $ 1,958 $ — $ 5,145 $ — |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The table below summarizes the activity relating to net gains and losses on our cash flow hedges included in accumulated other comprehensive income for the three and nine months ended September 30, 2019 and 2018 . Over the next 12 months, we expect that approximately $1.9 million in accumulated other comprehensive income ("AOCI") at September 30, 2019 , related to our cash flow hedges will be reclassified out of AOCI and recognized in net income. Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Balance, beginning of period, net of tax $ 13,828 $ — $ — $ — Net increase in fair value, net of tax 7,077 — 20,536 — Net realized loss reclassified to net income, net of tax 1,958 — 2,327 — Balance, end of period, net of tax $ 22,863 $ — $ 22,863 $ — |
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, 2019 and 2018 : Three months ended September 30, Nine months ended September 30, (Dollars and shares in thousands, except per share amounts) 2019 2018 2019 2018 Numerator: Net income available to common stockholders $ 267,281 $ 274,817 $ 874,000 $ 707,576 Denominator: Weighted average common shares outstanding—basic 51,545 53,235 52,025 53,062 Weighted average effect of dilutive securities: Stock options and ESPP 203 383 238 404 Restricted stock units and awards 110 301 168 334 Weighted average common shares outstanding—diluted 51,858 53,919 52,431 53,800 Earnings per common share: Basic $ 5.19 $ 5.16 $ 16.80 $ 13.33 Diluted 5.15 5.10 16.67 13.15 |
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, 2019 and 2018 : Three months ended September 30, Nine months ended September 30, (Shares in thousands) 2019 2018 2019 2018 Stock options 213 86 154 49 Restricted stock units 432 5 294 71 Total 645 91 448 120 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Compensation and Related Benefits | For the three and nine months ended September 30, 2019 and 2018 , we recorded share-based compensation and related tax benefits as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Share-based compensation expense $ 18,782 $ 11,501 $ 50,550 $ 33,968 Income tax benefit related to share-based compensation expense (4,883 ) (2,895 ) (12,028 ) (7,955 ) |
Unrecognized Share-based Compensation Expense | As of September 30, 2019 , unrecognized share-based compensation expense was as follows: (Dollars in thousands) Unrecognized Expense Weighted Average Expected Recognition Period - in Years Stock options $ 15,837 2.69 Restricted stock units and awards 116,952 2.83 Total unrecognized share-based compensation expense $ 132,789 |
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, 2019 : Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life - in Years Aggregate Intrinsic Value of In-The- Money Options Outstanding at December 31, 2018 679,659 $ 137.19 Granted 121,669 249.64 Exercised (104,576 ) 85.38 Forfeited (20,180 ) 211.23 Expired (720 ) 64.37 Outstanding at September 30, 2019 675,852 163.32 3.68 $ 43,542,167 Vested and expected to vest at September 30, 2019 657,968 161.08 3.62 43,364,465 Exercisable at September 30, 2019 411,981 120.57 2.46 38,394,292 |
Information for Restricted Stock Units under Equity Incentive Plan | The table below provides information for restricted stock units and awards under the 2006 Equity Incentive Plan for the nine months ended September 30, 2019 : Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2018 597,296 $ 194.48 Granted (1) 539,266 243.70 Vested (217,705 ) 151.40 Forfeited (53,905 ) 188.07 Nonvested at September 30, 2019 864,952 236.41 (1) On February 1, 2019, we granted 125,160 restricted stock awards to SVB Leerink employees at a market price of $238.28 under the retention plan previously announced on November 13, 2018. The restricted stock awards will vest over a five -year period. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and December 31, 2018 : (Dollars in thousands) Consolidated VIEs Unconsolidated VIEs Maximum Exposure to Loss in Unconsolidated VIEs September 30, 2019: Assets: Cash and cash equivalents $ 21,418 $ — $ — Non-marketable and other equity securities (1) 254,962 655,278 655,278 Accrued interest receivable and other assets 708 — — Total assets $ 277,088 $ 655,278 $ 655,278 Liabilities: Other liabilities (1) 3,077 276,940 — Total liabilities $ 3,077 $ 276,940 $ — December 31, 2018: Assets: Cash and cash equivalents $ 9,058 $ — $ — Non-marketable and other equity securities (1) 221,646 568,272 568,272 Accrued interest receivable and other assets 228 — — Total assets $ 230,932 $ 568,272 $ 568,272 Liabilities: Other liabilities (1) 919 205,685 — Total liabilities $ 919 $ 205,685 $ — (1) Included in our unconsolidated non-marketable and other equity securities portfolio at September 30, 2019 and December 31, 2018 are investments in qualified affordable housing projects of $419.0 million and $318.6 million , respectively, and related other liabilities consisting of unfunded credit commitments of $276.9 million and $205.7 million , respectively. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table details our cash and cash equivalents at September 30, 2019 and December 31, 2018 : (Dollars in thousands) September 30, 2019 December 31, 2018 Cash and due from banks (1) $ 6,557,085 $ 3,444,971 Securities purchased under agreements to resell (2) 387,119 123,611 Other short-term investment securities 1,992 2,957 Total cash and cash equivalents $ 6,946,196 $ 3,571,539 (1) At September 30, 2019 and December 31, 2018 , $4.1 billion and $1.7 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 $1.9 billion and $1.2 billion , respectively. (2) At September 30, 2019 and December 31, 2018 , securities purchased und er agreements to resell were collateralized by U.S. Treasury securities and U.S. agency securities with aggregate fair value s of $395.2 million a n d $126.2 million , respectively. None of these securities were sold or repledged as of September 30, 2019 and December 31, 2018 . |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Components of Available-for-Sale Securities Portfolio | The major components of our available-for-sale investment securities portfolio at September 30, 2019 and December 31, 2018 are as follows: September 30, 2019 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Carrying Value Available-for-sale securities, at fair value: U.S. Treasury securities $ 6,233,957 $ 103,821 $ (2,930 ) $ 6,334,848 U.S. agency debentures 100,000 — — 100,000 Foreign government debt securities 8,837 10 — 8,847 Residential mortgage-backed securities: Agency-issued mortgage-backed securities 4,108,235 40,584 (119 ) 4,148,700 Agency-issued collateralized mortgage obligations—fixed rate 1,658,443 21,222 (1 ) 1,679,664 Agency-issued commercial mortgage-backed securities 590,070 4,929 (201 ) 594,798 Total available-for-sale securities $ 12,699,542 $ 170,566 $ (3,251 ) $ 12,866,857 December 31, 2018 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Carrying Value Available-for-sale securities, at fair value: U.S. Treasury securities $ 4,762,182 $ 11,638 $ (35,562 ) $ 4,738,258 U.S. agency debentures 1,090,426 61 (6,370 ) 1,084,117 Foreign government debt securities 5,815 — (3 ) 5,812 Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate 1,922,618 — (42,400 ) 1,880,218 Agency-issued collateralized mortgage obligations—variable rate 81,270 383 (15 ) 81,638 Total available-for-sale securities $ 7,862,311 $ 12,082 $ (84,350 ) $ 7,790,043 |
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, 2019 and 2018 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) 2019 2018 2019 2018 Sales proceeds $ — $ — $ 2,189,087 $ — Net realized gains and losses: Gross realized gains — — 1,250 — Gross realized losses — — (5,155 ) — Net realized losses $ — $ — $ (3,905 ) $ — |
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, 2019 and December 31, 2018 : September 30, 2019 Less than 12 months 12 months or longer (1) Total (Dollars in thousands) Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Available-for-sale securities: U.S. Treasury securities $ 485,917 $ (973 ) $ 1,647,699 $ (1,957 ) $ 2,133,616 $ (2,930 ) Residential mortgage-backed securities: Agency-issued mortgage-backed securities 305,208 (119 ) — — 305,208 (119 ) Agency-issued collateralized mortgage obligations—fixed rate — — 350 (1 ) 350 (1 ) Agency-issued commercial mortgage-backed securities 144,892 (201 ) — — 144,892 (201 ) Total temporarily impaired securities (1) $ 936,017 $ (1,293 ) $ 1,648,049 $ (1,958 ) $ 2,584,066 $ (3,251 ) (1) As of September 30, 2019 , we identified a total of 59 investments that were in unrealized loss positions, of which 37 investments totaling $1.6 billion with unrealized losses of $2.0 million have been in an impaired position for a period of time greater than 12 months. As of September 30, 2019 , 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, 2019 , 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, 2018 Less than 12 months 12 months or longer (1) Total (Dollars in thousands) Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Available-for-sale securities: U.S. Treasury securities $ 494,287 $ (3,785 ) $ 3,568,119 $ (31,777 ) $ 4,062,406 $ (35,562 ) U.S. agency debentures 443,790 (1,602 ) 591,216 (4,768 ) 1,035,006 (6,370 ) Foreign government debt securities 5,812 (3 ) — — 5,812 (3 ) Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate 13,430 (22 ) 1,866,788 (42,378 ) 1,880,218 (42,400 ) Agency-issued collateralized mortgage obligations—variable rate — — 13,516 (15 ) 13,516 (15 ) Total temporarily impaired securities (1) $ 957,319 $ (5,412 ) $ 6,039,639 $ (78,938 ) $ 6,996,958 $ (84,350 ) (1) As of December 31, 2018 , we identified a total of 200 investments that were in unrealized loss positions, of which 162 investments totaling $6.0 billion with unrealized losses of $78.9 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, 2019 by the remaining contractual principal maturities. For U.S. Treasury securities, U.S. agency debentures and foreign government debt securities, the expected maturity is the actual contractual maturity of the notes. Expected maturities for 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, 2019 (Dollars in thousands) Total One Year After One After Five After U.S. Treasury securities $ 6,334,848 $ 2,007,267 $ 1,710,316 $ 2,617,265 $ — U.S. agency debentures 100,000 — — 100,000 — Foreign government debt securities 8,847 — 8,847 — — Residential mortgage-backed securities: Agency-issued mortgage-backed securities 4,148,700 — — — 4,148,700 Agency-issued collateralized mortgage obligations—fixed rate 1,679,664 — — 3,131 1,676,533 Agency-issued commercial mortgage-backed securities 594,798 — — 300,208 294,590 Total $ 12,866,857 $ 2,007,267 $ 1,719,163 $ 3,020,604 $ 6,119,823 The following table summarizes the remaining contractual principal maturities on fixed income investment securities classified as held-to-maturity as of September 30, 2019 . For U.S. agency debentures, the expected maturity is the actual contractual maturity of the notes. Expected remaining maturities for certain U.S. agency debentures may occur earlier than their contractual maturities because the note issuers have the right to call outstanding amounts ahead of their contractual maturity. Expected maturities for 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, 2019 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 $ 518,841 $ 529,347 $ — $ — $ 123,205 $ 124,646 $ 395,636 $ 404,701 $ — $ — Residential mortgage-backed securities: Agency-issued mortgage-backed securities 7,376,458 7,508,264 — — 94,514 94,745 771,670 769,409 6,510,274 6,644,110 Agency-issued collateralized mortgage obligations — fixed rate 1,754,498 1,746,658 — — — — 635,235 630,472 1,119,263 1,116,186 Agency-issued collateralized mortgage obligations — variable rate 188,120 187,852 — — — — — — 188,120 187,852 Agency-issued commercial mortgage-backed securities 2,826,344 2,898,720 — — — — — — 2,826,344 2,898,720 Municipal bonds and notes 1,742,817 1,827,961 14,002 14,007 82,708 83,714 369,911 385,458 1,276,196 1,344,782 Total $ 14,407,078 $ 14,698,802 $ 14,002 $ 14,007 $ 300,427 $ 303,105 $ 2,172,452 $ 2,190,040 $ 11,920,197 $ 12,191,650 |
Held-to-maturity Securities | The components of our held-to-maturity investment securities portfolio at September 30, 2019 and December 31, 2018 are as follows: September 30, 2019 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Held-to-maturity securities, at cost: U.S. agency debentures (1) $ 518,841 $ 10,528 $ (22 ) $ 529,347 Residential mortgage-backed securities: Agency-issued mortgage-backed securities 7,376,458 135,996 (4,190 ) 7,508,264 Agency-issued collateralized mortgage obligations—fixed rate 1,754,498 2,254 (10,094 ) 1,746,658 Agency-issued collateralized mortgage obligations—variable rate 188,120 105 (373 ) 187,852 Agency-issued commercial mortgage-backed securities 2,826,344 75,422 (3,046 ) 2,898,720 Municipal bonds and notes 1,742,817 86,112 (968 ) 1,827,961 Total held-to-maturity securities $ 14,407,078 $ 310,417 $ (18,693 ) $ 14,698,802 (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, 2018 (Dollars in thousands) Amortized Unrealized Unrealized Fair Value Held-to-maturity securities, at cost: U.S. agency debentures (1) $ 640,990 $ 2,148 $ (4,850 ) $ 638,288 Residential mortgage-backed securities: Agency-issued mortgage-backed securities 8,103,638 5,011 (157,767 ) 7,950,882 Agency-issued collateralized mortgage obligations—fixed rate 2,183,204 — (62,272 ) 2,120,932 Agency-issued collateralized mortgage obligations—variable rate 214,483 608 (14 ) 215,077 Agency-issued commercial mortgage-backed securities 2,769,706 6,969 (64,374 ) 2,712,301 Municipal bonds and notes 1,575,421 2,304 (26,969 ) 1,550,756 Total held-to-maturity securities $ 15,487,442 $ 17,040 $ (316,246 ) $ 15,188,236 (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, 2019 and December 31, 2018 : September 30, 2019 Less than 12 months 12 months or longer (1) Total (Dollars in thousands) Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Fair Value of Investments Unrealized Losses Held-to-maturity securities: U.S. agency debentures $ 50,131 $ (22 ) $ — $ — $ 50,131 $ (22 ) Residential mortgage-backed securities: Agency-issued mortgage-backed securities 962,390 (2,520 ) 197,721 (1,670 ) 1,160,111 (4,190 ) Agency-issued collateralized mortgage obligations—fixed rate 244,020 (1,226 ) 1,220,827 (8,868 ) 1,464,847 (10,094 ) Agency-issued collateralized mortgage obligations—variable rate 149,910 (367 ) 4,856 (6 ) 154,766 (373 ) Agency-issued commercial mortgage-backed securities 86,087 (423 ) 456,168 (2,623 ) 542,255 (3,046 ) Municipal bonds and notes 106,335 (966 ) 1,329 (2 ) 107,664 (968 ) Total temporarily impaired securities (1) $ 1,598,873 $ (5,524 ) $ 1,880,901 $ (13,169 ) $ 3,479,774 $ (18,693 ) (1) As of September 30, 2019 , we identified a total of 310 investments that were in unrealized loss positions, of which 164 investments totaling $1.9 billion with unrealized losses of $13.2 million have been in an impaired position for a period of time greater than 12 months. As of September 30, 2019 , 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, 2019 , 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, 2018 Less than 12 months 12 months or longer (1) Total (Dollars in thousands) Fair Value of Unrealized Fair Value of Unrealized Fair Value of Unrealized Held-to-maturity securities: U.S. agency debentures $ 291,432 $ (2,915 ) $ 66,624 $ (1,935 ) $ 358,056 $ (4,850 ) Residential mortgage-backed securities: Agency-issued mortgage-backed securities 2,493,156 (34,956 ) 3,972,690 (122,811 ) 6,465,846 (157,767 ) Agency-issued collateralized mortgage obligations—fixed rate 16,952 (109 ) 2,103,980 (62,163 ) 2,120,932 (62,272 ) Agency-issued collateralized mortgage obligations—variable rate 3,364 (1 ) 8,101 (13 ) 11,465 (14 ) Agency-issued commercial mortgage-backed securities 177,697 (1,580 ) 1,600,277 (62,794 ) 1,777,974 (64,374 ) Municipal bonds and notes 868,751 (17,075 ) 340,413 (9,894 ) 1,209,164 (26,969 ) Total temporarily impaired securities (1) $ 3,851,352 $ (56,636 ) $ 8,092,085 $ (259,610 ) $ 11,943,437 $ (316,246 ) (1) As of December 31, 2018 , we identified a total of 1,244 investments that were in unrealized loss positions, of which 695 investments totaling $8.1 billion with unrealized losses of $259.6 million have been in an impaired position for a period of time greater than 12 months. |
Schedule of Nonmarketable and Other Securities | The major components of our non-marketable and other equity securities portfolio at September 30, 2019 and December 31, 2018 are as follows: (Dollars in thousands) September 30, 2019 December 31, 2018 Non-marketable and other equity securities: Non-marketable securities (fair value accounting): Consolidated venture capital and private equity fund investments (1) $ 92,010 $ 118,333 Unconsolidated venture capital and private equity fund investments (2) 181,550 201,098 Other investments without a readily determinable fair value (3) 43,524 25,668 Other equity securities in public companies (fair value accounting) (4) 56,081 20,398 Non-marketable securities (equity method accounting) (5): Venture capital and private equity fund investments 196,425 129,485 Debt funds 7,153 5,826 Other investments 154,323 121,721 Investments in qualified affordable housing projects, net (6) 419,028 318,575 Total non-marketable and other equity securities $ 1,150,094 $ 941,104 (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, 2019 and December 31, 2018 (fair value accounting): September 30, 2019 December 31, 2018 (Dollars in thousands) Amount Ownership % Amount Ownership % Strategic Investors Fund, LP $ 6,829 12.6 % $ 12,452 12.6 % Capital Preferred Return Fund, LP 46,691 20.0 53,957 20.0 Growth Partners, LP 38,356 33.0 50,845 33.0 CP I, LP 134 10.7 1,079 10.7 Total consolidated venture capital and private equity fund investments $ 92,010 $ 118,333 (2) The carrying value represents investments in 211 and 213 funds (primarily venture capital funds) at September 30, 2019 and December 31, 2018 , respectively, where our ownership interest is typically less than 5% of the voting interests of each such fund and in which we do not have the ability to exercise significant influence over the partnerships operating activities and financial policies. We carry our unconsolidated venture capital and private equity fund investments at fair value based on the fund investments' net asset values per share as obtained from the general partners of the investments. For each fund investment, we adjust the net asset value per share for differences between our measurement date and the date of the fund investment’s net asset value by using the most recently available financial information from the investee general partner, for example June 30 th for our September 30 th consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period. (3) These investments include direct equity investments in private companies. The carrying value is based on the price at which the investment was acquired plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments. We consider a range of factors when adjusting the fair value of these investments, including, but not limited to, the term and nature of the investment, local market conditions, values for comparable securities, current and projected operating performance, exit strategies, financing transactions subsequent to the acquisition of the investment and a discount for certain investments that have lock-up restrictions or other features that indicate a discount to fair value is warranted. The following table shows the changes to the carrying amount of other investments without a readily determinable fair value for the nine months ended September 30, 2019 : (Dollars in thousands) Nine months ended September 30, 2019 Cumulative Adjustments Measurement alternative: Carrying value at September 30, 2019 $ 43,524 Carrying value adjustments: Impairment $ — $ — Upward changes for observable prices 2,605 3,104 Downward changes for observable prices (2,670 ) (4,285 ) (4) Investments classified as other equity securities (fair value accounting) represent shares held in public companies as a result of exercising public equity warrant assets and direct equity investments in public companies held by our consolidated funds. Changes in equity securities measured at fair value are recognized through net income. (5) The following table shows the carrying value and our ownership percentage of each investment at September 30, 2019 and December 31, 2018 (equity method accounting): September 30, 2019 December 31, 2018 (Dollars in thousands) Amount Ownership % Amount Ownership % Venture capital and private equity fund investments: Strategic Investors Fund II, LP $ 4,501 8.6 % $ 4,670 8.6 % Strategic Investors Fund III, LP 15,279 5.9 17,396 5.9 Strategic Investors Fund IV, LP 28,549 5.0 28,974 5.0 Strategic Investors Fund V funds 37,233 Various 28,189 Various CP II, LP (i) 7,333 5.1 7,122 5.1 Other venture capital and private equity fund investments 103,530 Various 43,134 Various Total venture capital and private equity fund investments $ 196,425 $ 129,485 Debt funds: Gold Hill Capital 2008, LP (ii) $ 5,323 15.5 % $ 3,901 15.5 % Other debt funds 1,830 Various 1,925 Various Total debt funds $ 7,153 $ 5,826 Other investments: SPD Silicon Valley Bank Co., Ltd. $ 73,918 50.0 % $ 76,412 50.0 % Other investments 80,405 Various 45,309 Various Total other investments $ 154,323 $ 121,721 (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, 2019 and December 31, 2018 : (Dollars in thousands) September 30, 2019 December 31, 2018 Investments in qualified affordable housing projects, net $ 419,028 $ 318,575 Other liabilities 276,940 205,685 The following table presents other information relating to our investments in qualified affordable housing projects for the three and nine months ended September 30, 2019 and 2018 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Tax credits and other tax benefits recognized $ 8,705 $ 6,283 $ 28,950 $ 16,912 Amortization expense included in provision for income taxes (i) 6,042 4,773 20,436 14,269 (i) All investments are amortized using the proportional amortization method and amortization expense is included in the provision for income taxes. |
Gain Loss On Investment Securities | The following table presents the net gains and losses on non-marketable and other equity securities for the three and nine months ended September 30, 2019 and 2018 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) 2019 2018 2019 2018 Net gains (losses) on non-marketable and other equity securities: Non-marketable securities (fair value accounting): Consolidated venture capital and private equity fund investments $ 4,555 $ 2,928 $ 22,674 $ 18,971 Unconsolidated venture capital and private equity fund investments 8,530 6,240 26,688 37,095 Other investments without a readily determinable fair value (471 ) 2,509 4,701 4,310 Other equity securities in public companies (fair value accounting) (11,979 ) 4,407 106 (17,786 ) Non-marketable securities (equity method accounting): Venture capital and private equity fund investments 29,049 11,341 54,189 30,122 Debt funds 187 1,473 1,529 (100 ) Other investments (22 ) 3,295 593 4,753 Total net gains on non-marketable and other equity securities $ 29,849 $ 32,193 $ 110,480 $ 77,365 Less: realized net gains (losses) on sales of securities (1) 277 357 12,637 (20,806 ) Net gains on non-marketable and other equity securities still held $ 29,572 $ 31,836 $ 97,843 $ 98,171 (1) Realized gains and losses include sales of non-marketable and other equity securities. No OTTI was recorded during the three and nine months ended September 30, 2019 and 2018 |
Loans, Allowance for Loan Los_2
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | The composition of loans, net of unearned income of $165 million and $173 million at September 30, 2019 and December 31, 2018 , respectively, is presented in the following table: (Dollars in thousands) September 30, 2019 December 31, 2018 Commercial loans: Software/internet $ 6,009,518 $ 6,154,755 Hardware 1,357,617 1,234,557 Private equity/venture capital 16,293,556 14,110,560 Life science/healthcare 2,381,822 2,385,612 Premium wine 234,555 249,266 Other 385,013 321,978 Total commercial loans 26,662,081 24,456,728 Real estate secured loans: Premium wine (1) 749,259 710,397 Consumer loans (2) 3,015,396 2,612,971 Other 39,332 40,435 Total real estate secured loans 3,803,987 3,363,803 Construction loans 116,854 97,077 Consumer loans 481,072 420,672 Total loans, net of unearned income (3) $ 31,063,994 $ 28,338,280 (1) Included in our premium wine portfolio are gross construction loans of $96 million and $99 million at September 30, 2019 and December 31, 2018 , respectively. (2) Consumer loans secured by real estate at September 30, 2019 and December 31, 2018 were comprised of the following: (Dollars in thousands) September 30, 2019 December 31, 2018 Loans for personal residence $ 2,577,623 $ 2,251,292 Loans to eligible employees 380,677 290,194 Home equity lines of credit 57,096 71,485 Consumer loans secured by real estate $ 3,015,396 $ 2,612,971 (3) Included within our total loan portfolio are credit card loans of $396 million and $335 million at September 30, 2019 and December 31, 2018 , 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 $165 million and $173 million at September 30, 2019 and December 31, 2018 , respectively, broken out by portfolio segment and class of financing receivable, is as follows: (Dollars in thousands) September 30, 2019 December 31, 2018 Commercial loans: Software/internet $ 6,009,518 $ 6,154,755 Hardware 1,357,617 1,234,557 Private equity/venture capital 16,293,556 14,110,560 Life science/healthcare 2,381,822 2,385,612 Premium wine 983,814 959,663 Other 541,199 459,490 Total commercial loans 27,567,526 25,304,637 Consumer loans: Real estate secured loans 3,015,396 2,612,971 Other consumer loans 481,072 420,672 Total consumer loans 3,496,468 3,033,643 Total loans, net of unearned income $ 31,063,994 $ 28,338,280 |
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, 2019 and December 31, 2018 : (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, 2019: Commercial loans: Software/internet $ 11,314 $ 6,760 $ 806 $ 18,880 $ 5,967,307 $ 806 Hardware 2,934 342 — 3,276 1,354,693 — Private equity/venture capital 21,493 92 — 21,585 16,288,499 — Life science/healthcare 6,645 453 58 7,156 2,400,516 58 Premium wine 5,846 — — 5,846 976,903 — Other 13 8,050 — 8,063 546,943 — Total commercial loans 48,245 15,697 864 64,806 27,534,861 864 Consumer loans: Real estate secured loans 599 2,117 — 2,716 3,002,256 — Other consumer loans 147 — — 147 481,277 — Total consumer loans 746 2,117 — 2,863 3,483,533 — Total gross loans excluding impaired loans 48,991 17,814 864 67,669 31,018,394 864 Impaired loans 2,000 39,135 3,059 44,194 98,746 — Total gross loans $ 50,991 $ 56,949 $ 3,923 $ 111,863 $ 31,117,140 $ 864 December 31, 2018: Commercial loans: Software/internet $ 28,134 $ 6,944 $ 378 $ 35,456 $ 6,059,672 $ 378 Hardware 300 34 4 338 1,233,956 4 Private equity/venture capital 59,481 11 — 59,492 14,054,940 — Life science/healthcare 16,082 817 19 16,918 2,410,091 19 Premium wine 2,953 14 — 2,967 956,285 — Other 7,391 163 1 7,555 477,442 1 Total commercial loans 114,341 7,983 402 122,726 25,192,386 402 Consumer loans: Real estate secured loans 3,598 1,750 1,562 6,910 2,598,496 1,562 Other consumer loans 361 — — 361 420,359 — Total consumer loans 3,959 1,750 1,562 7,271 3,018,855 1,562 Total gross loans excluding impaired loans 118,300 9,733 1,964 129,997 28,211,241 1,964 Impaired loans 2,843 1,181 25,092 29,116 140,958 — Total gross loans $ 121,143 $ 10,914 $ 27,056 $ 159,113 $ 28,352,199 $ 1,964 |
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, 2019 and December 31, 2018 : (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, 2019: Commercial loans: Software/internet $ 55,892 $ 25,588 $ 81,480 $ 91,126 Hardware 5,441 4,482 9,923 10,175 Life science/healthcare 32,634 6,887 39,521 76,305 Premium wine 393 1,946 2,339 2,424 Other 2,589 — 2,589 2,639 Total commercial loans 96,949 38,903 135,852 182,669 Consumer loans: Real estate secured loans 3,315 3,760 7,075 10,871 Other consumer loans 13 — 13 13 Total consumer loans 3,328 3,760 7,088 10,884 Total $ 100,277 $ 42,663 $ 142,940 $ 193,553 December 31, 2018: Commercial loans: Software/internet $ 49,625 $ 65,225 $ 114,850 $ 131,858 Hardware 1,256 10,250 11,506 12,159 Private equity/venture capital — 3,700 3,700 3,700 Life science/healthcare 17,791 16,276 34,067 44,446 Premium wine — 1,301 1,301 1,365 Other 411 — 411 411 Total commercial loans 69,083 96,752 165,835 193,939 Consumer loans: Real estate secured loans 3,919 320 4,239 5,969 Other consumer loans — — — — Total consumer loans 3,919 320 4,239 5,969 Total $ 73,002 $ 97,072 $ 170,074 $ 199,908 |
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, 2019 and 2018 : Three months ended September 30, Average impaired loans Interest income recognized on impaired loans (Dollars in thousands) 2019 2018 2019 2018 Commercial loans: Software/internet $ 59,336 $ 118,840 $ 507 $ 607 Hardware 10,617 27,922 70 410 Private equity/venture capital — 1,233 — — Life science/healthcare 42,242 38,545 192 365 Premium wine 2,308 2,384 41 35 Other 3,404 — — — Total commercial loans 117,907 188,924 810 1,417 Consumer loans: Real estate secured loans 7,113 4,330 — 4 Other consumer loans 9 — — — Total consumer loans 7,122 4,330 — 4 Total average impaired loans $ 125,029 $ 193,254 $ 810 $ 1,421 Nine months ended September 30, Average impaired loans Interest income recognized on impaired loans (Dollars in thousands) 2019 2018 2019 2018 Commercial loans: Software/internet $ 88,487 $ 112,576 $ 2,275 $ 991 Hardware 14,188 34,469 417 499 Private equity/venture capital 3,019 536 — — Life science/healthcare 47,208 27,671 785 376 Premium wine 1,538 2,586 141 103 Other 1,541 130 — — Total commercial loans 155,981 177,968 3,618 1,969 Consumer loans: Real estate secured loans 7,379 3,953 54 12 Other consumer loans 9 477 — — Total consumer loans 7,388 4,430 54 12 Total average impaired loans $ 163,369 $ 182,398 $ 3,672 $ 1,981 |
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, 2019 and 2018 , broken out by portfolio segment: Three months ended September 30, 2019 Beginning Balance June 30, 2019 Charge-offs Recoveries Provision for (Reduction of) Loan Losses Foreign Currency Translation Adjustments Ending Balance September 30, 2019 (Dollars in thousands) Commercial loans: Software/internet $ 101,998 $ (27,128 ) $ 988 $ 22,679 $ (335 ) $ 98,202 Hardware 26,932 (331 ) 1,669 (4,290 ) 64 24,044 Private equity/venture capital 105,524 — 1,200 1,834 (27 ) 108,531 Life science/healthcare 40,206 (9,361 ) 15 13,836 (204 ) 44,492 Premium wine 3,998 — — 46 (1 ) 4,043 Other 4,291 — — (30 ) — 4,261 Total commercial loans 282,949 (36,820 ) 3,872 34,075 (503 ) 283,573 Total consumer loans 18,939 — 16 1,910 (28 ) 20,837 Total allowance for loan losses $ 301,888 $ (36,820 ) $ 3,888 $ 35,985 $ (531 ) $ 304,410 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 Nine months ended September 30, 2019 Beginning Balance December 31, 2018 Charge-offs Recoveries Provision for Loan Losses Foreign Currency Translation Adjustments Ending Balance September 30, 2019 (Dollars in thousands) Commercial loans: Software/internet $ 103,567 $ (38,319 ) $ 8,758 $ 24,667 $ (471 ) $ 98,202 Hardware 19,725 (3,576 ) 4,738 2,962 195 24,044 Private equity/venture capital 98,581 (2,047 ) 1,200 11,305 (508 ) 108,531 Life science/healthcare 32,180 (26,879 ) 196 38,397 598 44,492 Premium wine 3,355 — — 681 7 4,043 Other 3,558 (415 ) — 1,163 (45 ) 4,261 Total commercial loans 260,966 (71,236 ) 14,892 79,175 (224 ) 283,573 Total consumer loans 19,937 (1,019 ) 241 1,779 (101 ) 20,837 Total allowance for loan losses $ 280,903 $ (72,255 ) $ 15,133 $ 80,954 $ (325 ) $ 304,410 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 The following table summarizes the activity relating to our allowance for unfunded credit commitments for the three and nine months ended September 30, 2019 and 2018 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Allowance for unfunded credit commitments, beginning balance $ 62,664 $ 54,104 $ 55,183 $ 51,770 Provision for unfunded credit commitments 551 (2,262 ) 8,079 138 Foreign currency translation adjustments (107 ) (34 ) (154 ) (100 ) Allowance for unfunded credit commitments, ending balance (1) $ 63,108 $ 51,808 $ 63,108 $ 51,808 (1) See Note 16—“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, 2019 and December 31, 2018 , broken out by portfolio segment: September 30, 2019 December 31, 2018 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 $ 24,882 $ 81,480 $ 73,320 $ 5,928,038 $ 28,527 $ 114,850 $ 75,040 $ 6,039,905 Hardware 5,230 9,923 18,814 1,347,694 1,253 11,506 18,472 1,223,051 Private equity/venture capital — — 108,531 16,293,556 — 3,700 98,581 14,106,860 Life science/healthcare 22,161 39,521 22,331 2,342,301 7,484 34,067 24,696 2,351,545 Premium wine 394 2,339 3,649 981,475 — 1,301 3,355 958,362 Other 910 2,589 3,351 538,610 411 411 3,147 459,079 Total commercial loans 53,577 135,852 229,996 27,431,674 37,675 165,835 223,291 25,138,802 Total consumer loans 151 7,088 20,686 3,489,380 266 4,239 19,671 3,029,404 Total $ 53,728 $ 142,940 $ 250,682 $ 30,921,054 $ 37,941 $ 170,074 $ 242,962 $ 28,168,206 |
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, 2019 and December 31, 2018 : (Dollars in thousands) Pass Performing (Criticized) Performing Impaired (Criticized) Nonperforming Impaired (Nonaccrual) Total September 30, 2019: Commercial loans: Software/internet $ 5,454,896 $ 531,291 $ 25,588 $ 55,892 $ 6,067,667 Hardware 1,251,074 106,895 4,482 5,441 1,367,892 Private equity/venture capital 16,310,056 28 — — 16,310,084 Life science/healthcare 2,258,771 148,901 6,879 32,642 2,447,193 Premium wine 928,817 53,932 1,946 393 985,088 Other 537,852 17,154 — 2,589 557,595 Total commercial loans 26,741,466 858,201 38,895 96,957 27,735,519 Consumer loans: Real estate secured loans 2,994,694 10,278 — 7,075 3,012,047 Other consumer loans 481,424 — — 13 481,437 Total consumer loans 3,476,118 10,278 — 7,088 3,493,484 Total gross loans $ 30,217,584 $ 868,479 $ 38,895 $ 104,045 $ 31,229,003 December 31, 2018: Commercial loans: Software/internet $ 5,574,332 $ 520,796 $ 48,069 $ 66,781 $ 6,209,978 Hardware 1,146,985 87,309 10,250 1,256 1,245,800 Private equity/venture capital 14,098,281 16,151 — 3,700 14,118,132 Life science/healthcare 2,291,356 135,653 16,276 17,791 2,461,076 Premium wine 909,965 49,287 1,017 284 960,553 Other 467,653 17,344 — 411 485,408 Total commercial loans 24,488,572 826,540 75,612 90,223 25,480,947 Consumer loans: Real estate secured loans 2,584,261 21,145 320 3,919 2,609,645 Other consumer loans 419,771 949 — — 420,720 Total consumer loans 3,004,032 22,094 320 3,919 3,030,365 Total gross loans $ 27,492,604 $ 848,634 $ 75,932 $ 94,142 $ 28,511,312 |
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, 2019 and December 31, 2018 : (Dollars in thousands) September 30, 2019 December 31, 2018 Loans modified in TDRs: Commercial loans: Software/internet $ 80,704 $ 58,089 Hardware — 9,665 Life science/healthcare 18,689 12,738 Premium wine 3,712 2,883 Total commercial loans 103,105 83,375 Consumer loans: Other consumer loans 2,140 320 Total loans modified in TDRs $ 105,245 $ 83,695 |
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, 2019 and 2018 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Loans modified in TDRs during the period: Commercial loans: Software/internet $ 8,566 $ — $ 60,650 $ 14,069 Hardware — 10,398 — 12,347 Life science/healthcare — — 10,963 5,909 Total commercial loans 8,566 10,398 71,613 32,325 Consumer loans: Other consumer loans — — 1,826 322 Total loans modified in TDRs during the period (1) $ 8,566 $ 10,398 $ 73,439 $ 32,647 (1) There were $3.7 million and $9.2 million of partial charge-offs for the three and nine months ended September 30, 2019 , respectively, and $13.0 million and $21.5 million of partial charge-offs for the three and nine months ended September 30, 2018 |
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, 2019 and 2018 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 TDRs modified within the previous 12 months that defaulted during the period: Commercial loans: Software/internet $ 37,294 $ 18,911 $ 37,294 $ 41,568 Hardware — 2,100 — 5,549 Life science/healthcare 10,963 5,909 10,963 7,139 Total TDRs modified within the previous 12 months that defaulted in the period $ 48,257 $ 26,920 $ 48,257 $ 54,256 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Lease Assets and Liabilities | Total recorded balances for the lease assets and liabilities are as follows: (Dollars in thousands) September 30, 2019 Assets: Right-of-use assets - operating leases (1) $ 178,532 Liabilities: Lease liabilities - operating leases (1) 192,543 (1) Included in these amounts are $22.8 million and $31.4 million of ROU assets and lease liabilities, respectively, attributable to the inclusion of SVB Leerink in our financial results at September 30, 2019. |
Lease Expense Components | The components of our lease cost and supplemental cash flow information related to leases for the three and nine months ended September 30, 2019 were as follows: (Dollars in thousands) Three months ended September 30, 2019 Nine months ended September 30, 2019 Operating lease cost $ 10,120 $ 29,099 Short-term lease cost 370 1,214 Variable lease cost 903 2,683 Less: sublease income (1,140 ) (3,363 ) Total lease cost, net $ 10,253 $ 29,633 Supplemental cash flows information: Cash paid for amounts included in the measurement of lease liabilities: Cash paid for operating leases $ 11,514 $ 32,752 Noncash items during the period: Lease obligations in exchange for obtaining Right-of-use assets Operating leases $ 7,770 $ 7,770 The table below presents additional information related to the Company's leases as of September 30, 2019 : September 30, 2019 Weighted-average remaining term (in years) - operating leases 6.15 Weighted-average discount rate - operating leases (1) 3.15 % (1) The incremental borrowing rate used to calculate the lease liability was determined based on the facts and circumstances of the economic environment and the Company’s credit standing as of the effective date of ASC 842. Additionally, the total lease term and total lease payments were also considered in determining the rate. Based on these considerations the Company identified credit terms available under its existing credit lines which represent a collateralized borrowing rate that has varying credit terms that could be matched to total lease terms and total lease payments in ultimately determining the implied borrowing rate in each lease contract. |
Lessee, Operating Lease, Liability, Maturity | The following table presents our undiscounted future cash payments for our operating lease liabilities as of September 30, 2019 : Years ended December 31, (Dollars in thousands) Operating Leases 2019 (excluding the nine months ended September 30, 2019) $ 10,994 2020 41,197 2021 38,325 2022 32,830 2023 31,033 2024 and thereafter 41,792 Total future lease payments (1) $ 196,171 Less: imputed interest (3,628 ) Total lease liabilities $ 192,543 (1) As of September 30, 2019, we have additional leases that have not yet commenced. We estimate that we will record additional lease liabilities of $35.4 million upon commencement. These leases will commence by 2020 with lease terms of one to ten years . |
Schedule of Future Minimum Rental Payments for Operating Leases | The following table presents minimum future payments under noncancelable operating leases under ASC 840, as of December 31, 2018: (Dollars in thousands) Amount 2019 $ 38,609 2020 37,575 2021 35,854 2022 31,659 2023 30,904 2024 and thereafter 49,071 Total minimum future payments $ 223,672 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in goodwill were as follows for the nine months ended September 30, 2019 : (Dollars in thousands) Goodwill Beginning balance at December 31, 2018 $ — Acquisitions (1) 137,823 Ending balance at September 30, 2019 $ 137,823 (1) All reported goodwill amounts have been allocated to the SVB Leerink reporting segment and are expected to be deductible for tax purposes. Refer to Note 15—“Segment Reporting” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional information. |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The following table summarizes the fair value and estimated useful lives of the other intangible assets at the date of acquisition: (Dollars in thousands) Estimated Fair Value Weighted Average Estimated Useful Life - in Years Other intangible assets: Customer relationships $ 42,000 11.0 Other 18,900 9.9 Total other intangible assets $ 60,900 The components of net other intangible assets related to the acquisition of SVB Leerink were as follows: September 30, 2019 (Dollars in thousands) Gross Amount Accumulated Amortization Net Carrying Amount Other intangible assets: Customer relationships $ 42,000 $ 2,864 $ 39,136 Other 18,900 5,748 13,152 Total other intangible assets $ 60,900 $ 8,612 $ 52,288 |
Finite-lived Intangible Assets Amortization Expense | For the nine months ended September 30, 2019 , we recorded amortization expense of $8.6 million . Assuming no future impairments of other intangible assets or additional acquisitions or dispositions, the following table presents the Company's future expected amortization expense for other intangible assets that will continue to be amortized as of September 30, 2019: Years ended December 31, (Dollars in thousands) Other Intangible Assets 2019 (excluding the nine months ended September 30, 2019) $ 2,872 2020 5,382 2021 4,732 2022 4,732 2023 4,732 2024 and thereafter 29,838 Total future amortization expense $ 52,288 |
Short-Term Borrowings and Lon_2
Short-Term Borrowings and Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and December 31, 2018 : Carrying Value (Dollars in thousands) Maturity Principal value at September 30, 2019 September 30, December 31, Short-term borrowings: Short-term FHLB advances $ — $ 300,000 Securities sold under agreement to repurchase (1) — 319,414 Other short-term borrowings (2) $ 18,898 18,898 11,998 Total short-term borrowings $ 18,898 $ 631,412 Long-term debt: 3.50% Senior Notes January 29, 2025 $ 350,000 $ 347,899 $ 347,639 5.375% Senior Notes September 15, 2020 350,000 349,328 348,826 Total long-term debt $ 697,227 $ 696,465 (1) Securities sold under repurchase agreements are effectively short-term borrowings collateralized by U.S. Treasury securities. (2) 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, 2019 | |
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, 2019 and December 31, 2018 were as follows: September 30, 2019 December 31, 2018 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 designated as hedging instruments: Interest rate risks: Interest rate swaps $ 2,000,000 $ 40,976 $ — $ — $ — $ — Interest rate swaps 2,000,000 — 9,286 — — — Derivatives not designated as hedging instruments: Currency exchange risks: Foreign exchange forwards 255,228 4,303 — 263,733 4,767 — Foreign exchange forwards — — — 178,310 — 1,094 Other derivative instruments: Equity warrant assets 223,383 149,113 — 223,532 149,238 — Client foreign exchange forwards 3,921,970 116,492 — 2,759,878 93,876 — Client foreign exchange forwards 3,876,021 — 100,244 2,568,085 — 85,706 Client foreign currency options 125,531 1,485 — 93,556 1,759 — Client foreign currency options 125,531 — 1,485 93,579 — 1,759 Client interest rate derivatives (2) 1,230,782 25,608 — 1,020,416 8,499 — Client interest rate derivatives (2) 1,310,689 — 37,525 1,337,328 — 9,491 Total derivatives not designated as hedging instruments 297,001 139,254 258,139 98,050 Total derivatives $ 337,977 $ 148,540 $ 258,139 $ 98,050 (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, 2019 reflects rule changes implemented by two central clearing houses that require entities 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 reflect reductions of approximately $7.8 million and $0.4 million of derivative assets at September 30, 2019 and December 31, 2018 , respectively. |
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, 2019 and 2018 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) Statement of income location 2019 2018 2019 2018 Derivatives designated as hedging instruments: Interest rate risks: Amounts reclassified from accumulated other comprehensive income into income Interest income—loans $ (2,713 ) $ — $ (3,224 ) $ — Derivatives not designated as hedging instruments: Currency exchange risks: (Losses) gains on revaluations of internal foreign currency instruments, net Other noninterest income $ (8,724 ) $ 5,412 $ (5,183 ) $ 8,019 Gains (losses) on internal foreign exchange forward contracts, net Other noninterest income 8,660 (5,002 ) 4,917 (8,055 ) Net (losses) gains associated with internal currency risk $ (64 ) $ 410 $ (266 ) $ (36 ) Other derivative instruments: (Losses) gains on revaluations of client foreign currency instruments, net Other noninterest income $ (2,181 ) $ (1,187 ) $ (14,793 ) $ 3,718 Gains (losses) on client foreign exchange forward contracts, net Other noninterest income 2,167 1,573 15,232 (2,697 ) Net (losses) gains associated with client currency risk $ (14 ) $ 386 $ 439 $ 1,021 Net gains on equity warrant assets Gains on equity warrant assets, net $ 37,561 $ 34,141 $ 107,213 $ 72,393 Net (losses) gains on other derivatives Other noninterest income $ (1,123 ) $ 222 $ (2,619 ) $ 643 |
Offsetting Assets | The following table summarizes our assets subject to enforceable master netting arrangements as of September 30, 2019 and December 31, 2018 : 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, 2019 Derivative assets: Interest rate swaps $ 40,976 $ — $ 40,976 $ (9,286 ) $ (13 ) $ 31,677 Foreign exchange forwards 120,795 — 120,795 (60,525 ) (18,586 ) 41,684 Foreign currency options 1,485 — 1,485 (848 ) (299 ) 338 Client interest rate derivatives 25,608 — 25,608 (25,608 ) — — Total derivative assets 188,864 — 188,864 (96,267 ) (18,898 ) 73,699 Reverse repurchase, securities borrowing, and similar arrangements 387,119 — 387,119 (387,119 ) — — Total $ 575,983 $ — $ 575,983 $ (483,386 ) $ (18,898 ) $ 73,699 December 31, 2018 Derivative assets: Foreign exchange forwards $ 98,643 $ — $ 98,643 $ (38,213 ) $ (11,825 ) $ 48,605 Foreign currency options 1,759 — 1,759 (613 ) (90 ) 1,056 Client interest rate derivatives 8,499 — 8,499 (8,416 ) (83 ) — Total derivative assets 108,901 — 108,901 (47,242 ) (11,998 ) 49,661 Reverse repurchase, securities borrowing, and similar arrangements 123,611 — 123,611 (123,611 ) — — Total $ 232,512 $ — $ 232,512 $ (170,853 ) $ (11,998 ) $ 49,661 (1) Cash collateral received from our counterparties in relation to market value exposures of derivative contracts in our favor is recorded as a component of “Short-term borrowings” on our consolidated balance sheets. |
Offsetting Liabilities | The following table summarizes our liabilities subject to enforceable master netting arrangements as of September 30, 2019 and December 31, 2018 : 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, 2019 Derivative liabilities: Interest rate swaps $ 9,286 $ — $ 9,286 $ (9,286 ) $ — $ — Foreign exchange forwards 100,244 — 100,244 (44,565 ) (5,010 ) 50,669 Foreign currency options 1,485 — 1,485 (802 ) — 683 Client interest rate derivatives 37,525 — 37,525 — (37,220 ) 305 Total derivative liabilities 148,540 — 148,540 (54,653 ) (42,230 ) 51,657 Repurchase, securities lending, and similar arrangements — — — — — — Total $ 148,540 $ — $ 148,540 $ (54,653 ) $ (42,230 ) $ 51,657 December 31, 2018 Derivative liabilities: Foreign exchange forwards $ 86,800 $ — $ 86,800 $ (24,778 ) $ (20,732 ) $ 41,290 Foreign currency options 1,759 — 1,759 (1,054 ) — 705 Client interest rate derivatives 9,491 — 9,491 — (9,207 ) 284 Total derivative liabilities 98,050 — 98,050 (25,832 ) (29,939 ) 42,279 Repurchase, securities lending, and similar arrangements 319,414 — 319,414 — — 319,414 Total $ 417,464 $ — $ 417,464 $ (25,832 ) $ (29,939 ) $ 361,693 (1) Cash collateral pledged to our counterparties in relation to market value exposures of derivative contracts in a liability position and repurchase agreements are recorded as a component of “Cash and cash equivalents " on our consolidated balance sheets. |
Noninterest Income (Tables)
Noninterest Income (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Summary of Noninterest Income | Included below is a summary of noninterest income for the three and nine months ended September 30, 2019 and 2018 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Noninterest income: Gains on investment securities, net $ 29,849 $ 32,193 $ 106,575 $ 77,365 Gains on equity warrant assets, net 37,561 34,141 107,213 72,393 Client investment fees 46,679 36,265 136,905 88,592 Foreign exchange fees 40,309 32,656 116,863 100,560 Credit card fees 30,158 24,121 86,431 68,739 Deposit service charges 22,482 19,588 65,496 56,081 Lending related fees 11,707 10,675 36,857 30,938 Letters of credit and standby letters of credit fees 10,842 8,409 31,205 24,938 Investment banking revenue 38,516 — 137,005 — Commissions 12,275 — 40,812 — Other 13,631 12,022 42,773 38,671 Total noninterest income $ 294,009 $ 210,070 $ 908,135 $ 558,277 |
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, 2019 and 2018 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Gains on non-marketable and other equity securities, net $ 29,849 $ 32,193 $ 110,480 $ 77,365 Losses on sales of available-for-sale securities, net — — (3,905 ) — Total gains on investment securities, net $ 29,849 $ 32,193 $ 106,575 $ 77,365 |
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, 2019 and 2018 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Equity warrant assets: Gains on exercises, net $ 30,047 $ 18,287 $ 90,357 $ 42,808 Terminations (481 ) (1,432 ) (2,931 ) (3,158 ) Changes in fair value, net 7,995 17,286 19,787 32,743 Total net gains on equity warrant assets $ 37,561 $ 34,141 $ 107,213 $ 72,393 |
Components of Asset Management Fees | A summary of client investment fees by instrument type for the three and nine months ended September 30, 2019 and 2018 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Client investment fees by type: Sweep money market fees $ 26,202 $ 21,105 $ 79,698 $ 50,605 Asset management fees (1) 7,256 6,358 20,883 17,447 Repurchase agreement fees 13,221 8,802 36,324 20,540 Total client investment fees (2) $ 46,679 $ 36,265 $ 136,905 $ 88,592 (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 Foreign Exchange Fees | A summary of foreign exchange fee income by instrument type for the three and nine months ended September 30, 2019 and 2018 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Foreign exchange fees by instrument type: Spot contract commissions $ 36,836 $ 30,041 $ 106,561 $ 92,791 Forward contract commissions 3,371 2,534 10,144 7,474 Option premium fees 102 81 158 295 Total foreign exchange fees $ 40,309 $ 32,656 $ 116,863 $ 100,560 |
Components of Credit Card Fees | A summary of credit card fees by instrument type for the three and nine months ended September 30, 2019 and 2018 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Credit card fees by instrument type: Card interchange fees, net $ 24,560 $ 18,849 $ 68,808 $ 54,547 Merchant service fees 3,943 3,679 12,763 10,010 Card service fees 1,655 1,593 4,860 4,182 Total credit card fees $ 30,158 $ 24,121 $ 86,431 $ 68,739 |
Components of Lending Related Fees | A summary of lending related fees by instrument type for the three and nine months ended September 30, 2019 and 2018 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Lending related fees by instrument type: Unused commitment fees $ 8,339 $ 8,410 $ 25,060 $ 24,994 Other 3,368 2,265 11,797 5,944 Total lending related fees $ 11,707 $ 10,675 $ 36,857 $ 30,938 |
Schedule of Investment Banking Revenue | A summary of investment banking revenue by instrument type for the three and nine months ended September 30, 2019 and 2018 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Investment banking revenue: Underwriting fees $ 31,016 $ — $ 109,371 $ — Advisory fees 5,200 — 22,789 — Private placements and other 2,300 — 4,845 — Total investment banking revenue $ 38,516 $ — $ 137,005 $ — |
Summary of Other Noninterest Income | A summary of other noninterest income by instrument type for the three and nine months ended September 30, 2019 and 2018 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Other noninterest income by instrument type: Fund management fees $ 8,493 $ 5,479 $ 24,292 $ 17,144 Net (losses) gains on revaluation of foreign currency instruments, net of foreign exchange forward contracts (1) (78 ) 796 173 985 Other service revenue 5,216 5,747 18,308 20,542 Total other noninterest income $ 13,631 $ 12,022 $ 42,773 $ 38,671 (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, 2019 and 2018 : Three months ended September 30, 2019 (Dollars in thousands) Global SVB Private SVB Capital (2) SVB Other Items Total Revenue from contracts with customers: Client investment fees $ 46,171 $ 508 $ — $ — $ — $ 46,679 Spot contract commissions 36,644 89 — — 103 36,836 Card interchange fees, gross 34,867 — — — 181 35,048 Merchant service fees 3,943 — — — — 3,943 Deposit service charges 22,263 36 — — 183 22,482 Investment banking revenue — — — 38,516 — 38,516 Commissions — — — 12,275 — 12,275 Fund management fees — — 7,063 1,430 — 8,493 Correspondent bank rebates 1,633 — — — — 1,633 Total revenue from contracts with customers $ 145,521 $ 633 $ 7,063 $ 52,221 $ 467 $ 205,905 Revenues outside the scope of ASC 606 (1) 15,508 1 27,892 726 43,977 88,104 Total noninterest income $ 161,029 $ 634 $ 34,955 $ 52,947 $ 44,444 $ 294,009 (1) Amounts are accounted for under separate guidance than ASC 606. (2) Global Commercial Bank’s, SVB Capital’s and SVB Leerink's components of noninterest income are shown net of noncontrolling interests. Noncontrolling interest is included within “Other Items." Three months ended September 30, 2018 (Dollars in thousands) Global SVB Private SVB Capital (2) Other Items Total Revenue from contracts with customers: Client investment fees (3) $ 35,845 $ 420 $ — $ — $ 36,265 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 Fund management fees — — 5,479 — 5,479 Correspondent bank rebates 1,372 — — — 1,372 Total revenue from contracts with customers $ 123,782 $ 630 $ 5,479 $ 546 $ 130,437 Revenues outside the scope of ASC 606 (1) 11,446 (25 ) 18,944 49,268 79,633 Total noninterest income $ 135,228 $ 605 $ 24,423 $ 49,814 $ 210,070 (1) Amounts are accounted for under separate guidance than ASC 606. (2) Global Commercial Bank’s and SVB Capital’s components of noninterest income are shown net of noncontrolling interests. Noncontrolling interest is included within “Other Items." (3) For the three months ended September 30, 2018, the amount of client investment fees previously reported as "Other Items" has been correctly allocated to the reportable segment "Global Commercial Bank" to properly reflect the source of such revenue. The correction of this immaterial error had no impact on the "Total" amount of client investment fees. Nine months ended September 30, 2019 (Dollars in thousands) Global SVB Private SVB Capital (2) SVB Other Items Total Revenue from contracts with customers: Client investment fees $ 135,551 $ 1,354 $ — $ — $ — 136,905 Spot contract commissions 105,877 376 — — 308 106,561 Card interchange fees, gross 115,468 — — — 518 115,986 Merchant service fees 12,764 — — — — 12,764 Deposit service charges 64,806 104 — — 586 65,496 Investment banking revenue — — — 137,005 — 137,005 Commissions — — — 40,812 — 40,812 Fund management fees — — 20,050 4,242 — 24,292 Correspondent bank rebates 4,712 — — — — 4,712 Total revenue from contracts with customers $ 439,178 $ 1,834 $ 20,050 $ 182,059 $ 1,412 $ 644,533 Revenues outside the scope of ASC 606 (1) 32,314 (5 ) 79,810 6,005 145,478 263,602 Total noninterest income $ 471,492 $ 1,829 $ 99,860 $ 188,064 $ 146,890 $ 908,135 (1) Amounts are accounted for under separate guidance than ASC 606. (2) Global Commercial Bank’s, SVB Capital’s and SVB Leerink's components of noninterest income are shown net of noncontrolling interests. Noncontrolling interest is included within “Other Items." Nine months ended September 30, 2018 (Dollars in thousands) Global SVB Private SVB Capital (2) Other Items Total Revenue from contracts with customers: Client investment fees (3) $ 87,491 $ 1,101 $ — $ — $ 88,592 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 Fund management fees — — 17,144 — 17,144 Correspondent bank rebates 4,241 — — — 4,241 Total revenue from contracts with customers $ 343,559 $ 1,693 $ 17,144 $ 1,862 $ 364,258 Revenues outside the scope of ASC 606 (1) 33,761 (16 ) 64,688 95,586 194,019 Total noninterest income $ 377,320 $ 1,677 $ 81,832 $ 97,448 $ 558,277 (1) Amounts are accounted for under separate guidance than ASC 606. (2) Global Commercial Bank’s and SVB Capital’s components of noninterest income are shown net of noncontrolling interests. Noncontrolling interest is included within “Other Items." |
Other Noninterest Expense (Tabl
Other Noninterest Expense (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and 2018 is as follows: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Lending and other client related processing costs $ 7,502 $ 5,698 $ 21,442 $ 16,301 Correspondent bank fees 3,657 3,513 10,970 10,200 Investment banking activities 1,864 — 9,918 — Trade order execution costs 2,615 — 7,959 — Data processing services 3,066 2,740 8,624 7,934 Telephone 2,466 2,269 7,629 7,025 Dues and publications 1,055 1,387 3,439 3,081 Postage and supplies 720 652 2,168 2,133 Other 11,161 5,393 32,910 15,171 Total other noninterest expense $ 34,106 $ 21,652 $ 105,059 $ 61,845 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | Our segment information for the three and nine months ended September 30, 2019 and 2018 is as follows: (Dollars in thousands) Global Commercial Bank (1) SVB Private Bank SVB Capital (1) SVB Leerink (1) Other Items (2) Total Three months ended September 30, 2019 Net interest income $ 455,161 $ 12,772 $ 9 $ 277 $ 52,425 $ 520,644 Provision for credit losses (34,075 ) (1,910 ) — — (551 ) (36,536 ) Noninterest income 161,029 634 34,955 52,947 44,444 294,009 Noninterest expense (3) (213,786 ) (11,638 ) (8,129 ) (55,200 ) (102,571 ) (391,324 ) Income (loss) before income tax expense (4) $ 368,329 $ (142 ) $ 26,835 $ (1,976 ) $ (6,253 ) $ 386,793 Total average loans, net of unearned income $ 25,839,647 $ 3,400,889 $ — $ — $ 581,890 $ 29,822,426 Total average assets (5) (6) 58,384,473 3,431,313 396,031 428,848 2,687,083 65,327,748 Total average deposits 55,250,154 1,497,303 — — 487,512 57,234,969 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 (7) 135,228 605 24,423 — 49,814 210,070 Noninterest expense (3) (206,487 ) (6,760 ) (6,469 ) — (89,729 ) (309,445 ) Income before income tax expense (4) $ 340,703 $ 8,402 $ 17,960 $ — $ 9,608 $ 376,673 Total average loans, net of unearned income $ 22,925,909 $ 2,928,576 $ — $ — $ 476,892 $ 26,331,377 Total average assets (5) (8) 49,948,578 2,949,908 388,531 — 3,178,020 56,465,037 Total average deposits 47,037,693 1,505,746 — — 548,801 49,092,240 Nine months ended September 30, 2019 Net interest income $ 1,360,997 $ 37,200 $ 20 $ 961 $ 163,755 $ 1,562,933 Provision for credit losses (79,175 ) (1,779 ) — — (8,079 ) (89,033 ) Noninterest income 471,492 1,829 99,860 188,064 146,890 908,135 Noninterest expense (3) (617,933 ) (30,015 ) (21,794 ) (177,675 ) (293,093 ) (1,140,510 ) Income before income tax expense (4) $ 1,135,381 $ 7,235 $ 78,086 $ 11,350 $ 9,473 $ 1,241,525 Total average loans, net of unearned income $ 25,457,997 $ 3,235,943 $ — $ — $ 517,020 $ 29,210,960 Total average assets (5) (6) 54,196,976 3,264,071 382,707 380,290 2,990,088 61,214,132 Total average deposits 51,352,644 1,461,170 — — 517,530 53,331,344 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 (7) 377,320 1,677 81,832 — 97,448 558,277 Noninterest expense (3) (591,434 ) (18,729 ) (17,182 ) — (253,256 ) (880,601 ) Income (loss) before income tax expense (4) $ 924,142 $ 27,375 $ 64,672 $ — $ (33,211 ) $ 982,978 Total average loans, net of unearned income $ 21,781,557 $ 2,791,910 $ — $ — $ 434,810 $ 25,008,277 Total average assets (5) (8) 48,380,180 2,813,101 379,809 — 2,859,562 54,432,652 Total average deposits 45,701,317 1,519,200 — — 513,845 47,734,362 (1) Global Commercial Bank’s, SVB Capital’s and SVB Leerink's components of net interest income, noninterest income, noninterest expense and total average assets are shown net of noncontrolling interests for all periods presented. Noncontrolling interest is included within “Other Items." (2) The “Other Items” column reflects the adjustments necessary to reconcile the results of the 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, gains or losses on the sale of fixed income investments and gains on equity securities from exercised warrant assets. Noninterest expense consists primarily of expenses associated with corporate support functions such as finance, human resources, marketing, legal and other expenses. (3) The Global Commercial Bank segment includes direct depreciation and amortization of $5.1 million and $5.5 million for the three months ended September 30, 2019 and 2018 , respectively, and $14.8 million and $16.6 million for the nine months ended September 30, 2019 and 2018 . (4) The internal reporting model used by management to assess segment performance does not calculate income tax expense by segment. Our effective tax rate is a reasonable approximation of the segment rates. (5) Total average assets equal the greater of total average assets or the sum of total average liabilities and total average stockholders’ equity for each segment to reconcile the results to the consolidated financial statements prepared in conformity with GAAP. (6) Included in the total average assets for SVB Leerink is goodwill of $137.8 million for both the three and nine months ended September 30, 2019 related to the acquisition effective January 4, 2019. (7) For the three and nine months ended September 30, 2018, amounts of client investment fees included in the line item "Noninterest Income" previously reported as "Other Items" have been correctly allocated to our reportable segment "Global Commercial Bank" to properly reflect the source of such revenue. The correction of this immaterial error had no impact on the "Total" amount of noninterest income. (8) For the three and nine months ended September 30, 2018, amounts for average assets previously reported as "Other Items" have been correctly allocated to the reportable segments " Global Commercial Bank" and “Private Bank” to properly reflect the greater of total average assets or the sum of total average liabilities and total average stockholders’ equity for “Global Commercial Bank” and “Private Bank.” The correction of this immaterial error had no impact on the "Total" amount of average assets. |
Off-Balance Sheet Arrangement_2
Off-Balance Sheet Arrangements, Guarantees and Other Commitments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and December 31, 2018 : (Dollars in thousands) September 30, 2019 December 31, 2018 Loan commitments available for funding: (1) Fixed interest rate commitments $ 2,154,186 $ 1,839,190 Variable interest rate commitments 17,272,556 14,821,815 Total loan commitments available for funding 19,426,742 16,661,005 Commercial and standby letters of credit (2) 2,847,676 2,252,016 Total unfunded credit commitments $ 22,274,418 $ 18,913,021 Commitments unavailable for funding (3) $ 3,306,209 $ 2,723,835 Allowance for unfunded credit commitments (4) 63,108 55,183 (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, 2019 . 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 $ 2,571,352 $ 58,290 $ 2,629,642 $ 2,629,642 Performance standby letters of credit 119,666 19,102 138,768 138,768 Commercial letters of credit 79,266 — 79,266 79,266 Total $ 2,770,284 $ 77,392 $ 2,847,676 $ 2,847,676 |
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, 2019 : (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 Capital Preferred Return Fund, LP 12,688 — 20.0 Growth Partners, LP 24,670 1,340 33.0 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 Other venture capital and private equity fund investments (equity method accounting) 21,782 5,732 Various Debt funds (equity method accounting) 58,493 — Various Other fund investments (2) 286,293 6,111 Various Total $ 469,180 $ 19,084 (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 217 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 2018 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, 2019 : (Dollars in thousands) Unfunded Commitments Strategic Investors Fund, LP $ 1,338 Capital Preferred Return Fund, LP 1,563 Growth Partners, LP 2,527 Total $ 5,428 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 : (Dollars in thousands) Level 1 Level 2 Level 3 Balance at September 30, 2019 Assets: Available-for-sale securities: U.S. Treasury securities $ 6,334,848 $ — $ — $ 6,334,848 U.S. agency debentures — 100,000 — 100,000 Foreign government debt securities 8,847 — — 8,847 Residential mortgage-backed securities: Agency-issued mortgage-backed securities — 4,148,700 — 4,148,700 Agency-issued collateralized mortgage obligations — fixed rate — 1,679,664 — 1,679,664 Agency-issued commercial mortgage-backed securities — 594,798 — 594,798 Total available-for-sale securities 6,343,695 6,523,162 — 12,866,857 Non-marketable and other equity securities (fair value accounting): Non-marketable securities: Venture capital and private equity fund investments measured at net asset value — — — 273,426 Venture capital and private equity fund investments not measured at net asset value (1) — — 134 134 Other equity securities in public companies 3,226 52,855 — 56,081 Total non-marketable and other equity securities (fair value accounting) 3,226 52,855 134 329,641 Other assets: Foreign exchange forward and option contracts — 122,280 — 122,280 Equity warrant assets — 4,072 145,041 149,113 Interest rate swaps — 40,976 — 40,976 Client interest rate derivatives — 25,608 — 25,608 Total assets $ 6,346,921 $ 6,768,953 $ 145,175 $ 13,534,475 Liabilities: Foreign exchange forward and option contracts $ — $ 101,729 $ — $ 101,729 Interest rate swaps — 9,286 — 9,286 Client interest rate derivatives — 37,525 — 37,525 Total liabilities $ — $ 148,540 $ — $ 148,540 (1) Included in Level 3 assets is $120 thousand 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, 2018 : (Dollars in thousands) Level 1 Level 2 Level 3 Balance at December 31, 2018 Assets: Available-for-sale securities: U.S. Treasury securities $ 4,738,258 $ — $ — $ 4,738,258 U.S. agency debentures — 1,084,117 — 1,084,117 Foreign government debt securities 5,812 — — 5,812 Residential mortgage-backed securities: Agency-issued collateralized mortgage obligations—fixed rate — 1,880,218 — 1,880,218 Agency-issued collateralized mortgage obligations—variable rate — 81,638 — 81,638 Total available-for-sale securities 4,744,070 3,045,973 — 7,790,043 Non-marketable and other equity securities (fair value accounting): Non-marketable securities: Venture capital and private equity fund investments measured at net asset value — — — 318,352 Venture capital and private equity fund investments not measured at net asset value (1) — — 1,079 1,079 Other equity securities in public companies 1,181 19,217 — 20,398 Total non-marketable and other equity securities (fair value accounting) 1,181 19,217 1,079 339,829 Other assets: Foreign exchange forward and option contracts — 100,402 — 100,402 Equity warrant assets — 4,039 145,199 149,238 Client interest rate derivatives — 8,499 — 8,499 Total assets $ 4,745,251 $ 3,178,130 $ 146,278 $ 8,388,011 Liabilities: Foreign exchange forward and option contracts $ — $ 88,559 $ — $ 88,559 Client interest rate derivatives — 9,491 — 9,491 Total liabilities $ — $ 98,050 $ — $ 98,050 (1) Included in Level 3 assets is $964 thousand 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, 2019 and 2018 : (Dollars in thousands) Beginning Balance Total Realized and Unrealized Gains Included in Income Purchases Sales/Exits Issuances Distributions and Other Settlements Transfers Out of Level 3 Ending Balance Three months ended September 30, 2019 Non-marketable and other equity securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (1) $ 441 $ 57 $ — $ (364 ) $ — $ — $ — $ 134 Other assets: Equity warrant assets (2) 147,770 39,527 — (45,270 ) 4,130 — (1,116 ) 145,041 Total assets $ 148,211 $ 39,584 $ — $ (45,634 ) $ 4,130 $ — $ (1,116 ) $ 145,175 Three months ended September 30, 2018 Non-marketable and other equity 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 Nine months ended September 30, 2019 Non-marketable and other equity securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (1) $ 1,079 $ 12 $ — $ (960 ) $ — $ 3 $ — $ 134 Other assets: Equity warrant assets (2) 145,199 105,338 575 (113,143 ) 11,714 — (4,642 ) 145,041 Total assets $ 146,278 $ 105,350 $ 575 $ (114,103 ) $ 11,714 $ 3 $ (4,642 ) $ 145,175 Nine months ended September 30, 2018 Non-marketable and other equity securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (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 (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, 2019 and 2018 : Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2019 2018 2019 2018 Non-marketable and other equity securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (1) $ 57 $ — $ 12 $ 82 Other assets: Equity warrant assets (2) (727 ) 15,841 21,041 30,954 Total unrealized (losses) gains, net $ (670 ) $ 15,841 $ 21,053 $ 31,036 Unrealized (losses) gains attributable to noncontrolling interests (1) $ (158 ) $ — $ (199 ) $ 73 (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, 2019 and December 31, 2018. 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, 2019: Venture capital and private equity fund investments (fair value accounting) $ 134 Private company equity pricing (1) (1 ) Equity warrant assets (public portfolio) 776 Black-Scholes option pricing model Volatility 34.8 % Risk-Free interest rate 1.6 Sales restrictions discount (2) 19.2 Equity warrant assets (private portfolio) 144,265 Black-Scholes option pricing model Volatility 38.9 Risk-Free interest rate 1.6 Marketability discount (3) 17.8 Remaining life assumption (4) 45.0 December 31, 2018: Venture capital and private equity fund investments (fair value accounting) $ 1,079 Private company equity pricing (1) (1 ) Equity warrant assets (public portfolio) 2,757 Black-Scholes option pricing model Volatility 54.7 % Risk-Free interest rate 2.6 Sales restrictions discount (2) 18.5 Equity warrant assets (private portfolio) 142,442 Black-Scholes option pricing model Volatility 38.5 Risk-Free interest rate 2.5 Marketability discount (3) 17.7 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 terminations and exercises. At September 30, 2019 , the weighted average contractual remaining term was 6.1 years, compared to our estimated remaining life of 2.7 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, 2019 and December 31, 2018 : Estimated Fair Value (Dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 September 30, 2019: Financial assets: Cash and cash equivalents $ 6,946,196 $ 6,946,196 $ 6,946,196 $ — $ — Held-to-maturity securities 14,407,078 14,698,802 — 14,698,802 — Non-marketable securities not measured at net asset value 183,980 183,980 — — 183,980 Non-marketable securities measured at net asset value 217,459 217,459 — — — Net commercial loans 27,283,952 28,427,753 — — 28,427,753 Net consumer loans 3,475,632 3,620,703 — — 3,620,703 FHLB and Federal Reserve Bank stock 59,790 59,790 — — 59,790 Financial liabilities: Short-term borrowings 18,898 18,898 — 18,898 — Non-maturity deposits (1) 59,352,559 59,352,559 59,352,559 — — Time deposits 190,315 190,078 — 190,078 — 3.50% Senior Notes 347,899 362,551 — 362,551 — 5.375% Senior Notes 349,328 360,560 — 360,560 — Off-balance sheet financial assets: Commitments to extend credit — 25,136 — — 25,136 December 31, 2018: Financial assets: Cash and cash equivalents $ 3,571,539 $ 3,571,539 $ 3,571,539 $ — $ — Held-to-maturity securities 15,487,442 15,188,236 — 15,188,236 — Non-marketable securities not measured at net asset value 131,453 131,453 — — 131,453 Non-marketable securities measured at net asset value 151,247 151,247 — — — Net commercial loans 25,043,671 25,463,968 — — 25,463,968 Net consumer loans 3,013,706 3,064,093 — — 3,064,093 FHLB and Federal Reserve Bank stock 58,878 58,878 — — 58,878 Financial liabilities: Short-term borrowings 631,412 631,412 — 631,412 — Non-maturity deposits (1) 49,278,174 49,278,174 49,278,174 — — Time deposits 50,726 50,337 — 50,337 — 3.50% Senior Notes 347,639 336,088 — 336,088 — 5.375% Senior Notes 348,826 361,281 — 361,281 — Off-balance sheet financial assets: Commitments to extend credit — 22,930 — — 22,930 (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, 2019 : (Dollars in thousands) Carrying Amount Fair Value Unfunded Commitments Non-marketable securities (fair value accounting): Venture capital and private equity fund investments (1) $ 273,426 $ 273,426 $ 10,653 Non-marketable securities (equity method accounting): Venture capital and private equity fund investments (2) 196,425 196,425 10,674 Debt funds (2) 7,153 7,153 — Other investments (2) 13,881 13,881 886 Total $ 490,885 $ 490,885 $ 22,213 (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 $68.2 million and $4.1 million , respectively, attributable to noncontrolling interests. It is estimated that we will receive distributions from the fund investments over the next 10 to 13 years, depending on the age of the funds and any potential extensions of terms of the funds. (2) Venture capital and private equity fund investments, debt funds, and other fund investments within non-marketable securities (equity method accounting) include funds that invest in or lend money to primarily U.S. and global technology and life science/healthcare companies. It is estimated that we will receive distributions from the funds over the next 5 to 8 years, depending on the age of the funds and any potential extensions of the terms of the funds. |
Basis of Presentation - Adoptio
Basis of Presentation - Adoption of New Accounting Standards (Details) - USD ($) $ in Thousands | Oct. 01, 2019 | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Right-of-use assets - operating leases | $ 178,532 | $ 146,000 | $ 0 | ||
Lease liabilities - operating leases | $ 192,543 | 178,000 | $ 0 | ||
Accounting Standards Update 2017-08 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative adjustment for adoption of ASU, net of tax | [1] | (583) | |||
Retained Earnings | Accounting Standards Update 2017-08 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative adjustment for adoption of ASU, net of tax | [1] | $ (583) | |||
Forecast | Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses, effect on capital, phase-in period | 3 years | ||||
Lower Limit | Forecast | Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect on retained earnings, pre-tax | $ 25,000 | ||||
Effect on allowance for credit loss, percentage | 7.00% | ||||
Upper Limit | Forecast | Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect on retained earnings, pre-tax | $ 60,000 | ||||
Effect on allowance for credit loss, percentage | 16.00% | ||||
[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. |
Business Combination - Narrativ
Business Combination - Narrative (Details) - USD ($) $ in Thousands | Jan. 04, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||||
Intangible assets | $ 60,900 | $ 60,900 | ||||
Goodwill | 137,823 | 137,823 | $ 0 | |||
Net income available to common stockholders | 267,281 | $ 274,817 | 874,000 | $ 707,576 | ||
SVB Leerink | ||||||
Business Acquisition [Line Items] | ||||||
Total purchase price | $ 273,230 | |||||
Retention pool for acquiree employees | $ 60,000 | |||||
Vesting period of retention pool for acquiree employees | 5 years | |||||
Post-combination expenses | $ 9,100 | |||||
Intangible assets | 60,900 | |||||
Goodwill | $ 137,823 | |||||
Net income available to common stockholders | $ (1,418) | $ 8,229 |
Business Combination - Allocati
Business Combination - Allocation of Purchase Price (Details) - USD ($) $ in Thousands | Jan. 04, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||
Goodwill | $ 137,823 | $ 0 | |
SVB Leerink | |||
Business Acquisition [Line Items] | |||
Cash paid | $ 265,601 | ||
Replacement award liabilities | 7,629 | ||
Total purchase price | 273,230 | ||
Fair value of net assets acquired | 135,407 | ||
Goodwill | $ 137,823 |
Business Combination - Fair Val
Business Combination - Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 04, 2019 |
Assets acquired: | ||
Intangible assets | $ 60,900 | |
SVB Leerink | ||
Assets acquired: | ||
Cash and cash equivalents | $ 163,273 | |
Investment securities | 33,644 | |
Accounts receivable | 36,538 | |
Intangible assets | 60,900 | |
Other assets | 35,128 | |
Total assets acquired | 329,483 | |
Liabilities assumed: | ||
Accrued compensation | 137,206 | |
Due to broker-dealers | 18,483 | |
Other liabilities | 33,131 | |
Noncontrolling interests | 5,256 | |
Total liabilities assumed | 194,076 | |
Net assets | $ 135,407 |
Business Combination - Fair V_2
Business Combination - Fair Value of Other Intangible Assets Acquired and Useful Lives (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Jan. 04, 2019 | |
Other intangible assets: | ||
Estimated Fair Value | $ 60,900 | |
SVB Leerink | ||
Other intangible assets: | ||
Estimated Fair Value | $ 60,900 | |
Customer relationships | ||
Other intangible assets: | ||
Estimated Fair Value | $ 42,000 | |
Customer relationships | SVB Leerink | ||
Other intangible assets: | ||
Estimated Fair Value | 42,000 | |
Weighted Average Estimated Useful Life - in Years | 11 years | |
Other | ||
Other intangible assets: | ||
Estimated Fair Value | $ 18,900 | |
Other | SVB Leerink | ||
Other intangible assets: | ||
Estimated Fair Value | $ 18,900 | |
Weighted Average Estimated Useful Life - in Years | 9 years 10 months 24 days |
Business Combination - Revenue
Business Combination - Revenue and Expenses from SVB Leerink (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Business Acquisition [Line Items] | ||||
Net interest income | $ 520,644 | $ 493,222 | $ 1,562,933 | $ 1,379,528 |
Noninterest income | 294,009 | 210,070 | 908,135 | 558,277 |
Noninterest expense | 391,324 | 309,445 | 1,140,510 | 880,601 |
Income before income tax expense | 386,793 | 376,673 | 1,241,525 | 982,978 |
Income tax expense | 105,075 | 95,308 | 331,624 | 246,561 |
Net income attributable to noncontrolling interests | (14,437) | (6,548) | (35,901) | (28,841) |
Net income available to common stockholders | 267,281 | $ 274,817 | 874,000 | $ 707,576 |
SVB Leerink | ||||
Business Acquisition [Line Items] | ||||
Net interest income | 277 | 961 | ||
Noninterest income | 53,773 | 188,925 | ||
Noninterest expense | 55,200 | 177,675 | ||
Income before income tax expense | (1,150) | 12,211 | ||
Income tax expense | (558) | 3,121 | ||
Net income attributable to noncontrolling interests | 826 | 861 | ||
Net income available to common stockholders | $ (1,418) | $ 8,229 |
Business Combination - Acquisit
Business Combination - Acquisition-related Activities Expense (Details) - SVB Leerink - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Business Acquisition [Line Items] | ||
Professional fees | $ 260 | $ 911 |
Other | 94 | 367 |
Total acquisition-related expenses | $ 354 | $ 1,278 |
Stockholders' Equity and EPS -
Stockholders' Equity and EPS - Reclassification out of AOCI (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains on investment securities, net | $ 29,849,000 | $ 32,193,000 | $ 106,575,000 | $ 77,365,000 |
Related tax benefit | (105,075,000) | (95,308,000) | (331,624,000) | (246,561,000) |
Net interest income | 520,644,000 | 493,222,000 | 1,562,933,000 | 1,379,528,000 |
Total reclassification adjustment for losses included in net income, net of tax | 267,281,000 | 274,817,000 | 874,000,000 | 707,576,000 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassification adjustment for losses included in net income, net of tax | 1,958,000 | 0 | 5,145,000 | 0 |
Accumulated Net Investment Gain (Loss) Attributable to Parent | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains on investment securities, net | 0 | 0 | 3,905,000 | 0 |
Related tax benefit | 0 | 0 | 1,087,000 | 0 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Related tax benefit | (755,000) | 0 | 897,000 | 0 |
Net interest income | $ 2,713,000 | $ 0 | $ 3,224,000 | $ 0 |
Stockholders' Equity and EPS _2
Stockholders' Equity and EPS - Activity Related to Net Gains on Cash Flow Hedges in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cash flow hedge gains expected to reclassified out of AOCI over next 12 months | $ 1,900 | |||
Balance, beginning of period, net of tax | $ 5,706,175 | $ 4,804,841 | 5,264,843 | $ 4,319,415 |
Balance, end of period, net of tax | 6,048,469 | 5,070,045 | 6,048,469 | 5,070,045 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period, net of tax | 13,828 | 0 | 0 | 0 |
Net increase in fair value, net of tax | 7,077 | 0 | 20,536 | 0 |
Net realized loss reclassified to net income, net of tax | 1,958 | 0 | 2,327 | 0 |
Balance, end of period, net of tax | $ 22,863 | $ 0 | $ 22,863 | $ 0 |
Stockholders' Equity and EPS _3
Stockholders' Equity and EPS - Reconciliation of Basic EPS to Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Numerator: | ||||
Net income available to common stockholders | $ 267,281 | $ 274,817 | $ 874,000 | $ 707,576 |
Denominator: | ||||
Weighted average common shares outstanding-basic (in shares) | 51,545 | 53,235 | 52,025 | 53,062 |
Weighted average common shares outstanding—diluted (in shares) | 51,858 | 53,919 | 52,431 | 53,800 |
Earnings per common share: | ||||
Basic (dollars per share) | $ 5.19 | $ 5.16 | $ 16.80 | $ 13.33 |
Diluted (dollars per share) | $ 5.15 | $ 5.10 | $ 16.67 | $ 13.15 |
Stock options and ESPP | ||||
Denominator: | ||||
Weighted average effect of dilutive securities (in shares) | 203 | 383 | 238 | 404 |
Restricted stock units and awards | ||||
Denominator: | ||||
Weighted average effect of dilutive securities (in shares) | 110 | 301 | 168 | 334 |
Stockholders' Equity and EPS _4
Stockholders' Equity and EPS - Common Shares Excluded from Diluted EPS Calculation as They Were Deemed to be Anti-Dilutive (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from diluted earnings per share calculation | 645 | 91 | 448 | 120 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from diluted earnings per share calculation | 213 | 86 | 154 | 49 |
Restricted stock units and awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from diluted earnings per share calculation | 432 | 5 | 294 | 71 |
Stockholders' Equity and EPS _5
Stockholders' Equity and EPS - Stock Repurchase Program (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Nov. 13, 2018 | |
Equity and Earnings Per Share [Abstract] | ||
Amount of outstanding common stock approved to be repurchased | $ 500,000,000 | |
Common stock repurchased and retired (in shares) | 25,562 | |
Common stock repurchased and retired | $ 5,700,000 | |
Cumulative stock repurchased and retired (in shares) | 2,200,000 | |
Cumulative stock repurchased and retired | $ 499,600,000 |
Stockholders' Equity and EPS _6
Stockholders' Equity and EPS - QTD Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Stockholders Equity Note [Line Items] | ||||
Balance, beginning of period, net of tax | $ 5,706,175 | $ 4,804,841 | $ 5,264,843 | $ 4,319,415 |
Common stock issued under employee benefit plans, net of restricted stock cancellations | 1,383 | 1,943 | 9,236 | 9,108 |
Net income | 281,718 | 281,365 | 909,901 | 736,417 |
Capital calls and distributions, net | (8,780) | (8,060) | (32,002) | (22,785) |
Net change in unrealized gains and losses on AFS securities, net of tax | 50,638 | (17,908) | 173,235 | (70,763) |
Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax | (270) | (1,283) | (1,275) | (2,830) |
Foreign currency translation adjustments, net of tax | (4,482) | (2,354) | (4,550) | (3,855) |
Net change in unrealized gains and losses on cash flow hedges, net of tax | 9,035 | 22,863 | ||
Share-based compensation, net | 18,782 | 11,501 | 50,550 | 33,968 |
Common stock repurchases | (5,730) | (352,511) | ||
Balance, end of period, net of tax | $ 6,048,469 | $ 5,070,045 | $ 6,048,469 | $ 5,070,045 |
Common Stock | ||||
Stockholders Equity Note [Line Items] | ||||
Balance (in shares) | 51,561,719 | 53,210,627 | 52,586,498 | 52,835,188 |
Balance, beginning of period, net of tax | $ 52 | $ 53 | $ 53 | $ 53 |
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 19,674 | 39,628 | 487,101 | 405,395 |
Common stock issued under employee benefit plans, net of restricted stock cancellations | $ 0 | $ 0 | ||
Common stock repurchases (in shares) | (25,562) | (1,532,210) | ||
Common stock repurchases | $ 0 | $ (1) | ||
Balance (in shares) | 51,555,831 | 53,250,255 | 51,555,831 | 53,250,255 |
Balance, end of period, net of tax | $ 52 | $ 53 | $ 52 | $ 53 |
Additional Paid-in Capital | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, beginning of period, net of tax | 1,421,565 | 1,346,586 | 1,378,438 | 1,314,377 |
Common stock issued under employee benefit plans, net of restricted stock cancellations | 1,383 | 1,943 | 9,236 | 9,108 |
Share-based compensation, net | 18,782 | 11,501 | 50,550 | 33,968 |
Balance, end of period, net of tax | 1,441,730 | 1,360,030 | 1,441,730 | 1,360,030 |
Retained Earnings | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, beginning of period, net of tax | 4,051,194 | 3,397,879 | 3,791,838 | 2,866,837 |
Net income | 267,281 | 274,817 | 874,000 | 707,576 |
Common stock repurchases | (5,730) | (352,510) | ||
Balance, end of period, net of tax | 4,312,745 | 3,672,696 | 4,312,745 | 3,672,696 |
Accumulated Other Comprehensive Income (Loss) | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, beginning of period, net of tax | 81,232 | (86,865) | (54,120) | (1,472) |
Net change in unrealized gains and losses on AFS securities, net of tax | 50,638 | (17,908) | 173,235 | (70,763) |
Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax | (270) | (1,283) | (1,275) | (2,830) |
Foreign currency translation adjustments, net of tax | (4,482) | (2,354) | (4,550) | (3,855) |
Net change in unrealized gains and losses on cash flow hedges, net of tax | 9,035 | 22,863 | ||
Balance, end of period, net of tax | 136,153 | (108,410) | 136,153 | (108,410) |
Total SVBFG Stockholders’ Equity | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, beginning of period, net of tax | 5,554,043 | 4,657,653 | 5,116,209 | 4,179,795 |
Common stock issued under employee benefit plans, net of restricted stock cancellations | 1,383 | 1,943 | 9,236 | 9,108 |
Net income | 267,281 | 274,817 | 874,000 | 707,576 |
Net change in unrealized gains and losses on AFS securities, net of tax | 50,638 | (17,908) | 173,235 | (70,763) |
Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax | (270) | (1,283) | (1,275) | (2,830) |
Foreign currency translation adjustments, net of tax | (4,482) | (2,354) | (4,550) | (3,855) |
Net change in unrealized gains and losses on cash flow hedges, net of tax | 9,035 | 22,863 | ||
Share-based compensation, net | 18,782 | 11,501 | 50,550 | 33,968 |
Common stock repurchases | (5,730) | (352,511) | ||
Balance, end of period, net of tax | 5,890,680 | 4,924,369 | 5,890,680 | 4,924,369 |
Noncontrolling Interests | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, beginning of period, net of tax | 152,132 | 147,188 | 148,634 | 139,620 |
Net income | 14,437 | 6,548 | 35,901 | 28,841 |
Capital calls and distributions, net | (8,780) | (8,060) | (32,002) | (22,785) |
Balance, end of period, net of tax | $ 157,789 | $ 145,676 | $ 157,789 | $ 145,676 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation and Related Tax Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Payment Arrangement [Abstract] | ||||
Share-based compensation expense | $ 18,782 | $ 11,501 | $ 50,550 | $ 33,968 |
Income tax benefit related to share-based compensation expense | $ (4,883) | $ (2,895) | $ (12,028) | $ (7,955) |
Share-Based Compensation - Unre
Share-Based Compensation - Unrecognized Compensation Expense (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2019USD ($) | |
Unrecognized Share Based Compensation Expense [Line Items] | |
Unrecognized Expense | $ 132,789 |
Stock options | |
Unrecognized Share Based Compensation Expense [Line Items] | |
Unrecognized Expense | $ 15,837 |
Average Expected Recognition Period - in Years | 2 years 8 months 8 days |
Restricted stock units and awards | |
Unrecognized Share Based Compensation Expense [Line Items] | |
Unrecognized Expense | $ 116,952 |
Average Expected Recognition Period - in Years | 2 years 9 months 29 days |
Share-Based Compensation - Sh_2
Share-Based Compensation - Share-Based Payment Award Activity (Details) | 9 Months Ended |
Sep. 30, 2019USD ($)$ / sharesshares | |
Options | |
Outstanding, beginning of period, in shares | shares | 679,659 |
Granted, in shares | shares | 121,669 |
Exercised, in shares | shares | (104,576) |
Forfeited, in shares | shares | (20,180) |
Expired, in shares | shares | (720) |
Outstanding, end of period, in shares | shares | 675,852 |
Vested and expected to vest, end of period, in shares | shares | 657,968 |
Exercisable, end of period, in shares | shares | 411,981 |
Weighted Average Exercise Price | |
Outstanding, beginning of period, in usd per share | $ / shares | $ 137.19 |
Granted, in usd per share | $ / shares | 249.64 |
Exercised, in usd per share | $ / shares | 85.38 |
Forfeited, in usd per share | $ / shares | 211.23 |
Expired, in usd per share | $ / shares | 64.37 |
Outstanding, end of period, in usd per share | $ / shares | 163.32 |
Vested and expected to vest, end of period, in usd per share | $ / shares | 161.08 |
Exercisable, end of period, in usd per share | $ / shares | $ 120.57 |
Weighted Average Remaining Contractual Life - in Years | |
Outstanding, end of period | 3 years 8 months 4 days |
Vested and expected to vest, end of period | 3 years 7 months 13 days |
Exercisable, end of period | 2 years 5 months 15 days |
Aggregate Intrinsic Value of In-The-Money Options | |
Outstanding, end of period | $ | $ 43,542,167 |
Vested and expected to vest, end of period | $ | 43,364,465 |
Exercisable, end of period | $ | $ 38,394,292 |
Share-Based Compensation - Aggr
Share-Based Compensation - Aggregate Intrinsic Value and Closing Stock Price of Options (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Payment Arrangement [Abstract] | ||||
Closing stock price (usd per share) | $ 208.95 | $ 208.95 | ||
Total intrinsic value of options exercised | $ 1.6 | $ 8.5 | $ 16 | $ 39.5 |
Share-Based Compensation - Info
Share-Based Compensation - Information for Restricted Stock Units under Equity Incentive Plan (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2019 | Feb. 01, 2019 | |
Weighted Average Grant Date Fair Value | ||
Market price (usd per share) | $ 208.95 | |
Restricted stock units and awards | ||
Shares | ||
Nonvested, beginning of period, in shares | 597,296 | |
Granted, in shares | 539,266 | |
Vested, in shares | (217,705) | |
Forfeited, in shares | (53,905) | |
Nonvested, end of period, in shares | 864,952 | |
Weighted Average Grant Date Fair Value | ||
Nonvested, beginning of period, in usd per share | $ 194.48 | |
Granted, in usd per share | 243.70 | |
Vested, in usd per share | 151.40 | |
Forfeited, in usd per share | 188.07 | |
Nonvested, end of period, in usd per share | $ 236.41 | |
Restricted stock units and awards | Retention Plan for SVB Leerink | ||
Shares | ||
Granted, in shares | 125,160 | |
Weighted Average Grant Date Fair Value | ||
Market price (usd per share) | $ 238.28 | |
Award vesting period | 5 years |
Variable Interest Entities - Ca
Variable Interest Entities - Carrying Amounts and Classification of Significant Variable Interests (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | $ 6,946,196 | $ 3,571,539 | $ 3,819,141 | $ 2,923,075 |
Non-marketable and other equity securities | 1,150,094 | 941,104 | ||
Accrued interest receivable and other assets | 1,586,068 | 951,261 | ||
Total assets | 68,231,233 | 56,927,979 | ||
Other liabilities | 1,731,222 | 1,006,359 | ||
Total liabilities | 62,182,764 | 51,663,136 | ||
Maximum exposure to loss in unconsolidated VIEs | 655,278 | 568,272 | ||
Investments in qualified affordable housing projects, net | 419,028 | 318,575 | ||
Consolidated | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 21,418 | 9,058 | ||
Non-marketable and other equity securities | 254,962 | 221,646 | ||
Accrued interest receivable and other assets | 708 | 228 | ||
Total assets | 277,088 | 230,932 | ||
Other liabilities | 3,077 | 919 | ||
Total liabilities | 3,077 | 919 | ||
Maximum exposure to loss in unconsolidated VIEs | 274,000 | |||
Unconsolidated | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Non-marketable and other equity securities | 655,278 | 568,272 | ||
Accrued interest receivable and other assets | 0 | 0 | ||
Total assets | 655,278 | 568,272 | ||
Other liabilities | 276,940 | 205,685 | ||
Total liabilities | 276,940 | 205,685 | ||
Maximum exposure to loss in unconsolidated VIEs | $ 655,278 | $ 568,272 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) $ in Thousands | Sep. 30, 2019USD ($)entity | Dec. 31, 2018USD ($) |
Investments In Variable Interest Entities [Abstract] | ||
Number of consolidated entities | entity | 4 | |
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss in unconsolidated VIEs | $ 655,278 | $ 568,272 |
Consolidated | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss in unconsolidated VIEs | 274,000 | |
Unconsolidated | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss in unconsolidated VIEs | $ 655,278 | $ 568,272 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and due from banks | $ 6,557,085 | $ 3,444,971 | ||
Securities purchased under agreements to resell | 387,119 | 123,611 | ||
Other short-term investment securities | 1,992 | 2,957 | ||
Total cash and cash equivalents | $ 6,946,196 | $ 3,571,539 | $ 3,819,141 | $ 2,923,075 |
Cash and Cash Equivalents - S_2
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Footnote Information) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents [Abstract] | ||
Deposits at the Federal Reserve Bank earning interest at the Federal Funds target rate | $ 4,100 | $ 1,700 |
Interest-earning deposits in other financial institutions | 1,900 | 1,200 |
Fair value of securities purchased under agreements to resell | $ 395.2 | $ 126.2 |
Investment Securities - Compone
Investment Securities - Components of Available-for-Sale Investment Securities Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 12,699,542 | $ 7,862,311 |
Unrealized Gains | 170,566 | 12,082 |
Unrealized Losses | (3,251) | (84,350) |
Carrying Value | 12,866,857 | 7,790,043 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 6,233,957 | 4,762,182 |
Unrealized Gains | 103,821 | 11,638 |
Unrealized Losses | (2,930) | (35,562) |
Carrying Value | 6,334,848 | 4,738,258 |
U.S. agency debentures | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 100,000 | 1,090,426 |
Unrealized Gains | 0 | 61 |
Unrealized Losses | 0 | (6,370) |
Carrying Value | 100,000 | 1,084,117 |
Foreign government debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 8,837 | 5,815 |
Unrealized Gains | 10 | 0 |
Unrealized Losses | 0 | (3) |
Carrying Value | 8,847 | 5,812 |
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,108,235 | |
Unrealized Gains | 40,584 | |
Unrealized Losses | (119) | |
Carrying Value | 4,148,700 | |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,658,443 | 1,922,618 |
Unrealized Gains | 21,222 | 0 |
Unrealized Losses | (1) | (42,400) |
Carrying Value | 1,679,664 | 1,880,218 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—variable rate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 81,270 | |
Unrealized Gains | 383 | |
Unrealized Losses | (15) | |
Carrying Value | $ 81,638 | |
Agency-issued commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 590,070 | |
Unrealized Gains | 4,929 | |
Unrealized Losses | (201) | |
Carrying Value | $ 594,798 |
Investment Securities - Activit
Investment Securities - Activity of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Sales proceeds | $ 0 | $ 0 | $ 2,189,087 | $ 0 |
Gross realized gains | 0 | 0 | 1,250 | 0 |
Gross realized losses | 0 | 0 | (5,155) | 0 |
Net realized losses | $ 0 | $ 0 | $ (3,905) | $ 0 |
Investment Securities - Summary
Investment Securities - Summary of Unrealized Losses on Available-for-Sale Securities (Details) $ in Thousands | Sep. 30, 2019USD ($)Investment | Dec. 31, 2018USD ($)Investment |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months - Fair Value of Investments | $ 936,017 | $ 957,319 |
Less than 12 months - Unrealized Losses | (1,293) | (5,412) |
12 months or longer - Fair Value of Investments | 1,648,049 | 6,039,639 |
12 months or longer - Unrealized Losses | (1,958) | (78,938) |
Fair Value of Investments | 2,584,066 | 6,996,958 |
Unrealized Losses | $ (3,251) | $ (84,350) |
Number of investments in unrealized loss position | Investment | 59 | 200 |
Number of investments with unrealized losses greater than 12 months | Investment | 37 | 162 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months - Fair Value of Investments | $ 485,917 | $ 494,287 |
Less than 12 months - Unrealized Losses | (973) | (3,785) |
12 months or longer - Fair Value of Investments | 1,647,699 | 3,568,119 |
12 months or longer - Unrealized Losses | (1,957) | (31,777) |
Fair Value of Investments | 2,133,616 | 4,062,406 |
Unrealized Losses | (2,930) | (35,562) |
U.S. agency debentures | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months - Fair Value of Investments | 443,790 | |
Less than 12 months - Unrealized Losses | (1,602) | |
12 months or longer - Fair Value of Investments | 591,216 | |
12 months or longer - Unrealized Losses | (4,768) | |
Fair Value of Investments | 1,035,006 | |
Unrealized Losses | (6,370) | |
Foreign government debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months - Fair Value of Investments | 5,812 | |
Less than 12 months - Unrealized Losses | (3) | |
12 months or longer - Fair Value of Investments | 0 | |
12 months or longer - Unrealized Losses | 0 | |
Fair Value of Investments | 5,812 | |
Unrealized Losses | (3) | |
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months - Fair Value of Investments | 305,208 | |
Less than 12 months - Unrealized Losses | (119) | |
12 months or longer - Fair Value of Investments | 0 | |
12 months or longer - Unrealized Losses | 0 | |
Fair Value of Investments | 305,208 | |
Unrealized Losses | (119) | |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months - Fair Value of Investments | 0 | 13,430 |
Less than 12 months - Unrealized Losses | 0 | (22) |
12 months or longer - Fair Value of Investments | 350 | 1,866,788 |
12 months or longer - Unrealized Losses | (1) | (42,378) |
Fair Value of Investments | 350 | 1,880,218 |
Unrealized Losses | (1) | (42,400) |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—variable rate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months - Fair Value of Investments | 0 | |
Less than 12 months - Unrealized Losses | 0 | |
12 months or longer - Fair Value of Investments | 13,516 | |
12 months or longer - Unrealized Losses | (15) | |
Fair Value of Investments | 13,516 | |
Unrealized Losses | $ (15) | |
Agency-issued commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months - Fair Value of Investments | 144,892 | |
Less than 12 months - Unrealized Losses | (201) | |
12 months or longer - Fair Value of Investments | 0 | |
12 months or longer - Unrealized Losses | 0 | |
Fair Value of Investments | 144,892 | |
Unrealized Losses | $ (201) |
Investment Securities - Summa_2
Investment Securities - Summary of Remaining Contractual Principal Maturities for Available-for-Sale Securities (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |
Total | $ 12,866,857 |
One Year or Less | 2,007,267 |
After One Year to Five Years | 1,719,163 |
After Five Years to Ten Years | 3,020,604 |
After Ten Years | $ 6,119,823 |
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] | |
Total | $ 6,334,848 |
One Year or Less | 2,007,267 |
After One Year to Five Years | 1,710,316 |
After Five Years to Ten Years | 2,617,265 |
After Ten Years | 0 |
Available-for-sale Securities | U.S. agency debentures | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |
Total | 100,000 |
One Year or Less | 0 |
After One Year to Five Years | 0 |
After Five Years to Ten Years | 100,000 |
After Ten Years | 0 |
Available-for-sale Securities | Foreign government debt securities | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |
Total | 8,847 |
One Year or Less | 0 |
After One Year to Five Years | 8,847 |
After Five Years to Ten Years | 0 |
After Ten Years | 0 |
Available-for-sale Securities | Residential mortgage-backed securities | Agency-issued mortgage-backed securities | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |
Total | 4,148,700 |
One Year or Less | 0 |
After One Year to Five Years | 0 |
After Five Years to Ten Years | 0 |
After Ten Years | 4,148,700 |
Available-for-sale Securities | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |
Total | 1,679,664 |
One Year or Less | 0 |
After One Year to Five Years | 0 |
After Five Years to Ten Years | 3,131 |
After Ten Years | 1,676,533 |
Available-for-sale Securities | Agency-issued commercial mortgage-backed securities | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |
Total | 594,798 |
One Year or Less | 0 |
After One Year to Five Years | 0 |
After Five Years to Ten Years | 300,208 |
After Ten Years | $ 294,590 |
Investment Securities - Compo_2
Investment Securities - Components of Held-to-Maturity Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 14,407,078 | $ 15,487,442 |
Unrealized Gains | 310,417 | 17,040 |
Unrealized Losses | (18,693) | (316,246) |
Fair Value | 14,698,802 | 15,188,236 |
U.S. agency debentures | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 518,841 | 640,990 |
Unrealized Gains | 10,528 | 2,148 |
Unrealized Losses | (22) | (4,850) |
Fair Value | 529,347 | 638,288 |
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 7,376,458 | 8,103,638 |
Unrealized Gains | 135,996 | 5,011 |
Unrealized Losses | (4,190) | (157,767) |
Fair Value | 7,508,264 | 7,950,882 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,754,498 | 2,183,204 |
Unrealized Gains | 2,254 | 0 |
Unrealized Losses | (10,094) | (62,272) |
Fair Value | 1,746,658 | 2,120,932 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—variable rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 188,120 | 214,483 |
Unrealized Gains | 105 | 608 |
Unrealized Losses | (373) | (14) |
Fair Value | 187,852 | 215,077 |
Agency-issued commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,826,344 | 2,769,706 |
Unrealized Gains | 75,422 | 6,969 |
Unrealized Losses | (3,046) | (64,374) |
Fair Value | 2,898,720 | 2,712,301 |
Municipal bonds and notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,742,817 | 1,575,421 |
Unrealized Gains | 86,112 | 2,304 |
Unrealized Losses | (968) | (26,969) |
Fair Value | $ 1,827,961 | $ 1,550,756 |
Investment Securities - Summa_3
Investment Securities - Summary of Unrealized Losses on Held to Maturity Securities (Details) $ in Thousands | Sep. 30, 2019USD ($)Investment | Dec. 31, 2018USD ($)Investment |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | $ 1,598,873 | $ 3,851,352 |
Unrealized Losses, Less than 12 months | (5,524) | (56,636) |
Fair Value of Investments, 12 months or longer | 1,880,901 | 8,092,085 |
Unrealized Losses, 12 months or longer | (13,169) | (259,610) |
Fair Value of Investments | 3,479,774 | 11,943,437 |
Unrealized Losses | $ (18,693) | $ (316,246) |
Number of held-to-maturity investments with unrealized loss | Investment | 310 | 1,244 |
Number of held-to-maturity investments in continuous loss more than 12 months | Investment | 164 | 695 |
U.S. agency debentures | ||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | $ 50,131 | $ 291,432 |
Unrealized Losses, Less than 12 months | (22) | (2,915) |
Fair Value of Investments, 12 months or longer | 0 | 66,624 |
Unrealized Losses, 12 months or longer | 0 | (1,935) |
Fair Value of Investments | 50,131 | 358,056 |
Unrealized Losses | (22) | (4,850) |
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | 962,390 | 2,493,156 |
Unrealized Losses, Less than 12 months | (2,520) | (34,956) |
Fair Value of Investments, 12 months or longer | 197,721 | 3,972,690 |
Unrealized Losses, 12 months or longer | (1,670) | (122,811) |
Fair Value of Investments | 1,160,111 | 6,465,846 |
Unrealized Losses | (4,190) | (157,767) |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | ||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | 244,020 | 16,952 |
Unrealized Losses, Less than 12 months | (1,226) | (109) |
Fair Value of Investments, 12 months or longer | 1,220,827 | 2,103,980 |
Unrealized Losses, 12 months or longer | (8,868) | (62,163) |
Fair Value of Investments | 1,464,847 | 2,120,932 |
Unrealized Losses | (10,094) | (62,272) |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—variable rate | ||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | 149,910 | 3,364 |
Unrealized Losses, Less than 12 months | (367) | (1) |
Fair Value of Investments, 12 months or longer | 4,856 | 8,101 |
Unrealized Losses, 12 months or longer | (6) | (13) |
Fair Value of Investments | 154,766 | 11,465 |
Unrealized Losses | (373) | (14) |
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 | 86,087 | 177,697 |
Unrealized Losses, Less than 12 months | (423) | (1,580) |
Fair Value of Investments, 12 months or longer | 456,168 | 1,600,277 |
Unrealized Losses, 12 months or longer | (2,623) | (62,794) |
Fair Value of Investments | 542,255 | 1,777,974 |
Unrealized Losses | (3,046) | (64,374) |
Municipal bonds and notes | ||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Fair Value of Investments, Less than 12 months | 106,335 | 868,751 |
Unrealized Losses, Less than 12 months | (966) | (17,075) |
Fair Value of Investments, 12 months or longer | 1,329 | 340,413 |
Unrealized Losses, 12 months or longer | (2) | (9,894) |
Fair Value of Investments | 107,664 | 1,209,164 |
Unrealized Losses | $ (968) | $ (26,969) |
Investment Securities - Summa_4
Investment Securities - Summary of Remaining Contractual Principal Maturities for Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | $ 14,698,802 | $ 15,188,236 |
U.S. agency debentures | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 529,347 | 638,288 |
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 7,508,264 | 7,950,882 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 1,746,658 | 2,120,932 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—variable rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 187,852 | 215,077 |
Agency-issued commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 2,898,720 | 2,712,301 |
Municipal bonds and notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 1,827,961 | $ 1,550,756 |
After One Year to Five Years, Amortized Cost | 82,708 | |
After Five Years to Ten Years, Amortized Cost | 369,911 | |
Held-to-maturity Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 14,698,802 | |
Amortized Cost | 14,407,078 | |
One Year or Less, Amortized Cost | 14,002 | |
One Year or Less, Fair Value | 14,007 | |
After One Year to Five Years, Amortized Cost | 300,427 | |
After One Year to Five Years, Fair Value | 303,105 | |
After Five Years to Ten Years, Amortized Cost | 2,172,452 | |
After Five Years to Ten Years, Fair Value | 2,190,040 | |
After Ten Years, Amortized Cost | 11,920,197 | |
After Ten Years, Fair Value | $ 12,191,650 | |
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] | ||
Fair Value | $ 529,347 | |
Amortized Cost | 518,841 | |
One Year or Less, Amortized Cost | 0 | |
One Year or Less, Fair Value | 0 | |
After One Year to Five Years, Amortized Cost | 123,205 | |
After One Year to Five Years, Fair Value | 124,646 | |
After Five Years to Ten Years, Amortized Cost | 395,636 | |
After Five Years to Ten Years, Fair Value | 404,701 | |
After Ten Years, Amortized Cost | 0 | |
After Ten Years, Fair Value | 0 | |
Held-to-maturity Securities | Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 7,508,264 | |
Amortized Cost | 7,376,458 | |
One Year or Less, Amortized Cost | 0 | |
One Year or Less, Fair Value | 0 | |
After One Year to Five Years, Amortized Cost | 94,514 | |
After One Year to Five Years, Fair Value | 94,745 | |
After Five Years to Ten Years, Amortized Cost | 771,670 | |
After Five Years to Ten Years, Fair Value | 769,409 | |
After Ten Years, Amortized Cost | 6,510,274 | |
After Ten Years, Fair Value | 6,644,110 | |
Held-to-maturity Securities | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 1,746,658 | |
Amortized Cost | 1,754,498 | |
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 | 635,235 | |
After Five Years to Ten Years, Fair Value | 630,472 | |
After Ten Years, Amortized Cost | 1,119,263 | |
After Ten Years, Fair Value | 1,116,186 | |
Held-to-maturity Securities | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—variable rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 187,852 | |
Amortized Cost | 188,120 | |
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 | 188,120 | |
After Ten Years, Fair Value | 187,852 | |
Held-to-maturity Securities | Agency-issued commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 2,898,720 | |
Amortized Cost | 2,826,344 | |
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 | 2,826,344 | |
After Ten Years, Fair Value | 2,898,720 | |
Held-to-maturity Securities | Municipal bonds and notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 1,827,961 | |
Amortized Cost | 1,742,817 | |
One Year or Less, Amortized Cost | 14,002 | |
One Year or Less, Fair Value | 14,007 | |
After One Year to Five Years, Fair Value | 83,714 | |
After Five Years to Ten Years, Fair Value | 385,458 | |
After Ten Years, Amortized Cost | 1,276,196 | |
After Ten Years, Fair Value | $ 1,344,782 |
Investment Securities - Compo_3
Investment Securities - Components of Non-marketable and Other Equity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Investment Holdings [Line Items] | ||
Investments in qualified affordable housing projects, net | $ 419,028 | $ 318,575 |
Non-marketable and other equity securities | 1,150,094 | 941,104 |
Fair value accounting | Consolidated venture capital and private equity fund investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 92,010 | 118,333 |
Fair value accounting | Unconsolidated venture capital and private equity fund investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 181,550 | 201,098 |
Fair value accounting | Equity securities | ||
Investment Holdings [Line Items] | ||
Other equity securities in public companies (fair value accounting) | 56,081 | 20,398 |
Fair value accounting | Other investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 43,524 | 25,668 |
Equity method accounting | Consolidated venture capital and private equity fund investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 196,425 | 129,485 |
Equity method accounting | Unconsolidated venture capital and private equity fund investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 196,425 | 129,485 |
Equity method accounting | Debt funds | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 7,153 | 5,826 |
Equity method accounting | Other investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | $ 154,323 | $ 121,721 |
Investment Securities - Summa_5
Investment Securities - Summary of Venture Capital and Private Equity Fund Investments Held by Consolidated Funds and Percentage Ownership (Details) - Fair value accounting - Consolidated venture capital and private equity fund investments - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Investment Holdings [Line Items] | ||
Nonmarketable securities | $ 92,010 | $ 118,333 |
Strategic Investors Fund, LP | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 6,829 | 12,452 |
Capital Preferred Return Fund, LP | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 46,691 | 53,957 |
Growth Partners, LP | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 38,356 | 50,845 |
CP I, LP | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | $ 134 | $ 1,079 |
Non-marketable securities | Strategic Investors Fund, LP | ||
Investment Holdings [Line Items] | ||
Percentage of ownership | 12.60% | 12.60% |
Non-marketable securities | Capital Preferred Return Fund, LP | ||
Investment Holdings [Line Items] | ||
Percentage of ownership | 20.00% | 20.00% |
Non-marketable securities | Growth Partners, LP | ||
Investment Holdings [Line Items] | ||
Percentage of ownership | 33.00% | 33.00% |
Non-marketable securities | CP I, LP | ||
Investment Holdings [Line Items] | ||
Percentage of ownership | 10.70% | 10.70% |
Investment Securities - Non-mar
Investment Securities - Non-marketable and Other Securities Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($)Investment | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)Investment | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)Investment | |
Investment Holdings [Line Items] | |||||
Investments in qualified affordable housing projects, net | $ 419,028 | $ 419,028 | $ 318,575 | ||
Tax credits and other tax benefits recognized | 8,705 | $ 6,283 | 28,950 | $ 16,912 | |
Amortization expense included in provision for income taxes | 6,042 | $ 4,773 | 20,436 | $ 14,269 | |
Other liabilities | 276,940 | 276,940 | 205,685 | ||
Fair value accounting | Unconsolidated venture capital and private equity fund investments | |||||
Investment Holdings [Line Items] | |||||
Nonmarketable securities | $ 181,550 | $ 181,550 | $ 201,098 | ||
Upper Limit | |||||
Investment Holdings [Line Items] | |||||
Percentage of ownership | 5.00% | ||||
Non-marketable securities | Fair value accounting | Unconsolidated venture capital and private equity fund investments | |||||
Investment Holdings [Line Items] | |||||
Number of investments | Investment | 211 | 211 | 213 |
Investment Securities - Changes
Investment Securities - Changes to Carrying Amount of Other Investments without Readily Determinable Fair Value (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Carrying value at September 30, 2019 | $ 43,524 |
Year End Adjustments: | |
Impairment | 0 |
Upward changes for observable prices | 2,605 |
Downward changes for observable prices | (2,670) |
Cumulative Adjustments | |
Impairment | 0 |
Upward changes for observable prices | 3,104 |
Downward changes for observable prices | $ (4,285) |
Investment Securities - Carryin
Investment Securities - Carrying Value and Ownership Percentage of Investments (Details) - Equity method accounting - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Consolidated venture capital and private equity fund investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | $ 196,425 | $ 129,485 |
Consolidated venture capital and private equity fund investments | Strategic Investors Fund II, LP | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 4,501 | 4,670 |
Consolidated venture capital and private equity fund investments | Strategic Investors Fund III, LP | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 15,279 | 17,396 |
Consolidated venture capital and private equity fund investments | Strategic Investors Fund IV, LP | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 28,549 | 28,974 |
Consolidated venture capital and private equity fund investments | Strategic Investors Fund V funds | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 37,233 | 28,189 |
Consolidated venture capital and private equity fund investments | CP II, LP | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 7,333 | 7,122 |
Consolidated venture capital and private equity fund investments | Other venture capital and private equity fund investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 103,530 | 43,134 |
Debt funds | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 7,153 | 5,826 |
Debt funds | Gold Hill Capital 2008, LP | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 5,323 | 3,901 |
Debt funds | Other debt funds | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 1,830 | 1,925 |
Other investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 154,323 | 121,721 |
Other investments | SPD Silicon Valley Bank Co., Ltd. | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 73,918 | 76,412 |
Other investments | Other investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | $ 80,405 | $ 45,309 |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Strategic Investors Fund II, LP | ||
Investment Holdings [Line Items] | ||
Percentage of ownership | 8.60% | 8.60% |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Strategic Investors Fund III, LP | ||
Investment Holdings [Line Items] | ||
Percentage of ownership | 5.90% | 5.90% |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Strategic Investors Fund IV, LP | ||
Investment Holdings [Line Items] | ||
Percentage of ownership | 5.00% | 5.00% |
Non-marketable securities | Consolidated venture capital and private equity fund investments | CP II, LP | ||
Investment Holdings [Line Items] | ||
Percentage of ownership | 5.10% | 5.10% |
Non-marketable securities | Consolidated venture capital and private equity fund investments | CP II, LP | Direct ownership interest | ||
Investment Holdings [Line Items] | ||
Percentage of ownership | 1.30% | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | CP II, LP | Indirect ownership interest | ||
Investment Holdings [Line Items] | ||
Percentage of ownership | 3.80% | |
Non-marketable securities | Debt funds | Direct ownership interest | ||
Investment Holdings [Line Items] | ||
Percentage of ownership | 11.50% | |
Non-marketable securities | Debt funds | Indirect ownership interest | ||
Investment Holdings [Line Items] | ||
Percentage of ownership | 4.00% | |
Non-marketable securities | Debt funds | Gold Hill Capital 2008, LP | ||
Investment Holdings [Line Items] | ||
Percentage of ownership | 15.50% | 15.50% |
Non-marketable securities | Other investments | SPD Silicon Valley Bank Co., Ltd. | ||
Investment Holdings [Line Items] | ||
Percentage of ownership | 50.00% | 50.00% |
Investment Securities - Net Gai
Investment Securities - Net Gains on Non-marketable and Other Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Gain (Loss) on Securities [Line Items] | ||||
Total net gains on non-marketable and other equity securities | $ 29,849 | $ 32,193 | $ 110,480 | $ 77,365 |
Non-marketable securities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Less: realized net gains (losses) on sales of securities (1) | 277 | 357 | 12,637 | (20,806) |
Net gains on non-marketable and other equity securities still held | 29,572 | 31,836 | 97,843 | 98,171 |
Non-marketable securities | Fair value accounting | Consolidated venture capital and private equity fund investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Total net gains on non-marketable and other equity securities | 4,555 | 2,928 | 22,674 | 18,971 |
Non-marketable securities | Fair value accounting | Unconsolidated venture capital and private equity fund investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Total net gains on non-marketable and other equity securities | 8,530 | 6,240 | 26,688 | 37,095 |
Non-marketable securities | Fair value accounting | Other investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Total net gains on non-marketable and other equity securities | (471) | 2,509 | 4,701 | 4,310 |
Non-marketable securities | Equity method accounting | Consolidated venture capital and private equity fund investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Total net gains on non-marketable and other equity securities | 29,049 | 11,341 | 54,189 | 30,122 |
Non-marketable securities | Equity method accounting | Debt funds | ||||
Gain (Loss) on Securities [Line Items] | ||||
Total net gains on non-marketable and other equity securities | 187 | 1,473 | 1,529 | (100) |
Non-marketable securities | Equity method accounting | Other investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Total net gains on non-marketable and other equity securities | (22) | 3,295 | 593 | 4,753 |
Other equity securities | Fair value accounting | ||||
Gain (Loss) on Securities [Line Items] | ||||
Total net gains on non-marketable and other equity securities | $ (11,979) | $ 4,407 | $ 106 | $ (17,786) |
Loans, Allowance for Loan Los_3
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Composition of Loans, Net of Unearned Income (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unearned income on loans | $ 165,000 | $ 173,000 |
Loans, net of unearned income | 31,063,994 | 28,338,280 |
Commercial loans, excluding real estate secured and construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 26,662,081 | 24,456,728 |
Commercial loans, excluding real estate secured and construction | Software/internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 6,009,518 | 6,154,755 |
Commercial loans, excluding real estate secured and construction | Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 1,357,617 | 1,234,557 |
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 | 16,293,556 | 14,110,560 |
Commercial loans, excluding real estate secured and construction | Life science/healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 2,381,822 | 2,385,612 |
Commercial loans, excluding real estate secured and construction | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 234,555 | 249,266 |
Commercial loans, excluding real estate secured and construction | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 385,013 | 321,978 |
Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 3,803,987 | 3,363,803 |
Real estate secured loans | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 749,259 | 710,397 |
Real estate secured loans | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 3,015,396 | 2,612,971 |
Real estate secured loans | Other real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 39,332 | 40,435 |
Construction loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 116,854 | 97,077 |
Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 3,496,468 | 3,033,643 |
Consumer loans | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 3,015,396 | 2,612,971 |
Consumer loans | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 481,072 | $ 420,672 |
Loans, Allowance for Loan Los_4
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Composition of Loans, Net of Unearned income (Additional Information) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 31,063,994 | $ 28,338,280 |
Credit card loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 396,000 | 335,000 |
Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 3,803,987 | 3,363,803 |
Real estate secured loans | Construction loans, premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 96,000 | 99,000 |
Real estate secured loans | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 3,015,396 | 2,612,971 |
Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 3,496,468 | 3,033,643 |
Consumer loans | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 3,015,396 | 2,612,971 |
Consumer loans | Real estate secured loans | Loans for personal residence | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 2,577,623 | 2,251,292 |
Consumer loans | Real estate secured loans | Loans to eligible employees | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 380,677 | 290,194 |
Consumer loans | Real estate secured loans | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 57,096 | $ 71,485 |
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 (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Unearned income on loans | $ 165,000 | $ 173,000 |
Loans, net of unearned income | 31,063,994 | 28,338,280 |
Commercial loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 27,567,526 | 25,304,637 |
Commercial loans | Software/internet | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 6,009,518 | 6,154,755 |
Commercial loans | Hardware | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 1,357,617 | 1,234,557 |
Commercial loans | Private equity/venture capital | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 16,293,556 | 14,110,560 |
Commercial loans | Life science/healthcare | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 2,381,822 | 2,385,612 |
Commercial loans | Premium wine | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 983,814 | 959,663 |
Commercial loans | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 541,199 | 459,490 |
Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 3,496,468 | 3,033,643 |
Consumer loans | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | 481,072 | 420,672 |
Consumer loans | Real estate secured loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, net of unearned income | $ 3,015,396 | $ 2,612,971 |
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 (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 111,863 | $ 159,113 |
Current | 31,117,140 | 28,352,199 |
Loans Past Due 90 Days or More Still Accruing Interest | 864 | 1,964 |
Total gross loans excluding impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 67,669 | 129,997 |
Current | 31,018,394 | 28,211,241 |
Loans Past Due 90 Days or More Still Accruing Interest | 864 | 1,964 |
Impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 44,194 | 29,116 |
Current | 98,746 | 140,958 |
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 | 50,991 | 121,143 |
30 - 59 Days Past Due | Total gross loans excluding impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 48,991 | 118,300 |
30 - 59 Days Past Due | Impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,000 | 2,843 |
60 - 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 56,949 | 10,914 |
60 - 89 Days Past Due | Total gross loans excluding impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 17,814 | 9,733 |
60 - 89 Days Past Due | Impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 39,135 | 1,181 |
Greater Than 90 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 3,923 | 27,056 |
Greater Than 90 Days Past Due | Total gross loans excluding impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 864 | 1,964 |
Greater Than 90 Days Past Due | Impaired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 3,059 | 25,092 |
Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 64,806 | 122,726 |
Current | 27,534,861 | 25,192,386 |
Loans Past Due 90 Days or More Still Accruing Interest | 864 | 402 |
Commercial loans | Software/internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 18,880 | 35,456 |
Current | 5,967,307 | 6,059,672 |
Loans Past Due 90 Days or More Still Accruing Interest | 806 | 378 |
Commercial loans | Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 3,276 | 338 |
Current | 1,354,693 | 1,233,956 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 4 |
Commercial loans | Private equity/venture capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 21,585 | 59,492 |
Current | 16,288,499 | 14,054,940 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Commercial loans | Life science/healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 7,156 | 16,918 |
Current | 2,400,516 | 2,410,091 |
Loans Past Due 90 Days or More Still Accruing Interest | 58 | 19 |
Commercial loans | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 5,846 | 2,967 |
Current | 976,903 | 956,285 |
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 | 8,063 | 7,555 |
Current | 546,943 | 477,442 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 1 |
Commercial loans | 30 - 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 48,245 | 114,341 |
Commercial loans | 30 - 59 Days Past Due | Software/internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 11,314 | 28,134 |
Commercial loans | 30 - 59 Days Past Due | Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,934 | 300 |
Commercial loans | 30 - 59 Days Past Due | Private equity/venture capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 21,493 | 59,481 |
Commercial loans | 30 - 59 Days Past Due | Life science/healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 6,645 | 16,082 |
Commercial loans | 30 - 59 Days Past Due | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 5,846 | 2,953 |
Commercial loans | 30 - 59 Days Past Due | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 13 | 7,391 |
Commercial loans | 60 - 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 15,697 | 7,983 |
Commercial loans | 60 - 89 Days Past Due | Software/internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 6,760 | 6,944 |
Commercial loans | 60 - 89 Days Past Due | Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 342 | 34 |
Commercial loans | 60 - 89 Days Past Due | Private equity/venture capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 92 | 11 |
Commercial loans | 60 - 89 Days Past Due | Life science/healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 453 | 817 |
Commercial loans | 60 - 89 Days Past Due | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 14 |
Commercial loans | 60 - 89 Days Past Due | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 8,050 | 163 |
Commercial loans | Greater Than 90 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 864 | 402 |
Commercial loans | Greater Than 90 Days Past Due | Software/internet | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 806 | 378 |
Commercial loans | Greater Than 90 Days Past Due | Hardware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 4 |
Commercial loans | Greater Than 90 Days Past Due | Private equity/venture capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial loans | Greater Than 90 Days Past Due | Life science/healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 58 | 19 |
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 | 1 |
Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,863 | 7,271 |
Current | 3,483,533 | 3,018,855 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 1,562 |
Consumer loans | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,716 | 6,910 |
Current | 3,002,256 | 2,598,496 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 1,562 |
Consumer loans | Other consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 147 | 361 |
Current | 481,277 | 420,359 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | 0 |
Consumer loans | 30 - 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 746 | 3,959 |
Consumer loans | 30 - 59 Days Past Due | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 599 | 3,598 |
Consumer loans | 30 - 59 Days Past Due | Other consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 147 | 361 |
Consumer loans | 60 - 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,117 | 1,750 |
Consumer loans | 60 - 89 Days Past Due | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,117 | 1,750 |
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 | Greater Than 90 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 1,562 |
Consumer loans | Greater Than 90 Days Past Due | Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 1,562 |
Consumer loans | Greater Than 90 Days Past Due | Other 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 (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans for which there is a related allowance for loan losses | $ 100,277 | $ 73,002 |
Impaired loans for which there is no related allowance for loan losses | 42,663 | 97,072 |
Total carrying value of impaired loans | 142,940 | 170,074 |
Total unpaid principal of impaired loans | 193,553 | 199,908 |
Commercial loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans for which there is a related allowance for loan losses | 96,949 | 69,083 |
Impaired loans for which there is no related allowance for loan losses | 38,903 | 96,752 |
Total carrying value of impaired loans | 135,852 | 165,835 |
Total unpaid principal of impaired loans | 182,669 | 193,939 |
Commercial loans | Software/internet | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans for which there is a related allowance for loan losses | 55,892 | 49,625 |
Impaired loans for which there is no related allowance for loan losses | 25,588 | 65,225 |
Total carrying value of impaired loans | 81,480 | 114,850 |
Total unpaid principal of impaired loans | 91,126 | 131,858 |
Commercial loans | Hardware | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans for which there is a related allowance for loan losses | 5,441 | 1,256 |
Impaired loans for which there is no related allowance for loan losses | 4,482 | 10,250 |
Total carrying value of impaired loans | 9,923 | 11,506 |
Total unpaid principal of impaired loans | 10,175 | 12,159 |
Commercial loans | Private equity/venture capital | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans for which there is a related allowance for loan losses | 0 | |
Impaired loans for which there is no related allowance for loan losses | 3,700 | |
Total carrying value of impaired loans | 3,700 | |
Total unpaid principal of impaired loans | 3,700 | |
Commercial loans | Life science/healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans for which there is a related allowance for loan losses | 32,634 | 17,791 |
Impaired loans for which there is no related allowance for loan losses | 6,887 | 16,276 |
Total carrying value of impaired loans | 39,521 | 34,067 |
Total unpaid principal of impaired loans | 76,305 | 44,446 |
Commercial loans | Premium wine | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans for which there is a related allowance for loan losses | 393 | 0 |
Impaired loans for which there is no related allowance for loan losses | 1,946 | 1,301 |
Total carrying value of impaired loans | 2,339 | 1,301 |
Total unpaid principal of impaired loans | 2,424 | 1,365 |
Commercial loans | Other | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans for which there is a related allowance for loan losses | 2,589 | 411 |
Impaired loans for which there is no related allowance for loan losses | 0 | 0 |
Total carrying value of impaired loans | 2,589 | 411 |
Total unpaid principal of impaired loans | 2,639 | 411 |
Consumer loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans for which there is a related allowance for loan losses | 3,328 | 3,919 |
Impaired loans for which there is no related allowance for loan losses | 3,760 | 320 |
Total carrying value of impaired loans | 7,088 | 4,239 |
Total unpaid principal of impaired loans | 10,884 | 5,969 |
Consumer loans | Real estate secured loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans for which there is a related allowance for loan losses | 3,315 | 3,919 |
Impaired loans for which there is no related allowance for loan losses | 3,760 | 320 |
Total carrying value of impaired loans | 7,075 | 4,239 |
Total unpaid principal of impaired loans | 10,871 | 5,969 |
Consumer loans | Other consumer loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans for which there is a related allowance for loan losses | 13 | 0 |
Impaired loans for which there is no related allowance for loan losses | 0 | 0 |
Total carrying value of impaired loans | 13 | 0 |
Total unpaid principal of impaired loans | $ 13 | $ 0 |
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 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | $ 125,029 | $ 193,254 | $ 163,369 | $ 182,398 |
Interest income on impaired loans | 810 | 1,421 | 3,672 | 1,981 |
Private equity/venture capital | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 0 | 1,233 | 3,019 | 536 |
Commercial loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 117,907 | 188,924 | 155,981 | 177,968 |
Interest income on impaired loans | 810 | 1,417 | 3,618 | 1,969 |
Commercial loans | Software/internet | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 59,336 | 118,840 | 88,487 | 112,576 |
Interest income on impaired loans | 507 | 607 | 2,275 | 991 |
Commercial loans | Hardware | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 10,617 | 27,922 | 14,188 | 34,469 |
Interest income on impaired loans | 70 | 410 | 417 | 499 |
Commercial loans | Private equity/venture capital | ||||
Financing Receivable, Impaired [Line Items] | ||||
Interest income on impaired loans | 0 | 0 | 0 | 0 |
Commercial loans | Life science/healthcare | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 42,242 | 38,545 | 47,208 | 27,671 |
Interest income on impaired loans | 192 | 365 | 785 | 376 |
Commercial loans | Premium wine | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 2,308 | 2,384 | 1,538 | 2,586 |
Interest income on impaired loans | 41 | 35 | 141 | 103 |
Commercial loans | Other | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 3,404 | 0 | 1,541 | 130 |
Interest income on impaired loans | 0 | 0 | 0 | 0 |
Consumer loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 7,122 | 4,330 | 7,388 | 4,430 |
Interest income on impaired loans | 0 | 4 | 54 | 12 |
Consumer loans | Real estate secured loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 7,113 | 4,330 | 7,379 | 3,953 |
Interest income on impaired loans | 0 | 4 | 54 | 12 |
Consumer loans | Other consumer loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average impaired loans | 9 | 0 | 9 | 477 |
Interest income on impaired loans | $ 0 | $ 0 | $ 0 | $ 0 |
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 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | $ 301,888 | $ 286,709 | $ 280,903 | $ 255,024 |
Charge-offs | (36,820) | (22,205) | (72,255) | (48,220) |
Recoveries | 3,888 | 2,164 | 15,133 | 5,878 |
Provision for (Reduction of) Loan Losses | 35,985 | 19,436 | 80,954 | 74,088 |
Foreign Currency Translation Adjustments | (531) | (391) | (325) | (1,057) |
Ending Balance | 304,410 | 285,713 | 304,410 | 285,713 |
Allowance for Unfunded Credit Commitments [Roll Forward] | ||||
Allowance for unfunded credit commitments, beginning balance | 62,664 | 54,104 | 55,183 | 51,770 |
Provision for unfunded credit commitments | 551 | (2,262) | 8,079 | 138 |
Foreign currency translation adjustments | (107) | (34) | (154) | (100) |
Ending balance | 63,108 | 51,808 | 63,108 | 51,808 |
Commercial loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 282,949 | 268,150 | 260,966 | 238,583 |
Charge-offs | (36,820) | (22,205) | (71,236) | (47,931) |
Recoveries | 3,872 | 2,031 | 14,892 | 5,408 |
Provision for (Reduction of) Loan Losses | 34,075 | 19,074 | 79,175 | 71,704 |
Foreign Currency Translation Adjustments | (503) | (384) | (224) | (1,098) |
Ending Balance | 283,573 | 266,666 | 283,573 | 266,666 |
Commercial loans | Software/internet | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 101,998 | 102,648 | 103,567 | 96,104 |
Charge-offs | (27,128) | (6,304) | (38,319) | (26,377) |
Recoveries | 988 | 841 | 8,758 | 1,818 |
Provision for (Reduction of) Loan Losses | 22,679 | 16,640 | 24,667 | 42,620 |
Foreign Currency Translation Adjustments | (335) | (335) | (471) | (675) |
Ending Balance | 98,202 | 113,490 | 98,202 | 113,490 |
Commercial loans | Hardware | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 26,932 | 34,695 | 19,725 | 27,614 |
Charge-offs | (331) | (12,697) | (3,576) | (16,111) |
Recoveries | 1,669 | 227 | 4,738 | 1,458 |
Provision for (Reduction of) Loan Losses | (4,290) | (1,763) | 2,962 | 7,788 |
Foreign Currency Translation Adjustments | 64 | 36 | 195 | (251) |
Ending Balance | 24,044 | 20,498 | 24,044 | 20,498 |
Commercial loans | Private equity/venture capital | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 105,524 | 89,409 | 98,581 | 82,468 |
Charge-offs | 0 | 0 | (2,047) | (112) |
Recoveries | 1,200 | 3 | 1,200 | 13 |
Provision for (Reduction of) Loan Losses | 1,834 | 1,632 | 11,305 | 8,200 |
Foreign Currency Translation Adjustments | (27) | (33) | (508) | 442 |
Ending Balance | 108,531 | 91,011 | 108,531 | 91,011 |
Commercial loans | Life science/healthcare | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 40,206 | 35,064 | 32,180 | 24,924 |
Charge-offs | (9,361) | (2,076) | (26,879) | (2,940) |
Recoveries | 15 | 189 | 196 | 245 |
Provision for (Reduction of) Loan Losses | 13,836 | 2,322 | 38,397 | 13,829 |
Foreign Currency Translation Adjustments | (204) | (47) | 598 | (606) |
Ending Balance | 44,492 | 35,452 | 44,492 | 35,452 |
Commercial loans | Premium wine | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 3,998 | 3,438 | 3,355 | 3,532 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for (Reduction of) Loan Losses | 46 | 125 | 681 | 42 |
Foreign Currency Translation Adjustments | (1) | (3) | 7 | (14) |
Ending Balance | 4,043 | 3,560 | 4,043 | 3,560 |
Commercial loans | Other | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 4,291 | 2,896 | 3,558 | 3,941 |
Charge-offs | 0 | (1,128) | (415) | (2,391) |
Recoveries | 0 | 771 | 0 | 1,874 |
Provision for (Reduction of) Loan Losses | (30) | 118 | 1,163 | (775) |
Foreign Currency Translation Adjustments | 0 | (2) | (45) | 6 |
Ending Balance | 4,261 | 2,655 | 4,261 | 2,655 |
Consumer loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 18,939 | 18,559 | 19,937 | 16,441 |
Charge-offs | 0 | 0 | (1,019) | (289) |
Recoveries | 16 | 133 | 241 | 470 |
Provision for (Reduction of) Loan Losses | 1,910 | 362 | 1,779 | 2,384 |
Foreign Currency Translation Adjustments | (28) | (7) | (101) | 41 |
Ending Balance | $ 20,837 | $ 19,047 | $ 20,837 | $ 19,047 |
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 (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | $ 53,728 | $ 37,941 |
Individually evaluated for impairment, recorded investment in loans | 142,940 | 170,074 |
Collectively evaluated for impairment, allowance for loan losses | 250,682 | 242,962 |
Collectively evaluated for impairment, allowance for loan losses | 30,921,054 | 28,168,206 |
Commercial loans | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 53,577 | 37,675 |
Individually evaluated for impairment, recorded investment in loans | 135,852 | 165,835 |
Collectively evaluated for impairment, allowance for loan losses | 229,996 | 223,291 |
Collectively evaluated for impairment, allowance for loan losses | 27,431,674 | 25,138,802 |
Commercial loans | Software/internet | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 24,882 | 28,527 |
Individually evaluated for impairment, recorded investment in loans | 81,480 | 114,850 |
Collectively evaluated for impairment, allowance for loan losses | 73,320 | 75,040 |
Collectively evaluated for impairment, allowance for loan losses | 5,928,038 | 6,039,905 |
Commercial loans | Hardware | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 5,230 | 1,253 |
Individually evaluated for impairment, recorded investment in loans | 9,923 | 11,506 |
Collectively evaluated for impairment, allowance for loan losses | 18,814 | 18,472 |
Collectively evaluated for impairment, allowance for loan losses | 1,347,694 | 1,223,051 |
Commercial loans | Private equity/venture capital | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 0 | 0 |
Individually evaluated for impairment, recorded investment in loans | 0 | 3,700 |
Collectively evaluated for impairment, allowance for loan losses | 108,531 | 98,581 |
Collectively evaluated for impairment, allowance for loan losses | 16,293,556 | 14,106,860 |
Commercial loans | Life science/healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 22,161 | 7,484 |
Individually evaluated for impairment, recorded investment in loans | 39,521 | 34,067 |
Collectively evaluated for impairment, allowance for loan losses | 22,331 | 24,696 |
Collectively evaluated for impairment, allowance for loan losses | 2,342,301 | 2,351,545 |
Commercial loans | Premium wine | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 394 | 0 |
Individually evaluated for impairment, recorded investment in loans | 2,339 | 1,301 |
Collectively evaluated for impairment, allowance for loan losses | 3,649 | 3,355 |
Collectively evaluated for impairment, allowance for loan losses | 981,475 | 958,362 |
Commercial loans | Other | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 910 | 411 |
Individually evaluated for impairment, recorded investment in loans | 2,589 | 411 |
Collectively evaluated for impairment, allowance for loan losses | 3,351 | 3,147 |
Collectively evaluated for impairment, allowance for loan losses | 538,610 | 459,079 |
Consumer loans | ||
Financing Receivable, Impaired [Line Items] | ||
Individually evaluated for impairment, allowance for loan losses | 151 | 266 |
Individually evaluated for impairment, recorded investment in loans | 7,088 | 4,239 |
Collectively evaluated for impairment, allowance for loan losses | 20,686 | 19,671 |
Collectively evaluated for impairment, allowance for loan losses | $ 3,489,380 | $ 3,029,404 |
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 (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | $ 31,229,003 | $ 28,511,312 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 30,217,584 | 27,492,604 |
Performing (Criticized) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 868,479 | 848,634 |
Performing Impaired (Criticized) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 38,895 | 75,932 |
Nonperforming Impaired (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 104,045 | 94,142 |
Commercial loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 27,735,519 | 25,480,947 |
Commercial loans | Software/internet | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 6,067,667 | 6,209,978 |
Commercial loans | Hardware | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 1,367,892 | 1,245,800 |
Commercial loans | Private equity/venture capital | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 16,310,084 | 14,118,132 |
Commercial loans | Life science/healthcare | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 2,447,193 | 2,461,076 |
Commercial loans | Premium wine | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 985,088 | 960,553 |
Commercial loans | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 557,595 | 485,408 |
Commercial loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 26,741,466 | 24,488,572 |
Commercial loans | Pass | Software/internet | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 5,454,896 | 5,574,332 |
Commercial loans | Pass | Hardware | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 1,251,074 | 1,146,985 |
Commercial loans | Pass | Private equity/venture capital | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 16,310,056 | 14,098,281 |
Commercial loans | Pass | Life science/healthcare | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 2,258,771 | 2,291,356 |
Commercial loans | Pass | Premium wine | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 928,817 | 909,965 |
Commercial loans | Pass | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 537,852 | 467,653 |
Commercial loans | Performing (Criticized) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 858,201 | 826,540 |
Commercial loans | Performing (Criticized) | Software/internet | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 531,291 | 520,796 |
Commercial loans | Performing (Criticized) | Hardware | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 106,895 | 87,309 |
Commercial loans | Performing (Criticized) | Private equity/venture capital | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 28 | 16,151 |
Commercial loans | Performing (Criticized) | Life science/healthcare | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 148,901 | 135,653 |
Commercial loans | Performing (Criticized) | Premium wine | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 53,932 | 49,287 |
Commercial loans | Performing (Criticized) | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 17,154 | 17,344 |
Commercial loans | Performing Impaired (Criticized) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 38,895 | 75,612 |
Commercial loans | Performing Impaired (Criticized) | Software/internet | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 25,588 | 48,069 |
Commercial loans | Performing Impaired (Criticized) | Hardware | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 4,482 | 10,250 |
Commercial loans | Performing Impaired (Criticized) | Private equity/venture capital | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 0 | 0 |
Commercial loans | Performing Impaired (Criticized) | Life science/healthcare | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 6,879 | 16,276 |
Commercial loans | Performing Impaired (Criticized) | Premium wine | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 1,946 | 1,017 |
Commercial loans | Performing Impaired (Criticized) | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 0 | 0 |
Commercial loans | Nonperforming Impaired (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 96,957 | 90,223 |
Commercial loans | Nonperforming Impaired (Nonaccrual) | Software/internet | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 55,892 | 66,781 |
Commercial loans | Nonperforming Impaired (Nonaccrual) | Hardware | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 5,441 | 1,256 |
Commercial loans | Nonperforming Impaired (Nonaccrual) | Private equity/venture capital | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 0 | 3,700 |
Commercial loans | Nonperforming Impaired (Nonaccrual) | Life science/healthcare | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 32,642 | 17,791 |
Commercial loans | Nonperforming Impaired (Nonaccrual) | Premium wine | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 393 | 284 |
Commercial loans | Nonperforming Impaired (Nonaccrual) | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 2,589 | 411 |
Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 3,493,484 | 3,030,365 |
Consumer loans | Real estate secured loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 3,012,047 | 2,609,645 |
Consumer loans | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 481,437 | 420,720 |
Consumer loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 3,476,118 | 3,004,032 |
Consumer loans | Pass | Real estate secured loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 2,994,694 | 2,584,261 |
Consumer loans | Pass | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 481,424 | 419,771 |
Consumer loans | Performing (Criticized) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 10,278 | 22,094 |
Consumer loans | Performing (Criticized) | Real estate secured loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 10,278 | 21,145 |
Consumer loans | Performing (Criticized) | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 0 | 949 |
Consumer loans | Performing Impaired (Criticized) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 0 | 320 |
Consumer loans | Performing Impaired (Criticized) | Real estate secured loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 0 | 320 |
Consumer loans | Performing Impaired (Criticized) | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 0 | 0 |
Consumer loans | Nonperforming Impaired (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 7,088 | 3,919 |
Consumer loans | Nonperforming Impaired (Nonaccrual) | Real estate secured loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | 7,075 | 3,919 |
Consumer loans | Nonperforming Impaired (Nonaccrual) | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable | $ 13 | $ 0 |
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) (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019USD ($)troubled_debt_restructuring | Dec. 31, 2018USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of troubled debt restructurings | troubled_debt_restructuring | 20 | |
Loans modified in TDRs | $ 105,245 | $ 83,695 |
Unfunded commitments available for funding associated with TDRs | 3,800 | |
Commercial loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified in TDRs | 103,105 | 83,375 |
Commercial loans | Software/internet | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified in TDRs | 80,704 | 58,089 |
Commercial loans | Hardware | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified in TDRs | 0 | 9,665 |
Commercial loans | Life science/healthcare | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified in TDRs | 18,689 | 12,738 |
Commercial loans | Premium wine | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified in TDRs | 3,712 | 2,883 |
Consumer loans | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans modified in TDRs | $ 2,140 | $ 320 |
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 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | $ 8,566 | $ 10,398 | $ 73,439 | $ 32,647 |
Loans classified as TDRs, charge-offs | 3,700 | 13,000 | 9,200 | 21,500 |
Commercial loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | 8,566 | 10,398 | 71,613 | 32,325 |
Commercial loans | Software/internet | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | 8,566 | 0 | 60,650 | 14,069 |
Commercial loans | Hardware | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | 0 | 10,398 | 0 | 12,347 |
Commercial loans | Life science/healthcare | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | 0 | 0 | 10,963 | 5,909 |
Consumer loans | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | 0 | 0 | 1,826 | 322 |
Payment deferrals granted | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | 6,400 | $ 10,400 | 69,400 | $ 32,600 |
Partial principal forgiveness | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing receivable modifications recorded investment modified during period | $ 2,200 | $ 4,000 |
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 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs modified within the previous 12 months that defaulted in the period | $ 48,257 | $ 26,920 | $ 48,257 | $ 54,256 |
Commercial loans | Software/internet | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs modified within the previous 12 months that defaulted in the period | 37,294 | 18,911 | 37,294 | 41,568 |
Commercial loans | Hardware | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs modified within the previous 12 months that defaulted in the period | 0 | 2,100 | 0 | 5,549 |
Commercial loans | Life science/healthcare | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
TDRs modified within the previous 12 months that defaulted in the period | $ 10,963 | $ 5,909 | $ 10,963 | $ 7,139 |
Leases - Lease Asset and Liabil
Leases - Lease Asset and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Lessee, Lease, Description [Line Items] | |||
Right-of-use assets - operating leases | $ 178,532 | $ 146,000 | $ 0 |
Lease liabilities - operating leases | 192,543 | $ 178,000 | $ 0 |
SVB Leerink | |||
Lessee, Lease, Description [Line Items] | |||
Right-of-use assets - operating leases | 22,800 | ||
Lease liabilities - operating leases | $ 31,400 |
Leases - Lease Expense Componen
Leases - Lease Expense Components (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Leases [Abstract] | ||
Operating lease cost | $ 10,120 | $ 29,099 |
Short-term lease cost | 370 | 1,214 |
Variable lease cost | 903 | 2,683 |
Less: sublease income | (1,140) | (3,363) |
Total lease cost, net | 10,253 | 29,633 |
Cash paid for operating leases | 11,514 | 32,752 |
Operating leases | $ 7,770 | $ 7,770 |
Weighted-average remaining term (in years) - operating leases | 6 years 1 month 24 days | 6 years 1 month 24 days |
Weighted-average discount rate - operating leases | 3.15% | 3.15% |
Leases - Schedule Of Future Lea
Leases - Schedule Of Future Lease Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
2019 (excluding the nine months ended September 30, 2019) | $ 10,994 | ||
2020 | 41,197 | ||
2021 | 38,325 | ||
2022 | 32,830 | ||
2023 | 31,033 | ||
2024 and thereafter | 41,792 | ||
Total future lease payments | 196,171 | ||
Less: imputed interest | (3,628) | ||
Lease liabilities - operating leases | 192,543 | $ 178,000 | $ 0 |
Operating leases not yet commenced | $ 35,400 | ||
Lower Limit | |||
Lessee, Lease, Description [Line Items] | |||
Term of leases not yet commenced | 1 year | ||
Upper Limit | |||
Lessee, Lease, Description [Line Items] | |||
Term of leases not yet commenced | 10 years |
Leases - Operating Leases, Futu
Leases - Operating Leases, Future Minimum Payments Due (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 38,609 |
2020 | 37,575 |
2021 | 35,854 |
2022 | 31,659 |
2023 | 30,904 |
2024 and thereafter | 49,071 |
Total minimum future payments | $ 223,672 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Jan. 04, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | |||
Intangible assets | $ 60,900 | ||
Goodwill | 137,823 | $ 0 | |
Amortization expense | $ 8,600 | ||
SVB Leerink | |||
Goodwill [Line Items] | |||
Intangible assets | $ 60,900 | ||
Goodwill | $ 137,823 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Beginning balance at December 31, 2018 | $ 0 |
Acquisitions | 137,823 |
Ending balance at September 30, 2019 | $ 137,823 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Other intangible assets: | |
Estimated Fair Value | $ 60,900 |
Accumulated Amortization | 8,612 |
Net Carrying Amount | 52,288 |
Customer relationships | |
Other intangible assets: | |
Estimated Fair Value | 42,000 |
Accumulated Amortization | 2,864 |
Net Carrying Amount | 39,136 |
Other | |
Other intangible assets: | |
Estimated Fair Value | 18,900 |
Accumulated Amortization | 5,748 |
Net Carrying Amount | $ 13,152 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2019 (excluding the three months ended March 31, 2019) | $ 2,872 |
2020 | 5,382 |
2021 | 4,732 |
2022 | 4,732 |
2023 | 4,732 |
2024 | 29,838 |
Net Carrying Amount | $ 52,288 |
Short-Term Borrowings and Lon_3
Short-Term Borrowings and Long-Term Debt - Outstanding Short Term Borrowings and Long Term Debt (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Outstanding [Line Items] | ||
Short-term borrowings | $ 18,898 | $ 631,412 |
Long-term debt | $ 697,227 | 696,465 |
Senior Notes | 3.50% Senior Notes | ||
Debt Outstanding [Line Items] | ||
Maturity | Jan. 29, 2025 | |
Principal value at period end | $ 350,000 | |
Long-term debt | $ 347,899 | $ 347,639 |
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 | |
Long-term debt | $ 349,328 | $ 348,826 |
Interest rate on senior notes | 5.375% | 5.375% |
Short-term FHLB advances | ||
Debt Outstanding [Line Items] | ||
Short-term borrowings | $ 0 | $ 300,000 |
Securities sold under agreement to repurchase | ||
Debt Outstanding [Line Items] | ||
Short-term borrowings | 0 | 319,414 |
Short-term borrowings | ||
Debt Outstanding [Line Items] | ||
Principal value at period end | 18,898 | |
Short-term borrowings | $ 18,898 | $ 11,998 |
Short-Term Borrowings and Lon_4
Short-Term Borrowings and Long-Term Debt - Outstanding Short Term Borrowings and Long Term Debt (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |||||
Interest expense on debt | $ 8.1 | $ 12 | $ 27.6 | $ 29.1 | |
Weighted average interest rate on short-term borrowings | 2.62% |
Short-Term Borrowings and Lon_5
Short-Term Borrowings and Long-Term Debt - Short-term Borrowings (Details) $ in Billions | Sep. 30, 2019USD ($) |
Short-term FHLB advances | |
Debt Disclosure [Line Items] | |
FHLB advances | $ 4.5 |
Unused borrowing capacity | 4.1 |
Federal Reserve Bank Advances | |
Debt Disclosure [Line Items] | |
Line of credit, remaining borrowing capacity | 1 |
Federal funds lines | |
Debt Disclosure [Line Items] | |
Line of credit, remaining borrowing capacity | 1.9 |
Securities sold under agreement to repurchase | |
Debt Disclosure [Line Items] | |
Line of credit, remaining borrowing capacity | $ 3.3 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Total Notional or Contractual Amounts, Fair Value, Collateral and Net Exposure of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Maximum length of time over which forecasted transactions are hedged | 6 years | |
Derivative [Line Items] | ||
Fair Value, Derivative Assets | $ 188,864 | $ 108,901 |
Fair Value, Derivative Liabilities | 148,540 | 98,050 |
Derivative Assets, Total | 337,977 | 258,139 |
Derivative Liabilities, Total | 148,540 | 98,050 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Fair Value, Derivative Assets | 40,976 | |
Fair Value, Derivative Liabilities | 9,286 | |
Foreign exchange forwards | ||
Derivative [Line Items] | ||
Fair Value, Derivative Assets | 120,795 | 98,643 |
Fair Value, Derivative Liabilities | 100,244 | 86,800 |
Client foreign currency options | ||
Derivative [Line Items] | ||
Fair Value, Derivative Assets | 1,485 | 1,759 |
Fair Value, Derivative Liabilities | 1,485 | 1,759 |
Client interest rate derivatives | ||
Derivative [Line Items] | ||
Fair Value, Derivative Assets | 25,608 | 8,499 |
Fair Value, Derivative Liabilities | 37,525 | 9,491 |
Derivatives designated as hedging instruments | Interest rate swaps | Other assets | ||
Derivative [Line Items] | ||
Derivative Asset, Notional or Contractual Amount | 2,000,000 | 0 |
Fair Value, Derivative Assets | 40,976 | 0 |
Derivatives designated as hedging instruments | Interest rate swaps | Other liability | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 2,000,000 | 0 |
Fair Value, Derivative Liabilities | 9,286 | 0 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Fair Value, Derivative Assets | 297,001 | 258,139 |
Fair Value, Derivative Liabilities | 139,254 | 98,050 |
Derivatives not designated as hedging instruments | Foreign exchange forwards | Other assets | ||
Derivative [Line Items] | ||
Derivative Asset, Notional or Contractual Amount | 255,228 | 263,733 |
Fair Value, Derivative Assets | 4,303 | 4,767 |
Derivatives not designated as hedging instruments | Foreign exchange forwards | Other liability | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 0 | 178,310 |
Fair Value, Derivative Liabilities | 0 | 1,094 |
Derivatives not designated as hedging instruments | Equity warrant assets | Other assets | ||
Derivative [Line Items] | ||
Derivative Asset, Notional or Contractual Amount | 223,383 | 223,532 |
Fair Value, Derivative Assets | 149,113 | 149,238 |
Derivatives not designated as hedging instruments | Client foreign exchange forwards | Other assets | ||
Derivative [Line Items] | ||
Derivative Asset, Notional or Contractual Amount | 3,921,970 | 2,759,878 |
Fair Value, Derivative Assets | 116,492 | 93,876 |
Derivatives not designated as hedging instruments | Client foreign exchange forwards | Other liability | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 3,876,021 | 2,568,085 |
Fair Value, Derivative Liabilities | 100,244 | 85,706 |
Derivatives not designated as hedging instruments | Client foreign currency options | Other assets | ||
Derivative [Line Items] | ||
Derivative Asset, Notional or Contractual Amount | 125,531 | 93,556 |
Fair Value, Derivative Assets | 1,485 | 1,759 |
Derivatives not designated as hedging instruments | Client foreign currency options | Other liability | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 125,531 | 93,579 |
Fair Value, Derivative Liabilities | 1,485 | 1,759 |
Derivatives not designated as hedging instruments | Client interest rate derivatives | Other assets | ||
Derivative [Line Items] | ||
Derivative Asset, Notional or Contractual Amount | 1,230,782 | 1,020,416 |
Fair Value, Derivative Assets | 25,608 | 8,499 |
Reduction in derivative assets due to rules of clearing houses | (400) | |
Derivatives not designated as hedging instruments | Client interest rate derivatives | Other liability | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 1,310,689 | 1,337,328 |
Fair Value, Derivative Liabilities | 37,525 | $ 9,491 |
Reduction in derivative liabilities due to rules of clearing houses | $ (7,800) |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Derivative Activity and Related Impact on Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest rate risks | Derivatives designated as hedging instruments | Interest income—loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | $ (2,713) | $ 0 | $ (3,224) | $ 0 |
Currency exchange risk | Derivatives not designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | (64) | 410 | (266) | (36) |
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 | (8,724) | 5,412 | (5,183) | 8,019 |
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 | 8,660 | (5,002) | 4,917 | (8,055) |
Other derivative instruments | Derivatives not designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | (14) | 386 | 439 | 1,021 |
Other derivative instruments | Derivatives not designated as hedging instruments | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | (1,123) | 222 | (2,619) | 643 |
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 | (2,181) | (1,187) | (14,793) | 3,718 |
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 | 2,167 | 1,573 | 15,232 | (2,697) |
Equity warrant assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | (12,801) | 24,462 | ||
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 | $ 37,561 | $ 34,141 | $ 107,213 | $ 72,393 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Balance Sheet Offsetting, Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative Assets | ||
Gross Amounts of Recognized Assets | $ 188,864 | $ 108,901 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 188,864 | 108,901 |
Financial Instruments (Collateral) | (96,267) | (47,242) |
Cash Collateral Received | (18,898) | (11,998) |
Net Amount | 73,699 | 49,661 |
Reverse repurchase, securities borrowing, and similar arrangements | ||
Gross Amounts of Recognized Assets | 387,119 | 123,611 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 387,119 | 123,611 |
Financial Instruments (Collateral) | (387,119) | (123,611) |
Cash Collateral Received | 0 | 0 |
Net Amount | 0 | 0 |
Total | ||
Gross Amounts of Recognized Assets | 575,983 | 232,512 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 575,983 | 232,512 |
Financial Instruments (Collateral) | (483,386) | (170,853) |
Cash Collateral Received | (18,898) | (11,998) |
Net Amount | 73,699 | 49,661 |
Interest rate swaps | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 40,976 | |
Gross Amounts offset in the Statement of Financial Position | 0 | |
Net Amounts of Assets Presented in the Statement of Financial Position | 40,976 | |
Financial Instruments (Collateral) | (9,286) | |
Cash Collateral Received | (13) | |
Net Amount | 31,677 | |
Foreign exchange forwards | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 120,795 | 98,643 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 120,795 | 98,643 |
Financial Instruments (Collateral) | (60,525) | (38,213) |
Cash Collateral Received | (18,586) | (11,825) |
Net Amount | 41,684 | 48,605 |
Client foreign currency options | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 1,485 | 1,759 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 1,485 | 1,759 |
Financial Instruments (Collateral) | (848) | (613) |
Cash Collateral Received | (299) | (90) |
Net Amount | 338 | 1,056 |
Client interest rate derivatives | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 25,608 | 8,499 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 25,608 | 8,499 |
Financial Instruments (Collateral) | (25,608) | (8,416) |
Cash Collateral Received | 0 | (83) |
Net Amount | $ 0 | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Balance Sheet Offsetting, Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | $ 148,540 | $ 98,050 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 148,540 | 98,050 |
Financial Instruments (Collateral) | (54,653) | (25,832) |
Cash Collateral Pledged | (42,230) | (29,939) |
Net Amount | 51,657 | 42,279 |
Repurchase, securities lending, and similar arrangements | ||
Securities Sold under Agreements to Repurchase, Gross | 0 | 319,414 |
Securities Sold under Agreements to Repurchase, Asset | 0 | 0 |
Securities Sold under Agreements to Repurchase | 0 | 319,414 |
Financial Instruments (Collateral) | 0 | 0 |
Cash Collateral Pledged | 0 | 0 |
Net Amount | 0 | 319,414 |
Total | ||
Gross Amounts of Recognized Liabilities | 148,540 | 417,464 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 148,540 | 417,464 |
Financial Instruments (Collateral) | (54,653) | (25,832) |
Cash Collateral Pledged | (42,230) | (29,939) |
Net Amount | 51,657 | 361,693 |
Interest rate swaps | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 9,286 | |
Gross Amounts offset in the Statement of Financial Position | 0 | |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 9,286 | |
Financial Instruments (Collateral) | (9,286) | |
Cash Collateral Pledged | 0 | |
Net Amount | 0 | |
Foreign exchange forwards | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 100,244 | 86,800 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 100,244 | 86,800 |
Financial Instruments (Collateral) | (44,565) | (24,778) |
Cash Collateral Pledged | (5,010) | (20,732) |
Net Amount | 50,669 | 41,290 |
Client foreign currency options | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 1,485 | 1,759 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 1,485 | 1,759 |
Financial Instruments (Collateral) | (802) | (1,054) |
Cash Collateral Pledged | 0 | 0 |
Net Amount | 683 | 705 |
Client interest rate derivatives | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 37,525 | 9,491 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 37,525 | 9,491 |
Financial Instruments (Collateral) | 0 | 0 |
Cash Collateral Pledged | (37,220) | (9,207) |
Net Amount | $ 305 | $ 284 |
Noninterest Income - Summary of
Noninterest Income - Summary of Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | ||||
Gains on investment securities, net | $ 29,849 | $ 32,193 | $ 106,575 | $ 77,365 |
Gains on equity warrant assets, net | 37,561 | 34,141 | 107,213 | 72,393 |
Client investment fees | 46,679 | 36,265 | 136,905 | 88,592 |
Foreign exchange fees | 40,309 | 32,656 | 116,863 | 100,560 |
Credit card fees | 30,158 | 24,121 | 86,431 | 68,739 |
Deposit service charges | 22,482 | 19,588 | 65,496 | 56,081 |
Lending related fees | 11,707 | 10,675 | 36,857 | 30,938 |
Letters of credit and standby letters of credit fees | 10,842 | 8,409 | 31,205 | 24,938 |
Investment banking revenue | 38,516 | 0 | 137,005 | 0 |
Commissions | 12,275 | 0 | 40,812 | 0 |
Other | 13,631 | 12,022 | 42,773 | 38,671 |
Total noninterest income | $ 294,009 | $ 210,070 | $ 908,135 | $ 558,277 |
Noninterest Income - Gains and
Noninterest Income - Gains and Losses on Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | ||||
Total net gains on non-marketable and other equity securities | $ 29,849 | $ 32,193 | $ 110,480 | $ 77,365 |
Losses on sales of available-for-sale securities, net | 0 | 0 | (3,905) | 0 |
Gains on investment securities, net | $ 29,849 | $ 32,193 | $ 106,575 | $ 77,365 |
Noninterest Income - Gains an_2
Noninterest Income - Gains and Losses on Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | ||||
Gains on exercises, net | $ 30,047 | $ 18,287 | $ 90,357 | $ 42,808 |
Terminations | (481) | (1,432) | (2,931) | (3,158) |
Changes in fair value, net | 7,995 | 17,286 | 19,787 | 32,743 |
Gains on equity warrant assets, net | $ 37,561 | $ 34,141 | $ 107,213 | $ 72,393 |
Noninterest Income - Client Inv
Noninterest Income - Client Investment Fees (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 205,905 | $ 130,437 | $ 644,533 | $ 364,258 |
Sweep money market fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 26,202 | 21,105 | 79,698 | 50,605 |
Asset management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 7,256 | 6,358 | 20,883 | 17,447 |
Repurchase agreement fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 13,221 | 8,802 | 36,324 | 20,540 |
Client investment fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 46,679 | $ 36,265 | $ 136,905 | $ 88,592 |
Noninterest Income - Foreign Ex
Noninterest Income - Foreign Exchange Fees (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 205,905 | $ 130,437 | $ 644,533 | $ 364,258 |
Revenue not from contract with customer | 88,104 | 79,633 | 263,602 | 194,019 |
Foreign exchange fees | 40,309 | 32,656 | 116,863 | 100,560 |
Spot contract commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 36,836 | 30,041 | 106,561 | 92,791 |
Forward contract commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customer | 3,371 | 2,534 | 10,144 | 7,474 |
Option premium fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customer | $ 102 | $ 81 | $ 158 | $ 295 |
Noninterest Income - Credit Car
Noninterest Income - Credit Card Fees (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Card interchange fees, net | $ 24,560 | $ 18,849 | $ 68,808 | $ 54,547 |
Revenue from contracts with customers | 205,905 | 130,437 | 644,533 | 364,258 |
Revenue not from contract with customer | 88,104 | 79,633 | 263,602 | 194,019 |
Total credit card fees | 30,158 | 24,121 | 86,431 | 68,739 |
Merchant service fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3,943 | 3,679 | 12,763 | 10,010 |
Card service fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customer | $ 1,655 | $ 1,593 | $ 4,860 | $ 4,182 |
Noninterest Income - Lending Re
Noninterest Income - Lending Related Fees (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Lending related fees | $ 11,707 | $ 10,675 | $ 36,857 | $ 30,938 |
Unused commitment fees | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Lending related fees | 8,339 | 8,410 | 25,060 | 24,994 |
Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Lending related fees | $ 3,368 | $ 2,265 | $ 11,797 | $ 5,944 |
Noninterest Income - Investment
Noninterest Income - Investment Banking Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Investment banking revenue: | ||||
Underwriting fees | $ 31,016 | $ 0 | $ 109,371 | $ 0 |
Advisory fees | 5,200 | 0 | 22,789 | 0 |
Private placements and other | 2,300 | 0 | 4,845 | 0 |
Total investment banking revenue | $ 38,516 | $ 0 | $ 137,005 | $ 0 |
Noninterest Income - Summary _2
Noninterest Income - Summary of Other Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Revenue from contracts with customers | $ 205,905 | $ 130,437 | $ 644,533 | $ 364,258 |
Net gains on revaluation of foreign currency instruments, net of foreign exchange forward contracts | (78) | 796 | 173 | 985 |
Other service revenue | 5,216 | 5,747 | 18,308 | 20,542 |
Other | 13,631 | 12,022 | 42,773 | 38,671 |
Fund management fees | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Revenue from contracts with customers | $ 8,493 | $ 5,479 | $ 24,292 | $ 17,144 |
Noninterest Income - Disaggrega
Noninterest Income - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 205,905 | $ 130,437 | $ 644,533 | $ 364,258 |
Revenues outside the scope of ASC 606 | 88,104 | 79,633 | 263,602 | 194,019 |
Noninterest income | 294,009 | 210,070 | 908,135 | 558,277 |
Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 145,521 | 123,782 | 439,178 | 343,559 |
Revenues outside the scope of ASC 606 | 15,508 | 11,446 | 32,314 | 33,761 |
Noninterest income | 161,029 | 135,228 | 471,492 | 377,320 |
SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 633 | 630 | 1,834 | 1,693 |
Revenues outside the scope of ASC 606 | 1 | (25) | (5) | (16) |
Noninterest income | 634 | 605 | 1,829 | 1,677 |
SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 7,063 | 5,479 | 20,050 | 17,144 |
Revenues outside the scope of ASC 606 | 27,892 | 18,944 | 79,810 | 64,688 |
Noninterest income | 34,955 | 24,423 | 99,860 | 81,832 |
SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 52,221 | 182,059 | ||
Revenues outside the scope of ASC 606 | 726 | 6,005 | ||
Noninterest income | 52,947 | 188,064 | ||
Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 467 | 546 | 1,412 | 1,862 |
Revenues outside the scope of ASC 606 | 43,977 | 49,268 | 145,478 | 95,586 |
Noninterest income | 44,444 | 49,814 | 146,890 | 97,448 |
Client investment fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 46,679 | 36,265 | 136,905 | 88,592 |
Client investment fees | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 46,171 | 35,845 | 135,551 | 87,491 |
Client investment fees | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 508 | 420 | 1,354 | 1,101 |
Client investment fees | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Client investment fees | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Client investment fees | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Spot contract commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 36,836 | 30,041 | 106,561 | 92,791 |
Spot contract commissions | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 36,644 | 29,776 | 105,877 | 92,098 |
Spot contract commissions | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 89 | 184 | 376 | 507 |
Spot contract commissions | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Spot contract commissions | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Spot contract commissions | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 103 | 81 | 308 | 186 |
Card interchange fees, gross | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 35,048 | 34,013 | 115,986 | 95,399 |
Card interchange fees, gross | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 34,867 | 33,905 | 115,468 | 95,088 |
Card interchange fees, gross | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Card interchange fees, gross | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Card interchange fees, gross | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Card interchange fees, gross | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 181 | 108 | 518 | 311 |
Merchant service fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3,943 | 3,679 | 12,764 | 10,010 |
Merchant service fees | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 3,943 | 3,677 | 12,764 | 10,008 |
Merchant service fees | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 2 | 0 | 2 |
Merchant service fees | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Merchant service fees | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Merchant service fees | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Deposit service charges | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 22,482 | 19,588 | 65,496 | 56,081 |
Deposit service charges | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 22,263 | 19,207 | 64,806 | 54,633 |
Deposit service charges | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 36 | 24 | 104 | 83 |
Deposit service charges | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Deposit service charges | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Deposit service charges | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 183 | 357 | 586 | 1,365 |
Investment banking revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 38,516 | 137,005 | ||
Investment banking revenue | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Investment banking revenue | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Investment banking revenue | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Investment banking revenue | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 38,516 | 137,005 | ||
Investment banking revenue | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 12,275 | 40,812 | ||
Commissions | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Commissions | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Commissions | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Commissions | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 12,275 | 40,812 | ||
Commissions | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Fund management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 8,493 | 5,479 | 24,292 | 17,144 |
Fund management fees | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Fund management fees | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Fund management fees | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 7,063 | 5,479 | 20,050 | 17,144 |
Fund management fees | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,430 | 4,242 | ||
Fund management fees | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Correspondent bank rebates | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,633 | 1,372 | 4,712 | 4,241 |
Correspondent bank rebates | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,633 | 1,372 | 4,712 | 4,241 |
Correspondent bank rebates | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Correspondent bank rebates | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Correspondent bank rebates | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | ||
Correspondent bank rebates | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 0 | $ 0 | $ 0 | $ 0 |
Other Noninterest Expense - Sum
Other Noninterest Expense - Summary of Other Noninterest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | ||||
Lending and other client related processing costs | $ 7,502 | $ 5,698 | $ 21,442 | $ 16,301 |
Correspondent bank fees | 3,657 | 3,513 | 10,970 | 10,200 |
Investment banking activities | 1,864 | 0 | 9,918 | 0 |
Trade order execution costs | 2,615 | 0 | 7,959 | 0 |
Data processing services | 3,066 | 2,740 | 8,624 | 7,934 |
Telephone | 2,466 | 2,269 | 7,629 | 7,025 |
Dues and publications | 1,055 | 1,387 | 3,439 | 3,081 |
Postage and supplies | 720 | 652 | 2,168 | 2,133 |
Other | 11,161 | 5,393 | 32,910 | 15,171 |
Total other noninterest expense | $ 34,106 | $ 21,652 | $ 105,059 | $ 61,845 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2019Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Segment Reporting - Segment Inf
Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Net interest income | $ 520,644 | $ 493,222 | $ 1,562,933 | $ 1,379,528 |
Provision for credit losses | (36,536) | (17,174) | (89,033) | (74,226) |
Noninterest income | 294,009 | 210,070 | 908,135 | 558,277 |
Noninterest expense | (391,324) | (309,445) | (1,140,510) | (880,601) |
Income before income tax expense | 386,793 | 376,673 | 1,241,525 | 982,978 |
Total average loans, net of unearned income | 29,822,426 | 26,331,377 | 29,210,960 | 25,008,277 |
Total average assets | 65,327,748 | 56,465,037 | 61,214,132 | 54,432,652 |
Total average deposits | 57,234,969 | 49,092,240 | 53,331,344 | 47,734,362 |
Global Commercial Bank | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 161,029 | 135,228 | 471,492 | 377,320 |
SVB Private Bank | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 634 | 605 | 1,829 | 1,677 |
SVB Capital | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 34,955 | 24,423 | 99,860 | 81,832 |
SVB Leerink | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 52,947 | 188,064 | ||
Operating segments | Global Commercial Bank | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 455,161 | 431,036 | 1,360,997 | 1,209,960 |
Provision for credit losses | (34,075) | (19,074) | (79,175) | (71,704) |
Noninterest income | 161,029 | 135,228 | 471,492 | 377,320 |
Noninterest expense | (213,786) | (206,487) | (617,933) | (591,434) |
Income before income tax expense | 368,329 | 340,703 | 1,135,381 | 924,142 |
Total average loans, net of unearned income | 25,839,647 | 22,925,909 | 25,457,997 | 21,781,557 |
Total average assets | 58,384,473 | 49,948,578 | 54,196,976 | 48,380,180 |
Total average deposits | 55,250,154 | 47,037,693 | 51,352,644 | 45,701,317 |
Operating segments | SVB Private Bank | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 12,772 | 14,919 | 37,200 | 46,811 |
Provision for credit losses | (1,910) | (362) | (1,779) | (2,384) |
Noninterest income | 634 | 605 | 1,829 | 1,677 |
Noninterest expense | (11,638) | (6,760) | (30,015) | (18,729) |
Income before income tax expense | (142) | 8,402 | 7,235 | 27,375 |
Total average loans, net of unearned income | 3,400,889 | 2,928,576 | 3,235,943 | 2,791,910 |
Total average assets | 3,431,313 | 2,949,908 | 3,264,071 | 2,813,101 |
Total average deposits | 1,497,303 | 1,505,746 | 1,461,170 | 1,519,200 |
Operating segments | SVB Capital | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 9 | 6 | 20 | 22 |
Provision for credit losses | 0 | 0 | 0 | 0 |
Noninterest income | 34,955 | 24,423 | 99,860 | 81,832 |
Noninterest expense | (8,129) | (6,469) | (21,794) | (17,182) |
Income before income tax expense | 26,835 | 17,960 | 78,086 | 64,672 |
Total average loans, net of unearned income | 0 | 0 | 0 | 0 |
Total average assets | 396,031 | 388,531 | 382,707 | 379,809 |
Total average deposits | 0 | 0 | 0 | 0 |
Operating segments | SVB Leerink | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 277 | 0 | 961 | 0 |
Provision for credit losses | 0 | 0 | 0 | 0 |
Noninterest income | 52,947 | 0 | 188,064 | 0 |
Noninterest expense | (55,200) | 0 | (177,675) | 0 |
Income before income tax expense | (1,976) | 0 | 11,350 | 0 |
Total average loans, net of unearned income | 0 | 0 | 0 | 0 |
Total average assets | 428,848 | 0 | 380,290 | 0 |
Total average deposits | 0 | 0 | 0 | 0 |
Other Items | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 52,425 | 47,261 | 163,755 | 122,735 |
Provision for credit losses | (551) | 2,262 | (8,079) | (138) |
Noninterest income | 44,444 | 49,814 | 146,890 | 97,448 |
Noninterest expense | (102,571) | (89,729) | (293,093) | (253,256) |
Income before income tax expense | (6,253) | 9,608 | 9,473 | (33,211) |
Total average loans, net of unearned income | 581,890 | 476,892 | 517,020 | 434,810 |
Total average assets | 2,687,083 | 3,178,020 | 2,990,088 | 2,859,562 |
Total average deposits | $ 487,512 | $ 548,801 | $ 517,530 | $ 513,845 |
Segment Reporting - Segment I_2
Segment Reporting - Segment Information (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Goodwill | $ 137,823 | $ 137,823 | $ 0 | ||
Operating segments | Global Commercial Bank | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 5,100 | $ 5,500 | 14,800 | $ 16,600 | |
Operating segments | SVB Leerink | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | $ 137,800 | $ 137,800 |
Off-Balance Sheet Arrangement_3
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Summary Information Related to Commitments to Extend Credit (Excluding Letters of Credit) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Disclosure Off Balance Sheet Arrangements Guarantees And Other Commitments Additional Information [Abstract] | ||||||
Fixed interest rate commitments | $ 2,154,186 | $ 1,839,190 | ||||
Variable interest rate commitments | 17,272,556 | 14,821,815 | ||||
Total loan commitments available for funding | 19,426,742 | 16,661,005 | ||||
Commercial and standby letters of credit | 2,847,676 | 2,252,016 | ||||
Total unfunded credit commitments | 22,274,418 | 18,913,021 | ||||
Commitments unavailable for funding | 3,306,209 | 2,723,835 | ||||
Reserve for unfunded commitments | $ 63,108 | $ 62,664 | $ 55,183 | $ 51,808 | $ 54,104 | $ 51,770 |
Off-Balance Sheet Arrangement_4
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Summary of Commercial and Standby Letters of Credit (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Guarantor Obligations [Line Items] | ||
Expires In One Year or Less | $ 2,770,284 | |
Expires After One Year | 77,392 | |
Total Amount Outstanding | 2,847,676 | $ 2,252,016 |
Maximum Amount of Future Payments | 2,847,676 | |
Financial standby letters of credit | ||
Guarantor Obligations [Line Items] | ||
Expires In One Year or Less | 2,571,352 | |
Expires After One Year | 58,290 | |
Total Amount Outstanding | 2,629,642 | |
Maximum Amount of Future Payments | 2,629,642 | |
Performance standby letters of credit | ||
Guarantor Obligations [Line Items] | ||
Expires In One Year or Less | 119,666 | |
Expires After One Year | 19,102 | |
Total Amount Outstanding | 138,768 | |
Maximum Amount of Future Payments | 138,768 | |
Commercial letters of credit | ||
Guarantor Obligations [Line Items] | ||
Expires In One Year or Less | 79,266 | |
Expires After One Year | 0 | |
Total Amount Outstanding | 79,266 | |
Maximum Amount of Future Payments | $ 79,266 |
Off-Balance Sheet Arrangement_5
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Summary of Commercial and Standby Letters of Credit (Additional Information) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Standby Letter of Credit | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Deferred fees | $ 16.6 | $ 14.1 |
Collateral in the form of cash | $ 1,600 | |
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 (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Unfunded Commitments | $ 5,428 |
Capital Preferred Return Fund, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Unfunded Commitments | 1,563 |
Growth Partners, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Unfunded Commitments | 2,527 |
Strategic Investors Fund, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Unfunded Commitments | 1,338 |
Parent Company | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | 469,180 |
SVBFG Unfunded Commitments | 19,084 |
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 | 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 | 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 | Other venture capital and private equity fund investments (equity method accounting) | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | 21,782 |
SVBFG Unfunded Commitments | 5,732 |
Parent Company | Debt funds (equity method accounting) | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | 58,493 |
SVBFG Unfunded Commitments | 0 |
Parent Company | Other fund investments | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | 286,293 |
SVBFG Unfunded Commitments | $ 6,111 |
Off-Balance Sheet Arrangement_7
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Total Capital Commitments, Unfunded Capital Commitments, and Our Ownership in Each Fund (Additional Information) (Details) - Investment | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Upper Limit | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Percentage of ownership | 5.00% | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Equity method accounting | CP II, LP | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Percentage of ownership | 5.10% | 5.10% |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Equity method accounting | Other fund investments | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Number of other funds with investment commitments | 217 | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Equity method accounting | Other fund investments | Upper Limit | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Percentage of ownership | 5.00% | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Direct ownership interest | Equity method accounting | CP II, LP | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Percentage of ownership | 1.30% | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Indirect ownership interest | Equity method accounting | CP II, LP | ||
Venture Capital and Private Equity Fund Investments [Line Items] | ||
Percentage of ownership | 3.80% |
Off-Balance Sheet Arrangement_8
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Remaining Unfunded Commitments to Venture Capital or Private Equity Funds by our Consolidated Managed Funds (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Commitments and Contingencies Disclosure [Line Items] | |
SVBFG Unfunded Commitments | $ 5,428 |
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 | 1,563 |
Growth Partners, LP | |
Commitments and Contingencies Disclosure [Line Items] | |
SVBFG Unfunded Commitments | $ 2,527 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | Sep. 30, 2019USD ($) |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits | $ 13.7 |
Income tax reduction from recognized tax benefit | $ 10.7 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 12,866,857,000 | $ 7,790,043,000 |
Fair Value, Derivative Assets | 188,864,000 | 108,901,000 |
Fair Value, Derivative Liabilities | 148,540,000 | 98,050,000 |
Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 40,976,000 | |
Fair Value, Derivative Liabilities | 9,286,000 | |
Client interest rate derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 25,608,000 | 8,499,000 |
Fair Value, Derivative Liabilities | 37,525,000 | 9,491,000 |
Derivatives not designated as hedging instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 297,001,000 | 258,139,000 |
Fair Value, Derivative Liabilities | 139,254,000 | 98,050,000 |
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 | 149,113,000 | 149,238,000 |
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 | 25,608,000 | 8,499,000 |
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 | 37,525,000 | 9,491,000 |
U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 6,334,848,000 | 4,738,258,000 |
U.S. agency debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 100,000,000 | 1,084,117,000 |
Foreign government debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 8,847,000 | 5,812,000 |
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 4,148,700,000 | |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 1,679,664,000 | 1,880,218,000 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—variable rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 81,638,000 | |
Agency-issued commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 594,798,000 | |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 12,866,857,000 | 7,790,043,000 |
Total assets | 13,534,475,000 | 8,388,011,000 |
Total liabilities | 148,540,000 | 98,050,000 |
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 | 122,280,000 | 100,402,000 |
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 | 101,729,000 | 88,559,000 |
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 | 149,113,000 | 149,238,000 |
Recurring | Derivatives not designated as hedging instruments | Interest rate swaps | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 40,976,000 | |
Recurring | Derivatives not designated as hedging instruments | Interest rate swaps | Other liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Liabilities | 9,286,000 | |
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 | 25,608,000 | 8,499,000 |
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 | 37,525,000 | 9,491,000 |
Recurring | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 329,641,000 | 339,829,000 |
Recurring | Consolidated venture capital and private equity fund investments | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 134,000 | 1,079,000 |
Recurring | Other securities | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 56,081,000 | 20,398,000 |
Recurring | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 6,334,848,000 | 4,738,258,000 |
Recurring | U.S. agency debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 100,000,000 | 1,084,117,000 |
Recurring | Foreign government debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 8,847,000 | 5,812,000 |
Recurring | Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 4,148,700,000 | |
Recurring | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 1,679,664,000 | 1,880,218,000 |
Recurring | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—variable rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 81,638,000 | |
Recurring | Agency-issued commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 594,798,000 | |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 6,343,695,000 | 4,744,070,000 |
Total assets | 6,346,921,000 | 4,745,251,000 |
Total liabilities | 0 | 0 |
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 | Interest rate swaps | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 0 | |
Recurring | Level 1 | Derivatives not designated as hedging instruments | Interest rate swaps | Other liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Liabilities | 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 | 3,226,000 | 1,181,000 |
Recurring | Level 1 | Consolidated venture capital and private equity fund investments | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 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 | 3,226,000 | 1,181,000 |
Recurring | Level 1 | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 6,334,848,000 | 4,738,258,000 |
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 | Foreign government debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 8,847,000 | 5,812,000 |
Recurring | Level 1 | Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | |
Recurring | Level 1 | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Recurring | Level 1 | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—variable rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | |
Recurring | Level 1 | Agency-issued commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 6,523,162,000 | 3,045,973,000 |
Total assets | 6,768,953,000 | 3,178,130,000 |
Total liabilities | 148,540,000 | 98,050,000 |
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 | 122,280,000 | 100,402,000 |
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 | 101,729,000 | 88,559,000 |
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 | 4,072,000 | 4,039,000 |
Recurring | Level 2 | Derivatives not designated as hedging instruments | Interest rate swaps | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 40,976,000 | |
Recurring | Level 2 | Derivatives not designated as hedging instruments | Interest rate swaps | Other liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Liabilities | 9,286,000 | |
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 | 25,608,000 | 8,499,000 |
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 | 37,525,000 | 9,491,000 |
Recurring | Level 2 | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 52,855,000 | 19,217,000 |
Recurring | Level 2 | Consolidated venture capital and private equity fund investments | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 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 | 52,855,000 | 19,217,000 |
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 | 100,000,000 | 1,084,117,000 |
Recurring | Level 2 | Foreign government debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Recurring | Level 2 | Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 4,148,700,000 | |
Recurring | Level 2 | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 1,679,664,000 | 1,880,218,000 |
Recurring | Level 2 | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—variable rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 81,638,000 | |
Recurring | Level 2 | Agency-issued commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 594,798,000 | |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Total assets | 145,175,000 | 146,278,000 |
Total liabilities | 0 | 0 |
Recurring | Level 3 | Noncontrolling Interests | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 120,000 | 964,000 |
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 | 145,041,000 | 145,199,000 |
Recurring | Level 3 | Derivatives not designated as hedging instruments | Interest rate swaps | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 0 | |
Recurring | Level 3 | Derivatives not designated as hedging instruments | Interest rate swaps | Other liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Liabilities | 0 | |
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 | 134,000 | 1,079,000 |
Recurring | Level 3 | Consolidated venture capital and private equity fund investments | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | 134,000 | 1,079,000 |
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 | Foreign government debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Recurring | Level 3 | Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | |
Recurring | Level 3 | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 0 |
Recurring | Level 3 | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—variable rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | |
Recurring | Level 3 | Agency-issued commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | |
Recurring | Measured at net asset value | Consolidated venture capital and private equity fund investments | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable securities | $ 273,426,000 | $ 318,352,000 |
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 (Details) - Recurring - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | $ 148,211 | $ 138,754 | $ 146,278 | $ 122,250 |
Total Realized and Unrealized Gains Included in Income | 39,584 | 32,237 | 105,350 | 69,179 |
Purchases | 0 | 0 | 575 | 0 |
Sales/Exits | (45,634) | (34,101) | (114,103) | (61,464) |
Issuances | 4,130 | 4,809 | 11,714 | 14,007 |
Distributions and Other Settlements | 0 | 0 | 3 | 0 |
Transfers Out of Level 3 | (1,116) | (209) | (4,642) | (2,482) |
Ending Balance | 145,175 | 141,490 | 145,175 | 141,490 |
Fair value accounting | Equity warrant assets | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 147,770 | 137,753 | 145,199 | 121,331 |
Total Realized and Unrealized Gains Included in Income | 39,527 | 32,237 | 105,338 | 69,097 |
Purchases | 0 | 0 | 575 | 0 |
Sales/Exits | (45,270) | (34,101) | (113,143) | (61,464) |
Issuances | 4,130 | 4,809 | 11,714 | 14,007 |
Distributions and Other Settlements | 0 | 0 | 0 | 0 |
Transfers Out of Level 3 | (1,116) | (209) | (4,642) | (2,482) |
Ending Balance | 145,041 | 140,489 | 145,041 | 140,489 |
Fair value accounting | Non-marketable securities | Unconsolidated venture capital and private equity fund investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 441 | 1,001 | 1,079 | 919 |
Total Realized and Unrealized Gains Included in Income | 57 | 0 | 12 | 82 |
Purchases | 0 | 0 | 0 | 0 |
Sales/Exits | (364) | 0 | (960) | 0 |
Issuances | 0 | 0 | 0 | 0 |
Distributions and Other Settlements | 0 | 0 | 3 | 0 |
Transfers Out of Level 3 | 0 | 0 | 0 | 0 |
Ending Balance | $ 134 | $ 1,001 | $ 134 | $ 1,001 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Unrealized Gains Included in Earnings Attributable to Level 3 Assets Held (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
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 | $ (670) | $ 15,841 | $ 21,053 | $ 31,036 |
Unrealized gains (losses) attributable to noncontrolling interests | (158) | 0 | (199) | 73 |
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 | (727) | 15,841 | 21,041 | 30,954 |
Fair value accounting | Non-marketable securities | Unconsolidated venture capital and private equity fund investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Unrealized Gains (Losses) [Line Items] | ||||
Unrealized gains included in earnings attributable to Level 3 assets still held | $ 57 | $ 0 | $ 12 | $ 82 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Quantitative Information About Significant Unobservable Inputs (Details) - Level 3 $ in Thousands | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Equity warrant asset, public portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | $ 776 | $ 2,757 |
Equity warrant assets, private portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | $ 144,265 | $ 142,442 |
Volatility | Equity warrant asset, public portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Weighted Average | 0.348 | 0.547 |
Volatility | Equity warrant assets, private portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Weighted Average | 0.389 | 0.385 |
Risk-Free interest rate | Equity warrant asset, public portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Weighted Average | 0.016 | 0.026 |
Risk-Free interest rate | Equity warrant assets, private portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Weighted Average | 0.016 | 0.025 |
Sales restrictions discount | Equity warrant asset, public portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Weighted Average | 0.192 | 0.185 |
Marketability discount | Equity warrant assets, private portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Weighted Average | 0.178 | 0.177 |
Remaining life assumption | Equity warrant assets, private portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Weighted Average | 0.450 | 0.450 |
Unconsolidated venture capital and private equity fund investments | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | $ 134 | $ 1,079 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Quantitative Information About Significant Unobservable Inputs (Additional Information) (Details) | 3 Months Ended | |
Sep. 30, 2019 | Dec. 31, 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 1 month 6 days | |
Estimated remaining life | 2 years 8 months 12 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 | Level 3 | Equity warrant asset, public portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Weighted Average | 0.192 | 0.185 |
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 (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | $ 14,698,802 | $ 15,188,236 |
Net loans | 30,759,584 | 28,057,377 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 6,946,196 | 3,571,539 |
Held-to-maturity securities | 14,407,078 | 15,487,442 |
Non-marketable securities not measured at net asset value | 183,980 | 131,453 |
Non-marketable securities measured at net asset value | 217,459 | 151,247 |
FHLB and Federal Reserve Bank stock | 59,790 | 58,878 |
Non-maturity deposits | 59,352,559 | 49,278,174 |
Time deposits | 190,315 | 50,726 |
Commitments to extend credit | 0 | 0 |
Carrying Amount | Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 18,898 | 631,412 |
Carrying Amount | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 347,899 | 347,639 |
Carrying Amount | 5.375% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 349,328 | 348,826 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 6,946,196 | 3,571,539 |
Held-to-maturity securities | 14,698,802 | 15,188,236 |
Non-marketable securities not measured at net asset value | 183,980 | 131,453 |
Non-marketable securities measured at net asset value | 217,459 | 151,247 |
FHLB and Federal Reserve Bank stock | 59,790 | 58,878 |
Non-maturity deposits | 59,352,559 | 49,278,174 |
Time deposits | 190,078 | 50,337 |
Commitments to extend credit | 25,136 | 22,930 |
Estimated Fair Value | Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 18,898 | 631,412 |
Estimated Fair Value | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 362,551 | 336,088 |
Estimated Fair Value | 5.375% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 360,560 | 361,281 |
Estimated Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 6,946,196 | 3,571,539 |
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 | 59,352,559 | 49,278,174 |
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 | 0 |
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 | 14,698,802 | 15,188,236 |
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 | 190,078 | 50,337 |
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 | 18,898 | 631,412 |
Estimated Fair Value | Level 2 | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 362,551 | 336,088 |
Estimated Fair Value | Level 2 | 5.375% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 360,560 | 361,281 |
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 | 183,980 | 131,453 |
FHLB and Federal Reserve Bank stock | 59,790 | 58,878 |
Non-maturity deposits | 0 | 0 |
Time deposits | 0 | 0 |
Commitments to extend credit | 25,136 | 22,930 |
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] | ||
Net loans | 27,283,952 | 25,043,671 |
Commercial loans | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 28,427,753 | 25,463,968 |
Commercial loans | Estimated Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 0 | 0 |
Commercial loans | Estimated Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 0 | 0 |
Commercial loans | Estimated Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 28,427,753 | 25,463,968 |
Consumer loans | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 3,475,632 | 3,013,706 |
Consumer loans | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 3,620,703 | 3,064,093 |
Consumer loans | Estimated Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 0 | 0 |
Consumer loans | Estimated Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 0 | 0 |
Consumer loans | Estimated Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | $ 3,620,703 | $ 3,064,093 |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Investments and Remaining Unfunded Commitments for Each Major Category of Investments (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | $ 490,885 |
Fair Value | 490,885 |
Unfunded Commitments | 22,213 |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Fair value accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 273,426 |
Fair Value | 273,426 |
Unfunded Commitments | 10,653 |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Equity method accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 196,425 |
Fair Value | 196,425 |
Unfunded Commitments | 10,674 |
Non-marketable securities | Debt funds | Equity method accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 7,153 |
Fair Value | 7,153 |
Unfunded Commitments | 0 |
Non-marketable securities | Other investments | Equity method accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 13,881 |
Fair Value | 13,881 |
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) (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2019USD ($) | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | $ 490,885 |
Unfunded commitments | 22,213 |
Non-marketable securities | Venture capital and private equity fund investments | Fair value accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | 273,426 |
Unfunded commitments | $ 10,653 |
Non-marketable securities | Venture capital and private equity fund investments | Fair value accounting | Lower Limit | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Period distributions from fund investments to be received | 10 years |
Non-marketable securities | Venture capital and private equity fund investments | Fair value accounting | Upper Limit | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Period distributions from fund investments to be received | 13 years |
Non-marketable securities | Venture capital and private equity fund investments | Equity method accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | $ 196,425 |
Unfunded commitments | 10,674 |
Non-marketable securities | Venture capital and private equity fund investments | Noncontrolling Interests | Fair value accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | 68,200 |
Unfunded commitments | 4,100 |
Non-marketable securities | Other investments | Equity method accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | 13,881 |
Unfunded commitments | $ 886 |
Non-marketable securities | Other investments | Equity method accounting | Lower Limit | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Period distributions from fund investments to be received | 5 years |
Non-marketable securities | Other investments | Equity method accounting | Upper Limit | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Period distributions from fund investments to be received | 8 years |
Uncategorized Items - sivb-9302
Label | Element | Value | |
Accounting Standards Update 2014-09 [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (5,802,000) | |
Accounting Standards Update 2014-09 [Member] | Parent [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (5,802,000) | |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (5,802,000) | |
Accounting Standards Update 2016-01 [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 74,595,000 | |
Accounting Standards Update 2016-01 [Member] | Parent [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 74,595,000 | |
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 103,766,000 | |
Accounting Standards Update 2016-01 [Member] | AOCI Attributable to Parent [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (29,171,000) | |
Accounting Standards Update 2017-08 [Member] | Parent [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (583,000) | [1] |
[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. |