Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2020 | Jul. 31, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-Q | ||
Document Period End Date | Jun. 30, 2020 | ||
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 | ||
Entity Common Stock, Shares Outstanding | 51,760,939 | ||
Entity Central Index Key | 0000719739 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | Q2 | ||
Amendment Flag | false | ||
Common Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Trading Symbol | SIVB | ||
Security Exchange Name | NASDAQ | ||
Preferred Stock, Series A | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary shares, each representing a 1/40th ownership interest in a share of 5.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A | ||
Trading Symbol | SIVBP | ||
Security Exchange Name | NASDAQ |
Interim Consolidated Balance Sh
Interim Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | |
Assets: | |||
Cash and cash equivalents | $ 14,202,106 | $ 6,781,783 | |
Available-for-sale securities, at fair value (cost of $17,800,589 and $13,894,348, respectively) | 18,451,913 | 14,014,919 | |
Held-to-maturity securities, at amortized cost and net of allowance for credit losses of $222 and $0 (fair value of $13,541,461 and $14,115,272, respectively) (1) | [1] | 12,858,823 | 13,842,946 |
Non-marketable and other equity securities | 1,270,578 | 1,213,829 | |
Total investment securities | 32,581,314 | 29,071,694 | |
Loans, amortized cost | 36,727,222 | 33,164,636 | |
Allowance for credit losses: loans | (589,828) | (304,924) | |
Net loans | 36,137,394 | 32,859,712 | |
Premises and equipment, net of accumulated depreciation and amortization | 169,313 | 161,876 | |
Goodwill | 137,823 | 137,823 | |
Other intangible assets, net | 46,726 | 49,417 | |
Lease right-of-use assets | 215,319 | 197,365 | |
Accrued interest receivable and other assets | 2,240,990 | 1,745,233 | |
Total assets | 85,730,985 | 71,004,903 | |
Liabilities: | |||
Noninterest-bearing demand deposits | 49,160,880 | 40,841,570 | |
Interest-bearing deposits | 25,344,884 | 20,916,237 | |
Total deposits | 74,505,764 | 61,757,807 | |
Short-term borrowings | 50,924 | 17,430 | |
Lease liabilities | 239,357 | 218,847 | |
Other liabilities | 2,623,407 | 2,041,752 | |
Long-term debt | 843,220 | 347,987 | |
Total liabilities | 78,262,672 | 64,383,823 | |
Commitments and contingencies (Note 15 and Note 18) | |||
SVBFG stockholders’ equity: | |||
Preferred stock, $0.001 par value, 20,000,000 shares authorized; 350,000 shares issued and outstanding | 340,138 | 340,138 | |
Common stock, $0.001 par value, 150,000,000 shares authorized; 51,740,714 shares and 51,655,607 shares issued and outstanding, respectively | 52 | 52 | |
Additional paid-in capital | 1,522,728 | 1,470,071 | |
Retained earnings | 4,841,720 | 4,575,601 | |
Accumulated other comprehensive income | 614,735 | 84,445 | |
Total SVBFG stockholders’ equity | 7,319,373 | 6,470,307 | |
Noncontrolling interests | 148,940 | 150,773 | |
Total equity | 7,468,313 | 6,621,080 | |
Total liabilities and total equity | $ 85,730,985 | $ 71,004,903 | |
[1] | Prior to our adoption of Accounting Standard Update (ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments) on January 1, 2020, the allowance for credit losses (ACL) related to held-to-maturity (HTM) securities was not applicable and is therefore presented as $0 at December 31, 2019. See "Adoption of New Accounting Standards" in Note 1 — “Basis of Presentation” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional details. |
Interim Consolidated Balance _2
Interim Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
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 | 350,000 | 350,000 |
Preferred stock, shares outstanding | 350,000 | 350,000 |
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 | 51,740,714 | 51,655,607 |
Common stock, shares outstanding | 51,740,714 | 51,655,607 |
Available-for-sale securities, cost | $ 17,800,589 | $ 13,894,348 |
Held-to-maturity securities | $ 13,541,461 | $ 14,115,272 |
Interim Consolidated Statements
Interim Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest income: | ||||
Loans | $ 365,110 | $ 414,077 | $ 747,679 | $ 808,221 |
Investment securities: | ||||
Taxable | 141,547 | 134,395 | 295,932 | 261,112 |
Non-taxable | 14,464 | 10,931 | 27,288 | 21,868 |
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities | 2,402 | 26,364 | 20,026 | 45,580 |
Total interest income | 523,523 | 585,767 | 1,090,925 | 1,136,781 |
Interest expense: | ||||
Deposits | 5,694 | 47,150 | 43,092 | 75,057 |
Borrowings | 4,902 | 9,214 | 10,769 | 19,435 |
Total interest expense | 10,596 | 56,364 | 53,861 | 94,492 |
Net interest income | 512,927 | 529,403 | 1,037,064 | 1,042,289 |
Provision for credit losses | 66,481 | 23,946 | 309,961 | 52,497 |
Net interest income after provision for credit losses | 446,446 | 505,457 | 727,103 | 989,792 |
Noninterest income: | ||||
Gains on investment securities, net | 34,868 | 47,698 | 80,923 | 76,726 |
Gains on equity warrant assets, net | 26,506 | 48,347 | 39,901 | 69,652 |
Client investment fees | 31,885 | 45,744 | 75,278 | 90,226 |
Foreign exchange fees | 36,256 | 38,506 | 83,761 | 76,554 |
Credit card fees | 21,288 | 28,790 | 49,592 | 56,273 |
Deposit service charges | 20,511 | 22,075 | 45,100 | 43,014 |
Lending related fees | 11,164 | 11,213 | 24,289 | 25,150 |
Letters of credit and standby letters of credit fees | 11,421 | 11,009 | 22,963 | 20,363 |
Investment banking revenue | 141,503 | 48,694 | 188,370 | 98,489 |
Commissions | 16,918 | 14,429 | 32,940 | 28,537 |
Other | 16,528 | 17,245 | 27,665 | 29,142 |
Total noninterest income | 368,848 | 333,750 | 670,782 | 614,126 |
Noninterest expense: | ||||
Compensation and benefits | 319,797 | 243,172 | 575,383 | 481,233 |
Professional services | 63,828 | 40,830 | 102,533 | 77,816 |
Premises and equipment | 27,708 | 23,911 | 54,648 | 45,611 |
Net occupancy | 18,845 | 16,687 | 37,191 | 32,735 |
Business development and travel | 2,992 | 17,022 | 17,063 | 32,376 |
FDIC and state assessments | 6,819 | 4,483 | 12,053 | 8,462 |
Other | 39,647 | 37,417 | 80,350 | 70,953 |
Total noninterest expense | 479,636 | 383,522 | 879,221 | 749,186 |
Income before income tax expense | 335,658 | 455,685 | 518,664 | 854,732 |
Income tax expense | 87,869 | 119,114 | 137,226 | 226,549 |
Net income before noncontrolling interests | 247,789 | 336,571 | 381,438 | 628,183 |
Net income attributable to noncontrolling interests | (14,260) | (18,584) | (12,287) | (21,464) |
Preferred stock dividends | (4,594) | 0 | (7,963) | 0 |
Net income available to common stockholders | $ 228,935 | $ 317,987 | $ 361,188 | $ 606,719 |
Earnings per common share—basic (dollars per share) | $ 4.44 | $ 6.12 | $ 7 | $ 11.61 |
Earnings per common share—diluted (dollars per share) | $ 4.42 | $ 6.08 | $ 6.97 | $ 11.51 |
Interim Consolidated Statemen_2
Interim Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income before noncontrolling interests | $ 247,789 | $ 336,571 | $ 381,438 | $ 628,183 |
Change in foreign currency cumulative translation gains and losses: | ||||
Foreign currency translation gains (losses) | 164 | (2,900) | (8,956) | (94) |
Related tax (expense) benefit | (204) | 808 | 2,352 | 26 |
Change in unrealized gains and losses on available-for-sale securities: | ||||
Unrealized holding gains | 46,738 | 119,182 | 590,619 | 166,018 |
Related tax expense | (12,954) | (33,194) | (163,700) | (46,239) |
Reclassification adjustment for losses (gains) included in net income | 0 | 275 | (61,165) | 3,905 |
Related tax (benefit) expense | 0 | (77) | 16,953 | (1,087) |
Amortization of unrealized holding gains on securities transferred from available-for-sale to held-to-maturity | (138) | (719) | (690) | (1,393) |
Related tax benefit | 38 | 200 | 191 | 388 |
Change in unrealized gains and losses on cash flow hedges: | ||||
Unrealized gains | 0 | 17,554 | 231,920 | 18,656 |
Related tax expense | 0 | (4,890) | (64,281) | (5,197) |
Reclassification adjustment for (gains) losses included in net income | (15,831) | 508 | (17,920) | 511 |
Related tax expense (benefit) | 4,388 | (141) | 4,967 | (142) |
Other comprehensive income, net of tax | 22,201 | 96,606 | 530,290 | 135,352 |
Comprehensive income | 269,990 | 433,177 | 911,728 | 763,535 |
Comprehensive income attributable to noncontrolling interests | (14,260) | (18,584) | (12,287) | (21,464) |
Comprehensive income attributable to SVBFG | $ 255,730 | $ 414,593 | $ 899,441 | $ 742,071 |
Interim Consolidated Statemen_3
Interim Consolidated Statements of Stockholders' Equity - USD ($) | Total | Cumulative adjustment for the adoption of amendment | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained EarningsCumulative adjustment for the adoption of amendment | Accumulated Other Comprehensive Income (Loss) | Total SVBFG Stockholders’ Equity | Total SVBFG Stockholders’ EquityCumulative adjustment for the adoption of amendment | Noncontrolling Interests | |
Balance (in shares) at Dec. 31, 2018 | 52,586,498 | |||||||||||
Balance, beginning of period, net of tax at Dec. 31, 2018 | $ 5,264,843,000 | $ 0 | $ 53,000 | $ 1,378,438,000 | $ 3,791,838,000 | $ (54,120,000) | $ 5,116,209,000 | $ 148,634,000 | ||||
Balance, beginning of period, net of tax (Accounting Standards Update 2017-08) at Dec. 31, 2018 | [1] | $ (583,000) | $ (583,000) | $ (583,000) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Acquisition of SVB Leerink | 5,256,000 | 5,256,000 | ||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 467,427 | |||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 7,853,000 | $ 0 | 7,853,000 | 7,853,000 | ||||||||
Common stock issued under ESOP (in shares) | 14,442 | |||||||||||
Common stock issued under ESOP | 3,506,000 | 3,506,000 | 3,506,000 | |||||||||
Net income | 628,183,000 | 606,719,000 | 606,719,000 | 21,464,000 | ||||||||
Capital calls and distributions, net | (23,222,000) | (23,222,000) | ||||||||||
Net change in unrealized gains and losses on AFS securities, net of tax | 122,597,000 | 122,597,000 | 122,597,000 | |||||||||
Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax | (1,005,000) | (1,005,000) | (1,005,000) | |||||||||
Foreign currency translation adjustments, net of tax | (68,000) | (68,000) | (68,000) | |||||||||
Net change in unrealized gains and losses on cash flow hedges, net of tax | 13,828,000 | 13,828,000 | 13,828,000 | |||||||||
Share-based compensation, net | 31,768,000 | 31,768,000 | 31,768,000 | |||||||||
Common stock repurchases (in shares) | (1,506,648) | |||||||||||
Common stock repurchases | (346,781,000) | $ (1,000) | (346,780,000) | (346,781,000) | ||||||||
Balance (in shares) at Jun. 30, 2019 | 51,561,719 | |||||||||||
Balance, end of period, net of tax at Jun. 30, 2019 | 5,706,175,000 | 0 | $ 52,000 | 1,421,565,000 | 4,051,194,000 | 81,232,000 | 5,554,043,000 | 152,132,000 | ||||
Balance (in shares) at Mar. 31, 2019 | 52,322,105 | |||||||||||
Balance, beginning of period, net of tax at Mar. 31, 2019 | 5,483,823,000 | 0 | $ 52,000 | 1,394,130,000 | 3,963,965,000 | (15,374,000) | 5,342,773,000 | 141,050,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 257,684 | |||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 10,789,000 | 10,789,000 | 10,789,000 | |||||||||
Net income | 336,571,000 | 317,987,000 | 317,987,000 | 18,584,000 | ||||||||
Capital calls and distributions, net | (7,502,000) | (7,502,000) | ||||||||||
Net change in unrealized gains and losses on AFS securities, net of tax | 86,186,000 | 86,186,000 | 86,186,000 | |||||||||
Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax | (519,000) | (519,000) | (519,000) | |||||||||
Foreign currency translation adjustments, net of tax | (2,092,000) | (2,092,000) | (2,092,000) | |||||||||
Net change in unrealized gains and losses on cash flow hedges, net of tax | 13,031,000 | 13,031,000 | 13,031,000 | |||||||||
Share-based compensation, net | 16,646,000 | 16,646,000 | 16,646,000 | |||||||||
Common stock repurchases (in shares) | (1,018,070) | |||||||||||
Common stock repurchases | (230,758,000) | (230,758,000) | (230,758,000) | |||||||||
Balance (in shares) at Jun. 30, 2019 | 51,561,719 | |||||||||||
Balance, end of period, net of tax at Jun. 30, 2019 | 5,706,175,000 | 0 | $ 52,000 | 1,421,565,000 | 4,051,194,000 | 81,232,000 | 5,554,043,000 | 152,132,000 | ||||
Balance (in shares) at Dec. 31, 2019 | 51,655,607 | |||||||||||
Balance, beginning of period, net of tax at Dec. 31, 2019 | 6,621,080,000 | 340,138 | $ 52,000 | 1,470,071,000 | 4,575,601,000 | 84,445,000 | 6,470,307,000 | 150,773,000 | ||||
Balance, beginning of period, net of tax (Accounting Standards Update 2016-13) at Dec. 31, 2019 | [1] | $ (35,049,000) | $ (35,049,000) | $ (35,049,000) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 317,236 | |||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 10,894,000 | $ 0 | 10,894,000 | 10,894,000 | ||||||||
Common stock issued under ESOP (in shares) | 12,094 | |||||||||||
Common stock issued under ESOP | 2,447,000 | 2,447,000 | 2,447,000 | |||||||||
Net income | 381,438,000 | 369,151,000 | 369,151,000 | 12,287,000 | ||||||||
Capital calls and distributions, net | (14,120,000) | (14,120,000) | ||||||||||
Net change in unrealized gains and losses on AFS securities, net of tax | 382,707,000 | 382,707,000 | 382,707,000 | |||||||||
Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax | (499,000) | (499,000) | (499,000) | |||||||||
Foreign currency translation adjustments, net of tax | (6,604,000) | (6,604,000) | (6,604,000) | |||||||||
Net change in unrealized gains and losses on cash flow hedges, net of tax | 154,686,000 | 154,686,000 | 154,686,000 | |||||||||
Share-based compensation, net | 39,325,000 | 39,325,000 | 39,325,000 | |||||||||
Common stock repurchases (in shares) | (244,223) | |||||||||||
Common stock repurchases | (60,020,000) | $ 0 | (60,020,000) | (60,020,000) | ||||||||
Dividends on preferred stock | (7,963,000) | (7,963,000) | (7,963,000) | |||||||||
Other | (9,000) | (9,000) | (9,000) | |||||||||
Balance (in shares) at Jun. 30, 2020 | 51,740,714 | |||||||||||
Balance, end of period, net of tax at Jun. 30, 2020 | 7,468,313,000 | 340,138 | $ 52,000 | 1,522,728,000 | 4,841,720,000 | 614,735,000 | 7,319,373,000 | 148,940,000 | ||||
Balance (in shares) at Mar. 31, 2020 | 51,490,342 | |||||||||||
Balance, beginning of period, net of tax at Mar. 31, 2020 | 7,183,221,000 | 340,138 | $ 52,000 | 1,489,240,000 | 4,612,785,000 | 592,534,000 | 7,034,749,000 | 148,472,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 250,372 | |||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 13,925,000 | 13,925,000 | 13,925,000 | |||||||||
Net income | 247,789,000 | 233,529,000 | 233,529,000 | 14,260,000 | ||||||||
Capital calls and distributions, net | (13,792,000) | (13,792,000) | ||||||||||
Net change in unrealized gains and losses on AFS securities, net of tax | 33,784,000 | 33,784,000 | 33,784,000 | |||||||||
Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax | (100,000) | (100,000) | (100,000) | |||||||||
Foreign currency translation adjustments, net of tax | (40,000) | (40,000) | (40,000) | |||||||||
Net change in unrealized gains and losses on cash flow hedges, net of tax | (11,443,000) | (11,443,000) | (11,443,000) | |||||||||
Share-based compensation, net | 20,154,000 | 20,154,000 | 20,154,000 | |||||||||
Dividends on preferred stock | (4,594,000) | (4,594,000) | (4,594,000) | |||||||||
Other | (591,000) | (591,000) | (591,000) | |||||||||
Balance (in shares) at Jun. 30, 2020 | 51,740,714 | |||||||||||
Balance, end of period, net of tax at Jun. 30, 2020 | $ 7,468,313,000 | $ 340,138 | $ 52,000 | $ 1,522,728,000 | $ 4,841,720,000 | $ 614,735,000 | $ 7,319,373,000 | $ 148,940,000 | ||||
[1] | See "Adoption of New Accounting Standards" in Note 1 — “Basis of Presentation” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional details. |
Interim Consolidated Statemen_4
Interim Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net income before noncontrolling interests | $ 381,438,000 | $ 628,183,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 309,961,000 | 52,497,000 |
Gains on investment securities, net | (80,923,000) | (76,726,000) |
Distributions of earnings from non-marketable and other equity securities | 49,125,000 | 40,584,000 |
Depreciation and amortization | 49,650,000 | 40,824,000 |
Amortization of premiums and discounts on investment securities, net | 29,633,000 | 4,993,000 |
Amortization of share-based compensation | 39,325,000 | 31,768,000 |
Amortization of deferred loan fees | (78,042,000) | (76,712,000) |
Deferred income tax benefit | (72,755,000) | (3,854,000) |
Excess tax benefit from exercise of stock options and vesting of restricted shares | (2,181,000) | (7,369,000) |
Losses from the write-off of premises and equipment | 0 | 185,000 |
Changes in other assets and liabilities: | ||
Accrued interest receivable and payable, net | 16,606,000 | (3,850,000) |
Accounts receivable and payable, net | 2,770,000 | 22,308,000 |
Income tax receivable and payable, net | 131,253,000 | (87,097,000) |
Accrued compensation | (115,203,000) | (175,469,000) |
Foreign exchange spot contracts, net | (5,900,000) | 108,307,000 |
Proceeds from termination of interest rate swaps | 227,500,000 | 0 |
Other, net | (98,635,000) | (37,218,000) |
Net cash provided by operating activities | 745,478,000 | 450,571,000 |
Cash flows from investing activities: | ||
Purchases of available-for-sale securities | (8,071,014,000) | (2,553,326,000) |
Proceeds from sales of available-for-sale securities | 2,654,212,000 | 2,189,087,000 |
Proceeds from maturities and paydowns of available-for-sale securities | 1,550,220,000 | 382,054,000 |
Purchases of held-to-maturity securities | (568,002,000) | (277,889,000) |
Proceeds from maturities and paydowns of held-to-maturity securities | 1,543,942,000 | 888,943,000 |
Purchases of non-marketable and other equity securities | (118,737,000) | (39,287,000) |
Proceeds from sales and distributions of capital of non-marketable and other securities | 57,745,000 | 59,187,000 |
Net increase in loans | (3,530,020,000) | (844,830,000) |
Purchases of premises and equipment | (51,214,000) | (18,632,000) |
Acquisition of SVB Leerink, net of cash acquired | 0 | (102,328,000) |
Net cash used for investing activities | (6,532,868,000) | (317,021,000) |
Cash flows from financing activities: | ||
Net increase in deposits | 12,747,957,000 | 6,281,640,000 |
Net increase (decrease) in short-term borrowings | 33,494,000 | (607,160,000) |
Proceeds from issuance of 3.125% Senior Notes | 495,024,000 | 0 |
(Distributions to noncontrolling interests), net of contributions from noncontrolling interests | (14,120,000) | (23,222,000) |
Payment of preferred stock dividend | (7,963,000) | 0 |
Common stock repurchases | (60,020,000) | (346,781,000) |
Proceeds from issuance of common stock, ESPP and ESOP, net of restricted stock awards | 13,341,000 | 11,359,000 |
Net cash provided by financing activities | 13,207,713,000 | 5,315,836,000 |
Net increase in cash and cash equivalents | 7,420,323,000 | 5,449,386,000 |
Cash and cash equivalents at beginning of period | 6,781,783,000 | 3,571,539,000 |
Cash and cash equivalents at end of period | 14,202,106,000 | 9,020,925,000 |
Cash paid during the period for: | ||
Interest | 67,493,000 | 94,851,000 |
Income taxes | 57,539,000 | 310,604,000 |
Noncash items during the period: | ||
Changes in unrealized gains and losses on available-for-sale securities, net of tax | 382,707,000 | 122,597,000 |
Distributions of stock from investments | 11,093,000 | 6,747,000 |
Equity warrant assets | ||
Changes in fair values of derivatives, net | 20,632,000 | (825,000) |
Derivative | ||
Changes in fair values of derivatives, net | $ (58,776,000) | $ (9,958,000) |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
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 six months ended June 30, 2020 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, 2019 (“ 2019 Form 10-K”). Use of Estimates and Assumptions 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 credit losses for loans and 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. Reclassifications Certain prior period amounts primarily related to the adoption of the Accounting Standard Update (ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments) ( " ASU 2016-13 " or " CECL " ) as mentioned below have been reclassified to conform to current period presentations. Summary of Significant Accounting Policies With the exception of the updated accounting policies listed below, 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 2019 Form 10-K. Loans Loans are reported at amortized cost which consists of the principal amount outstanding, net of unearned loan fees. Unearned loan fees reflect unamortized deferred loan origination and commitment fees net of unamortized deferred loan origination costs. In addition to cash loan fees, we often obtain equity warrant assets that give us an option to purchase a position in a client company's stock in consideration for providing credit facilities. The grant date fair values of these equity warrant assets are deemed to be loan fees and are deferred as unearned income and recognized as an adjustment of loan yield through loan interest income. The net amount of unearned loan fees is amortized into loan interest income over the contractual terms of the underlying loans and commitments using the constant effective yield method, adjusted for actual loan prepayment experience, or the straight-line method, as applicable. Allowance for Credit Losses: Loans The allowance for credit losses for loans considers credit risk and is adjusted by a provision for expected credit losses ("ECL") charged to expense and reduced by the charge-off of loan amounts, net of recoveries. Our allowance for credit losses is an estimate of expected losses inherent with the Company's existing loans at the balance sheet date. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. Portfolio Segments The estimation of ECL on loans process involves procedures to appropriately consider the unique characteristics of our seven loan portfolio segments. Our seven portfolio segments are determined by using the following risk dimensions: (i) underwriting methodology, (ii) industry niche and (iii) life stage. The seven portfolio segments are further disaggregated into 11 classes of financing receivable, or risk-based segments, and represents the level at which credit risk is monitored. Credit quality is assessed and monitored by evaluating various attributes and the results of those evaluations are utilized in underwriting new loans and in our process to estimate ECL. The following provides additional information regarding our seven portfolio segments: (i) Investor Dependent - Accelerator (Early-Stage) and Growth (Mid-Stage and Later-Stage) Investor Dependent loans are made primarily to technology and life science/healthcare companies in both our Accelerator (Early-Stage) and Growth practices (Mid-Stage and Later-Stage). Investor Dependent loans typically have modest or negative cash flows and no established record of profitable operations. Repayment of these loans may be dependent upon receipt by borrowers of additional equity financing from venture capital firms or others, or in some cases, a successful sale to a third party or an IPO. Venture capital firms may provide financing selectively, at reduced amounts, or on less favorable terms, which may have an adverse effect on our borrowers' ability to repay their loans to us. When repayment is dependent upon the next round of venture investment and there is an indication that further investment is unlikely or will not occur, it is often likely that the company would need to be sold to repay the debt in full. If reasonable efforts have not yielded a likely buyer willing to repay all debt at the close of the sale or on commercially viable terms, the account will most likely be deemed to be impaired and charged-off. We further disaggregate Investor Dependent loans into three subcategories. Early-Stage consists of pre-revenue, development-stage companies and companies that are in the early phases of commercialization, with revenues of up to $5 million . Mid-Stage companies consist of growth-stage enterprises with revenues of between $5 million and $15 million or, in the case of biotechnology, pre-revenue clinical-stage companies. Later-Stage consists of companies with revenues of $15 million or more. This disaggregation is based in part on the materially different historical loss rate we have experienced with each cohort, with historical loss rates being the highest in the Early-Stage segment, and declining in the Mid-Stage and Later-Stage segments, as a function of the relatively higher enterprise value and asset coverage that is created as a company progresses through the various stages of development. (ii) Cash Flow Dependent Cash Flow Dependent loans are made primarily to technology and life science/healthcare companies, which include Sponsor Led Buyout lending, and require the borrower to maintain cash flow from operations that is sufficient to service all debt. Borrowers must demonstrate normalized cash flow in excess of all fixed charges associated with operating the business. Sponsor Led Buyout loans are typically used to assist a select group of experienced private equity sponsors with the acquisition of businesses and are larger in size, and repayment is generally dependent upon the cash flows of the acquired company. The acquired companies are typically established, later-stage businesses of scale and characterized by reasonable levels of leverage and loan structures that include meaningful financial covenants. The sponsor's equity contribution is often 50 percent or more of the acquisition price. (iii) Balance Sheet Dependent Balance Sheet Dependent loans are made primarily to technology and life science/healthcare companies, which include asset-based loans, and are structured to require constant current asset coverage (i.e., cash, cash equivalents, accounts receivable and, to a much lesser extent, inventory) in an amount that exceeds the outstanding debt. These loans are generally made to companies in our Growth and Corporate Finance practices. The repayment of these arrangements is dependent on the financial condition, and payment ability, of third parties with whom our clients do business. As a result of the adoption of CECL and in connection with the revised approach to portfolio disaggregation discussed above, certain loans that were previously considered to be Balance Sheet Dependent have been reclassified as Investor Dependent - Later-Stage. (iv) Private Equity/Venture Capital The vast majority of our Private Equity/Venture Capital portfolio consists of capital call lines of credit, the repayment of which is dependent on the payment of capital calls by the underlying limited partner investors in the funds managed by these firms. These facilities are generally governed by meaningful financial covenants oriented towards ensuring that the funds' remaining callable capital is sufficient to repay the loan, and larger commitments (typically provided to larger private equity funds) are often secured by an assignment of the general partner's right to call capital from the fund's limited partner investors. (v) Private Bank Our Private Bank clients are primarily private equity/venture capital professionals and senior executives in 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, real estate secured home equity capital call lines of credit and other secured and unsecured lending products, as well as cash and wealth management services. In addition, we provide real estate secured loans to eligible employees through our Employee Home Ownership Program. (vi) Premium Wine and Other Our Premium Wine clients primarily consist of premium wine producers across the Western United States, primarily in California's Napa Valley, Sonoma County and Central Coast regions, as well as the Pacific Northwest. Our other loan portfolio segment primarily includes our community development loans made as part of our responsibilities under the Community Reinvestment Act. (vii) SBA lending We participated in the U.S. Small Business Administration’s ("SBA") Paycheck Protection Program to support small businesses across the United States. Under this program, the SBA provides a guarantee to banks making unsecured term loans of up to $10 million for qualified small businesses, as defined by the SBA. We are no longer taking applications for this program and are preparing for the second phase, forgiveness, whereby clients apply for loans to be forgiven (paid off) by the SBA. Loans funded under this program were primarily made to clients in the technology, life science/healthcare, premium wine and energy resource industries. While the recipients were located across the United States, more than half were made to clients that applied from the western region. We maintain a systematic process for the evaluation of individual loans and portfolio segments for inherent risk of estimated credit losses for loans. At the time of approval, each loan in our portfolio is assigned a credit risk rating. Credit risk ratings are assigned on a scale of 1 to 10, with 1 representing loans with a low risk of nonpayment, 9 representing loans with the highest risk of nonpayment and 10 representing loans which have been charged-off. The credit risk ratings for each loan are monitored and updated on an ongoing basis. This credit risk rating process includes, but is not limited to, consideration of such factors as payment status, the financial condition and operating performance of the borrower, borrower compliance with loan covenants, underlying collateral values and performance trends, the degree of access to additional capital, the presence of credit enhancements such as third party guarantees (where applicable), the degree to which the borrower is sensitive to external factors and the depth and experience of the borrower's management team. Our policies require a committee of senior management to review, at least quarterly, credit relationships with a credit risk rating of 5 through 9 that exceed specific dollar values. Expected Credit Loss Measurement The methodology for estimating the amount of ECL reported in the allowance for credit losses has two main components: (1) ECL assessed on a collective basis for pools of loans that share similar risk characteristics which includes a qualitative adjustment based on management’s assessment of the risks that may lead to a future loan loss experience different from our historical loan loss experience and (2) ECL assessed for individual loans that do not share similar risk characteristics with other loans. We do not estimate ECL on accrued interest receivable ("AIR") on loans as AIR is reversed or written off when the full collection of the AIR related to a loan becomes doubtful. AIR on loans totaled $107.2 million at June 30, 2020 and $119.1 million at December 31, 2019 and is reported in "Accrued interest receivable and other assets" in our unaudited interim consolidated balance sheets. While the evaluation process of our allowance for credit losses on loans uses historical and other objective information, the classification of loans and the estimate of the allowance for credit losses for loans rely on the judgment and experience of our management. A committee comprised of senior management evaluates the adequacy of the allowance for credit losses for loans, which includes review of loan portfolio segmentation, quantitative models, internal and external data inputs, economic forecasts, credit risk ratings and qualitative adjustments. Loans That Share Similar Risk Characteristics With Other Loans We derive an estimated ECL assumption from a non-discounted cash flow approach based on our portfolio segments discussed above. This approach incorporates: (1) probability of default ("PD"), (2) loss given default ("LGD") and (3) exposure at default ("EAD"), over the estimated life of the exposure. PD and LGD assumptions are developed based on quantitative models and inherent risk of credit loss, both of which involve significant judgement. Renewals and extensions within our control are not considered in the estimated contractual term of a loan. However, we include potential extensions if management has a reasonable expectation that we will execute a TDR with the borrower. The quantitative models are based on historical credit loss experience, adjusted for probability-weighted economic scenarios. These scenarios are used to support a reasonable and supportable forecast period of three years for all portfolio segments. To the extent the remaining contractual lives of loans in the portfolio extend beyond this three-year period, we revert to historical averages gradually over the remaining contractual lives, adjusted for prepayments. The macroeconomic scenarios are reviewed on a quarterly basis. We also apply a qualitative factor adjustment to the results obtained through our quantitative ECL models to consider relevant qualitative factors that relate to the environment in which the entity operates and are specific to the borrower. These adjustments are based upon our assessment of the risks that may lead to a future loan loss experience different from our historical loan loss experience. These risks are aggregated to become our qualitative allocation. Based on our qualitative assessment estimate of changing risks in the lending environment, the qualitative allocation may vary significantly from period to period and may include, but is not limited to, consideration of the following factors: • Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses; • Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; • Changes in the nature and volume of the portfolio and in the terms of loans; • Changes in the experience, ability and depth of lending management and other relevant staff; • Changes in the volume and severity of past due loans, the volume of nonaccrual loans and the volume and severity of adversely classified or graded loans; • Changes in the quality of the institution’s loan review system; • Changes in the value of underlying collateral for collateral-dependent loans; • The existence and effect of any concentrations of credit, and changes in the level of such concentrations; • The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution’s existing portfolio; and • The effect of limitations of available data, model imprecision and recent macro-economic factors that may not be reflected in the forecast information. Loans That Do Not Share Similar Risk Characteristics We monitor our loan pools to ensure all assets therein continue to share similar risk characteristics with other financial assets inside the pool. Changes in credit risk, borrower circumstances or the recognition of write-offs may indicate that a loan's risk profile has changed, and the asset should be removed from its current pool. For a loan that does not share risk characteristics with other loans, expected credit loss is measured based on the net realizable value, that is, the difference between the discounted value of the expected future cash flows and the amortized cost basis of the loan. When a loan is collateral-dependent and the repayment is expected to be provided substantially through the operation or sale of the collateral, the ECL is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of the collateral will be determined by the most recent appraisal, as adjusted to reflect a reasonable marketing period for the sale of the asset(s) and an estimate of reasonable selling expenses. Collateral-dependent loans will have independent appraisals completed and accepted at least annually. Allowance for Credit Losses: Unfunded Credit Commitments We maintain a separate allowance for credit losses for unfunded credit commitments which is included in other liabilities and the related ECL in our provision for credit losses. We estimate the amount of expected losses by using historical trends to calculate a probability of an unfunded credit commitment being funded and derive historical lifetime expected loss factors for each portfolio segment similar to our funded loan ECL. The collectively assessed ECL for unfunded credit commitments also includes the same qualitative allocations applied for our funded loan ECL. For unfunded credit commitments related to loans that do not share similar risk characteristics with other loans, where applicable, a separate estimate of ECL will be included in our total allowance for credit losses on unfunded credit commitments. Loan commitments that are determined to be unconditionally cancellable by the Company do not require an allowance for credit losses. Investment Securities Available-for-Sale Securities and the Allowance for Credit Losses on Available-for-Sale Securities Our available-for-sale securities portfolio is a fixed income investment portfolio that is managed to earn an appropriate portfolio yield over the long-term while maintaining sufficient liquidity and credit diversification and meeting our asset/liability management objectives. Unrealized gains and losses on available-for-sale securities, net of applicable taxes, are reported in accumulated other comprehensive income, which is a separate component of SVBFG's stockholders' equity, until realized. We analyze available-for-sale securities for impairment related to credit losses each quarter. Market valuations represent the current fair value of a security at a specified point in time and incorporates the risk of timing of interest due and the return of principal over the contractual life of each security. Gains and losses on securities are realized when there is a sale of the security prior to maturity. A credit impairment is recognized through a valuation allowance against the security with an offset through earnings; the allowance is limited to the amount that fair value, calculated as the present value of expected future cash flow discounted at the security’s effective interest rate, is less than the amortized cost basis. We separate the amount of the impairment related to credit losses, if any, and the amount due to all other factors. The credit loss component is recognized in earnings and recorded as an allowance for credit losses for AFS securities. Held-to-Maturity Securities and the Allowance for Credit Losses on Held-to-Maturity Securities Debt securities purchased with the positive intent and ability to hold to maturity are classified as held-to-maturity securities and are recorded at amortized cost, net of any allowance for credit losses. We measure ECL on held-to-maturity securities on a collective basis by major security type and standard credit rating. Our held-to-maturity securities portfolio, with the exception of our municipal bond portfolio, are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. With respect to these securities, we consider the risk of credit loss to be zero and, therefore, we do not record an ECL. Our municipal bond portfolio primarily consists of highly rated bonds and currently carry ratings no lower than Aa3. The estimate of ECL on our municipal bond portfolio considers historical credit loss information and severity of loss in the event of default and leverages external data adjusted for current conditions. A reasonable and supportable forecast period of one year is applied to our municipal bond portfolio, with immediate reversion to long-term average historical loss rates when remaining contractual lives of securities exceed one year. We do not estimate ECL on accrued interest receivable ("AIR") from held-to-maturity securities as AIR is reversed or written off when the full collection of the AIR related to a security becomes doubtful. AIR from held-to-maturity securities totaled $45.4 million at June 30, 2020 and $45.2 million at December 31, 2019 and is reported in "Accrued interest receivable and other assets" in our unaudited interim consolidated balance sheets. Expected credit loss on municipal bonds that do not share common risk characteristics with our collective portfolio are individually measured based on net realizable value, or the difference between the discounted value of the expected future cash flows and the recorded amortized cost basis of the security. Adoption of New Accounting Standards Financial Instruments - Credit Losses In June 2016, the FASB issued a new Accounting Standard Update (ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments), which amends the incurred loss impairment methodology in current GAAP with a methodology that reflects a current expected credit loss measurement to estimate the allowance for credit losses over the contractual life of the financial assets (including loans, unfunded credit commitments and HTM securities) 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 for credit losses 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. We adopted the guidance on January 1, 2020, using a modified retrospective approach. We recognized the cumulative effect of initially applying CECL as an adjustment to the opening balance of retained earnings, net of tax. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We completed a comprehensive implementation process that included loss forecasting model development, evaluation of technical accounting topics, updates to our allowance for credit loss 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 previous allowance process. We provided quarterly updates to senior management and to the Audit and Credit Committees of the Board of Directors throughout the implementation process. For additional details regarding our allowance for credit losses methodology, see Note 7 — “Loans and Allowance for Credit Losses: Loans and Unfunded Credit Commitments” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report . Based on our loan, unfunded credit commitment, and HTM security portfolios composition at December 31, 2019, and the then current economic environment, the cumulative effect of the changes to our consolidated balance sheets at January 1, 2020, for the adoption of CECL were as follows: (Dollars in thousands) Balance at December 31, 2019 Adjustments Due to Adoption of ASC 326 Balance at January 1, 2020 Assets: Allowance for credit losses: loans $ 304,924 $ 25,464 $ 330,388 Allowance for credit losses: held-to-maturity securities — 174 174 Deferred tax assets 28,433 13,415 41,848 Other liabilities: Allowance for credit losses: unfunded credit commitments 67,656 22,826 90,482 Stockholders' equity: Retained earnings, net of tax 4,575,601 (35,049 ) 4,540,552 In light of the economic disruptions and operational challenges related to the Coronavirus Disease 2019 pandemic (“COVID-19”), in March 2020 the federal banking agencies provided transitional relief to banking organizations with respect to the impact of CECL on regulatory capital (the “2020 CECL Transition Rule”). Under the 2020 CECL Transition Rule, banking organizations that adopt CECL during the 2020 calendar year, such as SVB Financial and the Bank, may delay the estimated impact of CECL on regulatory capital for two years, followed by a three-year period to phase out the aggregate capital benefit provided during the initial two-year delay. The rule prescribes a methodology for estimating the impact of differences in credit loss allowances reflected under CECL versus under the incurred loss methodology during the five-year transition period. We have elected to use the five-year transition option under the 2020 CECL Transition Rule. Refer to the "Capital Resources" section under Part I, Item 2 of this report for additional details. Additionally, under the prior guidance, our loan portfolio and credit quality disclosures were disaggregated based on client market segments. Upon adoption of CECL, our technology (software/internet and hardware) and life science/healthcare market segments are disclosed by the portfolio segment that aligns with their respective underwriting methodology and the level at which credit risk is now monitored by management. The primary underwriting method for our technology and life science/healthcare portfolios are classified as investor dependent (early-stage and growth), cash flow dependent or balance sheet dependent, as noted above, and prior period amounts were reclassified for comparability. There are no other material changes to our current market segments. Other Adopted Accounting Pronouncements 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. We adopted the guidance on January 1, 2020. The adoption did not have an impact on our consolidated financial position or results of operations and did not have a material impact on the disclosures in our notes to our unaudited interim consolidated financial statements. |
Stockholders' Equity and EPS
Stockholders' Equity and EPS | 6 Months Ended |
Jun. 30, 2020 | |
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 six months ended June 30, 2020 and 2019 : Three months ended June 30, Six months ended June 30, (Dollars in thousands) Income Statement Location 2020 2019 2020 2019 Reclassification adjustment for losses (gains) on available-for-sale securities included in net income Gains on investment securities, net $ — $ 275 $ (61,165 ) $ 3,905 Related tax (benefit) expense Income tax expense — (77 ) 16,953 (1,087 ) Reclassification adjustment for (gains) losses on cash flow hedges included in net income Net interest income (15,831 ) 508 (17,920 ) 511 Related tax expense (benefit) Income tax expense 4,388 (141 ) 4,967 (142 ) Total reclassification adjustment for (gains) losses included in net income, net of tax $ (11,443 ) $ 565 $ (57,165 ) $ 3,187 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 six months ended June 30, 2020 and 2019 . Refer to Note 11 — “Derivative Financial Instruments” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional information regarding the termination of our cash flow hedges during the three months ended March 31, 2020. Over the next 12 months, we expect that approximately $63.5 million in accumulated other comprehensive income ("AOCI") at June 30, 2020 , related to unrealized gains will be reclassified out of AOCI and recognized in net income. Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Balance, beginning of period, net of tax $ 163,999 $ 797 $ (2,130 ) $ — Net increase in fair value, net of tax — 12,664 167,639 13,459 Net realized (gain) loss reclassified to net income, net of tax (11,443 ) 367 (12,953 ) 369 Balance, end of period, net of tax $ 152,556 $ 13,828 $ 152,556 $ 13,828 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 six months ended June 30, 2020 and 2019 : Three months ended June 30, Six months ended June 30, (Dollars and shares in thousands, except per share amounts) 2020 2019 2020 2019 Numerator: Net income available to common stockholders $ 228,935 $ 317,987 $ 361,188 $ 606,719 Denominator: Weighted average common shares outstanding—basic 51,581 51,955 51,573 52,269 Weighted average effect of dilutive securities: Stock options and ESPP 114 235 140 254 Restricted stock units and awards 100 146 135 192 Weighted average common shares outstanding—diluted 51,795 52,336 51,848 52,715 Earnings per common share: Basic $ 4.44 $ 6.12 $ 7.00 $ 11.61 Diluted 4.42 6.08 6.97 11.51 The following table summarizes the weighted-average common shares excluded from the diluted EPS calculation due to the antidilutive effect for the three and six months ended June 30, 2020 and 2019 : Three months ended June 30, Six months ended June 30, (Shares in thousands) 2020 2019 2020 2019 Stock options 288 166 247 128 Restricted stock units 312 333 310 228 Total 600 499 557 356 Stock Repurchase Program On October 24, 2019, our Board of Directors authorized a new stock repurchase program that enables us to repurchase up to $350 million of our outstanding common stock. This program expires on October 29, 2020. We have temporarily paused our stock repurchase program and will reassess this decision once the economic environment becomes more stable. For the three months ended June 30, 2020 , we did not repurchase any shares of our outstanding common stock under the new stock repurchase program. For the six months ended June 30, 2020 , we had repurchased 244,223 shares of our outstanding common stock for $60.0 million under the stock repurchase program. Preferred Stock On December 9, 2019, the Company issued depositary shares representing an ownership interest in 350,000 shares of Series A Preferred Stock with $0.001 par value and liquidation preference of $1,000 per share, or $25 per depositary share. All preferred shares were issued in the form of depositary shares, with each depositary share representing a 1/40th ownership interest in a share of the preferred stock. The Series A Preferred Stock has no stated maturity and is not subject to any sinking fund or other obligation of the Company. Dividends are approved by the Board of Directors and, if declared, are payable quarterly, in arrears, at a rate per annum equal to 5.25 percent . The Series A Preferred Stock is redeemable at the Company’s option, in whole or in part, on or after February 15, 2025. Prior to February 15, 2025, the Series A Preferred Stock is redeemable at the Company’s option, in whole and not in part, following any change in laws or regulations that would not allow the Company to treat the full liquidation value of the Series A Preferred Stock as Tier 1 capital for purposes of the capital adequacy guidelines of the Board of Governors of the Federal Reserve System ("the Federal Reserve"). The redemption amount is computed at the per share liquidation preference plus any declared but unpaid dividends. Redemptions are subject to certain regulatory provisions, including approval of the Federal Reserve. As of June 30, 2020 , there were 350,000 shares issued and outstanding of Series A Preferred Shares, which had a carrying value of $340.1 million and liquidation preference of $350.0 million . The following table summarizes our preferred stock at June 30, 2020 : Series Description Amount outstanding (in millions) Carrying value (in millions) Shares issued and outstanding Par Value Ownership interest per depository share Liquidation preference per depository share 2020 dividends paid per depository share Series A 5.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock $ 350 $ 340.1 350,000 $ 0.001 1/40th $ 25 $ 0.57 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation For the three and six months ended June 30, 2020 and 2019 , we recorded share-based compensation and related tax benefits as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Share-based compensation expense $ 20,154 $ 16,646 $ 39,325 $ 31,768 Income tax benefit related to share-based compensation expense (4,727 ) (3,817 ) (9,167 ) (7,144 ) Unrecognized Compensation Expense As of June 30, 2020 , unrecognized share-based compensation expense was as follows: (Dollars in thousands) Unrecognized Expense Weighted Average Expected Recognition Period - in Years Stock options $ 17,048 2.78 Restricted stock units and awards 134,908 2.85 Total unrecognized share-based compensation expense $ 151,956 Share-Based Payment Award Activity The table below provides stock option information related to the 2006 Equity Incentive Plan for the six months ended June 30, 2020 : Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life - in Years Aggregate Intrinsic Value of In-The- Money Options Outstanding at December 31, 2019 625,407 $ 169.33 Granted 119,472 185.52 Exercised (82,896 ) 89.71 Forfeited (11,585 ) 226.95 Expired (1,030 ) 71.11 Outstanding at June 30, 2020 649,368 181.60 4.11 $ 32,958,101 Vested and expected to vest at June 30, 2020 622,501 180.01 4.02 32,492,850 Exercisable at June 30, 2020 367,008 148.46 2.67 28,597,666 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 $215.53 as of June 30, 2020 . The total intrinsic value of options exercised during the three and six months ended June 30, 2020 was $3.3 million and $11.6 million , compared to $6.9 million and $14.4 million for the comparable 2019 period. The table below provides information for restricted stock units and awards under the 2006 Equity Incentive Plan for the six months ended June 30, 2020 : Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2019 847,972 $ 236.54 Granted 402,546 188.64 Vested (238,460 ) 207.50 Forfeited (39,817 ) 227.23 Nonvested at June 30, 2020 972,241 224.21 |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 and December 31, 2019 : (Dollars in thousands) Consolidated VIEs Unconsolidated VIEs Maximum Exposure to Loss in Unconsolidated VIEs June 30, 2020: Assets: Cash and cash equivalents $ 9,363 $ — $ — Non-marketable and other equity securities (1) 274,685 726,879 726,879 Accrued interest receivable and other assets 607 — — Total assets $ 284,655 $ 726,879 $ 726,879 Liabilities: Other liabilities (1) 1,447 332,935 — Total liabilities $ 1,447 $ 332,935 $ — December 31, 2019: Assets: Cash and cash equivalents $ 7,629 $ — $ — Non-marketable and other equity securities (1) 270,057 689,360 689,360 Accrued interest receivable and other assets 1,117 — — Total assets $ 278,803 $ 689,360 $ 689,360 Liabilities: Other liabilities (1) 2,854 302,031 — Total liabilities $ 2,854 $ 302,031 $ — (1) Included in our unconsolidated non-marketable and other equity securities portfolio at June 30, 2020 and December 31, 2019 are investments in qualified affordable housing projects of $533.2 million and $458.5 million , respectively, and related other liabilities consisting of unfunded commitments of $332.9 million and $302.0 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 are investments held by SVB Financial in third-party funds 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 15 — “Off-Balance Sheet Arrangements, Guarantees and Other Commitments” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report . The Bank also has variable interests in low income housing tax credit funds, in connection with fulfilling its responsibilities under the Community Reinvestment Act (“CRA”), that are designed to generate a return primarily through the realization of federal tax credits. These investments are typically limited partnerships in which the general partner, other than the Bank, holds the power over significant activities of the VIE; therefore, these investments are not consolidated. For additional information on our investments in qualified affordable housing projects, see Note 6 — “Investment Securities" of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report . As of June 30, 2020 , our exposure to loss with respect to the consolidated VIEs is limited to our net assets of $283.2 million and our exposure to loss for our unconsolidated VIEs is equal to our investment in these assets of $726.9 million |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents The following table details our cash and cash equivalents at June 30, 2020 and December 31, 2019 : (Dollars in thousands) June 30, 2020 December 31, 2019 Cash and due from banks (1) $ 13,885,058 $ 6,492,443 Securities purchased under agreements to resell (2) 317,048 289,340 Total cash and cash equivalents $ 14,202,106 $ 6,781,783 (1) At June 30, 2020 and December 31, 2019 , $11.0 billion and $3.7 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 $2.0 billion and $2.1 billion , respectively. (2) At June 30, 2020 and December 31, 2019 , 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 $323.5 million a n d $295.3 million , respectively. None of these securities were sold or repledged as of June 30, 2020 and December 31, 2019 . |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2020 | |
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, investments in qualified affordable housing projects, 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 June 30, 2020 and December 31, 2019 are as follows: June 30, 2020 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Carrying Value Available-for-sale securities, at fair value: U.S. Treasury securities $ 4,229,988 $ 305,252 $ (5 ) $ 4,535,235 U.S. agency debentures 100,000 2,659 — 102,659 Foreign government debt securities 22,540 — (15 ) 22,525 Residential mortgage-backed securities: Agency-issued mortgage-backed securities 7,465,130 193,484 (3,058 ) 7,655,556 Agency-issued collateralized mortgage obligations—fixed rate 2,949,805 31,229 (1,494 ) 2,979,540 Agency-issued commercial mortgage-backed securities 3,033,126 123,276 (4 ) 3,156,398 Total available-for-sale securities $ 17,800,589 $ 655,900 $ (4,576 ) $ 18,451,913 December 31, 2019 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Carrying Value Available-for-sale securities, at fair value: U.S. Treasury securities $ 6,815,874 $ 82,267 $ (4,131 ) $ 6,894,010 U.S. agency debentures 100,000 — (453 ) 99,547 Foreign government debt securities 9,037 1 — 9,038 Residential mortgage-backed securities: Agency-issued mortgage-backed securities 4,109,372 39,438 (19 ) 4,148,791 Agency-issued collateralized mortgage obligations—fixed rate 1,520,414 17,929 — 1,538,343 Agency-issued commercial mortgage-backed securities 1,339,651 1,078 (15,539 ) 1,325,190 Total available-for-sale securities $ 13,894,348 $ 140,713 $ (20,142 ) $ 14,014,919 The following table summarizes sale activity of available-for-sale securities during the three and six months ended June 30, 2020 and 2019 as recorded in the line item “Gains on investment securities, net," a component of noninterest income: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Sales proceeds $ — $ 1,017,523 $ 2,654,212 $ 2,189,087 Net realized gains and losses: Gross realized gains — 1,250 61,165 1,250 Gross realized losses — (1,525 ) — (5,155 ) Net realized gains (losses) $ — $ (275 ) $ 61,165 $ (3,905 ) The following tables summarize our available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded and summarized into categories of less than 12 months, or 12 months or longer, as of June 30, 2020 and December 31, 2019 : June 30, 2020 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 $ 10,057 $ (5 ) $ — $ — $ 10,057 $ (5 ) Foreign government debt securities 22,525 (15 ) — — 22,525 (15 ) Residential mortgage-backed securities: Agency-issued mortgage-backed securities 1,424,857 (3,058 ) — — 1,424,857 (3,058 ) Agency-issued collateralized mortgage obligations—fixed rate 474,025 (1,494 ) — — 474,025 (1,494 ) Agency-issued commercial mortgage-backed securities 101,480 (4 ) — — 101,480 (4 ) Total available-for-sale securities (1) $ 2,032,944 $ (4,576 ) $ — $ — $ 2,032,944 $ (4,576 ) (1) As of June 30, 2020 , we identified a total of 50 investments that were in unrealized loss positions with no investment in an unrealized loss position for a period of time greater than 12 months. Based on our analysis of the securities in an unrealized loss position as of June 30, 2020 , the decline in value is unrelated to credit loss and is related to changes in market interest rates since purchase and therefore changes in value for securities are included in other comprehensive income. Market valuations and credit loss analyses on assets in the available-for-sale securities portfolio are reviewed and monitored on a quarterly basis. As of June 30, 2020 , we do not intend to sell any of our securities in an unrealized loss position prior to recovery of our amortized 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 amortized cost basis. None of the investments in our available-for-sale securities portfolio were past due as of June 30, 2020 . December 31, 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 $ 971,572 $ (3,996 ) $ 449,850 $ (135 ) $ 1,421,422 $ (4,131 ) U.S. agency debentures 99,547 (453 ) — — 99,547 (453 ) Residential mortgage-backed securities: Agency-issued mortgage-backed securities 4,014 (19 ) — — 4,014 (19 ) Agency-issued commercial mortgage-backed securities 1,027,232 (15,539 ) — — 1,027,232 (15,539 ) Total available-for-sale securities (1) $ 2,102,365 $ (20,007 ) $ 449,850 $ (135 ) $ 2,552,215 $ (20,142 ) (1) As of December 31, 2019 , we identified a total of 58 investments that were in unrealized loss positions, of which 12 investments totaling $0.4 billion with unrealized losses of $0.1 million have been in an unrealized loss 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 June 30, 2020 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. June 30, 2020 (Dollars in thousands) Total One Year After One After Five After U.S. Treasury securities $ 4,535,235 $ 85,518 $ 2,613,342 $ 1,836,375 $ — U.S. agency debentures 102,659 — — 102,659 — Foreign government debt securities 22,525 22,525 — — — Residential mortgage-backed securities: Agency-issued mortgage-backed securities 7,655,556 — — — 7,655,556 Agency-issued collateralized mortgage obligations—fixed rate 2,979,540 — 491 — 2,979,049 Agency-issued commercial mortgage-backed securities 3,156,398 — — 1,347,235 1,809,163 Total $ 18,451,913 $ 108,043 $ 2,613,833 $ 3,286,269 $ 12,443,768 Held-to-Maturity Securities The components of our held-to-maturity investment securities portfolio at June 30, 2020 and December 31, 2019 are as follows: June 30, 2020 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Allowance for Credit Losses (2) Held-to-maturity securities, at cost: U.S. agency debentures (1) $ 453,280 $ 20,657 $ — $ 473,937 $ — Residential mortgage-backed securities: Agency-issued mortgage-backed securities 6,086,154 310,266 (46 ) 6,396,374 — Agency-issued collateralized mortgage obligations —fixed rate 1,518,848 26,124 — 1,544,972 — Agency-issued collateralized mortgage obligations—variable rate 162,250 1,403 (223 ) 163,430 — Agency-issued commercial mortgage-backed securities 2,484,072 162,042 — 2,646,114 — Municipal bonds and notes 2,154,441 162,193 — 2,316,634 222 Total held-to-maturity securities $ 12,859,045 $ 682,685 $ (269 ) $ 13,541,461 $ 222 (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. (2) Refer to Note 1 - "Basis of Presentation" of the "Notes to Interim Consolidated Financial Statements (unaudited)" under Part i, Item 1 of this report for more information on our credit loss methodology. December 31, 2019 (Dollars in thousands) Amortized Unrealized Unrealized Fair Value Held-to-maturity securities, at amortized cost: U.S. agency debentures (1) $ 518,728 $ 6,640 $ (668 ) $ 524,700 Residential mortgage-backed securities: Agency-issued mortgage-backed securities 6,992,009 142,209 (2,066 ) 7,132,152 Agency-issued collateralized mortgage obligations—fixed rate 1,608,032 592 (8,502 ) 1,600,122 Agency-issued collateralized mortgage obligations—variable rate 178,611 94 (259 ) 178,446 Agency-issued commercial mortgage-backed securities 2,759,615 56,914 (4,508 ) 2,812,021 Municipal bonds and notes 1,785,951 83,314 (1,434 ) 1,867,831 Total held-to-maturity securities $ 13,842,946 $ 289,763 $ (17,437 ) $ 14,115,272 (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. Allowance for Credit Losses for HTM Securities The following table summarizes the activity relating to our allowance for credit losses for HTM securities for the three and six months ended June 30, 2020 : Three months ended June 30, 2020 Beginning Balance March 31, 2020 Day One Impact of adopting ASC 326 Provision for Credit Losses Ending Balance June 30, 2020 (Dollars in thousands) Municipal bonds and notes $ 230 $ — $ (8 ) $ 222 Total allowance for credit losses $ 230 $ — $ (8 ) $ 222 Six months ended June 30, 2020 Beginning Balance December 31, 2019 Day One Impact of adopting ASC 326 Provision for Credit Losses Ending Balance June 30, 2020 (Dollars in thousands) Municipal bonds and notes $ — $ 174 $ 48 $ 222 Total allowance for credit losses $ — $ 174 $ 48 $ 222 Credit Quality Indicators On a quarterly basis, management monitors the credit quality for HTM securities through the use of standard credit ratings. The following table summarizes our amortized cost of HTM securities aggregated by credit quality indicator at June 30, 2020 : (Dollars in thousands) June 30, 2020 Municipal bonds and notes: Aaa $ 1,456,716 Aa1 475,395 Aa2 220,960 Aa3 1,370 Total $ 2,154,441 The following table summarizes the remaining contractual principal maturities on fixed income investment securities classified as held-to-maturity as of June 30, 2020 . 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. June 30, 2020 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 $ 453,280 $ 473,937 $ 2,622 $ 2,666 $ 142,917 $ 147,089 $ 307,741 $ 324,182 $ — $ — Residential mortgage-backed securities: Agency-issued mortgage-backed securities 6,086,154 6,396,374 8,369 8,467 40,337 41,199 640,876 664,186 5,396,572 5,682,522 Agency-issued collateralized mortgage obligations — fixed rate 1,518,848 1,544,972 — — — — 612,478 625,694 906,370 919,278 Agency-issued collateralized mortgage obligations — variable rate 162,250 163,430 — — — — — — 162,250 163,430 Agency-issued commercial mortgage-backed securities 2,484,072 2,646,114 — — — — 102,497 120,165 2,381,575 2,525,949 Municipal bonds and notes 2,154,441 2,316,634 31,814 32,094 142,152 147,934 479,079 517,215 1,501,396 1,619,391 Total $ 12,859,045 $ 13,541,461 $ 42,805 $ 43,227 $ 325,406 $ 336,222 $ 2,142,671 $ 2,251,442 $ 10,348,163 $ 10,910,570 Non-marketable and Other Equity Securities The major components of our non-marketable and other equity securities portfolio at June 30, 2020 and December 31, 2019 are as follows: (Dollars in thousands) June 30, 2020 December 31, 2019 Non-marketable and other equity securities: Non-marketable securities (fair value accounting): Consolidated venture capital and private equity fund investments (1) 68,214 $ 87,180 Unconsolidated venture capital and private equity fund investments (2) 145,122 178,217 Other investments without a readily determinable fair value (3) 56,206 55,255 Other equity securities in public companies (fair value accounting) (4) 45,288 59,200 Non-marketable securities (equity method accounting) (5): Venture capital and private equity fund investments 233,996 215,367 Debt funds 7,004 7,271 Other investments 181,543 152,863 Investments in qualified affordable housing projects, net (6) 533,205 458,476 Total non-marketable and other equity securities $ 1,270,578 $ 1,213,829 (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 June 30, 2020 and December 31, 2019 (fair value accounting): June 30, 2020 December 31, 2019 (Dollars in thousands) Amount Ownership % Amount Ownership % Strategic Investors Fund, LP $ 4,414 12.6 % $ 5,729 12.6 % Capital Preferred Return Fund, LP 36,890 20.0 45,341 20.0 Growth Partners, LP 26,776 33.0 35,976 33.0 CP I, LP 134 10.7 134 10.7 Total consolidated venture capital and private equity fund investments $ 68,214 $ 87,180 (2) The carrying value represents investments in 191 and 205 funds (primarily venture capital funds) at June 30, 2020 and December 31, 2019 , 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 March 31 st for our June 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 six months ended June 30, 2020 : (Dollars in thousands) Six months ended June 30, 2020 Cumulative Adjustments Measurement alternative: Carrying value at June 30, 2020 $ 56,206 Carrying value adjustments: Impairment $ — $ (460 ) Upward changes for observable prices — 1,810 Downward changes for observable prices (3,076 ) (7,671 ) (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 June 30, 2020 and December 31, 2019 (equity method accounting): June 30, 2020 December 31, 2019 (Dollars in thousands) Amount Ownership % Amount Ownership % Venture capital and private equity fund investments: Strategic Investors Fund II, LP $ 3,083 8.6 % $ 3,612 8.6 % Strategic Investors Fund III, LP 14,211 5.9 15,668 5.9 Strategic Investors Fund IV, LP 24,743 5.0 27,064 5.0 Strategic Investors Fund V funds 47,734 Various 46,830 Various CP II, LP (i) 4,646 5.1 5,907 5.1 Other venture capital and private equity fund investments 139,579 Various 116,286 Various Total venture capital and private equity fund investments $ 233,996 $ 215,367 Debt funds: Gold Hill Capital 2008, LP (ii) $ 5,334 15.5 % $ 5,525 15.5 % Other debt funds 1,670 Various 1,746 Various Total debt funds $ 7,004 $ 7,271 Other investments: SPD Silicon Valley Bank Co., Ltd. $ 105,863 50.0 % $ 74,190 50.0 % Other investments 75,680 Various 78,673 Various Total other investments $ 181,543 $ 152,863 (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 June 30, 2020 and December 31, 2019 : (Dollars in thousands) June 30, 2020 December 31, 2019 Investments in qualified affordable housing projects, net $ 533,205 $ 458,476 Other liabilities 332,935 302,031 The following table presents other information relating to our investments in qualified affordable housing projects for the three and six months ended June 30, 2020 and 2019 : Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Tax credits and other tax benefits recognized $ 19,723 $ 10,988 $ 31,482 $ 20,245 Amortization expense included in provision for income taxes (i) 10,388 6,758 21,859 14,394 (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 six months ended June 30, 2020 and 2019 as recorded in the line item “Gains on investment securities, net," a component of noninterest income: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Net gains (losses) on non-marketable and other equity securities: Non-marketable securities (fair value accounting): Consolidated venture capital and private equity fund investments $ 1,277 $ 14,830 $ 4,390 $ 18,119 Unconsolidated venture capital and private equity fund investments (2,465 ) 10,152 (1,213 ) 18,158 Other investments without a readily determinable fair value (893 ) 167 (3,836 ) 5,172 Other equity securities in public companies (fair value accounting) 12,988 282 5,484 12,085 Non-marketable securities (equity method accounting): Venture capital and private equity fund investments 26,393 22,351 18,347 25,140 Debt funds 94 1,342 (268 ) 1,342 Other investments (2,526 ) (1,151 ) (3,146 ) 615 Total net gains on non-marketable and other equity securities $ 34,868 $ 47,973 $ 19,758 $ 80,631 Less: realized net gains on sales of non-marketable and other equity securities 264 2,524 215 12,359 Net gains on non-marketable and other equity securities still held $ 34,604 $ 45,449 $ 19,543 $ 68,272 |
Loans, Allowance for Loan Losse
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses: Loans and Unfunded Credit Commitments | Loans and Allowance for Credit Losses: Loans and 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 (such as 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”). Our life science/healthcare clients primarily tend to be in the industries of biotechnology, medical devices, healthcare information technology and healthcare services. Loans to our technology, life science/healthcare and ERI clients are reported under the Investor Dependent, Cash Flow Dependent and Balance Sheet Dependent risk-based segments below. 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. 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. CECL Adoption On January 1, 2020, we adopted the new credit loss guidance, CECL, and all related amendments. Our loan portfolio was pooled into six portfolio segments that share similar risk characteristics and represent the level at which we developed our systematic methodology to determine our allowance for credit losses. Further, our portfolio segments were disaggregated and grouped into ten classes of financing receivable that represent the level at which we monitor and assess credit risk, which we refer to as "risk-based segments". As such, our funded loans and credit quality disclosures below are presented at the risk-based segment level of disaggregation. As of June 30, 2020, we have seven portfolio segments and eleven classes of financing receivable reflective of the funding of SBA loans under the PPP. The comparative information below has been reclassified to conform to current period presentations. However, the financial results continue to be reported under the accounting standards in effect for those periods. Certain prior period credit quality disclosures related to impaired loans and our individually and collectively evaluated loan portfolio have been superseded with the current guidance and have not been included below, please refer to Note 10 - “Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments" under Part II, Item 8 of our 2019 Form 10-K for additional prior period information. Refer to Note 1 — “Basis of Presentation” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional information regarding the adoption of CECL. The composition of loans at amortized cost basis broken out by risk-based segment at June 30, 2020 and December 31, 2019 is presented in the following table: (Dollars in thousands) June 30, 2020 December 31, 2019 Private equity/venture capital $ 17,901,117 $ 17,696,794 Investor dependent: Early stage 1,797,576 1,624,221 Mid stage 1,435,772 1,047,398 Later stage 1,905,528 1,663,576 Total investor dependent 5,138,876 4,335,195 Cash flow dependent: Sponsor led buyout 2,057,439 2,185,497 Other 2,787,807 2,238,741 Total cash flow dependent 4,845,246 4,424,238 Private bank (4) 3,816,277 3,492,269 Balance sheet dependent 1,693,071 1,286,153 Premium wine (4) 1,039,456 1,062,264 Other (4) 457,234 867,723 SBA loans 1,835,945 — Total loans (1) (2) (3) $ 36,727,222 $ 33,164,636 Allowance for credit losses (589,828 ) (304,924 ) Net loans $ 36,137,394 $ 32,859,712 (1) Total loans at amortized cost is net of unearned income of $220 million and $163 million at June 30, 2020 and December 31, 2019 , respectively. (2) Included within our total loan portfolio are credit card loans of $280 million and $395 million at June 30, 2020 and December 31, 2019 , respectively. (3) Included within our total loan portfolio are construction loans of $147 million and $183 million at June 30, 2020 and December 31, 2019 , respectively. (4) Our total loans secured by real estate at amortized cost at June 30, 2020 and December 31, 2019 were comprised of the following: (Dollars in thousands) June 30, 2020 December 31, 2019 Real estate secured loans: Private bank: Loans for personal residence $ 2,714,069 $ 2,829,880 Loans to eligible employees 439,006 401,396 Home equity lines of credit 58,284 55,461 Other 42,464 38,880 Total private bank loans secured by real estate $ 3,253,823 $ 3,325,617 Premium wine 777,560 820,730 Other 470,567 — Total real estate secured loans $ 4,501,950 $ 4,146,347 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 “Criticized.” All of our nonaccrual loans are risk-rated 8 or 9 and are classified under the nonperforming category. Loans rated 10 are charged-off and are not included as part of our loan portfolio balance. We review our credit quality indicators on a quarterly basis for performance and appropriateness of risk ratings as part of our evaluation process for our allowance for credit losses for loans. The following table summarizes the credit quality indicators, broken out by risk-based segment, as of June 30, 2020 and December 31, 2019 : (Dollars in thousands) Pass Criticized Nonperforming (Nonaccrual) Total June 30, 2020: Private equity/venture capital $ 17,892,840 $ 8,268 $ 9 $ 17,901,117 Investor dependent: Early stage 1,549,222 223,932 24,422 1,797,576 Mid stage 1,259,442 168,211 8,119 1,435,772 Later stage 1,719,152 175,878 10,498 1,905,528 Total investor dependent 4,527,816 568,021 43,039 5,138,876 Cash flow dependent: Sponsor led buyout 1,819,253 216,528 21,658 2,057,439 Other 2,441,376 341,114 5,317 2,787,807 Total cash flow dependent 4,260,629 557,642 26,975 4,845,246 Private bank 3,787,830 21,930 6,517 3,816,277 Balance sheet dependent 1,588,207 93,022 11,842 1,693,071 Premium wine 926,549 111,226 1,681 1,039,456 Other 456,947 226 61 457,234 SBA loans 1,688,030 143,713 4,202 1,835,945 Total loans (1) $ 35,128,848 $ 1,504,048 $ 94,326 $ 36,727,222 December 31, 2019: Private equity/venture capital $ 17,708,550 $ 4,247 $ — $ 17,712,797 Investor dependent Early stage 1,436,022 206,310 11,093 1,653,425 Mid stage 924,002 125,451 17,330 1,066,783 Later stage 1,490,561 201,819 6,296 1,698,676 Total investor dependent 3,850,585 533,580 34,719 4,418,884 Cash flow dependent Sponsor led buyout 2,039,847 118,588 44,585 2,203,020 Other 2,141,766 93,400 17,681 2,252,847 Total cash flow dependent 4,181,613 211,988 62,266 4,455,867 Private bank 3,472,138 11,601 5,480 3,489,219 Balance sheet dependent 1,231,961 65,343 — 1,297,304 Premium wine 1,026,973 36,335 204 1,063,512 Other 890,059 62 — 890,121 Total loans (1) $ 32,361,879 $ 863,156 $ 102,669 $ 33,327,704 (1) For the quarter ended June 30, 2020, loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis. The following table summarizes the credit quality indicators, broken out by risk-based segments and vintage year, as of June 30, 2020 : Term Loans by Origination Year (Dollars in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Private equity/venture capital: Risk rating: Pass $ 339,398 $ 188,421 $ 71,803 $ 39,857 $ 3,577 $ 16,055 $ 17,228,948 $ 4,781 $ 17,892,840 Criticized 54 — — — — — 8,214 — 8,268 Nonperforming — 9 — — — — — — 9 Total private equity/venture capital $ 339,452 $ 188,430 $ 71,803 $ 39,857 $ 3,577 $ 16,055 $ 17,237,162 $ 4,781 $ 17,901,117 Investor dependent: Early stage: Risk rating: Pass $ 576,597 $ 614,464 $ 216,902 $ 53,103 $ 4,304 $ 355 $ 83,497 $ — $ 1,549,222 Criticized 38,123 93,416 53,065 12,949 6,555 5,702 14,122 — 223,932 Nonperforming 2,085 8,670 7,542 2,771 2,197 — 1,157 — 24,422 Total early stage $ 616,805 $ 716,550 $ 277,509 $ 68,823 $ 13,056 $ 6,057 $ 98,776 $ — $ 1,797,576 Mid stage: Risk rating: Pass $ 527,905 $ 342,149 $ 194,287 $ 59,075 $ 1,502 $ 4,448 $ 130,076 $ — $ 1,259,442 Criticized 32,514 53,500 48,379 13,833 3,345 2,907 13,733 — 168,211 Nonperforming — 210 5,646 2,041 — — 222 — 8,119 Total mid stage $ 560,419 $ 395,859 $ 248,312 $ 74,949 $ 4,847 $ 7,355 $ 144,031 $ — $ 1,435,772 Later stage: Risk rating: Pass $ 495,546 $ 564,400 $ 188,404 $ 73,703 $ 6,539 $ 7,860 $ 382,700 $ — $ 1,719,152 Criticized 32,347 25,890 53,707 7,074 — 6,506 50,354 — 175,878 Nonperforming — 1,435 2,374 3,885 — — 2,804 — 10,498 Total later stage $ 527,893 $ 591,725 $ 244,485 $ 84,662 $ 6,539 $ 14,366 $ 435,858 $ — $ 1,905,528 Total investor dependent $ 1,705,117 $ 1,704,134 $ 770,306 $ 228,434 $ 24,442 $ 27,778 $ 678,665 $ — $ 5,138,876 Cash flow dependent: Sponsor led buyout: Risk rating: Pass $ 374,547 $ 637,287 $ 357,322 $ 262,844 $ 58,014 $ — $ 129,239 $ — $ 1,819,253 Criticized 33,714 69,764 51,479 31,801 11,958 — 17,812 — 216,528 Nonperforming 19 11,937 — 7,218 — — 2,484 — 21,658 Total sponsor led buyout $ 408,280 $ 718,988 $ 408,801 $ 301,863 $ 69,972 $ — $ 149,535 $ — $ 2,057,439 Other Risk rating: Pass $ 339,862 $ 639,167 $ 193,797 $ 114,650 $ 41,605 $ 347 $ 1,111,948 $ — $ 2,441,376 Criticized 14,326 71,911 88,065 2,807 581 — 163,424 — 341,114 Nonperforming — — 1,140 — — — 4,177 — 5,317 Total other $ 354,188 $ 711,078 $ 283,002 $ 117,457 $ 42,186 $ 347 $ 1,279,549 $ — $ 2,787,807 Total cash flow dependent $ 762,468 $ 1,430,066 $ 691,803 $ 419,320 $ 112,158 $ 347 $ 1,429,084 $ — $ 4,845,246 Private bank: Risk rating: Pass $ 596,908 $ 1,062,779 $ 443,164 $ 440,490 $ 363,380 $ 531,090 $ 277,942 $ 72,077 $ 3,787,830 Criticized — 5,859 2,926 1,805 2,500 8,238 602 — 21,930 Nonperforming — — — 1,570 — 2,901 2,046 — 6,517 Total private bank $ 596,908 $ 1,068,638 $ 446,090 $ 443,865 $ 365,880 $ 542,229 $ 280,590 $ 72,077 $ 3,816,277 Balance sheet dependent: Risk rating: Pass $ 216,879 $ 221,481 $ 247,818 $ 33,048 $ 4,545 $ — $ 864,436 $ — $ 1,588,207 Criticized — 8,627 2,494 1,464 — — 80,437 — 93,022 Nonperforming 14 — — — — — 11,828 — 11,842 Total balance sheet dependent $ 216,893 $ 230,108 $ 250,312 $ 34,512 $ 4,545 $ — $ 956,701 $ — $ 1,693,071 Premium wine: Risk rating: Pass $ 85,177 $ 237,520 $ 73,632 $ 92,594 $ 93,214 $ 177,246 $ 167,166 $ — $ 926,549 Criticized 2,042 12,674 35,964 353 3,980 13,327 42,886 — 111,226 Nonperforming — — — — 1,668 — 13 — 1,681 Total Premium wine $ 87,219 $ 250,194 $ 109,596 $ 92,947 $ 98,862 $ 190,573 $ 210,065 $ — $ 1,039,456 Other: Risk rating: Pass $ 21,785 $ 240,902 $ 40,279 $ 38,752 $ 58,554 $ 33,212 $ 23,256 $ 207 $ 456,947 Criticized 100 — — — — — 126 — 226 Nonperforming — 61 — — — — — — 61 Total other $ 21,885 $ 240,963 $ 40,279 $ 38,752 $ 58,554 $ 33,212 $ 23,382 $ 207 $ 457,234 SBA loans: Risk rating: Pass $ 1,688,030 $ — $ — $ — $ — $ — $ — $ — $ 1,688,030 Criticized 143,713 — — — — — — — 143,713 Nonperforming 4,202 — — — — — — — 4,202 Total SBA loans $ 1,835,945 $ — $ — $ — $ — $ — $ — $ — $ 1,835,945 Total loans $ 5,565,887 $ 5,112,533 $ 2,380,189 $ 1,297,687 $ 668,018 $ 810,194 $ 20,815,649 $ 77,065 $ 36,727,222 The following tables summarize the activity relating to our allowance for credit losses for loans for the three and six months ended June 30, 2020 and 2019 , broken out by risk-based segment: Three months ended June 30, 2020 Beginning Balance March 31, 2020 Charge-offs Recoveries Provision for (Reduction of) Credit Losses Foreign Currency Translation Adjustments Ending Balance June 30, 2020 (Dollars in thousands) Private equity/venture capital $ 56,774 $ — $ — $ (3,051 ) $ — $ 53,723 Investor dependent: Early stage 127,189 (1,764 ) 2,390 20,451 4 148,270 Mid stage 51,962 (3,653 ) 1,269 6,861 (46 ) 56,393 Later stage 96,550 — — (8,950 ) 4 87,604 Total investor dependent 275,701 (5,417 ) 3,659 18,362 (38 ) 292,267 Cash flow dependent: Sponsor led buyout 42,091 — — 12,763 (1 ) 54,853 Other 39,416 (3,385 ) 1 7,068 — 43,100 Total cash flow dependent 81,507 (3,385 ) 1 19,831 (1 ) 97,953 Private bank 87,795 (1,035 ) — 4,585 — 91,345 Balance sheet dependent 23,235 (4,900 ) — 6,393 — 24,728 Premium wine 12,377 — — (58 ) — 12,319 Other 11,574 (318 ) 413 1,979 (13 ) 13,635 SBA loans — — — 3,858 — 3,858 Total allowance for credit losses $ 548,963 $ (15,055 ) $ 4,073 $ 51,899 $ (52 ) $ 589,828 Three months ended June 30, 2019 Beginning Balance March 31, 2019 Charge-offs Recoveries Provision for (Reduction of) Credit Losses Foreign Currency Translation Adjustments Ending Balance June 30, 2019 (Dollars in thousands) Private equity/venture capital $ 95,311 $ (2,047 ) $ — $ 8,336 $ (347 ) $ 101,253 Investor dependent: Early stage 26,730 (7,627 ) 3,357 8,878 (369 ) 30,969 Mid stage 38,163 (13,395 ) 900 2,708 (112 ) 28,264 Later stage 30,163 — 1,133 6,932 (288 ) 37,940 Total investor dependent 95,056 (21,022 ) 5,390 18,518 (769 ) 97,173 Cash flow dependent: Sponsor led buyout 40,933 (2,402 ) — (6,677 ) 277 32,131 Other 20,514 — 4,397 (376 ) 16 24,551 Total cash flow dependent 61,447 (2,402 ) 4,397 (7,053 ) 293 56,682 Private Bank 19,964 (960 ) 15 1,438 (60 ) 20,397 Balance sheet dependent 21,632 — — (4,566 ) 190 17,256 Premium wine 3,949 — — 290 (12 ) 4,227 Other 2,792 (4 ) 18 2,185 (91 ) 4,900 Total allowance for credit losses $ 300,151 $ (26,435 ) $ 9,820 $ 19,148 $ (796 ) $ 301,888 Six months ended June 30, 2020 Beginning Balance December 31, 2019 Impact of adopting ASC 326 Charge-offs Recoveries Provision for (Reduction of) Credit Losses Foreign Currency Translation Adjustments Ending Balance June 30, 2020 (Dollars in thousands) Private equity/venture capital $ 107,285 $ (69,888 ) $ — $ — $ 16,506 $ (180 ) $ 53,723 Investor dependent: Early stage 26,245 39,911 (11,947 ) 3,963 90,665 (567 ) 148,270 Mid stage 15,936 6,963 (12,985 ) 4,606 42,006 (133 ) 56,393 Later stage 40,189 24,750 (13,984 ) — 37,088 (439 ) 87,604 Total investor dependent 82,370 71,624 (38,916 ) 8,569 169,759 (1,139 ) 292,267 Cash flow dependent: Sponsor led buyout 42,939 3,151 (2,624 ) 2,845 8,675 (133 ) 54,853 Other 25,159 (3,056 ) (3,385 ) 1 24,506 (125 ) 43,100 Total cash flow dependent 68,098 95 (6,009 ) 2,846 33,181 (258 ) 97,953 Private bank 21,551 12,615 (1,616 ) — 59,075 (280 ) 91,345 Balance sheet dependent 12,722 (1,364 ) (4,900 ) — 18,344 (74 ) 24,728 Premium wine 5,296 3,650 (192 ) — 3,605 (40 ) 12,319 Other 7,602 8,732 (318 ) 413 (3,528 ) 734 13,635 SBA loans — — — — 3,858 — 3,858 Total allowance for credit losses $ 304,924 $ 25,464 $ (51,951 ) $ 11,828 $ 300,800 $ (1,237 ) $ 589,828 Six months ended June 30, 2019 Beginning Balance December 31, 2018 Charge-offs Recoveries Provision for (Reduction of) Credit Losses Foreign Currency Translation Adjustments Ending Balance June 30, 2019 (Dollars in thousands) Private equity/venture capital $ 93,781 $ (2,047 ) $ — $ 9,819 $ (300 ) $ 101,253 Investor dependent: Early stage 25,885 (9,295 ) 3,925 10,764 (310 ) 30,969 Mid stage 20,999 (19,911 ) 903 25,665 608 28,264 Later stage 25,217 — 1,777 11,103 (157 ) 37,940 Total investor dependent 72,101 (29,206 ) 6,605 47,532 141 97,173 Cash flow dependent: Sponsor led buyout 44,274 (2,402 ) — (9,916 ) 175 32,131 Other 21,754 (716 ) 4,397 (884 ) — 24,551 Total cash flow dependent 66,028 (3,118 ) 4,397 (10,800 ) 175 56,682 Private Bank 20,583 (1,019 ) 225 692 (84 ) 20,397 Balance sheet dependent 21,707 — — (4,639 ) 188 17,256 Premium wine 3,646 — — 584 (3 ) 4,227 Other 3,057 (45 ) 18 1,781 89 4,900 Total allowance for credit losses $ 280,903 $ (35,435 ) $ 11,245 $ 44,969 $ 206 $ 301,888 The following table summarizes the aging of our loans broken out by risk-based segments as of June 30, 2020 and December 31, 2019 : (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 Total Loans Past Due 90 Days or More Still Accruing Interest June 30, 2020: Private equity/venture capital $ 54 $ 10 $ 9 $ 73 $ 17,901,044 $ 17,901,117 $ — Investor dependent: Early stage 742 316 2,809 3,867 1,793,709 1,797,576 73 Mid stage 4,190 3,157 5,493 12,840 1,422,932 1,435,772 — Later stage 2,502 3,900 — 6,402 1,899,126 1,905,528 — Total investor dependent 7,434 7,373 8,302 23,109 5,115,767 5,138,876 73 Cash flow dependent: Sponsor led buyout 46 14 — 60 2,057,379 2,057,439 — Other 2,316 183 3,988 6,487 2,781,320 2,787,807 — Total cash flow dependent 2,362 197 3,988 6,547 4,838,699 4,845,246 — Private bank 601 — 2,749 3,350 3,812,927 3,816,277 — Balance sheet dependent 4,777 255 — 5,032 1,688,039 1,693,071 — Premium wine 1 — — 1 1,039,455 1,039,456 — Other 1 39 82 122 457,112 457,234 3 SBA loans — — — — 1,835,945 1,835,945 — Total loans (1) $ 15,230 $ 7,874 $ 15,130 $ 38,234 $ 36,688,988 $ 36,727,222 $ 76 December 31, 2019: Private equity/venture capital $ 97,739 $ 383 $ 3,150 $ 101,272 $ 17,611,525 17,712,797 $ 3,150 Investor dependent: Early stage 1,307 22,062 723 24,092 1,629,333 1,653,425 — Mid stage 10,025 6,999 — 17,024 1,049,759 1,066,783 — Later stage 8,113 500 10,569 19,182 1,679,494 1,698,676 — Total investor dependent 19,445 29,561 11,292 60,298 4,358,586 4,418,884 — Cash flow dependent Sponsor led buyout — — — — 2,203,020 2,203,020 — Other 2,426 3,061 2 5,489 2,247,358 2,252,847 — Total cash flow dependent 2,426 3,061 2 5,489 4,450,378 4,455,867 — Private bank 6,582 2,049 1,544 10,175 3,479,044 3,489,219 365 Balance sheet dependent 2,731 — — 2,731 1,294,573 1,297,304 — Premium wine 8,435 3,170 — 11,605 1,051,907 1,063,512 — Other 17 — — 17 890,104 890,121 — Total loans (1) $ 137,375 $ 38,224 $ 15,988 $ 191,587 $ 33,136,117 $ 33,327,704 $ 3,515 (1) For the quarter ended June 30, 2020, loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis. Nonaccrual Loans The following tables summarize our nonaccrual loan activity by risk-based segment for the three and six months ended June 30, 2020 and 2019 : Three months ended June 30, 2020 Beginning Balance March 31, 2020 Additions Paydowns and Other Reductions Charge-offs Ending Balance June 30, 2020 (Dollars in thousands) Private equity/venture capital $ — $ 9 $ — $ — $ 9 Investor dependent: Early stage 18,414 9,606 (3,141 ) (457 ) 24,422 Mid stage 12,180 494 (399 ) (4,156 ) 8,119 Later stage 14,443 959 (4,904 ) — 10,498 Total investor dependent 45,037 11,059 (8,444 ) (4,613 ) 43,039 Cash flow dependent: Sponsor led buyout — 21,658 — — 21,658 Other 13 8,580 (3,276 ) — 5,317 Total cash flow dependent 13 30,238 (3,276 ) — 26,975 Private bank 4,857 2,634 (974 ) — 6,517 Balance sheet dependent — 16,742 (4,900 ) — 11,842 Premium wine 700 998 (17 ) — 1,681 Other — 234 (173 ) — 61 SBA loans — 4,202 — — 4,202 Total nonaccrual loans $ 50,607 $ 66,116 $ (17,784 ) $ (4,613 ) $ 94,326 Three months ended June 30, 2019 Beginning Balance March 31, 2019 Additions Paydowns and Other Reductions Charge-offs Ending Balance June 30, 2019 (Dollars in thousands) Private equity/venture capital $ 5,947 $ — $ (3,900 ) $ (2,047 ) $ — Investor dependent: Early stage 8,697 8,379 (5,231 ) (1,555 ) 10,290 Mid stage 32,099 10,392 (869 ) (12,923 ) 28,699 Later stage 23,140 18,507 (3,301 ) — 38,346 Total investor dependent 63,936 37,278 (9,401 ) (14,478 ) 77,335 Cash flow dependent: Sponsor led buyout 38,237 — (27,470 ) (2,402 ) 8,365 Other 16,690 79 (16,690 ) — 79 Total cash flow dependent 54,927 79 (44,160 ) (2,402 ) 8,444 Private bank 3,809 1,865 (22 ) (8 ) 5,644 Balance sheet dependent 4,736 238 — — 4,974 Premium wine 268 — (24 ) — 244 Other — — — — — Total nonaccrual loans (1) $ 133,623 $ 39,460 $ (57,507 ) $ (18,935 ) $ 96,641 (1) For the quarter ended June 30, 2020, loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis. Six months ended June 30, 2020 Beginning Balance December 31, 2019 Additions Paydowns and Other Reductions Charge-offs Ending Balance June 30, 2020 (Dollars in thousands) Private equity/venture capital $ — $ 9 $ — $ — $ 9 Investor dependent: Early stage 11,093 21,949 (5,905 ) (2,715 ) 24,422 Mid stage 17,330 12,585 (787 ) (21,009 ) 8,119 Later stage 6,296 12,183 (4,776 ) (3,205 ) 10,498 Total investor dependent 34,719 46,717 (11,468 ) (26,929 ) 43,039 Cash flow dependent: Sponsor led buyout 44,585 21,658 (41,961 ) (2,624 ) 21,658 Other 17,681 8,580 (20,926 ) (18 ) 5,317 Total cash flow dependent 62,266 30,238 (62,887 ) (2,642 ) 26,975 Private bank 5,480 2,634 (1,016 ) (581 ) 6,517 Balance sheet dependent — 16,742 (4,900 ) — 11,842 Premium wine 204 1,686 (17 ) (192 ) 1,681 Other — 234 (173 ) — 61 SBA loans — 4,202 — — 4,202 Total nonaccrual loans (1) $ 102,669 $ 102,462 $ (80,461 ) $ (30,344 ) $ 94,326 (1) For the quarter ended June 30, 2020, loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis. Six months ended June 30, 2019 Beginning Balance December 31, 2018 Additions Paydowns and Other Reductions Charge-offs Ending Balance June 30, 2019 (Dollars in thousands) Private equity/venture capital $ 3,700 $ 2,247 $ (3,900 ) $ (2,047 ) $ — Investor dependent: Early stage 7,616 12,812 (8,443 ) (1,695 ) 10,290 Mid stage 4,751 42,491 (1,390 ) (17,153 ) 28,699 Later stage 11,385 30,570 (3,609 ) — 38,346 Total investor dependent 23,752 85,873 (13,442 ) (18,848 ) 77,335 Cash flow dependent: Sponsor led buyout 39,534 — (28,767 ) (2,402 ) 8,365 Other 17,156 79 (16,690 ) (466 ) 79 Total cash flow dependent 56,690 79 (45,457 ) (2,868 ) 8,444 Private bank 3,919 1,880 (88 ) (67 ) 5,644 Balance sheet dependent 5,004 238 (268 ) — 4,974 Premium wine 285 — (41 ) — 244 Other 792 — (792 ) — — Total nonaccrual loans (1) $ 94,142 $ 90,317 $ (63,988 ) $ (23,830 ) $ 96,641 (1) For the quarter ended June 30, 2020, loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis. The following table summarizes our nonaccrual loans with no allowance for credit loss at June 30, 2020 and December 31, 2019 : June 30, 2020 December 31, 2019 (Dollars in thousands) Nonaccrual Loans Nonaccrual Loans with no Allowance for Credit Loss Nonaccrual Loans Nonaccrual Loans with no Allowance for Credit Loss Private equity/venture capital $ 9 $ 9 $ — $ — Investor dependent: Early stage 24,422 — 11,093 460 Mid stage 8,119 368 17,330 274 Later stage 10,498 4 6,296 — Total investor dependent 43,039 372 34,719 734 Cash flow dependent: Sponsor led buyout 21,658 — 44,585 — Other 5,317 — 17,681 2,782 Total cash flow dependent 26,975 — 62,266 2,782 Private bank 6,517 6,517 5,480 3,714 Balance sheet dependent 11,842 — — — Premium wine 1,681 997 204 — Other 61 61 — — SBA loans 4,202 — — — Total nonaccrual loans (1) $ 94,326 $ 7,956 $ 102,669 $ 7,230 (1) For the quarter ended June 30, 2020, loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis. Troubled Debt Restructurings As of June 30, 2020 , we had 18 TDRs with a total carrying value of $56.3 million where concessions have been granted to borrowers experiencing financial difficulties, in an attempt to maximize collection. There were $0.4 million of unfunded commitments available for funding to the clients associated with these TDRs as of June 30, 2020 . The following table summarizes our loans modified in TDRs, broken out by risk-based segment, at June 30, 2020 and December 31, 2019 : (Dollars in thousands) June 30, 2020 December 31, 2019 Loans modified in TDRs: Private equity/venture capital $ — $ — Investor dependent Early stage 5,354 9,471 Mid stage 11,130 5,189 Later stage 10,595 23,318 Total investor dependent 27,079 37,978 Cash flow dependent Sponsor led buyout 10,350 55,443 Other 5,326 — Total cash flow dependent 15,676 55,443 Private bank 1,318 2,104 Balance sheet dependent — — Premium wine 12,208 13,457 Other — — SBA loans — — Total loans modified in TDRs (1) $ 56,281 $ 108,982 (1) For the quarter ended June 30, 2020 , loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis. The following table summarizes the recorded investment in loans modified in TDRs, broken out by risk-based segment, for modifications made during the three and six months ended June 30, 2020 and 2019 : Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Loans modified in TDRs during the period: Private equity/venture capital $ — $ — $ — $ — Investor dependent Early stage 93 — 93 616 Mid stage 5,281 3,521 11,130 3,521 Later stage 3,966 14,214 6,710 14,214 Total investor dependent 9,340 17,735 17,933 18,351 Cash flow dependent Sponsor led buyout — 48,557 — 48,557 Other 3,986 — 3,986 — Total cash flow dependent 3,986 48,557 3,986 48,557 Private bank — 1,865 — 1,865 Balance sheet dependent — — — — Premium wine 997 — 998 — Other — — — — SBA loans — — — — Total loans modified in TDRs during the period (1) (2) $ 14,323 $ 68,157 $ 22,917 $ 68,773 (1) For the quarter ended June 30, 2020 , loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis. (2) There were $5.0 million and $17.5 million of partial charge-offs for the three and six months ended June 30, 2020 , respectively and $3.4 million and $5.6 million of partial charge-offs for the three and six months ended June 30, 2019 . During the three months ended June 30, 2020 , all new TDRs of $14.3 million were modified through payment deferrals granted to our clients. During the six months ended June 30, 2020 , new TDRs of $22.5 million were modified through payment deferrals granted to our clients and $0.4 million were modified through forgiveness of principal. During the three and six months ended June 30, 2019 , $66.3 million and $66.9 million , respectively, were modified through payment deferrals granted to our clients. During the three and six months ended June 30, 2019, $1.9 million were modified through partial forgiveness of principal for both periods presented. The following table summarizes the recorded investment in loans modified in TDRs within the previous 12 months that subsequently defaulted during the three and six months ended June 30, 2020 and 2019 : Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 TDRs modified within the previous 12 months that defaulted during the period: Private equity/venture capital $ — $ — $ — $ — Investor dependent Early stage — — — — Mid stage — — — — Later stage — — — — Total investor dependent — — — — Cash flow dependent Sponsor led buyout 10,350 — 10,350 — Other — — — — Total cash flow dependent 10,350 — 10,350 — Private bank — — — — Balance sheet dependent — — — — Premium wine — — — — Other — — — — SBA loans — — — — Total TDRs modified within the previous 12 months that defaulted in the period (1) $ 10,350 $ — $ 10,350 $ — (1) For the quarter ended June 30, 2020 , loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis. Charge-offs and defaults on previously restructured loans are evaluated to determine the impact to the allowance for credit losses for loans, if any. The evaluation of these defaults may impact the assumptions used in calculating the reserve on other TDRs and nonaccrual 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 credit losses for loans as of June 30, 2020 . Allowance for Credit Losses: Unfunded Credit Commitments We maintain a separate allowance for credit losses for unfunded credit commitments that is determined using a methodology that is inherently similar to the methodology used for calculating the allowance for credit losses for loans. The following table summarizes the activity relating to our allowance for credit losses for unfunded credit commitments for the three and six months ended June 30, 2020 and 2019 : Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Allowance for credit losses: unfunded credit commitments, beginning balance $ 84,690 $ 57,970 $ 67,656 $ 55,183 Impact of adopting ASC 326 — — 22,826 — Provision for credit losses 14,590 4,798 9,113 7,528 Foreign currency translation adjustments 14 (104 ) (301 ) (47 ) Allowance for credit losses: unfunded credit commitments, ending balance (1) $ 99,294 $ 62,664 $ 99,294 $ 62,664 (1) The “allowance for credit losses: unfunded credit commitments” is included as a component of “other liabilities” on our unaudited interim consolidated balance sheets. See Note 15 — “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. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | Leases We have operating leases for our corporate offices 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 rent 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 right-of-use 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. Total recorded balances for the lease assets and liabilities are as follows: (Dollars in thousands) June 30, 2020 December 31, 2019 Assets: Right-of-use assets - operating leases $ 215,319 $ 197,365 Liabilities: Lease liabilities - operating leases 239,357 218,847 The components of our lease cost and supplemental cash flow information related to leases for the three and six months ended June 30, 2020 and 2019 were as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Operating lease cost $ 11,605 $ 9,462 $ 22,969 $ 18,980 Short-term lease cost 420 582 759 845 Variable lease cost 1,198 933 1,791 1,779 Less: sublease income (155 ) (1,115 ) (1,287 ) (2,223 ) Total lease cost, net $ 13,068 $ 9,862 $ 24,232 $ 19,381 Supplemental cash flows information: Cash paid for amounts included in the measurement of lease liabilities: Cash paid for operating leases $ 12,130 10,884 $ 24,351 $ 21,238 Noncash items during the period: Lease obligations in exchange for obtaining Right-of-use assets Operating leases $ 18,850 — $ 40,463 $ — The table below presents additional information related to the Company's leases as of June 30, 2020 and December 31, 2019 : June 30, 2020 December 31, 2019 Weighted-average remaining term (in years) - operating leases 6.00 6.29 Weighted-average discount rate - operating leases (1) 2.64 % 2.92 % (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 June 30, 2020 : Years ended December 31, (Dollars in thousands) Operating Leases 2020 (excluding the six months ended June 30, 2020) $ 24,477 2021 48,887 2022 43,698 2023 42,602 2024 36,648 2025 and thereafter 63,684 Total future lease payments (1) $ 259,996 Less: imputed interest (20,639 ) Total lease liabilities $ 239,357 (1) As of June 30, 2020, we have additional leases that have not yet commenced. We estimate that we will record additional lease liabilities of $18.5 million upon commencement. These leases will commence in 2020 with lease terms of two years to ten years |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill Goodwill at both June 30, 2020 and December 31, 2019 was $137.8 million , which was a result of revenue generating synergies expected from our acquisition of SVB Leerink in 2019. Due to the economic uncertainty caused by COVID-19, we conducted an evaluation in the first quarter of 2020 and determined that it was more likely than not that the fair value of SVB Leerink was not less than its carrying amount; therefore, no impairment was recognized on goodwill as of March 31, 2020. We determined that an evaluation was not necessary for the second quarter of 2020 as a result of the strong performance of SVB Leerink for the three months ended June 30, 2020. 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 14 — “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: June 30, 2020 December 31, 2019 (Dollars in thousands) Gross Amount Accumulated Amortization Net Carrying Amount Gross Amount Accumulated Amortization Net Carrying Amount Other intangible assets: Customer relationships $ 42,000 $ 5,727 $ 36,273 $ 42,000 $ 3,818 $ 38,182 Other 18,900 8,447 10,453 18,900 7,665 11,235 Total other intangible assets $ 60,900 $ 14,174 $ 46,726 $ 60,900 $ 11,483 $ 49,417 For the six months ended June 30, 2020 , we recorded amortization expense of $2.7 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 June 30, 2020: Years ended December 31, (Dollars in thousands) Other Intangible Assets 2020 (excluding the six months ended June 30, 2020) $ 2,691 2021 4,732 2022 4,732 2023 4,732 2024 4,732 2025 and thereafter 25,107 Total future amortization expense $ 46,726 |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term Debt | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 and December 31, 2019 : Carrying Value (Dollars in thousands) Maturity Principal value at June 30, 2020 June 30, December 31, Short-term borrowings: Other short-term borrowings (1) $ 50,924 50,924 17,430 Total short-term borrowings $ 50,924 $ 17,430 Long-term debt: 3.50% Senior Notes January 29, 2025 $ 350,000 $ 348,166 $ 347,987 3.125% Senior Notes June 5, 2030 500,000 495,054 — Total long-term debt $ 843,220 $ 347,987 (1) 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 $4.9 million and $10.8 million for the three and six months ended June 30, 2020 and $9.2 million and $19.4 million for the three and six months ended June 30, 2019 . The weighted average interest rate associated with our short-term borrowings was 0.08 percent as of June 30, 2020 and 1.55 percent as of as of December 31, 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 June 30, 2020 , collateral pledged to the FHLB of San Francisco was comprised primarily of fixed income investment securities and loans and had a carrying value of $6.5 billion , of which $5.6 billion was available to support additional borrowings. As of June 30, 2020 , collateral pledged to the discount window at the FRB was comprised of fixed income investment securities and had a carrying value of $0.9 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 June 30, 2020 . Our total unused and available borrowing capacity under our master repurchase agreements with various financial institutions totaled $3.3 billion at June 30, 2020 . 3.125% Senior Notes On June 5, 2020, the Company issued $500 million of 3.125% Senior Notes due in June 2030 ("3.125% Senior Notes"). The 3.125% Senior Notes may be redeemed by us, at our option, at any time prior to March 5, 2030, at a redemption price equal to the full aggregate principal amount plus a “make-whole” premium payment. We received net proceeds from this offering of approximately $495.4 million after deducting underwriting discounts and commissions and issuance costs. The balance of our 3.125% Senior Notes at June 30, 2020 was $495.0 million , which is reflective of a $0.4 million |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments We primarily use derivative financial instruments to manage interest rate risk and 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 March 31, 2020, all derivatives previously classified as hedges with notional balances totaling $5.0 billion and a net asset fair value of $227.5 million were terminated. As of June 30, 2020 , the total unrealized gains on terminated cash flow hedges remaining in AOCI is $211.1 million , $152.6 million net of tax. The unrealized gains will be reclassified into interest income as the underlying forecasted transactions impact earnings through the original maturity of the hedged forecasted transactions. The total remaining term over which the unrealized gains will be reclassified into earnings is approximately five 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 2019 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 June 30, 2020 and December 31, 2019 were as follows: June 30, 2020 December 31, 2019 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 $ — $ — $ — $ 1,915,000 $ 22,676 $ — Interest rate swaps — — — 3,085,000 — 25,623 Derivatives not designated as hedging instruments: Currency exchange risks: Foreign exchange forwards 308,975 — 10,471 300,250 — 2,154 Other derivative instruments: Equity warrant assets 249,399 171,082 — 225,893 165,473 — Client foreign exchange forwards 6,937,993 179,166 — 4,661,517 114,546 — Client foreign exchange forwards 6,339,390 — 139,140 4,326,059 — 94,745 Client foreign currency options 155,412 2,927 — 154,985 1,308 — Client foreign currency options 155,412 — 2,927 154,985 — 1,308 Client interest rate derivatives 870,885 87,255 — 1,275,190 28,811 — Client interest rate derivatives (2) 977,084 — 28,676 1,372,914 — 14,154 Total derivatives not designated as hedging instruments 440,430 181,214 310,138 112,361 Total derivatives $ 440,430 $ 181,214 $ 332,814 $ 137,984 (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 reflects reductions of approximately $65.1 million and $17.4 million of derivative liabilities at June 30, 2020 and December 31, 2019 , respectively, reflecting variation margin treated as settlement of the related derivative fair values for legal and accounting purposes as required by central clearing houses. A summary of our derivative activity and the related impact on our consolidated statements of income for the three and six months ended June 30, 2020 and 2019 is as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) Statement of income location 2020 2019 2020 2019 Derivatives designated as hedging instruments: Interest rate risks: Amounts reclassified from accumulated other comprehensive income into income Interest income - loans $ 15,831 $ (508 ) $ 17,920 $ (511 ) Derivatives not designated as hedging instruments: Currency exchange risks: Gains on revaluations of internal foreign currency instruments, net Other noninterest income $ 11,428 $ 2,491 $ 3,053 $ 3,541 Losses on internal foreign exchange forward contracts, net Other noninterest income (9,334 ) (3,274 ) (666 ) (3,743 ) Net gains (losses) associated with internal currency risk $ 2,094 $ (783 ) $ 2,387 $ (202 ) Other derivative instruments: Gains (losses) on revaluations of client foreign currency instruments, net Other noninterest income $ 4,911 $ 959 $ (3,373 ) $ (12,612 ) (Losses) gains on client foreign exchange forward contracts, net Other noninterest income (6,806 ) 411 941 13,065 Net (losses) gains associated with client currency risk $ (1,895 ) $ 1,370 $ (2,432 ) $ 453 Net gains on equity warrant assets Gains on equity warrant assets, net $ 26,506 $ 48,347 $ 39,901 $ 69,652 Net losses on other derivatives Other noninterest income $ (273 ) $ (1,131 ) $ (4,618 ) $ (1,496 ) 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 June 30, 2020 and December 31, 2019 : 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) June 30, 2020 Derivative assets: Interest rate swaps $ — $ — $ — $ — $ — $ — Foreign exchange forwards 179,166 — 179,166 (76,065 ) (49,755 ) 53,346 Foreign currency options 2,927 — 2,927 (1,055 ) (1,169 ) 703 Client interest rate derivatives 87,255 — 87,255 (87,255 ) — — Total derivative assets 269,348 — 269,348 (164,375 ) (50,924 ) 54,049 Reverse repurchase, securities borrowing, and similar arrangements 317,048 — 317,048 (317,048 ) — — Total $ 586,396 $ — $ 586,396 $ (481,423 ) $ (50,924 ) $ 54,049 December 31, 2019 Derivative assets: Interest rate swaps $ 22,676 $ — $ 22,676 $ (22,598 ) $ — $ 78 Foreign exchange forwards 114,546 — 114,546 (36,855 ) (17,095 ) 60,596 Foreign currency options 1,308 — 1,308 (848 ) (335 ) 125 Client interest rate derivatives 28,811 — 28,811 (28,811 ) — — Total derivative assets 167,341 — 167,341 (89,112 ) (17,430 ) 60,799 Reverse repurchase, securities borrowing, and similar arrangements 289,340 — 289,340 (289,340 ) — — Total $ 456,681 $ — $ 456,681 $ (378,452 ) $ (17,430 ) $ 60,799 (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 June 30, 2020 and December 31, 2019 : 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) June 30, 2020 Derivative liabilities: Interest rate swaps $ — $ — $ — $ — $ — $ — Foreign exchange forwards 149,611 — 149,611 (54,867 ) (14,031 ) 80,713 Foreign currency options 2,927 — 2,927 (987 ) — 1,940 Client interest rate derivatives 28,676 — 28,676 (6,566 ) (21,376 ) 734 Total derivative liabilities 181,214 — 181,214 (62,420 ) (35,407 ) 83,387 Repurchase, securities lending, and similar arrangements — — — — — — Total $ 181,214 $ — $ 181,214 $ (62,420 ) $ (35,407 ) $ 83,387 December 31, 2019 Derivative liabilities: Interest rate swaps 25,623 — 25,623 (22,676 ) (2,947 ) — Foreign exchange forwards 96,899 — 96,899 (33,314 ) (22,030 ) 41,555 Foreign currency options 1,308 — 1,308 (531 ) — 777 Client interest rate derivatives 14,154 — 14,154 — (13,936 ) 218 Total derivative liabilities 137,984 — 137,984 (56,521 ) (38,913 ) 42,550 Repurchase, securities lending, and similar arrangements — — — — — — Total $ 137,984 $ — $ 137,984 $ (56,521 ) $ (38,913 ) $ 42,550 (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 | 6 Months Ended |
Jun. 30, 2020 | |
Other Income and Expenses [Abstract] | |
Noninterest Income | Noninterest Income All of the Company's revenue from contracts with customers within the scope of ASC 606 is recognized within noninterest income. Included below is a summary of noninterest income for the three and six months ended June 30, 2020 and 2019 : Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Noninterest income: Gains on investment securities, net $ 34,868 $ 47,698 $ 80,923 $ 76,726 Gains on equity warrant assets, net 26,506 48,347 39,901 69,652 Client investment fees 31,885 45,744 75,278 90,226 Foreign exchange fees 36,256 38,506 83,761 76,554 Credit card fees 21,288 28,790 49,592 56,273 Deposit service charges 20,511 22,075 45,100 43,014 Lending related fees 11,164 11,213 24,289 25,150 Letters of credit and standby letters of credit fees 11,421 11,009 22,963 20,363 Investment banking revenue 141,503 48,694 188,370 98,489 Commissions 16,918 14,429 32,940 28,537 Other 16,528 17,245 27,665 29,142 Total noninterest income $ 368,848 $ 333,750 $ 670,782 $ 614,126 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 six months ended June 30, 2020 and 2019 is as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Gains on non-marketable and other equity securities, net $ 34,868 $ 47,973 $ 19,758 $ 80,631 (Losses) gains on sales of available-for-sale securities, net — (275 ) 61,165 (3,905 ) Total gains on investment securities, net $ 34,868 $ 47,698 $ 80,923 $ 76,726 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 six months ended June 30, 2020 and 2019 is as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Equity warrant assets: Gains on exercises, net $ 9,435 $ 40,226 $ 32,730 $ 49,180 Terminations (439 ) (1,045 ) (872 ) (1,884 ) Changes in fair value, net 17,510 9,166 8,043 22,356 Total net gains on equity warrant assets $ 26,506 $ 48,347 $ 39,901 $ 69,652 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 six months ended June 30, 2020 and 2019 is as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Client investment fees by type: Sweep money market fees $ 19,413 $ 26,952 $ 42,462 $ 53,496 Asset management fees (1) 11,596 6,956 20,733 13,628 Repurchase agreement fees 876 11,836 12,083 23,102 Total client investment fees (2) $ 31,885 $ 45,744 $ 75,278 $ 90,226 (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 that 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 the transactions 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 six months ended June 30, 2020 and 2019 is as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Foreign exchange fees by instrument type: Spot contract commissions $ 33,093 $ 34,696 $ 74,027 $ 69,725 Forward contract commissions 3,052 3,778 9,391 6,773 Option premium fees 111 32 343 56 Total foreign exchange fees $ 36,256 $ 38,506 $ 83,761 $ 76,554 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 six months ended June 30, 2020 and 2019 is as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Credit card fees by instrument type: Card interchange fees, net $ 15,314 $ 22,855 $ 37,089 $ 44,248 Merchant service fees 5,030 4,286 10,057 8,821 Card service fees 944 1,649 2,446 3,204 Total credit card fees $ 21,288 $ 28,790 $ 49,592 $ 56,273 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 six months ended June 30, 2020 and 2019 is as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Lending related fees by instrument type: Unused commitment fees $ 8,324 $ 7,051 $ 16,730 $ 16,721 Other 2,840 4,162 7,559 8,429 Total lending related fees $ 11,164 $ 11,213 $ 24,289 $ 25,150 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 six months ended June 30, 2020 and 2019 is as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Investment banking revenue: Underwriting fees $ 131,085 $ 42,584 $ 162,375 $ 78,356 Advisory fees 8,922 5,315 24,409 17,588 Private placements and other 1,496 795 1,586 2,545 Total investment banking revenue $ 141,503 $ 48,694 $ 188,370 $ 98,489 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. Commissions 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, quarterly, semi-annual 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 six months ended June 30, 2020 and 2019 is as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Other noninterest income by instrument type: Fund management fees $ 8,845 $ 7,758 $ 16,753 $ 15,799 Net gains (losses) on revaluation of foreign currency instruments, net of foreign exchange forward contracts (1) 199 587 (45 ) 251 Other service revenue 7,484 8,900 10,957 13,092 Total other noninterest income $ 16,528 $ 17,245 $ 27,665 $ 29,142 (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 six months ended June 30, 2020 and 2019 : Three months ended June 30, 2020 (Dollars in thousands) Global SVB Private SVB Capital (2) SVB Other Items Total Revenue from contracts with customers: Client investment fees $ 31,308 $ 577 $ — $ — $ — $ 31,885 Spot contract commissions 32,865 98 — — 130 33,093 Card interchange fees, gross 25,930 5 — — 291 26,226 Merchant service fees 5,030 — — — — 5,030 Deposit service charges 20,460 13 — — 38 20,511 Investment banking revenue — — — 141,503 — 141,503 Commissions — — — 16,918 — 16,918 Fund management fees — — 7,415 1,430 — 8,845 Correspondent bank rebates 1,371 — — — — 1,371 Total revenue from contracts with customers $ 116,964 $ 693 $ 7,415 $ 159,851 $ 459 $ 285,382 Revenues outside the scope of ASC 606 (1) 16,510 (23 ) 14,035 3,966 48,978 83,466 Total noninterest income $ 133,474 $ 670 $ 21,450 $ 163,817 $ 49,437 $ 368,848 (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 June 30, 2019 (Dollars in thousands) Global SVB Private SVB Capital (2) SVB Other Items Total Revenue from contracts with customers: Client investment fees (3) $ 45,278 $ 466 $ — $ — $ — $ 45,744 Spot contract commissions 34,428 165 — — 103 34,696 Card interchange fees, gross 41,887 — — — 190 42,077 Merchant service fees 4,286 — — — — 4,286 Deposit service charges 21,750 33 — — 292 22,075 Investment banking revenue — — — 48,694 — 48,694 Commissions — — — 14,429 — 14,429 Fund management fees — — 6,328 1,430 — 7,758 Correspondent bank rebates 1,612 — — — — 1,612 Total revenue from contracts with customers $ 149,241 $ 664 $ 6,328 $ 64,553 $ 585 $ 221,371 Revenues outside the scope of ASC 606 (1) 8,364 22 33,731 2,447 67,815 112,379 Total noninterest income $ 157,605 $ 686 $ 40,059 $ 67,000 $ 68,400 $ 333,750 (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 June 30, 2019, 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. Six months ended June 30, 2020 (Dollars in thousands) Global SVB Private SVB Capital (2) SVB Other Items Total Revenue from contracts with customers: Client investment fees $ 74,044 $ 1,234 $ — $ — $ — $ 75,278 Spot contract commissions 73,540 259 — — 228 74,027 Card interchange fees, gross 61,654 12 — — 857 62,523 Merchant service fees 10,057 — — — — 10,057 Deposit service charges 44,698 40 — — 362 45,100 Investment banking revenue — — — 188,370 — 188,370 Commissions — — — 32,940 — 32,940 Fund management fees — — 13,893 2,860 — 16,753 Correspondent bank rebates 2,774 — — — — 2,774 Total revenue from contracts with customers $ 266,767 $ 1,545 $ 13,893 $ 224,170 $ 1,447 $ 507,822 Revenues outside the scope of ASC 606 (1) 33,541 25 12,475 2,324 114,595 162,960 Total noninterest income $ 300,308 $ 1,570 $ 26,368 $ 226,494 $ 116,042 $ 670,782 (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." Six months ended June 30, 2019 (Dollars in thousands) Global SVB Private SVB Capital (2) SVB Other Items Total Revenue from contracts with customers: Client investment fees (3) $ 89,380 $ 846 $ — $ — $ — $ 90,226 Spot contract commissions 69,233 288 — — 204 69,725 Card interchange fees, gross 80,601 — — — 337 80,938 Merchant service fees 8,821 — — — — 8,821 Deposit service charges 42,543 68 — — 403 43,014 Investment banking revenue — — — 98,489 — 98,489 Commissions — — — 28,537 — 28,537 Fund management fees — — 12,987 2,812 — 15,799 Correspondent bank rebates 3,079 — — — — 3,079 Total revenue from contracts with customers $ 293,657 $ 1,202 $ 12,987 $ 129,838 $ 944 $ 438,628 Revenues outside the scope of ASC 606 (1) 16,808 (6 ) 51,917 5,279 101,500 175,498 Total noninterest income $ 310,465 $ 1,196 $ 64,904 $ 135,117 $ 102,444 $ 614,126 (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." (3) For the six months ended June 30, 2019, 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 six months ended June 30, 2020 and 2019, changes in our contract assets, contract liabilities and receivables were not material. Additionally, revenues recognized during the three and six months ended June 30, 2020 and 2019 that were included in the corresponding contract liability balance at the beginning of the periods were not material. |
Other Noninterest Expense
Other Noninterest Expense | 6 Months Ended |
Jun. 30, 2020 | |
Other Income and Expenses [Abstract] | |
Other Noninterest Expense | Other Noninterest Expense A summary of other noninterest expense for the three and six months ended June 30, 2020 and 2019 is as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Lending and other client related processing costs $ 6,803 $ 8,763 $ 15,961 $ 13,940 Correspondent bank fees 3,833 3,569 7,819 7,313 Investment banking activities 7,768 3,869 10,798 8,054 Trade order execution costs 2,614 2,828 5,359 5,344 Data processing services 3,507 2,659 6,961 5,558 Telephone 1,889 2,422 4,116 5,163 Dues and publications 910 860 2,040 2,384 Postage and supplies 723 678 1,579 1,448 Other 11,600 11,769 25,717 21,749 Total other noninterest expense $ 39,647 $ 37,417 $ 80,350 $ 70,953 |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2020 | |
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. 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, 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 Global Funds Banking (formerly 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. ◦ 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. In addition, we provide real estate secured loans to eligible employees through our Employee Home Ownership Program. • SVB Capital is the funds management business of SVB Financial Group, 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 six months ended June 30, 2020 and 2019 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 June 30, 2020 Net interest income (loss) $ 484,969 $ 18,644 $ 5 $ (3 ) $ 9,312 $ 512,927 Provision for credit losses (43,456 ) (4,585 ) — — (18,440 ) (66,481 ) Noninterest income (7) 133,474 670 21,450 163,817 49,437 368,848 Noninterest expense (3) (241,343 ) (10,164 ) (8,256 ) (108,650 ) (111,223 ) (479,636 ) Income (loss) before income tax expense (4) $ 333,644 $ 4,565 $ 13,199 $ 55,164 $ (70,914 ) $ 335,658 Total average loans, amortized cost $ 30,472,414 $ 4,035,940 $ — $ — $ 2,003,805 $ 36,512,159 Total average assets (5) (6) (8) 67,936,486 4,071,648 430,272 454,603 5,538,993 78,432,002 Total average deposits 65,090,982 2,119,983 — — 705,416 67,916,381 Three months ended June 30, 2019 Net interest income $ 461,752 $ 12,277 $ 6 $ 242 $ 55,126 $ 529,403 Provision for credit losses (18,295 ) (853 ) — — (4,798 ) (23,946 ) Noninterest income (7) 157,605 686 40,059 67,000 68,400 333,750 Noninterest expense (3) (206,902 ) (9,526 ) (7,883 ) (61,935 ) (97,276 ) (383,522 ) Income before income tax expense (4) $ 394,160 $ 2,584 $ 32,182 $ 5,307 $ 21,452 $ 455,685 Total average loans, amortized cost $ 25,724,704 $ 3,217,597 $ — $ — $ 464,319 $ 29,406,620 Total average assets (5) (6) (8) 53,965,699 3,247,557 373,167 410,279 2,703,784 60,700,486 Total average deposits 51,126,806 1,394,905 — — 440,497 52,962,208 Six months ended June 30, 2020 Net interest income $ 948,805 $ 33,808 $ 26 $ 198 $ 54,227 $ 1,037,064 Provision for credit losses (237,867 ) (59,075 ) — — (13,019 ) (309,961 ) Noninterest income (7) 300,308 1,570 26,368 226,494 116,042 670,782 Noninterest expense (3) (466,198 ) (20,254 ) (16,842 ) (170,687 ) (205,240 ) (879,221 ) Income (loss) before income tax expense (4) $ 545,048 $ (43,951 ) $ 9,552 $ 56,005 $ (47,990 ) $ 518,664 Total average loans, net of unearned income $ 29,804,949 $ 3,946,709 $ — $ — $ 1,334,786 $ 35,086,444 Total average assets (5) (6) (8) 64,870,536 3,982,024 438,737 469,126 5,659,162 75,419,585 Total average deposits 62,153,426 2,021,323 — — 687,557 64,862,306 Six months ended June 30, 2019 Net interest income $ 907,628 $ 24,258 $ 12 $ 684 $ 109,707 $ 1,042,289 (Provision for) reduction of credit losses (45,100 ) 131 — — (7,528 ) (52,497 ) Noninterest income (7) 310,465 1,196 64,904 135,117 102,444 614,126 Noninterest expense (3) (404,147 ) (18,378 ) (13,665 ) (122,475 ) (190,521 ) (749,186 ) Income before income tax expense (4) $ 768,846 $ 7,207 $ 51,251 $ 13,326 $ 14,102 $ 854,732 Total average loans, net of unearned income $ 25,264,010 $ 3,152,104 $ — $ — $ 484,046 $ 28,900,160 Total average assets (5) (6) (8) 52,068,609 3,179,064 375,934 355,609 3,144,018 59,123,234 Total average deposits 49,371,589 1,442,803 — — 532,788 51,347,180 (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 or losses on equity warrant assets, gains or losses on the sale of AFS securities and gains or losses 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 $5.8 million and $4.8 million for the three months ended June 30, 2020 and 2019 , respectively, and $11.3 million and $9.6 million for the six months ended June 30, 2020 and 2019 . (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 the three and six months ended June 30, 2020 and 2019 . (7) For the three and six months ended June 30, 2019, 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 six months ended June 30, 2019, 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 | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 and December 31, 2019 : (Dollars in thousands) June 30, 2020 December 31, 2019 Loan commitments available for funding: (1) Fixed interest rate commitments $ 2,298,264 $ 2,434,042 Variable interest rate commitments 22,895,069 19,309,317 Total loan commitments available for funding 25,193,333 21,743,359 Commercial and standby letters of credit (2) 2,933,896 2,778,561 Total unfunded credit commitments $ 28,127,229 $ 24,521,920 Commitments unavailable for funding (3) $ 2,412,910 $ 3,051,075 Allowance for unfunded credit commitments (4) 99,294 67,656 (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 credit losses 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 June 30, 2020 . 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 $ 2,723,597 $ 80,267 $ 2,803,864 $ 2,803,864 Performance standby letters of credit 109,279 17,787 127,066 127,066 Commercial letters of credit 2,870 96 2,966 2,966 Total $ 2,835,746 $ 98,150 $ 2,933,896 $ 2,933,896 Deferred fees related to financial and performance standby letters of credit were $16.1 million at June 30, 2020 and $17.2 million at December 31, 2019 . At June 30, 2020 , 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 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 June 30, 2020 : (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 2,235 5.0 Strategic Investors Fund V funds 515 131 Various Other venture capital and private equity fund investments (equity method accounting) 21,789 5,514 Various Debt funds (equity method accounting) 58,493 — Various Other fund investments (2) 281,508 5,951 Various Total $ 464,402 $ 18,616 (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 197 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 investments in “covered funds”. Under revised regulations that will become effective on October 1, 2020, venture capital and credit funds that meet certain criteria will no longer be considered covered funds. We believe that, as a result of these changes, we will not be required to sell or otherwise conform certain of our fund investments. See the “Volcker Rule” section under Part I, Item 2 of this report for additional details. 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 June 30, 2020 : (Dollars in thousands) Unfunded Commitments Strategic Investors Fund, LP $ 376 Capital Preferred Return Fund, LP 1,517 Growth Partners, LP 2,504 Total $ 4,397 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We are subject to income tax and non-income based taxes by the U.S. federal tax authorities as well as various state and foreign tax authorities. We have identified the U.S. federal and California state jurisdictions as major tax filings. All U.S. federal and California state tax returns remain open to full examination for 2016 and subsequent tax years. At June 30, 2020 , our unrecognized tax benefit was $13.6 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 six months ended June 30, 2020 . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
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, issuance date, coupon rate, maturity date and any applicable issuer call option features. Valuations are based on market spreads relative to similar term benchmark market interest rates, generally U.S. Treasury securities. Agency-issued mortgage-backed securities: Agency-issued mortgage-backed securities are pools of individual conventional mortgage loans underwritten to U.S. agency standards with similar coupon rates, tenor, and other attributes such as geographic location, loan size and origination vintage. Fair value measurements of these securities are based on observable price adjustments relative to benchmark market interest rates taking into consideration estimated loan prepayment speeds. Agency-issued collateralized mortgage obligations: Agency-issued collateralized mortgage obligations are structured into classes or tranches with defined cash flow characteristics and are collateralized by U.S. agency-issued mortgage pass-through securities. Fair value measurements of these securities incorporate similar characteristics of mortgage pass-through securities such as coupon rate, tenor, geographic location, loan size and origination vintage, in addition to incorporating the effect of estimated prepayment speeds on the cash flow structure of the class or tranche. These measurements incorporate observable market spreads over an estimated average life after considering the inputs listed above. Agency-issued commercial mortgage-backed securities: Fair value measurements of these securities are based on spreads to benchmark market interest rates (usually U.S. Treasury rates or rates observable in the swaps market), prepayment speeds, loan default rate assumptions and loan loss severity assumptions on underlying loans. 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 and interest rate swaps are priced considering the coupon rate of the fixed leg of the contract and the variable coupon rate on the floating leg of the contract. Valuation is based on both spot and forward rates on the swap yield curve and the credit worthiness of the contract counterparty. 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. Level 3 The fair value measurement is derived from valuation techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions we believe market participants would use in pricing the asset. The valuation techniques are consistent with the market approach, income approach and/or the cost approach used to measure fair value. Below is a summary of the valuation techniques used for each class of Level 3 assets: 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 certain sales restrictions or other features that indicate a discount to fair value is warranted. As sale restrictions are lifted, discounts are adjusted downward to zero once all restrictions expire or are removed. Equity warrant assets (private portfolio): Fair value measurements of equity warrant assets of private portfolio companies are priced based on a 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 Black-Scholes model are based on public market indices whose members operate in similar industries as companies in our private company portfolio. Option expiration dates are modified to account for estimates to actual life relative to stated expiration. Overall model asset values are further adjusted for a general lack of liquidity due to the private nature of the associated underlying company. There is a direct correlation between changes in the volatility and remaining life assumptions in isolation and the fair value measurement while there is an inverse correlation between changes in the liquidity discount assumption and the fair value measurement. 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 June 30, 2020 : (Dollars in thousands) Level 1 Level 2 Level 3 Balance at June 30, 2020 Assets: Available-for-sale securities: U.S. Treasury securities $ 4,535,235 $ — $ — $ 4,535,235 U.S. agency debentures — 102,659 — 102,659 Foreign government debt securities 22,525 — — 22,525 Residential mortgage-backed securities: Agency-issued mortgage-backed securities — 7,655,556 — 7,655,556 Agency-issued collateralized mortgage obligations — fixed rate — 2,979,540 — 2,979,540 Agency-issued commercial mortgage-backed securities — 3,156,398 — 3,156,398 Total available-for-sale securities 4,557,760 13,894,153 — 18,451,913 Non-marketable and other equity securities (fair value accounting): Non-marketable securities: Venture capital and private equity fund investments measured at net asset value — — — 213,201 Venture capital and private equity fund investments not measured at net asset value (1) — — 134 134 Other equity securities in public companies 25,233 20,055 — 45,288 Total non-marketable and other equity securities (fair value accounting) 25,233 20,055 134 258,623 Other assets: Foreign exchange forward and option contracts — 182,093 — 182,093 Equity warrant assets — 5,857 165,225 171,082 Client interest rate derivatives — 87,255 — 87,255 Total assets $ 4,582,993 $ 14,189,413 $ 165,359 $ 19,150,966 Liabilities: Foreign exchange forward and option contracts $ — $ 152,538 $ — $ 152,538 Client interest rate derivatives — 28,676 — 28,676 Total liabilities $ — $ 181,214 $ — $ 181,214 (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, 2019 : (Dollars in thousands) Level 1 Level 2 Level 3 Balance at December 31, 2019 Assets: Available-for-sale securities: U.S. Treasury securities $ 6,894,010 $ — $ — $ 6,894,010 U.S. agency debentures — 99,547 — 99,547 Foreign government debt securities 9,038 — — 9,038 Residential mortgage-backed securities: Agency-issued mortgage-backed securities — 4,148,791 — 4,148,791 Agency-issued collateralized mortgage obligations—fixed rate — 1,538,343 — 1,538,343 Agency-issued commercial mortgage-backed securities — 1,325,190 — 1,325,190 Total available-for-sale securities 6,903,048 7,111,871 — 14,014,919 Non-marketable and other equity securities (fair value accounting): Non-marketable securities: Venture capital and private equity fund investments measured at net asset value — — — 265,263 Venture capital and private equity fund investments not measured at net asset value (1) — — 134 134 Other equity securities in public companies 17,290 41,910 — 59,200 Total non-marketable and other equity securities (fair value accounting) 17,290 41,910 134 324,597 Other assets: Foreign exchange forward and option contracts — 115,854 — 115,854 Equity warrant assets — 4,435 161,038 165,473 Interest rate swaps — 22,676 — 22,676 Client interest rate derivatives — 28,811 — 28,811 Total assets $ 6,920,338 $ 7,325,557 $ 161,172 $ 14,672,330 Liabilities: Foreign exchange forward and option contracts $ — $ 98,207 $ — $ 98,207 Interest rate swaps — 25,623 — 25,623 Client interest rate derivatives — 14,154 — 14,154 Total liabilities $ — $ 137,984 $ — $ 137,984 (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 table presents additional information about Level 3 assets measured at fair value on a recurring basis for the three and six months ended June 30, 2020 and 2019 : (Dollars in thousands) Beginning Balance Total Net Gains (Losses) Included in Net Income Purchases Sales/Exits Issuances Distributions and Other Settlements Transfers Out of Level 3 Ending Balance Three months ended June 30, 2020 Non-marketable and other equity securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (1) $ 134 $ — $ — $ — $ — $ — $ — $ 134 Other assets: Equity warrant assets (2) 149,858 24,086 — (15,316 ) 6,770 — (173 ) 165,225 Total assets $ 149,992 $ 24,086 $ — $ (15,316 ) $ 6,770 $ — $ (173 ) $ 165,359 Three months ended June 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) $ 1,035 $ 2 $ — $ (596 ) $ — $ — $ — $ 441 Other assets: Equity warrant assets (2) 156,749 46,645 — (55,568 ) 3,041 — (3,097 ) 147,770 Total assets $ 157,784 $ 46,647 $ — $ (56,164 ) $ 3,041 $ — $ (3,097 ) $ 148,211 Six months ended June 30, 2020 Non-marketable and other equity securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (1) $ 134 $ 5 $ — $ (5 ) $ — $ — $ — $ 134 Other assets: Equity warrant assets (2) 161,038 38,687 — (45,350 ) 11,289 — (439 ) 165,225 Total assets $ 161,172 $ 38,692 $ — $ (45,355 ) $ 11,289 $ — $ (439 ) $ 165,359 Six months ended June 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 $ (45 ) $ — $ (596 ) $ — $ 3 $ — $ 441 Other assets: Equity warrant assets (2) 145,199 65,811 575 (67,873 ) 7,584 — (3,526 ) 147,770 Total assets $ 146,278 $ 65,766 $ 575 $ (68,469 ) $ 7,584 $ 3 $ (3,526 ) $ 148,211 (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 June 30, 2020 and 2019 : Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Non-marketable and other equity securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (1) $ — $ 2 $ — $ (45 ) Other assets: Equity warrant assets (2) 11,267 4,416 7,122 19,188 Total unrealized (losses) gains, net $ 11,267 $ 4,418 $ 7,122 $ 19,143 Unrealized losses attributable to noncontrolling interests (1) $ — $ (1 ) $ — $ (40 ) (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 June 30, 2020 and December 31, 2019 . 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 Input Range Weighted Average June 30, 2020: Venture capital and private equity fund investments (fair value accounting) $ 134 Private company equity pricing (1) (1) (1 ) Equity warrant assets (public portfolio) 1,085 Black-Scholes option pricing model Volatility 56.6% 56.6 % Risk-Free interest rate 0.7 0.7 Sales restrictions discount (2) 10.0 - 20.0 14.4 Equity warrant assets (private portfolio) 164,140 Black-Scholes option pricing model Volatility 23.1% - 56.6% 43.1 Risk-Free interest rate 0.01 - 0.66 0.2 Marketability discount (3) 21.8 21.8 Remaining life assumption (4) 45.0 45.0 December 31, 2019: Venture capital and private equity fund investments (fair value accounting) $ 134 Private company equity pricing (1) (1) (1 ) Equity warrant assets (public portfolio) 346 Black-Scholes option pricing model Volatility 39.2% - 54.8% 50.7 % Risk-Free interest rate 1.9 1.9 Sales restrictions discount (2) 10.0 - 20.0 13.6 Equity warrant assets (private portfolio) 160,692 Black-Scholes option pricing model Volatility 23.6% - 54.8% 38.2 Risk-Free interest rate 0.5 - 1.9 1.6 Marketability discount (3) 17.5 17.5 Remaining life assumption (4) 45.0 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 June 30, 2020 , the weighted average contractual remaining term was 6.2 years, compared to our estimated remaining life of 2.8 years. On a quarterly basis, a sensitivity analysis is performed on our remaining life assumption. For the three and six months ended June 30, 2020 and 2019 , we did not have any transfers between Level 3 and Level 1. All transfers from Level 3 to Level 2 for the three and six months ended June 30, 2020 and 2019 were due to the transfer of equity warrant assets from our private portfolio to our public portfolio (see our Level 3 reconciliation above). 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 June 30, 2020 and December 31, 2019 : Estimated Fair Value (Dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 June 30, 2020: Financial assets: Cash and cash equivalents $ 14,202,106 $ 14,202,106 $ 14,202,106 $ — $ — Held-to-maturity securities 12,858,823 13,541,461 — 13,541,461 — Non-marketable securities not measured at net asset value 226,236 226,236 — — 226,236 Non-marketable securities measured at net asset value 252,513 252,513 — — — Net commercial loans 32,412,462 32,728,159 — — 32,728,159 Net consumer loans 3,724,932 3,761,539 — — 3,761,539 FHLB and Federal Reserve Bank stock 60,673 60,673 — — 60,673 Financial liabilities: Short-term borrowings 50,924 50,924 — 50,924 — Non-maturity deposits (1) 74,128,263 74,128,263 74,128,263 — — Time deposits 377,501 376,762 — 376,762 — 3.50% Senior Notes 348,166 380,314 — 380,314 — 3.125% Senior Notes 495,054 537,115 — 537,115 — Off-balance sheet financial assets: Commitments to extend credit — 31,432 — — 31,432 December 31, 2019: Financial assets: Cash and cash equivalents $ 6,781,783 $ 6,781,783 $ 6,781,783 $ — $ — Held-to-maturity securities 13,842,946 14,115,272 — 14,115,272 — Non-marketable securities not measured at net asset value 195,405 195,405 — — 195,405 Non-marketable securities measured at net asset value 235,351 235,351 — — — Net commercial loans 29,104,532 29,615,176 — — 29,615,176 Net consumer loans 3,755,180 3,820,804 — — 3,820,804 FHLB and Federal Reserve Bank stock 60,258 60,258 — — 60,258 Financial liabilities: Short-term borrowings 17,430 17,430 — 17,430 — Non-maturity deposits (1) 61,569,714 61,569,714 61,569,714 — — Time deposits 188,093 187,980 — 187,980 — 3.50% Senior Notes 347,987 366,856 — 366,856 — Off-balance sheet financial assets: Commitments to extend credit — 27,197 — — 27,197 (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 March 31 st , for our June 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 June 30, 2020 : (Dollars in thousands) Carrying Amount Fair Value Unfunded Commitments Non-marketable securities (fair value accounting): Venture capital and private equity fund investments (1) $ 213,201 $ 213,201 $ 9,462 Non-marketable securities (equity method accounting): Venture capital and private equity fund investments (2) 233,996 233,996 10,457 Debt funds (2) 7,004 7,004 — Other investments (2) 11,513 11,513 886 Total $ 465,714 $ 465,714 $ 20,805 (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 $50.7 million and $3.2 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 | 6 Months Ended |
Jun. 30, 2020 | |
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 | 6 Months Ended |
Jun. 30, 2020 | |
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 2019 Form 10-K. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events We currently hold approximately 2.8 million shares of common stock (or warrants to acquire common stock) of BigCommerce Holdings, Inc. (“BIGC”), which recently completed its initial public offering in early August 2020. The valuation of BIGC has increased due to its IPO, as well as post-IPO share price increases. Based on these share holdings and on the closing price of BIGC’s common stock of $93.51 as of August 6, 2020, we currently estimate, on a pre-tax basis, a total of approximately $172 million to be recognized between: (i) unrealized gains on investments securities, net; (ii) gains on equity warrant assets, net; and (iii) other noninterest income. This total estimated amount is subject to change based on BIGC’s stock performance. Additionally, we have certain carried interest rights in certain funds that hold equity interests in BIGC, which may result in additional gains, but is also subject to BIGC’s stock performance. BIGC’s valuation and its financial impact on the Company (including the extent of any gains) are subject to change based on market conditions and other factors. Additionally, gains are currently unrealized, and the extent to which such gains will become realized is subject to a variety of factors, including, among other things, the expiration of current lock-up agreements to which the securities are subject, the timing of any actual sales of the securities, changes in the valuation of the securities, and market conditions. Gains relating to our carried interest rights are further subject to the extent and timing of distributions based on the underlying funds’ general partner discretion and overall fund performance. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
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 six months ended June 30, 2020 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, 2019 (“ 2019 Form 10-K”). |
Use of Estimates | 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 credit losses for loans and 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. |
Reclassifications | Certain prior period amounts primarily related to the adoption of the Accounting Standard Update (ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments) ( " ASU 2016-13 " or " CECL " ) as mentioned below have been reclassified to conform to current period presentations. |
Loans | Loans are reported at amortized cost which consists of the principal amount outstanding, net of unearned loan fees. Unearned loan fees reflect unamortized deferred loan origination and commitment fees net of unamortized deferred loan origination costs. In addition to cash loan fees, we often obtain equity warrant assets that give us an option to purchase a position in a client company's stock in consideration for providing credit facilities. The grant date fair values of these equity warrant assets are deemed to be loan fees and are deferred as unearned income and recognized as an adjustment of loan yield through loan interest income. The net amount of unearned loan fees is amortized into loan interest income over the contractual terms of the underlying loans and commitments using the constant effective yield method, adjusted for actual loan prepayment experience, or the straight-line method, as applicable. |
Allowance for Credit Losses: Loans | The allowance for credit losses for loans considers credit risk and is adjusted by a provision for expected credit losses ("ECL") charged to expense and reduced by the charge-off of loan amounts, net of recoveries. Our allowance for credit losses is an estimate of expected losses inherent with the Company's existing loans at the balance sheet date. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. Portfolio Segments The estimation of ECL on loans process involves procedures to appropriately consider the unique characteristics of our seven loan portfolio segments. Our seven portfolio segments are determined by using the following risk dimensions: (i) underwriting methodology, (ii) industry niche and (iii) life stage. The seven portfolio segments are further disaggregated into 11 classes of financing receivable, or risk-based segments, and represents the level at which credit risk is monitored. Credit quality is assessed and monitored by evaluating various attributes and the results of those evaluations are utilized in underwriting new loans and in our process to estimate ECL. The following provides additional information regarding our seven portfolio segments: (i) Investor Dependent - Accelerator (Early-Stage) and Growth (Mid-Stage and Later-Stage) Investor Dependent loans are made primarily to technology and life science/healthcare companies in both our Accelerator (Early-Stage) and Growth practices (Mid-Stage and Later-Stage). Investor Dependent loans typically have modest or negative cash flows and no established record of profitable operations. Repayment of these loans may be dependent upon receipt by borrowers of additional equity financing from venture capital firms or others, or in some cases, a successful sale to a third party or an IPO. Venture capital firms may provide financing selectively, at reduced amounts, or on less favorable terms, which may have an adverse effect on our borrowers' ability to repay their loans to us. When repayment is dependent upon the next round of venture investment and there is an indication that further investment is unlikely or will not occur, it is often likely that the company would need to be sold to repay the debt in full. If reasonable efforts have not yielded a likely buyer willing to repay all debt at the close of the sale or on commercially viable terms, the account will most likely be deemed to be impaired and charged-off. We further disaggregate Investor Dependent loans into three subcategories. Early-Stage consists of pre-revenue, development-stage companies and companies that are in the early phases of commercialization, with revenues of up to $5 million . Mid-Stage companies consist of growth-stage enterprises with revenues of between $5 million and $15 million or, in the case of biotechnology, pre-revenue clinical-stage companies. Later-Stage consists of companies with revenues of $15 million or more. This disaggregation is based in part on the materially different historical loss rate we have experienced with each cohort, with historical loss rates being the highest in the Early-Stage segment, and declining in the Mid-Stage and Later-Stage segments, as a function of the relatively higher enterprise value and asset coverage that is created as a company progresses through the various stages of development. (ii) Cash Flow Dependent Cash Flow Dependent loans are made primarily to technology and life science/healthcare companies, which include Sponsor Led Buyout lending, and require the borrower to maintain cash flow from operations that is sufficient to service all debt. Borrowers must demonstrate normalized cash flow in excess of all fixed charges associated with operating the business. Sponsor Led Buyout loans are typically used to assist a select group of experienced private equity sponsors with the acquisition of businesses and are larger in size, and repayment is generally dependent upon the cash flows of the acquired company. The acquired companies are typically established, later-stage businesses of scale and characterized by reasonable levels of leverage and loan structures that include meaningful financial covenants. The sponsor's equity contribution is often 50 percent or more of the acquisition price. (iii) Balance Sheet Dependent Balance Sheet Dependent loans are made primarily to technology and life science/healthcare companies, which include asset-based loans, and are structured to require constant current asset coverage (i.e., cash, cash equivalents, accounts receivable and, to a much lesser extent, inventory) in an amount that exceeds the outstanding debt. These loans are generally made to companies in our Growth and Corporate Finance practices. The repayment of these arrangements is dependent on the financial condition, and payment ability, of third parties with whom our clients do business. As a result of the adoption of CECL and in connection with the revised approach to portfolio disaggregation discussed above, certain loans that were previously considered to be Balance Sheet Dependent have been reclassified as Investor Dependent - Later-Stage. (iv) Private Equity/Venture Capital The vast majority of our Private Equity/Venture Capital portfolio consists of capital call lines of credit, the repayment of which is dependent on the payment of capital calls by the underlying limited partner investors in the funds managed by these firms. These facilities are generally governed by meaningful financial covenants oriented towards ensuring that the funds' remaining callable capital is sufficient to repay the loan, and larger commitments (typically provided to larger private equity funds) are often secured by an assignment of the general partner's right to call capital from the fund's limited partner investors. (v) Private Bank Our Private Bank clients are primarily private equity/venture capital professionals and senior executives in 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, real estate secured home equity capital call lines of credit and other secured and unsecured lending products, as well as cash and wealth management services. In addition, we provide real estate secured loans to eligible employees through our Employee Home Ownership Program. (vi) Premium Wine and Other Our Premium Wine clients primarily consist of premium wine producers across the Western United States, primarily in California's Napa Valley, Sonoma County and Central Coast regions, as well as the Pacific Northwest. Our other loan portfolio segment primarily includes our community development loans made as part of our responsibilities under the Community Reinvestment Act. (vii) SBA lending We participated in the U.S. Small Business Administration’s ("SBA") Paycheck Protection Program to support small businesses across the United States. Under this program, the SBA provides a guarantee to banks making unsecured term loans of up to $10 million for qualified small businesses, as defined by the SBA. We are no longer taking applications for this program and are preparing for the second phase, forgiveness, whereby clients apply for loans to be forgiven (paid off) by the SBA. Loans funded under this program were primarily made to clients in the technology, life science/healthcare, premium wine and energy resource industries. While the recipients were located across the United States, more than half were made to clients that applied from the western region. We maintain a systematic process for the evaluation of individual loans and portfolio segments for inherent risk of estimated credit losses for loans. At the time of approval, each loan in our portfolio is assigned a credit risk rating. Credit risk ratings are assigned on a scale of 1 to 10, with 1 representing loans with a low risk of nonpayment, 9 representing loans with the highest risk of nonpayment and 10 representing loans which have been charged-off. The credit risk ratings for each loan are monitored and updated on an ongoing basis. This credit risk rating process includes, but is not limited to, consideration of such factors as payment status, the financial condition and operating performance of the borrower, borrower compliance with loan covenants, underlying collateral values and performance trends, the degree of access to additional capital, the presence of credit enhancements such as third party guarantees (where applicable), the degree to which the borrower is sensitive to external factors and the depth and experience of the borrower's management team. Our policies require a committee of senior management to review, at least quarterly, credit relationships with a credit risk rating of 5 through 9 that exceed specific dollar values. Expected Credit Loss Measurement The methodology for estimating the amount of ECL reported in the allowance for credit losses has two main components: (1) ECL assessed on a collective basis for pools of loans that share similar risk characteristics which includes a qualitative adjustment based on management’s assessment of the risks that may lead to a future loan loss experience different from our historical loan loss experience and (2) ECL assessed for individual loans that do not share similar risk characteristics with other loans. We do not estimate ECL on accrued interest receivable ("AIR") on loans as AIR is reversed or written off when the full collection of the AIR related to a loan becomes doubtful. AIR on loans totaled $107.2 million at June 30, 2020 and $119.1 million at December 31, 2019 and is reported in "Accrued interest receivable and other assets" in our unaudited interim consolidated balance sheets. While the evaluation process of our allowance for credit losses on loans uses historical and other objective information, the classification of loans and the estimate of the allowance for credit losses for loans rely on the judgment and experience of our management. A committee comprised of senior management evaluates the adequacy of the allowance for credit losses for loans, which includes review of loan portfolio segmentation, quantitative models, internal and external data inputs, economic forecasts, credit risk ratings and qualitative adjustments. Loans That Share Similar Risk Characteristics With Other Loans We derive an estimated ECL assumption from a non-discounted cash flow approach based on our portfolio segments discussed above. This approach incorporates: (1) probability of default ("PD"), (2) loss given default ("LGD") and (3) exposure at default ("EAD"), over the estimated life of the exposure. PD and LGD assumptions are developed based on quantitative models and inherent risk of credit loss, both of which involve significant judgement. Renewals and extensions within our control are not considered in the estimated contractual term of a loan. However, we include potential extensions if management has a reasonable expectation that we will execute a TDR with the borrower. The quantitative models are based on historical credit loss experience, adjusted for probability-weighted economic scenarios. These scenarios are used to support a reasonable and supportable forecast period of three years for all portfolio segments. To the extent the remaining contractual lives of loans in the portfolio extend beyond this three-year period, we revert to historical averages gradually over the remaining contractual lives, adjusted for prepayments. The macroeconomic scenarios are reviewed on a quarterly basis. We also apply a qualitative factor adjustment to the results obtained through our quantitative ECL models to consider relevant qualitative factors that relate to the environment in which the entity operates and are specific to the borrower. These adjustments are based upon our assessment of the risks that may lead to a future loan loss experience different from our historical loan loss experience. These risks are aggregated to become our qualitative allocation. Based on our qualitative assessment estimate of changing risks in the lending environment, the qualitative allocation may vary significantly from period to period and may include, but is not limited to, consideration of the following factors: • Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses; • Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; • Changes in the nature and volume of the portfolio and in the terms of loans; • Changes in the experience, ability and depth of lending management and other relevant staff; • Changes in the volume and severity of past due loans, the volume of nonaccrual loans and the volume and severity of adversely classified or graded loans; • Changes in the quality of the institution’s loan review system; • Changes in the value of underlying collateral for collateral-dependent loans; • The existence and effect of any concentrations of credit, and changes in the level of such concentrations; • The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution’s existing portfolio; and • The effect of limitations of available data, model imprecision and recent macro-economic factors that may not be reflected in the forecast information. Loans That Do Not Share Similar Risk Characteristics We monitor our loan pools to ensure all assets therein continue to share similar risk characteristics with other financial assets inside the pool. Changes in credit risk, borrower circumstances or the recognition of write-offs may indicate that a loan's risk profile has changed, and the asset should be removed from its current pool. For a loan that does not share risk characteristics with other loans, expected credit loss is measured based on the net realizable value, that is, the difference between the discounted value of the expected future cash flows and the amortized cost basis of the loan. When a loan is collateral-dependent and the repayment is expected to be provided substantially through the operation or sale of the collateral, the ECL is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of the collateral will be determined by the most recent appraisal, as adjusted to reflect a reasonable marketing period for the sale of the asset(s) and an estimate of reasonable selling expenses. Collateral-dependent loans will have independent appraisals completed and accepted at least annually. Allowance for Credit Losses: Unfunded Credit Commitments We maintain a separate allowance for credit losses for unfunded credit commitments which is included in other liabilities and the related ECL in our provision for credit losses. We estimate the amount of expected losses by using historical trends to calculate a probability of an unfunded credit commitment being funded and derive historical lifetime expected loss factors for each portfolio segment similar to our funded loan ECL. The collectively assessed ECL for unfunded credit commitments also includes the same qualitative allocations applied for our funded loan ECL. For unfunded credit commitments related to loans that do not share similar risk characteristics with other loans, where applicable, a separate estimate of ECL will be included in our total allowance for credit losses on unfunded credit commitments. Loan commitments that are determined to be unconditionally cancellable by the Company do not require an allowance for credit losses. |
Investment Securities | Available-for-Sale Securities and the Allowance for Credit Losses on Available-for-Sale Securities Our available-for-sale securities portfolio is a fixed income investment portfolio that is managed to earn an appropriate portfolio yield over the long-term while maintaining sufficient liquidity and credit diversification and meeting our asset/liability management objectives. Unrealized gains and losses on available-for-sale securities, net of applicable taxes, are reported in accumulated other comprehensive income, which is a separate component of SVBFG's stockholders' equity, until realized. We analyze available-for-sale securities for impairment related to credit losses each quarter. Market valuations represent the current fair value of a security at a specified point in time and incorporates the risk of timing of interest due and the return of principal over the contractual life of each security. Gains and losses on securities are realized when there is a sale of the security prior to maturity. A credit impairment is recognized through a valuation allowance against the security with an offset through earnings; the allowance is limited to the amount that fair value, calculated as the present value of expected future cash flow discounted at the security’s effective interest rate, is less than the amortized cost basis. We separate the amount of the impairment related to credit losses, if any, and the amount due to all other factors. The credit loss component is recognized in earnings and recorded as an allowance for credit losses for AFS securities. Held-to-Maturity Securities and the Allowance for Credit Losses on Held-to-Maturity Securities Debt securities purchased with the positive intent and ability to hold to maturity are classified as held-to-maturity securities and are recorded at amortized cost, net of any allowance for credit losses. We measure ECL on held-to-maturity securities on a collective basis by major security type and standard credit rating. Our held-to-maturity securities portfolio, with the exception of our municipal bond portfolio, are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. With respect to these securities, we consider the risk of credit loss to be zero and, therefore, we do not record an ECL. Our municipal bond portfolio primarily consists of highly rated bonds and currently carry ratings no lower than Aa3. The estimate of ECL on our municipal bond portfolio considers historical credit loss information and severity of loss in the event of default and leverages external data adjusted for current conditions. A reasonable and supportable forecast period of one year is applied to our municipal bond portfolio, with immediate reversion to long-term average historical loss rates when remaining contractual lives of securities exceed one year. We do not estimate ECL on accrued interest receivable ("AIR") from held-to-maturity securities as AIR is reversed or written off when the full collection of the AIR related to a security becomes doubtful. AIR from held-to-maturity securities totaled $45.4 million at June 30, 2020 and $45.2 million at December 31, 2019 and is reported in "Accrued interest receivable and other assets" in our unaudited interim consolidated balance sheets. Expected credit loss on municipal bonds that do not share common risk characteristics with our collective portfolio are individually measured based on net realizable value, or the difference between the discounted value of the expected future cash flows and the recorded amortized cost basis of the security. |
Adoption of New Accounting Standards and Recent Accounting Pronouncements | Financial Instruments - Credit Losses In June 2016, the FASB issued a new Accounting Standard Update (ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments), which amends the incurred loss impairment methodology in current GAAP with a methodology that reflects a current expected credit loss measurement to estimate the allowance for credit losses over the contractual life of the financial assets (including loans, unfunded credit commitments and HTM securities) 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 for credit losses 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. We adopted the guidance on January 1, 2020, using a modified retrospective approach. We recognized the cumulative effect of initially applying CECL as an adjustment to the opening balance of retained earnings, net of tax. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We completed a comprehensive implementation process that included loss forecasting model development, evaluation of technical accounting topics, updates to our allowance for credit loss 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 previous allowance process. We provided quarterly updates to senior management and to the Audit and Credit Committees of the Board of Directors throughout the implementation process. For additional details regarding our allowance for credit losses methodology, see Note 7 — “Loans and Allowance for Credit Losses: Loans and Unfunded Credit Commitments” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report . Based on our loan, unfunded credit commitment, and HTM security portfolios composition at December 31, 2019, and the then current economic environment, the cumulative effect of the changes to our consolidated balance sheets at January 1, 2020, for the adoption of CECL were as follows: (Dollars in thousands) Balance at December 31, 2019 Adjustments Due to Adoption of ASC 326 Balance at January 1, 2020 Assets: Allowance for credit losses: loans $ 304,924 $ 25,464 $ 330,388 Allowance for credit losses: held-to-maturity securities — 174 174 Deferred tax assets 28,433 13,415 41,848 Other liabilities: Allowance for credit losses: unfunded credit commitments 67,656 22,826 90,482 Stockholders' equity: Retained earnings, net of tax 4,575,601 (35,049 ) 4,540,552 In light of the economic disruptions and operational challenges related to the Coronavirus Disease 2019 pandemic (“COVID-19”), in March 2020 the federal banking agencies provided transitional relief to banking organizations with respect to the impact of CECL on regulatory capital (the “2020 CECL Transition Rule”). Under the 2020 CECL Transition Rule, banking organizations that adopt CECL during the 2020 calendar year, such as SVB Financial and the Bank, may delay the estimated impact of CECL on regulatory capital for two years, followed by a three-year period to phase out the aggregate capital benefit provided during the initial two-year delay. The rule prescribes a methodology for estimating the impact of differences in credit loss allowances reflected under CECL versus under the incurred loss methodology during the five-year transition period. We have elected to use the five-year transition option under the 2020 CECL Transition Rule. Refer to the "Capital Resources" section under Part I, Item 2 of this report for additional details. Additionally, under the prior guidance, our loan portfolio and credit quality disclosures were disaggregated based on client market segments. Upon adoption of CECL, our technology (software/internet and hardware) and life science/healthcare market segments are disclosed by the portfolio segment that aligns with their respective underwriting methodology and the level at which credit risk is now monitored by management. The primary underwriting method for our technology and life science/healthcare portfolios are classified as investor dependent (early-stage and growth), cash flow dependent or balance sheet dependent, as noted above, and prior period amounts were reclassified for comparability. There are no other material changes to our current market segments. Other Adopted Accounting Pronouncements 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. We adopted the guidance on January 1, 2020. The adoption did not have an impact on our consolidated financial position or results of operations and did not have a material impact on the disclosures in our notes to our unaudited interim consolidated financial statements. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Based on our loan, unfunded credit commitment, and HTM security portfolios composition at December 31, 2019, and the then current economic environment, the cumulative effect of the changes to our consolidated balance sheets at January 1, 2020, for the adoption of CECL were as follows: (Dollars in thousands) Balance at December 31, 2019 Adjustments Due to Adoption of ASC 326 Balance at January 1, 2020 Assets: Allowance for credit losses: loans $ 304,924 $ 25,464 $ 330,388 Allowance for credit losses: held-to-maturity securities — 174 174 Deferred tax assets 28,433 13,415 41,848 Other liabilities: Allowance for credit losses: unfunded credit commitments 67,656 22,826 90,482 Stockholders' equity: Retained earnings, net of tax 4,575,601 (35,049 ) 4,540,552 |
Stockholders' Equity and EPS (T
Stockholders' Equity and EPS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 six months ended June 30, 2020 and 2019 : Three months ended June 30, Six months ended June 30, (Dollars in thousands) Income Statement Location 2020 2019 2020 2019 Reclassification adjustment for losses (gains) on available-for-sale securities included in net income Gains on investment securities, net $ — $ 275 $ (61,165 ) $ 3,905 Related tax (benefit) expense Income tax expense — (77 ) 16,953 (1,087 ) Reclassification adjustment for (gains) losses on cash flow hedges included in net income Net interest income (15,831 ) 508 (17,920 ) 511 Related tax expense (benefit) Income tax expense 4,388 (141 ) 4,967 (142 ) Total reclassification adjustment for (gains) losses included in net income, net of tax $ (11,443 ) $ 565 $ (57,165 ) $ 3,187 |
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 six months ended June 30, 2020 and 2019 . Refer to Note 11 — “Derivative Financial Instruments” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional information regarding the termination of our cash flow hedges during the three months ended March 31, 2020. Over the next 12 months, we expect that approximately $63.5 million in accumulated other comprehensive income ("AOCI") at June 30, 2020 , related to unrealized gains will be reclassified out of AOCI and recognized in net income. Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Balance, beginning of period, net of tax $ 163,999 $ 797 $ (2,130 ) $ — Net increase in fair value, net of tax — 12,664 167,639 13,459 Net realized (gain) loss reclassified to net income, net of tax (11,443 ) 367 (12,953 ) 369 Balance, end of period, net of tax $ 152,556 $ 13,828 $ 152,556 $ 13,828 |
Reconciliation of Basic EPS to Diluted EPS | The following is a reconciliation of basic EPS to diluted EPS for the three and six months ended June 30, 2020 and 2019 : Three months ended June 30, Six months ended June 30, (Dollars and shares in thousands, except per share amounts) 2020 2019 2020 2019 Numerator: Net income available to common stockholders $ 228,935 $ 317,987 $ 361,188 $ 606,719 Denominator: Weighted average common shares outstanding—basic 51,581 51,955 51,573 52,269 Weighted average effect of dilutive securities: Stock options and ESPP 114 235 140 254 Restricted stock units and awards 100 146 135 192 Weighted average common shares outstanding—diluted 51,795 52,336 51,848 52,715 Earnings per common share: Basic $ 4.44 $ 6.12 $ 7.00 $ 11.61 Diluted 4.42 6.08 6.97 11.51 |
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 six months ended June 30, 2020 and 2019 : Three months ended June 30, Six months ended June 30, (Shares in thousands) 2020 2019 2020 2019 Stock options 288 166 247 128 Restricted stock units 312 333 310 228 Total 600 499 557 356 |
Schedule of Stock by Class | The following table summarizes our preferred stock at June 30, 2020 : Series Description Amount outstanding (in millions) Carrying value (in millions) Shares issued and outstanding Par Value Ownership interest per depository share Liquidation preference per depository share 2020 dividends paid per depository share Series A 5.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock $ 350 $ 340.1 350,000 $ 0.001 1/40th $ 25 $ 0.57 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Compensation and Related Benefits | For the three and six months ended June 30, 2020 and 2019 , we recorded share-based compensation and related tax benefits as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Share-based compensation expense $ 20,154 $ 16,646 $ 39,325 $ 31,768 Income tax benefit related to share-based compensation expense (4,727 ) (3,817 ) (9,167 ) (7,144 ) |
Unrecognized Share-based Compensation Expense | As of June 30, 2020 , unrecognized share-based compensation expense was as follows: (Dollars in thousands) Unrecognized Expense Weighted Average Expected Recognition Period - in Years Stock options $ 17,048 2.78 Restricted stock units and awards 134,908 2.85 Total unrecognized share-based compensation expense $ 151,956 |
Stock Option Information Related to Equity Incentive Plan | The table below provides stock option information related to the 2006 Equity Incentive Plan for the six months ended June 30, 2020 : Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life - in Years Aggregate Intrinsic Value of In-The- Money Options Outstanding at December 31, 2019 625,407 $ 169.33 Granted 119,472 185.52 Exercised (82,896 ) 89.71 Forfeited (11,585 ) 226.95 Expired (1,030 ) 71.11 Outstanding at June 30, 2020 649,368 181.60 4.11 $ 32,958,101 Vested and expected to vest at June 30, 2020 622,501 180.01 4.02 32,492,850 Exercisable at June 30, 2020 367,008 148.46 2.67 28,597,666 |
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 six months ended June 30, 2020 : Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2019 847,972 $ 236.54 Granted 402,546 188.64 Vested (238,460 ) 207.50 Forfeited (39,817 ) 227.23 Nonvested at June 30, 2020 972,241 224.21 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 and December 31, 2019 : (Dollars in thousands) Consolidated VIEs Unconsolidated VIEs Maximum Exposure to Loss in Unconsolidated VIEs June 30, 2020: Assets: Cash and cash equivalents $ 9,363 $ — $ — Non-marketable and other equity securities (1) 274,685 726,879 726,879 Accrued interest receivable and other assets 607 — — Total assets $ 284,655 $ 726,879 $ 726,879 Liabilities: Other liabilities (1) 1,447 332,935 — Total liabilities $ 1,447 $ 332,935 $ — December 31, 2019: Assets: Cash and cash equivalents $ 7,629 $ — $ — Non-marketable and other equity securities (1) 270,057 689,360 689,360 Accrued interest receivable and other assets 1,117 — — Total assets $ 278,803 $ 689,360 $ 689,360 Liabilities: Other liabilities (1) 2,854 302,031 — Total liabilities $ 2,854 $ 302,031 $ — (1) Included in our unconsolidated non-marketable and other equity securities portfolio at June 30, 2020 and December 31, 2019 are investments in qualified affordable housing projects of $533.2 million and $458.5 million , respectively, and related other liabilities consisting of unfunded commitments of $332.9 million and $302.0 million , respectively. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table details our cash and cash equivalents at June 30, 2020 and December 31, 2019 : (Dollars in thousands) June 30, 2020 December 31, 2019 Cash and due from banks (1) $ 13,885,058 $ 6,492,443 Securities purchased under agreements to resell (2) 317,048 289,340 Total cash and cash equivalents $ 14,202,106 $ 6,781,783 (1) At June 30, 2020 and December 31, 2019 , $11.0 billion and $3.7 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 $2.0 billion and $2.1 billion , respectively. (2) At June 30, 2020 and December 31, 2019 , 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 $323.5 million a n d $295.3 million , respectively. None of these securities were sold or repledged as of June 30, 2020 and December 31, 2019 . |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 and December 31, 2019 are as follows: June 30, 2020 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Carrying Value Available-for-sale securities, at fair value: U.S. Treasury securities $ 4,229,988 $ 305,252 $ (5 ) $ 4,535,235 U.S. agency debentures 100,000 2,659 — 102,659 Foreign government debt securities 22,540 — (15 ) 22,525 Residential mortgage-backed securities: Agency-issued mortgage-backed securities 7,465,130 193,484 (3,058 ) 7,655,556 Agency-issued collateralized mortgage obligations—fixed rate 2,949,805 31,229 (1,494 ) 2,979,540 Agency-issued commercial mortgage-backed securities 3,033,126 123,276 (4 ) 3,156,398 Total available-for-sale securities $ 17,800,589 $ 655,900 $ (4,576 ) $ 18,451,913 December 31, 2019 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Carrying Value Available-for-sale securities, at fair value: U.S. Treasury securities $ 6,815,874 $ 82,267 $ (4,131 ) $ 6,894,010 U.S. agency debentures 100,000 — (453 ) 99,547 Foreign government debt securities 9,037 1 — 9,038 Residential mortgage-backed securities: Agency-issued mortgage-backed securities 4,109,372 39,438 (19 ) 4,148,791 Agency-issued collateralized mortgage obligations—fixed rate 1,520,414 17,929 — 1,538,343 Agency-issued commercial mortgage-backed securities 1,339,651 1,078 (15,539 ) 1,325,190 Total available-for-sale securities $ 13,894,348 $ 140,713 $ (20,142 ) $ 14,014,919 |
Activity of Available-for-Sale Securities | The following table summarizes sale activity of available-for-sale securities during the three and six months ended June 30, 2020 and 2019 as recorded in the line item “Gains on investment securities, net," a component of noninterest income: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Sales proceeds $ — $ 1,017,523 $ 2,654,212 $ 2,189,087 Net realized gains and losses: Gross realized gains — 1,250 61,165 1,250 Gross realized losses — (1,525 ) — (5,155 ) Net realized gains (losses) $ — $ (275 ) $ 61,165 $ (3,905 ) |
Summary of Unrealized Losses on Available for Sale Securities | The following tables summarize our available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded and summarized into categories of less than 12 months, or 12 months or longer, as of June 30, 2020 and December 31, 2019 : June 30, 2020 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 $ 10,057 $ (5 ) $ — $ — $ 10,057 $ (5 ) Foreign government debt securities 22,525 (15 ) — — 22,525 (15 ) Residential mortgage-backed securities: Agency-issued mortgage-backed securities 1,424,857 (3,058 ) — — 1,424,857 (3,058 ) Agency-issued collateralized mortgage obligations—fixed rate 474,025 (1,494 ) — — 474,025 (1,494 ) Agency-issued commercial mortgage-backed securities 101,480 (4 ) — — 101,480 (4 ) Total available-for-sale securities (1) $ 2,032,944 $ (4,576 ) $ — $ — $ 2,032,944 $ (4,576 ) (1) As of June 30, 2020 , we identified a total of 50 investments that were in unrealized loss positions with no investment in an unrealized loss position for a period of time greater than 12 months. Based on our analysis of the securities in an unrealized loss position as of June 30, 2020 , the decline in value is unrelated to credit loss and is related to changes in market interest rates since purchase and therefore changes in value for securities are included in other comprehensive income. Market valuations and credit loss analyses on assets in the available-for-sale securities portfolio are reviewed and monitored on a quarterly basis. As of June 30, 2020 , we do not intend to sell any of our securities in an unrealized loss position prior to recovery of our amortized 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 amortized cost basis. None of the investments in our available-for-sale securities portfolio were past due as of June 30, 2020 . December 31, 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 $ 971,572 $ (3,996 ) $ 449,850 $ (135 ) $ 1,421,422 $ (4,131 ) U.S. agency debentures 99,547 (453 ) — — 99,547 (453 ) Residential mortgage-backed securities: Agency-issued mortgage-backed securities 4,014 (19 ) — — 4,014 (19 ) Agency-issued commercial mortgage-backed securities 1,027,232 (15,539 ) — — 1,027,232 (15,539 ) Total available-for-sale securities (1) $ 2,102,365 $ (20,007 ) $ 449,850 $ (135 ) $ 2,552,215 $ (20,142 ) (1) As of December 31, 2019 , we identified a total of 58 investments that were in unrealized loss positions, of which 12 investments totaling $0.4 billion with unrealized losses of $0.1 million have been in an unrealized loss 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 June 30, 2020 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. June 30, 2020 (Dollars in thousands) Total One Year After One After Five After U.S. Treasury securities $ 4,535,235 $ 85,518 $ 2,613,342 $ 1,836,375 $ — U.S. agency debentures 102,659 — — 102,659 — Foreign government debt securities 22,525 22,525 — — — Residential mortgage-backed securities: Agency-issued mortgage-backed securities 7,655,556 — — — 7,655,556 Agency-issued collateralized mortgage obligations—fixed rate 2,979,540 — 491 — 2,979,049 Agency-issued commercial mortgage-backed securities 3,156,398 — — 1,347,235 1,809,163 Total $ 18,451,913 $ 108,043 $ 2,613,833 $ 3,286,269 $ 12,443,768 The following table summarizes the remaining contractual principal maturities on fixed income investment securities classified as held-to-maturity as of June 30, 2020 . 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. June 30, 2020 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 $ 453,280 $ 473,937 $ 2,622 $ 2,666 $ 142,917 $ 147,089 $ 307,741 $ 324,182 $ — $ — Residential mortgage-backed securities: Agency-issued mortgage-backed securities 6,086,154 6,396,374 8,369 8,467 40,337 41,199 640,876 664,186 5,396,572 5,682,522 Agency-issued collateralized mortgage obligations — fixed rate 1,518,848 1,544,972 — — — — 612,478 625,694 906,370 919,278 Agency-issued collateralized mortgage obligations — variable rate 162,250 163,430 — — — — — — 162,250 163,430 Agency-issued commercial mortgage-backed securities 2,484,072 2,646,114 — — — — 102,497 120,165 2,381,575 2,525,949 Municipal bonds and notes 2,154,441 2,316,634 31,814 32,094 142,152 147,934 479,079 517,215 1,501,396 1,619,391 Total $ 12,859,045 $ 13,541,461 $ 42,805 $ 43,227 $ 325,406 $ 336,222 $ 2,142,671 $ 2,251,442 $ 10,348,163 $ 10,910,570 |
Held-to-maturity Securities | The components of our held-to-maturity investment securities portfolio at June 30, 2020 and December 31, 2019 are as follows: June 30, 2020 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Allowance for Credit Losses (2) Held-to-maturity securities, at cost: U.S. agency debentures (1) $ 453,280 $ 20,657 $ — $ 473,937 $ — Residential mortgage-backed securities: Agency-issued mortgage-backed securities 6,086,154 310,266 (46 ) 6,396,374 — Agency-issued collateralized mortgage obligations —fixed rate 1,518,848 26,124 — 1,544,972 — Agency-issued collateralized mortgage obligations—variable rate 162,250 1,403 (223 ) 163,430 — Agency-issued commercial mortgage-backed securities 2,484,072 162,042 — 2,646,114 — Municipal bonds and notes 2,154,441 162,193 — 2,316,634 222 Total held-to-maturity securities $ 12,859,045 $ 682,685 $ (269 ) $ 13,541,461 $ 222 (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. (2) Refer to Note 1 - "Basis of Presentation" of the "Notes to Interim Consolidated Financial Statements (unaudited)" under Part i, Item 1 of this report for more information on our credit loss methodology. December 31, 2019 (Dollars in thousands) Amortized Unrealized Unrealized Fair Value Held-to-maturity securities, at amortized cost: U.S. agency debentures (1) $ 518,728 $ 6,640 $ (668 ) $ 524,700 Residential mortgage-backed securities: Agency-issued mortgage-backed securities 6,992,009 142,209 (2,066 ) 7,132,152 Agency-issued collateralized mortgage obligations—fixed rate 1,608,032 592 (8,502 ) 1,600,122 Agency-issued collateralized mortgage obligations—variable rate 178,611 94 (259 ) 178,446 Agency-issued commercial mortgage-backed securities 2,759,615 56,914 (4,508 ) 2,812,021 Municipal bonds and notes 1,785,951 83,314 (1,434 ) 1,867,831 Total held-to-maturity securities $ 13,842,946 $ 289,763 $ (17,437 ) $ 14,115,272 (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. |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | The following table summarizes the activity relating to our allowance for credit losses for HTM securities for the three and six months ended June 30, 2020 : Three months ended June 30, 2020 Beginning Balance March 31, 2020 Day One Impact of adopting ASC 326 Provision for Credit Losses Ending Balance June 30, 2020 (Dollars in thousands) Municipal bonds and notes $ 230 $ — $ (8 ) $ 222 Total allowance for credit losses $ 230 $ — $ (8 ) $ 222 Six months ended June 30, 2020 Beginning Balance December 31, 2019 Day One Impact of adopting ASC 326 Provision for Credit Losses Ending Balance June 30, 2020 (Dollars in thousands) Municipal bonds and notes $ — $ 174 $ 48 $ 222 Total allowance for credit losses $ — $ 174 $ 48 $ 222 |
Debt Securities, Held-to-maturity, Credit Quality Indicator | On a quarterly basis, management monitors the credit quality for HTM securities through the use of standard credit ratings. The following table summarizes our amortized cost of HTM securities aggregated by credit quality indicator at June 30, 2020 : (Dollars in thousands) June 30, 2020 Municipal bonds and notes: Aaa $ 1,456,716 Aa1 475,395 Aa2 220,960 Aa3 1,370 Total $ 2,154,441 |
Schedule of Nonmarketable and Other Securities | The major components of our non-marketable and other equity securities portfolio at June 30, 2020 and December 31, 2019 are as follows: (Dollars in thousands) June 30, 2020 December 31, 2019 Non-marketable and other equity securities: Non-marketable securities (fair value accounting): Consolidated venture capital and private equity fund investments (1) 68,214 $ 87,180 Unconsolidated venture capital and private equity fund investments (2) 145,122 178,217 Other investments without a readily determinable fair value (3) 56,206 55,255 Other equity securities in public companies (fair value accounting) (4) 45,288 59,200 Non-marketable securities (equity method accounting) (5): Venture capital and private equity fund investments 233,996 215,367 Debt funds 7,004 7,271 Other investments 181,543 152,863 Investments in qualified affordable housing projects, net (6) 533,205 458,476 Total non-marketable and other equity securities $ 1,270,578 $ 1,213,829 (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 June 30, 2020 and December 31, 2019 (fair value accounting): June 30, 2020 December 31, 2019 (Dollars in thousands) Amount Ownership % Amount Ownership % Strategic Investors Fund, LP $ 4,414 12.6 % $ 5,729 12.6 % Capital Preferred Return Fund, LP 36,890 20.0 45,341 20.0 Growth Partners, LP 26,776 33.0 35,976 33.0 CP I, LP 134 10.7 134 10.7 Total consolidated venture capital and private equity fund investments $ 68,214 $ 87,180 (2) The carrying value represents investments in 191 and 205 funds (primarily venture capital funds) at June 30, 2020 and December 31, 2019 , 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 March 31 st for our June 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 six months ended June 30, 2020 : (Dollars in thousands) Six months ended June 30, 2020 Cumulative Adjustments Measurement alternative: Carrying value at June 30, 2020 $ 56,206 Carrying value adjustments: Impairment $ — $ (460 ) Upward changes for observable prices — 1,810 Downward changes for observable prices (3,076 ) (7,671 ) (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 June 30, 2020 and December 31, 2019 (equity method accounting): June 30, 2020 December 31, 2019 (Dollars in thousands) Amount Ownership % Amount Ownership % Venture capital and private equity fund investments: Strategic Investors Fund II, LP $ 3,083 8.6 % $ 3,612 8.6 % Strategic Investors Fund III, LP 14,211 5.9 15,668 5.9 Strategic Investors Fund IV, LP 24,743 5.0 27,064 5.0 Strategic Investors Fund V funds 47,734 Various 46,830 Various CP II, LP (i) 4,646 5.1 5,907 5.1 Other venture capital and private equity fund investments 139,579 Various 116,286 Various Total venture capital and private equity fund investments $ 233,996 $ 215,367 Debt funds: Gold Hill Capital 2008, LP (ii) $ 5,334 15.5 % $ 5,525 15.5 % Other debt funds 1,670 Various 1,746 Various Total debt funds $ 7,004 $ 7,271 Other investments: SPD Silicon Valley Bank Co., Ltd. $ 105,863 50.0 % $ 74,190 50.0 % Other investments 75,680 Various 78,673 Various Total other investments $ 181,543 $ 152,863 (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 June 30, 2020 and December 31, 2019 : (Dollars in thousands) June 30, 2020 December 31, 2019 Investments in qualified affordable housing projects, net $ 533,205 $ 458,476 Other liabilities 332,935 302,031 The following table presents other information relating to our investments in qualified affordable housing projects for the three and six months ended June 30, 2020 and 2019 : Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Tax credits and other tax benefits recognized $ 19,723 $ 10,988 $ 31,482 $ 20,245 Amortization expense included in provision for income taxes (i) 10,388 6,758 21,859 14,394 (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 six months ended June 30, 2020 and 2019 as recorded in the line item “Gains on investment securities, net," a component of noninterest income: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Net gains (losses) on non-marketable and other equity securities: Non-marketable securities (fair value accounting): Consolidated venture capital and private equity fund investments $ 1,277 $ 14,830 $ 4,390 $ 18,119 Unconsolidated venture capital and private equity fund investments (2,465 ) 10,152 (1,213 ) 18,158 Other investments without a readily determinable fair value (893 ) 167 (3,836 ) 5,172 Other equity securities in public companies (fair value accounting) 12,988 282 5,484 12,085 Non-marketable securities (equity method accounting): Venture capital and private equity fund investments 26,393 22,351 18,347 25,140 Debt funds 94 1,342 (268 ) 1,342 Other investments (2,526 ) (1,151 ) (3,146 ) 615 Total net gains on non-marketable and other equity securities $ 34,868 $ 47,973 $ 19,758 $ 80,631 Less: realized net gains on sales of non-marketable and other equity securities 264 2,524 215 12,359 Net gains on non-marketable and other equity securities still held $ 34,604 $ 45,449 $ 19,543 $ 68,272 |
Loans, Allowance for Loan Los_2
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | The composition of loans at amortized cost basis broken out by risk-based segment at June 30, 2020 and December 31, 2019 is presented in the following table: (Dollars in thousands) June 30, 2020 December 31, 2019 Private equity/venture capital $ 17,901,117 $ 17,696,794 Investor dependent: Early stage 1,797,576 1,624,221 Mid stage 1,435,772 1,047,398 Later stage 1,905,528 1,663,576 Total investor dependent 5,138,876 4,335,195 Cash flow dependent: Sponsor led buyout 2,057,439 2,185,497 Other 2,787,807 2,238,741 Total cash flow dependent 4,845,246 4,424,238 Private bank (4) 3,816,277 3,492,269 Balance sheet dependent 1,693,071 1,286,153 Premium wine (4) 1,039,456 1,062,264 Other (4) 457,234 867,723 SBA loans 1,835,945 — Total loans (1) (2) (3) $ 36,727,222 $ 33,164,636 Allowance for credit losses (589,828 ) (304,924 ) Net loans $ 36,137,394 $ 32,859,712 (1) Total loans at amortized cost is net of unearned income of $220 million and $163 million at June 30, 2020 and December 31, 2019 , respectively. (2) Included within our total loan portfolio are credit card loans of $280 million and $395 million at June 30, 2020 and December 31, 2019 , respectively. (3) Included within our total loan portfolio are construction loans of $147 million and $183 million at June 30, 2020 and December 31, 2019 , respectively. (4) Our total loans secured by real estate at amortized cost at June 30, 2020 and December 31, 2019 were comprised of the following: (Dollars in thousands) June 30, 2020 December 31, 2019 Real estate secured loans: Private bank: Loans for personal residence $ 2,714,069 $ 2,829,880 Loans to eligible employees 439,006 401,396 Home equity lines of credit 58,284 55,461 Other 42,464 38,880 Total private bank loans secured by real estate $ 3,253,823 $ 3,325,617 Premium wine 777,560 820,730 Other 470,567 — Total real estate secured loans $ 4,501,950 $ 4,146,347 |
Composition of Loans, Net of Unearned Income, Broken Out by Portfolio Segment and Class of Financing Receivable | The following table summarizes the credit quality indicators, broken out by risk-based segment, as of June 30, 2020 and December 31, 2019 : (Dollars in thousands) Pass Criticized Nonperforming (Nonaccrual) Total June 30, 2020: Private equity/venture capital $ 17,892,840 $ 8,268 $ 9 $ 17,901,117 Investor dependent: Early stage 1,549,222 223,932 24,422 1,797,576 Mid stage 1,259,442 168,211 8,119 1,435,772 Later stage 1,719,152 175,878 10,498 1,905,528 Total investor dependent 4,527,816 568,021 43,039 5,138,876 Cash flow dependent: Sponsor led buyout 1,819,253 216,528 21,658 2,057,439 Other 2,441,376 341,114 5,317 2,787,807 Total cash flow dependent 4,260,629 557,642 26,975 4,845,246 Private bank 3,787,830 21,930 6,517 3,816,277 Balance sheet dependent 1,588,207 93,022 11,842 1,693,071 Premium wine 926,549 111,226 1,681 1,039,456 Other 456,947 226 61 457,234 SBA loans 1,688,030 143,713 4,202 1,835,945 Total loans (1) $ 35,128,848 $ 1,504,048 $ 94,326 $ 36,727,222 December 31, 2019: Private equity/venture capital $ 17,708,550 $ 4,247 $ — $ 17,712,797 Investor dependent Early stage 1,436,022 206,310 11,093 1,653,425 Mid stage 924,002 125,451 17,330 1,066,783 Later stage 1,490,561 201,819 6,296 1,698,676 Total investor dependent 3,850,585 533,580 34,719 4,418,884 Cash flow dependent Sponsor led buyout 2,039,847 118,588 44,585 2,203,020 Other 2,141,766 93,400 17,681 2,252,847 Total cash flow dependent 4,181,613 211,988 62,266 4,455,867 Private bank 3,472,138 11,601 5,480 3,489,219 Balance sheet dependent 1,231,961 65,343 — 1,297,304 Premium wine 1,026,973 36,335 204 1,063,512 Other 890,059 62 — 890,121 Total loans (1) $ 32,361,879 $ 863,156 $ 102,669 $ 33,327,704 (1) For the quarter ended June 30, 2020, loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis. |
Credit Quality Indicators, Broken out by Portfolio Segment and Class of Financing Receivables | The following table summarizes the credit quality indicators, broken out by risk-based segments and vintage year, as of June 30, 2020 : Term Loans by Origination Year (Dollars in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Private equity/venture capital: Risk rating: Pass $ 339,398 $ 188,421 $ 71,803 $ 39,857 $ 3,577 $ 16,055 $ 17,228,948 $ 4,781 $ 17,892,840 Criticized 54 — — — — — 8,214 — 8,268 Nonperforming — 9 — — — — — — 9 Total private equity/venture capital $ 339,452 $ 188,430 $ 71,803 $ 39,857 $ 3,577 $ 16,055 $ 17,237,162 $ 4,781 $ 17,901,117 Investor dependent: Early stage: Risk rating: Pass $ 576,597 $ 614,464 $ 216,902 $ 53,103 $ 4,304 $ 355 $ 83,497 $ — $ 1,549,222 Criticized 38,123 93,416 53,065 12,949 6,555 5,702 14,122 — 223,932 Nonperforming 2,085 8,670 7,542 2,771 2,197 — 1,157 — 24,422 Total early stage $ 616,805 $ 716,550 $ 277,509 $ 68,823 $ 13,056 $ 6,057 $ 98,776 $ — $ 1,797,576 Mid stage: Risk rating: Pass $ 527,905 $ 342,149 $ 194,287 $ 59,075 $ 1,502 $ 4,448 $ 130,076 $ — $ 1,259,442 Criticized 32,514 53,500 48,379 13,833 3,345 2,907 13,733 — 168,211 Nonperforming — 210 5,646 2,041 — — 222 — 8,119 Total mid stage $ 560,419 $ 395,859 $ 248,312 $ 74,949 $ 4,847 $ 7,355 $ 144,031 $ — $ 1,435,772 Later stage: Risk rating: Pass $ 495,546 $ 564,400 $ 188,404 $ 73,703 $ 6,539 $ 7,860 $ 382,700 $ — $ 1,719,152 Criticized 32,347 25,890 53,707 7,074 — 6,506 50,354 — 175,878 Nonperforming — 1,435 2,374 3,885 — — 2,804 — 10,498 Total later stage $ 527,893 $ 591,725 $ 244,485 $ 84,662 $ 6,539 $ 14,366 $ 435,858 $ — $ 1,905,528 Total investor dependent $ 1,705,117 $ 1,704,134 $ 770,306 $ 228,434 $ 24,442 $ 27,778 $ 678,665 $ — $ 5,138,876 Cash flow dependent: Sponsor led buyout: Risk rating: Pass $ 374,547 $ 637,287 $ 357,322 $ 262,844 $ 58,014 $ — $ 129,239 $ — $ 1,819,253 Criticized 33,714 69,764 51,479 31,801 11,958 — 17,812 — 216,528 Nonperforming 19 11,937 — 7,218 — — 2,484 — 21,658 Total sponsor led buyout $ 408,280 $ 718,988 $ 408,801 $ 301,863 $ 69,972 $ — $ 149,535 $ — $ 2,057,439 Other Risk rating: Pass $ 339,862 $ 639,167 $ 193,797 $ 114,650 $ 41,605 $ 347 $ 1,111,948 $ — $ 2,441,376 Criticized 14,326 71,911 88,065 2,807 581 — 163,424 — 341,114 Nonperforming — — 1,140 — — — 4,177 — 5,317 Total other $ 354,188 $ 711,078 $ 283,002 $ 117,457 $ 42,186 $ 347 $ 1,279,549 $ — $ 2,787,807 Total cash flow dependent $ 762,468 $ 1,430,066 $ 691,803 $ 419,320 $ 112,158 $ 347 $ 1,429,084 $ — $ 4,845,246 Private bank: Risk rating: Pass $ 596,908 $ 1,062,779 $ 443,164 $ 440,490 $ 363,380 $ 531,090 $ 277,942 $ 72,077 $ 3,787,830 Criticized — 5,859 2,926 1,805 2,500 8,238 602 — 21,930 Nonperforming — — — 1,570 — 2,901 2,046 — 6,517 Total private bank $ 596,908 $ 1,068,638 $ 446,090 $ 443,865 $ 365,880 $ 542,229 $ 280,590 $ 72,077 $ 3,816,277 Balance sheet dependent: Risk rating: Pass $ 216,879 $ 221,481 $ 247,818 $ 33,048 $ 4,545 $ — $ 864,436 $ — $ 1,588,207 Criticized — 8,627 2,494 1,464 — — 80,437 — 93,022 Nonperforming 14 — — — — — 11,828 — 11,842 Total balance sheet dependent $ 216,893 $ 230,108 $ 250,312 $ 34,512 $ 4,545 $ — $ 956,701 $ — $ 1,693,071 Premium wine: Risk rating: Pass $ 85,177 $ 237,520 $ 73,632 $ 92,594 $ 93,214 $ 177,246 $ 167,166 $ — $ 926,549 Criticized 2,042 12,674 35,964 353 3,980 13,327 42,886 — 111,226 Nonperforming — — — — 1,668 — 13 — 1,681 Total Premium wine $ 87,219 $ 250,194 $ 109,596 $ 92,947 $ 98,862 $ 190,573 $ 210,065 $ — $ 1,039,456 Other: Risk rating: Pass $ 21,785 $ 240,902 $ 40,279 $ 38,752 $ 58,554 $ 33,212 $ 23,256 $ 207 $ 456,947 Criticized 100 — — — — — 126 — 226 Nonperforming — 61 — — — — — — 61 Total other $ 21,885 $ 240,963 $ 40,279 $ 38,752 $ 58,554 $ 33,212 $ 23,382 $ 207 $ 457,234 SBA loans: Risk rating: Pass $ 1,688,030 $ — $ — $ — $ — $ — $ — $ — $ 1,688,030 Criticized 143,713 — — — — — — — 143,713 Nonperforming 4,202 — — — — — — — 4,202 Total SBA loans $ 1,835,945 $ — $ — $ — $ — $ — $ — $ — $ 1,835,945 Total loans $ 5,565,887 $ 5,112,533 $ 2,380,189 $ 1,297,687 $ 668,018 $ 810,194 $ 20,815,649 $ 77,065 $ 36,727,222 |
Activity in Allowance for Loan Losses Broken out by Portfolio Segment | The following tables summarize the activity relating to our allowance for credit losses for loans for the three and six months ended June 30, 2020 and 2019 , broken out by risk-based segment: Three months ended June 30, 2020 Beginning Balance March 31, 2020 Charge-offs Recoveries Provision for (Reduction of) Credit Losses Foreign Currency Translation Adjustments Ending Balance June 30, 2020 (Dollars in thousands) Private equity/venture capital $ 56,774 $ — $ — $ (3,051 ) $ — $ 53,723 Investor dependent: Early stage 127,189 (1,764 ) 2,390 20,451 4 148,270 Mid stage 51,962 (3,653 ) 1,269 6,861 (46 ) 56,393 Later stage 96,550 — — (8,950 ) 4 87,604 Total investor dependent 275,701 (5,417 ) 3,659 18,362 (38 ) 292,267 Cash flow dependent: Sponsor led buyout 42,091 — — 12,763 (1 ) 54,853 Other 39,416 (3,385 ) 1 7,068 — 43,100 Total cash flow dependent 81,507 (3,385 ) 1 19,831 (1 ) 97,953 Private bank 87,795 (1,035 ) — 4,585 — 91,345 Balance sheet dependent 23,235 (4,900 ) — 6,393 — 24,728 Premium wine 12,377 — — (58 ) — 12,319 Other 11,574 (318 ) 413 1,979 (13 ) 13,635 SBA loans — — — 3,858 — 3,858 Total allowance for credit losses $ 548,963 $ (15,055 ) $ 4,073 $ 51,899 $ (52 ) $ 589,828 Three months ended June 30, 2019 Beginning Balance March 31, 2019 Charge-offs Recoveries Provision for (Reduction of) Credit Losses Foreign Currency Translation Adjustments Ending Balance June 30, 2019 (Dollars in thousands) Private equity/venture capital $ 95,311 $ (2,047 ) $ — $ 8,336 $ (347 ) $ 101,253 Investor dependent: Early stage 26,730 (7,627 ) 3,357 8,878 (369 ) 30,969 Mid stage 38,163 (13,395 ) 900 2,708 (112 ) 28,264 Later stage 30,163 — 1,133 6,932 (288 ) 37,940 Total investor dependent 95,056 (21,022 ) 5,390 18,518 (769 ) 97,173 Cash flow dependent: Sponsor led buyout 40,933 (2,402 ) — (6,677 ) 277 32,131 Other 20,514 — 4,397 (376 ) 16 24,551 Total cash flow dependent 61,447 (2,402 ) 4,397 (7,053 ) 293 56,682 Private Bank 19,964 (960 ) 15 1,438 (60 ) 20,397 Balance sheet dependent 21,632 — — (4,566 ) 190 17,256 Premium wine 3,949 — — 290 (12 ) 4,227 Other 2,792 (4 ) 18 2,185 (91 ) 4,900 Total allowance for credit losses $ 300,151 $ (26,435 ) $ 9,820 $ 19,148 $ (796 ) $ 301,888 Six months ended June 30, 2020 Beginning Balance December 31, 2019 Impact of adopting ASC 326 Charge-offs Recoveries Provision for (Reduction of) Credit Losses Foreign Currency Translation Adjustments Ending Balance June 30, 2020 (Dollars in thousands) Private equity/venture capital $ 107,285 $ (69,888 ) $ — $ — $ 16,506 $ (180 ) $ 53,723 Investor dependent: Early stage 26,245 39,911 (11,947 ) 3,963 90,665 (567 ) 148,270 Mid stage 15,936 6,963 (12,985 ) 4,606 42,006 (133 ) 56,393 Later stage 40,189 24,750 (13,984 ) — 37,088 (439 ) 87,604 Total investor dependent 82,370 71,624 (38,916 ) 8,569 169,759 (1,139 ) 292,267 Cash flow dependent: Sponsor led buyout 42,939 3,151 (2,624 ) 2,845 8,675 (133 ) 54,853 Other 25,159 (3,056 ) (3,385 ) 1 24,506 (125 ) 43,100 Total cash flow dependent 68,098 95 (6,009 ) 2,846 33,181 (258 ) 97,953 Private bank 21,551 12,615 (1,616 ) — 59,075 (280 ) 91,345 Balance sheet dependent 12,722 (1,364 ) (4,900 ) — 18,344 (74 ) 24,728 Premium wine 5,296 3,650 (192 ) — 3,605 (40 ) 12,319 Other 7,602 8,732 (318 ) 413 (3,528 ) 734 13,635 SBA loans — — — — 3,858 — 3,858 Total allowance for credit losses $ 304,924 $ 25,464 $ (51,951 ) $ 11,828 $ 300,800 $ (1,237 ) $ 589,828 Six months ended June 30, 2019 Beginning Balance December 31, 2018 Charge-offs Recoveries Provision for (Reduction of) Credit Losses Foreign Currency Translation Adjustments Ending Balance June 30, 2019 (Dollars in thousands) Private equity/venture capital $ 93,781 $ (2,047 ) $ — $ 9,819 $ (300 ) $ 101,253 Investor dependent: Early stage 25,885 (9,295 ) 3,925 10,764 (310 ) 30,969 Mid stage 20,999 (19,911 ) 903 25,665 608 28,264 Later stage 25,217 — 1,777 11,103 (157 ) 37,940 Total investor dependent 72,101 (29,206 ) 6,605 47,532 141 97,173 Cash flow dependent: Sponsor led buyout 44,274 (2,402 ) — (9,916 ) 175 32,131 Other 21,754 (716 ) 4,397 (884 ) — 24,551 Total cash flow dependent 66,028 (3,118 ) 4,397 (10,800 ) 175 56,682 Private Bank 20,583 (1,019 ) 225 692 (84 ) 20,397 Balance sheet dependent 21,707 — — (4,639 ) 188 17,256 Premium wine 3,646 — — 584 (3 ) 4,227 Other 3,057 (45 ) 18 1,781 89 4,900 Total allowance for credit losses $ 280,903 $ (35,435 ) $ 11,245 $ 44,969 $ 206 $ 301,888 The following table summarizes the activity relating to our allowance for credit losses for unfunded credit commitments for the three and six months ended June 30, 2020 and 2019 : Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Allowance for credit losses: unfunded credit commitments, beginning balance $ 84,690 $ 57,970 $ 67,656 $ 55,183 Impact of adopting ASC 326 — — 22,826 — Provision for credit losses 14,590 4,798 9,113 7,528 Foreign currency translation adjustments 14 (104 ) (301 ) (47 ) Allowance for credit losses: unfunded credit commitments, ending balance (1) $ 99,294 $ 62,664 $ 99,294 $ 62,664 (1) The “allowance for credit losses: unfunded credit commitments” is included as a component of “other liabilities” on our unaudited interim consolidated balance sheets. See Note 15 — “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. |
Financing Receivable, Past Due | The following table summarizes the aging of our loans broken out by risk-based segments as of June 30, 2020 and December 31, 2019 : (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 Total Loans Past Due 90 Days or More Still Accruing Interest June 30, 2020: Private equity/venture capital $ 54 $ 10 $ 9 $ 73 $ 17,901,044 $ 17,901,117 $ — Investor dependent: Early stage 742 316 2,809 3,867 1,793,709 1,797,576 73 Mid stage 4,190 3,157 5,493 12,840 1,422,932 1,435,772 — Later stage 2,502 3,900 — 6,402 1,899,126 1,905,528 — Total investor dependent 7,434 7,373 8,302 23,109 5,115,767 5,138,876 73 Cash flow dependent: Sponsor led buyout 46 14 — 60 2,057,379 2,057,439 — Other 2,316 183 3,988 6,487 2,781,320 2,787,807 — Total cash flow dependent 2,362 197 3,988 6,547 4,838,699 4,845,246 — Private bank 601 — 2,749 3,350 3,812,927 3,816,277 — Balance sheet dependent 4,777 255 — 5,032 1,688,039 1,693,071 — Premium wine 1 — — 1 1,039,455 1,039,456 — Other 1 39 82 122 457,112 457,234 3 SBA loans — — — — 1,835,945 1,835,945 — Total loans (1) $ 15,230 $ 7,874 $ 15,130 $ 38,234 $ 36,688,988 $ 36,727,222 $ 76 December 31, 2019: Private equity/venture capital $ 97,739 $ 383 $ 3,150 $ 101,272 $ 17,611,525 17,712,797 $ 3,150 Investor dependent: Early stage 1,307 22,062 723 24,092 1,629,333 1,653,425 — Mid stage 10,025 6,999 — 17,024 1,049,759 1,066,783 — Later stage 8,113 500 10,569 19,182 1,679,494 1,698,676 — Total investor dependent 19,445 29,561 11,292 60,298 4,358,586 4,418,884 — Cash flow dependent Sponsor led buyout — — — — 2,203,020 2,203,020 — Other 2,426 3,061 2 5,489 2,247,358 2,252,847 — Total cash flow dependent 2,426 3,061 2 5,489 4,450,378 4,455,867 — Private bank 6,582 2,049 1,544 10,175 3,479,044 3,489,219 365 Balance sheet dependent 2,731 — — 2,731 1,294,573 1,297,304 — Premium wine 8,435 3,170 — 11,605 1,051,907 1,063,512 — Other 17 — — 17 890,104 890,121 — Total loans (1) $ 137,375 $ 38,224 $ 15,988 $ 191,587 $ 33,136,117 $ 33,327,704 $ 3,515 (1) For the quarter ended June 30, 2020, loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis. |
Financing Receivable, Nonaccrual | The following tables summarize our nonaccrual loan activity by risk-based segment for the three and six months ended June 30, 2020 and 2019 : Three months ended June 30, 2020 Beginning Balance March 31, 2020 Additions Paydowns and Other Reductions Charge-offs Ending Balance June 30, 2020 (Dollars in thousands) Private equity/venture capital $ — $ 9 $ — $ — $ 9 Investor dependent: Early stage 18,414 9,606 (3,141 ) (457 ) 24,422 Mid stage 12,180 494 (399 ) (4,156 ) 8,119 Later stage 14,443 959 (4,904 ) — 10,498 Total investor dependent 45,037 11,059 (8,444 ) (4,613 ) 43,039 Cash flow dependent: Sponsor led buyout — 21,658 — — 21,658 Other 13 8,580 (3,276 ) — 5,317 Total cash flow dependent 13 30,238 (3,276 ) — 26,975 Private bank 4,857 2,634 (974 ) — 6,517 Balance sheet dependent — 16,742 (4,900 ) — 11,842 Premium wine 700 998 (17 ) — 1,681 Other — 234 (173 ) — 61 SBA loans — 4,202 — — 4,202 Total nonaccrual loans $ 50,607 $ 66,116 $ (17,784 ) $ (4,613 ) $ 94,326 Three months ended June 30, 2019 Beginning Balance March 31, 2019 Additions Paydowns and Other Reductions Charge-offs Ending Balance June 30, 2019 (Dollars in thousands) Private equity/venture capital $ 5,947 $ — $ (3,900 ) $ (2,047 ) $ — Investor dependent: Early stage 8,697 8,379 (5,231 ) (1,555 ) 10,290 Mid stage 32,099 10,392 (869 ) (12,923 ) 28,699 Later stage 23,140 18,507 (3,301 ) — 38,346 Total investor dependent 63,936 37,278 (9,401 ) (14,478 ) 77,335 Cash flow dependent: Sponsor led buyout 38,237 — (27,470 ) (2,402 ) 8,365 Other 16,690 79 (16,690 ) — 79 Total cash flow dependent 54,927 79 (44,160 ) (2,402 ) 8,444 Private bank 3,809 1,865 (22 ) (8 ) 5,644 Balance sheet dependent 4,736 238 — — 4,974 Premium wine 268 — (24 ) — 244 Other — — — — — Total nonaccrual loans (1) $ 133,623 $ 39,460 $ (57,507 ) $ (18,935 ) $ 96,641 (1) For the quarter ended June 30, 2020, loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis. Six months ended June 30, 2020 Beginning Balance December 31, 2019 Additions Paydowns and Other Reductions Charge-offs Ending Balance June 30, 2020 (Dollars in thousands) Private equity/venture capital $ — $ 9 $ — $ — $ 9 Investor dependent: Early stage 11,093 21,949 (5,905 ) (2,715 ) 24,422 Mid stage 17,330 12,585 (787 ) (21,009 ) 8,119 Later stage 6,296 12,183 (4,776 ) (3,205 ) 10,498 Total investor dependent 34,719 46,717 (11,468 ) (26,929 ) 43,039 Cash flow dependent: Sponsor led buyout 44,585 21,658 (41,961 ) (2,624 ) 21,658 Other 17,681 8,580 (20,926 ) (18 ) 5,317 Total cash flow dependent 62,266 30,238 (62,887 ) (2,642 ) 26,975 Private bank 5,480 2,634 (1,016 ) (581 ) 6,517 Balance sheet dependent — 16,742 (4,900 ) — 11,842 Premium wine 204 1,686 (17 ) (192 ) 1,681 Other — 234 (173 ) — 61 SBA loans — 4,202 — — 4,202 Total nonaccrual loans (1) $ 102,669 $ 102,462 $ (80,461 ) $ (30,344 ) $ 94,326 (1) For the quarter ended June 30, 2020, loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis. Six months ended June 30, 2019 Beginning Balance December 31, 2018 Additions Paydowns and Other Reductions Charge-offs Ending Balance June 30, 2019 (Dollars in thousands) Private equity/venture capital $ 3,700 $ 2,247 $ (3,900 ) $ (2,047 ) $ — Investor dependent: Early stage 7,616 12,812 (8,443 ) (1,695 ) 10,290 Mid stage 4,751 42,491 (1,390 ) (17,153 ) 28,699 Later stage 11,385 30,570 (3,609 ) — 38,346 Total investor dependent 23,752 85,873 (13,442 ) (18,848 ) 77,335 Cash flow dependent: Sponsor led buyout 39,534 — (28,767 ) (2,402 ) 8,365 Other 17,156 79 (16,690 ) (466 ) 79 Total cash flow dependent 56,690 79 (45,457 ) (2,868 ) 8,444 Private bank 3,919 1,880 (88 ) (67 ) 5,644 Balance sheet dependent 5,004 238 (268 ) — 4,974 Premium wine 285 — (41 ) — 244 Other 792 — (792 ) — — Total nonaccrual loans (1) $ 94,142 $ 90,317 $ (63,988 ) $ (23,830 ) $ 96,641 (1) For the quarter ended June 30, 2020, loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis. The following table summarizes our nonaccrual loans with no allowance for credit loss at June 30, 2020 and December 31, 2019 : June 30, 2020 December 31, 2019 (Dollars in thousands) Nonaccrual Loans Nonaccrual Loans with no Allowance for Credit Loss Nonaccrual Loans Nonaccrual Loans with no Allowance for Credit Loss Private equity/venture capital $ 9 $ 9 $ — $ — Investor dependent: Early stage 24,422 — 11,093 460 Mid stage 8,119 368 17,330 274 Later stage 10,498 4 6,296 — Total investor dependent 43,039 372 34,719 734 Cash flow dependent: Sponsor led buyout 21,658 — 44,585 — Other 5,317 — 17,681 2,782 Total cash flow dependent 26,975 — 62,266 2,782 Private bank 6,517 6,517 5,480 3,714 Balance sheet dependent 11,842 — — — Premium wine 1,681 997 204 — Other 61 61 — — SBA loans 4,202 — — — Total nonaccrual loans (1) $ 94,326 $ 7,956 $ 102,669 $ 7,230 (1) For the quarter ended June 30, 2020, loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis. |
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 risk-based segment, at June 30, 2020 and December 31, 2019 : (Dollars in thousands) June 30, 2020 December 31, 2019 Loans modified in TDRs: Private equity/venture capital $ — $ — Investor dependent Early stage 5,354 9,471 Mid stage 11,130 5,189 Later stage 10,595 23,318 Total investor dependent 27,079 37,978 Cash flow dependent Sponsor led buyout 10,350 55,443 Other 5,326 — Total cash flow dependent 15,676 55,443 Private bank 1,318 2,104 Balance sheet dependent — — Premium wine 12,208 13,457 Other — — SBA loans — — Total loans modified in TDRs (1) $ 56,281 $ 108,982 (1) For the quarter ended June 30, 2020 , loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis. |
Recorded Investment in Loans Modified in TDRs | The following table summarizes the recorded investment in loans modified in TDRs, broken out by risk-based segment, for modifications made during the three and six months ended June 30, 2020 and 2019 : Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Loans modified in TDRs during the period: Private equity/venture capital $ — $ — $ — $ — Investor dependent Early stage 93 — 93 616 Mid stage 5,281 3,521 11,130 3,521 Later stage 3,966 14,214 6,710 14,214 Total investor dependent 9,340 17,735 17,933 18,351 Cash flow dependent Sponsor led buyout — 48,557 — 48,557 Other 3,986 — 3,986 — Total cash flow dependent 3,986 48,557 3,986 48,557 Private bank — 1,865 — 1,865 Balance sheet dependent — — — — Premium wine 997 — 998 — Other — — — — SBA loans — — — — Total loans modified in TDRs during the period (1) (2) $ 14,323 $ 68,157 $ 22,917 $ 68,773 (1) For the quarter ended June 30, 2020 , loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis. (2) There were $5.0 million and $17.5 million of partial charge-offs for the three and six months ended June 30, 2020 , respectively and $3.4 million and $5.6 million of partial charge-offs for the three and six months ended June 30, 2019 . |
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 six months ended June 30, 2020 and 2019 : Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 TDRs modified within the previous 12 months that defaulted during the period: Private equity/venture capital $ — $ — $ — $ — Investor dependent Early stage — — — — Mid stage — — — — Later stage — — — — Total investor dependent — — — — Cash flow dependent Sponsor led buyout 10,350 — 10,350 — Other — — — — Total cash flow dependent 10,350 — 10,350 — Private bank — — — — Balance sheet dependent — — — — Premium wine — — — — Other — — — — SBA loans — — — — Total TDRs modified within the previous 12 months that defaulted in the period (1) $ 10,350 $ — $ 10,350 $ — (1) For the quarter ended June 30, 2020 , loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Schedule of Lease Assets and Liabilities | Total recorded balances for the lease assets and liabilities are as follows: (Dollars in thousands) June 30, 2020 December 31, 2019 Assets: Right-of-use assets - operating leases $ 215,319 $ 197,365 Liabilities: Lease liabilities - operating leases 239,357 218,847 |
Lease Expense Components | The components of our lease cost and supplemental cash flow information related to leases for the three and six months ended June 30, 2020 and 2019 were as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Operating lease cost $ 11,605 $ 9,462 $ 22,969 $ 18,980 Short-term lease cost 420 582 759 845 Variable lease cost 1,198 933 1,791 1,779 Less: sublease income (155 ) (1,115 ) (1,287 ) (2,223 ) Total lease cost, net $ 13,068 $ 9,862 $ 24,232 $ 19,381 Supplemental cash flows information: Cash paid for amounts included in the measurement of lease liabilities: Cash paid for operating leases $ 12,130 10,884 $ 24,351 $ 21,238 Noncash items during the period: Lease obligations in exchange for obtaining Right-of-use assets Operating leases $ 18,850 — $ 40,463 $ — The table below presents additional information related to the Company's leases as of June 30, 2020 and December 31, 2019 : June 30, 2020 December 31, 2019 Weighted-average remaining term (in years) - operating leases 6.00 6.29 Weighted-average discount rate - operating leases (1) 2.64 % 2.92 % (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 June 30, 2020 : Years ended December 31, (Dollars in thousands) Operating Leases 2020 (excluding the six months ended June 30, 2020) $ 24,477 2021 48,887 2022 43,698 2023 42,602 2024 36,648 2025 and thereafter 63,684 Total future lease payments (1) $ 259,996 Less: imputed interest (20,639 ) Total lease liabilities $ 239,357 (1) As of June 30, 2020, we have additional leases that have not yet commenced. We estimate that we will record additional lease liabilities of $18.5 million upon commencement. These leases will commence in 2020 with lease terms of two years to ten years . |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The components of net other intangible assets related to the acquisition of SVB Leerink were as follows: June 30, 2020 December 31, 2019 (Dollars in thousands) Gross Amount Accumulated Amortization Net Carrying Amount Gross Amount Accumulated Amortization Net Carrying Amount Other intangible assets: Customer relationships $ 42,000 $ 5,727 $ 36,273 $ 42,000 $ 3,818 $ 38,182 Other 18,900 8,447 10,453 18,900 7,665 11,235 Total other intangible assets $ 60,900 $ 14,174 $ 46,726 $ 60,900 $ 11,483 $ 49,417 |
Finite-lived Intangible Assets Amortization Expense | For the six months ended June 30, 2020 , we recorded amortization expense of $2.7 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 June 30, 2020: Years ended December 31, (Dollars in thousands) Other Intangible Assets 2020 (excluding the six months ended June 30, 2020) $ 2,691 2021 4,732 2022 4,732 2023 4,732 2024 4,732 2025 and thereafter 25,107 Total future amortization expense $ 46,726 |
Short-Term Borrowings and Lon_2
Short-Term Borrowings and Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Outstanding Short Term Borrowings and Long Term Debt | The following table represents outstanding short-term borrowings and long-term debt at June 30, 2020 and December 31, 2019 : Carrying Value (Dollars in thousands) Maturity Principal value at June 30, 2020 June 30, December 31, Short-term borrowings: Other short-term borrowings (1) $ 50,924 50,924 17,430 Total short-term borrowings $ 50,924 $ 17,430 Long-term debt: 3.50% Senior Notes January 29, 2025 $ 350,000 $ 348,166 $ 347,987 3.125% Senior Notes June 5, 2030 500,000 495,054 — Total long-term debt $ 843,220 $ 347,987 (1) 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) | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 and December 31, 2019 were as follows: June 30, 2020 December 31, 2019 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 $ — $ — $ — $ 1,915,000 $ 22,676 $ — Interest rate swaps — — — 3,085,000 — 25,623 Derivatives not designated as hedging instruments: Currency exchange risks: Foreign exchange forwards 308,975 — 10,471 300,250 — 2,154 Other derivative instruments: Equity warrant assets 249,399 171,082 — 225,893 165,473 — Client foreign exchange forwards 6,937,993 179,166 — 4,661,517 114,546 — Client foreign exchange forwards 6,339,390 — 139,140 4,326,059 — 94,745 Client foreign currency options 155,412 2,927 — 154,985 1,308 — Client foreign currency options 155,412 — 2,927 154,985 — 1,308 Client interest rate derivatives 870,885 87,255 — 1,275,190 28,811 — Client interest rate derivatives (2) 977,084 — 28,676 1,372,914 — 14,154 Total derivatives not designated as hedging instruments 440,430 181,214 310,138 112,361 Total derivatives $ 440,430 $ 181,214 $ 332,814 $ 137,984 (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 reflects reductions of approximately $65.1 million and $17.4 million of derivative liabilities at June 30, 2020 and December 31, 2019 , respectively, reflecting variation margin treated as settlement of the related derivative fair values for legal and accounting purposes as required by central clearing houses. |
Summary of Derivative Activity and Related Impact on Consolidated Statements of Income | A summary of our derivative activity and the related impact on our consolidated statements of income for the three and six months ended June 30, 2020 and 2019 is as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) Statement of income location 2020 2019 2020 2019 Derivatives designated as hedging instruments: Interest rate risks: Amounts reclassified from accumulated other comprehensive income into income Interest income - loans $ 15,831 $ (508 ) $ 17,920 $ (511 ) Derivatives not designated as hedging instruments: Currency exchange risks: Gains on revaluations of internal foreign currency instruments, net Other noninterest income $ 11,428 $ 2,491 $ 3,053 $ 3,541 Losses on internal foreign exchange forward contracts, net Other noninterest income (9,334 ) (3,274 ) (666 ) (3,743 ) Net gains (losses) associated with internal currency risk $ 2,094 $ (783 ) $ 2,387 $ (202 ) Other derivative instruments: Gains (losses) on revaluations of client foreign currency instruments, net Other noninterest income $ 4,911 $ 959 $ (3,373 ) $ (12,612 ) (Losses) gains on client foreign exchange forward contracts, net Other noninterest income (6,806 ) 411 941 13,065 Net (losses) gains associated with client currency risk $ (1,895 ) $ 1,370 $ (2,432 ) $ 453 Net gains on equity warrant assets Gains on equity warrant assets, net $ 26,506 $ 48,347 $ 39,901 $ 69,652 Net losses on other derivatives Other noninterest income $ (273 ) $ (1,131 ) $ (4,618 ) $ (1,496 ) |
Offsetting Assets | The following table summarizes our assets subject to enforceable master netting arrangements as of June 30, 2020 and December 31, 2019 : 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) June 30, 2020 Derivative assets: Interest rate swaps $ — $ — $ — $ — $ — $ — Foreign exchange forwards 179,166 — 179,166 (76,065 ) (49,755 ) 53,346 Foreign currency options 2,927 — 2,927 (1,055 ) (1,169 ) 703 Client interest rate derivatives 87,255 — 87,255 (87,255 ) — — Total derivative assets 269,348 — 269,348 (164,375 ) (50,924 ) 54,049 Reverse repurchase, securities borrowing, and similar arrangements 317,048 — 317,048 (317,048 ) — — Total $ 586,396 $ — $ 586,396 $ (481,423 ) $ (50,924 ) $ 54,049 December 31, 2019 Derivative assets: Interest rate swaps $ 22,676 $ — $ 22,676 $ (22,598 ) $ — $ 78 Foreign exchange forwards 114,546 — 114,546 (36,855 ) (17,095 ) 60,596 Foreign currency options 1,308 — 1,308 (848 ) (335 ) 125 Client interest rate derivatives 28,811 — 28,811 (28,811 ) — — Total derivative assets 167,341 — 167,341 (89,112 ) (17,430 ) 60,799 Reverse repurchase, securities borrowing, and similar arrangements 289,340 — 289,340 (289,340 ) — — Total $ 456,681 $ — $ 456,681 $ (378,452 ) $ (17,430 ) $ 60,799 (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 June 30, 2020 and December 31, 2019 : 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) June 30, 2020 Derivative liabilities: Interest rate swaps $ — $ — $ — $ — $ — $ — Foreign exchange forwards 149,611 — 149,611 (54,867 ) (14,031 ) 80,713 Foreign currency options 2,927 — 2,927 (987 ) — 1,940 Client interest rate derivatives 28,676 — 28,676 (6,566 ) (21,376 ) 734 Total derivative liabilities 181,214 — 181,214 (62,420 ) (35,407 ) 83,387 Repurchase, securities lending, and similar arrangements — — — — — — Total $ 181,214 $ — $ 181,214 $ (62,420 ) $ (35,407 ) $ 83,387 December 31, 2019 Derivative liabilities: Interest rate swaps 25,623 — 25,623 (22,676 ) (2,947 ) — Foreign exchange forwards 96,899 — 96,899 (33,314 ) (22,030 ) 41,555 Foreign currency options 1,308 — 1,308 (531 ) — 777 Client interest rate derivatives 14,154 — 14,154 — (13,936 ) 218 Total derivative liabilities 137,984 — 137,984 (56,521 ) (38,913 ) 42,550 Repurchase, securities lending, and similar arrangements — — — — — — Total $ 137,984 $ — $ 137,984 $ (56,521 ) $ (38,913 ) $ 42,550 (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) | 6 Months Ended |
Jun. 30, 2020 | |
Other Income and Expenses [Abstract] | |
Summary of Noninterest Income | Included below is a summary of noninterest income for the three and six months ended June 30, 2020 and 2019 : Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Noninterest income: Gains on investment securities, net $ 34,868 $ 47,698 $ 80,923 $ 76,726 Gains on equity warrant assets, net 26,506 48,347 39,901 69,652 Client investment fees 31,885 45,744 75,278 90,226 Foreign exchange fees 36,256 38,506 83,761 76,554 Credit card fees 21,288 28,790 49,592 56,273 Deposit service charges 20,511 22,075 45,100 43,014 Lending related fees 11,164 11,213 24,289 25,150 Letters of credit and standby letters of credit fees 11,421 11,009 22,963 20,363 Investment banking revenue 141,503 48,694 188,370 98,489 Commissions 16,918 14,429 32,940 28,537 Other 16,528 17,245 27,665 29,142 Total noninterest income $ 368,848 $ 333,750 $ 670,782 $ 614,126 |
Components of Gains and Losses (Realized and Unrealized) on Investment Securities | A summary of gains and losses on investment securities for the three and six months ended June 30, 2020 and 2019 is as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Gains on non-marketable and other equity securities, net $ 34,868 $ 47,973 $ 19,758 $ 80,631 (Losses) gains on sales of available-for-sale securities, net — (275 ) 61,165 (3,905 ) Total gains on investment securities, net $ 34,868 $ 47,698 $ 80,923 $ 76,726 |
Components of Gains on Equity Warrant Assets | A summary of net gains on equity warrant assets for the three and six months ended June 30, 2020 and 2019 is as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Equity warrant assets: Gains on exercises, net $ 9,435 $ 40,226 $ 32,730 $ 49,180 Terminations (439 ) (1,045 ) (872 ) (1,884 ) Changes in fair value, net 17,510 9,166 8,043 22,356 Total net gains on equity warrant assets $ 26,506 $ 48,347 $ 39,901 $ 69,652 |
Components of Asset Management Fees | A summary of client investment fees by instrument type for the three and six months ended June 30, 2020 and 2019 is as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Client investment fees by type: Sweep money market fees $ 19,413 $ 26,952 $ 42,462 $ 53,496 Asset management fees (1) 11,596 6,956 20,733 13,628 Repurchase agreement fees 876 11,836 12,083 23,102 Total client investment fees (2) $ 31,885 $ 45,744 $ 75,278 $ 90,226 (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 that 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 six months ended June 30, 2020 and 2019 is as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Foreign exchange fees by instrument type: Spot contract commissions $ 33,093 $ 34,696 $ 74,027 $ 69,725 Forward contract commissions 3,052 3,778 9,391 6,773 Option premium fees 111 32 343 56 Total foreign exchange fees $ 36,256 $ 38,506 $ 83,761 $ 76,554 |
Components of Credit Card Fees | A summary of credit card fees by instrument type for the three and six months ended June 30, 2020 and 2019 is as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Credit card fees by instrument type: Card interchange fees, net $ 15,314 $ 22,855 $ 37,089 $ 44,248 Merchant service fees 5,030 4,286 10,057 8,821 Card service fees 944 1,649 2,446 3,204 Total credit card fees $ 21,288 $ 28,790 $ 49,592 $ 56,273 |
Components of Lending Related Fees | A summary of lending related fees by instrument type for the three and six months ended June 30, 2020 and 2019 is as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Lending related fees by instrument type: Unused commitment fees $ 8,324 $ 7,051 $ 16,730 $ 16,721 Other 2,840 4,162 7,559 8,429 Total lending related fees $ 11,164 $ 11,213 $ 24,289 $ 25,150 |
Schedule of Investment Banking Revenue | A summary of investment banking revenue by instrument type for the three and six months ended June 30, 2020 and 2019 is as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Investment banking revenue: Underwriting fees $ 131,085 $ 42,584 $ 162,375 $ 78,356 Advisory fees 8,922 5,315 24,409 17,588 Private placements and other 1,496 795 1,586 2,545 Total investment banking revenue $ 141,503 $ 48,694 $ 188,370 $ 98,489 |
Summary of Other Noninterest Income | A summary of other noninterest income by instrument type for the three and six months ended June 30, 2020 and 2019 is as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Other noninterest income by instrument type: Fund management fees $ 8,845 $ 7,758 $ 16,753 $ 15,799 Net gains (losses) on revaluation of foreign currency instruments, net of foreign exchange forward contracts (1) 199 587 (45 ) 251 Other service revenue 7,484 8,900 10,957 13,092 Total other noninterest income $ 16,528 $ 17,245 $ 27,665 $ 29,142 (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 six months ended June 30, 2020 and 2019 : Three months ended June 30, 2020 (Dollars in thousands) Global SVB Private SVB Capital (2) SVB Other Items Total Revenue from contracts with customers: Client investment fees $ 31,308 $ 577 $ — $ — $ — $ 31,885 Spot contract commissions 32,865 98 — — 130 33,093 Card interchange fees, gross 25,930 5 — — 291 26,226 Merchant service fees 5,030 — — — — 5,030 Deposit service charges 20,460 13 — — 38 20,511 Investment banking revenue — — — 141,503 — 141,503 Commissions — — — 16,918 — 16,918 Fund management fees — — 7,415 1,430 — 8,845 Correspondent bank rebates 1,371 — — — — 1,371 Total revenue from contracts with customers $ 116,964 $ 693 $ 7,415 $ 159,851 $ 459 $ 285,382 Revenues outside the scope of ASC 606 (1) 16,510 (23 ) 14,035 3,966 48,978 83,466 Total noninterest income $ 133,474 $ 670 $ 21,450 $ 163,817 $ 49,437 $ 368,848 (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 June 30, 2019 (Dollars in thousands) Global SVB Private SVB Capital (2) SVB Other Items Total Revenue from contracts with customers: Client investment fees (3) $ 45,278 $ 466 $ — $ — $ — $ 45,744 Spot contract commissions 34,428 165 — — 103 34,696 Card interchange fees, gross 41,887 — — — 190 42,077 Merchant service fees 4,286 — — — — 4,286 Deposit service charges 21,750 33 — — 292 22,075 Investment banking revenue — — — 48,694 — 48,694 Commissions — — — 14,429 — 14,429 Fund management fees — — 6,328 1,430 — 7,758 Correspondent bank rebates 1,612 — — — — 1,612 Total revenue from contracts with customers $ 149,241 $ 664 $ 6,328 $ 64,553 $ 585 $ 221,371 Revenues outside the scope of ASC 606 (1) 8,364 22 33,731 2,447 67,815 112,379 Total noninterest income $ 157,605 $ 686 $ 40,059 $ 67,000 $ 68,400 $ 333,750 (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 June 30, 2019, 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. Six months ended June 30, 2020 (Dollars in thousands) Global SVB Private SVB Capital (2) SVB Other Items Total Revenue from contracts with customers: Client investment fees $ 74,044 $ 1,234 $ — $ — $ — $ 75,278 Spot contract commissions 73,540 259 — — 228 74,027 Card interchange fees, gross 61,654 12 — — 857 62,523 Merchant service fees 10,057 — — — — 10,057 Deposit service charges 44,698 40 — — 362 45,100 Investment banking revenue — — — 188,370 — 188,370 Commissions — — — 32,940 — 32,940 Fund management fees — — 13,893 2,860 — 16,753 Correspondent bank rebates 2,774 — — — — 2,774 Total revenue from contracts with customers $ 266,767 $ 1,545 $ 13,893 $ 224,170 $ 1,447 $ 507,822 Revenues outside the scope of ASC 606 (1) 33,541 25 12,475 2,324 114,595 162,960 Total noninterest income $ 300,308 $ 1,570 $ 26,368 $ 226,494 $ 116,042 $ 670,782 (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." Six months ended June 30, 2019 (Dollars in thousands) Global SVB Private SVB Capital (2) SVB Other Items Total Revenue from contracts with customers: Client investment fees (3) $ 89,380 $ 846 $ — $ — $ — $ 90,226 Spot contract commissions 69,233 288 — — 204 69,725 Card interchange fees, gross 80,601 — — — 337 80,938 Merchant service fees 8,821 — — — — 8,821 Deposit service charges 42,543 68 — — 403 43,014 Investment banking revenue — — — 98,489 — 98,489 Commissions — — — 28,537 — 28,537 Fund management fees — — 12,987 2,812 — 15,799 Correspondent bank rebates 3,079 — — — — 3,079 Total revenue from contracts with customers $ 293,657 $ 1,202 $ 12,987 $ 129,838 $ 944 $ 438,628 Revenues outside the scope of ASC 606 (1) 16,808 (6 ) 51,917 5,279 101,500 175,498 Total noninterest income $ 310,465 $ 1,196 $ 64,904 $ 135,117 $ 102,444 $ 614,126 (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." (3) For the six months ended June 30, 2019, 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. |
Other Noninterest Expense (Tabl
Other Noninterest Expense (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Other Income and Expenses [Abstract] | |
Summary of Other Noninterest Expense | A summary of other noninterest expense for the three and six months ended June 30, 2020 and 2019 is as follows: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Lending and other client related processing costs $ 6,803 $ 8,763 $ 15,961 $ 13,940 Correspondent bank fees 3,833 3,569 7,819 7,313 Investment banking activities 7,768 3,869 10,798 8,054 Trade order execution costs 2,614 2,828 5,359 5,344 Data processing services 3,507 2,659 6,961 5,558 Telephone 1,889 2,422 4,116 5,163 Dues and publications 910 860 2,040 2,384 Postage and supplies 723 678 1,579 1,448 Other 11,600 11,769 25,717 21,749 Total other noninterest expense $ 39,647 $ 37,417 $ 80,350 $ 70,953 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | Our segment information for the three and six months ended June 30, 2020 and 2019 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 June 30, 2020 Net interest income (loss) $ 484,969 $ 18,644 $ 5 $ (3 ) $ 9,312 $ 512,927 Provision for credit losses (43,456 ) (4,585 ) — — (18,440 ) (66,481 ) Noninterest income (7) 133,474 670 21,450 163,817 49,437 368,848 Noninterest expense (3) (241,343 ) (10,164 ) (8,256 ) (108,650 ) (111,223 ) (479,636 ) Income (loss) before income tax expense (4) $ 333,644 $ 4,565 $ 13,199 $ 55,164 $ (70,914 ) $ 335,658 Total average loans, amortized cost $ 30,472,414 $ 4,035,940 $ — $ — $ 2,003,805 $ 36,512,159 Total average assets (5) (6) (8) 67,936,486 4,071,648 430,272 454,603 5,538,993 78,432,002 Total average deposits 65,090,982 2,119,983 — — 705,416 67,916,381 Three months ended June 30, 2019 Net interest income $ 461,752 $ 12,277 $ 6 $ 242 $ 55,126 $ 529,403 Provision for credit losses (18,295 ) (853 ) — — (4,798 ) (23,946 ) Noninterest income (7) 157,605 686 40,059 67,000 68,400 333,750 Noninterest expense (3) (206,902 ) (9,526 ) (7,883 ) (61,935 ) (97,276 ) (383,522 ) Income before income tax expense (4) $ 394,160 $ 2,584 $ 32,182 $ 5,307 $ 21,452 $ 455,685 Total average loans, amortized cost $ 25,724,704 $ 3,217,597 $ — $ — $ 464,319 $ 29,406,620 Total average assets (5) (6) (8) 53,965,699 3,247,557 373,167 410,279 2,703,784 60,700,486 Total average deposits 51,126,806 1,394,905 — — 440,497 52,962,208 Six months ended June 30, 2020 Net interest income $ 948,805 $ 33,808 $ 26 $ 198 $ 54,227 $ 1,037,064 Provision for credit losses (237,867 ) (59,075 ) — — (13,019 ) (309,961 ) Noninterest income (7) 300,308 1,570 26,368 226,494 116,042 670,782 Noninterest expense (3) (466,198 ) (20,254 ) (16,842 ) (170,687 ) (205,240 ) (879,221 ) Income (loss) before income tax expense (4) $ 545,048 $ (43,951 ) $ 9,552 $ 56,005 $ (47,990 ) $ 518,664 Total average loans, net of unearned income $ 29,804,949 $ 3,946,709 $ — $ — $ 1,334,786 $ 35,086,444 Total average assets (5) (6) (8) 64,870,536 3,982,024 438,737 469,126 5,659,162 75,419,585 Total average deposits 62,153,426 2,021,323 — — 687,557 64,862,306 Six months ended June 30, 2019 Net interest income $ 907,628 $ 24,258 $ 12 $ 684 $ 109,707 $ 1,042,289 (Provision for) reduction of credit losses (45,100 ) 131 — — (7,528 ) (52,497 ) Noninterest income (7) 310,465 1,196 64,904 135,117 102,444 614,126 Noninterest expense (3) (404,147 ) (18,378 ) (13,665 ) (122,475 ) (190,521 ) (749,186 ) Income before income tax expense (4) $ 768,846 $ 7,207 $ 51,251 $ 13,326 $ 14,102 $ 854,732 Total average loans, net of unearned income $ 25,264,010 $ 3,152,104 $ — $ — $ 484,046 $ 28,900,160 Total average assets (5) (6) (8) 52,068,609 3,179,064 375,934 355,609 3,144,018 59,123,234 Total average deposits 49,371,589 1,442,803 — — 532,788 51,347,180 (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 or losses on equity warrant assets, gains or losses on the sale of AFS securities and gains or losses 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 $5.8 million and $4.8 million for the three months ended June 30, 2020 and 2019 , respectively, and $11.3 million and $9.6 million for the six months ended June 30, 2020 and 2019 . (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 the three and six months ended June 30, 2020 and 2019 . (7) For the three and six months ended June 30, 2019, 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 six months ended June 30, 2019, 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) | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 and December 31, 2019 : (Dollars in thousands) June 30, 2020 December 31, 2019 Loan commitments available for funding: (1) Fixed interest rate commitments $ 2,298,264 $ 2,434,042 Variable interest rate commitments 22,895,069 19,309,317 Total loan commitments available for funding 25,193,333 21,743,359 Commercial and standby letters of credit (2) 2,933,896 2,778,561 Total unfunded credit commitments $ 28,127,229 $ 24,521,920 Commitments unavailable for funding (3) $ 2,412,910 $ 3,051,075 Allowance for unfunded credit commitments (4) 99,294 67,656 (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 credit losses 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 June 30, 2020 . 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 $ 2,723,597 $ 80,267 $ 2,803,864 $ 2,803,864 Performance standby letters of credit 109,279 17,787 127,066 127,066 Commercial letters of credit 2,870 96 2,966 2,966 Total $ 2,835,746 $ 98,150 $ 2,933,896 $ 2,933,896 |
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 June 30, 2020 : (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 2,235 5.0 Strategic Investors Fund V funds 515 131 Various Other venture capital and private equity fund investments (equity method accounting) 21,789 5,514 Various Debt funds (equity method accounting) 58,493 — Various Other fund investments (2) 281,508 5,951 Various Total $ 464,402 $ 18,616 (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 197 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 investments in “covered funds”. Under revised regulations that will become effective on October 1, 2020, venture capital and credit funds that meet certain criteria will no longer be considered covered funds. We believe that, as a result of these changes, we will not be required to sell or otherwise conform certain of our fund investments. See the “Volcker Rule” section under Part I, Item 2 of this report for additional details. |
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 June 30, 2020 : (Dollars in thousands) Unfunded Commitments Strategic Investors Fund, LP $ 376 Capital Preferred Return Fund, LP 1,517 Growth Partners, LP 2,504 Total $ 4,397 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 : (Dollars in thousands) Level 1 Level 2 Level 3 Balance at June 30, 2020 Assets: Available-for-sale securities: U.S. Treasury securities $ 4,535,235 $ — $ — $ 4,535,235 U.S. agency debentures — 102,659 — 102,659 Foreign government debt securities 22,525 — — 22,525 Residential mortgage-backed securities: Agency-issued mortgage-backed securities — 7,655,556 — 7,655,556 Agency-issued collateralized mortgage obligations — fixed rate — 2,979,540 — 2,979,540 Agency-issued commercial mortgage-backed securities — 3,156,398 — 3,156,398 Total available-for-sale securities 4,557,760 13,894,153 — 18,451,913 Non-marketable and other equity securities (fair value accounting): Non-marketable securities: Venture capital and private equity fund investments measured at net asset value — — — 213,201 Venture capital and private equity fund investments not measured at net asset value (1) — — 134 134 Other equity securities in public companies 25,233 20,055 — 45,288 Total non-marketable and other equity securities (fair value accounting) 25,233 20,055 134 258,623 Other assets: Foreign exchange forward and option contracts — 182,093 — 182,093 Equity warrant assets — 5,857 165,225 171,082 Client interest rate derivatives — 87,255 — 87,255 Total assets $ 4,582,993 $ 14,189,413 $ 165,359 $ 19,150,966 Liabilities: Foreign exchange forward and option contracts $ — $ 152,538 $ — $ 152,538 Client interest rate derivatives — 28,676 — 28,676 Total liabilities $ — $ 181,214 $ — $ 181,214 (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, 2019 : (Dollars in thousands) Level 1 Level 2 Level 3 Balance at December 31, 2019 Assets: Available-for-sale securities: U.S. Treasury securities $ 6,894,010 $ — $ — $ 6,894,010 U.S. agency debentures — 99,547 — 99,547 Foreign government debt securities 9,038 — — 9,038 Residential mortgage-backed securities: Agency-issued mortgage-backed securities — 4,148,791 — 4,148,791 Agency-issued collateralized mortgage obligations—fixed rate — 1,538,343 — 1,538,343 Agency-issued commercial mortgage-backed securities — 1,325,190 — 1,325,190 Total available-for-sale securities 6,903,048 7,111,871 — 14,014,919 Non-marketable and other equity securities (fair value accounting): Non-marketable securities: Venture capital and private equity fund investments measured at net asset value — — — 265,263 Venture capital and private equity fund investments not measured at net asset value (1) — — 134 134 Other equity securities in public companies 17,290 41,910 — 59,200 Total non-marketable and other equity securities (fair value accounting) 17,290 41,910 134 324,597 Other assets: Foreign exchange forward and option contracts — 115,854 — 115,854 Equity warrant assets — 4,435 161,038 165,473 Interest rate swaps — 22,676 — 22,676 Client interest rate derivatives — 28,811 — 28,811 Total assets $ 6,920,338 $ 7,325,557 $ 161,172 $ 14,672,330 Liabilities: Foreign exchange forward and option contracts $ — $ 98,207 $ — $ 98,207 Interest rate swaps — 25,623 — 25,623 Client interest rate derivatives — 14,154 — 14,154 Total liabilities $ — $ 137,984 $ — $ 137,984 (1) Included in Level 3 assets is $120 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 six months ended June 30, 2020 and 2019 : (Dollars in thousands) Beginning Balance Total Net Gains (Losses) Included in Net Income Purchases Sales/Exits Issuances Distributions and Other Settlements Transfers Out of Level 3 Ending Balance Three months ended June 30, 2020 Non-marketable and other equity securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (1) $ 134 $ — $ — $ — $ — $ — $ — $ 134 Other assets: Equity warrant assets (2) 149,858 24,086 — (15,316 ) 6,770 — (173 ) 165,225 Total assets $ 149,992 $ 24,086 $ — $ (15,316 ) $ 6,770 $ — $ (173 ) $ 165,359 Three months ended June 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) $ 1,035 $ 2 $ — $ (596 ) $ — $ — $ — $ 441 Other assets: Equity warrant assets (2) 156,749 46,645 — (55,568 ) 3,041 — (3,097 ) 147,770 Total assets $ 157,784 $ 46,647 $ — $ (56,164 ) $ 3,041 $ — $ (3,097 ) $ 148,211 Six months ended June 30, 2020 Non-marketable and other equity securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (1) $ 134 $ 5 $ — $ (5 ) $ — $ — $ — $ 134 Other assets: Equity warrant assets (2) 161,038 38,687 — (45,350 ) 11,289 — (439 ) 165,225 Total assets $ 161,172 $ 38,692 $ — $ (45,355 ) $ 11,289 $ — $ (439 ) $ 165,359 Six months ended June 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 $ (45 ) $ — $ (596 ) $ — $ 3 $ — $ 441 Other assets: Equity warrant assets (2) 145,199 65,811 575 (67,873 ) 7,584 — (3,526 ) 147,770 Total assets $ 146,278 $ 65,766 $ 575 $ (68,469 ) $ 7,584 $ 3 $ (3,526 ) $ 148,211 (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 June 30, 2020 and 2019 : Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Non-marketable and other equity securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (1) $ — $ 2 $ — $ (45 ) Other assets: Equity warrant assets (2) 11,267 4,416 7,122 19,188 Total unrealized (losses) gains, net $ 11,267 $ 4,418 $ 7,122 $ 19,143 Unrealized losses attributable to noncontrolling interests (1) $ — $ (1 ) $ — $ (40 ) (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 June 30, 2020 and December 31, 2019 . 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 Input Range Weighted Average June 30, 2020: Venture capital and private equity fund investments (fair value accounting) $ 134 Private company equity pricing (1) (1) (1 ) Equity warrant assets (public portfolio) 1,085 Black-Scholes option pricing model Volatility 56.6% 56.6 % Risk-Free interest rate 0.7 0.7 Sales restrictions discount (2) 10.0 - 20.0 14.4 Equity warrant assets (private portfolio) 164,140 Black-Scholes option pricing model Volatility 23.1% - 56.6% 43.1 Risk-Free interest rate 0.01 - 0.66 0.2 Marketability discount (3) 21.8 21.8 Remaining life assumption (4) 45.0 45.0 December 31, 2019: Venture capital and private equity fund investments (fair value accounting) $ 134 Private company equity pricing (1) (1) (1 ) Equity warrant assets (public portfolio) 346 Black-Scholes option pricing model Volatility 39.2% - 54.8% 50.7 % Risk-Free interest rate 1.9 1.9 Sales restrictions discount (2) 10.0 - 20.0 13.6 Equity warrant assets (private portfolio) 160,692 Black-Scholes option pricing model Volatility 23.6% - 54.8% 38.2 Risk-Free interest rate 0.5 - 1.9 1.6 Marketability discount (3) 17.5 17.5 Remaining life assumption (4) 45.0 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 June 30, 2020 , the weighted average contractual remaining term was 6.2 years, compared to our estimated remaining life of 2.8 years. On a quarterly basis, a sensitivity analysis is performed on our remaining life assumption. |
Summary of Estimated Fair Values of Financial Instruments Not Carried at Fair Value | The following fair value hierarchy table presents the estimated fair values of our financial instruments that are not carried at fair value at June 30, 2020 and December 31, 2019 : Estimated Fair Value (Dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 June 30, 2020: Financial assets: Cash and cash equivalents $ 14,202,106 $ 14,202,106 $ 14,202,106 $ — $ — Held-to-maturity securities 12,858,823 13,541,461 — 13,541,461 — Non-marketable securities not measured at net asset value 226,236 226,236 — — 226,236 Non-marketable securities measured at net asset value 252,513 252,513 — — — Net commercial loans 32,412,462 32,728,159 — — 32,728,159 Net consumer loans 3,724,932 3,761,539 — — 3,761,539 FHLB and Federal Reserve Bank stock 60,673 60,673 — — 60,673 Financial liabilities: Short-term borrowings 50,924 50,924 — 50,924 — Non-maturity deposits (1) 74,128,263 74,128,263 74,128,263 — — Time deposits 377,501 376,762 — 376,762 — 3.50% Senior Notes 348,166 380,314 — 380,314 — 3.125% Senior Notes 495,054 537,115 — 537,115 — Off-balance sheet financial assets: Commitments to extend credit — 31,432 — — 31,432 December 31, 2019: Financial assets: Cash and cash equivalents $ 6,781,783 $ 6,781,783 $ 6,781,783 $ — $ — Held-to-maturity securities 13,842,946 14,115,272 — 14,115,272 — Non-marketable securities not measured at net asset value 195,405 195,405 — — 195,405 Non-marketable securities measured at net asset value 235,351 235,351 — — — Net commercial loans 29,104,532 29,615,176 — — 29,615,176 Net consumer loans 3,755,180 3,820,804 — — 3,820,804 FHLB and Federal Reserve Bank stock 60,258 60,258 — — 60,258 Financial liabilities: Short-term borrowings 17,430 17,430 — 17,430 — Non-maturity deposits (1) 61,569,714 61,569,714 61,569,714 — — Time deposits 188,093 187,980 — 187,980 — 3.50% Senior Notes 347,987 366,856 — 366,856 — Off-balance sheet financial assets: Commitments to extend credit — 27,197 — — 27,197 (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 June 30, 2020 : (Dollars in thousands) Carrying Amount Fair Value Unfunded Commitments Non-marketable securities (fair value accounting): Venture capital and private equity fund investments (1) $ 213,201 $ 213,201 $ 9,462 Non-marketable securities (equity method accounting): Venture capital and private equity fund investments (2) 233,996 233,996 10,457 Debt funds (2) 7,004 7,004 — Other investments (2) 11,513 11,513 886 Total $ 465,714 $ 465,714 $ 20,805 (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 $50.7 million and $3.2 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 - Allowan
Basis of Presentation - Allowance for Credit Losses: Loans (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2020USD ($)class_financing_receivableportfolio_segment | Dec. 31, 2019USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Number of portfolio segments | portfolio_segment | 7 | |
Number of classes of financing receivables | class_financing_receivable | 11 | |
Forecast period for estimated credit loss for loans | 3 years | |
Lower Limit | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Sponsor equity contribution, percentage of acquisition price | 50.00% | |
Mid stage | Upper Limit | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue threshold of portfolio segment subcategories | $ 15 | |
Investor dependent | Early stage | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue threshold of portfolio segment subcategories | 5 | |
Investor dependent | Mid stage | Lower Limit | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue threshold of portfolio segment subcategories | 5 | |
Investor dependent | Later stage | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenue threshold of portfolio segment subcategories | 15 | |
Accrued interest receivable and other assets | Loans | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Accrued interest receivable | $ 107.2 | $ 119.1 |
Basis of Presentation - Investm
Basis of Presentation - Investment Securities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Forecast period for estimated credit loss for investments | 1 year | |
Investment securities | Accrued interest receivable and other assets | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Accrued interest receivable | $ 45.4 | $ 45.2 |
Basis of Presentation - Adoptio
Basis of Presentation - Adoption of New Accounting Standards (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses: loans | $ 589,828 | $ 548,963 | $ 304,924 | $ 301,888 | $ 300,151 | $ 280,903 | |
Allowance for credit losses: held-to-maturity securities | 222 | 230 | 0 | ||||
Deferred tax assets | 28,433 | ||||||
Retained earnings, net of tax | 4,841,720 | 4,575,601 | |||||
Unfunded Credit Commitments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses: loans | $ 99,294 | 84,690 | 67,656 | $ 62,664 | 57,970 | 55,183 | |
Adjustments Due to Adoption of ASC 326 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses: loans | 25,464 | ||||||
Allowance for credit losses: held-to-maturity securities | 0 | 174 | |||||
Deferred tax assets | 13,415 | ||||||
Retained earnings, net of tax | (35,049) | ||||||
Adjustments Due to Adoption of ASC 326 | Unfunded Credit Commitments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses: loans | $ 0 | $ 22,826 | $ 0 | $ 0 | |||
Adjusted Balance | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses: loans | $ 330,388 | ||||||
Allowance for credit losses: held-to-maturity securities | 174 | ||||||
Deferred tax assets | 41,848 | ||||||
Retained earnings, net of tax | 4,540,552 | ||||||
Adjusted Balance | Unfunded Credit Commitments | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses: loans | $ 90,482 |
Stockholders' Equity and EPS -
Stockholders' Equity and EPS - Reclassification out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains on investment securities, net | $ 34,868 | $ 47,698 | $ 80,923 | $ 76,726 |
Related tax benefit | (87,869) | (119,114) | (137,226) | (226,549) |
Net interest income (loss) | 512,927 | 529,403 | 1,037,064 | 1,042,289 |
Total reclassification adjustment for (gains) losses included in net income, net of tax | 228,935 | 317,987 | 361,188 | 606,719 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassification adjustment for (gains) losses included in net income, net of tax | (11,443) | 565 | (57,165) | 3,187 |
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 | 275 | (61,165) | 3,905 |
Related tax benefit | 0 | 77 | 16,953 | (1,087) |
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 | (4,388) | 141 | 4,967 | (142) |
Net interest income (loss) | $ (15,831) | $ 508 | $ (17,920) | $ 511 |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cash flow hedge gains expected to reclassified out of AOCI over next 12 months | $ 63,500 | |||
Balance, beginning of period, net of tax | 7,183,221 | $ 5,483,823 | $ 6,621,080 | $ 5,264,843 |
Balance, end of period, net of tax | 7,468,313 | 5,706,175 | 7,468,313 | 5,706,175 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period, net of tax | 163,999 | 797 | (2,130) | 0 |
Net increase in fair value, net of tax | 0 | 12,664 | 167,639 | 13,459 |
Net realized (gain) loss reclassified to net income, net of tax | (11,443) | 367 | (12,953) | 369 |
Balance, end of period, net of tax | $ 152,556 | $ 13,828 | $ 152,556 | $ 13,828 |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Numerator: | ||||
Net income available to common stockholders | $ 228,935 | $ 317,987 | $ 361,188 | $ 606,719 |
Denominator: | ||||
Weighted average common shares outstanding-basic (in shares) | 51,581 | 51,955 | 51,573 | 52,269 |
Weighted average common shares outstanding—diluted (in shares) | 51,795 | 52,336 | 51,848 | 52,715 |
Earnings per common share: | ||||
Basic (dollars per share) | $ 4.44 | $ 6.12 | $ 7 | $ 11.61 |
Diluted (dollars per share) | $ 4.42 | $ 6.08 | $ 6.97 | $ 11.51 |
Stock options and ESPP | ||||
Denominator: | ||||
Weighted average effect of dilutive securities (in shares) | 114 | 235 | 140 | 254 |
Restricted stock units and awards | ||||
Denominator: | ||||
Weighted average effect of dilutive securities (in shares) | 100 | 146 | 135 | 192 |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from diluted earnings per share calculation | 600 | 499 | 557 | 356 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from diluted earnings per share calculation | 288 | 166 | 247 | 128 |
Restricted stock units and awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from diluted earnings per share calculation | 312 | 333 | 310 | 228 |
Stockholders' Equity and EPS _5
Stockholders' Equity and EPS - Stock Repurchase Program (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Oct. 24, 2019 | |
Equity and Earnings Per Share [Abstract] | ||
Amount of outstanding common stock approved to be repurchased | $ 350,000,000 | |
Common stock repurchased and retired (in shares) | 244,223 | |
Common stock repurchased and retired | $ 60,000,000 |
Stockholders' Equity and EPS _6
Stockholders' Equity and EPS - QTD Stockholders' Equity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Stockholders Equity Note [Line Items] | ||||
Balance, beginning of period, net of tax | $ 7,183,221,000 | $ 5,483,823,000 | $ 6,621,080,000 | $ 5,264,843,000 |
Common stock issued under employee benefit plans, net of restricted stock cancellations | 13,925,000 | 10,789,000 | 10,894,000 | 7,853,000 |
Net income | 247,789,000 | 336,571,000 | 381,438,000 | 628,183,000 |
Capital calls and distributions, net | (13,792,000) | (7,502,000) | (14,120,000) | (23,222,000) |
Net change in unrealized gains and losses on AFS securities, net of tax | 33,784,000 | 86,186,000 | 382,707,000 | 122,597,000 |
Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax | (100,000) | (519,000) | (499,000) | (1,005,000) |
Foreign currency translation adjustments, net of tax | (40,000) | (2,092,000) | (6,604,000) | (68,000) |
Net change in unrealized gains and losses on cash flow hedges, net of tax | (11,443,000) | 13,031,000 | 154,686,000 | 13,828,000 |
Share-based compensation, net | 20,154,000 | 16,646,000 | 39,325,000 | 31,768,000 |
Common stock repurchases | (230,758,000) | (60,020,000) | (346,781,000) | |
Balance, end of period, net of tax | 7,468,313,000 | $ 5,706,175,000 | 7,468,313,000 | $ 5,706,175,000 |
Dividends on preferred stock | (4,594,000) | (7,963,000) | ||
Other | $ (591,000) | $ (9,000) | ||
Common Stock | ||||
Stockholders Equity Note [Line Items] | ||||
Balance (in shares) | 51,490,342 | 52,322,105 | 51,655,607 | 52,586,498 |
Balance, beginning of period, net of tax | $ 52,000 | $ 52,000 | $ 52,000 | $ 53,000 |
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 250,372 | 257,684 | 317,236 | 467,427 |
Common stock issued under employee benefit plans, net of restricted stock cancellations | $ 0 | $ 0 | ||
Common stock repurchases (in shares) | (1,018,070) | (244,223) | (1,506,648) | |
Common stock repurchases | $ 0 | $ (1,000) | ||
Balance (in shares) | 51,740,714 | 51,561,719 | 51,740,714 | 51,561,719 |
Balance, end of period, net of tax | $ 52,000 | $ 52,000 | $ 52,000 | $ 52,000 |
Additional Paid-in Capital | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, beginning of period, net of tax | 1,489,240,000 | 1,394,130,000 | 1,470,071,000 | 1,378,438,000 |
Common stock issued under employee benefit plans, net of restricted stock cancellations | 13,925,000 | 10,789,000 | 10,894,000 | 7,853,000 |
Share-based compensation, net | 20,154,000 | 16,646,000 | 39,325,000 | 31,768,000 |
Balance, end of period, net of tax | 1,522,728,000 | 1,421,565,000 | 1,522,728,000 | 1,421,565,000 |
Other | (591,000) | (9,000) | ||
Retained Earnings | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, beginning of period, net of tax | 4,612,785,000 | 3,963,965,000 | 4,575,601,000 | 3,791,838,000 |
Net income | 233,529,000 | 317,987,000 | 369,151,000 | 606,719,000 |
Common stock repurchases | (230,758,000) | (60,020,000) | (346,780,000) | |
Balance, end of period, net of tax | 4,841,720,000 | 4,051,194,000 | 4,841,720,000 | 4,051,194,000 |
Dividends on preferred stock | (4,594,000) | (7,963,000) | ||
Accumulated Other Comprehensive Income (Loss) | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, beginning of period, net of tax | 592,534,000 | (15,374,000) | 84,445,000 | (54,120,000) |
Net change in unrealized gains and losses on AFS securities, net of tax | 33,784,000 | 86,186,000 | 382,707,000 | 122,597,000 |
Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax | (100,000) | (519,000) | (499,000) | (1,005,000) |
Foreign currency translation adjustments, net of tax | (40,000) | (2,092,000) | (6,604,000) | (68,000) |
Net change in unrealized gains and losses on cash flow hedges, net of tax | (11,443,000) | 13,031,000 | 154,686,000 | 13,828,000 |
Balance, end of period, net of tax | 614,735,000 | 81,232,000 | 614,735,000 | 81,232,000 |
Total SVBFG Stockholders’ Equity | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, beginning of period, net of tax | 7,034,749,000 | 5,342,773,000 | 6,470,307,000 | 5,116,209,000 |
Common stock issued under employee benefit plans, net of restricted stock cancellations | 13,925,000 | 10,789,000 | 10,894,000 | 7,853,000 |
Net income | 233,529,000 | 317,987,000 | 369,151,000 | 606,719,000 |
Net change in unrealized gains and losses on AFS securities, net of tax | 33,784,000 | 86,186,000 | 382,707,000 | 122,597,000 |
Amortization of unrealized holding gains on securities transferred from AFS to HTM, net of tax | (100,000) | (519,000) | (499,000) | (1,005,000) |
Foreign currency translation adjustments, net of tax | (40,000) | (2,092,000) | (6,604,000) | (68,000) |
Net change in unrealized gains and losses on cash flow hedges, net of tax | (11,443,000) | 13,031,000 | 154,686,000 | 13,828,000 |
Share-based compensation, net | 20,154,000 | 16,646,000 | 39,325,000 | 31,768,000 |
Common stock repurchases | (230,758,000) | (60,020,000) | (346,781,000) | |
Balance, end of period, net of tax | 7,319,373,000 | 5,554,043,000 | 7,319,373,000 | 5,554,043,000 |
Dividends on preferred stock | (4,594,000) | (7,963,000) | ||
Other | (591,000) | (9,000) | ||
Noncontrolling Interests | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, beginning of period, net of tax | 148,472,000 | 141,050,000 | 150,773,000 | 148,634,000 |
Net income | 14,260,000 | 18,584,000 | 12,287,000 | 21,464,000 |
Capital calls and distributions, net | (13,792,000) | (7,502,000) | (14,120,000) | (23,222,000) |
Balance, end of period, net of tax | 148,940,000 | 152,132,000 | 148,940,000 | 152,132,000 |
Preferred Stock | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, beginning of period, net of tax | 340,138 | 0 | 340,138 | 0 |
Balance, end of period, net of tax | $ 340,138 | $ 0 | $ 340,138 | $ 0 |
Stockholders' Equity and EPS _7
Stockholders' Equity and EPS - Preferred Stock (Details) | Dec. 09, 2019$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares |
Class of Stock [Line Items] | |||
Preferred stock, shares issued | shares | 350,000 | 350,000 | |
Preferred stock, shares outstanding | shares | 350,000 | 350,000 | |
Preferred stock, par value, in usd per share | $ 0.001 | $ 0.001 | |
Carrying value | $ | $ 340,138,000 | $ 340,138,000 | |
Preferred Stock, Series A | |||
Class of Stock [Line Items] | |||
Preferred stock, shares issued | shares | 350,000 | 350,000 | |
Preferred stock, par value, in usd per share | $ 0.001 | $ 0.001 | |
Preferred stock, liquidation preference per share, in usd per share | $ 1,000 | ||
Preferred stock, dividend rate, percentage | 5.25% | ||
Carrying value | $ | $ 340,100,000 | ||
Preferred stock, liquidation preference, value | $ | $ 350,000,000 | ||
Depositary shares | |||
Class of Stock [Line Items] | |||
Preferred stock, liquidation preference per share, in usd per share | $ 25 | $ 25 | |
Preferred stock, depository share ownership interest | 25 |
Stockholders' Equity and EPS _8
Stockholders' Equity and EPS - Preferred Stock Summary (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 09, 2019$ / sharesshares | |
Class of Stock [Line Items] | |||
Carrying value | $ | $ 340,138 | $ 340,138 | |
Preferred stock, shares issued | shares | 350,000 | 350,000 | |
Preferred stock, shares outstanding | shares | 350,000 | 350,000 | |
Preferred stock, par value, in usd per share | $ 0.001 | $ 0.001 | |
Preferred Stock, Series A | |||
Class of Stock [Line Items] | |||
Amount outstanding | $ | $ 350,000 | ||
Carrying value | $ | $ 340,100 | ||
Preferred stock, shares issued | shares | 350,000 | 350,000 | |
Preferred stock, par value, in usd per share | $ 0.001 | $ 0.001 | |
Preferred stock, liquidation preference per share, in usd per share | 1,000 | ||
Depositary shares | |||
Class of Stock [Line Items] | |||
Preferred stock, depository share ownership interest | 25 | ||
Preferred stock, liquidation preference per share, in usd per share | $ 25 | $ 25 | |
Preferred stock, dividends paid per depository share, usd per share | $ 0.57 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation and Related Tax Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | ||||
Share-based compensation expense | $ 20,154 | $ 16,646 | $ 39,325 | $ 31,768 |
Income tax benefit related to share-based compensation expense | $ (4,727) | $ (3,817) | $ (9,167) | $ (7,144) |
Share-Based Compensation - Unre
Share-Based Compensation - Unrecognized Compensation Expense (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Unrecognized Share Based Compensation Expense [Line Items] | |
Unrecognized Expense | $ 151,956 |
Stock options | |
Unrecognized Share Based Compensation Expense [Line Items] | |
Unrecognized Expense | $ 17,048 |
Average Expected Recognition Period - in Years | 2 years 9 months 10 days |
Restricted stock units and awards | |
Unrecognized Share Based Compensation Expense [Line Items] | |
Unrecognized Expense | $ 134,908 |
Average Expected Recognition Period - in Years | 2 years 10 months 6 days |
Share-Based Compensation - Sh_2
Share-Based Compensation - Share-Based Payment Award Activity (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | |
Options | ||
Outstanding, beginning of period, in shares | shares | 625,407 | |
Granted, in shares | shares | 119,472 | |
Exercised, in shares | shares | (82,896) | |
Forfeited, in shares | shares | (11,585) | |
Expired, in shares | shares | (1,030) | |
Outstanding, end of period, in shares | shares | 649,368 | 649,368 |
Vested and expected to vest, end of period, in shares | shares | 622,501 | 622,501 |
Exercisable, end of period, in shares | shares | 367,008 | 367,008 |
Weighted Average Exercise Price | ||
Outstanding, beginning of period, in usd per share | $ / shares | $ 169.33 | |
Granted, in usd per share | $ / shares | 185.52 | |
Exercised, in usd per share | $ / shares | 89.71 | |
Forfeited, in usd per share | $ / shares | 226.95 | |
Expired, in usd per share | $ / shares | $ 71.11 | |
Outstanding, end of period, in usd per share | $ / shares | 181.60 | 181.60 |
Vested and expected to vest, end of period, in usd per share | $ / shares | 180.01 | 180.01 |
Exercisable, end of period, in usd per share | $ / shares | $ 148.46 | $ 148.46 |
Weighted Average Remaining Contractual Life - in Years | ||
Outstanding, end of period | 4 years 1 month 9 days | |
Vested and expected to vest, end of period | 4 years 7 days | |
Exercisable, end of period | 2 years 8 months 1 day | |
Aggregate Intrinsic Value of In-The-Money Options | ||
Outstanding, end of period | $ | $ 32,958,101 | $ 32,958,101 |
Vested and expected to vest, end of period | $ | 32,492,850 | 32,492,850 |
Exercisable, end of period | $ | $ 28,597,666 | $ 28,597,666 |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | ||||
Closing stock price (usd per share) | $ 215.53 | $ 215.53 | ||
Total intrinsic value of options exercised | $ 3.3 | $ 6.9 | $ 11.6 | $ 14.4 |
Share-Based Compensation - Info
Share-Based Compensation - Information for Restricted Stock Units under Equity Incentive Plan (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | Jun. 30, 2020$ / sharesshares | |
Weighted Average Grant Date Fair Value | ||
Market price (usd per share) | $ 215.53 | $ 215.53 |
Restricted stock units and awards | ||
Shares | ||
Nonvested, beginning of period, in shares | shares | 847,972 | |
Granted, in shares | shares | 402,546 | |
Vested, in shares | shares | (238,460) | |
Forfeited, in shares | shares | (39,817) | |
Nonvested, end of period, in shares | shares | 972,241 | 972,241 |
Weighted Average Grant Date Fair Value | ||
Nonvested, beginning of period, in usd per share | $ 236.54 | |
Granted, in usd per share | 188.64 | |
Vested, in usd per share | 207.50 | |
Forfeited, in usd per share | 227.23 | |
Nonvested, end of period, in usd per share | $ 224.21 | $ 224.21 |
Restricted stock units and awards | Retention Plan for SVB Leerink | ||
Weighted Average Grant Date Fair Value | ||
Award vesting period | 5 years |
Variable Interest Entities - Ca
Variable Interest Entities - Carrying Amounts and Classification of Significant Variable Interests (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||
Cash and cash equivalents | $ 14,202,106 | $ 6,781,783 |
Non-marketable and other equity securities | 1,270,578 | 1,213,829 |
Accrued interest receivable and other assets | 2,240,990 | 1,745,233 |
Total assets | 85,730,985 | 71,004,903 |
Other liabilities | 2,623,407 | 2,041,752 |
Total liabilities | 78,262,672 | 64,383,823 |
Maximum exposure to loss in unconsolidated VIEs | 726,879 | 689,360 |
Investments in qualified affordable housing projects, net | 533,205 | 458,476 |
Consolidated | ||
Variable Interest Entity [Line Items] | ||
Cash and cash equivalents | 9,363 | 7,629 |
Non-marketable and other equity securities | 274,685 | 270,057 |
Accrued interest receivable and other assets | 607 | 1,117 |
Total assets | 284,655 | 278,803 |
Other liabilities | 1,447 | 2,854 |
Total liabilities | 1,447 | 2,854 |
Maximum exposure to loss in unconsolidated VIEs | 283,200 | |
Unconsolidated | ||
Variable Interest Entity [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Non-marketable and other equity securities | 726,879 | 689,360 |
Accrued interest receivable and other assets | 0 | 0 |
Total assets | 726,879 | 689,360 |
Other liabilities | 332,935 | 302,031 |
Total liabilities | 332,935 | 302,031 |
Maximum exposure to loss in unconsolidated VIEs | 726,900 | |
Unconsolidated | Non-marketable securities | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss in unconsolidated VIEs | $ 726,879 | $ 689,360 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) $ in Thousands | Jun. 30, 2020USD ($)entity | Dec. 31, 2019USD ($) |
Investments In Variable Interest Entities [Abstract] | ||
Number of consolidated entities | entity | 4 | |
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss in unconsolidated VIEs | $ 726,879 | $ 689,360 |
Consolidated | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss in unconsolidated VIEs | 283,200 | |
Unconsolidated | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss in unconsolidated VIEs | $ 726,900 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Abstract] | ||
Cash and due from banks | $ 13,885,058 | $ 6,492,443 |
Securities purchased under agreements to resell | 317,048 | 289,340 |
Total cash and cash equivalents | $ 14,202,106 | $ 6,781,783 |
Cash and Cash Equivalents - S_2
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Footnote Information) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Abstract] | ||
Deposits at the Federal Reserve Bank earning interest at the Federal Funds target rate | $ 11,000 | $ 3,700 |
Interest-earning deposits in other financial institutions | 2,000 | 2,100 |
Fair value of securities purchased under agreements to resell | $ 323.5 | $ 295.3 |
Investment Securities - Compone
Investment Securities - Components of Available-for-Sale Investment Securities Portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 17,800,589 | $ 13,894,348 |
Unrealized Gains | 655,900 | 140,713 |
Unrealized Losses | (4,576) | (20,142) |
Carrying Value | 18,451,913 | 14,014,919 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,229,988 | 6,815,874 |
Unrealized Gains | 305,252 | 82,267 |
Unrealized Losses | (5) | (4,131) |
Carrying Value | 4,535,235 | 6,894,010 |
U.S. agency debentures | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 100,000 | 100,000 |
Unrealized Gains | 2,659 | 0 |
Unrealized Losses | 0 | (453) |
Carrying Value | 102,659 | 99,547 |
Foreign government debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 22,540 | 9,037 |
Unrealized Gains | 0 | 1 |
Unrealized Losses | (15) | 0 |
Carrying Value | 22,525 | 9,038 |
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 7,465,130 | 4,109,372 |
Unrealized Gains | 193,484 | 39,438 |
Unrealized Losses | (3,058) | (19) |
Carrying Value | 7,655,556 | 4,148,791 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,949,805 | 1,520,414 |
Unrealized Gains | 31,229 | 17,929 |
Unrealized Losses | (1,494) | 0 |
Carrying Value | 2,979,540 | 1,538,343 |
Agency-issued commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,033,126 | 1,339,651 |
Unrealized Gains | 123,276 | 1,078 |
Unrealized Losses | (4) | (15,539) |
Carrying Value | $ 3,156,398 | $ 1,325,190 |
Investment Securities - Activit
Investment Securities - Activity of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Sales proceeds | $ 0 | $ 1,017,523 | $ 2,654,212 | $ 2,189,087 |
Gross realized gains | 0 | 1,250 | 61,165 | 1,250 |
Gross realized losses | 0 | (1,525) | 0 | (5,155) |
Net realized gains (losses) | $ 0 | $ (275) | $ 61,165 | $ (3,905) |
Investment Securities - Summary
Investment Securities - Summary of Unrealized Losses on Available-for-Sale Securities (Details) $ in Thousands | Jun. 30, 2020USD ($)Investment | Dec. 31, 2019USD ($)Investment |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months - Fair Value of Investments | $ 2,032,944 | $ 2,102,365 |
Less than 12 months - Unrealized Losses | (4,576) | (20,007) |
12 months or longer - Fair Value of Investments | 0 | 449,850 |
12 months or longer - Unrealized Losses | 0 | (135) |
Fair Value of Investments | 2,032,944 | 2,552,215 |
Unrealized Losses | $ (4,576) | $ (20,142) |
Number of investments in unrealized loss position | Investment | 50 | 58 |
Number of investments with unrealized losses greater than 12 months | Investment | 0 | 12 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months - Fair Value of Investments | $ 10,057 | $ 971,572 |
Less than 12 months - Unrealized Losses | (5) | (3,996) |
12 months or longer - Fair Value of Investments | 0 | 449,850 |
12 months or longer - Unrealized Losses | 0 | (135) |
Fair Value of Investments | 10,057 | 1,421,422 |
Unrealized Losses | (5) | (4,131) |
U.S. agency debentures | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months - Fair Value of Investments | 99,547 | |
Less than 12 months - Unrealized Losses | (453) | |
12 months or longer - Fair Value of Investments | 0 | |
12 months or longer - Unrealized Losses | 0 | |
Fair Value of Investments | 99,547 | |
Unrealized Losses | (453) | |
Foreign government debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months - Fair Value of Investments | 22,525 | |
Less than 12 months - Unrealized Losses | (15) | |
12 months or longer - Fair Value of Investments | 0 | |
12 months or longer - Unrealized Losses | 0 | |
Fair Value of Investments | 22,525 | |
Unrealized Losses | (15) | |
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months - Fair Value of Investments | 1,424,857 | 4,014 |
Less than 12 months - Unrealized Losses | (3,058) | (19) |
12 months or longer - Fair Value of Investments | 0 | 0 |
12 months or longer - Unrealized Losses | 0 | 0 |
Fair Value of Investments | 1,424,857 | 4,014 |
Unrealized Losses | (3,058) | (19) |
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 | 474,025 | |
Less than 12 months - Unrealized Losses | (1,494) | |
12 months or longer - Fair Value of Investments | 0 | |
12 months or longer - Unrealized Losses | 0 | |
Fair Value of Investments | 474,025 | |
Unrealized Losses | (1,494) | |
Agency-issued commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months - Fair Value of Investments | 101,480 | 1,027,232 |
Less than 12 months - Unrealized Losses | (4) | (15,539) |
12 months or longer - Fair Value of Investments | 0 | 0 |
12 months or longer - Unrealized Losses | 0 | 0 |
Fair Value of Investments | 101,480 | 1,027,232 |
Unrealized Losses | $ (4) | $ (15,539) |
Investment Securities - Summa_2
Investment Securities - Summary of Remaining Contractual Principal Maturities for Available-for-Sale Securities (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |
Total | $ 18,451,913 |
One Year or Less | 108,043 |
After One Year to Five Years | 2,613,833 |
After Five Years to Ten Years | 3,286,269 |
After Ten Years | $ 12,443,768 |
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 | $ 4,535,235 |
One Year or Less | 85,518 |
After One Year to Five Years | 2,613,342 |
After Five Years to Ten Years | 1,836,375 |
After Ten Years | 0 |
Available-for-sale Securities | U.S. agency debentures | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |
Total | 102,659 |
One Year or Less | 0 |
After One Year to Five Years | 0 |
After Five Years to Ten Years | 102,659 |
After Ten Years | 0 |
Available-for-sale Securities | Foreign government debt securities | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |
Total | 22,525 |
One Year or Less | 22,525 |
After One Year to Five Years | 0 |
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 | 7,655,556 |
One Year or Less | 0 |
After One Year to Five Years | 0 |
After Five Years to Ten Years | 0 |
After Ten Years | 7,655,556 |
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 | 2,979,540 |
One Year or Less | 0 |
After One Year to Five Years | 491 |
After Five Years to Ten Years | 0 |
After Ten Years | 2,979,049 |
Available-for-sale Securities | Agency-issued commercial mortgage-backed securities | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |
Total | 3,156,398 |
One Year or Less | 0 |
After One Year to Five Years | 0 |
After Five Years to Ten Years | 1,347,235 |
After Ten Years | $ 1,809,163 |
Investment Securities - Compo_2
Investment Securities - Components of Held-to-Maturity Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | $ 12,859,045 | $ 13,842,946 | |
Unrealized Gains | 682,685 | 289,763 | |
Unrealized Losses | (269) | (17,437) | |
Fair Value | 13,541,461 | 14,115,272 | |
Allowance for Credit Losses | 222 | $ 230 | 0 |
U.S. agency debentures | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 453,280 | 518,728 | |
Unrealized Gains | 20,657 | 6,640 | |
Unrealized Losses | 0 | (668) | |
Fair Value | 473,937 | 524,700 | |
Allowance for Credit Losses | 0 | ||
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 6,086,154 | 6,992,009 | |
Unrealized Gains | 310,266 | 142,209 | |
Unrealized Losses | (46) | (2,066) | |
Fair Value | 6,396,374 | 7,132,152 | |
Allowance for Credit Losses | 0 | ||
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 1,518,848 | 1,608,032 | |
Unrealized Gains | 26,124 | 592 | |
Unrealized Losses | 0 | (8,502) | |
Fair Value | 1,544,972 | 1,600,122 | |
Allowance for Credit Losses | 0 | ||
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—variable rate | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 162,250 | 178,611 | |
Unrealized Gains | 1,403 | 94 | |
Unrealized Losses | (223) | (259) | |
Fair Value | 163,430 | 178,446 | |
Allowance for Credit Losses | 0 | ||
Agency-issued commercial mortgage-backed securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 2,484,072 | 2,759,615 | |
Unrealized Gains | 162,042 | 56,914 | |
Unrealized Losses | 0 | (4,508) | |
Fair Value | 2,646,114 | 2,812,021 | |
Allowance for Credit Losses | 0 | ||
Municipal bonds and notes | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 2,154,441 | 1,785,951 | |
Unrealized Gains | 162,193 | 83,314 | |
Unrealized Losses | 0 | (1,434) | |
Fair Value | 2,316,634 | 1,867,831 | |
Allowance for Credit Losses | $ 222 | $ 230 | $ 0 |
Investment Securities - Summa_3
Investment Securities - Summary of Remaining Contractual Principal Maturities for Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | $ 13,541,461 | $ 14,115,272 |
U.S. agency debentures | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 473,937 | 524,700 |
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 6,396,374 | 7,132,152 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 1,544,972 | 1,600,122 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—variable rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 163,430 | 178,446 |
Agency-issued commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 2,646,114 | 2,812,021 |
Municipal bonds and notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 2,316,634 | $ 1,867,831 |
After One Year to Five Years, Amortized Cost | 142,152 | |
After Five Years to Ten Years, Amortized Cost | 479,079 | |
Held-to-maturity Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 13,541,461 | |
Amortized Cost | 12,859,045 | |
One Year or Less, Amortized Cost | 42,805 | |
One Year or Less, Fair Value | 43,227 | |
After One Year to Five Years, Amortized Cost | 325,406 | |
After One Year to Five Years, Fair Value | 336,222 | |
After Five Years to Ten Years, Amortized Cost | 2,142,671 | |
After Five Years to Ten Years, Fair Value | 2,251,442 | |
After Ten Years, Amortized Cost | 10,348,163 | |
After Ten Years, Fair Value | $ 10,910,570 | |
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 | $ 473,937 | |
Amortized Cost | 453,280 | |
One Year or Less, Amortized Cost | 2,622 | |
One Year or Less, Fair Value | 2,666 | |
After One Year to Five Years, Amortized Cost | 142,917 | |
After One Year to Five Years, Fair Value | 147,089 | |
After Five Years to Ten Years, Amortized Cost | 307,741 | |
After Five Years to Ten Years, Fair Value | 324,182 | |
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 | 6,396,374 | |
Amortized Cost | 6,086,154 | |
One Year or Less, Amortized Cost | 8,369 | |
One Year or Less, Fair Value | 8,467 | |
After One Year to Five Years, Amortized Cost | 40,337 | |
After One Year to Five Years, Fair Value | 41,199 | |
After Five Years to Ten Years, Amortized Cost | 640,876 | |
After Five Years to Ten Years, Fair Value | 664,186 | |
After Ten Years, Amortized Cost | 5,396,572 | |
After Ten Years, Fair Value | 5,682,522 | |
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 | 1,544,972 | |
Amortized Cost | 1,518,848 | |
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 | 612,478 | |
After Five Years to Ten Years, Fair Value | 625,694 | |
After Ten Years, Amortized Cost | 906,370 | |
After Ten Years, Fair Value | 919,278 | |
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 | 163,430 | |
Amortized Cost | 162,250 | |
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 | 162,250 | |
After Ten Years, Fair Value | 163,430 | |
Held-to-maturity Securities | Agency-issued commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 2,646,114 | |
Amortized Cost | 2,484,072 | |
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 | 102,497 | |
After Five Years to Ten Years, Fair Value | 120,165 | |
After Ten Years, Amortized Cost | 2,381,575 | |
After Ten Years, Fair Value | 2,525,949 | |
Held-to-maturity Securities | Municipal bonds and notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 2,316,634 | |
Amortized Cost | 2,154,441 | |
One Year or Less, Amortized Cost | 31,814 | |
One Year or Less, Fair Value | 32,094 | |
After One Year to Five Years, Fair Value | 147,934 | |
After Five Years to Ten Years, Fair Value | 517,215 | |
After Ten Years, Amortized Cost | 1,501,396 | |
After Ten Years, Fair Value | $ 1,619,391 |
Investment Securities - Allowan
Investment Securities - Allowance for Credit Losses for HTM Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Beginning Balance / Day One Impact of adopting ASC 326 | $ 230 | $ 0 |
Provision for Credit Losses | (8) | 48 |
Ending Balance | 222 | 222 |
Municipal bonds and notes | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Beginning Balance / Day One Impact of adopting ASC 326 | 230 | 0 |
Provision for Credit Losses | (8) | 48 |
Ending Balance | 222 | 222 |
Cumulative adjustment for the adoption of amendment | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Beginning Balance / Day One Impact of adopting ASC 326 | 0 | 174 |
Cumulative adjustment for the adoption of amendment | Municipal bonds and notes | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Beginning Balance / Day One Impact of adopting ASC 326 | $ 0 | $ 174 |
Investment Securities - Credit
Investment Securities - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Municipal bonds and notes, amortized cost | $ 12,859,045 | $ 13,842,946 |
Municipal bonds and notes | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Municipal bonds and notes, amortized cost | 2,154,441 | $ 1,785,951 |
Municipal bonds and notes | Aaa | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Municipal bonds and notes, amortized cost | 1,456,716 | |
Municipal bonds and notes | Aa1 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Municipal bonds and notes, amortized cost | 475,395 | |
Municipal bonds and notes | Aa2 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Municipal bonds and notes, amortized cost | 220,960 | |
Municipal bonds and notes | Aa3 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Municipal bonds and notes, amortized cost | $ 1,370 |
Investment Securities - Compo_3
Investment Securities - Components of Non-marketable and Other Equity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Investment Holdings [Line Items] | ||
Investments in qualified affordable housing projects, net | $ 533,205 | $ 458,476 |
Non-marketable and other equity securities | 1,270,578 | 1,213,829 |
Fair value accounting | Consolidated venture capital and private equity fund investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 68,214 | 87,180 |
Fair value accounting | Unconsolidated venture capital and private equity fund investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 145,122 | 178,217 |
Fair value accounting | Equity securities | ||
Investment Holdings [Line Items] | ||
Other equity securities in public companies (fair value accounting) | 45,288 | 59,200 |
Fair value accounting | Other investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 56,206 | 55,255 |
Equity method accounting | Consolidated venture capital and private equity fund investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 233,996 | 215,367 |
Equity method accounting | Unconsolidated venture capital and private equity fund investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 233,996 | 215,367 |
Equity method accounting | Debt funds | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 7,004 | 7,271 |
Equity method accounting | Other investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | $ 181,543 | $ 152,863 |
Investment Securities - Summa_4
Investment Securities - Summary of Venture Capital and Private Equity Fund Investments Held by Consolidated Funds and Percentage Ownership (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair value accounting | Consolidated venture capital and private equity fund investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | $ 68,214 | $ 87,180 |
Investment Securities - Non-mar
Investment Securities - Non-marketable and Other Securities Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($)Investment | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)Investment | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($)Investment | |
Investment Holdings [Line Items] | |||||
Investments in qualified affordable housing projects, net | $ 533,205 | $ 533,205 | $ 458,476 | ||
Tax credits and other tax benefits recognized | 19,723 | $ 10,988 | 31,482 | $ 20,245 | |
Amortization expense included in provision for income taxes | 10,388 | $ 6,758 | 21,859 | $ 14,394 | |
Other liabilities | 332,935 | 332,935 | 302,031 | ||
Fair value accounting | Unconsolidated venture capital and private equity fund investments | |||||
Investment Holdings [Line Items] | |||||
Nonmarketable securities | $ 145,122 | $ 145,122 | $ 178,217 | ||
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 | 191 | 191 | 205 |
Investment Securities - Changes
Investment Securities - Changes to Carrying Amount of Other Investments without Readily Determinable Fair Value (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Carrying value at June 30, 2020 | $ 56,206 |
Year End Adjustments: | |
Impairment | 0 |
Upward changes for observable prices | 0 |
Downward changes for observable prices | (3,076) |
Cumulative Adjustments | |
Impairment | (460) |
Upward changes for observable prices | 1,810 |
Downward changes for observable prices | $ (7,671) |
Investment Securities - Carryin
Investment Securities - Carrying Value and Ownership Percentage of Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Consolidated venture capital and private equity fund investments | Fair value accounting | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | $ 68,214 | $ 87,180 | |
Consolidated venture capital and private equity fund investments | Fair value accounting | Strategic Investors Fund, LP | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 4,414 | 5,729 | |
Consolidated venture capital and private equity fund investments | Fair value accounting | Capital Preferred Return Fund, LP | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 36,890 | 45,341 | |
Consolidated venture capital and private equity fund investments | Fair value accounting | Growth Partners, LP | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 26,776 | 35,976 | |
Consolidated venture capital and private equity fund investments | Fair value accounting | CP I, LP | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 134 | 134 | |
Consolidated venture capital and private equity fund investments | Equity method accounting | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 233,996 | 215,367 | |
Consolidated venture capital and private equity fund investments | Equity method accounting | Strategic Investors Fund II, LP | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 3,083 | 3,612 | |
Consolidated venture capital and private equity fund investments | Equity method accounting | Strategic Investors Fund III, LP | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 14,211 | 15,668 | |
Consolidated venture capital and private equity fund investments | Equity method accounting | Strategic Investors Fund IV, LP | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 24,743 | 27,064 | |
Consolidated venture capital and private equity fund investments | Equity method accounting | Strategic Investors Fund V funds | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 47,734 | 46,830 | |
Consolidated venture capital and private equity fund investments | Equity method accounting | CP II, LP | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 4,646 | 5,907 | |
Consolidated venture capital and private equity fund investments | Equity method accounting | Other venture capital and private equity fund investments | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 139,579 | 116,286 | |
Debt funds | Equity method accounting | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 7,004 | 7,271 | |
Debt funds | Equity method accounting | Gold Hill Capital 2008, LP | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 5,334 | 5,525 | |
Debt funds | Equity method accounting | Other debt funds | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 1,670 | 1,746 | |
Other investments | Fair value accounting | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 56,206 | 55,255 | |
Other investments | Equity method accounting | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 181,543 | 152,863 | |
Other investments | Equity method accounting | SPD Silicon Valley Bank Co., Ltd. | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | 105,863 | 74,190 | |
Other investments | Equity method accounting | Other investments | |||
Investment Holdings [Line Items] | |||
Nonmarketable securities | $ 75,680 | $ 78,673 | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Fair value accounting | Strategic Investors Fund, LP | |||
Investment Holdings [Line Items] | |||
Percentage of ownership | 12.60% | 12.60% | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Fair value accounting | Capital Preferred Return Fund, LP | |||
Investment Holdings [Line Items] | |||
Percentage of ownership | 20.00% | 20.00% | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Fair value accounting | Growth Partners, LP | |||
Investment Holdings [Line Items] | |||
Percentage of ownership | 33.00% | 33.00% | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Fair value accounting | CP I, LP | |||
Investment Holdings [Line Items] | |||
Percentage of ownership | 10.70% | 10.70% | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Equity method accounting | 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 | Equity method accounting | 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 | Equity method accounting | 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 | Equity method accounting | 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 | Equity method accounting | 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 | Equity method accounting | CP II, LP | Indirect ownership interest | |||
Investment Holdings [Line Items] | |||
Percentage of ownership | 3.80% | ||
Non-marketable securities | Debt funds | Equity method accounting | Direct ownership interest | |||
Investment Holdings [Line Items] | |||
Percentage of ownership | 11.50% | ||
Non-marketable securities | Debt funds | Equity method accounting | Indirect ownership interest | |||
Investment Holdings [Line Items] | |||
Percentage of ownership | 4.00% | ||
Non-marketable securities | Debt funds | Equity method accounting | Gold Hill Capital 2008, LP | |||
Investment Holdings [Line Items] | |||
Percentage of ownership | 15.50% | 15.50% | |
Non-marketable securities | Other investments | Equity method accounting | 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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Gain (Loss) on Securities [Line Items] | ||||
Total net gains on non-marketable and other equity securities | $ 34,868 | $ 47,973 | $ 19,758 | $ 80,631 |
Non-marketable securities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Less: realized net gains on sales of non-marketable and other equity securities | 264 | 2,524 | 215 | 12,359 |
Net gains on non-marketable and other equity securities still held | 34,604 | 45,449 | 19,543 | 68,272 |
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 | 1,277 | 14,830 | 4,390 | 18,119 |
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 | (2,465) | 10,152 | (1,213) | 18,158 |
Non-marketable securities | Fair value accounting | Other investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Total net gains on non-marketable and other equity securities | (893) | 167 | (3,836) | 5,172 |
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 | 26,393 | 22,351 | 18,347 | 25,140 |
Non-marketable securities | Equity method accounting | Debt funds | ||||
Gain (Loss) on Securities [Line Items] | ||||
Total net gains on non-marketable and other equity securities | 94 | 1,342 | (268) | 1,342 |
Non-marketable securities | Equity method accounting | Other investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Total net gains on non-marketable and other equity securities | (2,526) | (1,151) | (3,146) | 615 |
Other equity securities | Fair value accounting | ||||
Gain (Loss) on Securities [Line Items] | ||||
Total net gains on non-marketable and other equity securities | $ 12,988 | $ 282 | $ 5,484 | $ 12,085 |
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 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | $ 36,727,222 | $ 33,164,636 | ||||
Allowance for credit losses | (589,828) | $ (548,963) | (304,924) | $ (301,888) | $ (300,151) | $ (280,903) |
Net loans | 36,137,394 | 32,859,712 | ||||
Private equity/venture capital | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 17,901,117 | 17,696,794 | ||||
Allowance for credit losses | (53,723) | (56,774) | (107,285) | (101,253) | (95,311) | (93,781) |
Investor dependent | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 5,138,876 | 4,335,195 | ||||
Allowance for credit losses | (292,267) | (275,701) | (82,370) | (97,173) | (95,056) | (72,101) |
Investor dependent | Early stage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 1,797,576 | 1,624,221 | ||||
Allowance for credit losses | (148,270) | (127,189) | (26,245) | (30,969) | (26,730) | (25,885) |
Investor dependent | Mid stage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 1,435,772 | 1,047,398 | ||||
Allowance for credit losses | (56,393) | (51,962) | (15,936) | (28,264) | (38,163) | (20,999) |
Investor dependent | Later stage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 1,905,528 | 1,663,576 | ||||
Allowance for credit losses | (87,604) | (96,550) | (40,189) | (37,940) | (30,163) | (25,217) |
Cash flow dependent | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 4,845,246 | 4,424,238 | ||||
Allowance for credit losses | (97,953) | (81,507) | (68,098) | (56,682) | (61,447) | (66,028) |
Cash flow dependent | Sponsor led buyout | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 2,057,439 | 2,185,497 | ||||
Allowance for credit losses | (54,853) | (42,091) | (42,939) | (32,131) | (40,933) | (44,274) |
Cash flow dependent | Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 2,787,807 | 2,238,741 | ||||
Allowance for credit losses | (43,100) | (39,416) | (25,159) | (24,551) | (20,514) | (21,754) |
SVB Private Bank | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 3,816,277 | 3,492,269 | ||||
Allowance for credit losses | (91,345) | (87,795) | (21,551) | (20,397) | (19,964) | (20,583) |
Balance sheet dependent | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 1,693,071 | 1,286,153 | ||||
Allowance for credit losses | (24,728) | (23,235) | (12,722) | (17,256) | (21,632) | (21,707) |
Premium wine | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 1,039,456 | 1,062,264 | ||||
Allowance for credit losses | (12,319) | (12,377) | (5,296) | (4,227) | (3,949) | (3,646) |
Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 457,234 | 867,723 | ||||
Allowance for credit losses | (13,635) | (11,574) | (7,602) | $ (4,900) | $ (2,792) | $ (3,057) |
SBA loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, amortized cost | 1,835,945 | 0 | ||||
Allowance for credit losses | $ (3,858) | $ 0 | $ 0 |
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 | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unearned income on loans | $ 220,000 | $ 163,000 |
Loans, at amortized cost | 36,727,222 | 33,164,636 |
Credit cards | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 280,000 | 395,000 |
Construction loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 147,000 | 183,000 |
SVB Private Bank | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 3,816,277 | 3,492,269 |
Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 1,039,456 | 1,062,264 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 457,234 | 867,723 |
Real estate secured loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 4,501,950 | 4,146,347 |
Real estate secured loans | SVB Private Bank | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 3,253,823 | 3,325,617 |
Real estate secured loans | SVB Private Bank | Loans for personal residence | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 2,714,069 | 2,829,880 |
Real estate secured loans | SVB Private Bank | Loans to eligible employees | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 439,006 | 401,396 |
Real estate secured loans | SVB Private Bank | Home equity lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 58,284 | 55,461 |
Real estate secured loans | SVB Private Bank | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 42,464 | 38,880 |
Real estate secured loans | Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | 777,560 | 820,730 |
Real estate secured loans | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, at amortized cost | $ 470,567 | $ 0 |
Loans, Allowance for Loan Los_5
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Credit Quality Indicators, Broken out by Risk-Based Segments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | $ 36,727,222 | $ 33,164,636 |
Loans, at gross basis | 33,327,704 | |
Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 94,326 | |
Loans, at gross basis | 102,669 | |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 35,128,848 | |
Loans, at gross basis | 32,361,879 | |
Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 1,504,048 | |
Loans, at gross basis | 863,156 | |
Private equity/venture capital | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 17,901,117 | 17,696,794 |
Loans, at gross basis | 17,712,797 | |
Private equity/venture capital | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 9 | |
Loans, at gross basis | 0 | |
Private equity/venture capital | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 17,892,840 | |
Loans, at gross basis | 17,708,550 | |
Private equity/venture capital | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 8,268 | |
Loans, at gross basis | 4,247 | |
Investor dependent | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 5,138,876 | 4,335,195 |
Loans, at gross basis | 4,418,884 | |
Investor dependent | Early stage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 1,797,576 | 1,624,221 |
Loans, at gross basis | 1,653,425 | |
Investor dependent | Mid stage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 1,435,772 | 1,047,398 |
Loans, at gross basis | 1,066,783 | |
Investor dependent | Later stage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 1,905,528 | 1,663,576 |
Loans, at gross basis | 1,698,676 | |
Investor dependent | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 43,039 | |
Loans, at gross basis | 34,719 | |
Investor dependent | Nonperforming (Nonaccrual) | Early stage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 24,422 | |
Loans, at gross basis | 11,093 | |
Investor dependent | Nonperforming (Nonaccrual) | Mid stage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 8,119 | |
Loans, at gross basis | 17,330 | |
Investor dependent | Nonperforming (Nonaccrual) | Later stage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 10,498 | |
Loans, at gross basis | 6,296 | |
Investor dependent | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 4,527,816 | |
Loans, at gross basis | 3,850,585 | |
Investor dependent | Pass | Early stage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 1,549,222 | |
Loans, at gross basis | 1,436,022 | |
Investor dependent | Pass | Mid stage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 1,259,442 | |
Loans, at gross basis | 924,002 | |
Investor dependent | Pass | Later stage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 1,719,152 | |
Loans, at gross basis | 1,490,561 | |
Investor dependent | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 568,021 | |
Loans, at gross basis | 533,580 | |
Investor dependent | Criticized | Early stage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 223,932 | |
Loans, at gross basis | 206,310 | |
Investor dependent | Criticized | Mid stage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 168,211 | |
Loans, at gross basis | 125,451 | |
Investor dependent | Criticized | Later stage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 175,878 | |
Loans, at gross basis | 201,819 | |
Cash flow dependent | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 4,845,246 | 4,424,238 |
Loans, at gross basis | 4,455,867 | |
Cash flow dependent | Sponsor led buyout | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 2,057,439 | 2,185,497 |
Loans, at gross basis | 2,203,020 | |
Cash flow dependent | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 2,787,807 | 2,238,741 |
Loans, at gross basis | 2,252,847 | |
Cash flow dependent | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 26,975 | |
Loans, at gross basis | 62,266 | |
Cash flow dependent | Nonperforming (Nonaccrual) | Sponsor led buyout | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 21,658 | |
Loans, at gross basis | 44,585 | |
Cash flow dependent | Nonperforming (Nonaccrual) | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 5,317 | |
Loans, at gross basis | 17,681 | |
Cash flow dependent | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 4,260,629 | |
Loans, at gross basis | 4,181,613 | |
Cash flow dependent | Pass | Sponsor led buyout | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 1,819,253 | |
Loans, at gross basis | 2,039,847 | |
Cash flow dependent | Pass | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 2,441,376 | |
Loans, at gross basis | 2,141,766 | |
Cash flow dependent | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 557,642 | |
Loans, at gross basis | 211,988 | |
Cash flow dependent | Criticized | Sponsor led buyout | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 216,528 | |
Loans, at gross basis | 118,588 | |
Cash flow dependent | Criticized | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 341,114 | |
Loans, at gross basis | 93,400 | |
SVB Private Bank | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 3,816,277 | 3,492,269 |
Loans, at gross basis | 3,489,219 | |
SVB Private Bank | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 6,517 | |
Loans, at gross basis | 5,480 | |
SVB Private Bank | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 3,787,830 | |
Loans, at gross basis | 3,472,138 | |
SVB Private Bank | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 21,930 | |
Loans, at gross basis | 11,601 | |
Balance sheet dependent | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 1,693,071 | 1,286,153 |
Loans, at gross basis | 1,297,304 | |
Balance sheet dependent | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 11,842 | |
Loans, at gross basis | 0 | |
Balance sheet dependent | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 1,588,207 | |
Loans, at gross basis | 1,231,961 | |
Balance sheet dependent | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 93,022 | |
Loans, at gross basis | 65,343 | |
Premium wine | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 1,039,456 | 1,062,264 |
Loans, at gross basis | 1,063,512 | |
Premium wine | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 1,681 | |
Loans, at gross basis | 204 | |
Premium wine | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 926,549 | |
Loans, at gross basis | 1,026,973 | |
Premium wine | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 111,226 | |
Loans, at gross basis | 36,335 | |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 457,234 | 867,723 |
Loans, at gross basis | 890,121 | |
Other | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 61 | |
Loans, at gross basis | 0 | |
Other | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 456,947 | |
Loans, at gross basis | 890,059 | |
Other | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 226 | |
Loans, at gross basis | 62 | |
SBA loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 1,835,945 | $ 0 |
SBA loans | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 4,202 | |
SBA loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | 1,688,030 | |
SBA loans | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, at amortized cost | $ 143,713 |
Loans, Allowance for Loan Los_6
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Credit Quality Indicators, Broken out by Risk-Based Segments and Vintage Year (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | $ 5,565,887 | |
2019 | 5,112,533 | |
2018 | 2,380,189 | |
2017 | 1,297,687 | |
2016 | 668,018 | |
2015 | 810,194 | |
Revolving Loans | 20,815,649 | |
Revolving Loans Converted to Term Loans | 77,065 | |
Total | 36,727,222 | $ 33,164,636 |
Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 94,326 | |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 35,128,848 | |
Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,504,048 | |
Private equity/venture capital | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 339,452 | |
2019 | 188,430 | |
2018 | 71,803 | |
2017 | 39,857 | |
2016 | 3,577 | |
2015 | 16,055 | |
Revolving Loans | 17,237,162 | |
Revolving Loans Converted to Term Loans | 4,781 | |
Total | 17,901,117 | 17,696,794 |
Private equity/venture capital | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 9 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
2015 | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 9 | |
Private equity/venture capital | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 339,398 | |
2019 | 188,421 | |
2018 | 71,803 | |
2017 | 39,857 | |
2016 | 3,577 | |
2015 | 16,055 | |
Revolving Loans | 17,228,948 | |
Revolving Loans Converted to Term Loans | 4,781 | |
Total | 17,892,840 | |
Private equity/venture capital | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 54 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
2015 | 0 | |
Revolving Loans | 8,214 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 8,268 | |
Investor dependent | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,705,117 | |
2019 | 1,704,134 | |
2018 | 770,306 | |
2017 | 228,434 | |
2016 | 24,442 | |
2015 | 27,778 | |
Revolving Loans | 678,665 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 5,138,876 | 4,335,195 |
Investor dependent | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 43,039 | |
Investor dependent | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 4,527,816 | |
Investor dependent | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 568,021 | |
Investor dependent | Early stage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 616,805 | |
2019 | 716,550 | |
2018 | 277,509 | |
2017 | 68,823 | |
2016 | 13,056 | |
2015 | 6,057 | |
Revolving Loans | 98,776 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 1,797,576 | 1,624,221 |
Investor dependent | Early stage | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2,085 | |
2019 | 8,670 | |
2018 | 7,542 | |
2017 | 2,771 | |
2016 | 2,197 | |
2015 | 0 | |
Revolving Loans | 1,157 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 24,422 | |
Investor dependent | Early stage | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 576,597 | |
2019 | 614,464 | |
2018 | 216,902 | |
2017 | 53,103 | |
2016 | 4,304 | |
2015 | 355 | |
Revolving Loans | 83,497 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 1,549,222 | |
Investor dependent | Early stage | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 38,123 | |
2019 | 93,416 | |
2018 | 53,065 | |
2017 | 12,949 | |
2016 | 6,555 | |
2015 | 5,702 | |
Revolving Loans | 14,122 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 223,932 | |
Investor dependent | Mid stage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 560,419 | |
2019 | 395,859 | |
2018 | 248,312 | |
2017 | 74,949 | |
2016 | 4,847 | |
2015 | 7,355 | |
Revolving Loans | 144,031 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 1,435,772 | 1,047,398 |
Investor dependent | Mid stage | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 210 | |
2018 | 5,646 | |
2017 | 2,041 | |
2016 | 0 | |
2015 | 0 | |
Revolving Loans | 222 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 8,119 | |
Investor dependent | Mid stage | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 527,905 | |
2019 | 342,149 | |
2018 | 194,287 | |
2017 | 59,075 | |
2016 | 1,502 | |
2015 | 4,448 | |
Revolving Loans | 130,076 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 1,259,442 | |
Investor dependent | Mid stage | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 32,514 | |
2019 | 53,500 | |
2018 | 48,379 | |
2017 | 13,833 | |
2016 | 3,345 | |
2015 | 2,907 | |
Revolving Loans | 13,733 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 168,211 | |
Investor dependent | Later stage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 527,893 | |
2019 | 591,725 | |
2018 | 244,485 | |
2017 | 84,662 | |
2016 | 6,539 | |
2015 | 14,366 | |
Revolving Loans | 435,858 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 1,905,528 | 1,663,576 |
Investor dependent | Later stage | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 1,435 | |
2018 | 2,374 | |
2017 | 3,885 | |
2016 | 0 | |
2015 | 0 | |
Revolving Loans | 2,804 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 10,498 | |
Investor dependent | Later stage | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 495,546 | |
2019 | 564,400 | |
2018 | 188,404 | |
2017 | 73,703 | |
2016 | 6,539 | |
2015 | 7,860 | |
Revolving Loans | 382,700 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 1,719,152 | |
Investor dependent | Later stage | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 32,347 | |
2019 | 25,890 | |
2018 | 53,707 | |
2017 | 7,074 | |
2016 | 0 | |
2015 | 6,506 | |
Revolving Loans | 50,354 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 175,878 | |
Cash flow dependent | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 762,468 | |
2019 | 1,430,066 | |
2018 | 691,803 | |
2017 | 419,320 | |
2016 | 112,158 | |
2015 | 347 | |
Revolving Loans | 1,429,084 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 4,845,246 | 4,424,238 |
Cash flow dependent | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 26,975 | |
Cash flow dependent | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 4,260,629 | |
Cash flow dependent | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 557,642 | |
Cash flow dependent | Sponsor led buyout | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 408,280 | |
2019 | 718,988 | |
2018 | 408,801 | |
2017 | 301,863 | |
2016 | 69,972 | |
2015 | 0 | |
Revolving Loans | 149,535 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 2,057,439 | 2,185,497 |
Cash flow dependent | Sponsor led buyout | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 19 | |
2019 | 11,937 | |
2018 | 0 | |
2017 | 7,218 | |
2016 | 0 | |
2015 | 0 | |
Revolving Loans | 2,484 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 21,658 | |
Cash flow dependent | Sponsor led buyout | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 374,547 | |
2019 | 637,287 | |
2018 | 357,322 | |
2017 | 262,844 | |
2016 | 58,014 | |
2015 | 0 | |
Revolving Loans | 129,239 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 1,819,253 | |
Cash flow dependent | Sponsor led buyout | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 33,714 | |
2019 | 69,764 | |
2018 | 51,479 | |
2017 | 31,801 | |
2016 | 11,958 | |
2015 | 0 | |
Revolving Loans | 17,812 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 216,528 | |
Cash flow dependent | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 354,188 | |
2019 | 711,078 | |
2018 | 283,002 | |
2017 | 117,457 | |
2016 | 42,186 | |
2015 | 347 | |
Revolving Loans | 1,279,549 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 2,787,807 | 2,238,741 |
Cash flow dependent | Other | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 1,140 | |
2017 | 0 | |
2016 | 0 | |
2015 | 0 | |
Revolving Loans | 4,177 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 5,317 | |
Cash flow dependent | Other | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 339,862 | |
2019 | 639,167 | |
2018 | 193,797 | |
2017 | 114,650 | |
2016 | 41,605 | |
2015 | 347 | |
Revolving Loans | 1,111,948 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 2,441,376 | |
Cash flow dependent | Other | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 14,326 | |
2019 | 71,911 | |
2018 | 88,065 | |
2017 | 2,807 | |
2016 | 581 | |
2015 | 0 | |
Revolving Loans | 163,424 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 341,114 | |
SVB Private Bank | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 596,908 | |
2019 | 1,068,638 | |
2018 | 446,090 | |
2017 | 443,865 | |
2016 | 365,880 | |
2015 | 542,229 | |
Revolving Loans | 280,590 | |
Revolving Loans Converted to Term Loans | 72,077 | |
Total | 3,816,277 | 3,492,269 |
SVB Private Bank | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 1,570 | |
2016 | 0 | |
2015 | 2,901 | |
Revolving Loans | 2,046 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 6,517 | |
SVB Private Bank | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 596,908 | |
2019 | 1,062,779 | |
2018 | 443,164 | |
2017 | 440,490 | |
2016 | 363,380 | |
2015 | 531,090 | |
Revolving Loans | 277,942 | |
Revolving Loans Converted to Term Loans | 72,077 | |
Total | 3,787,830 | |
SVB Private Bank | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 5,859 | |
2018 | 2,926 | |
2017 | 1,805 | |
2016 | 2,500 | |
2015 | 8,238 | |
Revolving Loans | 602 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 21,930 | |
Balance sheet dependent | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 216,893 | |
2019 | 230,108 | |
2018 | 250,312 | |
2017 | 34,512 | |
2016 | 4,545 | |
2015 | 0 | |
Revolving Loans | 956,701 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 1,693,071 | 1,286,153 |
Balance sheet dependent | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 14 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
2015 | 0 | |
Revolving Loans | 11,828 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 11,842 | |
Balance sheet dependent | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 216,879 | |
2019 | 221,481 | |
2018 | 247,818 | |
2017 | 33,048 | |
2016 | 4,545 | |
2015 | 0 | |
Revolving Loans | 864,436 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 1,588,207 | |
Balance sheet dependent | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 8,627 | |
2018 | 2,494 | |
2017 | 1,464 | |
2016 | 0 | |
2015 | 0 | |
Revolving Loans | 80,437 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 93,022 | |
Premium wine | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 87,219 | |
2019 | 250,194 | |
2018 | 109,596 | |
2017 | 92,947 | |
2016 | 98,862 | |
2015 | 190,573 | |
Revolving Loans | 210,065 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 1,039,456 | 1,062,264 |
Premium wine | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 1,668 | |
2015 | 0 | |
Revolving Loans | 13 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 1,681 | |
Premium wine | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 85,177 | |
2019 | 237,520 | |
2018 | 73,632 | |
2017 | 92,594 | |
2016 | 93,214 | |
2015 | 177,246 | |
Revolving Loans | 167,166 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 926,549 | |
Premium wine | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2,042 | |
2019 | 12,674 | |
2018 | 35,964 | |
2017 | 353 | |
2016 | 3,980 | |
2015 | 13,327 | |
Revolving Loans | 42,886 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 111,226 | |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 21,885 | |
2019 | 240,963 | |
2018 | 40,279 | |
2017 | 38,752 | |
2016 | 58,554 | |
2015 | 33,212 | |
Revolving Loans | 23,382 | |
Revolving Loans Converted to Term Loans | 207 | |
Total | 457,234 | 867,723 |
Other | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 61 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
2015 | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 61 | |
Other | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 21,785 | |
2019 | 240,902 | |
2018 | 40,279 | |
2017 | 38,752 | |
2016 | 58,554 | |
2015 | 33,212 | |
Revolving Loans | 23,256 | |
Revolving Loans Converted to Term Loans | 207 | |
Total | 456,947 | |
Other | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 100 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
2015 | 0 | |
Revolving Loans | 126 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 226 | |
SBA loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,835,945 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
2015 | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 1,835,945 | $ 0 |
SBA loans | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 4,202 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
2015 | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 4,202 | |
SBA loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,688,030 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
2015 | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | 1,688,030 | |
SBA loans | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 143,713 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
2015 | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total | $ 143,713 |
Loans, Allowance for Loan Los_7
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Activity Relating to our Allowance for Credit Losses for Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | $ 548,963 | $ 300,151 | $ 304,924 | $ 280,903 |
Charge-offs | (15,055) | (26,435) | (51,951) | (35,435) |
Recoveries | 4,073 | 9,820 | 11,828 | 11,245 |
Provision for (Reduction of) Credit Losses | 51,899 | 19,148 | 300,800 | 44,969 |
Foreign Currency Translation Adjustments | (52) | (796) | (1,237) | 206 |
Allowance for credit loss, ending balance | 589,828 | 301,888 | 589,828 | 301,888 |
Cumulative adjustment for the adoption of amendment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 25,464 | |||
Private equity/venture capital | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 56,774 | 95,311 | 107,285 | 93,781 |
Charge-offs | 0 | (2,047) | 0 | (2,047) |
Recoveries | 0 | 0 | 0 | 0 |
Provision for (Reduction of) Credit Losses | (3,051) | 8,336 | 16,506 | 9,819 |
Foreign Currency Translation Adjustments | 0 | (347) | (180) | (300) |
Allowance for credit loss, ending balance | 53,723 | 101,253 | 53,723 | 101,253 |
Private equity/venture capital | Cumulative adjustment for the adoption of amendment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | (69,888) | |||
Investor dependent | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 275,701 | 95,056 | 82,370 | 72,101 |
Charge-offs | (5,417) | (21,022) | (38,916) | (29,206) |
Recoveries | 3,659 | 5,390 | 8,569 | 6,605 |
Provision for (Reduction of) Credit Losses | 18,362 | 18,518 | 169,759 | 47,532 |
Foreign Currency Translation Adjustments | (38) | (769) | (1,139) | 141 |
Allowance for credit loss, ending balance | 292,267 | 97,173 | 292,267 | 97,173 |
Investor dependent | Cumulative adjustment for the adoption of amendment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 71,624 | |||
Investor dependent | Early stage | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 127,189 | 26,730 | 26,245 | 25,885 |
Charge-offs | (1,764) | (7,627) | (11,947) | (9,295) |
Recoveries | 2,390 | 3,357 | 3,963 | 3,925 |
Provision for (Reduction of) Credit Losses | 20,451 | 8,878 | 90,665 | 10,764 |
Foreign Currency Translation Adjustments | 4 | (369) | (567) | (310) |
Allowance for credit loss, ending balance | 148,270 | 30,969 | 148,270 | 30,969 |
Investor dependent | Early stage | Cumulative adjustment for the adoption of amendment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 39,911 | |||
Investor dependent | Mid stage | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 51,962 | 38,163 | 15,936 | 20,999 |
Charge-offs | (3,653) | (13,395) | (12,985) | (19,911) |
Recoveries | 1,269 | 900 | 4,606 | 903 |
Provision for (Reduction of) Credit Losses | 6,861 | 2,708 | 42,006 | 25,665 |
Foreign Currency Translation Adjustments | (46) | (112) | (133) | 608 |
Allowance for credit loss, ending balance | 56,393 | 28,264 | 56,393 | 28,264 |
Investor dependent | Mid stage | Cumulative adjustment for the adoption of amendment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 6,963 | |||
Investor dependent | Later stage | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 96,550 | 30,163 | 40,189 | 25,217 |
Charge-offs | 0 | 0 | (13,984) | 0 |
Recoveries | 0 | 1,133 | 0 | 1,777 |
Provision for (Reduction of) Credit Losses | (8,950) | 6,932 | 37,088 | 11,103 |
Foreign Currency Translation Adjustments | 4 | (288) | (439) | (157) |
Allowance for credit loss, ending balance | 87,604 | 37,940 | 87,604 | 37,940 |
Investor dependent | Later stage | Cumulative adjustment for the adoption of amendment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 24,750 | |||
Cash flow dependent | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 81,507 | 61,447 | 68,098 | 66,028 |
Charge-offs | (3,385) | (2,402) | (6,009) | (3,118) |
Recoveries | 1 | 4,397 | 2,846 | 4,397 |
Provision for (Reduction of) Credit Losses | 19,831 | (7,053) | 33,181 | (10,800) |
Foreign Currency Translation Adjustments | (1) | 293 | (258) | 175 |
Allowance for credit loss, ending balance | 97,953 | 56,682 | 97,953 | 56,682 |
Cash flow dependent | Cumulative adjustment for the adoption of amendment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 95 | |||
Cash flow dependent | Sponsor led buyout | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 42,091 | 40,933 | 42,939 | 44,274 |
Charge-offs | 0 | (2,402) | (2,624) | (2,402) |
Recoveries | 0 | 0 | 2,845 | 0 |
Provision for (Reduction of) Credit Losses | 12,763 | (6,677) | 8,675 | (9,916) |
Foreign Currency Translation Adjustments | (1) | 277 | (133) | 175 |
Allowance for credit loss, ending balance | 54,853 | 32,131 | 54,853 | 32,131 |
Cash flow dependent | Sponsor led buyout | Cumulative adjustment for the adoption of amendment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 3,151 | |||
Cash flow dependent | Other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 39,416 | 20,514 | 25,159 | 21,754 |
Charge-offs | (3,385) | 0 | (3,385) | (716) |
Recoveries | 1 | 4,397 | 1 | 4,397 |
Provision for (Reduction of) Credit Losses | 7,068 | (376) | 24,506 | (884) |
Foreign Currency Translation Adjustments | 0 | 16 | (125) | 0 |
Allowance for credit loss, ending balance | 43,100 | 24,551 | 43,100 | 24,551 |
Cash flow dependent | Other | Cumulative adjustment for the adoption of amendment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | (3,056) | |||
SVB Private Bank | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 87,795 | 19,964 | 21,551 | 20,583 |
Charge-offs | (1,035) | (960) | (1,616) | (1,019) |
Recoveries | 0 | 15 | 0 | 225 |
Provision for (Reduction of) Credit Losses | 4,585 | 1,438 | 59,075 | 692 |
Foreign Currency Translation Adjustments | 0 | (60) | (280) | (84) |
Allowance for credit loss, ending balance | 91,345 | 20,397 | 91,345 | 20,397 |
SVB Private Bank | Cumulative adjustment for the adoption of amendment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 12,615 | |||
Balance sheet dependent | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 23,235 | 21,632 | 12,722 | 21,707 |
Charge-offs | (4,900) | 0 | (4,900) | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for (Reduction of) Credit Losses | 6,393 | (4,566) | 18,344 | (4,639) |
Foreign Currency Translation Adjustments | 0 | 190 | (74) | 188 |
Allowance for credit loss, ending balance | 24,728 | 17,256 | 24,728 | 17,256 |
Balance sheet dependent | Cumulative adjustment for the adoption of amendment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | (1,364) | |||
Premium wine | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 12,377 | 3,949 | 5,296 | 3,646 |
Charge-offs | 0 | 0 | (192) | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for (Reduction of) Credit Losses | (58) | 290 | 3,605 | 584 |
Foreign Currency Translation Adjustments | 0 | (12) | (40) | (3) |
Allowance for credit loss, ending balance | 12,319 | 4,227 | 12,319 | 4,227 |
Premium wine | Cumulative adjustment for the adoption of amendment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 3,650 | |||
Other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 11,574 | 2,792 | 7,602 | 3,057 |
Charge-offs | (318) | (4) | (318) | (45) |
Recoveries | 413 | 18 | 413 | 18 |
Provision for (Reduction of) Credit Losses | 1,979 | 2,185 | (3,528) | 1,781 |
Foreign Currency Translation Adjustments | (13) | (91) | 734 | 89 |
Allowance for credit loss, ending balance | 13,635 | $ 4,900 | 13,635 | $ 4,900 |
Other | Cumulative adjustment for the adoption of amendment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 8,732 | |||
SBA loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 0 | 0 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision for (Reduction of) Credit Losses | 3,858 | 3,858 | ||
Foreign Currency Translation Adjustments | 0 | 0 | ||
Allowance for credit loss, ending balance | $ 3,858 | 3,858 | ||
SBA loans | Cumulative adjustment for the adoption of amendment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | $ 0 |
Loans, Allowance for Loan Los_8
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Summary of the Aging of Loans Broken out by Risk-based Segments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Past due | $ 38,234 | |
Current | 36,688,988 | |
Total | 36,727,222 | $ 33,164,636 |
Loans Past Due 90 Days or More Still Accruing Interest | 76 | |
Past due, at gross basis | 191,587 | |
Current, at gross basis | 33,136,117 | |
Loans, at gross basis | 33,327,704 | |
Loans Past Due 90 Days or More Still Accruing Interest, at gross basis | 3,515 | |
30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 15,230 | |
Past due, at gross basis | 137,375 | |
60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 7,874 | |
Past due, at gross basis | 38,224 | |
Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 15,130 | |
Past due, at gross basis | 15,988 | |
Private equity/venture capital | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 73 | |
Current | 17,901,044 | |
Total | 17,901,117 | 17,696,794 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Past due, at gross basis | 101,272 | |
Current, at gross basis | 17,611,525 | |
Loans, at gross basis | 17,712,797 | |
Loans Past Due 90 Days or More Still Accruing Interest, at gross basis | 3,150 | |
Private equity/venture capital | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 54 | |
Past due, at gross basis | 97,739 | |
Private equity/venture capital | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 10 | |
Past due, at gross basis | 383 | |
Private equity/venture capital | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 9 | |
Past due, at gross basis | 3,150 | |
Investor dependent | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 23,109 | |
Current | 5,115,767 | |
Total | 5,138,876 | 4,335,195 |
Loans Past Due 90 Days or More Still Accruing Interest | 73 | |
Past due, at gross basis | 60,298 | |
Current, at gross basis | 4,358,586 | |
Loans, at gross basis | 4,418,884 | |
Loans Past Due 90 Days or More Still Accruing Interest, at gross basis | 0 | |
Investor dependent | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 7,434 | |
Past due, at gross basis | 19,445 | |
Investor dependent | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 7,373 | |
Past due, at gross basis | 29,561 | |
Investor dependent | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 8,302 | |
Past due, at gross basis | 11,292 | |
Investor dependent | Early stage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 3,867 | |
Current | 1,793,709 | |
Total | 1,797,576 | 1,624,221 |
Loans Past Due 90 Days or More Still Accruing Interest | 73 | |
Past due, at gross basis | 24,092 | |
Current, at gross basis | 1,629,333 | |
Loans, at gross basis | 1,653,425 | |
Loans Past Due 90 Days or More Still Accruing Interest, at gross basis | 0 | |
Investor dependent | Early stage | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 742 | |
Past due, at gross basis | 1,307 | |
Investor dependent | Early stage | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 316 | |
Past due, at gross basis | 22,062 | |
Investor dependent | Early stage | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 2,809 | |
Past due, at gross basis | 723 | |
Investor dependent | Mid stage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 12,840 | |
Current | 1,422,932 | |
Total | 1,435,772 | 1,047,398 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Past due, at gross basis | 17,024 | |
Current, at gross basis | 1,049,759 | |
Loans, at gross basis | 1,066,783 | |
Loans Past Due 90 Days or More Still Accruing Interest, at gross basis | 0 | |
Investor dependent | Mid stage | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 4,190 | |
Past due, at gross basis | 10,025 | |
Investor dependent | Mid stage | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 3,157 | |
Past due, at gross basis | 6,999 | |
Investor dependent | Mid stage | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 5,493 | |
Past due, at gross basis | 0 | |
Investor dependent | Later stage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 6,402 | |
Current | 1,899,126 | |
Total | 1,905,528 | 1,663,576 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Past due, at gross basis | 19,182 | |
Current, at gross basis | 1,679,494 | |
Loans, at gross basis | 1,698,676 | |
Loans Past Due 90 Days or More Still Accruing Interest, at gross basis | 0 | |
Investor dependent | Later stage | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 2,502 | |
Past due, at gross basis | 8,113 | |
Investor dependent | Later stage | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 3,900 | |
Past due, at gross basis | 500 | |
Investor dependent | Later stage | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Past due, at gross basis | 10,569 | |
Cash flow dependent | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 6,547 | |
Current | 4,838,699 | |
Total | 4,845,246 | 4,424,238 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Past due, at gross basis | 5,489 | |
Current, at gross basis | 4,450,378 | |
Loans, at gross basis | 4,455,867 | |
Loans Past Due 90 Days or More Still Accruing Interest, at gross basis | 0 | |
Cash flow dependent | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 2,362 | |
Past due, at gross basis | 2,426 | |
Cash flow dependent | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 197 | |
Past due, at gross basis | 3,061 | |
Cash flow dependent | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 3,988 | |
Past due, at gross basis | 2 | |
Cash flow dependent | Sponsor led buyout | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 60 | |
Current | 2,057,379 | |
Total | 2,057,439 | 2,185,497 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Past due, at gross basis | 0 | |
Current, at gross basis | 2,203,020 | |
Loans, at gross basis | 2,203,020 | |
Loans Past Due 90 Days or More Still Accruing Interest, at gross basis | 0 | |
Cash flow dependent | Sponsor led buyout | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 46 | |
Past due, at gross basis | 0 | |
Cash flow dependent | Sponsor led buyout | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 14 | |
Past due, at gross basis | 0 | |
Cash flow dependent | Sponsor led buyout | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Past due, at gross basis | 0 | |
Cash flow dependent | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 6,487 | |
Current | 2,781,320 | |
Total | 2,787,807 | 2,238,741 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Past due, at gross basis | 5,489 | |
Current, at gross basis | 2,247,358 | |
Loans, at gross basis | 2,252,847 | |
Loans Past Due 90 Days or More Still Accruing Interest, at gross basis | 0 | |
Cash flow dependent | Other | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 2,316 | |
Past due, at gross basis | 2,426 | |
Cash flow dependent | Other | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 183 | |
Past due, at gross basis | 3,061 | |
Cash flow dependent | Other | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 3,988 | |
Past due, at gross basis | 2 | |
SVB Private Bank | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 3,350 | |
Current | 3,812,927 | |
Total | 3,816,277 | 3,492,269 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Past due, at gross basis | 10,175 | |
Current, at gross basis | 3,479,044 | |
Loans, at gross basis | 3,489,219 | |
Loans Past Due 90 Days or More Still Accruing Interest, at gross basis | 365 | |
SVB Private Bank | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 601 | |
Past due, at gross basis | 6,582 | |
SVB Private Bank | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Past due, at gross basis | 2,049 | |
SVB Private Bank | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 2,749 | |
Past due, at gross basis | 1,544 | |
Balance sheet dependent | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 5,032 | |
Current | 1,688,039 | |
Total | 1,693,071 | 1,286,153 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Past due, at gross basis | 2,731 | |
Current, at gross basis | 1,294,573 | |
Loans, at gross basis | 1,297,304 | |
Loans Past Due 90 Days or More Still Accruing Interest, at gross basis | 0 | |
Balance sheet dependent | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 4,777 | |
Past due, at gross basis | 2,731 | |
Balance sheet dependent | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 255 | |
Past due, at gross basis | 0 | |
Balance sheet dependent | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Past due, at gross basis | 0 | |
Premium wine | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 1 | |
Current | 1,039,455 | |
Total | 1,039,456 | 1,062,264 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Past due, at gross basis | 11,605 | |
Current, at gross basis | 1,051,907 | |
Loans, at gross basis | 1,063,512 | |
Loans Past Due 90 Days or More Still Accruing Interest, at gross basis | 0 | |
Premium wine | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 1 | |
Past due, at gross basis | 8,435 | |
Premium wine | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Past due, at gross basis | 3,170 | |
Premium wine | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Past due, at gross basis | 0 | |
Other | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 122 | |
Current | 457,112 | |
Total | 457,234 | 867,723 |
Loans Past Due 90 Days or More Still Accruing Interest | 3 | |
Past due, at gross basis | 17 | |
Current, at gross basis | 890,104 | |
Loans, at gross basis | 890,121 | |
Loans Past Due 90 Days or More Still Accruing Interest, at gross basis | 0 | |
Other | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 1 | |
Past due, at gross basis | 17 | |
Other | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 39 | |
Past due, at gross basis | 0 | |
Other | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 82 | |
Past due, at gross basis | 0 | |
SBA loans | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Current | 1,835,945 | |
Total | 1,835,945 | $ 0 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
SBA loans | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
SBA loans | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
SBA loans | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | $ 0 |
Loans, Allowance for Loan Los_9
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Nonaccrual Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable, Nonaccrual [Line Items] | ||||
Beginning Balance | $ 50,607 | $ 133,623 | $ 102,669 | $ 94,142 |
Additions | 66,116 | 39,460 | 102,462 | 90,317 |
Paydowns and Other Reductions | (17,784) | (57,507) | (80,461) | (63,988) |
Charge-offs | (4,613) | (18,935) | (30,344) | (23,830) |
Ending Balance | 94,326 | 96,641 | 94,326 | 96,641 |
Investor dependent | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Beginning Balance | 45,037 | 63,936 | 34,719 | 23,752 |
Additions | 11,059 | 37,278 | 46,717 | 85,873 |
Paydowns and Other Reductions | (8,444) | (9,401) | (11,468) | (13,442) |
Charge-offs | (4,613) | (14,478) | (26,929) | (18,848) |
Ending Balance | 43,039 | 77,335 | 43,039 | 77,335 |
Cash flow dependent | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Beginning Balance | 13 | 54,927 | 62,266 | 56,690 |
Additions | 30,238 | 79 | 30,238 | 79 |
Paydowns and Other Reductions | (3,276) | (44,160) | (62,887) | (45,457) |
Charge-offs | 0 | (2,402) | (2,642) | (2,868) |
Ending Balance | 26,975 | 8,444 | 26,975 | 8,444 |
SVB Private Bank | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Beginning Balance | 4,857 | 3,809 | 5,480 | 3,919 |
Additions | 2,634 | 1,865 | 2,634 | 1,880 |
Paydowns and Other Reductions | (974) | (22) | (1,016) | (88) |
Charge-offs | 0 | (8) | (581) | (67) |
Ending Balance | 6,517 | 5,644 | 6,517 | 5,644 |
Balance sheet dependent | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Beginning Balance | 0 | 4,736 | 0 | 5,004 |
Additions | 16,742 | 238 | 16,742 | 238 |
Paydowns and Other Reductions | (4,900) | 0 | (4,900) | (268) |
Charge-offs | 0 | 0 | 0 | 0 |
Ending Balance | 11,842 | 4,974 | 11,842 | 4,974 |
Premium wine | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Beginning Balance | 700 | 268 | 204 | 285 |
Additions | 998 | 0 | 1,686 | 0 |
Paydowns and Other Reductions | (17) | (24) | (17) | (41) |
Charge-offs | 0 | 0 | (192) | 0 |
Ending Balance | 1,681 | 244 | 1,681 | 244 |
Other | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Beginning Balance | 0 | 0 | 0 | 792 |
Additions | 234 | 0 | 234 | 0 |
Paydowns and Other Reductions | (173) | 0 | (173) | (792) |
Charge-offs | 0 | 0 | 0 | 0 |
Ending Balance | 61 | 0 | 61 | 0 |
Private equity/venture capital | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Beginning Balance | 0 | 5,947 | 0 | 3,700 |
Additions | 9 | 0 | 9 | 2,247 |
Paydowns and Other Reductions | 0 | (3,900) | 0 | (3,900) |
Charge-offs | 0 | (2,047) | 0 | (2,047) |
Ending Balance | 9 | 0 | 9 | 0 |
SBA loans | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Beginning Balance | 0 | 0 | ||
Additions | 4,202 | 4,202 | ||
Paydowns and Other Reductions | 0 | 0 | ||
Charge-offs | 0 | 0 | ||
Ending Balance | 4,202 | 4,202 | ||
Mid stage | Investor dependent | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Beginning Balance | 12,180 | 32,099 | 17,330 | 4,751 |
Additions | 494 | 10,392 | 12,585 | 42,491 |
Paydowns and Other Reductions | (399) | (869) | (787) | (1,390) |
Charge-offs | (4,156) | (12,923) | (21,009) | (17,153) |
Ending Balance | 8,119 | 28,699 | 8,119 | 28,699 |
Later stage | Investor dependent | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Beginning Balance | 14,443 | 23,140 | 6,296 | 11,385 |
Additions | 959 | 18,507 | 12,183 | 30,570 |
Paydowns and Other Reductions | (4,904) | (3,301) | (4,776) | (3,609) |
Charge-offs | 0 | 0 | (3,205) | 0 |
Ending Balance | 10,498 | 38,346 | 10,498 | 38,346 |
Sponsor led buyout | Cash flow dependent | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Beginning Balance | 0 | 38,237 | 44,585 | 39,534 |
Additions | 21,658 | 0 | 21,658 | 0 |
Paydowns and Other Reductions | 0 | (27,470) | (41,961) | (28,767) |
Charge-offs | 0 | (2,402) | (2,624) | (2,402) |
Ending Balance | 21,658 | 8,365 | 21,658 | 8,365 |
Other | Cash flow dependent | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Beginning Balance | 13 | 16,690 | 17,681 | 17,156 |
Additions | 8,580 | 79 | 8,580 | 79 |
Paydowns and Other Reductions | (3,276) | (16,690) | (20,926) | (16,690) |
Charge-offs | 0 | 0 | (18) | (466) |
Ending Balance | 5,317 | 79 | 5,317 | 79 |
Early stage | Investor dependent | ||||
Financing Receivable, Nonaccrual [Line Items] | ||||
Beginning Balance | 18,414 | 8,697 | 11,093 | 7,616 |
Additions | 9,606 | 8,379 | 21,949 | 12,812 |
Paydowns and Other Reductions | (3,141) | (5,231) | (5,905) | (8,443) |
Charge-offs | (457) | (1,555) | (2,715) | (1,695) |
Ending Balance | $ 24,422 | $ 10,290 | $ 24,422 | $ 10,290 |
Loans, Allowance for Loan Lo_10
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Nonaccrual Loans with No Allowance for Credit Loss (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Nonaccrual [Line Items] | ||||||
Nonaccrual Loans | $ 94,326 | $ 50,607 | $ 102,669 | $ 96,641 | $ 133,623 | $ 94,142 |
Nonaccrual Loans with no Allowance for Credit Loss | 7,956 | 7,230 | ||||
Private equity/venture capital | ||||||
Financing Receivable, Nonaccrual [Line Items] | ||||||
Nonaccrual Loans | 9 | 0 | 0 | 0 | 5,947 | 3,700 |
Nonaccrual Loans with no Allowance for Credit Loss | 9 | 0 | ||||
Investor dependent | ||||||
Financing Receivable, Nonaccrual [Line Items] | ||||||
Nonaccrual Loans | 43,039 | 45,037 | 34,719 | 77,335 | 63,936 | 23,752 |
Nonaccrual Loans with no Allowance for Credit Loss | 372 | 734 | ||||
Cash flow dependent | ||||||
Financing Receivable, Nonaccrual [Line Items] | ||||||
Nonaccrual Loans | 26,975 | 13 | 62,266 | 8,444 | 54,927 | 56,690 |
Nonaccrual Loans with no Allowance for Credit Loss | 0 | 2,782 | ||||
SVB Private Bank | ||||||
Financing Receivable, Nonaccrual [Line Items] | ||||||
Nonaccrual Loans | 6,517 | 4,857 | 5,480 | 5,644 | 3,809 | 3,919 |
Nonaccrual Loans with no Allowance for Credit Loss | 6,517 | 3,714 | ||||
Balance sheet dependent | ||||||
Financing Receivable, Nonaccrual [Line Items] | ||||||
Nonaccrual Loans | 11,842 | 0 | 0 | 4,974 | 4,736 | 5,004 |
Nonaccrual Loans with no Allowance for Credit Loss | 0 | 0 | ||||
Premium wine | ||||||
Financing Receivable, Nonaccrual [Line Items] | ||||||
Nonaccrual Loans | 1,681 | 700 | 204 | 244 | 268 | 285 |
Nonaccrual Loans with no Allowance for Credit Loss | 997 | 0 | ||||
Other | ||||||
Financing Receivable, Nonaccrual [Line Items] | ||||||
Nonaccrual Loans | 61 | 0 | 0 | 0 | 0 | 792 |
Nonaccrual Loans with no Allowance for Credit Loss | 61 | 0 | ||||
SBA loans | ||||||
Financing Receivable, Nonaccrual [Line Items] | ||||||
Nonaccrual Loans | 4,202 | 0 | 0 | |||
Nonaccrual Loans with no Allowance for Credit Loss | 0 | 0 | ||||
Early stage | Investor dependent | ||||||
Financing Receivable, Nonaccrual [Line Items] | ||||||
Nonaccrual Loans | 24,422 | 18,414 | 11,093 | 10,290 | 8,697 | 7,616 |
Nonaccrual Loans with no Allowance for Credit Loss | 0 | 460 | ||||
Mid stage | Investor dependent | ||||||
Financing Receivable, Nonaccrual [Line Items] | ||||||
Nonaccrual Loans | 8,119 | 12,180 | 17,330 | 28,699 | 32,099 | 4,751 |
Nonaccrual Loans with no Allowance for Credit Loss | 368 | 274 | ||||
Later stage | Investor dependent | ||||||
Financing Receivable, Nonaccrual [Line Items] | ||||||
Nonaccrual Loans | 10,498 | 14,443 | 6,296 | 38,346 | 23,140 | 11,385 |
Nonaccrual Loans with no Allowance for Credit Loss | 4 | 0 | ||||
Sponsor led buyout | Cash flow dependent | ||||||
Financing Receivable, Nonaccrual [Line Items] | ||||||
Nonaccrual Loans | 21,658 | 0 | 44,585 | 8,365 | 38,237 | 39,534 |
Nonaccrual Loans with no Allowance for Credit Loss | 0 | 0 | ||||
Other | Cash flow dependent | ||||||
Financing Receivable, Nonaccrual [Line Items] | ||||||
Nonaccrual Loans | 5,317 | $ 13 | 17,681 | $ 79 | $ 16,690 | $ 17,156 |
Nonaccrual Loans with no Allowance for Credit Loss | $ 0 | $ 2,782 |
Loans, Allowance for Loan Lo_11
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Summary of Loans Modified in Troubled Debt Restructurings (TDRs) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)troubled_debt_restructuring | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of TDRs | troubled_debt_restructuring | 18 | ||||
Loans modified in TDRs | $ 56,281 | $ 56,281 | $ 108,982 | ||
Unfunded commitments available for funding associated with TDRs | 400 | 400 | |||
Partial charge-offs on loans classified as TDRs | 5,000 | $ 3,400 | 17,500 | $ 5,600 | |
Private equity/venture capital | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs | 0 | 0 | 0 | ||
Investor dependent | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs | 27,079 | 27,079 | 37,978 | ||
Investor dependent | Early stage | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs | 5,354 | 5,354 | 9,471 | ||
Investor dependent | Mid stage | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs | 11,130 | 11,130 | 5,189 | ||
Investor dependent | Later stage | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs | 10,595 | 10,595 | 23,318 | ||
Cash flow dependent | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs | 15,676 | 15,676 | 55,443 | ||
Cash flow dependent | Sponsor led buyout | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs | 10,350 | 10,350 | 55,443 | ||
Cash flow dependent | Other | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs | 5,326 | 5,326 | 0 | ||
SVB Private Bank | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs | 1,318 | 1,318 | 2,104 | ||
Balance sheet dependent | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs | 0 | 0 | 0 | ||
Premium wine | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs | 12,208 | 12,208 | 13,457 | ||
Other | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs | 0 | 0 | 0 | ||
SBA loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans modified in TDRs | $ 0 | $ 0 | $ 0 |
Loans, Allowance for Loan Lo_12
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Recorded Investment in Loans Modified in TDRs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | $ 14,323 | $ 68,157 | $ 22,917 | $ 68,773 |
Payment deferrals | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 14,300 | 66,300 | 22,500 | 66,900 |
Principal forgiveness | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 1,900 | 400 | 1,900 | |
Private equity/venture capital | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 0 | 0 | 0 | 0 |
Investor dependent | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 9,340 | 17,735 | 17,933 | 18,351 |
Investor dependent | Early stage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 93 | 0 | 93 | 616 |
Investor dependent | Mid stage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 5,281 | 3,521 | 11,130 | 3,521 |
Investor dependent | Later stage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 3,966 | 14,214 | 6,710 | 14,214 |
Cash flow dependent | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 3,986 | 48,557 | 3,986 | 48,557 |
Cash flow dependent | Sponsor led buyout | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 0 | 48,557 | 0 | 48,557 |
Cash flow dependent | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 3,986 | 0 | 3,986 | 0 |
SVB Private Bank | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 0 | 1,865 | 0 | 1,865 |
Balance sheet dependent | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 0 | 0 | 0 | 0 |
Premium wine | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 997 | 0 | 998 | 0 |
Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | 0 | 0 | 0 | 0 |
SBA loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans modified in TDRs during the period | $ 0 | $ 0 | $ 0 | $ 0 |
Loans, Allowance for Loan Lo_13
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment in loans modified in TDRs | $ 10,350 | $ 0 | $ 10,350 | $ 0 |
Private equity/venture capital | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment in loans modified in TDRs | 0 | 0 | 0 | 0 |
Investor dependent | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment in loans modified in TDRs | 0 | 0 | 0 | 0 |
Investor dependent | Early stage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment in loans modified in TDRs | 0 | 0 | 0 | 0 |
Investor dependent | Mid stage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment in loans modified in TDRs | 0 | 0 | 0 | 0 |
Investor dependent | Later stage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment in loans modified in TDRs | 0 | 0 | 0 | 0 |
Cash flow dependent | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment in loans modified in TDRs | 10,350 | 0 | 10,350 | 0 |
Cash flow dependent | Sponsor led buyout | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment in loans modified in TDRs | 10,350 | 0 | 10,350 | 0 |
Cash flow dependent | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment in loans modified in TDRs | 0 | 0 | 0 | 0 |
SVB Private Bank | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment in loans modified in TDRs | 0 | 0 | 0 | 0 |
Balance sheet dependent | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment in loans modified in TDRs | 0 | 0 | 0 | 0 |
Premium wine | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment in loans modified in TDRs | 0 | 0 | 0 | 0 |
Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment in loans modified in TDRs | 0 | 0 | 0 | 0 |
SBA loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Recorded investment in loans modified in TDRs | $ 0 | $ 0 | $ 0 | $ 0 |
Loans, Allowance for Loan Lo_14
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Allowance for Credit Losses: Unfunded Credit Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | $ 548,963 | $ 300,151 | $ 304,924 | $ 280,903 |
Provision for credit losses | 51,899 | 19,148 | 300,800 | 44,969 |
Foreign currency translation adjustments | (52) | (796) | (1,237) | 206 |
Allowance for credit loss, ending balance | 589,828 | 301,888 | 589,828 | 301,888 |
Cumulative adjustment for the adoption of amendment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 25,464 | |||
Unfunded Credit Commitments | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | 84,690 | 57,970 | 67,656 | 55,183 |
Provision for credit losses | 14,590 | 4,798 | 9,113 | 7,528 |
Foreign currency translation adjustments | 14 | (104) | (301) | (47) |
Allowance for credit loss, ending balance | 99,294 | 62,664 | 99,294 | 62,664 |
Unfunded Credit Commitments | Cumulative adjustment for the adoption of amendment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss, beginning balance | $ 0 | $ 0 | $ 22,826 | $ 0 |
Leases - Lease Asset and Liabil
Leases - Lease Asset and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Lessee, Lease, Description [Line Items] | ||
Right-of-use assets - operating leases | $ 215,319 | $ 197,365 |
Lease liabilities - operating leases | $ 239,357 | $ 218,847 |
Leases - Lease Expense Componen
Leases - Lease Expense Components (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Leases [Abstract] | |||||
Operating lease cost | $ 11,605 | $ 9,462 | $ 22,969 | $ 18,980 | |
Short-term lease cost | 420 | 582 | 759 | 845 | |
Variable lease cost | 1,198 | 933 | 1,791 | 1,779 | |
Less: sublease income | (155) | (1,115) | (1,287) | (2,223) | |
Total lease cost, net | 13,068 | 9,862 | 24,232 | 19,381 | |
Cash paid for operating leases | 12,130 | 10,884 | 24,351 | 21,238 | |
Operating leases | $ 18,850 | $ 0 | $ 40,463 | $ 0 | |
Weighted-average remaining term (in years) - operating leases | 6 years | 6 years | 6 years 3 months 14 days | ||
Weighted-average discount rate - operating leases | 2.64% | 2.64% | 2.92% |
Leases - Schedule Of Future Lea
Leases - Schedule Of Future Lease Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2020 (excluding the six months ended June 30, 2020) | $ 24,477 | |
2021 | 48,887 | |
2022 | 43,698 | |
2023 | 42,602 | |
2024 | 36,648 | |
2025 and thereafter | 63,684 | |
Total future lease payments | 259,996 | |
Less: imputed interest | (20,639) | |
Lease liabilities - operating leases | 239,357 | $ 218,847 |
Operating leases not yet commenced | $ 18,500 | |
Lower Limit | ||
Lessee, Lease, Description [Line Items] | ||
Term of leases not yet commenced | 2 years | |
Upper Limit | ||
Lessee, Lease, Description [Line Items] | ||
Term of leases not yet commenced | 10 years |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2019 | Jan. 04, 2019 | |
Goodwill [Line Items] | |||
Goodwill | $ 137,823 | $ 137,823 | |
Amortization expense | $ 2,700 | ||
SVB Leerink | |||
Goodwill [Line Items] | |||
Goodwill | $ 137,800 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Other intangible assets: | ||
Estimated Fair Value | $ 60,900 | $ 60,900 |
Accumulated Amortization | 14,174 | 11,483 |
Net Carrying Amount | 46,726 | 49,417 |
Customer relationships | ||
Other intangible assets: | ||
Estimated Fair Value | 42,000 | 42,000 |
Accumulated Amortization | 5,727 | 3,818 |
Net Carrying Amount | 36,273 | 38,182 |
Other | ||
Other intangible assets: | ||
Estimated Fair Value | 18,900 | 18,900 |
Accumulated Amortization | 8,447 | 7,665 |
Net Carrying Amount | $ 10,453 | $ 11,235 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2020 (excluding the three months ended March 31, 2019) | $ 2,691 | |
2021 | 4,732 | |
2022 | 4,732 | |
2023 | 4,732 | |
2024 | 4,732 | |
2025 | 25,107 | |
Net Carrying Amount | $ 46,726 | $ 49,417 |
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 | 3 Months Ended | ||
Jun. 30, 2020 | Jun. 05, 2020 | Dec. 31, 2019 | |
Debt Outstanding [Line Items] | |||
Short-term borrowings | $ 50,924 | $ 17,430 | |
Long-term debt | $ 843,220 | 347,987 | |
Senior Notes | 3.50% Senior Notes | |||
Debt Outstanding [Line Items] | |||
Maturity Date | Jan. 29, 2025 | ||
Principal value at period end | $ 350,000 | ||
Long-term debt | $ 348,166 | $ 347,987 | |
Interest rate on senior notes | 3.50% | 3.50% | |
Senior Notes | 3.125% Senior Notes | |||
Debt Outstanding [Line Items] | |||
Maturity Date | Jun. 5, 2030 | ||
Principal value at period end | $ 500,000 | $ 500,000 | |
Long-term debt | $ 495,054 | $ 495,000 | $ 0 |
Interest rate on senior notes | 3.125% | ||
Other short-term borrowings | |||
Debt Outstanding [Line Items] | |||
Principal value at period end | $ 50,924 | ||
Short-term borrowings | $ 50,924 | $ 17,430 |
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 | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |||||
Interest expense on debt | $ 4.9 | $ 9.2 | $ 10.8 | $ 19.4 | |
Weighted average interest rate on short-term borrowings | 8.00% | 8.00% | 155.00% |
Short-Term Borrowings and Lon_5
Short-Term Borrowings and Long-Term Debt - Short-term Borrowings (Details) $ in Billions | Jun. 30, 2020USD ($) |
Short-term FHLB advances | |
Debt Disclosure [Line Items] | |
FHLB advances | $ 6.5 |
Unused borrowing capacity | 5.6 |
Federal Reserve Bank Advances | |
Debt Disclosure [Line Items] | |
Line of credit, remaining borrowing capacity | 0.9 |
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 |
Short-Term Borrowings and Lon_6
Short-Term Borrowings and Long-Term Debt - Senior Notes (Details) - USD ($) $ in Thousands | Jun. 05, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||||
Proceeds from issuance of long-term debt | $ 495,400 | $ 495,024 | $ 0 | |
Long-term debt | 843,220 | $ 347,987 | ||
Senior Notes | 3.125% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt issuance, principal value | 500,000 | $ 500,000 | ||
Interest rate on senior notes | 3.125% | |||
Long-term debt | 495,000 | $ 495,054 | $ 0 | |
Debt instrument, unamortized discount | $ 400 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Interest Rate Risk (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Derivative [Line Items] | |
Unrealized gain on terminated cash flow hedge remaining in AOCI, before tax | $ 211.1 |
Unrealized gain on terminated cash flow hedge remaining in AOCI, net of tax | $ 152.6 |
Term unrealized gains reclassified into earnings | 5 years |
Derivatives designated as hedging instruments | Interest rate swaps | |
Derivative [Line Items] | |
Derivative notional amount | $ 5,000 |
Derivatives net asset fair value | $ 227.5 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Total Notional or Contractual Amounts, Fair Value, Collateral and Net Exposure of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Derivative Assets | $ 269,348 | $ 167,341 |
Derivative Liabilities | 181,214 | 137,984 |
Derivative Assets, Total | 440,430 | 332,814 |
Derivative Liabilities, Total | 181,214 | 137,984 |
Reduction in derivative liabilities due to rules of clearing houses | 65,100 | 17,400 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Assets | 0 | 22,676 |
Derivative Liabilities | 0 | 25,623 |
Foreign exchange forwards | ||
Derivative [Line Items] | ||
Derivative Assets | 179,166 | 114,546 |
Derivative Liabilities | 149,611 | 96,899 |
Client foreign currency options | ||
Derivative [Line Items] | ||
Derivative Assets | 2,927 | 1,308 |
Derivative Liabilities | 2,927 | 1,308 |
Client interest rate derivatives | ||
Derivative [Line Items] | ||
Derivative Assets | 87,255 | 28,811 |
Derivative Liabilities | 28,676 | 14,154 |
Derivatives designated as hedging instruments | Interest rate swaps | Other assets | ||
Derivative [Line Items] | ||
Derivative Asset, Notional or Contractual Amount | 0 | 1,915,000 |
Derivative Assets | 0 | 22,676 |
Derivatives designated as hedging instruments | Interest rate swaps | Other liabilities | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 0 | 3,085,000 |
Derivative Liabilities | 0 | 25,623 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Derivative Assets | 440,430 | 310,138 |
Derivative Liabilities | 181,214 | 112,361 |
Derivatives not designated as hedging instruments | Foreign exchange forwards | Other liabilities | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 308,975 | 300,250 |
Derivative Liabilities | 10,471 | 2,154 |
Derivatives not designated as hedging instruments | Equity warrant assets | Other assets | ||
Derivative [Line Items] | ||
Derivative Asset, Notional or Contractual Amount | 249,399 | 225,893 |
Derivative Assets | 171,082 | 165,473 |
Derivatives not designated as hedging instruments | Client foreign exchange forwards | Other assets | ||
Derivative [Line Items] | ||
Derivative Asset, Notional or Contractual Amount | 6,937,993 | 4,661,517 |
Derivative Assets | 179,166 | 114,546 |
Derivatives not designated as hedging instruments | Client foreign exchange forwards | Other liabilities | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 6,339,390 | 4,326,059 |
Derivative Liabilities | 139,140 | 94,745 |
Derivatives not designated as hedging instruments | Client foreign currency options | Other assets | ||
Derivative [Line Items] | ||
Derivative Asset, Notional or Contractual Amount | 155,412 | 154,985 |
Derivative Assets | 2,927 | 1,308 |
Derivatives not designated as hedging instruments | Client foreign currency options | Other liabilities | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 155,412 | 154,985 |
Derivative Liabilities | 2,927 | 1,308 |
Derivatives not designated as hedging instruments | Client interest rate derivatives | Other assets | ||
Derivative [Line Items] | ||
Derivative Asset, Notional or Contractual Amount | 870,885 | 1,275,190 |
Derivative Assets | 87,255 | 28,811 |
Derivatives not designated as hedging instruments | Client interest rate derivatives | Other liabilities | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 977,084 | 1,372,914 |
Derivative Liabilities | $ 28,676 | $ 14,154 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Derivative Activity and Related Impact on Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest rate risks | Derivatives designated as hedging instruments | Interest income - loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | $ 15,831 | $ (508) | $ 17,920 | $ (511) |
Currency exchange risk | Derivatives not designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | 2,094 | (783) | 2,387 | (202) |
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 | 11,428 | 2,491 | 3,053 | 3,541 |
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 | (9,334) | (3,274) | (666) | (3,743) |
Other derivative instruments | Derivatives not designated as hedging instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | (1,895) | 1,370 | (2,432) | 453 |
Other derivative instruments | Derivatives not designated as hedging instruments | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | (273) | (1,131) | (4,618) | (1,496) |
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 | 4,911 | 959 | (3,373) | (12,612) |
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 | (6,806) | 411 | 941 | 13,065 |
Equity warrant assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gains (losses) on derivatives | (20,632) | 825 | ||
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 | $ 26,506 | $ 48,347 | $ 39,901 | $ 69,652 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Balance Sheet Offsetting, Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative Assets | ||
Gross Amounts of Recognized Assets | $ 269,348 | $ 167,341 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 269,348 | 167,341 |
Financial Instruments (Collateral) | (164,375) | (89,112) |
Cash Collateral Received | (50,924) | (17,430) |
Net Amount | 54,049 | 60,799 |
Reverse repurchase, securities borrowing, and similar arrangements | ||
Gross Amounts of Recognized Assets | 317,048 | 289,340 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 317,048 | 289,340 |
Financial Instruments (Collateral) | (317,048) | (289,340) |
Cash Collateral Received | 0 | 0 |
Net Amount | 0 | 0 |
Total | ||
Gross Amounts of Recognized Assets | 586,396 | 456,681 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 586,396 | 456,681 |
Financial Instruments (Collateral) | (481,423) | (378,452) |
Cash Collateral Received | (50,924) | (17,430) |
Net Amount | 54,049 | 60,799 |
Interest rate swaps | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 0 | 22,676 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 0 | 22,676 |
Derivative Asset, Not Offset, Policy Election Deduction | 0 | (22,598) |
Cash Collateral Received | 0 | 0 |
Net Amount | 0 | 78 |
Foreign exchange forwards | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 179,166 | 114,546 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 179,166 | 114,546 |
Derivative Asset, Not Offset, Policy Election Deduction | (76,065) | (36,855) |
Cash Collateral Received | (49,755) | (17,095) |
Net Amount | 53,346 | 60,596 |
Client foreign currency options | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 2,927 | 1,308 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 2,927 | 1,308 |
Derivative Asset, Not Offset, Policy Election Deduction | (1,055) | (848) |
Cash Collateral Received | (1,169) | (335) |
Net Amount | 703 | 125 |
Client interest rate derivatives | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 87,255 | 28,811 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 87,255 | 28,811 |
Derivative Asset, Not Offset, Policy Election Deduction | (87,255) | (28,811) |
Cash Collateral Received | 0 | 0 |
Net Amount | $ 0 | $ 0 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Balance Sheet Offsetting, Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | $ 181,214 | $ 137,984 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 181,214 | 137,984 |
Financial Instruments (Collateral) | (62,420) | (56,521) |
Cash Collateral Pledged | (35,407) | (38,913) |
Net Amount | 83,387 | 42,550 |
Repurchase, securities lending, and similar arrangements | ||
Securities Sold under Agreements to Repurchase, Gross | 0 | 0 |
Securities Sold under Agreements to Repurchase, Asset | 0 | 0 |
Securities Sold under Agreements to Repurchase | 0 | 0 |
Financial Instruments (Collateral) | 0 | 0 |
Cash Collateral Pledged | 0 | 0 |
Net Amount | 0 | 0 |
Total | ||
Gross Amounts of Recognized Liabilities | 181,214 | 137,984 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 181,214 | 137,984 |
Financial Instruments (Collateral) | (62,420) | (56,521) |
Cash Collateral Pledged | (35,407) | (38,913) |
Net Amount | 83,387 | 42,550 |
Interest rate swaps | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 0 | 25,623 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 0 | 25,623 |
Derivative Liability, Not Offset, Policy Election Deduction | 0 | (22,676) |
Cash Collateral Pledged | 0 | (2,947) |
Net Amount | 0 | 0 |
Foreign exchange forwards | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 149,611 | 96,899 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 149,611 | 96,899 |
Derivative Liability, Not Offset, Policy Election Deduction | (54,867) | (33,314) |
Cash Collateral Pledged | (14,031) | (22,030) |
Net Amount | 80,713 | 41,555 |
Client foreign currency options | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 2,927 | 1,308 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 2,927 | 1,308 |
Derivative Liability, Not Offset, Policy Election Deduction | (987) | (531) |
Cash Collateral Pledged | 0 | 0 |
Net Amount | 1,940 | 777 |
Client interest rate derivatives | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 28,676 | 14,154 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 28,676 | 14,154 |
Derivative Liability, Not Offset, Policy Election Deduction | (6,566) | 0 |
Cash Collateral Pledged | (21,376) | (13,936) |
Net Amount | $ 734 | $ 218 |
Noninterest Income - Summary of
Noninterest Income - Summary of Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Other Income and Expenses [Abstract] | ||||
Gains on investment securities, net | $ 34,868 | $ 47,698 | $ 80,923 | $ 76,726 |
Gains on equity warrant assets, net | 26,506 | 48,347 | 39,901 | 69,652 |
Client investment fees | 31,885 | 45,744 | 75,278 | 90,226 |
Foreign exchange fees | 36,256 | 38,506 | 83,761 | 76,554 |
Credit card fees | 21,288 | 28,790 | 49,592 | 56,273 |
Deposit service charges | 20,511 | 22,075 | 45,100 | 43,014 |
Lending related fees | 11,164 | 11,213 | 24,289 | 25,150 |
Letters of credit and standby letters of credit fees | 11,421 | 11,009 | 22,963 | 20,363 |
Investment banking revenue | 141,503 | 48,694 | 188,370 | 98,489 |
Commissions | 16,918 | 14,429 | 32,940 | 28,537 |
Other | 16,528 | 17,245 | 27,665 | 29,142 |
Total noninterest income | $ 368,848 | $ 333,750 | $ 670,782 | $ 614,126 |
Noninterest Income - Gains and
Noninterest Income - Gains and Losses on Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Other Income and Expenses [Abstract] | ||||
Total net gains on non-marketable and other equity securities | $ 34,868 | $ 47,973 | $ 19,758 | $ 80,631 |
(Losses) gains on sales of available-for-sale securities, net | 0 | (275) | 61,165 | (3,905) |
Gains on investment securities, net | $ 34,868 | $ 47,698 | $ 80,923 | $ 76,726 |
Noninterest Income - Gains an_2
Noninterest Income - Gains and Losses on Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Other Income and Expenses [Abstract] | ||||
Gains on exercises, net | $ 9,435 | $ 40,226 | $ 32,730 | $ 49,180 |
Terminations | (439) | (1,045) | (872) | (1,884) |
Changes in fair value, net | 17,510 | 9,166 | 8,043 | 22,356 |
Gains on equity warrant assets, net | $ 26,506 | $ 48,347 | $ 39,901 | $ 69,652 |
Noninterest Income - Client Inv
Noninterest Income - Client Investment Fees (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 285,382 | $ 221,371 | $ 507,822 | $ 438,628 |
Sweep money market fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 19,413 | 26,952 | 42,462 | 53,496 |
Asset management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 11,596 | 6,956 | 20,733 | 13,628 |
Repurchase agreement fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 876 | 11,836 | 12,083 | 23,102 |
Client investment fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 31,885 | $ 45,744 | $ 75,278 | $ 90,226 |
Noninterest Income - Foreign Ex
Noninterest Income - Foreign Exchange Fees (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 285,382 | $ 221,371 | $ 507,822 | $ 438,628 |
Revenue not from contract with customer | 83,466 | 112,379 | 162,960 | 175,498 |
Foreign exchange fees | 36,256 | 38,506 | 83,761 | 76,554 |
Spot contract commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 33,093 | 34,696 | 74,027 | 69,725 |
Forward contract commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customer | 3,052 | 3,778 | 9,391 | 6,773 |
Option premium fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customer | $ 111 | $ 32 | $ 343 | $ 56 |
Noninterest Income - Credit Car
Noninterest Income - Credit Card Fees (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Card interchange fees, net | $ 15,314 | $ 22,855 | $ 37,089 | $ 44,248 |
Revenue from contracts with customers | 285,382 | 221,371 | 507,822 | 438,628 |
Revenue not from contract with customer | 83,466 | 112,379 | 162,960 | 175,498 |
Total credit card fees | 21,288 | 28,790 | 49,592 | 56,273 |
Merchant service fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 5,030 | 4,286 | 10,057 | 8,821 |
Card service fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customer | $ 944 | $ 1,649 | $ 2,446 | $ 3,204 |
Noninterest Income - Lending Re
Noninterest Income - Lending Related Fees (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Lending related fees | $ 11,164 | $ 11,213 | $ 24,289 | $ 25,150 |
Unused commitment fees | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Lending related fees | 8,324 | 7,051 | 16,730 | 16,721 |
Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Lending related fees | $ 2,840 | $ 4,162 | $ 7,559 | $ 8,429 |
Noninterest Income - Investment
Noninterest Income - Investment Banking Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Investment banking revenue: | ||||
Underwriting fees | $ 131,085 | $ 42,584 | $ 162,375 | $ 78,356 |
Advisory fees | 8,922 | 5,315 | 24,409 | 17,588 |
Private placements and other | 1,496 | 795 | 1,586 | 2,545 |
Total investment banking revenue | $ 141,503 | $ 48,694 | $ 188,370 | $ 98,489 |
Noninterest Income - Summary _2
Noninterest Income - Summary of Other Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Revenue from contracts with customers | $ 285,382 | $ 221,371 | $ 507,822 | $ 438,628 |
Net gains on revaluation of foreign currency instruments, net of foreign exchange forward contracts | 199 | 587 | (45) | 251 |
Other service revenue | 7,484 | 8,900 | 10,957 | 13,092 |
Other | 16,528 | 17,245 | 27,665 | 29,142 |
Fund management fees | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Revenue from contracts with customers | $ 8,845 | $ 7,758 | $ 16,753 | $ 15,799 |
Noninterest Income - Disaggrega
Noninterest Income - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 285,382 | $ 221,371 | $ 507,822 | $ 438,628 |
Revenues outside the scope of ASC 606 | 83,466 | 112,379 | 162,960 | 175,498 |
Noninterest income (7) | 368,848 | 333,750 | 670,782 | 614,126 |
Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 116,964 | 149,241 | 266,767 | 293,657 |
Revenues outside the scope of ASC 606 | 16,510 | 8,364 | 33,541 | 16,808 |
Noninterest income (7) | 133,474 | 157,605 | 300,308 | 310,465 |
SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 693 | 664 | 1,545 | 1,202 |
Revenues outside the scope of ASC 606 | (23) | 22 | 25 | (6) |
Noninterest income (7) | 670 | 686 | 1,570 | 1,196 |
SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 7,415 | 6,328 | 13,893 | 12,987 |
Revenues outside the scope of ASC 606 | 14,035 | 33,731 | 12,475 | 51,917 |
Noninterest income (7) | 21,450 | 40,059 | 26,368 | 64,904 |
SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 159,851 | 64,553 | 224,170 | 129,838 |
Revenues outside the scope of ASC 606 | 3,966 | 2,447 | 2,324 | 5,279 |
Noninterest income (7) | 163,817 | 67,000 | 226,494 | 135,117 |
Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 459 | 585 | 1,447 | 944 |
Revenues outside the scope of ASC 606 | 48,978 | 67,815 | 114,595 | 101,500 |
Noninterest income (7) | 49,437 | 68,400 | 116,042 | 102,444 |
Investment banking revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 31,885 | 45,744 | 75,278 | 90,226 |
Investment banking revenue | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 31,308 | 45,278 | 74,044 | 89,380 |
Investment banking revenue | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 577 | 466 | 1,234 | 846 |
Investment banking revenue | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Investment banking revenue | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Investment banking revenue | 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 | 33,093 | 34,696 | 74,027 | 69,725 |
Spot contract commissions | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 32,865 | 34,428 | 73,540 | 69,233 |
Spot contract commissions | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 98 | 165 | 259 | 288 |
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 | 0 | 0 |
Spot contract commissions | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 130 | 103 | 228 | 204 |
Card interchange fees, gross | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 26,226 | 42,077 | 62,523 | 80,938 |
Card interchange fees, gross | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 25,930 | 41,887 | 61,654 | 80,601 |
Card interchange fees, gross | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 5 | 0 | 12 | 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 | 0 | 0 |
Card interchange fees, gross | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 291 | 190 | 857 | 337 |
Merchant service fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 5,030 | 4,286 | 10,057 | 8,821 |
Merchant service fees | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 5,030 | 4,286 | 10,057 | 8,821 |
Merchant service fees | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
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 | 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 | 20,511 | 22,075 | 45,100 | 43,014 |
Deposit service charges | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 20,460 | 21,750 | 44,698 | 42,543 |
Deposit service charges | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 13 | 33 | 40 | 68 |
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 | 0 | 0 |
Deposit service charges | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 38 | 292 | 362 | 403 |
Investment banking revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 141,503 | 48,694 | 188,370 | 98,489 |
Investment banking revenue | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Investment banking revenue | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Investment banking revenue | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Investment banking revenue | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 141,503 | 48,694 | 188,370 | 98,489 |
Investment banking revenue | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 16,918 | 14,429 | 32,940 | 28,537 |
Commissions | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Commissions | SVB Private Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Commissions | SVB Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Commissions | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 16,918 | 14,429 | 32,940 | 28,537 |
Commissions | Other Items | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Fund management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 8,845 | 7,758 | 16,753 | 15,799 |
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 | 7,415 | 6,328 | 13,893 | 12,987 |
Fund management fees | SVB Leerink | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,430 | 1,430 | 2,860 | 2,812 |
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 | 1,371 | 1,612 | 2,774 | 3,079 |
Correspondent bank rebates | Global Commercial Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,371 | 1,612 | 2,774 | 3,079 |
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 | 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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Other Income and Expenses [Abstract] | ||||
Lending and other client related processing costs | $ 6,803 | $ 8,763 | $ 15,961 | $ 13,940 |
Correspondent bank fees | 3,833 | 3,569 | 7,819 | 7,313 |
Investment banking activities | 7,768 | 3,869 | 10,798 | 8,054 |
Trade order execution costs | 2,614 | 2,828 | 5,359 | 5,344 |
Data processing services | 3,507 | 2,659 | 6,961 | 5,558 |
Telephone | 1,889 | 2,422 | 4,116 | 5,163 |
Dues and publications | 910 | 860 | 2,040 | 2,384 |
Postage and supplies | 723 | 678 | 1,579 | 1,448 |
Other | 11,600 | 11,769 | 25,717 | 21,749 |
Total other noninterest expense | $ 39,647 | $ 37,417 | $ 80,350 | $ 70,953 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 3 Months Ended |
Jun. 30, 2020Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Segment Reporting - Segment Inf
Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net interest income (loss) | $ 512,927 | $ 529,403 | $ 1,037,064 | $ 1,042,289 |
Provision for credit losses | (66,481) | (23,946) | (309,961) | (52,497) |
Noninterest income (7) | 368,848 | 333,750 | 670,782 | 614,126 |
Noninterest expense | (479,636) | (383,522) | (879,221) | (749,186) |
Income before income tax expense | 335,658 | 455,685 | 518,664 | 854,732 |
Total average loans, amortized cost | 36,512,159 | 29,406,620 | 35,086,444 | 28,900,160 |
Total average assets | 78,432,002 | 60,700,486 | 75,419,585 | 59,123,234 |
Total average deposits | 67,916,381 | 52,962,208 | 64,862,306 | 51,347,180 |
Global Commercial Bank | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income (7) | 133,474 | 157,605 | 300,308 | 310,465 |
SVB Private Bank | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income (7) | 670 | 686 | 1,570 | 1,196 |
SVB Capital | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income (7) | 21,450 | 40,059 | 26,368 | 64,904 |
SVB Leerink | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income (7) | 163,817 | 67,000 | 226,494 | 135,117 |
Operating segments | Global Commercial Bank | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (loss) | 484,969 | 461,752 | 948,805 | 907,628 |
Provision for credit losses | (43,456) | (18,295) | (237,867) | (45,100) |
Noninterest income (7) | 133,474 | 157,605 | 300,308 | 310,465 |
Noninterest expense | (241,343) | (206,902) | (466,198) | (404,147) |
Income before income tax expense | 333,644 | 394,160 | 545,048 | 768,846 |
Total average loans, amortized cost | 30,472,414 | 25,724,704 | 29,804,949 | 25,264,010 |
Total average assets | 67,936,486 | 53,965,699 | 64,870,536 | 52,068,609 |
Total average deposits | 65,090,982 | 51,126,806 | 62,153,426 | 49,371,589 |
Operating segments | SVB Private Bank | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (loss) | 18,644 | 12,277 | 33,808 | 24,258 |
Provision for credit losses | (4,585) | (853) | (59,075) | 131 |
Noninterest income (7) | 670 | 686 | 1,570 | 1,196 |
Noninterest expense | (10,164) | (9,526) | (20,254) | (18,378) |
Income before income tax expense | 4,565 | 2,584 | (43,951) | 7,207 |
Total average loans, amortized cost | 4,035,940 | 3,217,597 | 3,946,709 | 3,152,104 |
Total average assets | 4,071,648 | 3,247,557 | 3,982,024 | 3,179,064 |
Total average deposits | 2,119,983 | 1,394,905 | 2,021,323 | 1,442,803 |
Operating segments | SVB Capital | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (loss) | 5 | 6 | 26 | 12 |
Provision for credit losses | 0 | 0 | 0 | |
Noninterest income (7) | 21,450 | 40,059 | 26,368 | 64,904 |
Noninterest expense | (8,256) | (7,883) | (16,842) | (13,665) |
Income before income tax expense | 13,199 | 32,182 | 9,552 | 51,251 |
Total average loans, amortized cost | 0 | 0 | 0 | 0 |
Total average assets | 430,272 | 373,167 | 438,737 | 375,934 |
Total average deposits | 0 | 0 | 0 | 0 |
Operating segments | SVB Leerink | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (loss) | (3) | 242 | 198 | 684 |
Provision for credit losses | 0 | 0 | 0 | |
Noninterest income (7) | 163,817 | 67,000 | 226,494 | 135,117 |
Noninterest expense | (108,650) | (61,935) | (170,687) | (122,475) |
Income before income tax expense | 55,164 | 5,307 | 56,005 | 13,326 |
Total average loans, amortized cost | 0 | 0 | 0 | 0 |
Total average assets | 454,603 | 410,279 | 469,126 | 355,609 |
Total average deposits | 0 | 0 | 0 | 0 |
Other Items | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (loss) | 9,312 | 55,126 | 54,227 | 109,707 |
Provision for credit losses | (18,440) | (4,798) | (13,019) | (7,528) |
Noninterest income (7) | 49,437 | 68,400 | 116,042 | 102,444 |
Noninterest expense | (111,223) | (97,276) | (205,240) | (190,521) |
Income before income tax expense | (70,914) | 21,452 | (47,990) | 14,102 |
Total average loans, amortized cost | 2,003,805 | 464,319 | 1,334,786 | 484,046 |
Total average assets | 5,538,993 | 2,703,784 | 5,659,162 | 3,144,018 |
Total average deposits | $ 705,416 | $ 440,497 | $ 687,557 | $ 532,788 |
Segment Reporting - Segment I_2
Segment Reporting - Segment Information (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Goodwill | $ 137,823 | $ 137,823 | |
Operating segments | Global Commercial Bank | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 5,800 | $ 4,800 | |
Operating segments | SVB Leerink | |||
Segment Reporting Information [Line Items] | |||
Goodwill | $ 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 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Disclosure Off Balance Sheet Arrangements Guarantees And Other Commitments Additional Information [Abstract] | ||||||
Fixed interest rate commitments | $ 2,298,264 | $ 2,434,042 | ||||
Variable interest rate commitments | 22,895,069 | 19,309,317 | ||||
Total loan commitments available for funding | 25,193,333 | 21,743,359 | ||||
Commercial and standby letters of credit | 2,933,896 | 2,778,561 | ||||
Total unfunded credit commitments | 28,127,229 | 24,521,920 | ||||
Commitments unavailable for funding | 2,412,910 | 3,051,075 | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for credit losses: loans | 589,828 | $ 548,963 | 304,924 | $ 301,888 | $ 300,151 | $ 280,903 |
Unfunded Credit Commitments | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for credit losses: loans | $ 99,294 | $ 84,690 | $ 67,656 | $ 62,664 | $ 57,970 | $ 55,183 |
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 | Jun. 30, 2020 | Dec. 31, 2019 |
Guarantor Obligations [Line Items] | ||
Expires In One Year or Less | $ 2,835,746 | |
Expires After One Year | 98,150 | |
Total Amount Outstanding | 2,933,896 | $ 2,778,561 |
Maximum Amount of Future Payments | 2,933,896 | |
Financial standby letters of credit | ||
Guarantor Obligations [Line Items] | ||
Expires In One Year or Less | 2,723,597 | |
Expires After One Year | 80,267 | |
Total Amount Outstanding | 2,803,864 | |
Maximum Amount of Future Payments | 2,803,864 | |
Performance standby letters of credit | ||
Guarantor Obligations [Line Items] | ||
Expires In One Year or Less | 109,279 | |
Expires After One Year | 17,787 | |
Total Amount Outstanding | 127,066 | |
Maximum Amount of Future Payments | 127,066 | |
Commercial letters of credit | ||
Guarantor Obligations [Line Items] | ||
Expires In One Year or Less | 2,870 | |
Expires After One Year | 96 | |
Total Amount Outstanding | 2,966 | |
Maximum Amount of Future Payments | $ 2,966 |
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 | 3 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Standby Letter of Credit | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Deferred fees | $ 16.1 | $ 17.2 |
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 | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Unfunded Commitments | $ 4,397 |
Capital Preferred Return Fund, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Unfunded Commitments | 1,517 |
Growth Partners, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Unfunded Commitments | 2,504 |
Strategic Investors Fund, LP | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Unfunded Commitments | 376 |
Parent Company | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | 464,402 |
SVBFG Unfunded Commitments | 18,616 |
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 | 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 | $ 2,235 |
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 | |
Venture Capital and Private Equity Fund Investments [Line Items] | |
SVBFG Capital Commitments | 21,789 |
SVBFG Unfunded Commitments | 5,514 |
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 | 281,508 |
SVBFG Unfunded Commitments | 5,951 |
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 | 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% |
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 | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
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 | 197 | |
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 | Jun. 30, 2020USD ($) |
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | $ 4,397 |
Strategic Investors Fund, LP | |
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | 376 |
Capital Preferred Return Fund, LP | |
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | 1,517 |
Growth Partners, LP | |
Commitments and Contingencies Disclosure [Line Items] | |
Unfunded Commitments | $ 2,504 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | Jun. 30, 2020USD ($) |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits | $ 13.6 |
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) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | $ 18,451,913 | $ 18,451,913 | $ 14,014,919 |
Derivative Assets | 269,348 | 269,348 | 167,341 |
Derivative Liabilities | 181,214 | 181,214 | 137,984 |
Interest rate swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 0 | 0 | 22,676 |
Derivative Liabilities | 0 | 0 | 25,623 |
Client interest rate derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 87,255 | 87,255 | 28,811 |
Derivative Liabilities | 28,676 | 28,676 | 14,154 |
Derivatives not designated as hedging instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 440,430 | 440,430 | 310,138 |
Derivative Liabilities | 181,214 | 181,214 | 112,361 |
Derivatives not designated as hedging instruments | Equity warrant assets | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 171,082 | 171,082 | 165,473 |
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] | |||
Derivative Assets | 87,255 | 87,255 | 28,811 |
Derivatives not designated as hedging instruments | Client interest rate derivatives | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 28,676 | 28,676 | 14,154 |
U.S. treasury securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 4,535,235 | 4,535,235 | 6,894,010 |
U.S. agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 102,659 | 102,659 | 99,547 |
Foreign government debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 22,525 | 22,525 | 9,038 |
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 7,655,556 | 7,655,556 | 4,148,791 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 2,979,540 | 2,979,540 | 1,538,343 |
Agency-issued commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 3,156,398 | 3,156,398 | 1,325,190 |
Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 18,451,913 | 18,451,913 | 14,014,919 |
Total assets | 19,150,966 | 19,150,966 | 14,672,330 |
Total liabilities | 181,214 | 181,214 | 137,984 |
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] | |||
Derivative Assets | 182,093 | 182,093 | 115,854 |
Recurring | Derivatives not designated as hedging instruments | Foreign exchange contract | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 152,538 | 152,538 | 98,207 |
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] | |||
Derivative Assets | 171,082 | 171,082 | 165,473 |
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] | |||
Derivative Assets | 22,676 | ||
Recurring | Derivatives not designated as hedging instruments | Interest rate swaps | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 25,623 | ||
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] | |||
Derivative Assets | 87,255 | 87,255 | 28,811 |
Recurring | Derivatives not designated as hedging instruments | Client interest rate derivatives | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 28,676 | 28,676 | 14,154 |
Recurring | Fair value accounting | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-marketable securities | 258,623 | 258,623 | 324,597 |
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 | 134 | 134 |
Recurring | Other securities | Fair value accounting | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-marketable securities | 45,288 | 45,288 | 59,200 |
Recurring | U.S. treasury securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 4,535,235 | 4,535,235 | 6,894,010 |
Recurring | U.S. agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 102,659 | 102,659 | 99,547 |
Recurring | Foreign government debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 22,525 | 22,525 | 9,038 |
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 | 7,655,556 | 7,655,556 | 4,148,791 |
Recurring | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 2,979,540 | 2,979,540 | 1,538,343 |
Recurring | Agency-issued commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 3,156,398 | 3,156,398 | 1,325,190 |
Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 4,557,760 | 4,557,760 | 6,903,048 |
Total assets | 4,582,993 | 4,582,993 | 6,920,338 |
Total liabilities | 0 | 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] | |||
Derivative Assets | 0 | 0 | 0 |
Recurring | Level 1 | Derivatives not designated as hedging instruments | Foreign exchange contract | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 0 | 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] | |||
Derivative Assets | 0 | 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] | |||
Derivative Assets | 0 | ||
Recurring | Level 1 | Derivatives not designated as hedging instruments | Interest rate swaps | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
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] | |||
Derivative Assets | 0 | 0 | 0 |
Recurring | Level 1 | Derivatives not designated as hedging instruments | Client interest rate derivatives | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 0 | 0 | 0 |
Recurring | Level 1 | Fair value accounting | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-marketable securities | 25,233 | 25,233 | 17,290 |
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 | 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 | 25,233 | 25,233 | 17,290 |
Recurring | Level 1 | U.S. treasury securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 4,535,235 | 4,535,235 | 6,894,010 |
Recurring | Level 1 | U.S. agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 0 | 0 | 0 |
Recurring | Level 1 | Foreign government debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 22,525 | 22,525 | 9,038 |
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 | 0 | 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 | 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 | 0 | 0 |
Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 13,894,153 | 13,894,153 | 7,111,871 |
Total assets | 14,189,413 | 14,189,413 | 7,325,557 |
Total liabilities | 181,214 | 181,214 | 137,984 |
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] | |||
Derivative Assets | 182,093 | 182,093 | 115,854 |
Recurring | Level 2 | Derivatives not designated as hedging instruments | Foreign exchange contract | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 152,538 | 152,538 | 98,207 |
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] | |||
Derivative Assets | 5,857 | 5,857 | 4,435 |
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] | |||
Derivative Assets | 22,676 | ||
Recurring | Level 2 | Derivatives not designated as hedging instruments | Interest rate swaps | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 25,623 | ||
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] | |||
Derivative Assets | 87,255 | 87,255 | 28,811 |
Recurring | Level 2 | Derivatives not designated as hedging instruments | Client interest rate derivatives | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 28,676 | 28,676 | 14,154 |
Recurring | Level 2 | Fair value accounting | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Non-marketable securities | 20,055 | 20,055 | 41,910 |
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 | 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 | 20,055 | 20,055 | 41,910 |
Recurring | Level 2 | U.S. treasury securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 0 | 0 | 0 |
Recurring | Level 2 | U.S. agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 102,659 | 102,659 | 99,547 |
Recurring | Level 2 | Foreign government debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 0 | 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 | 7,655,556 | 7,655,556 | 4,148,791 |
Recurring | Level 2 | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations—fixed rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 2,979,540 | 2,979,540 | 1,538,343 |
Recurring | Level 2 | Agency-issued commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 3,156,398 | 3,156,398 | 1,325,190 |
Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 0 | 0 | 0 |
Total assets | 165,359 | 165,359 | 161,172 |
Total liabilities | 0 | 0 | 0 |
Recurring | Level 3 | Noncontrolling Interests | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 120 | 120 | 120 |
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] | |||
Derivative Assets | 0 | 0 | 0 |
Recurring | Level 3 | Derivatives not designated as hedging instruments | Foreign exchange contract | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 0 | 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] | |||
Derivative Assets | 165,225 | 165,225 | 161,038 |
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] | |||
Derivative Assets | 0 | ||
Recurring | Level 3 | Derivatives not designated as hedging instruments | Interest rate swaps | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
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] | |||
Derivative Assets | 0 | 0 | 0 |
Recurring | Level 3 | Derivatives not designated as hedging instruments | Client interest rate derivatives | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 0 | 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 | 134 | 134 |
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 | 134 | 134 |
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 | 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 | 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 | 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 | 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 | 0 | 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 | 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 | 0 | 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 | $ 213,201 | $ 213,201 | $ 265,263 |
Lower Limit | Other equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, sales restriction, period | 3 months | ||
Lower Limit | Level 3 | Equity warrant asset, public portfolio | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, sales restriction, period | 3 months | ||
Upper Limit | Other equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, sales restriction, period | 6 months | ||
Upper Limit | Level 3 | Equity warrant asset, public portfolio | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, sales restriction, period | 6 months | ||
Sales restrictions discount | Level 3 | Equity warrant asset, public portfolio | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Discount rate | 0.144 | 0.144 | 0.136 |
Sales restrictions discount | Lower Limit | Other equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Discount rate | 0.10 | 0.10 | |
Sales restrictions discount | Lower Limit | Level 3 | Equity warrant asset, public portfolio | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Discount rate | 0.10 | 0.10 | |
Sales restrictions discount | Upper Limit | Other equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Discount rate | 0.20 | 0.20 | |
Sales restrictions discount | Upper Limit | Level 3 | Equity warrant asset, public portfolio | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Discount rate | 0.20 | 0.20 |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | $ 149,992 | $ 157,784 | $ 161,172 | $ 146,278 |
Total Net Gains (Losses) Included in Net Income | 24,086 | 46,647 | 38,692 | 65,766 |
Purchases | 0 | 0 | 0 | 575 |
Sales/Exits | (15,316) | (56,164) | (45,355) | (68,469) |
Issuances | 6,770 | 3,041 | 11,289 | 7,584 |
Distributions and Other Settlements | 0 | 0 | 0 | 3 |
Transfers Out of Level 3 | (173) | (3,097) | (439) | (3,526) |
Ending Balance | 165,359 | 148,211 | 165,359 | 148,211 |
Equity warrant assets | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 149,858 | 156,749 | 161,038 | 145,199 |
Total Net Gains (Losses) Included in Net Income | 24,086 | 46,645 | 38,687 | 65,811 |
Purchases | 0 | 0 | 0 | 575 |
Sales/Exits | (15,316) | (55,568) | (45,350) | (67,873) |
Issuances | 6,770 | 3,041 | 11,289 | 7,584 |
Distributions and Other Settlements | 0 | 0 | 0 | 0 |
Transfers Out of Level 3 | (173) | (3,097) | (439) | (3,526) |
Ending Balance | 165,225 | 147,770 | 165,225 | 147,770 |
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 | 134 | 1,035 | 134 | 1,079 |
Total Net Gains (Losses) Included in Net Income | 0 | 2 | 5 | (45) |
Purchases | 0 | 0 | 0 | 0 |
Sales/Exits | 0 | (596) | (5) | (596) |
Issuances | 0 | 0 | 0 | 0 |
Distributions and Other Settlements | 0 | 0 | 0 | 3 |
Transfers Out of Level 3 | 0 | 0 | 0 | 0 |
Ending Balance | $ 134 | $ 441 | $ 134 | $ 441 |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
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 | $ 11,267 | $ 4,418 | $ 7,122 | $ 19,143 |
Noncontrolling Interests | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Unrealized Gains (Losses) [Line Items] | ||||
Unrealized gains included in earnings attributable to Level 3 assets still held | 0 | (1) | 0 | (40) |
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 | 11,267 | 4,416 | 7,122 | 19,188 |
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 | $ 0 | $ 2 | $ 0 | $ (45) |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Quantitative Information About Significant Unobservable Inputs (Details) - Level 3 $ in Thousands | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Equity warrant asset, public portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | $ 1,085 | $ 346 |
Equity warrant assets, private portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | $ 164,140 | $ 160,692 |
Volatility | Equity warrant asset, public portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Weighted Average | 0.566 | 0.507 |
Volatility | Equity warrant assets, private portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Weighted Average | 0.431 | 0.382 |
Risk-Free interest rate | Equity warrant asset, public portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Weighted Average | 0.007 | 0.019 |
Risk-Free interest rate | Equity warrant assets, private portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Weighted Average | 0.002 | 0.016 |
Sales restrictions discount | Equity warrant asset, public portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Weighted Average | 0.144 | 0.136 |
Marketability discount | Equity warrant assets, private portfolio | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Weighted Average | 0.218 | 0.175 |
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 | $ 134 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Quantitative Information About Significant Unobservable Inputs (Additional Information) (Details) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Equity warrant assets, private portfolio | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Weighted average contractual remaining term | 6 years 2 months 12 days | ||
Estimated remaining life | 2 years 9 months 18 days | ||
Lower Limit | Other equity securities | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Fair value inputs, sales restriction, period | 3 months | ||
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 | Other equity securities | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Fair value inputs, sales restriction, period | 6 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 | 0.144 | 0.144 | 0.136 |
Sales restrictions discount | Lower Limit | Other equity securities | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Weighted Average | 0.10 | 0.10 | |
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 | 0.10 | |
Sales restrictions discount | Upper Limit | Other equity securities | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Weighted Average | 0.20 | 0.20 | |
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 | 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 | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | $ 13,541,461 | $ 14,115,272 |
Net loans | 36,137,394 | 32,859,712 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 14,202,106 | 6,781,783 |
Held-to-maturity securities | 12,858,823 | 13,842,946 |
Non-marketable securities not measured at net asset value | 226,236 | 195,405 |
Non-marketable securities measured at net asset value | 252,513 | 235,351 |
FHLB and Federal Reserve Bank stock | 60,673 | 60,258 |
Non-maturity deposits | 74,128,263 | 61,569,714 |
Time deposits | 377,501 | 188,093 |
Commitments to extend credit | 0 | 0 |
Carrying Amount | Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 50,924 | 17,430 |
Carrying Amount | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 348,166 | 347,987 |
Carrying Amount | 3.125% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 495,054 | |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 14,202,106 | 6,781,783 |
Held-to-maturity securities | 13,541,461 | 14,115,272 |
Non-marketable securities not measured at net asset value | 226,236 | 195,405 |
Non-marketable securities measured at net asset value | 252,513 | 235,351 |
FHLB and Federal Reserve Bank stock | 60,673 | 60,258 |
Non-maturity deposits | 74,128,263 | 61,569,714 |
Time deposits | 376,762 | 187,980 |
Commitments to extend credit | 31,432 | 27,197 |
Estimated Fair Value | Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 50,924 | 17,430 |
Estimated Fair Value | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 380,314 | 366,856 |
Estimated Fair Value | 3.125% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 537,115 | |
Estimated Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 14,202,106 | 6,781,783 |
Held-to-maturity securities | 0 | 0 |
Non-marketable securities not measured at net asset value | 0 | 0 |
Non-marketable securities measured at net asset value | 0 | 0 |
FHLB and Federal Reserve Bank stock | 0 | 0 |
Non-maturity deposits | 74,128,263 | 61,569,714 |
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 | 3.125% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 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 | 13,541,461 | 14,115,272 |
Non-marketable securities not measured at net asset value | 0 | 0 |
Non-marketable securities measured at net asset value | 0 | 0 |
FHLB and Federal Reserve Bank stock | 0 | 0 |
Non-maturity deposits | 0 | 0 |
Time deposits | 376,762 | 187,980 |
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 | 50,924 | 17,430 |
Estimated Fair Value | Level 2 | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 380,314 | 366,856 |
Estimated Fair Value | Level 2 | 3.125% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 537,115 | |
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 | 226,236 | 195,405 |
Non-marketable securities measured at net asset value | 0 | 0 |
FHLB and Federal Reserve Bank stock | 60,673 | 60,258 |
Non-maturity deposits | 0 | 0 |
Time deposits | 0 | 0 |
Commitments to extend credit | 31,432 | 27,197 |
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 | 3.125% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 0 | |
Commercial loans | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 32,412,462 | 29,104,532 |
Commercial loans | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 32,728,159 | 29,615,176 |
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 | 32,728,159 | 29,615,176 |
Consumer loans | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 3,724,932 | 3,755,180 |
Consumer loans | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 3,761,539 | 3,820,804 |
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 | $ 3,761,539 | $ 3,820,804 |
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 | Jun. 30, 2020USD ($) |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | $ 465,714 |
Fair Value | 465,714 |
Unfunded Commitments | 20,805 |
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 | 213,201 |
Fair Value | 213,201 |
Unfunded Commitments | 9,462 |
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 | 233,996 |
Fair Value | 233,996 |
Unfunded Commitments | 10,457 |
Non-marketable securities | Debt funds | Equity method accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 7,004 |
Fair Value | 7,004 |
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 | 11,513 |
Fair Value | 11,513 |
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 |
Jun. 30, 2020USD ($) | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | $ 465,714 |
Unfunded commitments | 20,805 |
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 | 213,201 |
Unfunded commitments | $ 9,462 |
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 | $ 233,996 |
Unfunded commitments | 10,457 |
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 | 50,700 |
Unfunded commitments | 3,200 |
Non-marketable securities | Other investments | Equity method accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | 11,513 |
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 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Aug. 06, 2020 | Jun. 30, 2020 |
Subsequent Event [Line Items] | ||
Market price (usd per share) | $ 215.53 | |
Subsequent Event | BigCommerce Holdings, Inc. (BIGC) | ||
Subsequent Event [Line Items] | ||
Market price (usd per share) | $ 93.51 | |
Subsequent Event | BigCommerce Holdings, Inc. (BIGC) | ||
Subsequent Event [Line Items] | ||
Number of common stock shares held in investee | 2.8 | |
Net gains on non-marketable and other equity securities still held | $ 172 |