Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 31, 2021 | Jun. 30, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Entity File Number | 000-15637 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | SVB FINANCIAL GROUP | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 91-1962278 | ||
Entity Central Index Key | 0000719739 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 51,949,900 | ||
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 Public Float | $ 10,704,636,319 | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | Definitive proxy statement for the Company's 2021 Annual Meeting of Stockholders to be filed within 120 days of the end of the fiscal year ended December 31, 2020 | ||
Common Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common stock, par value $0.001 per share | ||
Trading Symbol | SIVB | ||
Security Exchange Name | NASDAQ | ||
Preferred Stock, Series A | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary shares, each representing a 1/40th ownership interest in a share of 5.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A | ||
Trading Symbol | SIVBP | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets | |||
Cash and cash equivalents | $ 17,674,763 | $ 6,781,783 | |
Available-for-sale securities, at fair value (cost of $30,244,896 and $13,894,348, respectively) | 30,912,438 | 14,014,919 | |
Held-to-maturity securities, at amortized cost and net of allowance for credit losses of $392 and $0 (fair value of $17,216,871 and $14,115,272, respectively) (1) | [1] | 16,592,153 | 13,842,946 |
Non-marketable and other equity securities | 1,802,235 | 1,213,829 | |
Total investment securities | 49,306,826 | 29,071,694 | |
Loans, amortized cost | 45,181,488 | 33,164,636 | |
Allowance for credit loss | (447,765) | (304,924) | |
Net loans | 44,733,723 | 32,859,712 | |
Premises and equipment, net of accumulated depreciation and amortization | 175,818 | 161,876 | |
Goodwill | 142,685 | 137,823 | |
Other intangible assets, net | 61,435 | 49,417 | |
Lease right-of-use assets | 209,932 | 197,365 | |
Accrued interest receivable and other assets | 3,205,825 | 1,745,233 | |
Total assets | 115,511,007 | 71,004,903 | |
Liabilities: | |||
Noninterest-bearing demand deposits | 66,519,240 | 40,841,570 | |
Interest-bearing deposits | 35,462,567 | 20,916,237 | |
Total deposits | 101,981,807 | 61,757,807 | |
Short-term borrowings | 20,553 | 17,430 | |
Lease liabilities | 259,554 | 218,847 | |
Other liabilities | 3,971,974 | 2,041,752 | |
Long-term debt | 843,628 | 347,987 | |
Total liabilities | 107,077,516 | 64,383,823 | |
Commitments and contingencies (Note 21 and Note 27) | |||
SVBFG stockholders’ equity: | |||
Preferred stock, $0.001 par value, 20,000,000 shares authorized; 350,000 and 350,000 shares issued and outstanding, respectively | 340,138 | 340,138 | |
Common stock, $0.001 par value, 150,000,000 shares authorized; 51,888,463 and 51,655,607 shares issued and outstanding, respectively | 52 | 52 | |
Additional paid-in capital | 1,585,244 | 1,470,071 | |
Retained earnings | 5,671,749 | 4,575,601 | |
Accumulated other comprehensive income | 622,517 | 84,445 | |
Total SVBFG stockholders’ equity | 8,219,700 | 6,470,307 | |
Noncontrolling interests | 213,791 | 150,773 | |
Total equity | 8,433,491 | 6,621,080 | |
Total liabilities and total equity | $ 115,511,007 | $ 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 related to held-to-maturity (HTM) securities was not applicable and is therefore presented as zero at December 31, 2019. See "Adoption of New Accounting Standards" in Note 2—“Summary of Significant Accounting Policies” for additional details. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Available-for-sale securities, amortized cost | $ 30,244,896 | $ 13,894,348 |
Allowance for Credit Losses | 392 | 0 |
Held-to-maturity securities | $ 17,216,871 | $ 14,115,272 |
Preferred stock, par value | $ 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 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares, issued | 51,888,463 | 51,655,607 |
Common stock, shares outstanding | 51,888,463 | 51,655,607 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income: | |||
Loans | $ 1,520,021 | $ 1,599,165 | $ 1,358,480 |
Investment securities: | |||
Taxable | 634,992 | 568,851 | 541,605 |
Non-taxable | 61,055 | 44,952 | 34,616 |
Federal funds sold, securities purchased under agreements to resell and other short-term investment securities | 25,542 | 96,440 | 35,208 |
Total interest income | 2,241,610 | 2,309,408 | 1,969,909 |
Interest expense: | |||
Deposits | 60,219 | 177,672 | 29,306 |
Borrowings | 25,107 | 35,135 | 46,615 |
Total interest expense | 85,326 | 212,807 | 75,921 |
Net interest income | 2,156,284 | 2,096,601 | 1,893,988 |
Provision for credit losses | 219,510 | 106,416 | 87,870 |
Net interest income after provision for credit losses | 1,936,774 | 1,990,185 | 1,806,118 |
Noninterest income: | |||
Gains on investment securities, net | 420,752 | 134,670 | 88,094 |
Gains on equity warrant assets, net | 237,428 | 138,078 | 89,142 |
Client investment fees | 132,200 | 182,068 | 130,360 |
Foreign exchange fees | 178,733 | 159,262 | 138,812 |
Credit card fees | 97,737 | 118,719 | 94,072 |
Deposit service charges | 90,336 | 89,200 | 76,097 |
Lending related fees | 57,533 | 49,920 | 41,949 |
Letters of credit and standby letters of credit fees | 46,659 | 42,669 | 34,600 |
Investment banking revenue | 413,985 | 195,177 | 0 |
Commissions | 66,640 | 56,346 | 0 |
Other | 98,145 | 55,370 | 51,858 |
Noninterest income | 1,840,148 | 1,221,479 | 744,984 |
Noninterest expense: | |||
Compensation and benefits | 1,318,457 | 989,734 | 726,980 |
Professional services | 247,084 | 205,479 | 158,835 |
Premises and equipment | 127,125 | 96,770 | 77,918 |
Net occupancy | 100,889 | 69,279 | 54,753 |
Business development and travel | 23,724 | 68,912 | 48,180 |
FDIC and state assessments | 27,587 | 18,509 | 34,276 |
Other | 190,175 | 152,579 | 87,251 |
Total noninterest expense | 2,035,041 | 1,601,262 | 1,188,193 |
Income before income tax expense | 1,741,881 | 1,610,402 | 1,362,909 |
Income tax expense | 447,587 | 425,685 | 351,561 |
Net income before noncontrolling interests | 1,294,294 | 1,184,717 | 1,011,348 |
Net income attributable to noncontrolling interests | (85,926) | (47,861) | (37,508) |
Preferred stock dividends | (17,151) | 0 | 0 |
Net income available to common stockholders | $ 1,191,217 | $ 1,136,856 | $ 973,840 |
Earnings per common share—basic (usd per share) | $ 23.05 | $ 21.90 | $ 18.35 |
Earnings per common share—diluted (usd per share) | $ 22.87 | $ 21.73 | $ 18.11 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income before noncontrolling interests | $ 1,294,294 | $ 1,184,717 | $ 1,011,348 |
Change in foreign currency cumulative translation gains and losses: | |||
Foreign currency translation gains (losses) | 16,467 | 3,208 | (5,999) |
Related tax (expense) benefit | (4,621) | (889) | 1,669 |
Change in unrealized gains and losses on available-for-sale securities: | |||
Unrealized holding gains (losses) | 606,038 | 189,813 | (22,348) |
Related tax (expense) benefit | (168,521) | (52,697) | 6,315 |
Reclassification adjustment for (gains) losses included in net income | (61,165) | 3,905 | 740 |
Related tax expense (benefit) | 16,953 | (1,087) | (205) |
Reclassification of unrealized gains on equity securities to retained earnings for ASU 2016-01 | 0 | 0 | (40,316) |
Related tax expense | 0 | 0 | 11,145 |
Amortization of unrealized holding losses (gains) on securities transferred from available-for-sale to held-to-maturity | 2,104 | (2,158) | (4,607) |
Related tax (expense) benefit | (586) | 600 | 1,277 |
Reclassification of stranded tax effect to retained earnings for ASU 2018-02 | 0 | 0 | (319) |
Change in unrealized gains and losses on cash flow hedges: | |||
Unrealized gains (losses) | 231,920 | (8,305) | 0 |
Related tax (expenses) benefit | (64,281) | 2,306 | 0 |
Reclassification adjustment for (gains) losses included in net income | (49,928) | 5,358 | 0 |
Related tax expense (benefit) | 13,692 | (1,489) | 0 |
Other comprehensive income (loss), net of tax | 538,072 | 138,565 | (52,648) |
Comprehensive income | 1,832,366 | 1,323,282 | 958,700 |
Comprehensive income attributable to noncontrolling interests | (85,926) | (47,861) | (37,508) |
Comprehensive income attributable to SVBFG | $ 1,746,440 | $ 1,275,421 | $ 921,192 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative adjustment for adoption of amendment | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained EarningsCumulative adjustment for adoption of amendment | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Cumulative adjustment for adoption of amendment | Total SVBFG Stockholders’ Equity | Total SVBFG Stockholders’ EquityCumulative adjustment for adoption of amendment | Noncontrolling Interests | |
Balance (in shares) at Dec. 31, 2017 | 52,835,188 | ||||||||||||
Balance, beginning of period, net of tax at Dec. 31, 2017 | $ 4,319,415 | $ 0 | $ 53 | $ 1,314,377 | $ 2,866,837 | $ (1,472) | $ 4,179,795 | $ 139,620 | |||||
Balance, beginning of period, net of tax (Accounting Standards Update 2014-09) at Dec. 31, 2017 | $ (5,802) | $ (5,802) | $ (5,802) | ||||||||||
Balance, beginning of period, net of tax (Accounting Standards Update 2016-01) at Dec. 31, 2017 | 74,595 | 103,766 | $ (29,171) | 74,595 | |||||||||
Balance, beginning of period, net of tax (Accounting Standards Update 2018-02) at Dec. 31, 2017 | 0 | 319 | $ (319) | 0 | |||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 456,845 | ||||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 15,810 | $ 1 | 15,809 | 15,810 | |||||||||
Common stock issued under ESOP (in shares) | 9,672 | ||||||||||||
Common stock issued under ESOP | 2,577 | 2,577 | 2,577 | ||||||||||
Net income | 1,011,348 | 973,840 | 973,840 | 37,508 | |||||||||
Capital calls and distributions, net | (28,494) | (28,494) | |||||||||||
Net change in unrealized gains and losses on AFS securities, net of tax | (15,498) | (15,498) | (15,498) | ||||||||||
Amortization of unrealized gains on securities transferred from AFS to HTM, net of tax | (3,330) | (3,330) | (3,330) | ||||||||||
Foreign currency translation adjustments, net of tax | (4,330) | (4,330) | (4,330) | ||||||||||
Share-based compensation, net | 45,675 | 45,675 | 45,675 | ||||||||||
Common stock repurchases (in shares) | (715,207) | ||||||||||||
Common stock repurchases | (147,123) | $ (1) | (147,122) | (147,123) | |||||||||
Balance (in shares) at Dec. 31, 2018 | 52,586,498 | ||||||||||||
Balance, end of period, net of tax at Dec. 31, 2018 | 5,264,843 | 0 | $ 53 | 1,378,438 | 3,791,838 | (54,120) | 5,116,209 | 148,634 | |||||
Balance, end of period, net of tax (Accounting Standards Update 2017-08) at Dec. 31, 2018 | [1] | (583) | (583) | (583) | |||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 586,877 | ||||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 21,312 | $ 0 | 21,312 | 21,312 | |||||||||
Common stock issued under ESOP (in shares) | 14,442 | ||||||||||||
Common stock issued under ESOP | 3,506 | 3,506 | 3,506 | ||||||||||
Net income | 1,184,717 | 1,136,856 | 1,136,856 | 47,861 | |||||||||
Capital calls and distributions, net | (50,978) | (50,978) | |||||||||||
Net change in unrealized gains and losses on AFS securities, net of tax | 139,934 | 139,934 | 139,934 | ||||||||||
Amortization of unrealized gains on securities transferred from AFS to HTM, net of tax | (1,558) | (1,558) | (1,558) | ||||||||||
Foreign currency translation adjustments, net of tax | 2,319 | 2,319 | 2,319 | ||||||||||
Net change in unrealized gains and losses on cash flow hedges, net of tax | (2,130) | (2,130) | (2,130) | ||||||||||
Share-based compensation, net | 66,815 | 66,815 | 66,815 | ||||||||||
Common stock repurchases (in shares) | (1,532,210) | ||||||||||||
Common stock repurchases | (352,511) | $ (1) | (352,510) | (352,511) | |||||||||
Acquisition of SVB Leerink | 5,256 | 5,256 | |||||||||||
Issuance of Series A Preferred Stock | 340,138 | 340,138 | 340,138 | ||||||||||
Balance (in shares) at Dec. 31, 2019 | 51,655,607 | ||||||||||||
Balance, end of period, net of tax at Dec. 31, 2019 | 6,621,080 | 340,138 | $ 52 | 1,470,071 | 4,575,601 | 84,445 | 6,470,307 | 150,773 | |||||
Balance, end of period, net of tax (ASC 326) at Dec. 31, 2019 | [1] | $ (35,049) | $ (35,049) | $ (35,049) | |||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations (in shares) | 464,985 | ||||||||||||
Common stock issued under employee benefit plans, net of restricted stock cancellations | 28,699 | $ 0 | 28,699 | 28,699 | |||||||||
Common stock issued under ESOP (in shares) | 12,094 | ||||||||||||
Common stock issued under ESOP | 2,447 | 2,447 | 2,447 | ||||||||||
Net income | 1,294,294 | 1,208,368 | 1,208,368 | 85,926 | |||||||||
Capital calls and distributions, net | (22,908) | (22,908) | |||||||||||
Net change in unrealized gains and losses on AFS securities, net of tax | 393,305 | 393,305 | 393,305 | ||||||||||
Amortization of unrealized gains on securities transferred from AFS to HTM, net of tax | 1,518 | 1,518 | 1,518 | ||||||||||
Foreign currency translation adjustments, net of tax | 11,846 | 11,846 | 11,846 | ||||||||||
Net change in unrealized gains and losses on cash flow hedges, net of tax | 131,403 | 131,403 | 131,403 | ||||||||||
Share-based compensation, net | $ 83,986 | 83,986 | 83,986 | ||||||||||
Common stock repurchases (in shares) | (244,223) | (244,223) | |||||||||||
Common stock repurchases | $ (60,020) | $ 0 | (60,020) | (60,020) | |||||||||
Dividends on preferred stock | (17,151) | (17,151) | |||||||||||
Other, net | 41 | 41 | 41 | ||||||||||
Balance (in shares) at Dec. 31, 2020 | 51,888,463 | ||||||||||||
Balance, end of period, net of tax at Dec. 31, 2020 | $ 8,433,491 | $ 340,138 | $ 52 | $ 1,585,244 | $ 5,671,749 | $ 622,517 | $ 8,219,700 | $ 213,791 | |||||
[1] | See Note 2- "Summary of Significant Accounting Policies" for additional details. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income before noncontrolling interests | $ 1,294,294 | $ 1,184,717 | $ 1,011,348 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 219,510 | 106,416 | 87,870 |
Gains on investment securities, net | (420,752) | (134,670) | (88,094) |
Distributions of earnings from non-marketable and other equity securities | 85,587 | 95,131 | 72,015 |
Depreciation and amortization | 100,840 | 82,717 | 57,906 |
Amortization of premiums and discounts on investment securities, net | 75,178 | 15,513 | (28) |
Amortization of share-based compensation | 83,986 | 66,815 | 45,675 |
Amortization of deferred loan fees | (173,975) | (155,429) | (128,077) |
Deferred income tax expense (benefit) | 6,911 | (3,072) | (21,061) |
Excess tax benefit from exercise of stock options and vesting of restricted shares | (5,857) | (9,588) | (17,989) |
Losses from the write-off of premises and equipment and right-of-use assets | 30,170 | 5,219 | 7,278 |
Other losses | 0 | 8,959 | 0 |
Changes in other assets and liabilities: | |||
Accrued interest receivable and payable, net | (26,205) | (24,189) | (55,834) |
Accounts receivable and payable, net | 18,765 | (17,019) | (23,020) |
Income tax receivable and payable, net | 97,607 | (11,630) | (5,820) |
Accrued compensation | 190,983 | (15,253) | 56,874 |
Foreign exchange spot contracts, net | (20,790) | 59,998 | 24,018 |
Proceeds from termination of interest rate swaps | 227,500 | 0 | 0 |
Other, net | (287,905) | (74,240) | (54,039) |
Net cash provided by operating activities | 1,445,487 | 1,164,129 | 933,562 |
Cash flows from investing activities: | |||
Purchases of available-for-sale securities | (23,207,791) | (9,872,095) | (668,264) |
Proceeds from sales of available-for-sale securities | 2,654,212 | 2,189,087 | 474,482 |
Proceeds from maturities and paydowns of available-for-sale securities | 4,183,888 | 1,643,357 | 3,436,064 |
Purchases of held-to-maturity securities | (6,778,370) | (492,502) | (4,726,595) |
Proceeds from maturities and paydowns of held-to-maturity securities | 4,035,952 | 2,124,513 | 1,891,761 |
Purchases of non-marketable and other equity securities | (201,293) | (136,186) | (81,574) |
Proceeds from sales and distributions of capital of non-marketable and other equity securities | 148,224 | 113,526 | 95,025 |
Net increase in loans | (11,926,436) | (4,773,775) | (5,175,409) |
Purchases of premises and equipment | (87,407) | (65,479) | (45,865) |
Business acquisitions | (26,700) | (102,328) | 0 |
Net cash used for investing activities | (31,205,721) | (9,371,882) | (4,800,375) |
Cash flows from financing activities: | |||
Net increase in deposits | 40,224,000 | 12,428,907 | 5,074,825 |
Net increase (decrease) in short-term borrowings | 3,123 | (613,982) | (402,318) |
Principal payments of long-term debt | 0 | (358,395) | 0 |
Proceeds from issuance of 3.125% Senior Notes | 495,024 | 0 | 0 |
(Distributions to noncontrolling interests), net of contributions from noncontrolling interests | (22,908) | (50,978) | (28,494) |
Net proceeds from the issuance of preferred stock | 0 | 340,138 | 0 |
Payment of preferred stock dividends | (17,151) | 0 | 0 |
Common stock repurchase | (60,020) | (352,511) | (147,123) |
Proceeds from issuance of common stock, ESPP and ESOP | 31,146 | 24,818 | 18,387 |
Net cash provided by financing activities | 40,653,214 | 11,417,997 | 4,515,277 |
Net increase in cash and cash equivalents | 10,892,980 | 3,210,244 | 648,464 |
Cash and cash equivalents at beginning of period | 6,781,783 | 3,571,539 | 2,923,075 |
Cash and cash equivalents at end of period | 17,674,763 | 6,781,783 | 3,571,539 |
Cash paid during the period for: | |||
Interest | 83,746 | 217,961 | 75,601 |
Income taxes | 299,175 | 422,346 | 376,425 |
Noncash items during the period: | |||
Changes in unrealized gains and losses on available-for-sale securities, net of tax | 393,305 | 139,934 | (15,498) |
Distributions of stock from investments | 11,913 | 8,917 | 5,277 |
Retained Earnings | |||
Cash flows from operating activities: | |||
Net income before noncontrolling interests | 1,208,368 | 1,136,856 | 973,840 |
Cash flows from financing activities: | |||
Payment of preferred stock dividends | (17,151) | ||
Equity warrant assets | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Changes in fair value of derivatives | (2,347) | 2,240 | (24,417) |
Derivative | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Changes in fair value of derivatives | $ (48,013) | $ (18,506) | $ (11,043) |
Nature of Business
Nature of Business | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Nature of Business SVB Financial Group is a diversified financial services company, as well as a bank holding company and a financial holding company. SVB Financial was incorporated in the state of Delaware in March 1999. Through our various subsidiaries and divisions, we offer a diverse set of banking and financial products and services to support our clients of all sizes and stages throughout their life cycles. In these notes to our consolidated financial statements, when we refer to “SVB Financial Group,” “SVBFG”, the “Company,” “we,” “our,” “us” or use similar words, we mean SVB Financial Group and all of its subsidiaries collectively, including Silicon Valley Bank (the “Bank”), unless the context requires otherwise. When we refer to “SVB Financial” or the “Parent” we are referring only to the parent company entity, SVB Financial Group (not including subsidiaries). We offer commercial banking products and services through our principal subsidiary, the Bank, which is a California-chartered bank founded in 1983 and a member of the Federal Reserve System. Through its subsidiaries, the Bank also offers asset management, private wealth management and other investment services. In addition, through SVB Financial's other subsidiaries and divisions, we offer investment banking and non-banking products and services, such as funds management and M&A advisory services. We primarily focus on serving corporate clients in the following industries: technology, life science/healthcare, private equity/venture capital and premium wine. Our corporate clients range widely in terms of size and stage of maturity. Additionally, we focus on cultivating strong relationships with firms within the venture capital and private equity community worldwide, many of which are also our clients and may invest in our corporate clients. Headquartered in Santa Clara, California, we operate in centers of innovation in the United States and around the world. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates and Assumptions The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates may change as new information is obtained. Items that are subject to such estimates include: 1) measurements of fair value, which include the valuation of non-marketable and other equity securities and the valuation of equity warrant assets, 2) income taxes, and 3) the adequacy of the allowance for credit losses for loans and the allowance for credit losses for unfunded credit commitments. The following discussion of significant accounting policies includes further details regarding these estimates. Principles of Consolidation and Presentation Our consolidated financial statements include the accounts of SVB Financial Group and consolidated entities. We consolidate voting entities in which we have control through voting interests or entities through which we have a controlling financial interest in a variable interest entity ("VIE"). We determine whether we have a controlling financial interest in a VIE by determining if we have (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses or (c) the right to receive the expected returns of the entity. Generally, we have significant variable interests if our commitments to a limited partnership investment represent a significant amount of the total commitments to the entity. We also evaluate the impact of related parties on our determination of variable interests in our consolidation conclusions. We consolidate VIEs in which we are the primary beneficiary based on a controlling financial interest. If we are not the primary beneficiary of a VIE, we record our pro-rata interests based on our ownership percentage. VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or equity investors and, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity or (c) the right to receive the expected returns of the entity. We assess VIEs to determine if we are the primary beneficiary of a VIE. A primary beneficiary is defined as a variable interest holder that has a controlling financial interest. A controlling financial interest requires both: (a) the power to direct the activities that most significantly impact the VIEs economic performance, and (b) the obligation to absorb losses or receive benefits of a VIE that could potentially be significant to a VIE. Under this analysis, we also evaluate kick-out rights and other participating rights, which could provide us a controlling financial interest. The primary beneficiary of a VIE is required to consolidate the VIE. 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. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, cash balances due from banks, interest-earning deposits, Federal Reserve deposits, federal funds sold, securities purchased under agreements to resell and other short-term investment securities. For the consolidated statements of cash flows, we consider cash equivalents to be investments that are readily convertible to known amounts of cash, so near to their maturity that they present an insignificant risk of change in fair value due to changes in market interest rates, and purchased in conjunction with our cash management activities. Investment Securities Available-for-Sale Securities 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. We consider numerous factors in determining whether a credit loss exists and the period over which the debt security is expected to recover. The following list is not meant to be all inclusive. All of the following factors are considered: • The length of time and the extent to which the fair value has been less than the amortized cost basis (severity and duration); • Adverse conditions specifically related to the security, an industry or geographic area; for example, changes in the financial condition of the issuer of the security, or in the case of an asset-backed debt security, changes in the financial condition of the underlying loan obligors. Examples of those changes include any of the following: ◦ Changes in technology; ◦ The discontinuance of a segment of the business that may affect the future earnings potential of the issuer or underlying loan obligors of the security; and ◦ Changes in the quality of the credit enhancement. • The historical and implied volatility of the fair value of the security; • The payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future; • Failure of the issuer of the security to make scheduled interest or principal payments; • Any changes to the rating of the security by a rating agency; and • Recoveries or additional declines in fair value after the balance sheet date. In accordance with ASC 310-20, Receivables-Nonrefundable Fees and Other Costs , we use estimates of future principal prepayments, provided by third-party market-data vendors, in addition to actual principal prepayment experience to calculate the constant effective yield necessary to apply the effective interest method in the amortization of purchase discounts or premiums on mortgage-backed securities and fixed rate collateralized mortgage obligations. The accretion and amortization of discounts and premiums, respectively, are included in interest income over the contractual terms of the underlying securities replicating the effective interest method. Held-to-Maturity Securities and the Allowance for Credit Losses on Held-to-Maturity Securities Debt securities purchased with the positive intent and ability to hold to its maturity are classified as held-to-maturity securities and are recorded at amortized cost, net of any allowance for credit losses. Effective January 1, 2020, we measure expected credit losses ("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 Aa2. 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 $55.0 million at December 31, 2020 and $45.2 million at December 31, 2019 and is excluded from the amortized cost disclosures within our HTM security disclosures in Note 8—“Investment Securities” as it is included and reported separately within "Accrued interest receivable and other assets" in our 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. Prior to the adoption of CECL, we applied the other-than-temporary impairment standards of ASC 320, Investment-Debt and Equity Securities, for our held-to-maturity securities. For periods prior to January 1, 2020, we separated the amount of the other-than-temporary impairment, if any, into the amount that is credit related (credit loss component) and the amount due to all other factors. The credit loss component is recognized in earnings and is the difference between a security's amortized cost basis and the present value of expected future cash flows discounted at the security's effective interest rate. The amount due to all other factors is recognized in other comprehensive income. Transfers of investment securities into the held-to-maturity category from the available-for-sale category are made at fair value at the date of transfer. The net unrealized gains, net of tax, are retained in other comprehensive income, and the carrying value of the held-to-maturity securities are amortized over the life of the securities in a manner consistent with the amortization of a premium or discount. Non-Marketable and Other Equity Securities Non-marketable and other equity securities include investments in venture capital and private equity funds, SPD-SVB, debt funds, private and public portfolio companies, including public equity securities held as a result of equity warrant assets exercised, and investments in qualified affordable housing projects. A majority of these investments are managed through our SVB Capital funds business in funds of funds and direct venture funds. Our accounting for investments in non-marketable and other equity securities depends on several factors, including the level of ownership, power to control and the legal structure of the subsidiary making the investment. As further described below, we base our accounting for such securities on: (i) fair value accounting, (ii) measurement alternative for other investments without a readily determinable fair value, (iii) equity method accounting and (iv) the proportional amortization method which is used only for qualified affordable housing projects. Fair Value Accounting Our managed funds are investment companies under the AICPA Audit and Accounting Guide for Investment Companies (codified in ASC 946) and accordingly, these funds report their investments at estimated fair value, with unrealized gains and losses resulting from changes in fair value reflected as investment gains or losses in our consolidated statements of income. Our non-marketable and other equity securities recorded pursuant to fair value accounting consist of our investments through our managed funds of funds, which make investments in venture capital and private equity funds. A summary of our ownership interests in the investments held under fair value accounting as of December 31, 2020 is presented in the following table: Limited partnership Company Direct and Indirect Ownership in Limited Partnership Managed funds of funds Strategic Investors Fund, LP 12.6 % Capital Preferred Return Fund, LP 20.0 Growth Partners, LP 33.0 The general partner interests of these funds are controlled, and in some cases, owned by SVB Financial. The limited partners of these funds do not have substantive participating or kick-out rights. Therefore, these funds are consolidated and any gains or losses resulting from changes in the estimated fair value of the investments are recorded as investment gains or losses in our consolidated net income. Under fair value accounting, investments are carried at their estimated fair value based on financial information obtained as the general partner of the fund or obtained from the funds' respective general partner. For direct private company investments, valuations are based upon consideration of a range of factors including, but not limited to, the price at which the investment was acquired, the term and nature of the investment, local market conditions, values for comparable securities, current and projected operating performance, exit strategies and financing transactions subsequent to the acquisition of the investment. F or direct equity investments in public companies, valuations are based on quoted market prices less a discount if the securities are subject to certain sales restrictions. Sales restriction discounts generally range from ten to twenty depending on the sale restrictions which typically range from three For our fund investments, we utilize the net asset value as obtained from the general partners of the fund investments as the funds do not have a readily determinable fair value. The general partners of our fund investments prepare their financial statements using guidance consistent with fair value accounting. We account for differences between our measurement date and the date of the fund investment's net asset value by using the most recent available financial information from the investee general partner, for example September 30 th , for our December 31 st consolidated financial statements. We adjust the value of our investments for any contributions paid, distributions received from the investment and known significant fund transactions or market events about which we are aware through information provided by the fund managers or from publicly available transaction data during the reporting period. Gains or losses resulting from changes in the estimated fair value of the investments and from distributions received are recorded as gains on investment securities, net, a component of noninterest income. The portion of any investment gains or losses attributable to the limited partners is reflected as net income attributable to noncontrolling interests and adjusts our net income to reflect its percentage ownership. Other Investments without a Readily Determinable Fair Value Our direct investments in private companies do not have a readily determinable fair value. We measure these investments at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments from the same issuer. Such changes are recognized through earnings. 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, 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. Equity Method Our equity method non-marketable securities consist of investments in venture capital and private equity funds, privately-held companies, debt funds, and joint ventures. Our equity method non-marketable securities and related accounting policies are described as follows: • Equity securities and investments in limited partnerships, such as preferred or common stock in privately-held companies in which we hold a voting interest of at least 20 percent, or in which we have the ability to exercise significant influence over the investees' operating and financial policies through voting interests, board involvement or other influence are accounted for under the equity method, • Investments in limited partnerships in which we hold voting interests of more than 5 percent, or in which we have the ability to exercise significant influence over the partnerships' operating and financial policies, are accounted for using the equity method, and • Our SPD-SVB (the Bank's joint venture bank in China) partnership, for which we have 50 percent ownership, is accounted for under the equity method. We recognize our proportionate share of the results of operations of these equity method investees in our results of operations, based on the most current financial information available from the investee. We review our investments accounted for under the equity method at least quarterly for possible other-than-temporary impairment. Our review typically includes an analysis of facts and circumstances for each investment, the expectations of the investment's future cash flows and capital needs, variability of its business and the company's exit strategy. For our fund investments, we utilize the net asset value per share as provided by the general partners of the fund investments. We account for differences between our measurement date and the date of the fund investment's net asset value by using the most recent available financial information from the investee general partner, for example September 30 th , for our December 31 st consolidated financial statements. We adjust the value of our investments for any contributions paid, distributions received from the investment, and known significant fund transactions or market events about which we are aware through information provided by the fund managers or from publicly available transaction data during the reporting period. We reduce our investment value when we consider declines in value to be other-than-temporary and recognize the estimated loss as a loss on investment securities, a component of noninterest income. Proportional Amortization Method In order to fulfill our responsibilities under the Community Reinvestment Act, we invest as a limited partner in low income housing partnerships that operate qualified affordable housing projects and generate tax benefits, including federal low income housing tax credits, for investors. The partnerships are deemed to be VIEs because they do not have sufficient equity investment at risk and are structured with non-substantive voting rights. We are not the primary beneficiary of the VIEs and do not consolidate them. Our investments in low income housing partnerships are recorded in non-marketable and other equity securities within our investment securities portfolio on the consolidated balance sheet. As a practical expedient, we amortize the investment in proportion to the allocated tax benefits under the proportional amortization method of accounting and present such benefits net of investment amortization in income tax expense. Loans Loans are reported at 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 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 and Risk-Based Segments The process to estimate the ECL on loans involves procedures to appropriately consider the unique characteristics of our six loan portfolio segments. Our six portfolio segments are determined by using the following risk dimensions: (i) underwriting methodology, (ii) industry niche and (iii) life stage. The six 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. For further information refer to Note 9—“Loans and Allowance for Credit Losses: Loans and Unfunded Credit Commitments.” The following provides additional information regarding our six portfolio segments and the additional disaggregation of our 11 risk-based segments: Global Fund Banking The vast majority of our Global Fund Banking (formerly Private Equity/Venture Capital) portfolio segment 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 certain private equity and venture capital 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. Investor Dependent - Accelerator (Early-Stage) and Growth (Mid-Stage and Later-Stage) Investor Dependent loans are comprised of two portfolio segments: (i) Accelerator, which is comprised of Early-Stage clients, and (ii) Growth, which is comprised of Mid-Stage and Later-Stage clients. Our Investor Dependent loans are made primarily to technology and life science/healthcare companies. 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 non-performing or charged-off. Our Accelerator, or Early-Stage, portfolio segment consists of pre-revenue, development-stage companies and companies that are in the early phases of commercialization, with revenues of up to $5 million. Our Growth portfolio segment is disaggregated into two risk-based segments for disclosure purposes; Mid-Stage and Later-Stage. 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 of our Investor Dependent loans is based in part on the materially different historical loss rate we have experienced with each risk-based segment, with historical loss rates being the highest in the Early-Stage portfolio segment, and declining in the Mid-Stage and Later-Stage risk-based 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. Cash Flow and Balance Sheet Dependent Our Cash Flow and Balance Sheet Dependent portfolio segment is disaggregated into Cash Flow Dependent and Balance Sheet Dependent loans. Additionally, our Cash Flow Dependent loans are disaggregated into two risk-based segments for disclosure purposes: (i) Sponsor Led Buyout and (ii) Other. Our Cash Flow Dependent loans are made primarily to technology and life science/healthcare companies 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, 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 with loan structures that include meaningful financial covenants. The sponsor's equity contribution is often 50 percent or more of the acquisition price. 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. Private Bank Our Private Bank clients are primarily private equity/venture capital professionals and executives in the innovation companies they support. We offer a customized suite of private banking services, including mortgages, home equity lines of credit, restricted and private stock loans, capital call lines of credit, lines of credit against liquid assets and other secured and unsecured lending products, as well as cash and wealth management services. In addition, we provide owner occupied commercial mortgages to Private Bank clients and real estate secured loans to eligible employees through our EHOP. Premium Wine and Other Our Premium Wine and Other portfolio segment consists of two risk-based segments for disclosure purposes: (i) Premium Wine and (ii) Other. Our Premium Wine clients primarily consist of premium wine producers, vineyards and wine industry or hospitality related businesses 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 risk-based segment primarily includes our community development loans made as part of our responsibilities under the Community Reinvestment Act. SBA Loans SBA loans are included across all of our six portfolio segments and are separately disclosed as a single risk-based segment. We participated in the SBA's Paycheck Protection Program ("PPP") 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 initial borrowers, and up to $2 million for second-time borrowers, as provided by the CARES Act, the Economic Aid Act, and related regulations and guidance. The ability to disburse loans under the PPP was extended to March 31, 2021 after the enactment of the Economic Aid Act and we have also begun accepting forgiveness applications from clients, whereby clients apply for loans to be forgiven (paid off) by the SBA. Loans funded under this program are 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 United States. 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 is the sum of 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 AIR on loans as AIR is reversed or written off when the full collection of the AIR related to a loan becomes doubtful, which is when loans are placed on nonaccrual status. AIR on loans totaled $126.4 million at December 31, 2020 and |
Stockholders' Equity and EPS
Stockholders' Equity and EPS | 12 Months Ended |
Dec. 31, 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 for 2020, 2019 and 2018 : Year ended December 31, (Dollars in thousands) Income Statement Location 2020 2019 2018 Reclassification adjustment for (gains) losses on available-for-sale securities included in net income Gains on investment securities, net $ (61,165) $ 3,905 $ 740 Related tax expense (benefit) Income tax expense 16,953 (1,087) (205) Reclassification adjustment for (gains) losses on cash flow hedges included in net income Net interest income (49,928) 5,358 — Related tax expense (benefit) Income tax expense 13,692 (1,489) — Total reclassification adjustment for (gains) losses included in net income, net of tax $ (80,448) $ 6,687 $ 535 The table below summarizes the activity relating to net gains and losses on our cash flow hedges included in accumulated other comprehensive income for 2020, 2019 and 2018. Refer to Note 15—“Derivative Financial Instruments” for additional information regarding the termination of our cash flow hedges during the quarter ended March 31, 2020. Over the next 12 months, we expect that approximately $63.3 million in accumulated other comprehensive income ("AOCI") at December 31, 2020, related to our cash flow hedges will be reclassified out of AOCI and recognized in net income. Year ended December 31, (Dollars in thousands) 2020 2019 2018 Balance, beginning of period, net of tax $ (2,130) $ — $ — Net increase (decrease) in fair value, net of tax 167,639 (5,999) — Net realized (gain) loss reclassified to net income, net of tax (36,236) 3,869 — Balance, end of period, net of tax $ 129,273 $ (2,130) $ — 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 option 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 2020, 2019 and 2018: Year ended December 31, (Dollars and shares in thousands, except per share amounts) 2020 2019 2018 Numerator: Net income available to common stockholders $ 1,191,217 $ 1,136,856 $ 973,840 Denominator: Weighted average common shares outstanding—basic 51,685 51,915 53,078 Weighted average effect of dilutive securities: Stock options and ESPP 151 227 377 Restricted stock units 248 169 317 Weighted average common shares outstanding—diluted 52,084 52,311 53,772 Earnings per common share: Basic $ 23.05 $ 21.90 $ 18.35 Diluted 22.87 21.73 18.11 The following table summarizes the weighted average common shares excluded from the diluted EPS calculation due to the antidilutive effect for 2020, 2019 and 2018: Year ended December 31, (Shares in thousands) 2020 2019 2018 Stock options 279 167 59 Restricted stock units 10 250 85 Total 289 417 144 Stock Repurchase Program On October 24, 2019, our Board of Directors authorized a stock repurchase program that enabled us to repurchase up to $350 million of our outstanding common stock. The program expired on October 29, 2020. Prior to the program's expiration and for the year ended December 31, 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 December 31, 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 December 31, 2020: Series Description Amount outstanding (in millions) Carrying value Shares issued and outstanding Par Value Ownership interest per depositary share Liquidation preference per depositary share 2020 dividends paid per depositary share Series A 5.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock $ 350 $ 340.1 350,000 $ 0.001 1/40th $ 25 $ 1.23 On February 2, 2021, the Company issued Series B Preferred Stock. Refer to Note 28—“Subsequent Events” for additional information. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation Share-based compensation expense was recorded net of estimated forfeitures for 2020, 2019 and 2018, such that expense was recorded only for those share-based awards that are expected to vest. In 2020, 2019 and 2018, we recorded share-based compensation and related benefits as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Share-based compensation expense $ 83,986 $ 66,815 $ 45,675 Income tax benefit related to share-based compensation expense (20,426) (16,152) (10,997) Capitalized compensation costs 1,383 1,517 1,466 Equity Incentive Plan Our 2006 Equity Incentive Plan (the “2006 Incentive Plan”) was adopted in May 2006, and is amended from time to time. The 2006 Incentive Plan provides for the grant of various types of incentive awards, of which the following have been granted: (i) stock options; (ii) restricted stock awards; (iii) restricted stock units (subject to either time-and/or performance-based vesting); and (iv) other cash or stock settled equity awards. Eligible participants in the 2006 Incentive Plan include directors, employees and consultants. Subject to the provisions of Section 16 of the 2006 Incentive Plan, the maximum aggregate number of shares that may be awarded and sold thereunder is 12,028,505. Restricted stock awards/units are counted against the available-for-issuance limits of the 2006 Incentive Plan as two shares for every one share awarded. Further, if shares acquired under any such award are forfeited, repurchased by SVB Financial, used to satisfy the tax withholding obligations related to an award or otherwise canceled and would otherwise return to the 2006 Incentive Plan, two times the number of such shares will return to the 2006 Incentive Plan and will again become available for issuance. Under the terms of the 2006 Incentive Plan and subject to certain exceptions: (i) restricted stock awards/units are subject to a minimum of at least three years of annual vesting, and (ii) performance-based restricted stock awards/units and stock options are subject to a minimum of at least one year of vesting. Generally in practice, restricted stock awards/units vest annually over four years and require continued employment or other service through the vesting period. Performance-based restricted stock awards/units granted to executives generally vest upon meeting certain performance-based objectives over a three year period and, typically the passage of time, and require continued employment or other service through the vesting period. Stock options typically vest annually over four years, from the grant date based on continued employment or other service, and expire no later than seven years after the grant date. Employee Stock Purchase Plan We maintain the 1999 ESPP under which participating employees may annually contribute up to 10 percent of their gross compensation (not to exceed $25,000) to purchase shares of our common stock at 85 percent of its fair market value at either the beginning or end of each six-month offering period, whichever price is less. To be eligible to participate in the ESPP, an employee must, among other requirements, be employed by the Company on both the date of offering and date of purchase, and be employed customarily for at least 20 hours per week and at least five months per calendar year. We issued 167,336 shares and received $30.2 million in cash under the ESPP in 2020. At December 31, 2020, a total of 1,170,472 shares of our common stock were still available for future issuance under the ESPP. Unrecognized Compensation Expense As of December 31, 2020, unrecognized share-based compensation expense was as follows: (Dollars in thousands) Unrecognized Weighted Average Expected Recognition Period - in Years Stock options $ 13,854 2.42 Restricted stock awards/units 119,764 2.59 Total unrecognized share-based compensation expense $ 133,618 Valuation Assumptions The fair values of share-based awards for employee stock options and employee stock purchases made under our ESPP were estimated using the Black-Scholes option pricing model. The fair values of restricted stock units were based on our closing stock price on the date of grant. The following weighted average assumptions and fair values were used for our employee stock options and restricted stock units: Equity Incentive Plan Awards 2020 2019 2018 Weighted average expected term of options - in years 4.6 4.6 4.8 Weighted average expected volatility of the Company's underlying common stock 41.9 % 35.5 % 34.7 % Risk-free interest rate 0.37 2.26 2.82 Expected dividend yield — — — Weighted average grant date fair value - stock options $ 66.44 $ 83.50 $ 105.81 Weighted average grant date fair value - restricted stock units 199.51 243.65 294.50 The following weighted average assumptions and fair values were used for our ESPP: ESPP 2020 2019 2018 Expected term in years 0.5 0.5 0.5 Weighted average expected volatility of the Company's underlying common stock 51.9 % 38.1 % 32.2 % Risk-free interest rate 1.12 2.40 1.79 Expected dividend yield — — — Weighted average grant date fair value $ 69.54 $ 52.90 $ 62.76 The expected term is based on the implied term of the stock options using factors based on historical exercise behavior. The expected volatilities are based on a blended rate consisting of our historic volatility and our expected volatility over a five-year term which is an indicator of expected volatility and future stock price trends. For 2020, 2019 and 2018, expected volatilities for the ESPP were equal to the historical volatility for the previous six-month periods. The expected risk-free interest rates were based on the yields of U.S. Treasury securities, as reported by the Federal Reserve Bank of New York, with maturities equal to the expected terms of the employee stock options. Share-Based Payment Award Activity The table below provides stock option information related to the 2006 Equity Incentive Plan for the year ended December 31, 2020: Options Weighted Weighted Average Remaining Contractual Life - in Years Aggregate Intrinsic Value of Outstanding at December 31, 2019 625,407 $ 169.33 Granted 124,091 187.59 Exercised (173,536) 106.42 Forfeited (15,931) 232.60 Expired (1,030) 71.11 Outstanding at December 31, 2020 559,001 191.29 4.01 $ 109,865,324 Vested and expected to vest at December 31, 2020 538,524 190.30 3.94 106,375,308 Exercisable at December 31, 2020 276,191 157.07 2.47 63,734,604 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 $387.83 as of December 31, 2020. The following table summarizes information regarding stock options outstanding and exercisable as of December 31, 2020: Outstanding Options Exercisable Options Range of Exercise Prices Shares Weighted Average Remaining Contractual Life - in Years Weighted Average Exercise Price Shares Weighted Average Exercise Price $101.14 - 105.84 87,538 2.31 $ 105.15 87,538 $ 105.15 105.85 - 126.18 42,249 0.33 108.04 42,249 108.04 126.19 - 173.94 47,407 1.36 130.42 46,673 129.81 173.95 - 181.63 64,974 3.33 178.39 45,579 178.39 181.64 - 195.34 116,375 6.33 184.86 — — 195.35 - 247.56 15,765 5.69 230.24 3,777 227.23 247.57 - 277.95 112,934 5.33 250.43 15,367 250.43 277.96- 306.22 68,705 4.33 305.46 33,875 305.46 306.23 - 315.88 790 6.84 306.98 — — 315.89 - 324.77 2,264 4.60 324.77 1,133 324.77 Total 559,001 4.01 191.29 276,191 157.07 We expect to satisfy the exercise of stock options by issuing shares under the 2006 Incentive Plan. All future awards of stock options and restricted stock units will be issued from the 2006 Incentive Plan. At December 31, 2020 , 2,682,494 shares were available for future issuance. The table below provides information for restricted stock units under the 2006 Equity Incentive Plan for the year ended December 31, 2020: Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2019 847,972 $ 236.54 Granted 460,671 199.51 Vested (261,302) 209.30 Forfeited (52,292) 225.66 Nonvested at December 31, 2020 995,049 227.12 The following table summarizes information regarding stock option and restricted stock unit activity during 2020, 2019 and 2018: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Total intrinsic value of stock options exercised $ 25,380 $ 23,088 $ 40,681 Total grant date fair value of stock options vested 5,868 5,735 5,823 Total intrinsic value of restricted stock vested 55,782 56,101 63,917 Total grant date fair value of restricted stock vested 47,237 35,191 28,813 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 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 our investments in qualified affordable housing projects. The following table presents the carrying amounts and classification of significant variable interests in consolidated and unconsolidated VIEs as of December 31, 2020 and December 31, 2019: (Dollars in thousands) Consolidated VIEs Unconsolidated VIEs Maximum Exposure to Loss in Unconsolidated VIEs December 31, 2020: Assets: Cash and cash equivalents $ 14,859 $ — $ — Non-marketable and other equity securities (1) 422,049 858,617 858,617 Accrued interest receivable and other assets 937 — — Total assets $ 437,845 $ 858,617 $ 858,617 Liabilities: Other liabilities (1) 1,410 370,208 — Total liabilities $ 1,410 $ 370,208 $ — 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 December 31, 2020 and December 31, 2019 are investments in qualified affordable housing projects of $616.2 million and $458.5 million, respectively, and related other liabilities consisting of unfunded commitments of $370.2 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-SVB, debt funds, private and public portfolio companies, including public equity securities held as a result of equity warrant assets exercised and investments in qualified affordable housing projects. A majority of these investments 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 three of these SVB Capital funds and consolidate these funds for financial reporting purposes. All investments are generally non-redeemable and distributions are expected to be received through the liquidation of the underlying investments throughout the life of the investment fund. Investments may 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 21—“Off-Balance Sheet Arrangements, Guarantees and Other Commitments.” 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 8—“Investment Securities." As of December 31, 2020, our exposure to loss with respect to the consolidated VIEs is limited to our net assets of $436.4 million and our exposure to loss for our unconsolidated VIEs is equal to our investment in these assets of $858.6 million. |
Reserves on Deposit with the Fe
Reserves on Deposit with the Federal Reserve Bank and Federal Bank Stock | 12 Months Ended |
Dec. 31, 2020 | |
Federal Home Loan Bank Stock and Federal Reserve Bank Stock [Abstract] | |
Reserves on Deposit with the Federal Reserve Bank and Federal Bank Stock | Reserves on Deposit with the Federal Reserve Bank and Federal Bank Stock The Bank is required to maintain reserves against customer deposits by keeping balances with the Federal Reserve. The cash balances at the Federal Reserve are classified as cash and cash equivalents. Additionally, as a member of the FHLB and FRB, we are required to hold shares of FHLB and FRB stock under the Bank's borrowing agreement. FHLB and FRB stock are recorded at cost as a component of other assets, and any cash dividends received are recorded as a component of other noninterest income. The tables below provide information on the required reserve balances at the Federal Reserve, as well as shares held at the FHLB and FRB for the years ended and as of December 31, 2020 and 2019: Year ended December 31, (Dollars in thousands) 2020 2019 Average required reserve balances at FRB San Francisco $ 82,461 $ 315,784 December 31, (Dollars in thousands) 2020 2019 FHLB stock holdings $ 17,250 $ 17,250 FRB stock holdings 43,982 43,008 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents The following table details our cash and cash equivalents at December 31, 2020 and December 31, 2019: (Dollars in thousands) December 31, 2020 December 31, 2019 Cash and due from banks (1) $ 17,447,916 $ 6,492,443 Securities purchased under agreements to resell (2) 226,847 289,340 Total cash and cash equivalents $ 17,674,763 $ 6,781,783 (1) At December 31, 2020 and 2019, $13.7 billion and $3.7 billion, respectively, of our cash and due from banks was deposited at the FRB and was earning interest at the Federal Funds target rate, and interest-earning deposits in other financial institutions were $3.0 billion and $2.1 billion, respectively. (2) At December 31, 2020 and 2019, securities purchased under agreements to resell were collateralized by U.S. Treasury securities and U.S. agency securities with aggregate fair values of $232 million and $295 million, respectively. None of these securities were sold or repledged as of December 31, 2020 and 2019. Additional information regarding our securities purchased under agreements to resell for 2020 and 2019 are as follows: Year ended December 31, (Dollars in thousands) 2020 2019 Average securities purchased under agreements to resell $ 149,385 $ 166,205 Maximum amount outstanding at any month-end during the year 450,164 613,247 |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 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 as well as public equity securities held as a result of equity warrant assets exercised. Available-for-Sale Securities The major components of our AFS investment securities portfolio at 2020 and 2019 are as follows: December 31, 2020 (Dollars in thousands) Amortized Unrealized Unrealized Carrying Available-for-sale securities, at fair value: U.S. Treasury securities $ 4,197,858 $ 271,977 $ (107) $ 4,469,728 U.S. agency debentures 233,727 4,165 (585) 237,307 Foreign government debt securities 24,491 1 — 24,492 Residential mortgage-backed securities: Agency-issued mortgage-backed securities 13,271,482 232,850 (651) 13,503,681 Agency-issued collateralized mortgage obligations—fixed rate 8,076,832 40,010 (10,278) 8,106,564 Agency-issued commercial mortgage-backed securities 4,440,506 133,527 (3,367) 4,570,666 Total available-for-sale securities $ 30,244,896 $ 682,530 $ (14,988) $ 30,912,438 December 31, 2019 (Dollars in thousands) Amortized Unrealized Unrealized Carrying 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 as recorded in the line item “Gains on investment securities, net," a component of noninterest income: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Sales proceeds $ 2,654,212 $ 2,189,087 $ 474,482 Net realized gains and losses: Gross realized gains 61,165 1,250 127 Gross realized losses — (5,155) (867) Net realized losses $ 61,165 $ (3,905) $ (740) The following tables summarize our AFS 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 December 31, 2020 and 2019: December 31, 2020 Less than 12 months 12 months or longer (1) Total (Dollars in thousands) Fair Value of Unrealized Fair Value of Unrealized Fair Value of Unrealized Available-for-sale securities: U.S. Treasury securities $ 59,929 $ (107) $ — $ — $ 59,929 $ (107) U.S. agency debentures 133,143 (585) — — 133,143 (585) Residential mortgage-backed securities: Agency-issued mortgage-backed securities 903,767 (651) — — 903,767 (651) Agency-issued collateralized mortgage obligations—fixed rate 2,199,207 (10,278) — — 2,199,207 (10,278) Agency-issued commercial mortgage-backed securities 989,389 (3,367) — — 989,389 (3,367) Total available-for-sale securities (1) $ 4,285,435 $ (14,988) $ — $ — $ 4,285,435 $ (14,988) (1) As of December 31, 2020, we identified a total of 93 investments that were in unrealized loss positions with no investments in unrealized loss positions for a period of time greater than 12 months. Based on our analysis of the securities in an unrealized loss position as of December 31, 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 AFS securities portfolio are reviewed and monitored on a quarterly basis. As of December 31, 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 AFS securities portfolio were past due as of December 31, 2020. December 31, 2019 Less than 12 months 12 months or longer (1) Total (Dollars in thousands) Fair Value of Unrealized Fair Value of Unrealized Fair Value of Unrealized 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 AFS as of December 31, 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 AFS 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. December 31, 2020 (Dollars in thousands) Total One Year After One After Five After U.S. Treasury securities $ 4,469,728 $ 10,092 $ 3,532,784 $ 926,852 $ — U.S. agency debentures 237,307 — — 237,307 — Foreign government debt securities 24,492 24,492 — — — Residential mortgage-backed securities: Agency-issued collateralized mortgage-backed securities 13,503,681 — — — 13,503,681 Agency-issued collateralized mortgage obligations—fixed rate 8,106,564 — — — 8,106,564 Agency -issued commercial mortgage-backed securities 4,570,666 — — 1,502,572 3,068,094 Total $ 30,912,438 $ 34,584 $ 3,532,784 $ 2,666,731 $ 24,678,339 Held-to-Maturity Securities The components of our HTM investment securities portfolio at December 31, 2020 and 2019 are as follows: December 31, 2020 (Dollars in thousands) Amortized Unrealized Unrealized Fair Value Allowance for Credit Losses (2) Held-to-maturity securities, at cost: U.S. agency debentures (1) $ 402,265 $ 18,961 $ — $ 421,226 $ — Residential mortgage-backed securities: Agency-issued mortgage-backed securities 7,739,763 240,121 (2,211) 7,977,673 — Agency-issued collateralized mortgage obligations—fixed rate 1,735,451 23,227 (296) 1,758,382 — Agency-issued collateralized mortgage obligations—variable rate 136,913 317 — 137,230 — Agency-issued commercial mortgage-backed securities 2,942,959 123,846 — 3,066,805 — Municipal bonds and notes 3,635,194 220,866 (505) 3,855,555 392 Total held-to-maturity securities $ 16,592,545 $ 627,338 $ (3,012) $ 17,216,871 $ 392 (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 2—“Summary of Significant Accounting Policies” for more information on our credit loss methodology. December 31, 2019 (Dollars in thousands) Amortized Unrealized Unrealized Fair Value Held-to-maturity securities, at 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 2020: Year ended December 31, 2020: Beginning Balance December 31, 2019 Day One Impact of Adopting ASC 326 Provision for HTM Securities Ending Balance December 31, 2020 (Dollars in thousands) Municipal bonds and notes $ — $ 174 $ 218 $ 392 Total allowance for credit losses $ — $ 174 $ 218 $ 392 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 December 31, 2020: (Dollars in thousands) December 31, 2020 Municipal bonds and notes: Aaa $ 2,070,311 Aa1 1,144,500 Aa2 420,383 Total $ 3,635,194 The following table summarizes the remaining contractual principal maturities on fixed income investment securities classified as HTM as of December 31, 2020. For U.S. agency debentures, the expected maturity is the actual contractual maturity of the notes. Expected maturities for mortgage-backed securities may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. Mortgage-backed securities classified as HTM 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. December 31, 2020 Total One Year After One Year to After Five Years to After (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 $ 402,265 $ 421,226 $ 4,675 $ 4,705 $ 148,478 $ 153,756 $ 249,112 $ 262,765 $ — $ — Residential mortgage-backed securities: Agency-issued mortgage-backed securities 7,739,763 7,977,673 4,762 4,951 20,389 21,150 540,731 559,727 7,173,881 7,391,845 Agency-issued collateralized mortgage obligations - fixed rate 1,735,451 1,758,382 — — 5,952 6,073 494,532 505,156 1,234,967 1,247,153 Agency-issued collateralized mortgage obligations - variable rate 136,913 137,230 — — — — — — 136,913 137,230 Agency-issued commercial mortgage-backed securities 2,942,959 3,066,805 — — — — 102,359 119,922 2,840,600 2,946,883 Municipal bonds and notes 3,635,194 3,855,555 46,292 46,641 144,347 150,940 669,281 721,554 2,775,274 2,936,420 Total $ 16,592,545 $ 17,216,871 $ 55,729 $ 56,297 $ 319,166 $ 331,919 $ 2,056,015 $ 2,169,124 $ 14,161,635 $ 14,659,531 Non-marketable and Other Equity Securities The major components of our non-marketable and other equity securities portfolio at December 31, 2020 and 2019 are as follows: (Dollars in thousands) December 31, 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) $ 88,937 $ 87,180 Unconsolidated venture capital and private equity fund investments (2) 184,886 178,217 Other investments without a readily determinable fair value (3) 60,975 55,255 Other equity securities in public companies (fair value accounting) (4) 280,804 59,200 Non-marketable securities (equity method accounting) (5): Venture capital and private equity fund investments 362,192 215,367 Debt funds 5,444 7,271 Other investments 202,809 152,863 Investments in qualified affordable housing projects, net (6) 616,188 458,476 Total non-marketable and other equity securities $ 1,802,235 $ 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 December 31, 2020 and 2019 (fair value accounting): December 31, 2020 December 31, 2019 (Dollars in thousands) Amount Ownership % Amount Ownership % Strategic Investors Fund, LP $ 4,850 12.6 % $ 5,729 12.6 % Capital Preferred Return Fund, LP 49,574 20.0 45,341 20.0 Growth Partners, LP 34,513 33.0 35,976 33.0 CP I, LP — — 134 10.7 Total consolidated venture capital and private equity fund investments $ 88,937 $ 87,180 (2) The carrying value represents investments in 162 and 205 funds (primarily venture capital funds) at December 31, 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 September 30 th for our December 31 st consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period. (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 carrying amount of other investments without a readily determinable fair value at December 31, 2020, and the amounts recognized in earnings for the year ended December 31, 2020 and on a cumulative basis: (Dollars in thousands) Year ended December 31, 2020 Cumulative Adjustments Measurement alternative: Carrying value at December 31, 2020 $ 60,975 Carrying value adjustments: Impairment $ (487) $ (947) Upward changes for observable prices 3,479 4,216 Downward changes for observable prices (2,799) (3,898) (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, direct equity investments in public companies held by our consolidated funds, and exchange traded funds held by SVB Leerink. 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 December 31, 2020 and 2019 (equity method accounting): December 31, 2020 December 31, 2019 (Dollars in thousands) Amount Ownership % Amount Ownership % Venture capital and private equity fund investments: Strategic Investors Fund II, LP $ 3,705 8.6 % $ 3,612 8.6 % Strategic Investors Fund III, LP 16,110 5.9 15,668 5.9 Strategic Investors Fund IV, LP 25,169 5.0 27,064 5.0 Strategic Investors Fund V funds 67,052 Various 46,830 Various CP II, LP (i) 7,887 5.1 5,907 5.1 Other venture capital and private equity fund investments 242,269 Various 116,286 Various Total venture capital and private equity fund investments $ 362,192 $ 215,367 Debt funds: Gold Hill Capital 2008, LP (ii) $ 3,941 15.5 % $ 5,525 15.5 % Other debt funds 1,503 Various 1,746 Various Total debt funds $ 5,444 $ 7,271 Other investments: SPD Silicon Valley Bank Co., Ltd. $ 115,232 50.0 % $ 74,190 50.0 % Other investments 87,577 Various 78,673 Various Total other investments $ 202,809 $ 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 December 31, 2020 and 2019: (Dollars in thousands) December 31, 2020 December 31, 2019 Investments in qualified affordable housing projects, net $ 616,188 $ 458,476 Other liabilities 370,208 302,031 The following table presents other information relating to our investments in qualified affordable housing projects for the years ended December 31, 2020, 2019 and 2018: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Tax credits and other tax benefits recognized $ 56,969 $ 35,037 $ 24,047 Amortization expense included in provision for income taxes (i) 43,875 28,267 18,876 (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 in 2020, 2019 and 2018 as recorded in the line item “Gains on investment securities, net," a component of noninterest income: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Net gains (losses) on non-marketable and other equity securities: Non-marketable securities (fair value accounting): Consolidated venture capital and private equity fund investments $ 32,439 $ 22,507 $ 20,999 Unconsolidated venture capital and private equity fund investments 59,909 31,482 39,075 Other investments without a readily determinable fair value 253 2,742 3,206 Other equity securities in public companies (fair value accounting) 104,865 7,772 (25,483) Non-marketable securities (equity method accounting): Venture capital and private equity fund investments 161,828 73,813 49,341 Debt funds (403) 1,647 541 Other investments 696 (1,388) 1,155 Total net gains on non-marketable and other equity securities $ 359,587 $ 138,575 $ 88,834 Less: realized net gains (losses) on sales of non-marketable and other equity securities 23,344 4,744 (26,097) Net gains on non-marketable and other equity securities still held $ 336,243 $ 133,831 $ 114,931 |
Loans, Allowance for Loan Losse
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments | 12 Months Ended |
Dec. 31, 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 and are reported under the Global Fund Banking (previously Private Equity/Venture Capital) portfolio segment below. 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 CRA. These loans are included within “construction loans” below and are primarily secured by real estate. Additionally, beginning in April 2020, we accepted applications under the PPP administered by the SBA under the CARES Act and originated loans to qualified small businesses. Disbursement of PPP funds under the CARES Act expired on August 8, 2020, however, on December 27, 2020, the Economic Aid Act was enacted, and allows borrowers to apply for PPP loans up to March 31, 2021, as well as allowing for certain PPP borrowers to apply for second draw loans. 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 primarily presented at the risk-based segment level of disaggregation. As of December 31, 2020, we have six portfolio segments and eleven risk-based segments 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 new CECL guidance but are included below for reference purposes. The superseded tables provided below are not comparative to our credit quality disclosures under the new credit loss guidance for 2020. The composition of loans at amortized cost basis broken out by risk-based segment at December 31, 2020 and 2019, respectively, is presented in the following table: December 31, (Dollars in thousands) 2020 2019 Global fund banking $ 25,543,198 $ 17,696,794 Investor dependent: Early stage 1,485,866 1,624,221 Mid stage 1,564,870 1,047,398 Later stage 1,921,082 1,663,576 Total investor dependent 4,971,818 4,335,195 Cash flow dependent: Sponsor led buyout 1,989,173 2,185,497 Other 2,945,360 2,238,741 Total cash flow dependent 4,934,533 4,424,238 Private bank (1) (5) 4,901,056 3,492,269 Balance sheet dependent 2,191,023 1,286,153 Premium wine (1) (5) 1,052,643 1,062,264 Other (1) (5) 27,687 867,723 SBA loans 1,559,530 — Total loans (2) (3) (4) $ 45,181,488 $ 33,164,636 Allowance for credit losses (447,765) (304,924) Net loans $ 44,733,723 $ 32,859,712 (1) As of December 31, 2020, as a result of enhanced portfolio characteristic definitions for our risk-based segments, loans in the amount of $427 million and $53 million that would have been reported in Other under historical definitions, are now being reported in our Private Bank and Premium Wine risk-based segments, respectively. (2) Total loans at amortized cost is net of unearned income of $226 million and $163 million at December 31, 2020 and 2019, respectively. (3) Included within our total loan portfolio are credit card loans of $400 million and $395 million at December 31, 2020 and 2019, respectively. (4) Included within our total loan portfolio are construction loans of $118 million and $183 million at December 31, 2020 and 2019, respectively. (5) Of our total loans, the table below includes those secured by real estate at amortized cost at December 31, 2020 and 2019 and were comprised of the following: December 31, (Dollars in thousands) 2020 2019 Real estate secured loans: Private bank: Loans for personal residence $ 3,392,237 $ 2,829,880 Loans to eligible employees 481,098 401,396 Home equity lines of credit 42,449 55,461 Other 142,895 38,880 Total private bank loans secured by real estate $ 4,058,679 $ 3,325,617 Premium wine 824,008 820,730 Other 56,882 — Total real estate secured loans $ 4,939,569 $ 4,146,347 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment Premises and equipment at December 31, 2020 and 2019 consisted of the following: December 31, (Dollars in thousands) 2020 2019 Computer software $ 296,324 $ 261,643 Computer hardware 91,870 82,643 Leasehold improvements 124,057 121,907 Furniture and equipment 50,036 46,300 Total 562,287 512,493 Accumulated depreciation and amortization (386,469) (350,617) Premises and equipment, net $ 175,818 $ 161,876 |
Leases
Leases | 12 Months Ended |
Dec. 31, 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 rentals during the term of the lease based on changes in various economic indicators. Total recorded balances for the lease assets and liabilities are as follows: December 31, (Dollars in thousands) 2020 2019 Assets: Right-of-use assets - operating leases $ 209,932 $ 197,365 Liabilities: Lease liabilities - operating leases 259,554 218,847 The components of our lease cost and supplemental cash flow information related to leases for the year ended December 31, 2020 and 2019 were as follows: December 31, (Dollars in thousands) 2020 2019 Operating lease cost $ 69,249 $ 41,049 Short-term lease cost 1,404 1,823 Variable lease cost 3,692 3,477 Less: sublease income (2,265) (4,492) Total lease expense, net $ 72,080 $ 41,857 Supplemental cash flows information: Cash paid for amounts included in the measurement of lease liabilities: Cash paid for operating leases $ 50,194 $ 44,976 Noncash items during the period: Lease obligations in exchange for obtaining right-of-use assets: Operating leases $ 75,244 $ 33,167 The table below presents additional information related to the Company's leases as of December 31, 2020 and 2019: December 31, 2020 2019 Weighted-average remaining term (in years) - operating leases 6.05 6.29 Weighted-average discount rate - operating leases (1) 2.38 % 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 December 31, 2020: Years ended December 31, Operating Leases 2021 $ 51,547 2022 48,847 2023 48,190 2024 42,418 2025 32,080 2026 and thereafter 53,842 Total lease payments $ 276,924 Less: imputed interest (17,370) Total lease liabilities $ 259,554 Lease Exits The Company periodically reviews its lease portfolio to assess whether leased office space is adequate for its operations. Due to the ongoing impacts of COVID-19 and the continuation of the work-from-home policy, we decided to exit various locations during the three months ended December 31, 2020. The Company exited from a portion of its corporate headquarters. In relation to this exit, net occupancy expenses were $7.6 million due to the accelerated depreciation of ROU assets and leasehold improvements, as well as additional termination costs. Premises and equipment expenses included $0.6 million related to the accelerated depreciation of furniture and fixtures. Both net occupancy and premises and equipment are included in the noninterest expense section of our consolidated statements of income. Additionally, the Company decided to exit leases for portions of various office locations and market these spaces for sublease. When a company plans to utilize an ROU asset for less than it was initially intended, ASC 842, Leases, requires an evaluation for impairment and disclosure in accordance with ASC 360-10-45-2, Impairment or Disposal of Long-Lived Assets . Using each location as a standalone asset group, we determined impairment charges are required. Impairment charges that totaled $16.8 million are included in net occupancy expense in the consolidated statements of income and represent the present value of remaining lease obligations on the cease use dates. The related leasehold improvements, furniture and fixtures for these locations were also impaired with a loss recorded to premises and equipment, of $4.4 million, which is included in the noninterest expense section of the consolidated statements of income. This impairment charge represents the historical cost of the asset less any accumulated depreciation. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill Goodwill at December 31, 2020 was $142.7 million, comprised of revenue generating synergies from our acquisition of SVB Leerink in 2019 as well as our acquisition of WRG's debt fund business in December 2020. The changes in goodwill were as follows for the year ended December 31, 2020 and 2019: (Dollars in thousands) Goodwill Beginning balance at December 31, 2018 $ — Acquisitions 137,823 Ending balance at December 31, 2019 $ 137,823 Acquisitions 4,862 Ending balance at December 31, 2020 $ 142,685 During 2020, we completed our annual goodwill impairment test as of September 30, 2020, as a result, we determined there was no impairment as of December 31, 2020. For more information on our annual impairment policies, see Note 2—“Summary of Significant Accounting Policies. " Other Intangible Assets The following table presents the gross carrying amount and accumulated amortization of other intangible assets as of December 31, 2020 and 2019: December 31, 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 $ 7,636 $ 34,364 $ 42,000 $ 3,818 $ 38,182 Other 36,300 9,229 27,071 18,900 7,665 11,235 Total other intangible assets, net $ 78,300 $ 16,865 $ 61,435 $ 60,900 $ 11,483 $ 49,417 For the year ended December 31, 2020, we recorded amortization expense of $5.4 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 December 31, 2020: Years ended December 31, Other 2021 $ 8,217 2022 8,141 2023 8,141 2024 8,141 2025 6,900 2026 and thereafter 21,895 Total future amortization expense $ 61,435 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Deposits | Deposits The following table presents the composition of our deposits at December 31, 2020 and 2019: December 31, (Dollars in thousands) 2020 2019 Noninterest-bearing demand $ 66,519,240 $ 40,841,570 Interest-bearing checking and savings accounts 4,800,831 568,256 Money market 28,406,195 17,749,736 Money market deposits in foreign offices 616,570 352,437 Sweep deposits in foreign offices 950,510 2,057,715 Time 688,461 188,093 Total deposits $ 101,981,807 $ 61,757,807 |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term Debt | 12 Months Ended |
Dec. 31, 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 December 31, 2020 and 2019: Carrying Value (Dollars in thousands) Maturity Principal value at December 31, 2020 December 31, December 31, Short-term borrowings: Other short-term borrowings (1) $ 20,553 $ 20,553 $ 17,430 Total short-term borrowings $ 20,553 $ 17,430 Long-term debt: 3.50% Senior Notes January 29, 2025 $ 350,000 $ 348,348 $ 347,987 3.125% Senior Notes June 5, 2030 500,000 495,280 — Total long-term debt $ 843,628 $ 347,987 (1) Represents cash collateral received from certain counterparties in relation to market value exposures of derivative contracts in our favor. The aggregate annual maturities of long-term debt obligations as of December 31, 2020 are as follows: Year ended December 31, Amount 2021 $ — 2022 — 2023 — 2024 — 2025 348,348 2026 and thereafter 495,280 Total $ 843,628 Interest expense related to short-term borrowings and long-term debt was $25.1 million, $35.1 million and $46.6 million in 2020, 2019 and 2018, respectively. The weighted average interest rate associated with our short-term borrowings was 0.80 percent as of December 31, 2020 and 1.55 percent as of December 31, 2019. 3.50% Senior Notes In January 2015, SVB Financial issued $350 million of 3.50% Senior Notes due in January 2025. We received net proceeds of approximately $346.4 million after deducting underwriting discounts and commissions and issuance costs. The balance of our 3.50% Senior Notes at December 31, 2020 was $348.3 million, which is reflective of $1.6 million of debt issuance costs and a $0.1 million discount. 3.125% Senior Notes On June 5, 2020, the Company issued $500.0 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 December 31, 2020 was $495.3 million, which is reflective of $4.3 million of debt issuance costs and a $0.4 million discount. 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 December 31, 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 $6.8 billion, of which $5.8 billion was available to support additional borrowings. As of December 31, 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 December 31, 2020. Our total unused and available borrowing capacity under our master repurchase agreements with various financial institutions totaled $4.0 billion at December 31, 2020. On February 2, 2021, the Company issued $500 million of Senior Notes. The notes . Refer to Note 28—“Subsequent Events” for additional information. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 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 December 31, 2020, the total unrealized gains on terminated cash flow hedges remaining in AOCI is $179.0 million, or $129.3 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 four 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.” 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 December 31, 2020 and 2019 were as follows: December 31, 2020 December 31, 2019 Notional or Fair Value Notional or 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 68,381 306 — — — — Foreign exchange forwards 566,988 — 20,566 300,250 — 2,154 Other derivative instruments: Equity warrant assets 253,153 203,438 — 225,893 165,473 — Client foreign exchange forwards 8,025,973 214,969 — 4,661,517 114,546 — Client foreign exchange forwards 7,490,723 — 188,565 4,326,059 — 94,745 Client foreign currency options 97,529 1,702 — 154,985 1,308 — Client foreign currency options 97,522 — 1,702 154,985 — 1,308 Client interest rate derivatives 1,082,265 67,854 — 1,275,190 28,811 — Client interest rate derivatives (2) 1,250,975 — 26,646 1,372,914 — 14,154 Total derivatives not designated as hedging instruments 488,269 237,479 310,138 112,361 Total derivatives $ 488,269 $ 237,479 $ 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 $45.4 million and $17.4 million of derivative liabilities at December 31, 2020 and 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 2020, 2019 and 2018 is as follows: Year ended December 31, (Dollars in thousands) Statement of income location 2020 2019 2018 Derivatives designated as hedging instruments: Interest rate risks: Amounts reclassified from accumulated other comprehensive income into income Interest income—loans $ 49,928 $ (5,358) $ — Derivatives not designated as hedging instruments: Currency exchange risks: Gains (losses) on revaluations of internal foreign currency instruments, net Other noninterest income $ 39,247 $ 1,444 $ (373) (Losses) gains on internal foreign exchange forward contracts, net Other noninterest income (39,716) (1,853) 52 Net losses associated with internal currency risk $ (469) $ (409) $ (321) Other derivative instruments: Gains (losses) on revaluations of client foreign currency instruments, net Other noninterest income $ 2,560 $ (15,146) $ 4,998 (Losses) gains on client foreign exchange forward contracts, net Other noninterest income (3,017) 15,900 (4,011) Net (losses) gains associated with client currency risk $ (457) $ 754 $ 987 Net gains on equity warrant assets Gains on equity warrant assets, net $ 237,428 $ 138,078 $ 89,142 Net gains (losses) on other derivatives Other noninterest income $ 28,056 $ (1,190) $ (179) Balance Sheet Offsetting Certain of our derivative and other financial instruments are subject to enforceable master netting arrangements with our counterparties. These agreements provide for the net settlement of multiple contracts with a single counterparty through a single payment, in a single currency, in the event of default on or termination of any one contract. The following table summarizes our assets subject to enforceable master netting arrangements as of December 31, 2020 and 2019: (Dollars in thousands) Gross Amounts of Recognized Assets Gross Amounts offset in the Statement of Financial Position Net Amounts of Assets Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position But Subject to Master Netting Arrangements Net Amount Financial Instruments Cash Collateral Received (1) December 31, 2020: Derivative Assets: Interest rate swaps $ — $ — $ — $ — $ — $ — Foreign exchange forwards 215,275 — 215,275 (75,983) (20,550) 118,742 Foreign currency options 1,702 — 1,702 (1,045) (3) 654 Client interest rate derivatives 67,854 — 67,854 (67,854) — — Total derivative assets: 284,831 — 284,831 (144,882) (20,553) 119,396 Reverse repurchase, securities borrowing, and similar arrangements 226,847 — 226,847 (226,847) — — Total $ 511,678 $ — $ 511,678 $ (371,729) $ (20,553) $ 119,396 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 December 31, 2020 and 2019: (Dollars in thousands) Gross Amounts of Recognized Liabilities Gross Amounts offset in the Statement of Financial Position Net Amounts of Liabilities Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position But Subject to Master Netting Arrangements Net Amount Financial Instruments Cash Collateral Pledged (1) December 31, 2020: Derivative Liabilities: Interest rate swaps $ — $ — $ — $ — $ — $ — Foreign exchange forwards 209,131 — 209,131 (84,547) (45,367) 79,217 Foreign currency options 1,702 — 1,702 (645) (8) 1,049 Client interest rate derivatives 26,646 — 26,646 — (26,100) 546 Total derivative liabilities: 237,479 — 237,479 (85,192) (71,475) 80,812 Repurchase, securities lending, and similar arrangements — — — — — — Total $ 237,479 $ — $ 237,479 $ (85,192) $ (71,475) $ 80,812 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 | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [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 years ended December 31, 2020, 2019 and 2018: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Noninterest income: Gains on investment securities, net $ 420,752 $ 134,670 $ 88,094 Gains on equity warrant assets, net 237,428 138,078 89,142 Client investment fees 132,200 182,068 130,360 Foreign exchange fees 178,733 159,262 138,812 Credit card fees 97,737 118,719 94,072 Deposit service charges 90,336 89,200 76,097 Lending related fees 57,533 49,920 41,949 Letters of credit and standby letters of credit fees 46,659 42,669 34,600 Investment banking revenue 413,985 195,177 — Commissions 66,640 56,346 — Other 98,145 55,370 51,858 Total noninterest income $ 1,840,148 $ 1,221,479 $ 744,984 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 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 (e.g., 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 AFS 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 2020, 2019 and 2018 is as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Gains on non-marketable and other equity securities, net $ 359,587 $ 138,575 $ 88,834 Gains (losses) on sales of available-for-sale debt securities, net 61,165 (3,905) (740) Total gains on investment securities, net $ 420,752 $ 134,670 $ 88,094 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 2020, 2019 and 2018 is as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Equity warrant assets: Gains on exercises, net $ 179,648 $ 107,168 $ 58,186 Terminations (1,948) (3,502) (5,964) Changes in fair value, net 59,728 34,412 36,920 Total net gains on equity warrant assets $ 237,428 $ 138,078 $ 89,142 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 2020, 2019 and 2018 is as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Client investment fees by type: Sweep money market fees $ 74,176 $ 104,236 $ 75,654 Asset management fees (1) 42,768 28,665 23,882 Repurchase agreement fees 15,256 49,167 30,824 Total client investment fees (2) $ 132,200 $ 182,068 $ 130,360 (1) Represents fees earned from investments in third-party money market mutual funds and fixed-income securities managed by SVB Asset Management. (2) Represents fees earned on client investment funds which are maintained at third-party financial institutions and are not recorded on our balance sheet. Foreign exchange fees Foreign exchange fees represent the income differential between purchases and sales of foreign currency on behalf of our clients, primarily from spot contracts. Foreign exchange spot contract fees are recognized upon the completion of the single performance obligation, the execution of a spot trade in exchange for a fee. In line with customary business practice, the legal right transfers to the client upon execution of a foreign exchange contract on the trade date, and as such, we currently recognize our fees based on the trade date and 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 2020, 2019 and 2018 is as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Foreign exchange fees by instrument type: Spot contract commissions $ 157,852 $ 145,915 $ 127,459 Forward contract commissions 19,849 13,068 10,940 Option premium fees 1,032 279 413 Total foreign exchange fees $ 178,733 $ 159,262 $ 138,812 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 2020, 2019 and 2018 is as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Credit card fees by instrument type: Card interchange fees, net $ 75,562 $ 93,553 $ 74,381 Merchant service fees 17,732 18,355 14,420 Card service fees 4,443 6,811 5,271 Total credit card fees $ 97,737 $ 118,719 $ 94,072 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 2020, 2019 and 2018 is as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Lending related fees by instrument type: Unused commitment fees $ 42,399 $ 34,829 $ 32,452 Other 15,134 15,091 9,497 Total lending related fees $ 57,533 $ 49,920 $ 41,949 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 We earn 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; we recognize the applicable management fee as well as the underwriting fee, net of consideration payable to customers. Private placement fees are recognized 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. We have determined that we act as principal in the majority of these transactions and therefore present expenses gross within other operating expenses. A summary of investment banking revenue by instrument type for 2020, 2019 and 2018 is as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Investment banking revenue: Underwriting fees $ 352,951 $ 153,306 $ — Advisory fees 40,006 37,846 — Private placements and other 21,028 4,025 — Total investment banking revenue $ 413,985 $ 195,177 $ — Commissions Commissions include commissions received from clients 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, gains from conversion of convertible debt options 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. Gains from conversion of convertible debt options represent unrealized valuation gains on loan conversion derivative assets, and realized gains from the conversion of debt instruments, convertible into a third party’s common stock upon a triggering event such as an IPO. Gains from conversion of convertible debt options are recognized outside of the scope of ASC 606 as it explicitly excludes noninterest income earned from our derivative-related activities. 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 2020, 2019 and 2018 is as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Other noninterest income by instrument type: Fund management fees $ 38,960 $ 32,522 $ 23,016 Net (losses) gains on revaluation of foreign currency instruments, net of foreign exchange forward contracts (1) (926) 345 666 Losses on extinguishment of debt — (8,960) — Gains from conversion of convertible debt options 30,018 — — Other service revenue 30,093 31,463 28,176 Total other noninterest income $ 98,145 $ 55,370 $ 51,858 (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 years ended December 31, 2020, 2019, and 2018: Year ended December 31, 2020 Global SVB Private SVB Capital (2) SVB Leerink (2) Other Items Total Revenue from contracts with customers: Client investment fees $ 129,378 $ 2,822 $ — $ — $ — $ 132,200 Spot contract commissions 156,725 544 — — 583 157,852 Card interchange fees, gross 128,239 23 — — 1,545 129,807 Merchant service fees 17,732 — — — — 17,732 Deposit service charges 89,565 81 — — 690 90,336 Investment banking revenue — — — 413,985 — 413,985 Commissions — — — 66,640 — 66,640 Fund management fees — — 32,233 6,727 — 38,960 Performance fees — — 3,601 — — 3,601 Correspondent bank rebates 5,729 — — — — 5,729 Total revenue from contracts with customers $ 527,368 $ 3,470 $ 35,834 $ 487,352 $ 2,818 $ 1,056,842 Revenues outside the scope of ASC 606 (1) 78,365 66 190,120 8,624 506,131 783,306 Total noninterest income $ 605,733 $ 3,536 $ 225,954 $ 495,976 $ 508,949 $ 1,840,148 (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." Year ended December 31, 2019 Global SVB Private SVB Capital (2) SVB Leerink (2) Other Items Total Revenue from contracts with customers: Client investment fees $ 180,152 $ 1,916 $ — $ — $ — $ 182,068 Spot contract commissions 144,930 510 — — 475 145,915 Card interchange fees, gross 154,197 — — — 756 154,953 Merchant service fees 18,355 — — — — 18,355 Deposit service charges 88,136 137 — — 927 89,200 Investment banking revenue — — — 195,177 — 195,177 Commissions — — — 56,346 — 56,346 Fund management fees — — 26,850 5,672 — 32,522 Correspondent bank rebates 6,415 — — — — 6,415 Total revenue from contracts with customers $ 592,185 $ 2,563 $ 26,850 $ 257,195 $ 2,158 $ 880,951 Revenues outside the scope of ASC 606 (1) 45,737 803 95,544 7,321 191,123 340,528 Total noninterest income $ 637,922 $ 3,366 $ 122,394 $ 264,516 $ 193,281 $ 1,221,479 (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." Year ended December 31, 2018 Global SVB Private SVB Capital (2) Other Items Total Revenue from contracts with customers: Client investment fees (3) $ 128,834 $ 1,526 $ — $ — $ 130,360 Spot contract commissions 126,445 691 — 323 127,459 Card interchange fees, gross 134,074 — — 428 134,502 Merchant service fees 14,415 4 — 1 14,420 Deposit service charges 74,348 108 — 1,641 76,097 Fund management fees — — 23,016 — 23,016 Correspondent bank rebates 5,802 — — — 5,802 Total revenue from contracts with customers $ 483,918 $ 2,329 $ 23,016 $ 2,393 $ 511,656 Revenues outside the scope of ASC 606 (1) 36,384 (48) 78,165 118,827 233,328 Total noninterest income $ 520,302 $ 2,281 $ 101,181 $ 121,220 $ 744,984 (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 year ended December 31, 2018, the amount of client investment fees previously reported as "Other Items" has been correctly allocated to the reportable segment "Global Commercial Bank" to properly reflect the source of such revenue. The correction of this immaterial error had no impact on the "Total" amount of client investment fees. |
Other Noninterest Expense
Other Noninterest Expense | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Other Noninterest Expense | Other Noninterest Expense A summary of other noninterest expense for 2020, 2019 and 2018 is as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Lending and other client related processing costs $ 29,783 $ 28,491 $ 24,237 Correspondent bank fees 15,065 14,503 13,713 Investment banking activities 20,591 13,733 — Trade order execution costs 11,144 10,813 — Data processing services 14,910 12,536 10,811 Telephone 8,591 9,861 9,404 Dues and publications 4,251 4,603 4,605 Postage and supplies 2,545 3,198 2,799 Other 83,295 54,841 21,682 Total other noninterest expense $ 190,175 $ 152,579 $ 87,251 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of our provision for income taxes for 2020, 2019 and 2018 were as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Current provision: Federal $ 299,882 $ 296,400 $ 249,358 State 140,794 132,357 123,264 Deferred expense (benefit): Federal 5,296 (1,530) (11,777) State 1,615 (1,542) (9,284) Income tax expense $ 447,587 $ 425,685 $ 351,561 Our effective tax rate is calculated by dividing income tax expense by the sum of income before income tax expense and the net income attributable to noncontrolling interests. The reconciliation between the federal statutory income tax rate and our effective income tax rate for 2020, 2019 and 2018, is as follows: December 31, (Dollars in thousands) 2020 2019 2018 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of the federal tax effect 6.8 7.0 7.2 Meals and entertainment 0.1 0.4 0.3 Disallowed officers' compensation 0.2 0.2 0.2 FDIC premiums 0.3 0.2 0.5 Share-based compensation expense on incentive stock options and ESPP (0.3) (0.6) (1.4) Qualified affordable housing project tax credits (0.5) (0.3) (0.3) Tax-exempt interest income (0.8) (0.6) (0.6) Other, net 0.2 (0.1) (0.4) Effective income tax rate 27.0 % 27.2 % 26.5 % Deferred tax assets and liabilities at December 31, 2020 and 2019, consisted of the following: December 31, (Dollars in thousands) 2020 2019 Deferred tax assets: Allowance for credit losses $ 158,161 $ 103,267 Share-based compensation expense 15,531 14,233 State income taxes 16,640 16,097 Accrued compensation 44,112 22,578 Lease liability 69,714 60,635 Other accruals 10,018 12,383 Net operating loss 7,501 6,386 Goodwill and intangibles 3,165 3,141 Foreign tax credit carryforward 9,028 — SBA loan fees 6,115 — Other 8,110 7,923 Deferred tax assets 348,095 246,643 Valuation allowance (7,094) (5,919) Net deferred tax assets after valuation allowance 341,001 240,724 Deferred tax liabilities: Derivative equity warrant assets (71,019) (45,533) Net unrealized gains on cash flow hedge derivatives (49,772) — Net unrealized gains on AFS debt securities (185,634) (33,480) Non-marketable and other equity securities (118,712) (54,239) Premises and equipment and other intangibles (23,721) (16,459) Right-of-use asset and deferred rent assets (52,057) (50,493) Other (12,340) (12,087) Deferred tax liabilities (513,255) (212,291) Net deferred tax (liabilities) assets $ (172,254) $ 28,433 Net Deferred Tax Assets U.S. federal net operating loss carryforwards totaled $1.9 million and $2.2 million for December 31, 2020 and 2019. Our foreign net operating loss carryforwards totaled $25.3 million and $20.8 million at December 31, 2020 and 2019, respectively. These net operating loss carryforwards expire at various dates beginning in 2022. Currently, we believe that it is more likely than not that the benefit from the foreign net operating loss carryforwards, which are associated with our Germany and Canada operations, will not be realized in the near term due to uncertainties in the timing of future profitability in the course of business. In recognition of this, our valuation allowance is $7.1 million on the deferred tax assets related to our German and Canadian net operating loss carryforwards as of December 31, 2020. We believe it is more likely than not that the remaining deferred tax assets will be realized through recovery of taxes previously paid and/or future taxable income. Therefore, no valuation allowance was provided for the remaining deferred tax assets. 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. Our U.S. federal tax returns remain open to full examination for 2017 and subsequent tax years. Our California tax returns remain open to full examination for 2016 and subsequent tax years. At December 31, 2020, our unrecognized tax benefit was $16.5 million, the recognition of which would reduce our income tax expense by $13.1 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 years ended December 31, 2020, 2019 and 2018. A summary of changes in our unrecognized tax benefit (including interest and penalties) for December 31, 2020, 2019 and 2018 is as follows: (Dollars in thousands) Reconciliation of Unrecognized Tax Benefit Interest and Penalties Total Balance at December 31, 2017 $ 11,505 $ 1,178 $ 12,683 Additions for tax positions for current year 4,171 — 4,171 Additions for tax positions for prior years 631 823 1,454 Reduction for tax positions for prior years (1,865) (243) (2,108) Lapse of the applicable statute of limitations (435) (86) (521) Reduction as a result of settlement (1,318) (222) (1,540) Balance at December 31, 2018 $ 12,689 $ 1,450 $ 14,139 Additions for tax positions for current year 3,712 — 3,712 Additions for tax positions for prior years 63 826 889 Reduction for tax positions for prior years (884) (524) (1,408) Lapse of the applicable statute of limitations (1,826) (569) (2,395) Reduction as a result of settlement (1,142) (17) (1,159) Balance at December 31, 2019 $ 12,612 $ 1,166 $ 13,778 Additions for tax positions for current year 5,051 — 5,051 Additions for tax positions for prior years 1,765 1,224 2,989 Reduction for tax positions for prior years (730) (69) (799) Lapse of the applicable statute of limitations (1,100) (323) (1,423) Reduction as a result of settlement (1,108) (219) (1,327) Balance at December 31, 2020 $ 16,490 $ 1,779 $ 18,269 |
Employee Compensation and Benef
Employee Compensation and Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Compensation and Benefit Plans | Employee Compensation and Benefit Plans Our employee compensation and benefit plans include: (i) Incentive Compensation Plan; (ii) Direct Drive Incentive Compensation Plan; (iii) Retention Program; (iv) Warrant Incentive Plan; (v) Deferred Compensation Plan; (vi) 401(k) and ESOP; (vii) SVB Leerink Incentive Compensation Plan; (viii) SVB Leerink Retention Award; (ix) EHOP; (x) 2006 Incentive Plan; and (xi) ESPP. The 2006 Incentive Plan and the ESPP are described in Note 4—“Share-Based Compensation.” A summary of expenses incurred under certain employee compensation and benefit plans for 2020, 2019 and 2018 is as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Incentive Compensation Plan $ 193,004 $ 143,888 $ 160,293 Direct Drive Incentive Compensation Plan 37,681 37,315 40,578 Retention Program — 2,438 1,438 Warrant Incentive Plan 33,921 14,881 9,112 SVBFG 401(k) Plan 29,939 25,687 21,323 SVBFG ESOP 5,807 4,197 6,435 SVB Leerink Incentive Compensation Plan 233,145 106,871 — SVB Leerink Retention Award 12,991 12,015 — Incentive Compensation Plan Our Incentive Compensation Plan (“ICP”) is an annual cash incentive plan that rewards performance based on our financial results and other performance criteria. Awards are made based on company performance, the employee's target bonus level and management's assessment of individual employee performance. Direct Drive Incentive Compensation Plan The Direct Drive Incentive Compensation Plan (“Direct Drive”) is an annual sales cash incentive program. Awards are based on sales teams' performance as to predetermined financial targets and other company/individual performance criteria. Actual awards for each sales team member under Direct Drive are based on: (i) the actual results and financial performance with respect to the incentive gross profit targets; (ii) the sales team payout targets; and (iii) the sales team member's sales position and team payout allocation. Retention Program The Retention Program (“RP”) is a long-term incentive plan that allows designated employees to share directly in our investment success. Plan participants were granted an interest in the distributions of gains from certain designated investments made by us during the applicable year. Specifically, participants share in: (i) returns from designated investments made by us, including investments in certain venture capital and private equity funds, debt funds and direct equity investments in companies; (ii) net income realized from the exercise of, and the subsequent sale of shares obtained through the exercise of, warrants held by us; and (iii) other designated amounts as determined by us. Since 2009, no new participants have been added and no new investments have been designated to the plan. The final distributions under this program were made during 2020 and we did not incur any expenses for the year ended December 31, 2020. Warrant Incentive Plan The Warrant Incentive Plan provides individual and team awards to those employees who negotiate warrants on our behalf. Designated participants, as determined by the Company, share in the cash proceeds received by the Company from the exercise of equity warrant assets. Deferred Compensation Plan Under the Deferred Compensation Plan (the “DC Plan”), eligible employees may elect to defer up to 50 percent of their base salary and/or up to 100 percent of any eligible bonus payment earned during the plan year. Any amounts deferred under the DC Plan will be invested and administered by us (or such person we designate). We generally do not match employee deferrals to the DC Plan. From time to time, we may also offer deferred special retention incentives and employer contributions under this plan to key plan participants. The deferred incentives and employer contributions are eligible for investment in the DC Plan during the retention qualifying period or vesting period. Voluntary deferrals under the DC Plan were $5.8 million $6.9 million and $5.5 million in 2020, 2019 and 2018, respectively. The DC Plan overall, had investment gains of $8.5 million, gains of $6.9 million and losses of $1.7 million in 2020 , 2019 and 2018, respectively. 401(k) and ESOP The 401(k) Plan and ESOP, collectively referred to as the “Plan”, is a combined 401(k) tax-deferred savings plan and employee stock ownership plan in which all regular U.S. employees are eligible to participate. Employees participating in the 401(k) Plan are allowed to contribute up to 75 percent of their pre-tax pay as defined in the Plan, up to the maximum annual amount allowable under federal income tax regulations of $19,500 for 2020, $19,000 for 2019, and $18,500 for 2018. We match the employee's contributions dollar-for-dollar, up to five percent of the employee's pre-tax pay as defined in the Plan. Our matching contributions vest immediately. The amount of salary deferred, up to the allowed maximum, is not subject to federal or state income taxes at the time of deferral. Discretionary ESOP contributions, based on our company performance, are made by us to all eligible individuals employed by us on the last day of the fiscal year. We may elect to contribute cash or our common stock (or a combination of cash and stock), in an amount not exceeding ten percent of the employee's eligible pay earned in the fiscal year. The ESOP contributions vest in equal annual increments over a participant's first five years of service (thereafter, all subsequent ESOP contributions are fully vested). SVB Leerink Incentive Compensation Plan Our SVB Leerink Incentive Compensation Plan is an annual cash incentive plan that rewards performance of SVB Leerink employees based on SVB Leerink's financial results. This plan requires employees who exceed certain compensation levels to defer a portion of their compensation, of which, 25% will be settled in the form of restricted stock units and 75% will be settled in the form of cash. The deferred compensation vests over a period of up to five years. SVB Leerink Retention Award The SVB Leerink Retention Award is an incentive award that granted designated SVB Leerink employees restricted stock awards and cash after the close of the acquisition of SVB Leerink in January 2019. The aggregate amount of the awards was $60 million, of which 50% will be settled in the form of cash and 50% in the form of restricted stock awards. The awards vest in equal annual increments over five years. EHOP Program five seven |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties |
Off-Balance Sheet Arrangements,
Off-Balance Sheet Arrangements, Guarantees and Other Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Arrangements, Guarantees and Other Commitments | Off-Balance Sheet Arrangements, Guarantees and Other Commitments Commitments to Extend Credit A commitment to extend credit is a formal agreement to lend funds to a client as long as there is no violation of any condition established in the agreement. Such commitments generally have fixed expiration dates, or other termination clauses, and usually require a fee paid by the client upon us issuing the commitment. The following table summarizes information related to our commitments to extend credit at December 31, 2020 and 2019, respectively: December 31, (Dollars in thousands) 2020 2019 Loan commitments (1) $ 28,975,133 $ 21,743,359 Commercial and standby letters of credit (2) 3,007,118 2,778,561 Total unfunded credit commitments $ 31,982,251 $ 24,521,920 Allowance for unfunded credit commitments (3) 120,796 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) Our allowance for credit losses for unfunded credit commitments includes an allowance for both our unfunded loan commitments and our letters of credit. Our potential exposure to credit loss for commitments to extend credit, in the event of nonperformance by the other party to the financial instrument, is the contractual amount of the available unused loan commitment. We use the same credit approval and monitoring process in extending credit commitments as we do in making loans. The actual liquidity needs and the credit risk that we have experienced have historically been lower than the contractual amount of commitments to extend credit because a significant portion of these commitments expire without being drawn upon. We evaluate each potential borrower and the necessary collateral on an individual basis. The type of collateral varies, but may include real property, intellectual property, bank deposits or business and personal assets. The credit risk associated with these commitments is considered in the allowance for unfunded credit commitments. Commercial and Standby Letters of Credit Commercial and standby letters of credit represent conditional commitments issued by us on behalf of a client to guarantee the performance of the client to a third party when certain specified future events have occurred. Commercial letters of credit are issued primarily for inventory purchases by a client and are typically short-term in nature. We provide two types of standby letters of credit: performance and financial standby letters of credit. Performance standby letters of credit are issued to guarantee the performance of a client to a third party when certain specified future events have occurred and are primarily used to support performance instruments such as bid bonds, performance bonds, lease obligations, repayment of loans and past due notices. Financial standby letters of credit are conditional commitments issued by us to guarantee the payment by a client to a third party (beneficiary) and are primarily used to support many types of domestic and international payments. These standby letters of credit have fixed expiration dates and generally require a fee to be paid by the client at the time we issue the commitment. The credit risk involved in issuing letters of credit is essentially the same as that involved with extending credit commitments to clients, and accordingly, we use a credit evaluation process and collateral requirements similar to those for credit commitments. Our standby letters of credit often are cash secured by our clients. The actual liquidity needs and the credit risk that we have experienced historically have been lower than the contractual amount of letters of credit issued because a significant portion of these conditional commitments expire without being drawn upon. The table below summarizes our commercial and standby letters of credit at December 31, 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 $ 2,807,942 $ 66,641 $ 2,874,583 $ 2,874,583 Performance standby letters of credit 108,681 19,488 128,169 128,169 Commercial letters of credit 4,366 — 4,366 4,366 Total $ 2,920,989 $ 86,129 $ 3,007,118 $ 3,007,118 Deferred fees related to financial and performance standby letters of credit were $16.9 million at December 31, 2020 and $17.2 million at December 31, 2019. At December 31, 2020, collateral in the form of cash of $1.7 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 makes investments in privately-held companies. Commitments to invest in these funds are generally made for a 10-year period from the inception of the fund. Although the limited partnership agreements governing these investments typically do not restrict the general partners from calling 100% of committed capital in one year, it is customary for these funds to call most of the capital commitments over 5 to 7 years, and in certain cases, the funds may not call 100% of committed capital. The actual timing of future cash requirements to fund these commitments is generally dependent upon the investment cycle, overall market conditions, and the nature and type of industry in which the privately held companies operate. The following table details our total capital commitments, unfunded capital commitments, and our ownership percentage in each fund at December 31, 2020: SVBFG Capital Commitments SVBFG Unfunded SVBFG Ownership CP II, LP (1) $ 1,200 $ 162 5.1 % Capital Preferred Return Fund, LP 12,688 — 20.0 Growth Partners, LP 24,670 1,340 33.0 Strategic Investors Fund, LP 15,300 688 12.6 Strategic Investors Fund II, LP 15,000 1,050 8.6 Strategic Investors Fund III, LP 15,000 1,275 5.9 Strategic Investors Fund IV, LP 12,239 2,325 5.0 Strategic Investors Fund V funds 515 131 Various Other venture capital and private equity fund investments (equity method accounting) 25,232 5,566 Various Debt funds (equity method accounting) 58,733 211 Various Other fund investments (2) 277,301 9,335 Various Total $ 457,878 $ 22,083 (1) Our ownership includes direct ownership of 1.3 percent and indirect ownership of 3.8 percent through our investment in Strategic Investors Fund II, LP. (2) Represents commitments to 168 funds (primarily venture capital funds) where our ownership interest is generally less than five of the voting interests of each such fund. The following table details the amounts of remaining unfunded commitments to venture capital and private equity funds by our consolidated managed funds of funds (including our interest and the noncontrolling interests) at December 31, 2020: Unfunded Commitments Strategic Investors Fund, LP $ 196 Capital Preferred Return Fund, LP 1,516 Growth Partners, LP 2,549 Total $ 4,261 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 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 consolidated financial statements. The following fair value hierarchy table presents information about our assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020: (Dollars in thousands) Balance at December 31, 2020 Assets Available-for-sale securities: U.S. Treasury securities $ 4,469,728 $ — $ — $ 4,469,728 U.S. agency debentures — 237,307 — 237,307 Foreign government debt securities 24,492 — — 24,492 Residential mortgage-backed securities: Agency-issued mortgage-backed securities — 13,503,681 — 13,503,681 Agency-issued collateralized mortgage obligations —f ixed rate — 8,106,564 — 8,106,564 Agency-issued commercial mortgage-backed securities — 4,570,666 — 4,570,666 Total available-for-sale securities 4,494,220 26,418,218 — 30,912,438 Non-marketable and other equity securities (fair value accounting): Non-marketable securities: Venture capital and private equity fund investments measured at net asset value — — — 273,823 Other equity securities in public companies 43,344 237,460 — 280,804 Total non-marketable and other equity securities (fair value 43,344 237,460 — 554,627 Other assets: Foreign exchange forward and option contracts — 216,977 — 216,977 Equity warrant assets — 11,221 192,217 203,438 Client interest rate derivatives — 67,854 — 67,854 Total assets $ 4,537,564 $ 26,951,730 $ 192,217 $ 31,955,334 Liabilities Foreign exchange forward and option contracts $ — $ 210,833 $ — $ 210,833 Client interest rate derivatives — 26,646 — 26,646 Total liabilities $ — $ 237,479 $ — $ 237,479 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 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 2020, 2019 and 2018, respectively: (Dollars in thousands) Beginning Total Net Gains (Losses) Included in Net Income Purchases Sales/Exits Issuances Distributions and Other Settlements Transfers Out of Level 3 Ending Year ended December 31, 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 $ (30) $ — $ (104) $ — $ — $ — $ — Other assets: Equity warrant assets (2) 161,038 228,944 — (214,933) 19,014 — (1,846) 192,217 Total assets $ 161,172 $ 228,914 $ — $ (215,037) $ 19,014 $ — $ (1,846) $ 192,217 Year ended December 31, 2019: Non-marketable and other equity securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (1) $ 1,079 $ 12 $ — $ (960) $ — $ 3 $ — $ 134 Other assets: Equity warrant assets (2) 145,199 133,910 575 (130,392) 16,453 — (4,707) 161,038 Total assets $ 146,278 $ 133,922 $ 575 $ (131,352) $ 16,453 $ 3 $ (4,707) $ 161,172 Year ended December 31, 2018: Non-marketable and other equity securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (1) $ 919 $ 457 $ — $ — $ — $ (297) $ — $ 1,079 Other assets: Equity warrant assets (2) 121,331 87,982 — (78,752) 17,941 — (3,303) 145,199 Total assets $ 122,250 $ 88,439 $ — $ (78,752) $ 17,941 $ (297) $ (3,303) $ 146,278 (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 unrealized gains (losses) included in earnings (which is inclusive of noncontrolling interest) attributable to Level 3 assets still held at December 31, 2020 and 2019, respectively: Year ended December 31, (Dollars in thousands) 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) $ — $ (222) Other assets: Equity warrant assets (2) 54,417 34,691 Total unrealized gains, net $ 54,417 $ 34,469 Unrealized losses attributable to noncontrolling interests (1) $ — $ (199) (1) Unrealized gains are recorded in the line item “Gains on investment securities, net,” a component of noninterest income. (2) Unrealized gains 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 December 31, 2020 and 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 Rage Weighted Average December 31, 2020: Equity warrant assets (public portfolio) $ 1,036 Black-Scholes option pricing model Volatility 46.0% - 56.8% 49.1 % Risk-Free interest rate 0.3 - 0.9 0.6 Sales restrictions discount (2) 10.0- 20.0 10.2 Equity warrant assets (private portfolio) 191,181 Black-Scholes option pricing model Volatility 24.4 - 56.8 43.2 Risk-Free interest rate 0.01 - 0.5 0.1 Marketability discount (3) 20.6 20.6 Remaining life assumption (4) 40.0 40.0 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 (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 December 31, 2020, the weighted average contractual remaining term was 6.0 years, compared to our estimated remaining life of 2.4 years. On a quarterly basis, a sensitivity analysis is performed on our remaining life assumption. During 2020, 2019 and 2018, we did not have any transfers between Level 3 and Level 1. All other transfers from Level 3 to Level 2 during 2020, 2019 and 2018 were due to the transfer of equity warrant assets from our private portfolio to our public portfolio (see our Level 3 reconciliation above). 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 December 31, 2020 and 2019: Estimated Fair Value (Dollars in thousands) Carrying Amount Total December 31, 2020: Financial assets: Cash and cash equivalents $ 17,674,763 $ 17,674,763 $ 17,674,763 $ — $ — Held-to-maturity securities 16,592,153 17,216,871 — 17,216,871 — Non-marketable securities not measured at net asset value 240,761 240,761 — — 240,761 Non-marketable securities measured at net asset value 390,658 390,658 — — — Net commercial loans 39,886,296 40,412,490 — — 40,412,490 Net consumer loans 4,847,427 4,911,451 — — 4,911,451 FHLB and Federal Reserve Bank stock 61,232 61,232 — — 61,232 Financial liabilities: Short-term borrowings 20,553 20,553 — 20,553 — Non-maturity deposits (1) 101,293,346 101,293,346 101,293,346 — — Time deposits 688,461 501,853 — 501,853 — 3.50% Senior Notes 348,348 382,855 — 382,855 — 3.125% Senior Notes 495,280 563,840 — 563,840 — Off-balance sheet financial assets: Commitments to extend credit — 36,672 — — 36,672 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 IPOs and M&A activity of the underlying assets of the fund. Subject to applicable requirements under the Volcker Rule, we do not have any plans to sell any of these fund investments. If we decide to sell these investments in the future, the investee fund’s management must approve of the buyer before the sale of the investments can be completed. The fair values of the fund investments have been estimated using the net asset value per share of the investments, adjusted for any differences between our measurement date and the date of the fund investment’s net asset value by using the most recently available financial information from the investee general partner, for example September 30 th , for our December 31 st consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period. The following table is a summary of the estimated fair values of these investments and remaining unfunded commitments for each major category of these investments as of December 31, 2020: (Dollars in thousands) Carrying Amount Fair Value Unfunded Commitments Non-marketable securities (fair value accounting): Venture capital and private equity fund investments (1) $ 273,823 $ 273,823 $ 12,709 Non-marketable securities (equity method accounting): Venture capital and private equity fund investments (2) 362,192 362,192 10,509 Debt funds (2) 5,444 5,444 211 Other investments (2) 23,023 23,023 886 Total $ 664,482 $ 664,482 $ 24,315 (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 $66.2 million and $3.1 million, respectively, attributable to noncontrolling interests. It is estimated that we will receive distributions from the fund investments over the next 10 to 13 years, depending on the age of the funds and any potential extensions of terms of the funds. (2) Venture capital and private equity fund investments, debt funds and other fund investments within non-marketable securities (equity method accounting) include funds that invest in or lend money to primarily U.S. and global technology and life science/healthcare companies. It is estimated that we will receive distributions from the funds over the next 5 to 8 years, depending on the age of the funds and any potential extensions of the terms of the funds. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2020 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Regulatory Matters | Regulatory Matters SVB Financial and the Bank are subject to various regulatory capital adequacy requirements administered by the Federal Reserve Board and the DFPI. The Federal Deposit Insurance Corporation Improvement Act of 1991 required that the federal regulatory agencies adopt regulations defining five capital categories for banks: well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. In July 2013, the Federal Reserve, the FDIC and the Office of the Comptroller of the Currency published final rules establishing a comprehensive capital framework for U.S. banking organizations (the “Capital Rules”), which implement the Basel III regulatory capital reforms and changes required by the Dodd-Frank Act. “Basel III” refers to the internationally agreed regulatory capital framework adopted by the Basel Committee. There are three categories of capital under the Basel III standards; CET 1, additional Tier 1 and Tier 2. CET 1 includes common stock plus related surplus and retained earnings, less certain deductions. Additional Tier 1 capital includes qualifying preferred stock and trust preferred securities, less certain deductions. Additional Tier 1, together with CET 1, equal total Tier 1 capital. Tier 2 capital includes primarily certain qualifying unsecured subordinated debt and qualifying allowances for loan and lease losses. Tier 1 capital together with Tier 2 capital equal total capital. Under the Capital Rules, the minimum capital ratios applicable to SVB Financial and the Bank are as follows: 4.5% CET1 capital, 6.0% Tier 1 capital, 8.0% Total capital and 4.0% Tier 1 leverage. In addition, banking organizations must meet a 2.5% CET1 risk-based capital conservation buffer requirement in order to avoid constraints on capital distributions, such as dividends and equity repurchases, and certain bonus compensation for executive officers. The severity of the constraints would depend on the amount of the shortfall and the banking organization’s “eligible retained income” (that is, four-quarter trailing net income, net of distributions and tax effects not reflected in net income). As of December 31, 2020, both SVB Financial and the Bank exceed the required ratios under the Capital Rules and were considered “well-capitalized” for regulatory purposes under existing capital guidelines as well. The following table presents the capital ratios for the Company and the Bank under federal regulatory guidelines, compared to the minimum regulatory capital requirements, as of December 31, 2020 and 2019: Capital Ratios Capital Amounts (Dollars in thousands) Actual Required Minimum (1) Well Capitalized Minimum Actual Required Minimum (1) Well Capitalized Minimum December 31, 2020: CET 1 risk-based capital: SVB Financial 11.04 % 7.0 % N/A $ 7,138,006 $ 4,527,647 N/A Bank 10.70 7.0 6.5 6,530,167 4,271,642 $ 3,966,525 Tier 1 risk-based capital: SVB Financial 11.89 8.5 6.0 7,691,936 5,497,857 3,880,840 Bank 10.70 8.5 8.0 6,530,167 5,186,994 4,881,877 Total risk-based capital: SVB Financial 12.64 10.5 10.0 8,175,430 6,791,470 6,468,066 Bank 11.49 10.5 10.0 7,013,630 6,407,463 6,102,346 Tier 1 leverage: SVB Financial 7.45 4.0 N/A 7,691,936 4,128,596 N/A Bank 6.43 4.0 5.0 6,530,167 4,060,180 5,075,225 December 31, 2019: CET 1 risk-based capital: SVB Financial 12.58 % 7.0 % N/A $ 5,857,744 $ 3,260,424 N/A Bank 11.12 7.0 6.5 4,949,393 3,115,151 $ 2,892,640 Tier 1 risk-based capital: SVB Financial 13.43 8.5 6.0 6,257,442 3,959,086 2,794,649 Bank 11.12 8.5 8.0 4,949,393 3,782,683 3,560,172 Total risk-based capital: SVB Financial 14.23 10.5 10.0 6,630,022 4,890,636 4,657,748 Bank 11.96 10.5 10.0 5,321,850 4,672,726 4,450,215 Tier 1 leverage: SVB Financial 9.06 4.0 N/A 6,257,442 2,763,146 N/A Bank 7.30 4.0 5.0 4,949,393 2,713,367 3,391,709 N/A "Well-Capitalized Minimum" CET 1 risk-based capital and Tier 1 leverage ratios are not formally defined under applicable banking regulations for bank holding companies. (1) The percentages represent the minimum capital ratios plus, the fully phased-in 2.5% CET1 capital conservation buffer under the Capital Rules. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 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 an earnings credit is given for deposits raised, and an earnings charge is made for funded loans. FTP is calculated at an instrument level based on account characteristics. We also evaluate performance based on provision for 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 key innovation markets. The Bank provides solutions to the financial needs of commercial clients through credit, treasury management, foreign exchange, trade finance and other services. 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 Fund 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 and wealth management division of the Bank and provides a broad array of personal financial solutions for its clients, which are primarily executive leaders and senior investment professionals in the innovation economy. We offer a customized approach to private wealth management and private banking services including residential real property lending, stock secured loans and other lending products alongside a full suite of cash management and deposit products and online/remote banking and service capabilities. In addition, we provide real estate secured loans to eligible employees through our EHOP. • 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 results. Our segment information for 2020, 2019 and 2018 is as follows: (Dollars in thousands) Global SVB Private SVB Capital SVB Leerink (1) Other Items Total Year ended December 31, 2020 Net interest income $ 2,025,240 $ 77,490 $ 30 $ 578 $ 52,946 $ 2,156,284 Provision for credit losses (165,987) (21,329) — — (32,194) (219,510) Noninterest income 605,733 3,536 225,954 495,976 508,949 1,840,148 Noninterest expense (3) (1,019,995) (46,099) (50,589) (378,970) (539,388) (2,035,041) Income (loss) before income tax expense (4) $ 1,444,991 $ 13,598 $ 175,395 $ 117,584 $ (9,687) $ 1,741,881 Total average loans, amortized cost $ 31,218,037 $ 4,195,804 $ — $ — $ 1,852,135 $ 37,265,976 Total average assets (5) (6) 75,034,226 4,229,818 437,132 556,778 5,533,705 85,791,659 Total average deposits 72,127,148 2,171,556 — — 716,726 75,015,430 Year ended December 31, 2019 Net interest income $ 1,850,391 $ 51,022 $ 38 $ 1,252 $ 193,898 $ 2,096,601 Provision for credit losses (91,814) (2,369) — — (12,233) (106,416) Noninterest income 637,922 3,366 122,394 264,516 193,281 1,221,479 Noninterest expense (3) (874,854) (40,151) (30,798) (252,678) (402,781) (1,601,262) Income (loss) before income tax expense (4) $ 1,521,645 $ 11,868 $ 91,634 $ 13,090 $ (27,835) $ 1,610,402 Total average loans, amortized cost $ 26,031,284 $ 3,341,188 $ — $ — $ 543,735 $ 29,916,207 Total average assets (5) (6) 56,043,321 3,371,052 405,152 397,650 2,994,455 63,211,630 Total average deposits 53,053,665 1,524,232 — — 479,053 55,056,950 Year ended December 31, 2018 Net interest income $ 1,623,488 $ 64,902 $ 23 $ — $ 205,575 $ 1,893,988 Provision for credit losses (80,953) (3,339) — — (3,578) (87,870) Noninterest income (7) 520,302 2,281 101,181 — 121,220 744,984 Noninterest expense (3) (793,159) (25,064) (22,792) — (347,178) (1,188,193) Income (loss) before income tax expense (4) $ 1,269,678 $ 38,780 $ 78,412 $ — $ (23,961) $ 1,362,909 Total average loans, amortized cost $ 22,354,305 $ 2,850,271 $ — $ — $ 425,944 $ 25,630,520 Total average assets (5) (8) 48,854,416 2,871,743 380,543 — 3,122,358 55,229,060 Total average deposits 46,039,570 1,502,308 — — 533,466 48,075,344 (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 $25.3 million, $20.4 million and $21.8 million for 2020, 2019 and 2018, respectively. (4) The internal reporting model used by management to assess segment performance does not calculate income tax expense by segment. Our effective tax rate is a reasonable approximation of the segment rates. (5) Total average assets equal the greater of total average assets or the sum of total average liabilities and total average stockholders’ equity for each segment to reconcile the results to the consolidated financial statements prepared in conformity with GAAP. (6) Included in the total average assets for SVB Leerink is goodwill of $137.8 million for both the years ended December 31, 2020 and 2019. (7) For the year ended December 31, 2018, amounts of client investment fees included in the line item "Noninterest Income" previously reported as "Other Items" have been correctly allocated to our reportable segment "Global Commercial Bank" to properly reflect the source of such revenue. The correction of this immaterial error had no impact on the "Total" amount of noninterest income. (8) For the year ended December 31, 2018, amounts for average assets previously reported as "Other Items" have been correctly allocated to the reportable segments "Global Commercial Bank" and “SVB 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 “SVB Private Bank.” The correction of this immaterial error had no impact on the "Total" amount of average assets. |
Parent Company Only Condensed F
Parent Company Only Condensed Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Only Condensed Financial Information | Parent Company Only Condensed Financial Information The condensed balance sheets of SVB Financial at December 31, 2020 and 2019, and the related condensed statements of income, comprehensive income and cash flows for 2020, 2019 and 2018, are presented below: Condensed Balance Sheets December 31, (Dollars in thousands) 2020 2019 Assets: Cash and cash equivalents $ 670,738 $ 800,926 Investment securities 666,860 474,842 Loans, amortized cost 682 15,245 Lease right-of-use assets 99,363 71,847 Other assets 260,331 214,167 Investment in subsidiaries: Bank subsidiary 7,068,964 5,034,095 Nonbank subsidiaries 666,997 432,073 Total assets $ 9,433,935 $ 7,043,195 Liabilities and SVBFG stockholders’ equity: 3.125% Senior Notes $ 495,280 $ — 3.50% Senior Notes 348,348 347,987 Lease liabilities 134,607 87,999 Other liabilities 236,000 136,903 Total liabilities $ 1,214,235 $ 572,889 SVBFG stockholders’ equity 8,219,700 6,470,306 Total liabilities and SVBFG stockholders’ equity $ 9,433,935 $ 7,043,195 Condensed Statements of Income Year ended December 31, (Dollars in thousands) 2020 2019 2018 Interest income $ 2,849 $ 4,473 $ 3,307 Interest expense (21,565) (31,666) (32,037) Dividend income from bank subsidiary 50,000 733,000 140,000 Gains on equity warrant assets, net 226,942 138,078 89,142 Gains on investment securities, net 157,594 45,345 13,546 Fund management fees and other noninterest income 62,046 21,567 26,388 General and administrative expenses (120,863) (94,712) (70,976) Income tax expense (145,790) (40,218) (14,383) Income before net income of subsidiaries 211,213 775,867 154,987 Equity in undistributed net income of bank subsidiary 776,243 303,618 793,641 Equity in undistributed net income of nonbank subsidiaries 220,912 57,371 25,212 Net income before preferred stock dividend $ 1,208,368 $ 1,136,856 $ 973,840 Preferred stock dividends (17,151) — — Net income available to common stockholders $ 1,191,217 $ 1,136,856 $ 973,840 Condensed Statements of Comprehensive Income Year ended December 31, (Dollars in thousands) 2020 2019 2018 Net income before preferred stock dividend $ 1,208,368 $ 1,136,856 $ 973,840 Other comprehensive income (loss), net of tax: Foreign currency translation gains (losses) 11,846 2,319 (4,107) Changes in unrealized holding gains and losses on AFS securities 70 2,310 120 Changes in fair value on bank cash flow hedges, net of reclassification adjustments in bank net income 131,403 (2,130) — Equity in other comprehensive income (loss) of bank and nonbank subsidiaries 394,753 136,066 (19,171) Reclassifications to retained earnings for the adoption of new accounting guidance — — (29,490) Other comprehensive income (loss), net of tax 538,072 138,565 (52,648) Total comprehensive income $ 1,746,440 $ 1,275,421 $ 921,192 Condensed Statements of Cash Flows Year ended December 31, (Dollars in thousands) 2020 2019 2018 Cash flows from operating activities: Net income before preferred stock dividend $ 1,208,368 $ 1,136,856 $ 973,840 Adjustments to reconcile net income to net cash provided by operating activities: Gains on equity warrant assets, net (226,942) (138,078) (89,142) Gains on investment securities, net (157,594) (45,345) (13,546) Gains on derivatives, net (30,018) — — Distributions of earnings from investment securities 65,237 49,776 47,596 Net income of bank subsidiary (826,243) (1,036,618) (933,641) Net income on nonbank subsidiaries (220,912) (57,371) (25,212) Cash dividends from bank subsidiary 50,000 733,000 140,000 Amortization of share-based compensation 83,986 66,815 45,675 Decrease in other assets 17,189 27,205 51,169 Increase in other liabilities 98,209 21,391 21,619 Other, net 13,206 8,084 (31,024) Net cash provided by operating activities 74,486 765,715 187,334 Cash flows from investing activities: Net decrease in investment securities from purchases, sales and maturities 122,823 128,635 73,742 Net decrease (increase) in loans 14,563 (15,245) — Increase in investment in bank subsidiary (68,630) (42,952) (31,292) Capital infusion in bank subsidiary (700,000) — — Decrease (increase) in investment in nonbank subsidiaries 4,271 23,275 (5,323) Business acquisitions (26,700) (265,601) — Net cash (used for) provided by investing activities (653,673) (171,888) 37,127 Cash flows from financing activities: Principal payments of long-term debt — (358,395) — Proceeds from issuance of 3.125% Senior Notes 495,024 — — Proceeds from issuance of common stock, ESPP and ESOP 31,146 24,818 18,387 Net proceeds from the issuance of preferred stock — 340,138 — Payment of preferred stock dividends (17,151) — — Common stock repurchase (60,020) (352,511) (147,123) Net cash provided by (used for) financing activities 448,999 (345,950) (128,736) Net (decrease) increase in cash and cash equivalents (130,188) 247,877 95,725 Cash and cash equivalents at beginning of period 800,926 553,049 457,324 Cash and cash equivalents at end of period $ 670,738 $ 800,926 $ 553,049 |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Data | Unaudited Quarterly Financial Data Our supplemental consolidated financial information for each three month period in 2020 and 2019 are as follows: Three months ended (Dollars in thousands, except per share amounts) March 31, June 30, September 30, December 31, 2020: Interest income $ 567,402 $ 523,523 $ 543,127 $ 607,558 Interest expense 43,265 10,596 15,387 16,078 Net interest income 524,137 512,927 527,740 591,480 Provision for (reduction) credit losses 243,480 66,481 (52,018) (38,433) Noninterest income 301,934 368,848 547,583 621,783 Noninterest expense 399,585 479,636 491,021 664,799 Income before income tax expense 183,006 335,658 636,320 586,897 Income tax expense 49,357 87,869 162,265 148,096 Net income before noncontrolling interests 133,649 247,789 474,055 438,801 Net loss (income) attributable to noncontrolling interests 1,973 (14,260) (27,748) (45,891) Preferred stock dividends (3,369) (4,594) (4,594) (4,594) Net income available to common stockholders $ 132,253 $ 228,935 $ 441,713 $ 388,316 Earnings per common share—basic $ 2.56 $ 4.44 $ 8.53 $ 7.49 Earnings per common share—diluted 2.55 4.42 8.47 7.40 2019: Interest income $ 551,014 $ 585,767 $ 583,892 $ 588,735 Interest expense 38,128 56,364 63,248 55,067 Net interest income 512,886 529,403 520,644 533,668 Provision for credit losses 28,551 23,946 36,536 17,383 Noninterest income 280,376 333,750 294,009 313,344 Noninterest expense 365,664 383,522 391,324 460,752 Income before income tax expense 399,047 455,685 386,793 368,877 Income tax expense 107,435 119,114 105,075 94,061 Net income before noncontrolling interests 291,612 336,571 281,718 274,816 Net income attributable to noncontrolling interests (2,880) (18,584) (14,437) (11,960) Net income available to common stockholders $ 288,732 $ 317,987 $ 267,281 $ 262,856 Earnings per common share—basic $ 5.49 $ 6.12 $ 5.19 $ 5.10 Earnings per common share—diluted 5.44 6.08 5.15 5.06 |
Legal Matters
Legal Matters | 12 Months Ended |
Dec. 31, 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 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Merger Agreement On January 4, 2021, the Company entered into a merger agreement with Boston Private (NASDAQ: BPFH) for total consideration of approximately $900 million, based on SIVB's closing price as of December 31, 2020. The merger consideration consists of $2.10 in cash and 0.0228 shares of SIVB common stock for each share of Boston Private common stock. Due to the fixed exchange ratio, the value of the consideration will change based on SIVB's stock price. The merger is expected to close in mid-2021 and is subject to regulatory approval. Series B Preferred Stock and Senior Notes Offerings On February 2, 2021, the Company issued depositary shares representing a 1/100th ownership interest in 750,000 shares of Series B Preferred Stock with $0.001 par value and liquidation preferences of $100,000 per share, or $1,000 per depositary share. Dividends, if approved and declared by the Board of Directors, are payable quarterly, in arrears, at a rate per annum equal to (i) 4.10 percent from the original issue date to, but excluding, February 15, 2031 and (ii) for the February 15, 2031 dividend date and during each subsequent ten year period, the ten-year treasury rate (calculated three business days prior to each reset date as the five day average of the yields on actively traded U.S. treasury securities adjusted to constant maturity, for ten-year maturities) plus 3.064 percent. Concurrently with the offering of the Series B Preferred Stock, SVB Financial issued $500 million of 1.800% Senior Notes due February 2031, with interest payments starting August 2, 2021, and payable every February 2 nd and August 2 nd . The notes will be senior unsecured obligations of SVB Financial Group and will rank equally with all of our other unsecured and unsubordinated indebtedness. For both the Series B Preferred Stock and Senior Notes, we intend to use the net proceeds for general corporate purposes, which may include working capital, capital investments and expenditures, supporting capital ratios at the Bank and capitalizing other operating subsidiaries allowing continued support for Bank clients. Potential Fraudulent Client Activity |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates may change as new information is obtained. Items that are subject to such estimates include: 1) measurements of fair value, which include the valuation of non-marketable and other equity securities and the valuation of equity warrant assets, 2) income taxes, and 3) the adequacy of the allowance for credit losses for loans and the allowance for credit losses for unfunded credit commitments. The following discussion of significant accounting policies includes further details regarding these estimates. |
Principles of Consolidation and Presentation | Principles of Consolidation and Presentation Our consolidated financial statements include the accounts of SVB Financial Group and consolidated entities. We consolidate voting entities in which we have control through voting interests or entities through which we have a controlling financial interest in a variable interest entity ("VIE"). We determine whether we have a controlling financial interest in a VIE by determining if we have (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses or (c) the right to receive the expected returns of the entity. Generally, we have significant variable interests if our commitments to a limited partnership investment represent a significant amount of the total commitments to the entity. We also evaluate the impact of related parties on our determination of variable interests in our consolidation conclusions. We consolidate VIEs in which we are the primary beneficiary based on a controlling financial interest. If we are not the primary beneficiary of a VIE, we record our pro-rata interests based on our ownership percentage. VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or equity investors and, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity or (c) the right to receive the expected returns of the entity. We assess VIEs to determine if we are the primary beneficiary of a VIE. A primary beneficiary is defined as a variable interest holder that has a controlling financial interest. A controlling financial interest requires both: (a) the power to direct the activities that most significantly impact the VIEs economic performance, and (b) the obligation to absorb losses or receive benefits of a VIE that could potentially be significant to a VIE. Under this analysis, we also evaluate kick-out rights and other participating rights, which could provide us a controlling financial interest. The primary beneficiary of a VIE is required to consolidate the VIE. 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, cash balances due from banks, interest-earning deposits, Federal Reserve deposits, federal funds sold, securities purchased under agreements to resell and other short-term investment securities. For the consolidated statements of cash flows, we consider cash equivalents to be investments that are readily convertible to known amounts of cash, so near to their maturity that they present an insignificant risk of change in fair value due to changes in market interest rates, and purchased in conjunction with our cash management activities. |
Available-for-Sale and Held-to-Maturity 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. We consider numerous factors in determining whether a credit loss exists and the period over which the debt security is expected to recover. The following list is not meant to be all inclusive. All of the following factors are considered: • The length of time and the extent to which the fair value has been less than the amortized cost basis (severity and duration); • Adverse conditions specifically related to the security, an industry or geographic area; for example, changes in the financial condition of the issuer of the security, or in the case of an asset-backed debt security, changes in the financial condition of the underlying loan obligors. Examples of those changes include any of the following: ◦ Changes in technology; ◦ The discontinuance of a segment of the business that may affect the future earnings potential of the issuer or underlying loan obligors of the security; and ◦ Changes in the quality of the credit enhancement. • The historical and implied volatility of the fair value of the security; • The payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future; • Failure of the issuer of the security to make scheduled interest or principal payments; • Any changes to the rating of the security by a rating agency; and • Recoveries or additional declines in fair value after the balance sheet date. In accordance with ASC 310-20, Receivables-Nonrefundable Fees and Other Costs , we use estimates of future principal prepayments, provided by third-party market-data vendors, in addition to actual principal prepayment experience to calculate the constant effective yield necessary to apply the effective interest method in the amortization of purchase discounts or premiums on mortgage-backed securities and fixed rate collateralized mortgage obligations. The accretion and amortization of discounts and premiums, respectively, are included in interest income over the contractual terms of the underlying securities replicating the effective interest method. Held-to-Maturity Securities and the Allowance for Credit Losses on Held-to-Maturity Securities Debt securities purchased with the positive intent and ability to hold to its maturity are classified as held-to-maturity securities and are recorded at amortized cost, net of any allowance for credit losses. Effective January 1, 2020, we measure expected credit losses ("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 Aa2. 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 $55.0 million at December 31, 2020 and $45.2 million at December 31, 2019 and is excluded from the amortized cost disclosures within our HTM security disclosures in Note 8—“Investment Securities” as it is included and reported separately within "Accrued interest receivable and other assets" in our 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. Prior to the adoption of CECL, we applied the other-than-temporary impairment standards of ASC 320, Investment-Debt and Equity Securities, for our held-to-maturity securities. For periods prior to January 1, 2020, we separated the amount of the other-than-temporary impairment, if any, into the amount that is credit related (credit loss component) and the amount due to all other factors. The credit loss component is recognized in earnings and is the difference between a security's amortized cost basis and the present value of expected future cash flows discounted at the security's effective interest rate. The amount due to all other factors is recognized in other comprehensive income. |
Non-Marketable and Other Securities | Non-Marketable and Other Equity Securities Non-marketable and other equity securities include investments in venture capital and private equity funds, SPD-SVB, debt funds, private and public portfolio companies, including public equity securities held as a result of equity warrant assets exercised, and investments in qualified affordable housing projects. A majority of these investments are managed through our SVB Capital funds business in funds of funds and direct venture funds. Our accounting for investments in non-marketable and other equity securities depends on several factors, including the level of ownership, power to control and the legal structure of the subsidiary making the investment. As further described below, we base our accounting for such securities on: (i) fair value accounting, (ii) measurement alternative for other investments without a readily determinable fair value, (iii) equity method accounting and (iv) the proportional amortization method which is used only for qualified affordable housing projects. |
Fair Value Accounting | Fair Value Accounting Under fair value accounting, investments are carried at their estimated fair value based on financial information obtained as the general partner of the fund or obtained from the funds' respective general partner. For direct private company investments, valuations are based upon consideration of a range of factors including, but not limited to, the price at which the investment was acquired, the term and nature of the investment, local market conditions, values for comparable securities, current and projected operating performance, exit strategies and financing transactions subsequent to the acquisition of the investment. F or direct equity investments in public companies, valuations are based on quoted market prices less a discount if the securities are subject to certain sales restrictions. Sales restriction discounts generally range from ten to twenty depending on the sale restrictions which typically range from three For our fund investments, we utilize the net asset value as obtained from the general partners of the fund investments as the funds do not have a readily determinable fair value. The general partners of our fund investments prepare their financial statements using guidance consistent with fair value accounting. We account for differences between our measurement date and the date of the fund investment's net asset value by using the most recent available financial information from the investee general partner, for example September 30 th , for our December 31 st consolidated financial statements. We adjust the value of our investments for any contributions paid, distributions received from the investment and known significant fund transactions or market events about which we are aware through information provided by the fund managers or from publicly available transaction data during the reporting period. |
Other Investments without a Readily Determinable Fair Value | Other Investments without a Readily Determinable Fair Value Our direct investments in private companies do not have a readily determinable fair value. We measure these investments at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments from the same issuer. Such changes are recognized through earnings. 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, 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. |
Equity Method | Equity Method Our equity method non-marketable securities consist of investments in venture capital and private equity funds, privately-held companies, debt funds, and joint ventures. Our equity method non-marketable securities and related accounting policies are described as follows: • Equity securities and investments in limited partnerships, such as preferred or common stock in privately-held companies in which we hold a voting interest of at least 20 percent, or in which we have the ability to exercise significant influence over the investees' operating and financial policies through voting interests, board involvement or other influence are accounted for under the equity method, • Investments in limited partnerships in which we hold voting interests of more than 5 percent, or in which we have the ability to exercise significant influence over the partnerships' operating and financial policies, are accounted for using the equity method, and • Our SPD-SVB (the Bank's joint venture bank in China) partnership, for which we have 50 percent ownership, is accounted for under the equity method. We recognize our proportionate share of the results of operations of these equity method investees in our results of operations, based on the most current financial information available from the investee. We review our investments accounted for under the equity method at least quarterly for possible other-than-temporary impairment. Our review typically includes an analysis of facts and circumstances for each investment, the expectations of the investment's future cash flows and capital needs, variability of its business and the company's exit strategy. For our fund investments, we utilize the net asset value per share as provided by the general partners of the fund investments. We account for differences between our measurement date and the date of the fund investment's net asset value by using the most recent available financial information from the investee general partner, for example September 30 th , for our December 31 st consolidated financial statements. We adjust the value of our investments for any contributions paid, distributions received from the investment, and known significant fund transactions or market events about which we are aware through information provided by the fund managers or from publicly available transaction data during the reporting period. |
Proportional Amortization Method | Proportional Amortization MethodIn order to fulfill our responsibilities under the Community Reinvestment Act, we invest as a limited partner in low income housing partnerships that operate qualified affordable housing projects and generate tax benefits, including federal low income housing tax credits, for investors. The partnerships are deemed to be VIEs because they do not have sufficient equity investment at risk and are structured with non-substantive voting rights. We are not the primary beneficiary of the VIEs and do not consolidate them. Our investments in low income housing partnerships are recorded in non-marketable and other equity securities within our investment securities portfolio on the consolidated balance sheet. As a practical expedient, we amortize the investment in proportion to the allocated tax benefits under the proportional amortization method of accounting and present such benefits net of investment amortization in income tax expense. |
Loans | Loans Loans are reported at 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 | Allowance for Credit Losses: Loans The allowance for credit losses for loans considers credit risk and is adjusted by a provision for 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 and Risk-Based Segments The process to estimate the ECL on loans involves procedures to appropriately consider the unique characteristics of our six loan portfolio segments. Our six portfolio segments are determined by using the following risk dimensions: (i) underwriting methodology, (ii) industry niche and (iii) life stage. The six 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. For further information refer to Note 9—“Loans and Allowance for Credit Losses: Loans and Unfunded Credit Commitments.” The following provides additional information regarding our six portfolio segments and the additional disaggregation of our 11 risk-based segments: Global Fund Banking The vast majority of our Global Fund Banking (formerly Private Equity/Venture Capital) portfolio segment 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 certain private equity and venture capital 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. Investor Dependent - Accelerator (Early-Stage) and Growth (Mid-Stage and Later-Stage) Investor Dependent loans are comprised of two portfolio segments: (i) Accelerator, which is comprised of Early-Stage clients, and (ii) Growth, which is comprised of Mid-Stage and Later-Stage clients. Our Investor Dependent loans are made primarily to technology and life science/healthcare companies. 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 non-performing or charged-off. Our Accelerator, or Early-Stage, portfolio segment consists of pre-revenue, development-stage companies and companies that are in the early phases of commercialization, with revenues of up to $5 million. Our Growth portfolio segment is disaggregated into two risk-based segments for disclosure purposes; Mid-Stage and Later-Stage. 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 of our Investor Dependent loans is based in part on the materially different historical loss rate we have experienced with each risk-based segment, with historical loss rates being the highest in the Early-Stage portfolio segment, and declining in the Mid-Stage and Later-Stage risk-based 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. Cash Flow and Balance Sheet Dependent Our Cash Flow and Balance Sheet Dependent portfolio segment is disaggregated into Cash Flow Dependent and Balance Sheet Dependent loans. Additionally, our Cash Flow Dependent loans are disaggregated into two risk-based segments for disclosure purposes: (i) Sponsor Led Buyout and (ii) Other. Our Cash Flow Dependent loans are made primarily to technology and life science/healthcare companies 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, 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 with loan structures that include meaningful financial covenants. The sponsor's equity contribution is often 50 percent or more of the acquisition price. 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. Private Bank Our Private Bank clients are primarily private equity/venture capital professionals and executives in the innovation companies they support. We offer a customized suite of private banking services, including mortgages, home equity lines of credit, restricted and private stock loans, capital call lines of credit, lines of credit against liquid assets and other secured and unsecured lending products, as well as cash and wealth management services. In addition, we provide owner occupied commercial mortgages to Private Bank clients and real estate secured loans to eligible employees through our EHOP. Premium Wine and Other Our Premium Wine and Other portfolio segment consists of two risk-based segments for disclosure purposes: (i) Premium Wine and (ii) Other. Our Premium Wine clients primarily consist of premium wine producers, vineyards and wine industry or hospitality related businesses 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 risk-based segment primarily includes our community development loans made as part of our responsibilities under the Community Reinvestment Act. SBA Loans SBA loans are included across all of our six portfolio segments and are separately disclosed as a single risk-based segment. We participated in the SBA's Paycheck Protection Program ("PPP") 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 initial borrowers, and up to $2 million for second-time borrowers, as provided by the CARES Act, the Economic Aid Act, and related regulations and guidance. The ability to disburse loans under the PPP was extended to March 31, 2021 after the enactment of the Economic Aid Act and we have also begun accepting forgiveness applications from clients, whereby clients apply for loans to be forgiven (paid off) by the SBA. Loans funded under this program are 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 United States. 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 is the sum of 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 AIR on loans as AIR is reversed or written off when the full collection of the AIR related to a loan becomes doubtful, which is when loans are placed on nonaccrual status. AIR on loans totaled $126.4 million at December 31, 2020 and $119.1 million at December 31, 2019 and is excluded from the amortized cost disclosures in Note 9—“Loans and Allowance for Credit Losses: Loans and Unfunded Credit Commitments”, as it is included and reported separately within "Accrued interest receivable and other assets" in our 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 appropriateness 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 a calculation of three predictive metrics: (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 judgment. 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 using an autoregressive method of mean reversion that will continue to gradually trend towards the mean historical loss over the remaining contractual lives of loans, 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 model imprecision, emerging risk assessments, trends and other subjective factors that may not be adequately represented in quantitative ECL models. These adjustments to historical loss information are for asset specific risk characteristics, and also reflect our assessment of the extent that current conditions and reasonable and supportable forecasts differ from conditions that existed during the period over which historical information was evaluated. These adjustments 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 our 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 our 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 Unfunded Credit Commitments | 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 on unfunded credit commitments. |
Uncollectible Loans and Write-offs | Uncollectible Loans and Write-offs Our charge-off policy applies to all loans, regardless of portfolio segment. Commercial loans are considered for a full or partial charge-off in the event that principal or interest is over 180 days past due and the loan lacks sufficient collateral and it is not in the process of collection. Consumer loans are considered for a full or partial charge-off in the event that principal or interest is over 120 days past due and the loan lacks sufficient collateral and it is not in the process of collection. We also consider writing off loans in the event of any of the following circumstances: 1) the loan, or a portion of the loan is deemed uncollectible due to: a) the borrower's inability to make recurring payments, b) material changes in the borrower's financial condition, or c) the expected sale of all or a portion of the borrower's business is insufficient to repay the loan in full, or 2) the loan has been identified for charge-off by regulatory authorities. |
Troubled Debt Restructurings (TDRs) | Troubled Debt Restructurings A TDR arises from the modification of a loan where we have granted a concession to the borrower related to the borrower's financial difficulties that we would not have otherwise considered for economic or legal reasons. These concessions may include: (1) deferral of payment for more than an insignificant period of time that does not include sufficient offsetting borrower concessions; (2) interest rate reductions; (3) extension of the maturity date outside of ordinary course extension; (4) principal forgiveness; and/or (5) reduction of accrued interest. We use the factors in ASC 310-40, Receivables, Troubled Debt Restructurings by Creditors, in analyzing when a borrower is experiencing financial difficulty, and when we have granted a concession, both of which must be present for a restructuring to meet the criteria of a TDR. If we determine that a TDR exists, we measure impairment based on the present value of expected future cash flows discounted at the loan's effective interest rate, except that as a practical expedient, we may also measure impairment based on a loan's observable market price, or the fair value of the collateral less selling costs if the loan is a collateral-dependent loan. In April 2020, we implemented three loan payment deferral programs targeted to assist borrowers who were the most impacted by the COVID-19 pandemic. These programs included relief for venture-backed, private bank and wine borrowers who met certain criteria. For loans modified under these programs, in accordance with the provisions of Section 4013 of the CARES Act, we elected to not apply troubled debt restructuring classifications to borrowers who were current as of December 31, 2019. In addition, for loans that did not meet the CARES Act criteria, we applied the guidance in an interagency statement issued by bank regulatory agencies. Using this guidance, we may find that borrowers are not experiencing financial difficulty that may otherwise result in a TDR classification, in accordance with ASC Subtopic 310-40, if loan modifications are performed in response to the COVID-19 pandemic, provide short-term loan payment deferrals (e.g. six months in duration) and are granted to borrowers who were current as of the implementation date of the loan modification program. We evaluated all loans modified under these programs against the CARES Act and interagency guidance, as applicable, and determined the loan modifications would not be considered TDRs. We did not defer interest income recognition during periods of payment deferral, nor did any qualifying modification trigger nonaccrual status. |
Nonaccrual Loans | Nonaccrual Loans Loans are generally placed on nonaccrual status when they become 90 days past due as to principal or interest payments (unless the principal and interest are well secured and in the process of collection); or when we have determined, based upon currently known information, that the timely collection of principal or interest is not probable. When a loan is placed on nonaccrual status, the accrued interest and fees are reversed against interest income and the loan is accounted for using the cost recovery method thereafter until qualifying for return to accrual status. For a loan to be returned to accrual status, all delinquent principal and interest must become current in accordance with the terms of the loan agreement and future collection of remaining principal and interest must be deemed probable. We apply a cost recovery |
Premises and Equipment | Premises and Equipment Premises and equipment are reported at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets or the terms of the related leases, whichever is shorter. The maximum estimated useful lives by asset classification are as follows: Leasehold improvements Lesser of lease term or asset life Furniture and equipment 7 years Computer software 3-7 years Computer hardware 3-5 years We capitalize the costs of computer software developed or obtained for internal use, including costs related to developed software, purchased software licenses and certain implementation costs. For property and equipment that is retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in noninterest expense in consolidated net income. |
Lease Obligations | Lease Obligations We have entered into leases for real estate and various equipment utilized for the business. At the inception of the lease, each lease is evaluated to determine whether the lease will be accounted for as an operating or finance lease. We had no finance lease obligations at December 31, 2020 and 2019. We have made an accounting policy election not to recognize right-of-use assets and lease liabilities that arise from short-term leases for any class of underlying asset. In addition to excluding short-term leases, we have implemented an accounting policy in which non-lease components are not separated from lease components in the measurement of right-of-use ("ROU") asset and lease liabilities for all lease contracts. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company reviews ROU assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. ROU assets are reviewed for recoverability at the lowest level in which there are identifiable cash flows (“asset group”). The carrying amount of an asset group is not considered recoverable if it exceeds the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If the asset group is determined not to be recoverable, then an impairment charge is recognized in the amount by which the carrying amount of the store asset group exceeds its fair value. The resulting impairment charge, if any, is allocated to the underlying assets on a pro rata basis using their relative carrying amounts. |
Business Combinations | Business Combinations Business combinations are accounted for under the acquisition method of accounting. Acquired assets, including separately identifiable intangible assets, and assumed liabilities are recorded at their acquisition-date estimated fair values. The excess of the cost of acquisition over these fair values is recognized as goodwill. During the measurement period, which cannot exceed one year from the acquisition date, changes to estimated fair values are recognized as an adjustment to goodwill. Certain transaction costs are expensed as incurred. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is not amortized and is subject, at a minimum, to an annual impairment assessment. A quantitative assessment will be completed if we have not recently completed a fair value assessment of the associated reporting unit and compared the assessed fair value of that reporting unit with its carrying amount, including goodwill. Should we be required to calculate the fair value of the entity, we would generally apply a discounted cash flow analysis that uses forecasted |
Fair Value Measurements | 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 consolidated financial statements. Fair Value Measurement-Definition and Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (the “exit price”) in an orderly transaction between market participants at the measurement date. There is a three-level hierarchy for disclosure of assets and liabilities recorded at fair value. The classification of assets and liabilities within the hierarchy is based on whether the inputs to the valuation methodology used for measurement are observable or unobservable and 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 are compared to the average of quoted market prices obtained from independent brokers. We perform a monthly analysis on the values received from third parties so 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. Prices received from independent brokers represent a reasonable estimate of the fair value and are validated through the use of observable market inputs including comparable trades, yield curve, spreads and, when available, market indices. If we determine 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. 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. 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 |
Fee-based Services Revenue Recognition | Fee-based Services Revenue Recognition Refer to Note 16—“Noninterest Income” for our fee-based services revenue recognition policies for our contracts with customers. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Our federal, state and foreign income tax provisions are based upon taxes payable for the current year, current year changes in deferred taxes related to temporary differences between the tax basis and financial statement balances of assets and liabilities, and a reserve for uncertain tax positions. Deferred tax assets and liabilities are included in the consolidated financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. A valuation allowance is provided, when it is determined based upon available evidence, that it is more likely than not that some portion of the deferred tax asset will not be realized. We file a consolidated federal income tax return, and consolidated, combined, or separate state income tax returns as appropriate. Our foreign incorporated subsidiaries file tax returns in the applicable foreign jurisdictions. We record interest and penalties related to unrecognized tax benefits in other noninterest expense, a component of consolidated net income. |
Share-Based Compensation | Share-Based Compensation For all stock-based awards granted, stock-based compensation expense is amortized on a straight-line basis over the requisite service period, including consideration of vesting conditions and anticipated forfeitures. The fair value of stock options are measured using the Black-Scholes option-pricing model and the fair value for restricted stock awards and restricted stock units are based on the quoted price of our common stock on the date of grant. |
Earnings Per Share | Earnings Per Share Basic earnings per common share is computed using the weighted average number of common stock shares outstanding during the period. Diluted earnings per common share is computed using the weighted average number of common stock shares and potential common shares outstanding during the period. Potential common shares consist of stock options, ESPP shares and restricted stock units. Common stock equivalent shares are excluded from the computation if the effect is antidilutive. |
Derivative Financial Instruments | Derivative Financial Instruments All derivative instruments are recorded on the balance sheet at fair value. The accounting for changes in fair value of a derivative financial instrument depends on whether the derivative financial instrument is designated and qualifies as part of a hedging relationship and, if so, the nature of the hedging activity. Changes in fair value are recognized through earnings for derivatives that do not qualify for hedge accounting treatment, or that have not been designated in a hedging relationship. Cash Flow Hedges For derivative instruments that are designated and qualify as a cash flow hedge, 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, Derivatives and Hedging ("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. Equity Warrant Assets In connection with negotiated credit facilities and certain other services, we may obtain equity warrant assets giving us the right to acquire stock in primarily private, venture-backed companies in the technology and life science/healthcare industries. We hold these assets for prospective investment gains. We do not use them to hedge any economic risks nor do we use other derivative instruments to hedge economic risks stemming from equity warrant assets. We account for equity warrant assets in certain private and public client companies as derivatives when they contain net settlement terms and other qualifying criteria under ASC 815. In general, equity warrant assets entitle us to buy a specific number of shares of stock at a specific price within a specific time period. Certain equity warrant assets contain contingent provisions, which adjust the underlying number of shares or purchase price upon the occurrence of certain future events. Substantially all of our warrant agreements contain net share settlement provisions, which permit us to receive at exercise a share count equal to the intrinsic value of the warrant divided by the share price (otherwise known as a “cashless” exercise). These equity warrant assets are recorded at fair value and are classified as derivative assets, a component of other assets, on our consolidated balance sheet at the time they are obtained. The grant date fair values of equity warrant assets received in connection with the issuance of a credit facility are deemed to be loan fees and recognized as an adjustment of loan yield through loan interest income. Similar to other loan fees, the yield adjustment related to grant date fair value of warrants is recognized over the life of that credit facility. Any changes in fair value from the grant date fair value of equity warrant assets will be recognized as increases or decreases to other assets on our balance sheet and as net gains or losses on equity warrant assets, in noninterest income, a component of consolidated net income. We value our equity warrant assets using a Black-Scholes option pricing model, which incorporates the following significant inputs: • An underlying asset value, which is estimated based on current information available in valuation reports, including any information regarding subsequent rounds of funding or performance of a company. • Stated strike price, which can be adjusted for certain warrants upon the occurrence of subsequent funding rounds or other future events. • Price volatility or risk associated with possible changes in the warrant price. The volatility assumption is based on historical price volatility of publicly traded companies within indices similar in nature to the underlying client companies issuing the warrant. The actual volatility input is based on the mean and median volatility for an individual public company within an index for the past 16 quarters, from which an average volatility was derived. • Actual data on terminations and exercises of our warrants are utilized as the basis for determining the expected remaining life of the warrants in each financial reporting period. Warrants may be exercised in the event of acquisitions, mergers or IPOs, and cancelled due to events such as bankruptcies, restructuring activities or additional financings. These events cause the expected remaining life assumption to be shorter than the contractual term of the warrants. • The risk-free interest rate is derived from the Treasury yield curve and is calculated based on a weighted average of the risk-free interest rates that correspond closest to the expected remaining life of the warrant. • Other adjustments, including a marketability discount, are estimated based on management's judgment about the general industry environment. • Number of shares and contingencies associated with obtaining warrant positions such as the funding of associated loans. When a company in the portfolio completes an IPO, or is acquired, we may exercise these equity warrant assets for shares or cash. In the event of an exercise for common stock shares, the basis or value in the common stock shares is reclassified from other assets to investment securities on the balance sheet on the latter of the exercise date or corporate action date. The common stock of public companies are classified as non-marketable and other equity securities. Changes in the fair value of the common stock shares is recorded as gains or losses on investments securities, in noninterest income, a component of consolidated net income. The common stock of private companies are classified as non-marketable and other equity securities. We account for these securities under the methodology under ASU 2016-01, other investments without a readily determinable fair value. The carrying value in the private common stock without a readily determinable fair 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 and are recorded as gains or losses on investments securities, in noninterest income, a component of consolidated net income. Foreign Exchange Forwards and Foreign Currency Option Contracts We enter into foreign exchange forward contracts and foreign currency option contracts with clients involved in international activities, either as the purchaser or seller, depending upon the clients' need. We also enter into an opposite- way forward or option contract with a correspondent bank to economically hedge client contracts to mitigate the fair value risk to us from fluctuations in currency rates. Settlement, credit and operational risks remain. We also enter into forward contracts with correspondent banks to economically hedge currency exposure risk related to certain foreign currency denominated assets and liabilities. These contracts are not designated as hedging instruments and are recorded at fair value in our consolidated balance sheets. The contracts generally have terms of one year or less, although we may have contracts extending for up to five years. Generally, we have not experienced nonperformance on these contracts, have not incurred credit losses and anticipate performance by all counterparties to such agreements. Changes in the fair value of these contracts are recognized in consolidated net income under other noninterest income, a component of noninterest income. Period-end gross positive fair values are recorded in other assets and gross negative fair values are recorded in other liabilities. Interest Rate Contracts |
Recent Accounting Pronouncements | 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 9—“Loans and Allowance for Credit Losses: Loans and Unfunded Credit Commitments.” Upon the adoption of the standard on January 1, 2020, and based on our loan, unfunded credit commitment, and HTM security portfolios composition at December 31, 2019, and the then current economic environment, we recorded a $48.5 million increase to the allowance for credit losses. After adjusting for deferred taxes, a $35.0 million decrease was recorded to retained earnings through a cumulative-effect adjustment. 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 disaggregated risk-based segments determined by portfolio segments that align 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 - Accelerator (Early-Stage) and Growth (Mid-Stage and Later-Stage) and Cash Flow (Sponsor Led Buyout and Other) and 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. Summary of Allowance for Loan Losses, Allowance for Unfunded Credit Commitments and Impaired Loans Superseded by Recently Adopted Accounting Standards (Applicable to the Years Ending December 31, 2019 and 2018) Allowance for Loan Losses The allowance for loan losses considers credit risk and is established through a provision for loan losses charged to expense. Our allowance for loan losses is established for estimated loan losses that are probable and incurred but not yet realized. Our evaluation process is designed to determine that the allowance for loan losses is appropriate at the balance sheet date. The process of estimating loan losses is inherently imprecise. We maintain a systematic process for the evaluation of individual loans and pools of loans for inherent risk of loan losses. At the time of approval, each loan in our portfolio is assigned a Credit Risk Rating and industry niche. Credit Risk Ratings are assigned on a scale of 1 to 10, with 1 representing loans with a low risk of nonpayment, 9 representing loans with the highest risk of nonpayment, and 10 representing loans which have been charged-off. The credit risk ratings for each loan are monitored and updated on an ongoing basis. This Credit Risk Rating process includes, but is not limited to, consideration of such factors as payment status, the financial condition and operating performance of the borrower, borrower compliance with loan covenants, underlying collateral values and performance trends, the degree of access to additional capital, the presence of credit enhancements such as third party guarantees (where applicable), the degree to which the borrower is sensitive to external factors, the depth and experience of the borrower's management team, potential loan concentrations, and general economic conditions. Our policies require a committee of senior management to review, at least quarterly, credit relationships with a credit risk rating of 5 through 9 that exceed specific dollar values. Our review process evaluates the appropriateness of the credit risk rating and allocation of the allowance for loan losses, as well as other account management functions. The allowance for loan losses is determined based on a qualitative analysis and a formula allocation for similar risk-rated loans categorized by portfolio segment, and individually for impaired loans. The formula allocation provides the average loan loss experience for each portfolio segment, which considers our quarterly historical loss experience since the year 2000, both by risk-rating category and client industry sector. The resulting loan loss factors for each risk-rating category and client industry sector are ultimately applied to the respective period-end client loan balances for each corresponding risk-rating category and client industry sector to provide an estimation of the allowance for loan losses. The probable loan loss experience for any one year period of time is reasonably expected to be greater or less than the average as determined by the loss factors. As such, management applies a qualitative allocation to the results of the aforementioned model to ascertain the total allowance for loan losses. This qualitative allocation is based on management's assessment of the risks that may lead to a loan loss experience that is different from our historical loan loss experience. Based on management's prediction or estimate of changing risks in the lending environment, the qualitative allocation may vary significantly from period to period and includes, but is not limited to, consideration of the following factors: • Changes in lending policies and procedures, including underwriting standards and collections, and charge-off and recovery practices; • Changes in national and local economic business conditions, including the market and economic condition of our clients' industry sectors; • Changes in the nature of our loan portfolio; • Changes in experience, ability, and depth of lending management and staff; • Changes in the trend of the volume and severity of past due and classified loans; • Changes in the trend of the volume of nonaccrual loans, troubled debt restructurings and other loan modifications; • Reserve floor for portfolio segments that would not draw a minimum reserve based on the lack of historical loan loss experience; • Reserve for large funded loan exposure; • Reserve for performing impaired loan exposure; and • Other factors as determined by management from time to time. While the evaluation process of our allowance for loan losses uses historical and other objective information, the classification of loans and the establishment of the allowance for loan losses rely, to a great extent, on the judgment and experience of our management. Allowance for Unfunded Credit Commitments We record a liability for probable and estimable incurred losses associated with our unfunded credit commitments being funded and subsequently being charged off. Each quarter, every unfunded client credit commitment is allocated to a credit risk-rating in accordance with each client's credit risk rating and portfolio segment. We use the segment specific historical loan loss factors described above under "Allowance for Loan Losses" to calculate the loan loss experience if unfunded credit commitments are funded. Separately, we use historical trends to calculate a probability of an unfunded credit commitment being funded. We apply the loan funding probability factor to risk-factor adjusted unfunded credit commitments by credit risk-rating and portfolio segment to derive the allowance for unfunded credit commitments, similar to funded loans. The allowance for unfunded credit commitments also includes certain qualitative allocations as deemed appropriate by management. We include the allowance for unfunded credit commitments in other liabilities and the related provision in our provision for credit losses. Impaired Loans A loan is considered impaired when, based upon currently known information, it is deemed probable that we will be unable to collect all amounts due according to the contractual terms of the agreement. On a quarterly basis, we review our loan portfolio for impairment. Within each class of loans, we review individual loans for impairment based on credit risk ratings. Loans risk-rated 5 through 7 are performing loans; however, we consider them as demonstrating higher risk, which requires more frequent review of individual exposures. Such loans translate to an internal rating of "Performing (Criticized)" and could be classified as a performing impaired loan. For each loan identified as impaired, we measure the impairment based upon the present value of expected future cash flows discounted at the loan's effective interest rate. In limited circumstances, we may measure impairment based on the loan's observable market price or the fair value of the collateral less selling costs if the loan is collateral dependent. Impaired collateral-dependent loans will have independent appraisals completed and accepted at least annually. The fair value of the collateral will be determined by the most recent appraisal, as adjusted to reflect a reasonable marketing period for the sale of the asset(s) and an estimate of reasonable selling expenses. If it is determined that the value of an impaired loan is less than the recorded investment in the loan, net of previous charge-offs and payments collected, we recognize impairment through the allowance for loan losses as determined by our analysis. |
Reclassifications | Reclassifications Certain prior period amounts primarily related to the adoption of the ASU 2016-13 Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments) ("ASU 2016-13" or "CECL") as mentioned above have been reclassified to conform to current period presentations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Ownership Interests in Investments Held Under Fair Value Accounting | A summary of our ownership interests in the investments held under fair value accounting as of December 31, 2020 is presented in the following table: Limited partnership Company Direct and Indirect Ownership in Limited Partnership Managed funds of funds Strategic Investors Fund, LP 12.6 % Capital Preferred Return Fund, LP 20.0 Growth Partners, LP 33.0 |
Maximum Estimated Useful Lives by Asset Classification | The maximum estimated useful lives by asset classification are as follows: Leasehold improvements Lesser of lease term or asset life Furniture and equipment 7 years Computer software 3-7 years Computer hardware 3-5 years |
Stockholders' Equity and EPS (T
Stockholders' Equity and EPS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity and Earnings Per Share [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table summarizes the items reclassified out of accumulated other comprehensive income into the Consolidated Statements of Income for 2020, 2019 and 2018 : Year ended December 31, (Dollars in thousands) Income Statement Location 2020 2019 2018 Reclassification adjustment for (gains) losses on available-for-sale securities included in net income Gains on investment securities, net $ (61,165) $ 3,905 $ 740 Related tax expense (benefit) Income tax expense 16,953 (1,087) (205) Reclassification adjustment for (gains) losses on cash flow hedges included in net income Net interest income (49,928) 5,358 — Related tax expense (benefit) Income tax expense 13,692 (1,489) — Total reclassification adjustment for (gains) losses included in net income, net of tax $ (80,448) $ 6,687 $ 535 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income | The table below summarizes the activity relating to net gains and losses on our cash flow hedges included in accumulated other comprehensive income for 2020, 2019 and 2018. Refer to Note 15—“Derivative Financial Instruments” for additional information regarding the termination of our cash flow hedges during the quarter ended March 31, 2020. Over the next 12 months, we expect that approximately $63.3 million in accumulated other comprehensive income ("AOCI") at December 31, 2020, related to our cash flow hedges will be reclassified out of AOCI and recognized in net income. Year ended December 31, (Dollars in thousands) 2020 2019 2018 Balance, beginning of period, net of tax $ (2,130) $ — $ — Net increase (decrease) in fair value, net of tax 167,639 (5,999) — Net realized (gain) loss reclassified to net income, net of tax (36,236) 3,869 — Balance, end of period, net of tax $ 129,273 $ (2,130) $ — |
Reconciliation of Basic EPS to Diluted EPS | The following is a reconciliation of basic EPS to diluted EPS for 2020, 2019 and 2018: Year ended December 31, (Dollars and shares in thousands, except per share amounts) 2020 2019 2018 Numerator: Net income available to common stockholders $ 1,191,217 $ 1,136,856 $ 973,840 Denominator: Weighted average common shares outstanding—basic 51,685 51,915 53,078 Weighted average effect of dilutive securities: Stock options and ESPP 151 227 377 Restricted stock units 248 169 317 Weighted average common shares outstanding—diluted 52,084 52,311 53,772 Earnings per common share: Basic $ 23.05 $ 21.90 $ 18.35 Diluted 22.87 21.73 18.11 |
Weighted Average Common Shares Excluded from Diluted EPS Calculation | The following table summarizes the weighted average common shares excluded from the diluted EPS calculation due to the antidilutive effect for 2020, 2019 and 2018: Year ended December 31, (Shares in thousands) 2020 2019 2018 Stock options 279 167 59 Restricted stock units 10 250 85 Total 289 417 144 |
Schedule of Preferred Stock | The following table summarizes our preferred stock at December 31, 2020: Series Description Amount outstanding (in millions) Carrying value Shares issued and outstanding Par Value Ownership interest per depositary share Liquidation preference per depositary share 2020 dividends paid per depositary share Series A 5.250% Fixed-Rate Non-Cumulative Perpetual Preferred Stock $ 350 $ 340.1 350,000 $ 0.001 1/40th $ 25 $ 1.23 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share Based Compensation and Related Benefits | In 2020, 2019 and 2018, we recorded share-based compensation and related benefits as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Share-based compensation expense $ 83,986 $ 66,815 $ 45,675 Income tax benefit related to share-based compensation expense (20,426) (16,152) (10,997) Capitalized compensation costs 1,383 1,517 1,466 |
Unrecognized Share Based Compensation Expense | As of December 31, 2020, unrecognized share-based compensation expense was as follows: (Dollars in thousands) Unrecognized Weighted Average Expected Recognition Period - in Years Stock options $ 13,854 2.42 Restricted stock awards/units 119,764 2.59 Total unrecognized share-based compensation expense $ 133,618 |
Weighted Average Assumptions and Fair Values Used for Employee Stock Options and Restricted Stock Units | The following weighted average assumptions and fair values were used for our employee stock options and restricted stock units: Equity Incentive Plan Awards 2020 2019 2018 Weighted average expected term of options - in years 4.6 4.6 4.8 Weighted average expected volatility of the Company's underlying common stock 41.9 % 35.5 % 34.7 % Risk-free interest rate 0.37 2.26 2.82 Expected dividend yield — — — Weighted average grant date fair value - stock options $ 66.44 $ 83.50 $ 105.81 Weighted average grant date fair value - restricted stock units 199.51 243.65 294.50 |
Weighted Average Assumptions and Fair Values Used for ESPP | The following weighted average assumptions and fair values were used for our ESPP: ESPP 2020 2019 2018 Expected term in years 0.5 0.5 0.5 Weighted average expected volatility of the Company's underlying common stock 51.9 % 38.1 % 32.2 % Risk-free interest rate 1.12 2.40 1.79 Expected dividend yield — — — Weighted average grant date fair value $ 69.54 $ 52.90 $ 62.76 |
Stock Option Information Related to Equity Incentive Plan | The table below provides stock option information related to the 2006 Equity Incentive Plan for the year ended December 31, 2020: Options Weighted Weighted Average Remaining Contractual Life - in Years Aggregate Intrinsic Value of Outstanding at December 31, 2019 625,407 $ 169.33 Granted 124,091 187.59 Exercised (173,536) 106.42 Forfeited (15,931) 232.60 Expired (1,030) 71.11 Outstanding at December 31, 2020 559,001 191.29 4.01 $ 109,865,324 Vested and expected to vest at December 31, 2020 538,524 190.30 3.94 106,375,308 Exercisable at December 31, 2020 276,191 157.07 2.47 63,734,604 |
Stock Options Outstanding | The following table summarizes information regarding stock options outstanding and exercisable as of December 31, 2020: Outstanding Options Exercisable Options Range of Exercise Prices Shares Weighted Average Remaining Contractual Life - in Years Weighted Average Exercise Price Shares Weighted Average Exercise Price $101.14 - 105.84 87,538 2.31 $ 105.15 87,538 $ 105.15 105.85 - 126.18 42,249 0.33 108.04 42,249 108.04 126.19 - 173.94 47,407 1.36 130.42 46,673 129.81 173.95 - 181.63 64,974 3.33 178.39 45,579 178.39 181.64 - 195.34 116,375 6.33 184.86 — — 195.35 - 247.56 15,765 5.69 230.24 3,777 227.23 247.57 - 277.95 112,934 5.33 250.43 15,367 250.43 277.96- 306.22 68,705 4.33 305.46 33,875 305.46 306.23 - 315.88 790 6.84 306.98 — — 315.89 - 324.77 2,264 4.60 324.77 1,133 324.77 Total 559,001 4.01 191.29 276,191 157.07 |
Information for Restricted Stock Units under Equity Incentive Plan | The table below provides information for restricted stock units under the 2006 Equity Incentive Plan for the year ended December 31, 2020: Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2019 847,972 $ 236.54 Granted 460,671 199.51 Vested (261,302) 209.30 Forfeited (52,292) 225.66 Nonvested at December 31, 2020 995,049 227.12 |
Summary of Information Regarding Stock Option and Restricted Stock Activity | The following table summarizes information regarding stock option and restricted stock unit activity during 2020, 2019 and 2018: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Total intrinsic value of stock options exercised $ 25,380 $ 23,088 $ 40,681 Total grant date fair value of stock options vested 5,868 5,735 5,823 Total intrinsic value of restricted stock vested 55,782 56,101 63,917 Total grant date fair value of restricted stock vested 47,237 35,191 28,813 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2020 and December 31, 2019: (Dollars in thousands) Consolidated VIEs Unconsolidated VIEs Maximum Exposure to Loss in Unconsolidated VIEs December 31, 2020: Assets: Cash and cash equivalents $ 14,859 $ — $ — Non-marketable and other equity securities (1) 422,049 858,617 858,617 Accrued interest receivable and other assets 937 — — Total assets $ 437,845 $ 858,617 $ 858,617 Liabilities: Other liabilities (1) 1,410 370,208 — Total liabilities $ 1,410 $ 370,208 $ — 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 December 31, 2020 and December 31, 2019 are investments in qualified affordable housing projects of $616.2 million and $458.5 million, respectively, and related other liabilities consisting of unfunded commitments of $370.2 million and $302.0 million, respectively. |
Reserves on Deposit with the _2
Reserves on Deposit with the Federal Reserve Bank and Federal Bank Stock (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Federal Home Loan Bank Stock and Federal Reserve Bank Stock [Abstract] | |
Average Required Reserve Balances | The tables below provide information on the required reserve balances at the Federal Reserve, as well as shares held at the FHLB and FRB for the years ended and as of December 31, 2020 and 2019: Year ended December 31, (Dollars in thousands) 2020 2019 Average required reserve balances at FRB San Francisco $ 82,461 $ 315,784 |
Shares Held at Federal Reserve Bank and Federal Home Loan Bank | December 31, (Dollars in thousands) 2020 2019 FHLB stock holdings $ 17,250 $ 17,250 FRB stock holdings 43,982 43,008 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | The following table details our cash and cash equivalents at December 31, 2020 and December 31, 2019: (Dollars in thousands) December 31, 2020 December 31, 2019 Cash and due from banks (1) $ 17,447,916 $ 6,492,443 Securities purchased under agreements to resell (2) 226,847 289,340 Total cash and cash equivalents $ 17,674,763 $ 6,781,783 (1) At December 31, 2020 and 2019, $13.7 billion and $3.7 billion, respectively, of our cash and due from banks was deposited at the FRB and was earning interest at the Federal Funds target rate, and interest-earning deposits in other financial institutions were $3.0 billion and $2.1 billion, respectively. (2) At December 31, 2020 and 2019, securities purchased under agreements to resell were collateralized by U.S. Treasury securities and U.S. agency securities with aggregate fair values of $232 million and $295 million, respectively. None of these securities were sold or repledged as of December 31, 2020 and 2019. |
Securities Purchased Under Agreements to Resell | Additional information regarding our securities purchased under agreements to resell for 2020 and 2019 are as follows: Year ended December 31, (Dollars in thousands) 2020 2019 Average securities purchased under agreements to resell $ 149,385 $ 166,205 Maximum amount outstanding at any month-end during the year 450,164 613,247 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Major Components of Investment Securities Portfolio | The major components of our AFS investment securities portfolio at 2020 and 2019 are as follows: December 31, 2020 (Dollars in thousands) Amortized Unrealized Unrealized Carrying Available-for-sale securities, at fair value: U.S. Treasury securities $ 4,197,858 $ 271,977 $ (107) $ 4,469,728 U.S. agency debentures 233,727 4,165 (585) 237,307 Foreign government debt securities 24,491 1 — 24,492 Residential mortgage-backed securities: Agency-issued mortgage-backed securities 13,271,482 232,850 (651) 13,503,681 Agency-issued collateralized mortgage obligations—fixed rate 8,076,832 40,010 (10,278) 8,106,564 Agency-issued commercial mortgage-backed securities 4,440,506 133,527 (3,367) 4,570,666 Total available-for-sale securities $ 30,244,896 $ 682,530 $ (14,988) $ 30,912,438 December 31, 2019 (Dollars in thousands) Amortized Unrealized Unrealized Carrying 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 |
Schedule of Realized Gain (Loss) | The following table summarizes sale activity of available-for-sale securities as recorded in the line item “Gains on investment securities, net," a component of noninterest income: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Sales proceeds $ 2,654,212 $ 2,189,087 $ 474,482 Net realized gains and losses: Gross realized gains 61,165 1,250 127 Gross realized losses — (5,155) (867) Net realized losses $ 61,165 $ (3,905) $ (740) |
Summary of Unrealized Losses on Available for Sale Securities | The following tables summarize our AFS 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 December 31, 2020 and 2019: December 31, 2020 Less than 12 months 12 months or longer (1) Total (Dollars in thousands) Fair Value of Unrealized Fair Value of Unrealized Fair Value of Unrealized Available-for-sale securities: U.S. Treasury securities $ 59,929 $ (107) $ — $ — $ 59,929 $ (107) U.S. agency debentures 133,143 (585) — — 133,143 (585) Residential mortgage-backed securities: Agency-issued mortgage-backed securities 903,767 (651) — — 903,767 (651) Agency-issued collateralized mortgage obligations—fixed rate 2,199,207 (10,278) — — 2,199,207 (10,278) Agency-issued commercial mortgage-backed securities 989,389 (3,367) — — 989,389 (3,367) Total available-for-sale securities (1) $ 4,285,435 $ (14,988) $ — $ — $ 4,285,435 $ (14,988) (1) As of December 31, 2020, we identified a total of 93 investments that were in unrealized loss positions with no investments in unrealized loss positions for a period of time greater than 12 months. Based on our analysis of the securities in an unrealized loss position as of December 31, 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 AFS securities portfolio are reviewed and monitored on a quarterly basis. As of December 31, 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 AFS securities portfolio were past due as of December 31, 2020. December 31, 2019 Less than 12 months 12 months or longer (1) Total (Dollars in thousands) Fair Value of Unrealized Fair Value of Unrealized Fair Value of Unrealized 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) |
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 AFS as of December 31, 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 AFS 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. December 31, 2020 (Dollars in thousands) Total One Year After One After Five After U.S. Treasury securities $ 4,469,728 $ 10,092 $ 3,532,784 $ 926,852 $ — U.S. agency debentures 237,307 — — 237,307 — Foreign government debt securities 24,492 24,492 — — — Residential mortgage-backed securities: Agency-issued collateralized mortgage-backed securities 13,503,681 — — — 13,503,681 Agency-issued collateralized mortgage obligations—fixed rate 8,106,564 — — — 8,106,564 Agency -issued commercial mortgage-backed securities 4,570,666 — — 1,502,572 3,068,094 Total $ 30,912,438 $ 34,584 $ 3,532,784 $ 2,666,731 $ 24,678,339 The following table summarizes the remaining contractual principal maturities on fixed income investment securities classified as HTM as of December 31, 2020. For U.S. agency debentures, the expected maturity is the actual contractual maturity of the notes. Expected maturities for mortgage-backed securities may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. Mortgage-backed securities classified as HTM 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. December 31, 2020 Total One Year After One Year to After Five Years to After (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 $ 402,265 $ 421,226 $ 4,675 $ 4,705 $ 148,478 $ 153,756 $ 249,112 $ 262,765 $ — $ — Residential mortgage-backed securities: Agency-issued mortgage-backed securities 7,739,763 7,977,673 4,762 4,951 20,389 21,150 540,731 559,727 7,173,881 7,391,845 Agency-issued collateralized mortgage obligations - fixed rate 1,735,451 1,758,382 — — 5,952 6,073 494,532 505,156 1,234,967 1,247,153 Agency-issued collateralized mortgage obligations - variable rate 136,913 137,230 — — — — — — 136,913 137,230 Agency-issued commercial mortgage-backed securities 2,942,959 3,066,805 — — — — 102,359 119,922 2,840,600 2,946,883 Municipal bonds and notes 3,635,194 3,855,555 46,292 46,641 144,347 150,940 669,281 721,554 2,775,274 2,936,420 Total $ 16,592,545 $ 17,216,871 $ 55,729 $ 56,297 $ 319,166 $ 331,919 $ 2,056,015 $ 2,169,124 $ 14,161,635 $ 14,659,531 |
Held-to-maturity Securities | The components of our HTM investment securities portfolio at December 31, 2020 and 2019 are as follows: December 31, 2020 (Dollars in thousands) Amortized Unrealized Unrealized Fair Value Allowance for Credit Losses (2) Held-to-maturity securities, at cost: U.S. agency debentures (1) $ 402,265 $ 18,961 $ — $ 421,226 $ — Residential mortgage-backed securities: Agency-issued mortgage-backed securities 7,739,763 240,121 (2,211) 7,977,673 — Agency-issued collateralized mortgage obligations—fixed rate 1,735,451 23,227 (296) 1,758,382 — Agency-issued collateralized mortgage obligations—variable rate 136,913 317 — 137,230 — Agency-issued commercial mortgage-backed securities 2,942,959 123,846 — 3,066,805 — Municipal bonds and notes 3,635,194 220,866 (505) 3,855,555 392 Total held-to-maturity securities $ 16,592,545 $ 627,338 $ (3,012) $ 17,216,871 $ 392 (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 2—“Summary of Significant Accounting Policies” for more information on our credit loss methodology. December 31, 2019 (Dollars in thousands) Amortized Unrealized Unrealized Fair Value Held-to-maturity securities, at 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 2020: Year ended December 31, 2020: Beginning Balance December 31, 2019 Day One Impact of Adopting ASC 326 Provision for HTM Securities Ending Balance December 31, 2020 (Dollars in thousands) Municipal bonds and notes $ — $ 174 $ 218 $ 392 Total allowance for credit losses $ — $ 174 $ 218 $ 392 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 December 31, 2020: (Dollars in thousands) December 31, 2020 Municipal bonds and notes: Aaa $ 2,070,311 Aa1 1,144,500 Aa2 420,383 Total $ 3,635,194 |
Schedule of Nonmarketable and Other Securities | The major components of our non-marketable and other equity securities portfolio at December 31, 2020 and 2019 are as follows: (Dollars in thousands) December 31, 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) $ 88,937 $ 87,180 Unconsolidated venture capital and private equity fund investments (2) 184,886 178,217 Other investments without a readily determinable fair value (3) 60,975 55,255 Other equity securities in public companies (fair value accounting) (4) 280,804 59,200 Non-marketable securities (equity method accounting) (5): Venture capital and private equity fund investments 362,192 215,367 Debt funds 5,444 7,271 Other investments 202,809 152,863 Investments in qualified affordable housing projects, net (6) 616,188 458,476 Total non-marketable and other equity securities $ 1,802,235 $ 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 December 31, 2020 and 2019 (fair value accounting): December 31, 2020 December 31, 2019 (Dollars in thousands) Amount Ownership % Amount Ownership % Strategic Investors Fund, LP $ 4,850 12.6 % $ 5,729 12.6 % Capital Preferred Return Fund, LP 49,574 20.0 45,341 20.0 Growth Partners, LP 34,513 33.0 35,976 33.0 CP I, LP — — 134 10.7 Total consolidated venture capital and private equity fund investments $ 88,937 $ 87,180 (2) The carrying value represents investments in 162 and 205 funds (primarily venture capital funds) at December 31, 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 September 30 th for our December 31 st consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period. (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 carrying amount of other investments without a readily determinable fair value at December 31, 2020, and the amounts recognized in earnings for the year ended December 31, 2020 and on a cumulative basis: (Dollars in thousands) Year ended December 31, 2020 Cumulative Adjustments Measurement alternative: Carrying value at December 31, 2020 $ 60,975 Carrying value adjustments: Impairment $ (487) $ (947) Upward changes for observable prices 3,479 4,216 Downward changes for observable prices (2,799) (3,898) (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, direct equity investments in public companies held by our consolidated funds, and exchange traded funds held by SVB Leerink. 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 December 31, 2020 and 2019 (equity method accounting): December 31, 2020 December 31, 2019 (Dollars in thousands) Amount Ownership % Amount Ownership % Venture capital and private equity fund investments: Strategic Investors Fund II, LP $ 3,705 8.6 % $ 3,612 8.6 % Strategic Investors Fund III, LP 16,110 5.9 15,668 5.9 Strategic Investors Fund IV, LP 25,169 5.0 27,064 5.0 Strategic Investors Fund V funds 67,052 Various 46,830 Various CP II, LP (i) 7,887 5.1 5,907 5.1 Other venture capital and private equity fund investments 242,269 Various 116,286 Various Total venture capital and private equity fund investments $ 362,192 $ 215,367 Debt funds: Gold Hill Capital 2008, LP (ii) $ 3,941 15.5 % $ 5,525 15.5 % Other debt funds 1,503 Various 1,746 Various Total debt funds $ 5,444 $ 7,271 Other investments: SPD Silicon Valley Bank Co., Ltd. $ 115,232 50.0 % $ 74,190 50.0 % Other investments 87,577 Various 78,673 Various Total other investments $ 202,809 $ 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 December 31, 2020 and 2019: (Dollars in thousands) December 31, 2020 December 31, 2019 Investments in qualified affordable housing projects, net $ 616,188 $ 458,476 Other liabilities 370,208 302,031 The following table presents other information relating to our investments in qualified affordable housing projects for the years ended December 31, 2020, 2019 and 2018: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Tax credits and other tax benefits recognized $ 56,969 $ 35,037 $ 24,047 Amortization expense included in provision for income taxes (i) 43,875 28,267 18,876 (i) All investments are amortized using the proportional amortization method and amortization expense is included in the provision for income taxes. |
Net Gains on Non-marketable and Other Equity Securities | The following table presents the net gains and losses on non-marketable and other equity securities in 2020, 2019 and 2018 as recorded in the line item “Gains on investment securities, net," a component of noninterest income: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Net gains (losses) on non-marketable and other equity securities: Non-marketable securities (fair value accounting): Consolidated venture capital and private equity fund investments $ 32,439 $ 22,507 $ 20,999 Unconsolidated venture capital and private equity fund investments 59,909 31,482 39,075 Other investments without a readily determinable fair value 253 2,742 3,206 Other equity securities in public companies (fair value accounting) 104,865 7,772 (25,483) Non-marketable securities (equity method accounting): Venture capital and private equity fund investments 161,828 73,813 49,341 Debt funds (403) 1,647 541 Other investments 696 (1,388) 1,155 Total net gains on non-marketable and other equity securities $ 359,587 $ 138,575 $ 88,834 Less: realized net gains (losses) on sales of non-marketable and other equity securities 23,344 4,744 (26,097) Net gains on non-marketable and other equity securities still held $ 336,243 $ 133,831 $ 114,931 Year ended December 31, (Dollars in thousands) 2020 2019 2018 Gains on non-marketable and other equity securities, net $ 359,587 $ 138,575 $ 88,834 Gains (losses) on sales of available-for-sale debt securities, net 61,165 (3,905) (740) Total gains on investment securities, net $ 420,752 $ 134,670 $ 88,094 |
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 2020: Year ended December 31, 2020: Beginning Balance December 31, 2019 Day One Impact of Adopting ASC 326 Provision for HTM Securities Ending Balance December 31, 2020 (Dollars in thousands) Municipal bonds and notes $ — $ 174 $ 218 $ 392 Total allowance for credit losses $ — $ 174 $ 218 $ 392 |
Debt Securities, Held-to-maturity, Credit Quality Indicator | 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 December 31, 2020: (Dollars in thousands) December 31, 2020 Municipal bonds and notes: Aaa $ 2,070,311 Aa1 1,144,500 Aa2 420,383 Total $ 3,635,194 |
Loans, Allowance for Loan Los_2
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Composition of Loans at Amortized Cost Basis Broken Out by Risk-Based Segment | The composition of loans at amortized cost basis broken out by risk-based segment at December 31, 2020 and 2019, respectively, is presented in the following table: December 31, (Dollars in thousands) 2020 2019 Global fund banking $ 25,543,198 $ 17,696,794 Investor dependent: Early stage 1,485,866 1,624,221 Mid stage 1,564,870 1,047,398 Later stage 1,921,082 1,663,576 Total investor dependent 4,971,818 4,335,195 Cash flow dependent: Sponsor led buyout 1,989,173 2,185,497 Other 2,945,360 2,238,741 Total cash flow dependent 4,934,533 4,424,238 Private bank (1) (5) 4,901,056 3,492,269 Balance sheet dependent 2,191,023 1,286,153 Premium wine (1) (5) 1,052,643 1,062,264 Other (1) (5) 27,687 867,723 SBA loans 1,559,530 — Total loans (2) (3) (4) $ 45,181,488 $ 33,164,636 Allowance for credit losses (447,765) (304,924) Net loans $ 44,733,723 $ 32,859,712 (1) As of December 31, 2020, as a result of enhanced portfolio characteristic definitions for our risk-based segments, loans in the amount of $427 million and $53 million that would have been reported in Other under historical definitions, are now being reported in our Private Bank and Premium Wine risk-based segments, respectively. (2) Total loans at amortized cost is net of unearned income of $226 million and $163 million at December 31, 2020 and 2019, respectively. (3) Included within our total loan portfolio are credit card loans of $400 million and $395 million at December 31, 2020 and 2019, respectively. (4) Included within our total loan portfolio are construction loans of $118 million and $183 million at December 31, 2020 and 2019, respectively. (5) Of our total loans, the table below includes those secured by real estate at amortized cost at December 31, 2020 and 2019 and were comprised of the following: December 31, (Dollars in thousands) 2020 2019 Real estate secured loans: Private bank: Loans for personal residence $ 3,392,237 $ 2,829,880 Loans to eligible employees 481,098 401,396 Home equity lines of credit 42,449 55,461 Other 142,895 38,880 Total private bank loans secured by real estate $ 4,058,679 $ 3,325,617 Premium wine 824,008 820,730 Other 56,882 — Total real estate secured loans $ 4,939,569 $ 4,146,347 |
Credit Quality Indicators, Broken Out by Risk-Based Segments and Vintage Year | The following table summarizes the credit quality indicators, broken out by risk-based segment, as of December 31, 2020 and 2019: (Dollars in thousands) Pass Criticized Nonperforming (Nonaccrual) Total December 31, 2020 Global fund banking $ 25,537,354 $ 5,833 $ 11 $ 25,543,198 Investor dependent: Early stage 1,288,897 178,629 18,340 1,485,866 Mid stage 1,420,788 140,026 4,056 1,564,870 Later stage 1,744,662 147,763 28,657 1,921,082 Total investor dependent 4,454,347 466,418 51,053 4,971,818 Cash flow dependent: Sponsor led buyout 1,795,972 153,205 39,996 1,989,173 Other 2,677,371 261,985 6,004 2,945,360 Total cash flow dependent 4,473,343 415,190 46,000 4,934,533 Private bank 4,862,176 32,728 6,152 4,901,056 Balance sheet dependent 2,104,645 86,378 — 2,191,023 Premium wine 910,397 141,248 998 1,052,643 Other 27,594 63 30 27,687 SBA loans 1,455,990 103,540 — 1,559,530 Total loans (1) $ 43,825,846 $ 1,251,398 $ 104,244 $ 45,181,488 December 31, 2019 Global fund banking $ 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) As of December 31, 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 in accordance with the previous methodology. |
Credit Quality Indicators, Broken Out by Risk-Based Segments and Vintage Year | The following table summarizes the credit quality indicators, broken out by risk-based segments and vintage year, as of December 31, 2020: Term Loans by Origination Year (Dollars in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Global fund banking: Risk rating: Pass $ 439,494 $ 48,297 $ 68,491 $ 22,878 $ 2,389 $ 5,999 $ 24,947,428 $ 2,378 $ 25,537,354 Criticized — — — — — — 410 5,423 5,833 Nonperforming 3 8 — — — — — — 11 Total global fund banking $ 439,497 $ 48,305 $ 68,491 $ 22,878 $ 2,389 $ 5,999 $ 24,947,838 $ 7,801 $ 25,543,198 Investor dependent: Early stage: Risk rating: Pass $ 667,006 $ 370,189 $ 120,920 $ 32,163 $ 1,234 $ 405 $ 96,363 $ 617 $ 1,288,897 Criticized 46,889 72,495 26,170 10,204 3,557 334 18,980 — 178,629 Nonperforming 2,438 9,354 5,368 441 — — 739 — 18,340 Total early stage $ 716,333 $ 452,038 $ 152,458 $ 42,808 $ 4,791 $ 739 $ 116,082 $ 617 $ 1,485,866 Mid stage: Risk rating: Pass $ 840,431 $ 301,905 $ 145,588 $ 22,834 $ 5,086 $ 1,026 $ 101,423 $ 2,495 $ 1,420,788 Criticized 43,288 48,294 26,023 8,242 — 4,998 9,181 — 140,026 Nonperforming 10 614 218 2,539 — 675 — — 4,056 Total mid stage $ 883,729 $ 350,813 $ 171,829 $ 33,615 $ 5,086 $ 6,699 $ 110,604 $ 2,495 $ 1,564,870 Later stage: Risk rating: Pass $ 905,468 $ 393,584 $ 170,128 $ 37,967 $ 11 $ 8,087 $ 224,432 $ 4,985 $ 1,744,662 Criticized 22,286 55,254 30,252 1,142 — 1,547 37,282 — 147,763 Nonperforming 16,691 1,797 3,522 — — — 6,647 — 28,657 Total later stage $ 944,445 $ 450,635 $ 203,902 $ 39,109 $ 11 $ 9,634 $ 268,361 $ 4,985 $ 1,921,082 Total investor dependent $ 2,544,507 $ 1,253,486 $ 528,189 $ 115,532 $ 9,888 $ 17,072 $ 495,047 $ 8,097 $ 4,971,818 Cash flow dependent: Sponsor led buyout: Risk rating: Pass $ 791,480 $ 451,561 $ 273,719 $ 166,820 $ 36,900 $ — $ 75,492 $ — $ 1,795,972 Criticized 500 70,324 39,020 21,607 13,003 — 8,751 — 153,205 Nonperforming 33 11,869 16,068 7,177 — — 4,849 — 39,996 Total sponsor led buyout $ 792,013 $ 533,754 $ 328,807 $ 195,604 $ 49,903 $ — $ 89,092 $ — $ 1,989,173 Other Risk rating: Pass $ 879,542 $ 513,242 $ 179,169 $ 133,235 $ 38,808 $ 101 $ 933,274 $ — $ 2,677,371 Criticized 19,246 67,854 33,779 4,477 — — 136,629 — 261,985 Nonperforming — — 4,552 — — — 1,452 — 6,004 Total other $ 898,788 $ 581,096 $ 217,500 $ 137,712 $ 38,808 $ 101 $ 1,071,355 $ — $ 2,945,360 Total cash flow dependent $ 1,690,801 $ 1,114,850 $ 546,307 $ 333,316 $ 88,711 $ 101 $ 1,160,447 $ — $ 4,934,533 Private bank: Risk rating: Pass $ 1,878,184 $ 1,152,903 $ 394,351 $ 352,857 $ 294,870 $ 405,909 $ 382,442 $ 660 $ 4,862,176 Criticized 3,480 9,985 4,486 1,202 5,101 7,725 749 — 32,728 Nonperforming — 563 3,197 — — 1,679 713 — 6,152 Total private bank $ 1,881,664 $ 1,163,451 $ 402,034 $ 354,059 $ 299,971 $ 415,313 $ 383,904 $ 660 $ 4,901,056 Balance sheet dependent: Risk rating: Pass $ 837,613 $ 190,140 $ 198,532 $ 19,213 $ — $ — $ 857,642 $ 1,505 $ 2,104,645 Criticized 55,887 3,733 171 — — — 26,587 — 86,378 Nonperforming — — — — — — — — — Total balance sheet dependent $ 893,500 $ 193,873 $ 198,703 $ 19,213 $ — $ — $ 884,229 $ 1,505 $ 2,191,023 Premium wine: Risk rating: Pass $ 126,476 $ 193,744 $ 70,783 $ 79,088 $ 114,812 $ 153,841 $ 135,461 $ 36,192 $ 910,397 Criticized 17,882 24,286 35,737 10,300 13,559 5,766 33,718 — 141,248 Nonperforming — — — — 998 — — — 998 Total Premium wine $ 144,358 $ 218,030 $ 106,520 $ 89,388 $ 129,369 $ 159,607 $ 169,179 $ 36,192 $ 1,052,643 Other: Risk rating: Pass $ — $ 16,251 $ 10,910 $ — $ — $ 433 $ — $ — $ 27,594 Criticized 3 — — — — — 60 — 63 Nonperforming — 30 — — — — — — 30 Total other $ 3 $ 16,281 $ 10,910 $ — $ — $ 433 $ 60 $ — $ 27,687 SBA loans: Risk rating: Pass $ 1,455,990 $ — $ — $ — $ — $ — $ — $ — $ 1,455,990 Criticized 103,540 — — — — — — — 103,540 Nonperforming — — — — — — — — — Total SBA loans $ 1,559,530 $ — $ — $ — $ — $ — $ — $ — $ 1,559,530 Total loans $ 9,153,860 $ 4,008,276 $ 1,861,154 $ 934,386 $ 530,328 $ 598,525 $ 28,040,704 $ 54,255 $ 45,181,488 |
Activity Relating to Our Allowance for Credit Losses for Loans | The following tables summarize the activity relating to our allowance for credit losses for loans for 2020, 2019 and 2018 broken out by portfolio segment: Year ended December 31, 2020 Beginning Balance December 31, 2019 Impact of adopting ASC 326 Charge-offs Recoveries Provision for (Reduction of) Loans Foreign Currency Translation Adjustments Ending Balance December 31, 2020 (Dollars in thousands) Global fund banking $ 107,285 $ (69,888) $ — $ — $ 8,367 $ (180) $ 45,584 Investor dependent: Early stage 26,245 39,911 (35,305) 10,821 45,825 (823) 86,674 Growth stage 56,125 31,713 (53,338) 14,042 79,145 (1,004) 126,683 Total investor dependent 82,370 71,624 (88,643) 24,863 124,970 (1,827) 213,357 Cash flow and balance sheet dependent 80,820 (1,269) (11,187) 2,846 53,369 (330) 124,249 Private bank 21,551 12,615 (1,616) 30 21,329 (280) 53,629 Premium wine and other 12,898 12,382 (1,458) 1,279 (20,719) 4,654 9,036 SBA loans — — — — 1,910 — 1,910 Total allowance for credit losses $ 304,924 $ 25,464 $ (102,904) $ 29,018 $ 189,226 $ 2,037 $ 447,765 Year ended December 31, 2019 Beginning Balance December 31, 2018 Charge-offs Recoveries Provision for (Reduction of) Loans Foreign Currency Translation Adjustments Ending Balance December 31, 2019 (Dollars in thousands) Global fund banking $ 93,781 $ (2,047) $ 2,047 $ 13,534 $ (30) $ 107,285 Investor dependent: Early stage 25,885 (31,568) 9,088 22,462 378 26,245 Growth stage 46,216 (53,255) 4,945 58,337 (118) 56,125 Total investor dependent 72,101 (84,823) 14,033 80,799 260 82,370 Cash flow and balance sheet dependent 87,735 (3,118) 4,683 (9,093) 613 80,820 Private Bank 20,583 (1,031) 255 1,865 (121) 21,551 Premium wine and other 6,703 (1,584) 20 7,078 681 12,898 Total allowance for credit losses $ 280,903 $ (92,603) $ 21,038 $ 94,183 $ 1,403 $ 304,924 Year ended December 31, 2018: Beginning Balance December 31, 2017 Charge-offs Recoveries Provision for Loans Foreign Currency Translation Adjustments Ending Balance December 31, 2018 (Dollars in thousands) Global fund banking $ 82,468 $ (112) $ — $ 11,698 $ (273) $ 93,781 Investor dependent: Early stage 22,742 (32,495) 6,154 29,788 (304) 25,885 Growth stage 38,280 (16,727) 2,873 22,332 (542) 46,216 Total investor dependent 61,022 (49,222) 9,027 52,120 (846) 72,101 Cash flow and balance sheet dependent 87,620 (16,223) 2,064 15,304 (1,030) 87,735 Private Bank 16,441 (289) 486 3,986 (41) 20,583 Premium wine and other 7,473 (2,071) 59 1,184 58 6,703 Total allowance for credit losses $ 255,024 $ (67,917) $ 11,636 $ 84,292 $ (2,132) $ 280,903 |
Aging of Gross Loans, Broken out by Portfolio Segment and Class of Financing Receivable | The following table summarizes the aging of our loans broken out by risk-based segments as of December 31, 2020 and 2019: (Dollars in thousands) 30 - 59 60 - 89 Equal to or Greater Total Past Current Total Loans Past Due December 31, 2020: Global fund banking $ 27,606 $ 8 $ 11 $ 27,625 $ 25,515,573 $ 25,543,198 $ — Investor dependent: Early stage 6,320 1,840 202 8,362 1,477,504 1,485,866 — Mid stage 5,984 238 907 7,129 1,557,741 1,564,870 — Later stage 5,363 — — 5,363 1,915,719 1,921,082 — Total investor dependent 17,667 2,078 1,109 20,854 4,950,964 4,971,818 — Cash flow dependent: Sponsor led buyout 34 — — 34 1,989,139 1,989,173 — Other 6,510 58 — 6,568 2,938,792 2,945,360 — Total cash flow dependent 6,544 58 — 6,602 4,927,931 4,934,533 — Private bank 4,292 3,990 — 8,282 4,892,774 4,901,056 — Balance sheet dependent 987 1,089 — 2,076 2,188,947 2,191,023 — Premium wine 3,168 — 998 4,166 1,048,477 1,052,643 — Other 3 28 82 113 27,574 27,687 — SBA loans — — — — 1,559,530 1,559,530 — Total loans (1) $ 60,267 $ 7,251 $ 2,200 $ 69,718 $ 45,111,770 $ 45,181,488 $ — December 31, 2019: Global fund banking $ 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) As of December 31, 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 in accordance with the previous methodology. |
Nonaccrual Loans with No Allowance for Credit Loss | The following table summarizes our nonaccrual loans with no allowance for credit loss at December 31, 2020 and 2019: December 31, 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 Global fund banking $ 11 $ 11 $ — $ — Investor dependent: Early stage 18,340 3 11,093 460 Mid stage 4,056 3,159 17,330 274 Later stage 28,657 118 6,296 — Total investor dependent 51,053 3,280 34,719 734 Cash flow dependent: Sponsor led buyout 39,996 — 44,585 — Other 6,004 1,138 17,681 2,782 Total cash flow dependent 46,000 1,138 62,266 2,782 Private bank 6,152 2,393 5,480 3,714 Balance sheet dependent — — — — Premium wine 998 998 204 — Other 30 30 — — SBA loans — — — — Total nonaccrual loans (1) $ 104,244 $ 7,850 $ 102,669 $ 7,230 (1) As of December 31, 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 in accordance with the previous methodology. |
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 December 31, 2020 and 2019: (Dollars in thousands) December 31, 2020 December 31, 2019 Loans modified in TDRs: Global fund banking $ — $ — Investor dependent Early stage 6,705 9,471 Mid stage 4,050 5,189 Later stage 24,896 23,318 Total investor dependent 35,651 37,978 Cash flow dependent Sponsor led buyout 21,529 55,443 Other 1,237 — Total cash flow dependent 22,766 55,443 Private bank — 2,104 Balance sheet dependent — — Premium wine 2,661 13,457 Other — — SBA loans — — Total loans modified in TDRs (1) $ 61,078 $ 108,982 (1) As of December 31, 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 in accordance with the previous methodology. |
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 2020, 2019 and 2018: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Loans modified in TDRs during the period: Global fund banking $ — $ — $ — Investor dependent Early stage 6,112 9,471 660 Mid stage 897 3,445 6,657 Later stage 24,896 16,293 21,051 Total investor dependent 31,905 29,209 28,368 Cash flow dependent Sponsor led buyout 21,529 48,153 — Other 1,237 — 12,386 Total cash flow dependent 22,766 48,153 12,386 Private bank — 1,792 320 Balance sheet dependent — — — Premium wine 998 11,017 — Other — — — SBA loans — — — Total loans modified in TDRs during the period (1) (2) $ 55,669 $ 90,171 $ 41,074 (1) For the year ended December 31, 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 in accordance with the previous methodology. (2) There were $31.1 million, $11.3 million and $4.6 million of partial charge-offs during 2020, 2019 and 2018, respectively. |
Recorded Investment in Loans Modified in TDRs within Previous 12 months Subsequently Defaulted | The following table summarizes the recorded investment in loans modified in TDRs within the previous 12 months that subsequently defaulted during 2020, 2019 and 2018: December 31, (Dollars in thousands) 2020 2019 2018 TDRs modified within the previous 12 months that defaulted during the period: Global fund banking $ — $ — $ — Investor dependent Early stage — — — Mid stage — — — Later stage — 10,639 — Total investor dependent — 10,639 — Cash flow dependent Sponsor led buyout — 37,294 Other 487 — — Total cash flow dependent 487 37,294 — Private bank — — — Balance sheet dependent — — — Premium wine 998 — — Other — — — SBA loans — — — Total TDRs modified within the previous 12 months that defaulted in the period (1) $ 1,485 $ 47,933 $ — (1) For the year ended December 31, 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 in accordance with the previous methodology. |
Allowance for Unfunded Commitments | The following table summarizes the activity relating to our allowance for credit losses for unfunded credit commitments for 2020, 2019 and 2018: December 31, (Dollars in thousands) 2020 2019 2018 Allowance for credit losses: unfunded credit commitments, beginning balance $ 67,656 $ 55,183 $ 51,770 Impact of adopting ASC 326 22,826 — — Provision for unfunded credit commitments 30,066 12,233 3,578 Foreign currency translation adjustments 248 240 (165) Allowance for credit losses: unfunded credit commitments, ending balance (1) $ 120,796 $ 67,656 $ 55,183 (1) The “allowance for credit losses: unfunded credit commitments” is included as a component of “other liabilities” on our consolidated balance sheets. See Note 21—“Off-Balance Sheet Arrangements, Guarantees and Other Commitments” for additional disclosures related to our commitments to extend credit. |
Impaired Loans and Allowance for Loan Losses, Broken out by Portfolio Segment and Class of Financing Receivable | The following table summarizes our impaired loans as they relate to our allowance for loan losses, broken out by our previous portfolio segments and classes of financing receivable for the year ended December 31, 2019: (Dollars in thousands) Impaired loans for Impaired loans for Total carrying value of impaired loans Total unpaid principal of impaired loans December 31, 2019: Commercial loans: Software/internet $ 64,100 $ 31,472 $ 95,572 $ 109,736 Hardware 2,143 3,315 5,458 10,049 Private equity/venture capital — — — — Life science/healthcare 25,941 5,671 31,612 70,600 Premium wine 204 11,718 11,922 12,010 Other 1,284 1,681 2,965 3,114 Total commercial loans 93,672 53,857 147,529 205,509 Consumer loans: Real estate secured loans 1,766 3,714 5,480 8,527 Total consumer loans 1,766 3,714 5,480 8,527 Total $ 95,438 $ 57,571 $ 153,009 $ 214,036 |
Average Impaired Loans, Broken out by Portfolio Segment and Class of Financing Receivable | The following table summarizes our average impaired loans and interest income recognized on impaired loans, broken out by our previous portfolio segments and classes of financing receivable during 2019 and 2018: Year ended December 31, Average impaired loans Interest income recognized on impaired loans 2019 2018 2019 2018 Commercial loans: Software/internet $ 88,628 $ 112,493 $ 2,813 $ 1,513 Hardware 12,500 28,540 464 312 Private equity/venture capital 2,264 1,327 — — Life science/healthcare 44,827 30,144 919 756 Premium wine 2,912 2,605 311 68 Other 2,050 171 21 — Total commercial loans 153,181 175,280 4,528 2,649 Consumer loans: Real estate secured loans 7,159 4,028 54 15 Other consumer loans 7 358 — — Total consumer loans 7,166 4,386 54 15 Total average impaired loans $ 160,347 $ 179,666 $ 4,582 $ 2,664 |
Allowance for Loan Losses Individually and Collectively Evaluated for Impairment | The following table summarizes the allowance for loan losses individually and collectively evaluated for impairment as of December 31, 2019, broken out by our previous portfolio segments: December 31, 2019 Individually Evaluated for Impairment Collectively Evaluated for (Dollars in thousands) Allowance for loan losses Recorded investment in loans Allowance for loan losses Recorded investment in loans Commercial loans: Software/internet $ 26,613 $ 95,572 $ 73,610 $ 6,103,976 Hardware 1,214 5,458 18,430 1,365,701 Private equity/venture capital — — 115,805 17,801,324 Life science/healthcare 16,414 31,612 22,831 2,336,436 Premium wine 204 11,922 4,944 1,076,295 Other 203 2,965 3,150 556,689 Total commercial loans 44,648 147,529 238,770 29,240,421 Total consumer loans 211 5,480 21,295 3,771,206 Total $ 44,859 $ 153,009 $ 260,065 $ 33,011,627 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment at December 31, 2020 and 2019 consisted of the following: December 31, (Dollars in thousands) 2020 2019 Computer software $ 296,324 $ 261,643 Computer hardware 91,870 82,643 Leasehold improvements 124,057 121,907 Furniture and equipment 50,036 46,300 Total 562,287 512,493 Accumulated depreciation and amortization (386,469) (350,617) Premises and equipment, net $ 175,818 $ 161,876 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Lease Assets And Liabilities | Total recorded balances for the lease assets and liabilities are as follows: December 31, (Dollars in thousands) 2020 2019 Assets: Right-of-use assets - operating leases $ 209,932 $ 197,365 Liabilities: Lease liabilities - operating leases 259,554 218,847 |
Lease Expense Components | The components of our lease cost and supplemental cash flow information related to leases for the year ended December 31, 2020 and 2019 were as follows: December 31, (Dollars in thousands) 2020 2019 Operating lease cost $ 69,249 $ 41,049 Short-term lease cost 1,404 1,823 Variable lease cost 3,692 3,477 Less: sublease income (2,265) (4,492) Total lease expense, net $ 72,080 $ 41,857 Supplemental cash flows information: Cash paid for amounts included in the measurement of lease liabilities: Cash paid for operating leases $ 50,194 $ 44,976 Noncash items during the period: Lease obligations in exchange for obtaining right-of-use assets: Operating leases $ 75,244 $ 33,167 The table below presents additional information related to the Company's leases as of December 31, 2020 and 2019: December 31, 2020 2019 Weighted-average remaining term (in years) - operating leases 6.05 6.29 Weighted-average discount rate - operating leases (1) 2.38 % 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 December 31, 2020: Years ended December 31, Operating Leases 2021 $ 51,547 2022 48,847 2023 48,190 2024 42,418 2025 32,080 2026 and thereafter 53,842 Total lease payments $ 276,924 Less: imputed interest (17,370) Total lease liabilities $ 259,554 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in goodwill were as follows for the year ended December 31, 2020 and 2019: (Dollars in thousands) Goodwill Beginning balance at December 31, 2018 $ — Acquisitions 137,823 Ending balance at December 31, 2019 $ 137,823 Acquisitions 4,862 Ending balance at December 31, 2020 $ 142,685 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The following table presents the gross carrying amount and accumulated amortization of other intangible assets as of December 31, 2020 and 2019: December 31, 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 $ 7,636 $ 34,364 $ 42,000 $ 3,818 $ 38,182 Other 36,300 9,229 27,071 18,900 7,665 11,235 Total other intangible assets, net $ 78,300 $ 16,865 $ 61,435 $ 60,900 $ 11,483 $ 49,417 |
Finite-lived Intangible Assets Amortization Expense | For the year ended December 31, 2020, we recorded amortization expense of $5.4 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 December 31, 2020: Years ended December 31, Other 2021 $ 8,217 2022 8,141 2023 8,141 2024 8,141 2025 6,900 2026 and thereafter 21,895 Total future amortization expense $ 61,435 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Composition of Deposits | The following table presents the composition of our deposits at December 31, 2020 and 2019: December 31, (Dollars in thousands) 2020 2019 Noninterest-bearing demand $ 66,519,240 $ 40,841,570 Interest-bearing checking and savings accounts 4,800,831 568,256 Money market 28,406,195 17,749,736 Money market deposits in foreign offices 616,570 352,437 Sweep deposits in foreign offices 950,510 2,057,715 Time 688,461 188,093 Total deposits $ 101,981,807 $ 61,757,807 |
Short-Term Borrowings and Lon_2
Short-Term Borrowings and Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2020 and 2019: Carrying Value (Dollars in thousands) Maturity Principal value at December 31, 2020 December 31, December 31, Short-term borrowings: Other short-term borrowings (1) $ 20,553 $ 20,553 $ 17,430 Total short-term borrowings $ 20,553 $ 17,430 Long-term debt: 3.50% Senior Notes January 29, 2025 $ 350,000 $ 348,348 $ 347,987 3.125% Senior Notes June 5, 2030 500,000 495,280 — Total long-term debt $ 843,628 $ 347,987 (1) Represents cash collateral received from certain counterparties in relation to market value exposures of derivative contracts in our favor. |
Aggregate Annual Maturities of Long-Term Debt Obligations | The aggregate annual maturities of long-term debt obligations as of December 31, 2020 are as follows: Year ended December 31, Amount 2021 $ — 2022 — 2023 — 2024 — 2025 348,348 2026 and thereafter 495,280 Total $ 843,628 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2020 and 2019 were as follows: December 31, 2020 December 31, 2019 Notional or Fair Value Notional or 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 68,381 306 — — — — Foreign exchange forwards 566,988 — 20,566 300,250 — 2,154 Other derivative instruments: Equity warrant assets 253,153 203,438 — 225,893 165,473 — Client foreign exchange forwards 8,025,973 214,969 — 4,661,517 114,546 — Client foreign exchange forwards 7,490,723 — 188,565 4,326,059 — 94,745 Client foreign currency options 97,529 1,702 — 154,985 1,308 — Client foreign currency options 97,522 — 1,702 154,985 — 1,308 Client interest rate derivatives 1,082,265 67,854 — 1,275,190 28,811 — Client interest rate derivatives (2) 1,250,975 — 26,646 1,372,914 — 14,154 Total derivatives not designated as hedging instruments 488,269 237,479 310,138 112,361 Total derivatives $ 488,269 $ 237,479 $ 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 $45.4 million and $17.4 million of derivative liabilities at December 31, 2020 and 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 2020, 2019 and 2018 is as follows: Year ended December 31, (Dollars in thousands) Statement of income location 2020 2019 2018 Derivatives designated as hedging instruments: Interest rate risks: Amounts reclassified from accumulated other comprehensive income into income Interest income—loans $ 49,928 $ (5,358) $ — Derivatives not designated as hedging instruments: Currency exchange risks: Gains (losses) on revaluations of internal foreign currency instruments, net Other noninterest income $ 39,247 $ 1,444 $ (373) (Losses) gains on internal foreign exchange forward contracts, net Other noninterest income (39,716) (1,853) 52 Net losses associated with internal currency risk $ (469) $ (409) $ (321) Other derivative instruments: Gains (losses) on revaluations of client foreign currency instruments, net Other noninterest income $ 2,560 $ (15,146) $ 4,998 (Losses) gains on client foreign exchange forward contracts, net Other noninterest income (3,017) 15,900 (4,011) Net (losses) gains associated with client currency risk $ (457) $ 754 $ 987 Net gains on equity warrant assets Gains on equity warrant assets, net $ 237,428 $ 138,078 $ 89,142 Net gains (losses) on other derivatives Other noninterest income $ 28,056 $ (1,190) $ (179) |
Offsetting Assets | The following table summarizes our assets subject to enforceable master netting arrangements as of December 31, 2020 and 2019: (Dollars in thousands) Gross Amounts of Recognized Assets Gross Amounts offset in the Statement of Financial Position Net Amounts of Assets Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position But Subject to Master Netting Arrangements Net Amount Financial Instruments Cash Collateral Received (1) December 31, 2020: Derivative Assets: Interest rate swaps $ — $ — $ — $ — $ — $ — Foreign exchange forwards 215,275 — 215,275 (75,983) (20,550) 118,742 Foreign currency options 1,702 — 1,702 (1,045) (3) 654 Client interest rate derivatives 67,854 — 67,854 (67,854) — — Total derivative assets: 284,831 — 284,831 (144,882) (20,553) 119,396 Reverse repurchase, securities borrowing, and similar arrangements 226,847 — 226,847 (226,847) — — Total $ 511,678 $ — $ 511,678 $ (371,729) $ (20,553) $ 119,396 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 December 31, 2020 and 2019: (Dollars in thousands) Gross Amounts of Recognized Liabilities Gross Amounts offset in the Statement of Financial Position Net Amounts of Liabilities Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position But Subject to Master Netting Arrangements Net Amount Financial Instruments Cash Collateral Pledged (1) December 31, 2020: Derivative Liabilities: Interest rate swaps $ — $ — $ — $ — $ — $ — Foreign exchange forwards 209,131 — 209,131 (84,547) (45,367) 79,217 Foreign currency options 1,702 — 1,702 (645) (8) 1,049 Client interest rate derivatives 26,646 — 26,646 — (26,100) 546 Total derivative liabilities: 237,479 — 237,479 (85,192) (71,475) 80,812 Repurchase, securities lending, and similar arrangements — — — — — — Total $ 237,479 $ — $ 237,479 $ (85,192) $ (71,475) $ 80,812 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) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Noninterest Income | Included below is a summary of noninterest income for the years ended December 31, 2020, 2019 and 2018: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Noninterest income: Gains on investment securities, net $ 420,752 $ 134,670 $ 88,094 Gains on equity warrant assets, net 237,428 138,078 89,142 Client investment fees 132,200 182,068 130,360 Foreign exchange fees 178,733 159,262 138,812 Credit card fees 97,737 118,719 94,072 Deposit service charges 90,336 89,200 76,097 Lending related fees 57,533 49,920 41,949 Letters of credit and standby letters of credit fees 46,659 42,669 34,600 Investment banking revenue 413,985 195,177 — Commissions 66,640 56,346 — Other 98,145 55,370 51,858 Total noninterest income $ 1,840,148 $ 1,221,479 $ 744,984 |
Summary of Gains and Losses on Investment Securities | The following table presents the net gains and losses on non-marketable and other equity securities in 2020, 2019 and 2018 as recorded in the line item “Gains on investment securities, net," a component of noninterest income: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Net gains (losses) on non-marketable and other equity securities: Non-marketable securities (fair value accounting): Consolidated venture capital and private equity fund investments $ 32,439 $ 22,507 $ 20,999 Unconsolidated venture capital and private equity fund investments 59,909 31,482 39,075 Other investments without a readily determinable fair value 253 2,742 3,206 Other equity securities in public companies (fair value accounting) 104,865 7,772 (25,483) Non-marketable securities (equity method accounting): Venture capital and private equity fund investments 161,828 73,813 49,341 Debt funds (403) 1,647 541 Other investments 696 (1,388) 1,155 Total net gains on non-marketable and other equity securities $ 359,587 $ 138,575 $ 88,834 Less: realized net gains (losses) on sales of non-marketable and other equity securities 23,344 4,744 (26,097) Net gains on non-marketable and other equity securities still held $ 336,243 $ 133,831 $ 114,931 Year ended December 31, (Dollars in thousands) 2020 2019 2018 Gains on non-marketable and other equity securities, net $ 359,587 $ 138,575 $ 88,834 Gains (losses) on sales of available-for-sale debt securities, net 61,165 (3,905) (740) Total gains on investment securities, net $ 420,752 $ 134,670 $ 88,094 |
Components of Gains on Equity Warrant Assets | A summary of net gains on equity warrant assets for 2020, 2019 and 2018 is as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Equity warrant assets: Gains on exercises, net $ 179,648 $ 107,168 $ 58,186 Terminations (1,948) (3,502) (5,964) Changes in fair value, net 59,728 34,412 36,920 Total net gains on equity warrant assets $ 237,428 $ 138,078 $ 89,142 |
Components of Asset Management Fees | A summary of client investment fees by instrument type for 2020, 2019 and 2018 is as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Client investment fees by type: Sweep money market fees $ 74,176 $ 104,236 $ 75,654 Asset management fees (1) 42,768 28,665 23,882 Repurchase agreement fees 15,256 49,167 30,824 Total client investment fees (2) $ 132,200 $ 182,068 $ 130,360 (1) Represents fees earned from investments in third-party money market mutual funds and fixed-income securities managed by SVB Asset Management. (2) Represents fees earned on client investment funds which are maintained at third-party financial institutions and are not recorded on our balance sheet. |
Components of Foreign Exchange Fees | A summary of foreign exchange fee income by instrument type for 2020, 2019 and 2018 is as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Foreign exchange fees by instrument type: Spot contract commissions $ 157,852 $ 145,915 $ 127,459 Forward contract commissions 19,849 13,068 10,940 Option premium fees 1,032 279 413 Total foreign exchange fees $ 178,733 $ 159,262 $ 138,812 |
Components of Credit Card Fees | A summary of credit card fees by instrument type for 2020, 2019 and 2018 is as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Credit card fees by instrument type: Card interchange fees, net $ 75,562 $ 93,553 $ 74,381 Merchant service fees 17,732 18,355 14,420 Card service fees 4,443 6,811 5,271 Total credit card fees $ 97,737 $ 118,719 $ 94,072 |
Components of Lending Related Fees | A summary of lending related fees by instrument type for 2020, 2019 and 2018 is as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Lending related fees by instrument type: Unused commitment fees $ 42,399 $ 34,829 $ 32,452 Other 15,134 15,091 9,497 Total lending related fees $ 57,533 $ 49,920 $ 41,949 |
Schedule of Investment Banking Revenue | A summary of investment banking revenue by instrument type for 2020, 2019 and 2018 is as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Investment banking revenue: Underwriting fees $ 352,951 $ 153,306 $ — Advisory fees 40,006 37,846 — Private placements and other 21,028 4,025 — Total investment banking revenue $ 413,985 $ 195,177 $ — |
Summary of Other Noninterest Income | A summary of other noninterest income by instrument type for 2020, 2019 and 2018 is as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Other noninterest income by instrument type: Fund management fees $ 38,960 $ 32,522 $ 23,016 Net (losses) gains on revaluation of foreign currency instruments, net of foreign exchange forward contracts (1) (926) 345 666 Losses on extinguishment of debt — (8,960) — Gains from conversion of convertible debt options 30,018 — — Other service revenue 30,093 31,463 28,176 Total other noninterest income $ 98,145 $ 55,370 $ 51,858 (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 years ended December 31, 2020, 2019, and 2018: Year ended December 31, 2020 Global SVB Private SVB Capital (2) SVB Leerink (2) Other Items Total Revenue from contracts with customers: Client investment fees $ 129,378 $ 2,822 $ — $ — $ — $ 132,200 Spot contract commissions 156,725 544 — — 583 157,852 Card interchange fees, gross 128,239 23 — — 1,545 129,807 Merchant service fees 17,732 — — — — 17,732 Deposit service charges 89,565 81 — — 690 90,336 Investment banking revenue — — — 413,985 — 413,985 Commissions — — — 66,640 — 66,640 Fund management fees — — 32,233 6,727 — 38,960 Performance fees — — 3,601 — — 3,601 Correspondent bank rebates 5,729 — — — — 5,729 Total revenue from contracts with customers $ 527,368 $ 3,470 $ 35,834 $ 487,352 $ 2,818 $ 1,056,842 Revenues outside the scope of ASC 606 (1) 78,365 66 190,120 8,624 506,131 783,306 Total noninterest income $ 605,733 $ 3,536 $ 225,954 $ 495,976 $ 508,949 $ 1,840,148 (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." Year ended December 31, 2019 Global SVB Private SVB Capital (2) SVB Leerink (2) Other Items Total Revenue from contracts with customers: Client investment fees $ 180,152 $ 1,916 $ — $ — $ — $ 182,068 Spot contract commissions 144,930 510 — — 475 145,915 Card interchange fees, gross 154,197 — — — 756 154,953 Merchant service fees 18,355 — — — — 18,355 Deposit service charges 88,136 137 — — 927 89,200 Investment banking revenue — — — 195,177 — 195,177 Commissions — — — 56,346 — 56,346 Fund management fees — — 26,850 5,672 — 32,522 Correspondent bank rebates 6,415 — — — — 6,415 Total revenue from contracts with customers $ 592,185 $ 2,563 $ 26,850 $ 257,195 $ 2,158 $ 880,951 Revenues outside the scope of ASC 606 (1) 45,737 803 95,544 7,321 191,123 340,528 Total noninterest income $ 637,922 $ 3,366 $ 122,394 $ 264,516 $ 193,281 $ 1,221,479 (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." Year ended December 31, 2018 Global SVB Private SVB Capital (2) Other Items Total Revenue from contracts with customers: Client investment fees (3) $ 128,834 $ 1,526 $ — $ — $ 130,360 Spot contract commissions 126,445 691 — 323 127,459 Card interchange fees, gross 134,074 — — 428 134,502 Merchant service fees 14,415 4 — 1 14,420 Deposit service charges 74,348 108 — 1,641 76,097 Fund management fees — — 23,016 — 23,016 Correspondent bank rebates 5,802 — — — 5,802 Total revenue from contracts with customers $ 483,918 $ 2,329 $ 23,016 $ 2,393 $ 511,656 Revenues outside the scope of ASC 606 (1) 36,384 (48) 78,165 118,827 233,328 Total noninterest income $ 520,302 $ 2,281 $ 101,181 $ 121,220 $ 744,984 (1) Amounts are accounted for under separate guidance than ASC 606. (2) Global Commercial Bank’s and SVB Capital’s components of noninterest income are shown net of noncontrolling interests. Noncontrolling interest is included within “Other Items." |
Other Noninterest Expense (Tabl
Other Noninterest Expense (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Noninterest Expense | A summary of other noninterest expense for 2020, 2019 and 2018 is as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Lending and other client related processing costs $ 29,783 $ 28,491 $ 24,237 Correspondent bank fees 15,065 14,503 13,713 Investment banking activities 20,591 13,733 — Trade order execution costs 11,144 10,813 — Data processing services 14,910 12,536 10,811 Telephone 8,591 9,861 9,404 Dues and publications 4,251 4,603 4,605 Postage and supplies 2,545 3,198 2,799 Other 83,295 54,841 21,682 Total other noninterest expense $ 190,175 $ 152,579 $ 87,251 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Provision for Income Taxes | The components of our provision for income taxes for 2020, 2019 and 2018 were as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Current provision: Federal $ 299,882 $ 296,400 $ 249,358 State 140,794 132,357 123,264 Deferred expense (benefit): Federal 5,296 (1,530) (11,777) State 1,615 (1,542) (9,284) Income tax expense $ 447,587 $ 425,685 $ 351,561 |
Reconciliation between Federal Statutory Income Tax Rate and Effective Income Tax Rate | Our effective tax rate is calculated by dividing income tax expense by the sum of income before income tax expense and the net income attributable to noncontrolling interests. The reconciliation between the federal statutory income tax rate and our effective income tax rate for 2020, 2019 and 2018, is as follows: December 31, (Dollars in thousands) 2020 2019 2018 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of the federal tax effect 6.8 7.0 7.2 Meals and entertainment 0.1 0.4 0.3 Disallowed officers' compensation 0.2 0.2 0.2 FDIC premiums 0.3 0.2 0.5 Share-based compensation expense on incentive stock options and ESPP (0.3) (0.6) (1.4) Qualified affordable housing project tax credits (0.5) (0.3) (0.3) Tax-exempt interest income (0.8) (0.6) (0.6) Other, net 0.2 (0.1) (0.4) Effective income tax rate 27.0 % 27.2 % 26.5 % |
Deferred Tax Assets (Liabilities) | Deferred tax assets and liabilities at December 31, 2020 and 2019, consisted of the following: December 31, (Dollars in thousands) 2020 2019 Deferred tax assets: Allowance for credit losses $ 158,161 $ 103,267 Share-based compensation expense 15,531 14,233 State income taxes 16,640 16,097 Accrued compensation 44,112 22,578 Lease liability 69,714 60,635 Other accruals 10,018 12,383 Net operating loss 7,501 6,386 Goodwill and intangibles 3,165 3,141 Foreign tax credit carryforward 9,028 — SBA loan fees 6,115 — Other 8,110 7,923 Deferred tax assets 348,095 246,643 Valuation allowance (7,094) (5,919) Net deferred tax assets after valuation allowance 341,001 240,724 Deferred tax liabilities: Derivative equity warrant assets (71,019) (45,533) Net unrealized gains on cash flow hedge derivatives (49,772) — Net unrealized gains on AFS debt securities (185,634) (33,480) Non-marketable and other equity securities (118,712) (54,239) Premises and equipment and other intangibles (23,721) (16,459) Right-of-use asset and deferred rent assets (52,057) (50,493) Other (12,340) (12,087) Deferred tax liabilities (513,255) (212,291) Net deferred tax (liabilities) assets $ (172,254) $ 28,433 |
Changes in Unrecognized Tax Benefit (Including Interest and Penalties) | A summary of changes in our unrecognized tax benefit (including interest and penalties) for December 31, 2020, 2019 and 2018 is as follows: (Dollars in thousands) Reconciliation of Unrecognized Tax Benefit Interest and Penalties Total Balance at December 31, 2017 $ 11,505 $ 1,178 $ 12,683 Additions for tax positions for current year 4,171 — 4,171 Additions for tax positions for prior years 631 823 1,454 Reduction for tax positions for prior years (1,865) (243) (2,108) Lapse of the applicable statute of limitations (435) (86) (521) Reduction as a result of settlement (1,318) (222) (1,540) Balance at December 31, 2018 $ 12,689 $ 1,450 $ 14,139 Additions for tax positions for current year 3,712 — 3,712 Additions for tax positions for prior years 63 826 889 Reduction for tax positions for prior years (884) (524) (1,408) Lapse of the applicable statute of limitations (1,826) (569) (2,395) Reduction as a result of settlement (1,142) (17) (1,159) Balance at December 31, 2019 $ 12,612 $ 1,166 $ 13,778 Additions for tax positions for current year 5,051 — 5,051 Additions for tax positions for prior years 1,765 1,224 2,989 Reduction for tax positions for prior years (730) (69) (799) Lapse of the applicable statute of limitations (1,100) (323) (1,423) Reduction as a result of settlement (1,108) (219) (1,327) Balance at December 31, 2020 $ 16,490 $ 1,779 $ 18,269 |
Employee Compensation and Ben_2
Employee Compensation and Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Summary of Expenses Incurred Under Certain Employee Compensation and Benefit Plans | A summary of expenses incurred under certain employee compensation and benefit plans for 2020, 2019 and 2018 is as follows: Year ended December 31, (Dollars in thousands) 2020 2019 2018 Incentive Compensation Plan $ 193,004 $ 143,888 $ 160,293 Direct Drive Incentive Compensation Plan 37,681 37,315 40,578 Retention Program — 2,438 1,438 Warrant Incentive Plan 33,921 14,881 9,112 SVBFG 401(k) Plan 29,939 25,687 21,323 SVBFG ESOP 5,807 4,197 6,435 SVB Leerink Incentive Compensation Plan 233,145 106,871 — SVB Leerink Retention Award 12,991 12,015 — |
Off-Balance Sheet Arrangement_2
Off-Balance Sheet Arrangements, Guarantees and Other Commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Commitments [Line Items] | |
Summary of Commercial and Standby Letters of Credit | The table below summarizes our commercial and standby letters of credit at December 31, 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 $ 2,807,942 $ 66,641 $ 2,874,583 $ 2,874,583 Performance standby letters of credit 108,681 19,488 128,169 128,169 Commercial letters of credit 4,366 — 4,366 4,366 Total $ 2,920,989 $ 86,129 $ 3,007,118 $ 3,007,118 |
Commitments to extend credit | |
Other Commitments [Line Items] | |
Summary Information Related to Commitments | The following table summarizes information related to our commitments to extend credit at December 31, 2020 and 2019, respectively: December 31, (Dollars in thousands) 2020 2019 Loan commitments (1) $ 28,975,133 $ 21,743,359 Commercial and standby letters of credit (2) 3,007,118 2,778,561 Total unfunded credit commitments $ 31,982,251 $ 24,521,920 Allowance for unfunded credit commitments (3) 120,796 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) Our allowance for credit losses for unfunded credit commitments includes an allowance for both our unfunded loan commitments and our letters of credit. |
Commitments to invest in venture capital and equity funds | |
Other Commitments [Line Items] | |
Summary Information Related to Commitments | The following table details our total capital commitments, unfunded capital commitments, and our ownership percentage in each fund at December 31, 2020: SVBFG Capital Commitments SVBFG Unfunded SVBFG Ownership CP II, LP (1) $ 1,200 $ 162 5.1 % Capital Preferred Return Fund, LP 12,688 — 20.0 Growth Partners, LP 24,670 1,340 33.0 Strategic Investors Fund, LP 15,300 688 12.6 Strategic Investors Fund II, LP 15,000 1,050 8.6 Strategic Investors Fund III, LP 15,000 1,275 5.9 Strategic Investors Fund IV, LP 12,239 2,325 5.0 Strategic Investors Fund V funds 515 131 Various Other venture capital and private equity fund investments (equity method accounting) 25,232 5,566 Various Debt funds (equity method accounting) 58,733 211 Various Other fund investments (2) 277,301 9,335 Various Total $ 457,878 $ 22,083 (1) Our ownership includes direct ownership of 1.3 percent and indirect ownership of 3.8 percent through our investment in Strategic Investors Fund II, LP. (2) Represents commitments to 168 funds (primarily venture capital funds) where our ownership interest is generally less than five of the voting interests of each such fund. The following table details the amounts of remaining unfunded commitments to venture capital and private equity funds by our consolidated managed funds of funds (including our interest and the noncontrolling interests) at December 31, 2020: Unfunded Commitments Strategic Investors Fund, LP $ 196 Capital Preferred Return Fund, LP 1,516 Growth Partners, LP 2,549 Total $ 4,261 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2020: (Dollars in thousands) Balance at December 31, 2020 Assets Available-for-sale securities: U.S. Treasury securities $ 4,469,728 $ — $ — $ 4,469,728 U.S. agency debentures — 237,307 — 237,307 Foreign government debt securities 24,492 — — 24,492 Residential mortgage-backed securities: Agency-issued mortgage-backed securities — 13,503,681 — 13,503,681 Agency-issued collateralized mortgage obligations —f ixed rate — 8,106,564 — 8,106,564 Agency-issued commercial mortgage-backed securities — 4,570,666 — 4,570,666 Total available-for-sale securities 4,494,220 26,418,218 — 30,912,438 Non-marketable and other equity securities (fair value accounting): Non-marketable securities: Venture capital and private equity fund investments measured at net asset value — — — 273,823 Other equity securities in public companies 43,344 237,460 — 280,804 Total non-marketable and other equity securities (fair value 43,344 237,460 — 554,627 Other assets: Foreign exchange forward and option contracts — 216,977 — 216,977 Equity warrant assets — 11,221 192,217 203,438 Client interest rate derivatives — 67,854 — 67,854 Total assets $ 4,537,564 $ 26,951,730 $ 192,217 $ 31,955,334 Liabilities Foreign exchange forward and option contracts $ — $ 210,833 $ — $ 210,833 Client interest rate derivatives — 26,646 — 26,646 Total liabilities $ — $ 237,479 $ — $ 237,479 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 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 2020, 2019 and 2018, respectively: (Dollars in thousands) Beginning Total Net Gains (Losses) Included in Net Income Purchases Sales/Exits Issuances Distributions and Other Settlements Transfers Out of Level 3 Ending Year ended December 31, 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 $ (30) $ — $ (104) $ — $ — $ — $ — Other assets: Equity warrant assets (2) 161,038 228,944 — (214,933) 19,014 — (1,846) 192,217 Total assets $ 161,172 $ 228,914 $ — $ (215,037) $ 19,014 $ — $ (1,846) $ 192,217 Year ended December 31, 2019: Non-marketable and other equity securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (1) $ 1,079 $ 12 $ — $ (960) $ — $ 3 $ — $ 134 Other assets: Equity warrant assets (2) 145,199 133,910 575 (130,392) 16,453 — (4,707) 161,038 Total assets $ 146,278 $ 133,922 $ 575 $ (131,352) $ 16,453 $ 3 $ (4,707) $ 161,172 Year ended December 31, 2018: Non-marketable and other equity securities (fair value accounting): Venture capital and private equity fund investments not measured at net asset value (1) $ 919 $ 457 $ — $ — $ — $ (297) $ — $ 1,079 Other assets: Equity warrant assets (2) 121,331 87,982 — (78,752) 17,941 — (3,303) 145,199 Total assets $ 122,250 $ 88,439 $ — $ (78,752) $ 17,941 $ (297) $ (3,303) $ 146,278 (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 unrealized gains (losses) included in earnings (which is inclusive of noncontrolling interest) attributable to Level 3 assets still held at December 31, 2020 and 2019, respectively: Year ended December 31, (Dollars in thousands) 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) $ — $ (222) Other assets: Equity warrant assets (2) 54,417 34,691 Total unrealized gains, net $ 54,417 $ 34,469 Unrealized losses attributable to noncontrolling interests (1) $ — $ (199) (1) Unrealized gains are recorded in the line item “Gains on investment securities, net,” a component of noninterest income. (2) Unrealized gains 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 December 31, 2020 and 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 Rage Weighted Average December 31, 2020: Equity warrant assets (public portfolio) $ 1,036 Black-Scholes option pricing model Volatility 46.0% - 56.8% 49.1 % Risk-Free interest rate 0.3 - 0.9 0.6 Sales restrictions discount (2) 10.0- 20.0 10.2 Equity warrant assets (private portfolio) 191,181 Black-Scholes option pricing model Volatility 24.4 - 56.8 43.2 Risk-Free interest rate 0.01 - 0.5 0.1 Marketability discount (3) 20.6 20.6 Remaining life assumption (4) 40.0 40.0 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 (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. |
Summary of Estimated Fair Values of Financial Instruments Not Carried at Fair Value | The following fair value hierarchy table presents the estimated fair values of our financial instruments that are not carried at fair value at December 31, 2020 and 2019: Estimated Fair Value (Dollars in thousands) Carrying Amount Total December 31, 2020: Financial assets: Cash and cash equivalents $ 17,674,763 $ 17,674,763 $ 17,674,763 $ — $ — Held-to-maturity securities 16,592,153 17,216,871 — 17,216,871 — Non-marketable securities not measured at net asset value 240,761 240,761 — — 240,761 Non-marketable securities measured at net asset value 390,658 390,658 — — — Net commercial loans 39,886,296 40,412,490 — — 40,412,490 Net consumer loans 4,847,427 4,911,451 — — 4,911,451 FHLB and Federal Reserve Bank stock 61,232 61,232 — — 61,232 Financial liabilities: Short-term borrowings 20,553 20,553 — 20,553 — Non-maturity deposits (1) 101,293,346 101,293,346 101,293,346 — — Time deposits 688,461 501,853 — 501,853 — 3.50% Senior Notes 348,348 382,855 — 382,855 — 3.125% Senior Notes 495,280 563,840 — 563,840 — Off-balance sheet financial assets: Commitments to extend credit — 36,672 — — 36,672 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 December 31, 2020: (Dollars in thousands) Carrying Amount Fair Value Unfunded Commitments Non-marketable securities (fair value accounting): Venture capital and private equity fund investments (1) $ 273,823 $ 273,823 $ 12,709 Non-marketable securities (equity method accounting): Venture capital and private equity fund investments (2) 362,192 362,192 10,509 Debt funds (2) 5,444 5,444 211 Other investments (2) 23,023 23,023 886 Total $ 664,482 $ 664,482 $ 24,315 (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 $66.2 million and $3.1 million, respectively, attributable to noncontrolling interests. It is estimated that we will receive distributions from the fund investments over the next 10 to 13 years, depending on the age of the funds and any potential extensions of terms of the funds. (2) Venture capital and private equity fund investments, debt funds and other fund investments within non-marketable securities (equity method accounting) include funds that invest in or lend money to primarily U.S. and global technology and life science/healthcare companies. It is estimated that we will receive distributions from the funds over the next 5 to 8 years, depending on the age of the funds and any potential extensions of the terms of the funds. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Capital Ratios for Company and Bank under Federal Regulatory Guidelines, Compared to Minimum Regulatory Capital Requirements for Adequately Capitalized and Well Capitalized Depository Institution | The following table presents the capital ratios for the Company and the Bank under federal regulatory guidelines, compared to the minimum regulatory capital requirements, as of December 31, 2020 and 2019: Capital Ratios Capital Amounts (Dollars in thousands) Actual Required Minimum (1) Well Capitalized Minimum Actual Required Minimum (1) Well Capitalized Minimum December 31, 2020: CET 1 risk-based capital: SVB Financial 11.04 % 7.0 % N/A $ 7,138,006 $ 4,527,647 N/A Bank 10.70 7.0 6.5 6,530,167 4,271,642 $ 3,966,525 Tier 1 risk-based capital: SVB Financial 11.89 8.5 6.0 7,691,936 5,497,857 3,880,840 Bank 10.70 8.5 8.0 6,530,167 5,186,994 4,881,877 Total risk-based capital: SVB Financial 12.64 10.5 10.0 8,175,430 6,791,470 6,468,066 Bank 11.49 10.5 10.0 7,013,630 6,407,463 6,102,346 Tier 1 leverage: SVB Financial 7.45 4.0 N/A 7,691,936 4,128,596 N/A Bank 6.43 4.0 5.0 6,530,167 4,060,180 5,075,225 December 31, 2019: CET 1 risk-based capital: SVB Financial 12.58 % 7.0 % N/A $ 5,857,744 $ 3,260,424 N/A Bank 11.12 7.0 6.5 4,949,393 3,115,151 $ 2,892,640 Tier 1 risk-based capital: SVB Financial 13.43 8.5 6.0 6,257,442 3,959,086 2,794,649 Bank 11.12 8.5 8.0 4,949,393 3,782,683 3,560,172 Total risk-based capital: SVB Financial 14.23 10.5 10.0 6,630,022 4,890,636 4,657,748 Bank 11.96 10.5 10.0 5,321,850 4,672,726 4,450,215 Tier 1 leverage: SVB Financial 9.06 4.0 N/A 6,257,442 2,763,146 N/A Bank 7.30 4.0 5.0 4,949,393 2,713,367 3,391,709 N/A "Well-Capitalized Minimum" CET 1 risk-based capital and Tier 1 leverage ratios are not formally defined under applicable banking regulations for bank holding companies. (1) The percentages represent the minimum capital ratios plus, the fully phased-in 2.5% CET1 capital conservation buffer under the Capital Rules. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | Our segment information for 2020, 2019 and 2018 is as follows: (Dollars in thousands) Global SVB Private SVB Capital SVB Leerink (1) Other Items Total Year ended December 31, 2020 Net interest income $ 2,025,240 $ 77,490 $ 30 $ 578 $ 52,946 $ 2,156,284 Provision for credit losses (165,987) (21,329) — — (32,194) (219,510) Noninterest income 605,733 3,536 225,954 495,976 508,949 1,840,148 Noninterest expense (3) (1,019,995) (46,099) (50,589) (378,970) (539,388) (2,035,041) Income (loss) before income tax expense (4) $ 1,444,991 $ 13,598 $ 175,395 $ 117,584 $ (9,687) $ 1,741,881 Total average loans, amortized cost $ 31,218,037 $ 4,195,804 $ — $ — $ 1,852,135 $ 37,265,976 Total average assets (5) (6) 75,034,226 4,229,818 437,132 556,778 5,533,705 85,791,659 Total average deposits 72,127,148 2,171,556 — — 716,726 75,015,430 Year ended December 31, 2019 Net interest income $ 1,850,391 $ 51,022 $ 38 $ 1,252 $ 193,898 $ 2,096,601 Provision for credit losses (91,814) (2,369) — — (12,233) (106,416) Noninterest income 637,922 3,366 122,394 264,516 193,281 1,221,479 Noninterest expense (3) (874,854) (40,151) (30,798) (252,678) (402,781) (1,601,262) Income (loss) before income tax expense (4) $ 1,521,645 $ 11,868 $ 91,634 $ 13,090 $ (27,835) $ 1,610,402 Total average loans, amortized cost $ 26,031,284 $ 3,341,188 $ — $ — $ 543,735 $ 29,916,207 Total average assets (5) (6) 56,043,321 3,371,052 405,152 397,650 2,994,455 63,211,630 Total average deposits 53,053,665 1,524,232 — — 479,053 55,056,950 Year ended December 31, 2018 Net interest income $ 1,623,488 $ 64,902 $ 23 $ — $ 205,575 $ 1,893,988 Provision for credit losses (80,953) (3,339) — — (3,578) (87,870) Noninterest income (7) 520,302 2,281 101,181 — 121,220 744,984 Noninterest expense (3) (793,159) (25,064) (22,792) — (347,178) (1,188,193) Income (loss) before income tax expense (4) $ 1,269,678 $ 38,780 $ 78,412 $ — $ (23,961) $ 1,362,909 Total average loans, amortized cost $ 22,354,305 $ 2,850,271 $ — $ — $ 425,944 $ 25,630,520 Total average assets (5) (8) 48,854,416 2,871,743 380,543 — 3,122,358 55,229,060 Total average deposits 46,039,570 1,502,308 — — 533,466 48,075,344 (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 $25.3 million, $20.4 million and $21.8 million for 2020, 2019 and 2018, respectively. (4) The internal reporting model used by management to assess segment performance does not calculate income tax expense by segment. Our effective tax rate is a reasonable approximation of the segment rates. (5) Total average assets equal the greater of total average assets or the sum of total average liabilities and total average stockholders’ equity for each segment to reconcile the results to the consolidated financial statements prepared in conformity with GAAP. (6) Included in the total average assets for SVB Leerink is goodwill of $137.8 million for both the years ended December 31, 2020 and 2019. (7) For the year ended December 31, 2018, amounts of client investment fees included in the line item "Noninterest Income" previously reported as "Other Items" have been correctly allocated to our reportable segment "Global Commercial Bank" to properly reflect the source of such revenue. The correction of this immaterial error had no impact on the "Total" amount of noninterest income. (8) For the year ended December 31, 2018, amounts for average assets previously reported as "Other Items" have been correctly allocated to the reportable segments "Global Commercial Bank" and “SVB 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 “SVB Private Bank.” The correction of this immaterial error had no impact on the "Total" amount of average assets. |
Parent Company Only Condensed_2
Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | The condensed balance sheets of SVB Financial at December 31, 2020 and 2019, and the related condensed statements of income, comprehensive income and cash flows for 2020, 2019 and 2018, are presented below: Condensed Balance Sheets December 31, (Dollars in thousands) 2020 2019 Assets: Cash and cash equivalents $ 670,738 $ 800,926 Investment securities 666,860 474,842 Loans, amortized cost 682 15,245 Lease right-of-use assets 99,363 71,847 Other assets 260,331 214,167 Investment in subsidiaries: Bank subsidiary 7,068,964 5,034,095 Nonbank subsidiaries 666,997 432,073 Total assets $ 9,433,935 $ 7,043,195 Liabilities and SVBFG stockholders’ equity: 3.125% Senior Notes $ 495,280 $ — 3.50% Senior Notes 348,348 347,987 Lease liabilities 134,607 87,999 Other liabilities 236,000 136,903 Total liabilities $ 1,214,235 $ 572,889 SVBFG stockholders’ equity 8,219,700 6,470,306 Total liabilities and SVBFG stockholders’ equity $ 9,433,935 $ 7,043,195 |
Condensed Statements of Income | Condensed Statements of Income Year ended December 31, (Dollars in thousands) 2020 2019 2018 Interest income $ 2,849 $ 4,473 $ 3,307 Interest expense (21,565) (31,666) (32,037) Dividend income from bank subsidiary 50,000 733,000 140,000 Gains on equity warrant assets, net 226,942 138,078 89,142 Gains on investment securities, net 157,594 45,345 13,546 Fund management fees and other noninterest income 62,046 21,567 26,388 General and administrative expenses (120,863) (94,712) (70,976) Income tax expense (145,790) (40,218) (14,383) Income before net income of subsidiaries 211,213 775,867 154,987 Equity in undistributed net income of bank subsidiary 776,243 303,618 793,641 Equity in undistributed net income of nonbank subsidiaries 220,912 57,371 25,212 Net income before preferred stock dividend $ 1,208,368 $ 1,136,856 $ 973,840 Preferred stock dividends (17,151) — — Net income available to common stockholders $ 1,191,217 $ 1,136,856 $ 973,840 |
Condensed Statements of Comprehensive Income | Condensed Statements of Comprehensive Income Year ended December 31, (Dollars in thousands) 2020 2019 2018 Net income before preferred stock dividend $ 1,208,368 $ 1,136,856 $ 973,840 Other comprehensive income (loss), net of tax: Foreign currency translation gains (losses) 11,846 2,319 (4,107) Changes in unrealized holding gains and losses on AFS securities 70 2,310 120 Changes in fair value on bank cash flow hedges, net of reclassification adjustments in bank net income 131,403 (2,130) — Equity in other comprehensive income (loss) of bank and nonbank subsidiaries 394,753 136,066 (19,171) Reclassifications to retained earnings for the adoption of new accounting guidance — — (29,490) Other comprehensive income (loss), net of tax 538,072 138,565 (52,648) Total comprehensive income $ 1,746,440 $ 1,275,421 $ 921,192 |
Condensed Statements of Cash Flows | ondensed Statements of Cash Flows Year ended December 31, (Dollars in thousands) 2020 2019 2018 Cash flows from operating activities: Net income before preferred stock dividend $ 1,208,368 $ 1,136,856 $ 973,840 Adjustments to reconcile net income to net cash provided by operating activities: Gains on equity warrant assets, net (226,942) (138,078) (89,142) Gains on investment securities, net (157,594) (45,345) (13,546) Gains on derivatives, net (30,018) — — Distributions of earnings from investment securities 65,237 49,776 47,596 Net income of bank subsidiary (826,243) (1,036,618) (933,641) Net income on nonbank subsidiaries (220,912) (57,371) (25,212) Cash dividends from bank subsidiary 50,000 733,000 140,000 Amortization of share-based compensation 83,986 66,815 45,675 Decrease in other assets 17,189 27,205 51,169 Increase in other liabilities 98,209 21,391 21,619 Other, net 13,206 8,084 (31,024) Net cash provided by operating activities 74,486 765,715 187,334 Cash flows from investing activities: Net decrease in investment securities from purchases, sales and maturities 122,823 128,635 73,742 Net decrease (increase) in loans 14,563 (15,245) — Increase in investment in bank subsidiary (68,630) (42,952) (31,292) Capital infusion in bank subsidiary (700,000) — — Decrease (increase) in investment in nonbank subsidiaries 4,271 23,275 (5,323) Business acquisitions (26,700) (265,601) — Net cash (used for) provided by investing activities (653,673) (171,888) 37,127 Cash flows from financing activities: Principal payments of long-term debt — (358,395) — Proceeds from issuance of 3.125% Senior Notes 495,024 — — Proceeds from issuance of common stock, ESPP and ESOP 31,146 24,818 18,387 Net proceeds from the issuance of preferred stock — 340,138 — Payment of preferred stock dividends (17,151) — — Common stock repurchase (60,020) (352,511) (147,123) Net cash provided by (used for) financing activities 448,999 (345,950) (128,736) Net (decrease) increase in cash and cash equivalents (130,188) 247,877 95,725 Cash and cash equivalents at beginning of period 800,926 553,049 457,324 Cash and cash equivalents at end of period $ 670,738 $ 800,926 $ 553,049 |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplemental Consolidated Financial Information | Our supplemental consolidated financial information for each three month period in 2020 and 2019 are as follows: Three months ended (Dollars in thousands, except per share amounts) March 31, June 30, September 30, December 31, 2020: Interest income $ 567,402 $ 523,523 $ 543,127 $ 607,558 Interest expense 43,265 10,596 15,387 16,078 Net interest income 524,137 512,927 527,740 591,480 Provision for (reduction) credit losses 243,480 66,481 (52,018) (38,433) Noninterest income 301,934 368,848 547,583 621,783 Noninterest expense 399,585 479,636 491,021 664,799 Income before income tax expense 183,006 335,658 636,320 586,897 Income tax expense 49,357 87,869 162,265 148,096 Net income before noncontrolling interests 133,649 247,789 474,055 438,801 Net loss (income) attributable to noncontrolling interests 1,973 (14,260) (27,748) (45,891) Preferred stock dividends (3,369) (4,594) (4,594) (4,594) Net income available to common stockholders $ 132,253 $ 228,935 $ 441,713 $ 388,316 Earnings per common share—basic $ 2.56 $ 4.44 $ 8.53 $ 7.49 Earnings per common share—diluted 2.55 4.42 8.47 7.40 2019: Interest income $ 551,014 $ 585,767 $ 583,892 $ 588,735 Interest expense 38,128 56,364 63,248 55,067 Net interest income 512,886 529,403 520,644 533,668 Provision for credit losses 28,551 23,946 36,536 17,383 Noninterest income 280,376 333,750 294,009 313,344 Noninterest expense 365,664 383,522 391,324 460,752 Income before income tax expense 399,047 455,685 386,793 368,877 Income tax expense 107,435 119,114 105,075 94,061 Net income before noncontrolling interests 291,612 336,571 281,718 274,816 Net income attributable to noncontrolling interests (2,880) (18,584) (14,437) (11,960) Net income available to common stockholders $ 288,732 $ 317,987 $ 267,281 $ 262,856 Earnings per common share—basic $ 5.49 $ 6.12 $ 5.19 $ 5.10 Earnings per common share—diluted 5.44 6.08 5.15 5.06 |
Nature of Business (Details)
Nature of Business (Details) | 12 Months Ended |
Dec. 31, 2020Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 4 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | Jan. 01, 2020USD ($) | Dec. 31, 2020USD ($)portfolio_segmentclass_financing_receivable | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Significant Accounting Policies [Line Items] | ||||||
Number of portfolio segments | portfolio_segment | 6 | |||||
Number of classes of financing receivables | class_financing_receivable | 11 | |||||
Financing receivable, allowance for credit loss, forecast period | 3 years | |||||
Finance lease obligations | $ 0 | $ 0 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (8,433,491,000) | (6,621,080,000) | $ (5,264,843,000) | $ (4,319,415,000) | ||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ 48,500,000 | |||||
Retained Earnings | ||||||
Significant Accounting Policies [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (5,671,749,000) | (4,575,601,000) | $ (3,791,838,000) | $ (2,866,837,000) | ||
Cumulative adjustment for adoption of amendment | ASC 326 | ||||||
Significant Accounting Policies [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | [1] | 35,049,000 | ||||
Cumulative adjustment for adoption of amendment | ASC 326 | Retained Earnings | ||||||
Significant Accounting Policies [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | [1] | 35,049,000 | ||||
Accrued Interest Receivable And Other Assets | Loans Receivable | ||||||
Significant Accounting Policies [Line Items] | ||||||
Interest receivable | 126,400,000 | 119,100,000 | ||||
Accrued Interest Receivable And Other Assets | Held-to-maturity securities | ||||||
Significant Accounting Policies [Line Items] | ||||||
Interest receivable | $ 55,000,000 | $ 45,200,000 | ||||
Investor dependent | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of loan portfolio segments | portfolio_segment | 2 | |||||
Investor dependent | Early stage | ||||||
Significant Accounting Policies [Line Items] | ||||||
Risk-based segments, revenue threshold of subcategories | $ 5,000,000 | |||||
Investor dependent | Later stage | ||||||
Significant Accounting Policies [Line Items] | ||||||
Risk-based segments, revenue threshold of subcategories | $ 15,000,000 | |||||
Lower Limit | ||||||
Significant Accounting Policies [Line Items] | ||||||
Term of contract on forward contracts | 1 year | |||||
Sponsor equity contribution, percentage of acquisition price | 50.00% | |||||
Lower Limit | Investor dependent | Mid stage | ||||||
Significant Accounting Policies [Line Items] | ||||||
Risk-based segments, revenue threshold of subcategories | $ 5,000,000 | |||||
Upper Limit | ||||||
Significant Accounting Policies [Line Items] | ||||||
Ownership interest percentage | 5.00% | |||||
Term of contract on forward contracts | 5 years | |||||
Upper Limit | Mid stage | ||||||
Significant Accounting Policies [Line Items] | ||||||
Risk-based segments, revenue threshold of subcategories | $ 15,000,000 | |||||
Equity warrant assets (public portfolio) | Lower Limit | ||||||
Significant Accounting Policies [Line Items] | ||||||
Duration of the sale restrictions | 3 months | |||||
Equity warrant assets (public portfolio) | Upper Limit | ||||||
Significant Accounting Policies [Line Items] | ||||||
Duration of the sale restrictions | 6 months | |||||
Equity warrant assets (public portfolio) | Sales restrictions discount | Lower Limit | ||||||
Significant Accounting Policies [Line Items] | ||||||
Sales restriction discounts | 0.10 | |||||
Equity warrant assets (public portfolio) | Sales restrictions discount | Upper Limit | ||||||
Significant Accounting Policies [Line Items] | ||||||
Sales restriction discounts | 0.20 | |||||
Non-marketable securities | Other investments | SPD Silicon Valley Bank Co., Ltd. | Equity method investee | ||||||
Significant Accounting Policies [Line Items] | ||||||
Ownership interest percentage | 50.00% | |||||
Non-marketable securities | Lower Limit | Consolidated venture capital and private equity fund investments | Equity method investee | ||||||
Significant Accounting Policies [Line Items] | ||||||
Ownership interest percentage | 20.00% | |||||
Non-marketable securities | Lower Limit | Investments in limited partnerships | Equity method investee | ||||||
Significant Accounting Policies [Line Items] | ||||||
Ownership interest percentage | 5.00% | |||||
Non-marketable securities | Fair value accounting | Consolidated venture capital and private equity fund investments | Growth Partners, LP | ||||||
Significant Accounting Policies [Line Items] | ||||||
Ownership interest percentage | 33.00% | 33.00% | ||||
Non-marketable securities | Fair value accounting | Consolidated venture capital and private equity fund investments | Capital Preferred Return Fund, LP | ||||||
Significant Accounting Policies [Line Items] | ||||||
Ownership interest percentage | 20.00% | 20.00% | ||||
Non-marketable securities | Fair value accounting | Consolidated venture capital and private equity fund investments | Strategic Investors Fund, LP | ||||||
Significant Accounting Policies [Line Items] | ||||||
Ownership interest percentage | 12.60% | 12.60% | ||||
Non-marketable securities | Fair value accounting | Consolidated venture capital and private equity fund investments | CP I, LP | ||||||
Significant Accounting Policies [Line Items] | ||||||
Ownership interest percentage | 0.00% | 10.70% | ||||
[1] | See Note 2- "Summary of Significant Accounting Policies" for additional details. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Maximum Estimated Useful Lives by Asset Classification (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Leasehold Improvements | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Premises and equipment, estimated useful life | Lesser of lease term or asset life |
Furniture and equipment | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Premises and equipment, estimated useful life | 7 years |
Software | Lower Limit | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Premises and equipment, estimated useful life | 3 years |
Software | Upper Limit | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Premises and equipment, estimated useful life | 7 years |
Computer hardware | Lower Limit | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Premises and equipment, estimated useful life | 3 years |
Computer hardware | Upper Limit | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Premises and equipment, estimated useful life | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Adoption of New Accounting Standards (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Lease right-of-use assets | $ 209,932 | $ 197,365 |
Lease liabilities | $ 259,554 | $ 218,847 |
Stockholders' Equity and EPS -
Stockholders' Equity and EPS - Reclassification of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Reclassification adjustment for (gains) losses on available-for-sale securities included in net income | $ 420,752 | $ 134,670 | $ 88,094 | ||||||||
Related tax expense (benefit) | $ (148,096) | $ (162,265) | $ (87,869) | $ (49,357) | $ (94,061) | $ (105,075) | $ (119,114) | $ (107,435) | (447,587) | (425,685) | (351,561) |
Net interest income | 591,480 | 527,740 | 512,927 | 524,137 | 533,668 | 520,644 | 529,403 | 512,886 | 2,156,284 | 2,096,601 | 1,893,988 |
Total reclassification adjustment for (gains) losses included in net income, net of tax | $ 388,316 | $ 441,713 | $ 228,935 | $ 132,253 | $ 262,856 | $ 267,281 | $ 317,987 | $ 288,732 | 1,191,217 | 1,136,856 | 973,840 |
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Total reclassification adjustment for (gains) losses included in net income, net of tax | (80,448) | 6,687 | 535 | ||||||||
Accumulated Net Unrealized Investment Gain (Loss) | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Reclassification adjustment for (gains) losses on available-for-sale securities included in net income | (61,165) | 3,905 | 740 | ||||||||
Related tax expense (benefit) | 16,953 | (1,087) | (205) | ||||||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Related tax expense (benefit) | 13,692 | (1,489) | 0 | ||||||||
Net interest income | $ (49,928) | $ 5,358 | $ 0 |
Stockholders' Equity and EPS _2
Stockholders' Equity and EPS - Activity Related to Net Gains on Cash Flow Hedges in AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cash flow hedge gains expected to reclassified out of AOCI over next 12 months | $ 63,300 | ||
Balance, beginning of period, net of tax | 6,621,080 | $ 5,264,843 | $ 4,319,415 |
Balance, end of period, net of tax | 8,433,491 | 6,621,080 | 5,264,843 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of period, net of tax | (2,130) | 0 | 0 |
Net increase (decrease) in fair value, net of tax | 167,639 | (5,999) | 0 |
Net realized (gain) loss reclassified to net income, net of tax | (36,236) | 3,869 | 0 |
Balance, end of period, net of tax | $ 129,273 | $ (2,130) | $ 0 |
Stockholders' Equity and EPS _3
Stockholders' Equity and EPS - Reconciliation of Basic EPS to Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||||||||||
Net income available to common stockholders | $ 388,316 | $ 441,713 | $ 228,935 | $ 132,253 | $ 262,856 | $ 267,281 | $ 317,987 | $ 288,732 | $ 1,191,217 | $ 1,136,856 | $ 973,840 |
Denominator: | |||||||||||
Weighted average common shares outstanding-basic (in shares) | 51,685 | 51,915 | 53,078 | ||||||||
Denominator for diluted calculation (in shares) | 52,084 | 52,311 | 53,772 | ||||||||
Earnings per common share: | |||||||||||
Basic (usd per share) | $ 7.49 | $ 8.53 | $ 4.44 | $ 2.56 | $ 5.10 | $ 5.19 | $ 6.12 | $ 5.49 | $ 23.05 | $ 21.90 | $ 18.35 |
Diluted (usd per share) | $ 7.40 | $ 8.47 | $ 4.42 | $ 2.55 | $ 5.06 | $ 5.15 | $ 6.08 | $ 5.44 | $ 22.87 | $ 21.73 | $ 18.11 |
Stock options and ESPP | |||||||||||
Denominator: | |||||||||||
Weighted average effect of dilutive securities (in shares) | 151 | 227 | 377 | ||||||||
Restricted stock units | |||||||||||
Denominator: | |||||||||||
Weighted average effect of dilutive securities (in shares) | 248 | 169 | 317 |
Stockholders' Equity and EPS _4
Stockholders' Equity and EPS - Common Shares Excluded from Diluted EPS Calculation (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from diluted earnings per share calculation (in shares) | 289 | 417 | 144 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from diluted earnings per share calculation (in shares) | 279 | 167 | 59 |
Restricted stock units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from diluted earnings per share calculation (in shares) | 10 | 250 | 85 |
Stockholders' Equity and EPS _5
Stockholders' Equity and EPS - Stock Repurchase Programs (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 24, 2019 | |
Equity and Earnings Per Share [Abstract] | ||||
Amount of outstanding common stock authorized to be repurchased | $ 350,000,000 | |||
Common stock repurchased (in shares) | 244,223 | |||
Common stock repurchased | $ 60,020,000 | $ 352,511,000 | $ 147,123,000 |
Stockholders' Equity and EPS _6
Stockholders' Equity and EPS - Preferred Stock (Details) - USD ($) | Dec. 09, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | |||
Preferred stock, shares issued | 350,000 | 350,000 | |
Preferred stock, par value | $ 0.001 | $ 0.001 | |
Preferred stock, shares issued, value | $ 340,138,000 | $ 340,138,000 | |
Preferred stock, shares outstanding | 350,000 | 350,000 | |
Preferred Stock, Series A | |||
Class of Stock [Line Items] | |||
Preferred stock, shares issued | 350,000 | 350,000 | |
Preferred stock, par value | $ 0.001 | $ 0.001 | |
Preferred stock, liquidation preference (usd per share) | $ 1,000 | ||
Preferred stock, depositary share ownership interest | 2.50% | ||
Preferred stock, dividend rate (percent) | 5.25% | ||
Preferred stock, shares issued, value | $ 340,100,000 | ||
Preferred stock, shares outstanding | 350,000 | ||
Preferred stock, liquidation preference, value | $ 350,000,000 | ||
Preferred stock, dividends paid per depositary share (usd per share) | $ 1.23 | ||
Preferred stock, liquidation preference per depositary share (usd per share) | $ 25 |
Stockholders' Equity and EPS _7
Stockholders' Equity and EPS - Preferred Stock Summary Schedule (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 09, 2019 | |
Class of Stock [Line Items] | |||
Preferred stock, shares issued, value | $ 340,138 | $ 340,138 | |
Preferred stock, shares issued | 350,000 | 350,000 | |
Par Value | $ 0.001 | $ 0.001 | |
Preferred Stock, Series A | |||
Class of Stock [Line Items] | |||
Amount outstanding | $ 350,000 | ||
Preferred stock, shares issued, value | $ 340,100 | ||
Preferred stock, shares issued | 350,000 | 350,000 | |
Par Value | $ 0.001 | $ 0.001 | |
Ownership interest per depository share (usd per share) | 2.50% | ||
Liquidation preference per depository share (usd per share) | $ 25 | ||
2020 dividends paid per depository share (usd per share) | $ 1.23 |
Share-Based Compensation - Shar
Share-Based Compensation - Share Based Compensation and Related Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Share-based compensation expense | $ 83,986 | $ 66,815 | $ 45,675 |
Income tax benefit related to share-based compensation expense | (20,426) | (16,152) | (10,997) |
Capitalized compensation costs | $ 1,383 | $ 1,517 | $ 1,466 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020USD ($)shares | |
Equity Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum aggregate number of shares that may be awarded and sold | 12,028,505 |
Conversion ratio for awards granted | 2 |
Conversion ratio for awards forfeited | 2 |
Number of common stock shares available for future issuance | 2,682,494 |
Employee Stock Purchase Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum percentage of gross compensation that employees may contribute annually | 10.00% |
Maximum amount of gross compensation employees may contribute annually | $ | $ 25,000 |
Percentage of fair market value of common stock at which employees may purchase shares | 85.00% |
Offering period | 6 months |
Number of hours employed per week to qualify | 20 hours |
Number of months employed to qualify | 5 months |
Number of shares issued under ESPP | 167,336 |
Proceeds from issuance of shares under ESPP | $ | $ 30,200,000 |
Number of common stock shares available for future issuance | 1,170,472 |
Expected volatility term | 5 years |
Restricted stock units | Equity Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period of stock award | 4 years |
Restricted stock units | Equity Incentive Plan | Lower Limit | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period of stock award | 3 years |
Performance Based Restricted Stock | Equity Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period of stock award | 3 years |
Performance Based Restricted Stock | Equity Incentive Plan | Lower Limit | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period of stock award | 1 year |
Stock options | Equity Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period of stock award | 4 years |
Options granted under the 2006 Incentive Plan, expiration period | 7 years |
Share-Based Compensation - Unre
Share-Based Compensation - Unrecognized Share-Based Compensation Expense (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Expense | $ 133,618 |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Expense | $ 13,854 |
Weighted Average Expected Recognition Period - in Years | 2 years 5 months 1 day |
Restricted stock awards/units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Expense | $ 119,764 |
Weighted Average Expected Recognition Period - in Years | 2 years 7 months 2 days |
Share-Based Compensation - Weig
Share-Based Compensation - Weighted Average Assumptions and Fair Values Used for Employee Stock Options and Restricted Stock Units (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Weighted average expected term of options - in years | 4 years 7 months 6 days | 4 years 7 months 6 days | 4 years 9 months 18 days |
Weighted average expected volatility of the Company's underlying common stock | 41.90% | 35.50% | 34.70% |
Risk-free interest rate | 0.37% | 2.26% | 2.82% |
Expected dividend yield | $ 0 | $ 0 | $ 0 |
Weighted average grant date fair value - stock options (usd per share) | $ 66.44 | $ 83.50 | $ 105.81 |
Weighted average grant date fair value - restricted stock units (usd per share) | $ 199.51 | $ 243.65 | $ 294.50 |
Share-Based Compensation - We_2
Share-Based Compensation - Weighted Average Assumptions and Fair Values Used for ESPP (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | |||
Expected term in years | 4 years 7 months 6 days | 4 years 7 months 6 days | 4 years 9 months 18 days |
Weighted average expected volatility of the Company's underlying common stock | 41.90% | 35.50% | 34.70% |
Risk-free interest rate | 0.37% | 2.26% | 2.82% |
Expected dividend yield | $ 0 | $ 0 | $ 0 |
Weighted average grant date fair value (usd per share) | $ 66.44 | $ 83.50 | $ 105.81 |
Employee Stock Purchase Plan | |||
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | |||
Expected term in years | 6 months | 6 months | 6 months |
Weighted average expected volatility of the Company's underlying common stock | 51.90% | 38.10% | 32.20% |
Risk-free interest rate | 1.12% | 2.40% | 1.79% |
Expected dividend yield | $ 0 | $ 0 | $ 0 |
Weighted average grant date fair value (usd per share) | $ 69.54 | $ 52.90 | $ 62.76 |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Option Information Related to Equity Incentive Plan (Details) | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Options | |
Outstanding, beginning of period (in shares) | shares | 625,407 |
Granted (in shares) | shares | 124,091 |
Exercised (in shares) | shares | (173,536) |
Forfeited (in shares) | shares | (15,931) |
Expired (in shares) | shares | (1,030) |
Outstanding, end of period (in shares) | shares | 559,001 |
Vested and expected to vest (in shares) | shares | 538,524 |
Exercisable (in shares) | shares | 276,191 |
Weighted average exercise price | |
Outstanding, beginning of period (usd per share) | $ / shares | $ 169.33 |
Granted (usd per share) | $ / shares | 187.59 |
Exercised (usd per share) | $ / shares | 106.42 |
Forfeited (usd per share) | $ / shares | 232.60 |
Expired (usd per share) | $ / shares | 71.11 |
Outstanding, end of period (usd per share) | $ / shares | 191.29 |
Vested and expected to vest (usd per share) | $ / shares | 190.30 |
Exercisable (usd per share) | $ / shares | $ 157.07 |
Weighted Average Remaining Contractual Life in Years | |
Outstanding (in years) | 4 years 3 days |
Vested and expected to vest (in years) | 3 years 11 months 8 days |
Exercisable (in years) | 2 years 5 months 19 days |
Aggregate Intrinsic Value of In-The-Money Options | |
Outstanding | $ | $ 109,865,324 |
Vested and expected to vest | $ | 106,375,308 |
Exercisable | $ | $ 63,734,604 |
Share-Based Compensation - St_2
Share-Based Compensation - Stock Options Outstanding (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Outstanding Options, Shares | shares | 559,001 |
Outstanding Options, Weighted Average Remaining Contractual Life in Years | 4 years 3 days |
Outstanding Options, Weighted Average Exercise Price (usd per share) | $ 191.29 |
Exercisable Options, Shares | shares | 276,191 |
Exercisable Options, Weighted Average Exercise Price (usd per share) | $ 157.07 |
$101.14 - 105.84 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum (usd per share) | 101.14 |
Range of Exercise Prices, maximum (usd per share) | $ 105.84 |
Outstanding Options, Shares | shares | 87,538 |
Outstanding Options, Weighted Average Remaining Contractual Life in Years | 2 years 3 months 21 days |
Outstanding Options, Weighted Average Exercise Price (usd per share) | $ 105.15 |
Exercisable Options, Shares | shares | 87,538 |
Exercisable Options, Weighted Average Exercise Price (usd per share) | $ 105.15 |
105.85 - 126.18 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum (usd per share) | 105.85 |
Range of Exercise Prices, maximum (usd per share) | $ 126.18 |
Outstanding Options, Shares | shares | 42,249 |
Outstanding Options, Weighted Average Remaining Contractual Life in Years | 3 months 29 days |
Outstanding Options, Weighted Average Exercise Price (usd per share) | $ 108.04 |
Exercisable Options, Shares | shares | 42,249 |
Exercisable Options, Weighted Average Exercise Price (usd per share) | $ 108.04 |
126.19 - 173.94 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum (usd per share) | 126.19 |
Range of Exercise Prices, maximum (usd per share) | $ 173.94 |
Outstanding Options, Shares | shares | 47,407 |
Outstanding Options, Weighted Average Remaining Contractual Life in Years | 1 year 4 months 9 days |
Outstanding Options, Weighted Average Exercise Price (usd per share) | $ 130.42 |
Exercisable Options, Shares | shares | 46,673 |
Exercisable Options, Weighted Average Exercise Price (usd per share) | $ 129.81 |
173.95 - 181.63 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum (usd per share) | 173.95 |
Range of Exercise Prices, maximum (usd per share) | $ 181.63 |
Outstanding Options, Shares | shares | 64,974 |
Outstanding Options, Weighted Average Remaining Contractual Life in Years | 3 years 3 months 29 days |
Outstanding Options, Weighted Average Exercise Price (usd per share) | $ 178.39 |
Exercisable Options, Shares | shares | 45,579 |
Exercisable Options, Weighted Average Exercise Price (usd per share) | $ 178.39 |
181.64 - 195.34 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum (usd per share) | 181.64 |
Range of Exercise Prices, maximum (usd per share) | $ 195.34 |
Outstanding Options, Shares | shares | 116,375 |
Outstanding Options, Weighted Average Remaining Contractual Life in Years | 6 years 3 months 29 days |
Outstanding Options, Weighted Average Exercise Price (usd per share) | $ 184.86 |
Exercisable Options, Shares | shares | 0 |
Exercisable Options, Weighted Average Exercise Price (usd per share) | $ 0 |
195.35 - 247.56 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum (usd per share) | 195.35 |
Range of Exercise Prices, maximum (usd per share) | $ 247.56 |
Outstanding Options, Shares | shares | 15,765 |
Outstanding Options, Weighted Average Remaining Contractual Life in Years | 5 years 8 months 8 days |
Outstanding Options, Weighted Average Exercise Price (usd per share) | $ 230.24 |
Exercisable Options, Shares | shares | 3,777 |
Exercisable Options, Weighted Average Exercise Price (usd per share) | $ 227.23 |
247.57 - 277.95 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum (usd per share) | 247.57 |
Range of Exercise Prices, maximum (usd per share) | $ 277.95 |
Outstanding Options, Shares | shares | 112,934 |
Outstanding Options, Weighted Average Remaining Contractual Life in Years | 5 years 3 months 29 days |
Outstanding Options, Weighted Average Exercise Price (usd per share) | $ 250.43 |
Exercisable Options, Shares | shares | 15,367 |
Exercisable Options, Weighted Average Exercise Price (usd per share) | $ 250.43 |
277.96- 306.22 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum (usd per share) | 277.96 |
Range of Exercise Prices, maximum (usd per share) | $ 306.22 |
Outstanding Options, Shares | shares | 68,705 |
Outstanding Options, Weighted Average Remaining Contractual Life in Years | 4 years 3 months 29 days |
Outstanding Options, Weighted Average Exercise Price (usd per share) | $ 305.46 |
Exercisable Options, Shares | shares | 33,875 |
Exercisable Options, Weighted Average Exercise Price (usd per share) | $ 305.46 |
306.23 - 315.88 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum (usd per share) | 306.23 |
Range of Exercise Prices, maximum (usd per share) | $ 315.88 |
Outstanding Options, Shares | shares | 790 |
Outstanding Options, Weighted Average Remaining Contractual Life in Years | 6 years 10 months 2 days |
Outstanding Options, Weighted Average Exercise Price (usd per share) | $ 306.98 |
Exercisable Options, Shares | shares | 0 |
Exercisable Options, Weighted Average Exercise Price (usd per share) | $ 0 |
315.89 - 324.77 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices, minimum (usd per share) | 315.89 |
Range of Exercise Prices, maximum (usd per share) | $ 324.77 |
Outstanding Options, Shares | shares | 2,264 |
Outstanding Options, Weighted Average Remaining Contractual Life in Years | 4 years 7 months 6 days |
Outstanding Options, Weighted Average Exercise Price (usd per share) | $ 324.77 |
Exercisable Options, Shares | shares | 1,133 |
Exercisable Options, Weighted Average Exercise Price (usd per share) | $ 324.77 |
Share-Based Compensation - Info
Share-Based Compensation - Information for Restricted Stock Units under Equity Incentive Plan (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted Average Grant Date Fair Value | |||
Granted (usd per share) | $ 199.51 | $ 243.65 | $ 294.50 |
Closing stock price | $ 387.83 | ||
Restricted stock units | |||
Shares | |||
Nonvested, beginning of period (in shares) | 847,972 | ||
Granted (in shares) | 460,671 | ||
Vested (in shares) | (261,302) | ||
Forfeited (in shares) | (52,292) | ||
Nonvested, end of period (in shares) | 995,049 | 847,972 | |
Weighted Average Grant Date Fair Value | |||
Nonvested, beginning of period (usd per share) | $ 236.54 | ||
Granted (usd per share) | 199.51 | ||
Vested (usd per share) | 209.30 | ||
Forfeited (usd per share) | 225.66 | ||
Nonvested, end of period (usd per share) | $ 227.12 | $ 236.54 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Information Regarding Stock Option and Restricted Stock Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of stock options exercised | $ 25,380 | $ 23,088 | $ 40,681 |
Total grant date fair value of stock options vested | 5,868 | 5,735 | 5,823 |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of restricted stock vested | 55,782 | 56,101 | 63,917 |
Total grant date fair value of restricted stock vested | $ 47,237 | $ 35,191 | $ 28,813 |
Variable Interest Entities - Ca
Variable Interest Entities - Carrying Amounts and Classification of Significant Variable Interests (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||
Cash and cash equivalents | $ 17,674,763 | $ 6,781,783 |
Non-marketable and other equity securities | 1,802,235 | 1,213,829 |
Accrued interest receivable and other assets | 3,205,825 | 1,745,233 |
Total assets | 115,511,007 | 71,004,903 |
Other liabilities | 3,971,974 | 2,041,752 |
Total liabilities | 107,077,516 | 64,383,823 |
Investments in Affordable Housing Projects [Abstract] | ||
Investments in qualified affordable housing projects | 616,188 | 458,476 |
Related other liabilities of unfunded credit commitments | 370,208 | 302,031 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Cash and cash equivalents | 14,859 | 7,629 |
Non-marketable and other equity securities | 422,049 | 270,057 |
Accrued interest receivable and other assets | 937 | 1,117 |
Total assets | 437,845 | 278,803 |
Other liabilities | 1,410 | 2,854 |
Total liabilities | 1,410 | 2,854 |
Maximum Exposure to Loss in Unconsolidated VIEs | 436,400 | |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Non-marketable and other equity securities | 858,617 | 689,360 |
Accrued interest receivable and other assets | 0 | 0 |
Total assets | 858,617 | 689,360 |
Other liabilities | 370,208 | 302,031 |
Total liabilities | 370,208 | 302,031 |
Maximum Exposure to Loss in Unconsolidated VIEs | 858,617 | 689,360 |
Non-marketable securities | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Unconsolidated VIEs | $ 858,617 | $ 689,360 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) $ in Thousands | Dec. 31, 2020USD ($)entity | Dec. 31, 2019USD ($) |
Investments In Variable Interest Entities [Abstract] | ||
Number of consolidated entities | entity | 3 | |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Unconsolidated VIEs | $ 436,400 | |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss in Unconsolidated VIEs | $ 858,617 | $ 689,360 |
Reserves on Deposit with the _3
Reserves on Deposit with the Federal Reserve Bank and Federal Bank Stock - Average Required Reserve Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Federal Home Loan Bank Stock and Federal Reserve Bank Stock [Abstract] | ||
Average required reserve balances at FRB San Francisco | $ 82,461 | $ 315,784 |
Reserves on Deposit with the _4
Reserves on Deposit with the Federal Reserve Bank and Federal Bank Stock - Shares Held at Federal Reserve Bank and Federal Home Loan Bank (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Federal Home Loan Bank Stock and Federal Reserve Bank Stock [Abstract] | ||
FHLB stock holdings | $ 17,250 | $ 17,250 |
FRB stock holdings | $ 43,982 | $ 43,008 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Abstract] | ||
Cash and due from banks | $ 17,447,916 | $ 6,492,443 |
Securities purchased under agreements to resell | 226,847 | 289,340 |
Total cash and cash equivalents | $ 17,674,763 | $ 6,781,783 |
Cash and Cash Equivalents - S_2
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Footnote Information) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | ||
Deposits at the Federal Reserve Bank earning interest at the Federal Funds target rate | $ 13,700,000,000 | $ 3,700,000,000 |
Interest-earning deposits in other financial institutions | 3,000,000,000 | 2,100,000,000 |
Fair value of securities purchased under agreements to resell | 232,000,000 | 295,000,000 |
Securities received as collateral, amount repledged and sold | $ 0 | $ 0 |
Cash and Cash Equivalents - Sec
Cash and Cash Equivalents - Securities Purchased Under Agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | ||
Average securities purchased under agreements to resell | $ 149,385 | $ 166,205 |
Maximum amount outstanding at any month-end during the year | $ 450,164 | $ 613,247 |
Investment Securities - Major C
Investment Securities - Major Components of Investment Securities Portfolio (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investment Holdings [Line Items] | ||
Amortized cost | $ 30,244,896 | $ 13,894,348 |
Unrealized Gains | 682,530 | 140,713 |
Unrealized Losses | (14,988) | (20,142) |
Available-for-sale securities | 30,912,438 | 14,014,919 |
U.S. treasury securities | ||
Investment Holdings [Line Items] | ||
Amortized cost | 4,197,858 | 6,815,874 |
Unrealized Gains | 271,977 | 82,267 |
Unrealized Losses | (107) | (4,131) |
Available-for-sale securities | 4,469,728 | 6,894,010 |
U.S. agency debentures | ||
Investment Holdings [Line Items] | ||
Amortized cost | 233,727 | 100,000 |
Unrealized Gains | 4,165 | 0 |
Unrealized Losses | (585) | (453) |
Available-for-sale securities | 237,307 | 99,547 |
Foreign government debt securities | ||
Investment Holdings [Line Items] | ||
Amortized cost | 24,491 | 9,037 |
Unrealized Gains | 1 | 1 |
Unrealized Losses | 0 | 0 |
Available-for-sale securities | 24,492 | 9,038 |
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Investment Holdings [Line Items] | ||
Amortized cost | 13,271,482 | 4,109,372 |
Unrealized Gains | 232,850 | 39,438 |
Unrealized Losses | (651) | (19) |
Available-for-sale securities | 13,503,681 | 4,148,791 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations - fixed rate | ||
Investment Holdings [Line Items] | ||
Amortized cost | 8,076,832 | 1,520,414 |
Unrealized Gains | 40,010 | 17,929 |
Unrealized Losses | (10,278) | 0 |
Available-for-sale securities | 8,106,564 | 1,538,343 |
Agency-issued commercial mortgage-backed securities | ||
Investment Holdings [Line Items] | ||
Amortized cost | 4,440,506 | 1,339,651 |
Unrealized Gains | 133,527 | 1,078 |
Unrealized Losses | (3,367) | (15,539) |
Available-for-sale securities | $ 4,570,666 | $ 1,325,190 |
Investment Securities - Activit
Investment Securities - Activity of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |||
Sales proceeds | $ 2,654,212 | $ 2,189,087 | $ 474,482 |
Gross realized gains | 61,165 | 1,250 | 127 |
Gross realized losses | 0 | (5,155) | (867) |
Net realized losses | $ 61,165 | $ (3,905) | $ (740) |
Investment Securities - Summary
Investment Securities - Summary of Unrealized Losses on Available for Sale Securities (Detail) | Dec. 31, 2020USD ($)Investment | Dec. 31, 2019USD ($)Investment |
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 months - Fair Value of Investments | $ 4,285,435,000 | $ 2,102,365,000 |
Less than 12 months - Unrealized Losses | (14,988,000) | (20,007,000) |
12 months or longer - Fair Value of Investments | 0 | 449,850,000 |
12 months or longer - Unrealized Losses | 0 | (135,000) |
Fair Value of Investments | 4,285,435,000 | 2,552,215,000 |
Unrealized Losses | $ (14,988,000) | $ (20,142,000) |
Number of investments in unrealized loss position | Investment | 93 | 58 |
Number of investments with unrealized losses greater than 12 months | Investment | 0 | 12 |
Investments in our AFS securities portfolio past due | $ 0 | |
U.S. treasury securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 months - Fair Value of Investments | 59,929,000 | $ 971,572,000 |
Less than 12 months - Unrealized Losses | (107,000) | (3,996,000) |
12 months or longer - Fair Value of Investments | 0 | 449,850,000 |
12 months or longer - Unrealized Losses | 0 | (135,000) |
Fair Value of Investments | 59,929,000 | 1,421,422,000 |
Unrealized Losses | (107,000) | (4,131,000) |
U.S. agency debentures | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 months - Fair Value of Investments | 133,143,000 | 99,547,000 |
Less than 12 months - Unrealized Losses | (585,000) | (453,000) |
12 months or longer - Fair Value of Investments | 0 | 0 |
12 months or longer - Unrealized Losses | 0 | 0 |
Fair Value of Investments | 133,143,000 | 99,547,000 |
Unrealized Losses | (585,000) | (453,000) |
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 months - Fair Value of Investments | 903,767,000 | 4,014,000 |
Less than 12 months - Unrealized Losses | (651,000) | (19,000) |
12 months or longer - Fair Value of Investments | 0 | 0 |
12 months or longer - Unrealized Losses | 0 | 0 |
Fair Value of Investments | 903,767,000 | 4,014,000 |
Unrealized Losses | (651,000) | (19,000) |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations - fixed rate | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 months - Fair Value of Investments | 2,199,207,000 | |
Less than 12 months - Unrealized Losses | (10,278,000) | |
12 months or longer - Fair Value of Investments | 0 | |
12 months or longer - Unrealized Losses | 0 | |
Fair Value of Investments | 2,199,207,000 | |
Unrealized Losses | (10,278,000) | |
Agency-issued commercial mortgage-backed securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 months - Fair Value of Investments | 989,389,000 | 1,027,232,000 |
Less than 12 months - Unrealized Losses | (3,367,000) | (15,539,000) |
12 months or longer - Fair Value of Investments | 0 | 0 |
12 months or longer - Unrealized Losses | 0 | 0 |
Fair Value of Investments | 989,389,000 | 1,027,232,000 |
Unrealized Losses | $ (3,367,000) | $ (15,539,000) |
Investment Securities - Summa_2
Investment Securities - Summary of Remaining Contractual Principal Maturities for Available-for-Sale Securities (Detail) - Available-for-sale Securities $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Investments Classified By Contractual Maturity Date [Line Items] | |
Total | $ 30,912,438 |
One Year or Less | 34,584 |
After One Year to Five Years | 3,532,784 |
After Five Years to Ten Years | 2,666,731 |
After Ten Years | 24,678,339 |
U.S. treasury securities | |
Investments Classified By Contractual Maturity Date [Line Items] | |
Total | 4,469,728 |
One Year or Less | 10,092 |
After One Year to Five Years | 3,532,784 |
After Five Years to Ten Years | 926,852 |
After Ten Years | 0 |
U.S. agency debentures | |
Investments Classified By Contractual Maturity Date [Line Items] | |
Total | 237,307 |
One Year or Less | 0 |
After One Year to Five Years | 0 |
After Five Years to Ten Years | 237,307 |
After Ten Years | 0 |
Foreign government debt securities | |
Investments Classified By Contractual Maturity Date [Line Items] | |
Total | 24,492 |
One Year or Less | 24,492 |
After One Year to Five Years | 0 |
After Five Years to Ten Years | 0 |
After Ten Years | 0 |
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | |
Investments Classified By Contractual Maturity Date [Line Items] | |
Total | 13,503,681 |
One Year or Less | 0 |
After One Year to Five Years | 0 |
After Five Years to Ten Years | 0 |
After Ten Years | 13,503,681 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations - fixed rate | |
Investments Classified By Contractual Maturity Date [Line Items] | |
Total | 8,106,564 |
One Year or Less | 0 |
After One Year to Five Years | 0 |
After Five Years to Ten Years | 0 |
After Ten Years | 8,106,564 |
Agency-issued commercial mortgage-backed securities | |
Investments Classified By Contractual Maturity Date [Line Items] | |
Total | 4,570,666 |
One Year or Less | 0 |
After One Year to Five Years | 0 |
After Five Years to Ten Years | 1,502,572 |
After Ten Years | $ 3,068,094 |
Lower Limit | |
Investments Classified By Contractual Maturity Date [Line Items] | |
Mortgage-backed securities contractual maturities (in years) | 10 years |
Upper Limit | |
Investments Classified By Contractual Maturity Date [Line Items] | |
Mortgage-backed securities contractual maturities (in years) | 30 years |
Investment Securities - Summa_3
Investment Securities - Summary of Components and Unrealized Losses on Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 16,592,545 | $ 13,842,946 |
Unrealized Gains | 627,338 | 289,763 |
Unrealized Losses | (3,012) | (17,437) |
Fair Value | 17,216,871 | 14,115,272 |
Allowance for Credit Losses | 392 | 0 |
U.S. agency debentures | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 402,265 | 518,728 |
Unrealized Gains | 18,961 | 6,640 |
Unrealized Losses | 0 | (668) |
Fair Value | 421,226 | 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 | 7,739,763 | 6,992,009 |
Unrealized Gains | 240,121 | 142,209 |
Unrealized Losses | (2,211) | (2,066) |
Fair Value | 7,977,673 | 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 | 1,735,451 | 1,608,032 |
Unrealized Gains | 23,227 | 592 |
Unrealized Losses | (296) | (8,502) |
Fair Value | 1,758,382 | 1,600,122 |
Allowance for Credit Losses | 0 | |
Residential mortgage-backed securities | Variable rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 136,913 | 178,611 |
Unrealized Gains | 317 | 94 |
Unrealized Losses | 0 | (259) |
Fair Value | 137,230 | 178,446 |
Allowance for Credit Losses | 0 | |
Agency-issued commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 2,942,959 | 2,759,615 |
Unrealized Gains | 123,846 | 56,914 |
Unrealized Losses | 0 | (4,508) |
Fair Value | 3,066,805 | 2,812,021 |
Allowance for Credit Losses | 0 | |
Municipal bonds and notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 3,635,194 | 1,785,951 |
Unrealized Gains | 220,866 | 83,314 |
Unrealized Losses | (505) | (1,434) |
Fair Value | 3,855,555 | 1,867,831 |
Allowance for Credit Losses | $ 392 | $ 0 |
Investment Securities - Allowan
Investment Securities - Allowance for Credit Losses for HTM Securities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | |
Beginning Balance | $ 0 |
Provision for HTM Securities | 218 |
Ending Balance | 392 |
Day one impact for adoption of amendment | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | |
Beginning Balance | 174 |
Municipal bonds and notes | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | |
Beginning Balance | 0 |
Provision for HTM Securities | 218 |
Ending Balance | 392 |
Municipal bonds and notes | Day one impact for adoption of amendment | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | |
Beginning Balance | $ 174 |
Investment Securities - Credit
Investment Securities - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Held-to-maturity debt securities, at amortized cost | $ 16,592,545 | $ 13,842,946 |
Municipal bonds and notes | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Held-to-maturity debt securities, at amortized cost | 3,635,194 | $ 1,785,951 |
Aaa | Municipal bonds and notes | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Held-to-maturity debt securities, at amortized cost | 2,070,311 | |
Aa1 | Municipal bonds and notes | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Held-to-maturity debt securities, at amortized cost | 1,144,500 | |
Aa2 | Municipal bonds and notes | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Held-to-maturity debt securities, at amortized cost | $ 420,383 |
Investment Securities - Summa_4
Investment Securities - Summary of Remaining Contractual Principal Maturities for Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | $ 17,216,871 | $ 14,115,272 |
U.S. agency debentures | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 421,226 | 524,700 |
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 7,977,673 | 7,132,152 |
Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations - fixed rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 1,758,382 | 1,600,122 |
Residential mortgage-backed securities | Variable rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 137,230 | 178,446 |
Agency-issued commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 3,066,805 | 2,812,021 |
Municipal bonds and notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value | 3,855,555 | $ 1,867,831 |
Held-to-maturity securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 16,592,545 | |
Fair Value | 17,216,871 | |
One Year or Less - Amortized Cost | 55,729 | |
One Year or Less - Fair Value | 56,297 | |
After One Year to Five Years - Amortized Cost | 319,166 | |
After One Year to Five Years - Fair Value | 331,919 | |
After Five Years to Ten Years - Amortized Cost | 2,056,015 | |
After Five Years to Ten Years - Fair Value | 2,169,124 | |
After Ten Years - Amortized Cost | 14,161,635 | |
After Ten Years - Fair Value | 14,659,531 | |
Held-to-maturity securities | U.S. agency debentures | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 402,265 | |
Fair Value | 421,226 | |
One Year or Less - Amortized Cost | 4,675 | |
One Year or Less - Fair Value | 4,705 | |
After One Year to Five Years - Amortized Cost | 148,478 | |
After One Year to Five Years - Fair Value | 153,756 | |
After Five Years to Ten Years - Amortized Cost | 249,112 | |
After Five Years to Ten Years - Fair Value | 262,765 | |
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] | ||
Amortized Cost | 7,739,763 | |
Fair Value | 7,977,673 | |
One Year or Less - Amortized Cost | 4,762 | |
One Year or Less - Fair Value | 4,951 | |
After One Year to Five Years - Amortized Cost | 20,389 | |
After One Year to Five Years - Fair Value | 21,150 | |
After Five Years to Ten Years - Amortized Cost | 540,731 | |
After Five Years to Ten Years - Fair Value | 559,727 | |
After Ten Years - Amortized Cost | 7,173,881 | |
After Ten Years - Fair Value | 7,391,845 | |
Held-to-maturity securities | Residential mortgage-backed securities | Agency-issued collateralized mortgage obligations - fixed rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,735,451 | |
Fair Value | 1,758,382 | |
One Year or Less - Amortized Cost | 0 | |
One Year or Less - Fair Value | 0 | |
After One Year to Five Years - Amortized Cost | 5,952 | |
After One Year to Five Years - Fair Value | 6,073 | |
After Five Years to Ten Years - Amortized Cost | 494,532 | |
After Five Years to Ten Years - Fair Value | 505,156 | |
After Ten Years - Amortized Cost | 1,234,967 | |
After Ten Years - Fair Value | 1,247,153 | |
Held-to-maturity securities | Residential mortgage-backed securities | Variable rate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 136,913 | |
Fair Value | 137,230 | |
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 | 136,913 | |
After Ten Years - Fair Value | 137,230 | |
Held-to-maturity securities | Agency-issued commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,942,959 | |
Fair Value | 3,066,805 | |
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 | 102,359 | |
After Five Years to Ten Years - Fair Value | 119,922 | |
After Ten Years - Amortized Cost | 2,840,600 | |
After Ten Years - Fair Value | 2,946,883 | |
Held-to-maturity securities | Municipal bonds and notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3,635,194 | |
Fair Value | 3,855,555 | |
One Year or Less - Amortized Cost | 46,292 | |
One Year or Less - Fair Value | 46,641 | |
After One Year to Five Years - Amortized Cost | 144,347 | |
After One Year to Five Years - Fair Value | 150,940 | |
After Five Years to Ten Years - Amortized Cost | 669,281 | |
After Five Years to Ten Years - Fair Value | 721,554 | |
After Ten Years - Amortized Cost | 2,775,274 | |
After Ten Years - Fair Value | $ 2,936,420 |
Investment Securities - Major_2
Investment Securities - Major Components of Non-marketable and Other Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investment Holdings [Line Items] | ||
Investments in qualified affordable housing projects, net | $ 616,188 | $ 458,476 |
Total non-marketable and other securities | 1,802,235 | 1,213,829 |
Consolidated venture capital and private equity fund investments | Fair value accounting | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 88,937 | 87,180 |
Consolidated venture capital and private equity fund investments | Equity method accounting | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 362,192 | 215,367 |
Unconsolidated venture capital and private equity fund investments | Fair value accounting | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 184,886 | 178,217 |
Unconsolidated venture capital and private equity fund investments | Equity method accounting | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 362,192 | 215,367 |
Other investments | Fair value accounting | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 60,975 | 55,255 |
Other investments | Equity method accounting | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 202,809 | 152,863 |
Equity securities | Fair value accounting | ||
Investment Holdings [Line Items] | ||
Other equity securities | 280,804 | 59,200 |
Debt funds | Equity method accounting | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | $ 5,444 | $ 7,271 |
Investment Securities - Consoli
Investment Securities - Consolidated Venture Capital and Private Equity Fund Investments (Details) - Consolidated venture capital and private equity fund investments - Fair value accounting - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Investment Holdings [Line Items] | ||
Nonmarketable securities | $ 88,937 | $ 87,180 |
Strategic Investors Fund, LP | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | $ 4,850 | $ 5,729 |
Strategic Investors Fund, LP | Non-marketable securities | ||
Investment Holdings [Line Items] | ||
Ownership interest percentage | 12.60% | 12.60% |
Capital Preferred Return Fund, LP | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | $ 49,574 | $ 45,341 |
Capital Preferred Return Fund, LP | Non-marketable securities | ||
Investment Holdings [Line Items] | ||
Ownership interest percentage | 20.00% | 20.00% |
Growth Partners, LP | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | $ 34,513 | $ 35,976 |
Growth Partners, LP | Non-marketable securities | ||
Investment Holdings [Line Items] | ||
Ownership interest percentage | 33.00% | 33.00% |
CP I, LP | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | $ 0 | $ 134 |
CP I, LP | Non-marketable securities | ||
Investment Holdings [Line Items] | ||
Ownership interest percentage | 0.00% | 10.70% |
Investment Securities - Unconso
Investment Securities - Unconsolidated Venture Capital and Private Equity Fund Investments (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)Investment | Dec. 31, 2019USD ($)Investment | |
Upper Limit | ||
Investment Holdings [Line Items] | ||
Ownership interest percentage | 5.00% | |
Unconsolidated venture capital and private equity fund investments | Fair value accounting | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | $ | $ 184,886 | $ 178,217 |
Non-marketable securities | Unconsolidated venture capital and private equity fund investments | Fair value accounting | ||
Investment Holdings [Line Items] | ||
Number of investments | Investment | 162 | 205 |
Investment Securities - Other I
Investment Securities - Other Investments Without a Readily Determinable Fair Value (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Carrying value at December 31, 2020 | $ 60,975 |
Year end Adjustments | |
Impairment | (487) |
Upward changes for observable prices | 3,479 |
Downward changes for observable prices | (2,799) |
Cumulative Adjustments | |
Impairment | (947) |
Upward changes for observable prices | 4,216 |
Downward changes for observable prices | $ 3,898 |
Investment Securities - Nonmark
Investment Securities - Nonmarketable Securities Under Equity Method Accounting (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated venture capital and private equity fund investments | Equity method accounting | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | $ 362,192 | $ 215,367 |
Consolidated venture capital and private equity fund investments | Equity method accounting | Strategic Investors Fund II, LP | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 3,705 | 3,612 |
Consolidated venture capital and private equity fund investments | Equity method accounting | Strategic Investors Fund III, LP | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 16,110 | 15,668 |
Consolidated venture capital and private equity fund investments | Equity method accounting | Strategic Investors Fund IV, LP | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 25,169 | 27,064 |
Consolidated venture capital and private equity fund investments | Equity method accounting | Strategic Investors Fund V funds | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 67,052 | 46,830 |
Consolidated venture capital and private equity fund investments | Equity method accounting | CP II, LP | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 7,887 | 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 | 242,269 | 116,286 |
Debt funds | Equity method accounting | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 5,444 | 7,271 |
Debt funds | Equity method accounting | Gold Hill Capital 2008, LP (ii) | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 3,941 | 5,525 |
Debt funds | Equity method accounting | Other debt funds | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 1,503 | 1,746 |
Other investments | Equity method accounting | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 202,809 | 152,863 |
Other investments | Equity method accounting | SPD Silicon Valley Bank Co., Ltd. | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | 115,232 | 74,190 |
Other investments | Equity method accounting | Other investments | ||
Investment Holdings [Line Items] | ||
Nonmarketable securities | $ 87,577 | $ 78,673 |
Non-marketable securities | Consolidated venture capital and private equity fund investments | CP II, LP | Direct ownership interest | ||
Investment Holdings [Line Items] | ||
Ownership interest percentage | 1.30% | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | CP II, LP | Indirect ownership interest | ||
Investment Holdings [Line Items] | ||
Ownership interest percentage | 3.80% | |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Equity method accounting | Strategic Investors Fund II, LP | ||
Investment Holdings [Line Items] | ||
Ownership interest percentage | 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] | ||
Ownership interest percentage | 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] | ||
Ownership interest percentage | 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] | ||
Ownership interest percentage | 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] | ||
Ownership interest percentage | 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] | ||
Ownership interest percentage | 3.80% | |
Non-marketable securities | Debt funds | Equity method accounting | Direct ownership interest | ||
Investment Holdings [Line Items] | ||
Ownership interest percentage | 11.50% | |
Non-marketable securities | Debt funds | Equity method accounting | Indirect ownership interest | ||
Investment Holdings [Line Items] | ||
Ownership interest percentage | 4.00% | |
Non-marketable securities | Debt funds | Equity method accounting | Gold Hill Capital 2008, LP (ii) | ||
Investment Holdings [Line Items] | ||
Ownership interest percentage | 15.50% | 15.50% |
Non-marketable securities | Other investments | Equity method accounting | SPD Silicon Valley Bank Co., Ltd. | ||
Investment Holdings [Line Items] | ||
Ownership interest percentage | 50.00% | 50.00% |
Investment Securities - Qualifi
Investment Securities - Qualified Affordable Housing Projects (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments in Affordable Housing Projects [Abstract] | |||
Investments in qualified affordable housing projects, net | $ 616,188 | $ 458,476 | |
Other liabilities | 370,208 | 302,031 | |
Tax credits and other tax benefits recognized | 56,969 | 35,037 | $ 24,047 |
Amortization expense included in provision for income taxes | $ 43,875 | $ 28,267 | $ 18,876 |
Investment Securities - Compone
Investment Securities - Components of Gains and Losses (Realized and Unrealized) on Investment Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Gain (Loss) on Securities [Line Items] | |||
Gains on non-marketable and other equity securities, net | $ 359,587 | $ 138,575 | $ 88,834 |
Non-marketable securities | |||
Gain (Loss) on Securities [Line Items] | |||
Less: Realized net losses on the sales and OTTI of non-marketable and other equity securities | (23,344) | (4,744) | 26,097 |
Net gains on non-marketable and other equity securities still held | 336,243 | 133,831 | 114,931 |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Fair value accounting | |||
Gain (Loss) on Securities [Line Items] | |||
Gains on non-marketable and other equity securities, net | 32,439 | 22,507 | 20,999 |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Equity method accounting | |||
Gain (Loss) on Securities [Line Items] | |||
Gains on non-marketable and other equity securities, net | 161,828 | 73,813 | 49,341 |
Non-marketable securities | Unconsolidated venture capital and private equity fund investments | Fair value accounting | |||
Gain (Loss) on Securities [Line Items] | |||
Gains on non-marketable and other equity securities, net | 59,909 | 31,482 | 39,075 |
Non-marketable securities | Other investments | Fair value accounting | |||
Gain (Loss) on Securities [Line Items] | |||
Gains on non-marketable and other equity securities, net | 253 | 2,742 | 3,206 |
Non-marketable securities | Other investments | Equity method accounting | |||
Gain (Loss) on Securities [Line Items] | |||
Gains on non-marketable and other equity securities, net | 696 | (1,388) | 1,155 |
Non-marketable securities | Debt funds | Equity method accounting | |||
Gain (Loss) on Securities [Line Items] | |||
Gains on non-marketable and other equity securities, net | (403) | 1,647 | 541 |
Other equity securities | Fair value accounting | |||
Gain (Loss) on Securities [Line Items] | |||
Gains on non-marketable and other equity securities, net | $ 104,865 | $ 7,772 | $ (25,483) |
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 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, amortized cost | $ 45,181,488 | $ 33,164,636 | ||
Allowance for credit loss | (447,765) | (304,924) | $ (280,903) | $ (255,024) |
Net loans | 44,733,723 | 32,859,712 | ||
Global fund banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, amortized cost | 25,543,198 | 17,696,794 | ||
Allowance for credit loss | (45,584) | (107,285) | (93,781) | (82,468) |
Investor dependent | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, amortized cost | 4,971,818 | 4,335,195 | ||
Allowance for credit loss | (213,357) | (82,370) | (72,101) | (61,022) |
Investor dependent | Early stage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, amortized cost | 1,485,866 | 1,624,221 | ||
Allowance for credit loss | (86,674) | (26,245) | (25,885) | (22,742) |
Investor dependent | Mid stage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, amortized cost | 1,564,870 | 1,047,398 | ||
Investor dependent | Later stage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, amortized cost | 1,921,082 | 1,663,576 | ||
Cash flow dependent | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, amortized cost | 4,934,533 | 4,424,238 | ||
Cash flow dependent | Sponsor led buyout | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, amortized cost | 1,989,173 | 2,185,497 | ||
Cash flow dependent | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, amortized cost | 2,945,360 | 2,238,741 | ||
Private Bank | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, amortized cost | 4,901,056 | 3,492,269 | ||
Allowance for credit loss | (53,629) | (21,551) | $ (20,583) | $ (16,441) |
Balance sheet dependent | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, amortized cost | 2,191,023 | 1,286,153 | ||
Premium wine | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, amortized cost | 1,052,643 | 1,062,264 | ||
Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, amortized cost | 27,687 | 867,723 | ||
SBA loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, amortized cost | 1,559,530 | 0 | ||
Allowance for credit loss | $ (1,910) | $ 0 |
Loans, Allowance for Loan Los_4
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)class_financing_receivableportfolio_segmentrisk_based_segment | Dec. 31, 2019USD ($) | |
Receivables [Abstract] | ||
Number of portfolio segments | portfolio_segment | 6 | |
Number of financing receivable classes | class_financing_receivable | 10 | |
Number of risk-based segments | risk_based_segment | 11 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Unearned income on loans | $ 226,000 | $ 163,000 |
Loans, amortized cost | 45,181,488 | 33,164,636 |
Real estate secured loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 4,939,569 | 4,146,347 |
Credit card receivable | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 400,000 | 395,000 |
Construction loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 118,000 | 183,000 |
Private Bank | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans reported in Other under historical definitions | 427,000 | |
Loans, amortized cost | 4,901,056 | 3,492,269 |
Private Bank | Real estate secured loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 4,058,679 | 3,325,617 |
Private Bank | Loans for personal residence | Real estate secured loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 3,392,237 | 2,829,880 |
Private Bank | Loans to eligible employees | Real estate secured loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 481,098 | 401,396 |
Private Bank | Home equity lines of credit | Real estate secured loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 42,449 | 55,461 |
Private Bank | Other | Real estate secured loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 142,895 | 38,880 |
Premium wine | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans reported in Other under historical definitions | 53,000 | |
Loans, amortized cost | 1,052,643 | 1,062,264 |
Premium wine | Real estate secured loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 824,008 | 820,730 |
Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 27,687 | 867,723 |
Other | Real estate secured loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | $ 56,882 | $ 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 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | $ 45,181,488 | $ 33,164,636 |
Loans, at gross basis | 33,327,704 | |
Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 104,244 | |
Loans, at gross basis | 102,669 | |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 43,825,846 | |
Loans, at gross basis | 32,361,879 | |
Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 1,251,398 | |
Loans, at gross basis | 863,156 | |
Global fund banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 25,543,198 | 17,696,794 |
Loans, at gross basis | 17,712,797 | |
Global fund banking | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 11 | |
Loans, at gross basis | 0 | |
Global fund banking | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 25,537,354 | |
Loans, at gross basis | 17,708,550 | |
Global fund banking | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 5,833 | |
Loans, at gross basis | 4,247 | |
Investor dependent | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 4,971,818 | 4,335,195 |
Loans, at gross basis | 4,418,884 | |
Investor dependent | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 51,053 | |
Loans, at gross basis | 34,719 | |
Investor dependent | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 4,454,347 | |
Loans, at gross basis | 3,850,585 | |
Investor dependent | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 466,418 | |
Loans, at gross basis | 533,580 | |
Investor dependent | Early stage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 1,485,866 | 1,624,221 |
Loans, at gross basis | 1,653,425 | |
Investor dependent | Early stage | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 18,340 | |
Loans, at gross basis | 11,093 | |
Investor dependent | Early stage | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 1,288,897 | |
Loans, at gross basis | 1,436,022 | |
Investor dependent | Early stage | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 178,629 | |
Loans, at gross basis | 206,310 | |
Investor dependent | Mid stage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 1,564,870 | 1,047,398 |
Loans, at gross basis | 1,066,783 | |
Investor dependent | Mid stage | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 4,056 | |
Loans, at gross basis | 17,330 | |
Investor dependent | Mid stage | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 1,420,788 | |
Loans, at gross basis | 924,002 | |
Investor dependent | Mid stage | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 140,026 | |
Loans, at gross basis | 125,451 | |
Investor dependent | Later stage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 1,921,082 | 1,663,576 |
Loans, at gross basis | 1,698,676 | |
Investor dependent | Later stage | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 28,657 | |
Loans, at gross basis | 6,296 | |
Investor dependent | Later stage | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 1,744,662 | |
Loans, at gross basis | 1,490,561 | |
Investor dependent | Later stage | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 147,763 | |
Loans, at gross basis | 201,819 | |
Cash flow dependent | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 4,934,533 | 4,424,238 |
Loans, at gross basis | 4,455,867 | |
Cash flow dependent | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 46,000 | |
Loans, at gross basis | 62,266 | |
Cash flow dependent | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 4,473,343 | |
Loans, at gross basis | 4,181,613 | |
Cash flow dependent | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 415,190 | |
Loans, at gross basis | 211,988 | |
Cash flow dependent | Sponsor led buyout | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 1,989,173 | 2,185,497 |
Loans, at gross basis | 2,203,020 | |
Cash flow dependent | Sponsor led buyout | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 39,996 | |
Loans, at gross basis | 44,585 | |
Cash flow dependent | Sponsor led buyout | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 1,795,972 | |
Loans, at gross basis | 2,039,847 | |
Cash flow dependent | Sponsor led buyout | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 153,205 | |
Loans, at gross basis | 118,588 | |
Cash flow dependent | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 2,945,360 | 2,238,741 |
Loans, at gross basis | 2,252,847 | |
Cash flow dependent | Other | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 6,004 | |
Loans, at gross basis | 17,681 | |
Cash flow dependent | Other | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 2,677,371 | |
Loans, at gross basis | 2,141,766 | |
Cash flow dependent | Other | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 261,985 | |
Loans, at gross basis | 93,400 | |
Private Bank | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 4,901,056 | 3,492,269 |
Loans, at gross basis | 3,489,219 | |
Private Bank | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 6,152 | |
Loans, at gross basis | 5,480 | |
Private Bank | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 4,862,176 | |
Loans, at gross basis | 3,472,138 | |
Private Bank | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 32,728 | |
Loans, at gross basis | 11,601 | |
Balance sheet dependent | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 2,191,023 | 1,286,153 |
Loans, at gross basis | 1,297,304 | |
Balance sheet dependent | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 0 | |
Loans, at gross basis | 0 | |
Balance sheet dependent | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 2,104,645 | |
Loans, at gross basis | 1,231,961 | |
Balance sheet dependent | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 86,378 | |
Loans, at gross basis | 65,343 | |
Premium wine | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 1,052,643 | 1,062,264 |
Loans, at gross basis | 1,063,512 | |
Premium wine | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 998 | |
Loans, at gross basis | 204 | |
Premium wine | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 910,397 | |
Loans, at gross basis | 1,026,973 | |
Premium wine | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 141,248 | |
Loans, at gross basis | 36,335 | |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 27,687 | 867,723 |
Loans, at gross basis | 890,121 | |
Other | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 30 | |
Loans, at gross basis | 0 | |
Other | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 27,594 | |
Loans, at gross basis | 890,059 | |
Other | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 63 | |
Loans, at gross basis | 62 | |
SBA loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 1,559,530 | $ 0 |
SBA loans | Nonperforming (Nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 0 | |
SBA loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | 1,455,990 | |
SBA loans | Criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, amortized cost | $ 103,540 |
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 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | $ 9,153,860 | |
2019 | 4,008,276 | |
2018 | 1,861,154 | |
2017 | 934,386 | |
2016 | 530,328 | |
Prior | 598,525 | |
Revolving Loans | 28,040,704 | |
Revolving Loans Converted to Term Loans | 54,255 | |
Loans, amortized cost | 45,181,488 | $ 33,164,636 |
Nonperforming | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amortized cost | 104,244 | |
Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amortized cost | 43,825,846 | |
Criticized | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amortized cost | 1,251,398 | |
Global fund banking | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 439,497 | |
2019 | 48,305 | |
2018 | 68,491 | |
2017 | 22,878 | |
2016 | 2,389 | |
Prior | 5,999 | |
Revolving Loans | 24,947,838 | |
Revolving Loans Converted to Term Loans | 7,801 | |
Loans, amortized cost | 25,543,198 | 17,696,794 |
Global fund banking | Nonperforming | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 3 | |
2019 | 8 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 11 | |
Global fund banking | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 439,494 | |
2019 | 48,297 | |
2018 | 68,491 | |
2017 | 22,878 | |
2016 | 2,389 | |
Prior | 5,999 | |
Revolving Loans | 24,947,428 | |
Revolving Loans Converted to Term Loans | 2,378 | |
Loans, amortized cost | 25,537,354 | |
Global fund banking | Criticized | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 410 | |
Revolving Loans Converted to Term Loans | 5,423 | |
Loans, amortized cost | 5,833 | |
Investor dependent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 2,544,507 | |
2019 | 1,253,486 | |
2018 | 528,189 | |
2017 | 115,532 | |
2016 | 9,888 | |
Prior | 17,072 | |
Revolving Loans | 495,047 | |
Revolving Loans Converted to Term Loans | 8,097 | |
Loans, amortized cost | 4,971,818 | 4,335,195 |
Investor dependent | Nonperforming | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amortized cost | 51,053 | |
Investor dependent | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amortized cost | 4,454,347 | |
Investor dependent | Criticized | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amortized cost | 466,418 | |
Investor dependent | Early stage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 716,333 | |
2019 | 452,038 | |
2018 | 152,458 | |
2017 | 42,808 | |
2016 | 4,791 | |
Prior | 739 | |
Revolving Loans | 116,082 | |
Revolving Loans Converted to Term Loans | 617 | |
Loans, amortized cost | 1,485,866 | 1,624,221 |
Investor dependent | Early stage | Nonperforming | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 2,438 | |
2019 | 9,354 | |
2018 | 5,368 | |
2017 | 441 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 739 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 18,340 | |
Investor dependent | Early stage | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 667,006 | |
2019 | 370,189 | |
2018 | 120,920 | |
2017 | 32,163 | |
2016 | 1,234 | |
Prior | 405 | |
Revolving Loans | 96,363 | |
Revolving Loans Converted to Term Loans | 617 | |
Loans, amortized cost | 1,288,897 | |
Investor dependent | Early stage | Criticized | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 46,889 | |
2019 | 72,495 | |
2018 | 26,170 | |
2017 | 10,204 | |
2016 | 3,557 | |
Prior | 334 | |
Revolving Loans | 18,980 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 178,629 | |
Investor dependent | Mid stage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 883,729 | |
2019 | 350,813 | |
2018 | 171,829 | |
2017 | 33,615 | |
2016 | 5,086 | |
Prior | 6,699 | |
Revolving Loans | 110,604 | |
Revolving Loans Converted to Term Loans | 2,495 | |
Loans, amortized cost | 1,564,870 | 1,047,398 |
Investor dependent | Mid stage | Nonperforming | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 10 | |
2019 | 614 | |
2018 | 218 | |
2017 | 2,539 | |
2016 | 0 | |
Prior | 675 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 4,056 | |
Investor dependent | Mid stage | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 840,431 | |
2019 | 301,905 | |
2018 | 145,588 | |
2017 | 22,834 | |
2016 | 5,086 | |
Prior | 1,026 | |
Revolving Loans | 101,423 | |
Revolving Loans Converted to Term Loans | 2,495 | |
Loans, amortized cost | 1,420,788 | |
Investor dependent | Mid stage | Criticized | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 43,288 | |
2019 | 48,294 | |
2018 | 26,023 | |
2017 | 8,242 | |
2016 | 0 | |
Prior | 4,998 | |
Revolving Loans | 9,181 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 140,026 | |
Investor dependent | Later stage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 944,445 | |
2019 | 450,635 | |
2018 | 203,902 | |
2017 | 39,109 | |
2016 | 11 | |
Prior | 9,634 | |
Revolving Loans | 268,361 | |
Revolving Loans Converted to Term Loans | 4,985 | |
Loans, amortized cost | 1,921,082 | 1,663,576 |
Investor dependent | Later stage | Nonperforming | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 16,691 | |
2019 | 1,797 | |
2018 | 3,522 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 6,647 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 28,657 | |
Investor dependent | Later stage | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 905,468 | |
2019 | 393,584 | |
2018 | 170,128 | |
2017 | 37,967 | |
2016 | 11 | |
Prior | 8,087 | |
Revolving Loans | 224,432 | |
Revolving Loans Converted to Term Loans | 4,985 | |
Loans, amortized cost | 1,744,662 | |
Investor dependent | Later stage | Criticized | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 22,286 | |
2019 | 55,254 | |
2018 | 30,252 | |
2017 | 1,142 | |
2016 | 0 | |
Prior | 1,547 | |
Revolving Loans | 37,282 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 147,763 | |
Cash flow dependent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 1,690,801 | |
2019 | 1,114,850 | |
2018 | 546,307 | |
2017 | 333,316 | |
2016 | 88,711 | |
Prior | 101 | |
Revolving Loans | 1,160,447 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 4,934,533 | 4,424,238 |
Cash flow dependent | Nonperforming | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amortized cost | 46,000 | |
Cash flow dependent | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amortized cost | 4,473,343 | |
Cash flow dependent | Criticized | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amortized cost | 415,190 | |
Cash flow dependent | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 898,788 | |
2019 | 581,096 | |
2018 | 217,500 | |
2017 | 137,712 | |
2016 | 38,808 | |
Prior | 101 | |
Revolving Loans | 1,071,355 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 2,945,360 | 2,238,741 |
Cash flow dependent | Other | Nonperforming | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 4,552 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 1,452 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 6,004 | |
Cash flow dependent | Other | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 879,542 | |
2019 | 513,242 | |
2018 | 179,169 | |
2017 | 133,235 | |
2016 | 38,808 | |
Prior | 101 | |
Revolving Loans | 933,274 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 2,677,371 | |
Cash flow dependent | Other | Criticized | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 19,246 | |
2019 | 67,854 | |
2018 | 33,779 | |
2017 | 4,477 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 136,629 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 261,985 | |
Cash flow dependent | Sponsor led buyout | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 792,013 | |
2019 | 533,754 | |
2018 | 328,807 | |
2017 | 195,604 | |
2016 | 49,903 | |
Prior | 0 | |
Revolving Loans | 89,092 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 1,989,173 | 2,185,497 |
Cash flow dependent | Sponsor led buyout | Nonperforming | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 33 | |
2019 | 11,869 | |
2018 | 16,068 | |
2017 | 7,177 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 4,849 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 39,996 | |
Cash flow dependent | Sponsor led buyout | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 791,480 | |
2019 | 451,561 | |
2018 | 273,719 | |
2017 | 166,820 | |
2016 | 36,900 | |
Prior | 0 | |
Revolving Loans | 75,492 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 1,795,972 | |
Cash flow dependent | Sponsor led buyout | Criticized | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 500 | |
2019 | 70,324 | |
2018 | 39,020 | |
2017 | 21,607 | |
2016 | 13,003 | |
Prior | 0 | |
Revolving Loans | 8,751 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 153,205 | |
Private Bank | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 1,881,664 | |
2019 | 1,163,451 | |
2018 | 402,034 | |
2017 | 354,059 | |
2016 | 299,971 | |
Prior | 415,313 | |
Revolving Loans | 383,904 | |
Revolving Loans Converted to Term Loans | 660 | |
Loans, amortized cost | 4,901,056 | 3,492,269 |
Private Bank | Nonperforming | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 0 | |
2019 | 563 | |
2018 | 3,197 | |
2017 | 0 | |
2016 | 0 | |
Prior | 1,679 | |
Revolving Loans | 713 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 6,152 | |
Private Bank | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 1,878,184 | |
2019 | 1,152,903 | |
2018 | 394,351 | |
2017 | 352,857 | |
2016 | 294,870 | |
Prior | 405,909 | |
Revolving Loans | 382,442 | |
Revolving Loans Converted to Term Loans | 660 | |
Loans, amortized cost | 4,862,176 | |
Private Bank | Criticized | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 3,480 | |
2019 | 9,985 | |
2018 | 4,486 | |
2017 | 1,202 | |
2016 | 5,101 | |
Prior | 7,725 | |
Revolving Loans | 749 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 32,728 | |
Balance sheet dependent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 893,500 | |
2019 | 193,873 | |
2018 | 198,703 | |
2017 | 19,213 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 884,229 | |
Revolving Loans Converted to Term Loans | 1,505 | |
Loans, amortized cost | 2,191,023 | 1,286,153 |
Balance sheet dependent | Nonperforming | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 0 | |
Balance sheet dependent | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 837,613 | |
2019 | 190,140 | |
2018 | 198,532 | |
2017 | 19,213 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 857,642 | |
Revolving Loans Converted to Term Loans | 1,505 | |
Loans, amortized cost | 2,104,645 | |
Balance sheet dependent | Criticized | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 55,887 | |
2019 | 3,733 | |
2018 | 171 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 26,587 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 86,378 | |
Premium wine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 144,358 | |
2019 | 218,030 | |
2018 | 106,520 | |
2017 | 89,388 | |
2016 | 129,369 | |
Prior | 159,607 | |
Revolving Loans | 169,179 | |
Revolving Loans Converted to Term Loans | 36,192 | |
Loans, amortized cost | 1,052,643 | 1,062,264 |
Premium wine | Nonperforming | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 998 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 998 | |
Premium wine | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 126,476 | |
2019 | 193,744 | |
2018 | 70,783 | |
2017 | 79,088 | |
2016 | 114,812 | |
Prior | 153,841 | |
Revolving Loans | 135,461 | |
Revolving Loans Converted to Term Loans | 36,192 | |
Loans, amortized cost | 910,397 | |
Premium wine | Criticized | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 17,882 | |
2019 | 24,286 | |
2018 | 35,737 | |
2017 | 10,300 | |
2016 | 13,559 | |
Prior | 5,766 | |
Revolving Loans | 33,718 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 141,248 | |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 3 | |
2019 | 16,281 | |
2018 | 10,910 | |
2017 | 0 | |
2016 | 0 | |
Prior | 433 | |
Revolving Loans | 60 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 27,687 | 867,723 |
Other | Nonperforming | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 0 | |
2019 | 30 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 30 | |
Other | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 0 | |
2019 | 16,251 | |
2018 | 10,910 | |
2017 | 0 | |
2016 | 0 | |
Prior | 433 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 27,594 | |
Other | Criticized | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 3 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 60 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 63 | |
SBA loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 1,559,530 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 1,559,530 | $ 0 |
SBA loans | Nonperforming | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 0 | |
SBA loans | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 1,455,990 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | 1,455,990 | |
SBA loans | Criticized | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2020 | 103,540 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Loans, amortized cost | $ 103,540 |
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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||
Allowance for credit loss, beginning balance | $ 304,924 | $ 280,903 | $ 255,024 |
Charge-offs | (102,904) | (92,603) | (67,917) |
Recoveries | 29,018 | 21,038 | 11,636 |
Provision for (Reduction of) Loans | 189,226 | 94,183 | 84,292 |
Foreign Currency Translation Adjustments | 2,037 | 1,403 | (2,132) |
Allowance for credit loss, ending balance | 447,765 | 304,924 | 280,903 |
Cumulative adjustment for adoption of amendment | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for credit loss, beginning balance | 25,464 | ||
Allowance for credit loss, ending balance | 25,464 | ||
Global fund banking | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for credit loss, beginning balance | 107,285 | 93,781 | 82,468 |
Charge-offs | 0 | (2,047) | (112) |
Recoveries | 0 | 2,047 | 0 |
Provision for (Reduction of) Loans | 8,367 | 13,534 | 11,698 |
Foreign Currency Translation Adjustments | (180) | (30) | (273) |
Allowance for credit loss, ending balance | 45,584 | 107,285 | 93,781 |
Global fund banking | Cumulative adjustment for adoption of amendment | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for credit loss, beginning balance | (69,888) | ||
Allowance for credit loss, ending balance | (69,888) | ||
Investor dependent | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for credit loss, beginning balance | 82,370 | 72,101 | 61,022 |
Charge-offs | (88,643) | (84,823) | (49,222) |
Recoveries | 24,863 | 14,033 | 9,027 |
Provision for (Reduction of) Loans | 124,970 | 80,799 | 52,120 |
Foreign Currency Translation Adjustments | (1,827) | 260 | (846) |
Allowance for credit loss, ending balance | 213,357 | 82,370 | 72,101 |
Investor dependent | Cumulative adjustment for adoption of amendment | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for credit loss, beginning balance | 71,624 | ||
Allowance for credit loss, ending balance | 71,624 | ||
Investor dependent | Early stage | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for credit loss, beginning balance | 26,245 | 25,885 | 22,742 |
Charge-offs | (35,305) | (31,568) | (32,495) |
Recoveries | 10,821 | 9,088 | 6,154 |
Provision for (Reduction of) Loans | 45,825 | 22,462 | 29,788 |
Foreign Currency Translation Adjustments | (823) | 378 | (304) |
Allowance for credit loss, ending balance | 86,674 | 26,245 | 25,885 |
Investor dependent | Early stage | Cumulative adjustment for adoption of amendment | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for credit loss, beginning balance | 39,911 | ||
Allowance for credit loss, ending balance | 39,911 | ||
Investor dependent | Growth Stage | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for credit loss, beginning balance | 56,125 | 46,216 | 38,280 |
Charge-offs | (53,338) | (53,255) | (16,727) |
Recoveries | 14,042 | 4,945 | 2,873 |
Provision for (Reduction of) Loans | 79,145 | 58,337 | 22,332 |
Foreign Currency Translation Adjustments | (1,004) | (118) | (542) |
Allowance for credit loss, ending balance | 126,683 | 56,125 | 46,216 |
Investor dependent | Growth Stage | Cumulative adjustment for adoption of amendment | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for credit loss, beginning balance | 31,713 | ||
Allowance for credit loss, ending balance | 31,713 | ||
Cash flow and balance sheet dependent | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for credit loss, beginning balance | 80,820 | 87,735 | 87,620 |
Charge-offs | (11,187) | (3,118) | (16,223) |
Recoveries | 2,846 | 4,683 | 2,064 |
Provision for (Reduction of) Loans | 53,369 | (9,093) | 15,304 |
Foreign Currency Translation Adjustments | (330) | 613 | (1,030) |
Allowance for credit loss, ending balance | 124,249 | 80,820 | 87,735 |
Cash flow and balance sheet dependent | Cumulative adjustment for adoption of amendment | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for credit loss, beginning balance | (1,269) | ||
Allowance for credit loss, ending balance | (1,269) | ||
Private Bank | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for credit loss, beginning balance | 21,551 | 20,583 | 16,441 |
Charge-offs | (1,616) | (1,031) | (289) |
Recoveries | 30 | 255 | 486 |
Provision for (Reduction of) Loans | 21,329 | 1,865 | 3,986 |
Foreign Currency Translation Adjustments | (280) | (121) | (41) |
Allowance for credit loss, ending balance | 53,629 | 21,551 | 20,583 |
Private Bank | Cumulative adjustment for adoption of amendment | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for credit loss, beginning balance | 12,615 | ||
Allowance for credit loss, ending balance | 12,615 | ||
Premium wine and other | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for credit loss, beginning balance | 12,898 | 6,703 | 7,473 |
Charge-offs | (1,458) | (1,584) | (2,071) |
Recoveries | 1,279 | 20 | 59 |
Provision for (Reduction of) Loans | (20,719) | 7,078 | 1,184 |
Foreign Currency Translation Adjustments | 4,654 | 681 | 58 |
Allowance for credit loss, ending balance | 9,036 | 12,898 | $ 6,703 |
Premium wine and other | Cumulative adjustment for adoption of amendment | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for credit loss, beginning balance | 12,382 | ||
Allowance for credit loss, ending balance | 12,382 | ||
SBA loans | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for credit loss, beginning balance | 0 | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Provision for (Reduction of) Loans | 1,910 | ||
Foreign Currency Translation Adjustments | 0 | ||
Allowance for credit loss, ending balance | 1,910 | 0 | |
SBA loans | Cumulative adjustment for adoption of amendment | |||
Financing Receivable, Impaired [Line Items] | |||
Allowance for credit loss, beginning balance | $ 0 | ||
Allowance for credit loss, ending 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 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | $ 45,181,488 | $ 33,164,636 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Loans, at gross basis | 33,327,704 | |
Loans Past Due 90 Days or More Still Accruing Interest | 3,515 | |
30 - 59 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 60,267 | |
Loans, at gross basis | 137,375 | |
60 - 89 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 7,251 | |
Loans, at gross basis | 38,224 | |
Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 2,200 | |
Loans, at gross basis | 15,988 | |
Total Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 69,718 | |
Loans, at gross basis | 191,587 | |
Current | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 45,111,770 | |
Loans, at gross basis | 33,136,117 | |
Global fund banking | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 25,543,198 | 17,696,794 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Loans, at gross basis | 17,712,797 | |
Loans Past Due 90 Days or More Still Accruing Interest | 3,150 | |
Global fund banking | 30 - 59 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 27,606 | |
Loans, at gross basis | 97,739 | |
Global fund banking | 60 - 89 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 8 | |
Loans, at gross basis | 383 | |
Global fund banking | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 11 | |
Loans, at gross basis | 3,150 | |
Global fund banking | Total Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 27,625 | |
Loans, at gross basis | 101,272 | |
Global fund banking | Current | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 25,515,573 | |
Loans, at gross basis | 17,611,525 | |
Investor dependent | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 4,971,818 | 4,335,195 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Loans, at gross basis | 4,418,884 | |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Investor dependent | Early stage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 1,485,866 | 1,624,221 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Loans, at gross basis | 1,653,425 | |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Investor dependent | Mid stage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 1,564,870 | 1,047,398 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Loans, at gross basis | 1,066,783 | |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Investor dependent | Later stage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 1,921,082 | 1,663,576 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Loans, at gross basis | 1,698,676 | |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Investor dependent | 30 - 59 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 17,667 | |
Loans, at gross basis | 19,445 | |
Investor dependent | 30 - 59 Days Past Due | Early stage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 6,320 | |
Loans, at gross basis | 1,307 | |
Investor dependent | 30 - 59 Days Past Due | Mid stage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 5,984 | |
Loans, at gross basis | 10,025 | |
Investor dependent | 30 - 59 Days Past Due | Later stage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 5,363 | |
Loans, at gross basis | 8,113 | |
Investor dependent | 60 - 89 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 2,078 | |
Loans, at gross basis | 29,561 | |
Investor dependent | 60 - 89 Days Past Due | Early stage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 1,840 | |
Loans, at gross basis | 22,062 | |
Investor dependent | 60 - 89 Days Past Due | Mid stage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 238 | |
Loans, at gross basis | 6,999 | |
Investor dependent | 60 - 89 Days Past Due | Later stage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 0 | |
Loans, at gross basis | 500 | |
Investor dependent | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 1,109 | |
Loans, at gross basis | 11,292 | |
Investor dependent | Equal to or Greater Than 90 Days Past Due | Early stage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 202 | |
Loans, at gross basis | 723 | |
Investor dependent | Equal to or Greater Than 90 Days Past Due | Mid stage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 907 | |
Loans, at gross basis | 0 | |
Investor dependent | Equal to or Greater Than 90 Days Past Due | Later stage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 0 | |
Loans, at gross basis | 10,569 | |
Investor dependent | Total Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 20,854 | |
Loans, at gross basis | 60,298 | |
Investor dependent | Total Past Due | Early stage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 8,362 | |
Loans, at gross basis | 24,092 | |
Investor dependent | Total Past Due | Mid stage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 7,129 | |
Loans, at gross basis | 17,024 | |
Investor dependent | Total Past Due | Later stage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 5,363 | |
Loans, at gross basis | 19,182 | |
Investor dependent | Current | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 4,950,964 | |
Loans, at gross basis | 4,358,586 | |
Investor dependent | Current | Early stage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 1,477,504 | |
Loans, at gross basis | 1,629,333 | |
Investor dependent | Current | Mid stage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 1,557,741 | |
Loans, at gross basis | 1,049,759 | |
Investor dependent | Current | Later stage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 1,915,719 | |
Loans, at gross basis | 1,679,494 | |
Cash flow dependent | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 4,934,533 | 4,424,238 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Loans, at gross basis | 4,455,867 | |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Cash flow dependent | Sponsor led buyout | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 1,989,173 | 2,185,497 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Loans, at gross basis | 2,203,020 | |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Cash flow dependent | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 2,945,360 | 2,238,741 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Loans, at gross basis | 2,252,847 | |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Cash flow dependent | 30 - 59 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 6,544 | |
Loans, at gross basis | 2,426 | |
Cash flow dependent | 30 - 59 Days Past Due | Sponsor led buyout | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 34 | |
Loans, at gross basis | 0 | |
Cash flow dependent | 30 - 59 Days Past Due | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 6,510 | |
Loans, at gross basis | 2,426 | |
Cash flow dependent | 60 - 89 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 58 | |
Loans, at gross basis | 3,061 | |
Cash flow dependent | 60 - 89 Days Past Due | Sponsor led buyout | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 0 | |
Loans, at gross basis | 0 | |
Cash flow dependent | 60 - 89 Days Past Due | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 58 | |
Loans, at gross basis | 3,061 | |
Cash flow dependent | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 0 | |
Loans, at gross basis | 2 | |
Cash flow dependent | Equal to or Greater Than 90 Days Past Due | Sponsor led buyout | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 0 | |
Loans, at gross basis | 0 | |
Cash flow dependent | Equal to or Greater Than 90 Days Past Due | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 0 | |
Loans, at gross basis | 2 | |
Cash flow dependent | Total Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 6,602 | |
Loans, at gross basis | 5,489 | |
Cash flow dependent | Total Past Due | Sponsor led buyout | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 34 | |
Loans, at gross basis | 0 | |
Cash flow dependent | Total Past Due | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 6,568 | |
Loans, at gross basis | 5,489 | |
Cash flow dependent | Current | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 4,927,931 | |
Loans, at gross basis | 4,450,378 | |
Cash flow dependent | Current | Sponsor led buyout | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 1,989,139 | |
Loans, at gross basis | 2,203,020 | |
Cash flow dependent | Current | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 2,938,792 | |
Loans, at gross basis | 2,247,358 | |
Private Bank | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 4,901,056 | 3,492,269 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Loans, at gross basis | 3,489,219 | |
Loans Past Due 90 Days or More Still Accruing Interest | 365 | |
Private Bank | 30 - 59 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 4,292 | |
Loans, at gross basis | 6,582 | |
Private Bank | 60 - 89 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 3,990 | |
Loans, at gross basis | 2,049 | |
Private Bank | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 0 | |
Loans, at gross basis | 1,544 | |
Private Bank | Total Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 8,282 | |
Loans, at gross basis | 10,175 | |
Private Bank | Current | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 4,892,774 | |
Loans, at gross basis | 3,479,044 | |
Balance sheet dependent | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 2,191,023 | 1,286,153 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Loans, at gross basis | 1,297,304 | |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Balance sheet dependent | 30 - 59 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 987 | |
Loans, at gross basis | 2,731 | |
Balance sheet dependent | 60 - 89 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 1,089 | |
Loans, at gross basis | 0 | |
Balance sheet dependent | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 0 | |
Loans, at gross basis | 0 | |
Balance sheet dependent | Total Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 2,076 | |
Loans, at gross basis | 2,731 | |
Balance sheet dependent | Current | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 2,188,947 | |
Loans, at gross basis | 1,294,573 | |
Premium wine | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 1,052,643 | 1,062,264 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Loans, at gross basis | 1,063,512 | |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Premium wine | 30 - 59 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 3,168 | |
Loans, at gross basis | 8,435 | |
Premium wine | 60 - 89 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 0 | |
Loans, at gross basis | 3,170 | |
Premium wine | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 998 | |
Loans, at gross basis | 0 | |
Premium wine | Total Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 4,166 | |
Loans, at gross basis | 11,605 | |
Premium wine | Current | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 1,048,477 | |
Loans, at gross basis | 1,051,907 | |
Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 27,687 | 867,723 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Loans, at gross basis | 890,121 | |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
Other | 30 - 59 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 3 | |
Loans, at gross basis | 17 | |
Other | 60 - 89 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 28 | |
Loans, at gross basis | 0 | |
Other | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 82 | |
Loans, at gross basis | 0 | |
Other | Total Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 113 | |
Loans, at gross basis | 17 | |
Other | Current | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 27,574 | |
Loans, at gross basis | 890,104 | |
SBA loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 1,559,530 | $ 0 |
Loans Past Due 90 Days or More Still Accruing Interest | 0 | |
SBA loans | 30 - 59 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 0 | |
SBA loans | 60 - 89 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 0 | |
SBA loans | Equal to or Greater Than 90 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 0 | |
SBA loans | Total Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | 0 | |
SBA loans | Current | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans, amortized cost | $ 1,559,530 |
Loans, Allowance for Loan Los_9
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Nonaccrual Loans with No Allowance for Credit Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Loans | $ 104,244 | $ 102,669 |
Nonaccrual Loans with no Allowance for Credit Loss | 7,850 | 7,230 |
Global fund banking | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Loans | 11 | 0 |
Nonaccrual Loans with no Allowance for Credit Loss | 11 | 0 |
Investor dependent | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Loans | 51,053 | 34,719 |
Nonaccrual Loans with no Allowance for Credit Loss | 3,280 | 734 |
Investor dependent | Early stage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Loans | 18,340 | 11,093 |
Nonaccrual Loans with no Allowance for Credit Loss | 3 | 460 |
Investor dependent | Mid stage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Loans | 4,056 | 17,330 |
Nonaccrual Loans with no Allowance for Credit Loss | 3,159 | 274 |
Investor dependent | Later stage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Loans | 28,657 | 6,296 |
Nonaccrual Loans with no Allowance for Credit Loss | 118 | 0 |
Cash flow dependent | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Loans | 46,000 | 62,266 |
Nonaccrual Loans with no Allowance for Credit Loss | 1,138 | 2,782 |
Cash flow dependent | Sponsor led buyout | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Loans | 39,996 | 44,585 |
Nonaccrual Loans with no Allowance for Credit Loss | 0 | 0 |
Cash flow dependent | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Loans | 6,004 | 17,681 |
Nonaccrual Loans with no Allowance for Credit Loss | 1,138 | 2,782 |
Private Bank | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Loans | 6,152 | 5,480 |
Nonaccrual Loans with no Allowance for Credit Loss | 2,393 | 3,714 |
Balance sheet dependent | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Loans | 0 | 0 |
Nonaccrual Loans with no Allowance for Credit Loss | 0 | 0 |
Premium wine | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Loans | 998 | 204 |
Nonaccrual Loans with no Allowance for Credit Loss | 998 | 0 |
Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Loans | 30 | 0 |
Nonaccrual Loans with no Allowance for Credit Loss | 30 | 0 |
SBA loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Loans | 0 | 0 |
Nonaccrual Loans with no Allowance for Credit Loss | $ 0 | $ 0 |
Loans, Allowance for Loan Lo_10
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Summary of Loans Modified in Troubled Debt Restructurings (TDRs) (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)troubled_debt_restructuring | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of TDRs | troubled_debt_restructuring | 17 | ||
Loans modified in TDRs | $ 61,078,000 | $ 108,982,000 | |
Unfunded commitments available for funding | 0 | ||
Partial charge-offs on loans classified as TDRs | 31,100,000 | 11,300,000 | $ 4,600,000 |
Investor dependent | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs | 35,651,000 | 37,978,000 | |
Investor dependent | Early stage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs | 6,705,000 | 9,471,000 | |
Investor dependent | Mid stage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs | 4,050,000 | 5,189,000 | |
Investor dependent | Later stage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs | 24,896,000 | 23,318,000 | |
Cash flow dependent | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs | 22,766,000 | 55,443,000 | |
Cash flow dependent | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs | 1,237,000 | 0 | |
Cash flow dependent | Sponsor led buyout | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs | 21,529,000 | 55,443,000 | |
Private Bank | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs | 0 | 2,104,000 | |
Balance sheet dependent | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs | 0 | 0 | |
Premium wine | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs | 2,661,000 | 13,457,000 | |
Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs | 0 | 0 | |
SBA loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs | 0 | 0 | |
Global fund banking | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs | $ 0 | $ 0 |
Loans, Allowance for Loan Lo_11
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Recorded Investment in Loans Modified in TDRs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs during the period | $ 55,669 | $ 90,171 | $ 41,074 |
Global fund banking | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs during the period | 0 | 0 | 0 |
Investor dependent | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs during the period | 31,905 | 29,209 | 28,368 |
Investor dependent | Early stage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs during the period | 6,112 | 9,471 | 660 |
Investor dependent | Mid stage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs during the period | 897 | 3,445 | 6,657 |
Investor dependent | Later stage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs during the period | 24,896 | 16,293 | 21,051 |
Cash flow dependent | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs during the period | 22,766 | 48,153 | 12,386 |
Cash flow dependent | Sponsor led buyout | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs during the period | 21,529 | 48,153 | 0 |
Cash flow dependent | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs during the period | 1,237 | 0 | 12,386 |
Private Bank | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs during the period | 0 | 1,792 | 320 |
Balance sheet dependent | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs during the period | 0 | 0 | 0 |
Premium wine | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs during the period | 998 | 11,017 | 0 |
Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs during the period | 0 | 0 | 0 |
SBA loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs during the period | 0 | 0 | 0 |
Payment deferrals | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs during the period | 54,800 | 86,900 | $ 41,100 |
Partial forgiveness of principal | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans modified in TDRs during the period | $ 900 | $ 3,300 |
Loans, Allowance for Loan Lo_12
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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDRs modified within the previous 12 months that defaulted in the period | $ 1,485 | $ 47,933 | $ 0 |
Global fund banking | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDRs modified within the previous 12 months that defaulted in the period | 0 | 0 | 0 |
Investor dependent | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDRs modified within the previous 12 months that defaulted in the period | 0 | 10,639 | 0 |
Investor dependent | Early stage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDRs modified within the previous 12 months that defaulted in the period | 0 | 0 | 0 |
Investor dependent | Mid stage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDRs modified within the previous 12 months that defaulted in the period | 0 | 0 | 0 |
Investor dependent | Later stage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDRs modified within the previous 12 months that defaulted in the period | 0 | 10,639 | 0 |
Cash flow dependent | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDRs modified within the previous 12 months that defaulted in the period | 487 | 37,294 | 0 |
Cash flow dependent | Sponsor led buyout | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDRs modified within the previous 12 months that defaulted in the period | 0 | 37,294 | |
Cash flow dependent | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDRs modified within the previous 12 months that defaulted in the period | 487 | 0 | 0 |
Private Bank | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDRs modified within the previous 12 months that defaulted in the period | 0 | 0 | 0 |
Balance sheet dependent | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDRs modified within the previous 12 months that defaulted in the period | 0 | 0 | 0 |
Premium wine | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDRs modified within the previous 12 months that defaulted in the period | 998 | 0 | 0 |
Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDRs modified within the previous 12 months that defaulted in the period | 0 | 0 | 0 |
SBA loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDRs modified within the previous 12 months that defaulted in the period | $ 0 | $ 0 | $ 0 |
Loans, Allowance for Loan Lo_13
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Activity in Allowance for Unfunded Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for credit loss, beginning balance | $ 304,924 | $ 280,903 | $ 255,024 |
Provision for (Reduction of) Loans | 189,226 | 94,183 | 84,292 |
Foreign Currency Translation Adjustments | 2,037 | 1,403 | (2,132) |
Allowance for credit loss, ending balance | 447,765 | 304,924 | 280,903 |
Cumulative adjustment for adoption of amendment | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for credit loss, beginning balance | 25,464 | ||
Allowance for credit loss, ending balance | 25,464 | ||
Unfunded credit commitments | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for credit loss, beginning balance | 67,656 | 55,183 | 51,770 |
Provision for (Reduction of) Loans | 30,066 | 12,233 | 3,578 |
Foreign Currency Translation Adjustments | 248 | 240 | (165) |
Allowance for credit loss, ending balance | 120,796 | 67,656 | 55,183 |
Unfunded credit commitments | Cumulative adjustment for adoption of amendment | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for credit loss, beginning balance | $ 22,826 | 0 | 0 |
Allowance for credit loss, ending balance | $ 22,826 | $ 0 |
Loans, Allowance for Loan Lo_14
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Impaired Loans as they Related to the Allowance (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Financing Receivable, Impaired [Line Items] | |
Impaired loans for which there is a related allowance for loan losses | $ 95,438 |
Impaired loans for which there is no related allowance for loan losses | 57,571 |
Total carrying value of impaired loans | 153,009 |
Total unpaid principal of impaired loans | 214,036 |
Commercial loans | |
Financing Receivable, Impaired [Line Items] | |
Impaired loans for which there is a related allowance for loan losses | 93,672 |
Impaired loans for which there is no related allowance for loan losses | 53,857 |
Total carrying value of impaired loans | 147,529 |
Total unpaid principal of impaired loans | 205,509 |
Commercial loans | Software/internet | |
Financing Receivable, Impaired [Line Items] | |
Impaired loans for which there is a related allowance for loan losses | 64,100 |
Impaired loans for which there is no related allowance for loan losses | 31,472 |
Total carrying value of impaired loans | 95,572 |
Total unpaid principal of impaired loans | 109,736 |
Commercial loans | Hardware | |
Financing Receivable, Impaired [Line Items] | |
Impaired loans for which there is a related allowance for loan losses | 2,143 |
Impaired loans for which there is no related allowance for loan losses | 3,315 |
Total carrying value of impaired loans | 5,458 |
Total unpaid principal of impaired loans | 10,049 |
Commercial loans | Private equity/venture capital | |
Financing Receivable, Impaired [Line Items] | |
Impaired loans for which there is a related allowance for loan losses | 0 |
Impaired loans for which there is no related allowance for loan losses | 0 |
Total carrying value of impaired loans | 0 |
Total unpaid principal of impaired loans | 0 |
Commercial loans | Life science/healthcare | |
Financing Receivable, Impaired [Line Items] | |
Impaired loans for which there is a related allowance for loan losses | 25,941 |
Impaired loans for which there is no related allowance for loan losses | 5,671 |
Total carrying value of impaired loans | 31,612 |
Total unpaid principal of impaired loans | 70,600 |
Commercial loans | Premium wine | |
Financing Receivable, Impaired [Line Items] | |
Impaired loans for which there is a related allowance for loan losses | 204 |
Impaired loans for which there is no related allowance for loan losses | 11,718 |
Total carrying value of impaired loans | 11,922 |
Total unpaid principal of impaired loans | 12,010 |
Commercial loans | Other | |
Financing Receivable, Impaired [Line Items] | |
Impaired loans for which there is a related allowance for loan losses | 1,284 |
Impaired loans for which there is no related allowance for loan losses | 1,681 |
Total carrying value of impaired loans | 2,965 |
Total unpaid principal of impaired loans | 3,114 |
Consumer loans | |
Financing Receivable, Impaired [Line Items] | |
Impaired loans for which there is a related allowance for loan losses | 1,766 |
Impaired loans for which there is no related allowance for loan losses | 3,714 |
Total carrying value of impaired loans | 5,480 |
Total unpaid principal of impaired loans | 8,527 |
Consumer loans | Real estate secured loans | |
Financing Receivable, Impaired [Line Items] | |
Impaired loans for which there is a related allowance for loan losses | 1,766 |
Impaired loans for which there is no related allowance for loan losses | 3,714 |
Total carrying value of impaired loans | 5,480 |
Total unpaid principal of impaired loans | $ 8,527 |
Loans, Allowance for Loan Lo_15
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Average Impaired Loans, Broken out by Portfolio Segment and Class of Financing Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | ||
Average impaired loans | $ 160,347 | $ 179,666 |
Interest income recognized on impaired loans | 4,582 | 2,664 |
Commercial loans | ||
Financing Receivable, Impaired [Line Items] | ||
Average impaired loans | 153,181 | 175,280 |
Interest income recognized on impaired loans | 4,528 | 2,649 |
Commercial loans | Software/internet | ||
Financing Receivable, Impaired [Line Items] | ||
Average impaired loans | 88,628 | 112,493 |
Interest income recognized on impaired loans | 2,813 | 1,513 |
Commercial loans | Hardware | ||
Financing Receivable, Impaired [Line Items] | ||
Average impaired loans | 12,500 | 28,540 |
Interest income recognized on impaired loans | 464 | 312 |
Commercial loans | Private equity/venture capital | ||
Financing Receivable, Impaired [Line Items] | ||
Average impaired loans | 2,264 | 1,327 |
Interest income recognized on impaired loans | 0 | 0 |
Commercial loans | Life science/healthcare | ||
Financing Receivable, Impaired [Line Items] | ||
Average impaired loans | 44,827 | 30,144 |
Interest income recognized on impaired loans | 919 | 756 |
Commercial loans | Premium wine | ||
Financing Receivable, Impaired [Line Items] | ||
Average impaired loans | 2,912 | 2,605 |
Interest income recognized on impaired loans | 311 | 68 |
Commercial loans | Other | ||
Financing Receivable, Impaired [Line Items] | ||
Average impaired loans | 2,050 | 171 |
Interest income recognized on impaired loans | 21 | 0 |
Consumer loans | ||
Financing Receivable, Impaired [Line Items] | ||
Average impaired loans | 7,166 | 4,386 |
Interest income recognized on impaired loans | 54 | 15 |
Consumer loans | Other | ||
Financing Receivable, Impaired [Line Items] | ||
Average impaired loans | 7 | 358 |
Interest income recognized on impaired loans | 0 | 0 |
Consumer loans | Real estate secured loans | ||
Financing Receivable, Impaired [Line Items] | ||
Average impaired loans | 7,159 | 4,028 |
Interest income recognized on impaired loans | $ 54 | $ 15 |
Loans, Allowance for Loan Lo_16
Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments - Allowance for Loan Losses Individually and Collectively Evaluated for Impairment (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Financing Receivable, Impaired [Line Items] | |
Individually Evaluated for Impairment, Allowance for loan losses | $ 44,859 |
Individually Evaluated for Impairment, Recorded investment in loans | 153,009 |
Collectively Evaluated for Impairment, Allowance for loan losses | 260,065 |
Collectively Evaluated for Impairment, Recorded investment in loans | 33,011,627 |
Commercial loans | |
Financing Receivable, Impaired [Line Items] | |
Individually Evaluated for Impairment, Allowance for loan losses | 44,648 |
Individually Evaluated for Impairment, Recorded investment in loans | 147,529 |
Collectively Evaluated for Impairment, Allowance for loan losses | 238,770 |
Collectively Evaluated for Impairment, Recorded investment in loans | 29,240,421 |
Commercial loans | Premium wine | |
Financing Receivable, Impaired [Line Items] | |
Individually Evaluated for Impairment, Allowance for loan losses | 204 |
Individually Evaluated for Impairment, Recorded investment in loans | 11,922 |
Collectively Evaluated for Impairment, Allowance for loan losses | 4,944 |
Collectively Evaluated for Impairment, Recorded investment in loans | 1,076,295 |
Commercial loans | Other | |
Financing Receivable, Impaired [Line Items] | |
Individually Evaluated for Impairment, Allowance for loan losses | 203 |
Individually Evaluated for Impairment, Recorded investment in loans | 2,965 |
Collectively Evaluated for Impairment, Allowance for loan losses | 3,150 |
Collectively Evaluated for Impairment, Recorded investment in loans | 556,689 |
Commercial loans | Software/internet | |
Financing Receivable, Impaired [Line Items] | |
Individually Evaluated for Impairment, Allowance for loan losses | 26,613 |
Individually Evaluated for Impairment, Recorded investment in loans | 95,572 |
Collectively Evaluated for Impairment, Allowance for loan losses | 73,610 |
Collectively Evaluated for Impairment, Recorded investment in loans | 6,103,976 |
Commercial loans | Hardware | |
Financing Receivable, Impaired [Line Items] | |
Individually Evaluated for Impairment, Allowance for loan losses | 1,214 |
Individually Evaluated for Impairment, Recorded investment in loans | 5,458 |
Collectively Evaluated for Impairment, Allowance for loan losses | 18,430 |
Collectively Evaluated for Impairment, Recorded investment in loans | 1,365,701 |
Commercial loans | Private equity/venture capital | |
Financing Receivable, Impaired [Line Items] | |
Individually Evaluated for Impairment, Allowance for loan losses | 0 |
Individually Evaluated for Impairment, Recorded investment in loans | 0 |
Collectively Evaluated for Impairment, Allowance for loan losses | 115,805 |
Collectively Evaluated for Impairment, Recorded investment in loans | 17,801,324 |
Commercial loans | Life science/healthcare | |
Financing Receivable, Impaired [Line Items] | |
Individually Evaluated for Impairment, Allowance for loan losses | 16,414 |
Individually Evaluated for Impairment, Recorded investment in loans | 31,612 |
Collectively Evaluated for Impairment, Allowance for loan losses | 22,831 |
Collectively Evaluated for Impairment, Recorded investment in loans | 2,336,436 |
Consumer loans | |
Financing Receivable, Impaired [Line Items] | |
Individually Evaluated for Impairment, Allowance for loan losses | 211 |
Individually Evaluated for Impairment, Recorded investment in loans | 5,480 |
Collectively Evaluated for Impairment, Allowance for loan losses | 21,295 |
Collectively Evaluated for Impairment, Recorded investment in loans | $ 3,771,206 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Abstract] | ||
Computer software | $ 296,324 | $ 261,643 |
Computer hardware | 91,870 | 82,643 |
Leasehold improvements | 124,057 | 121,907 |
Furniture and equipment | 50,036 | 46,300 |
Total | 562,287 | 512,493 |
Accumulated depreciation and amortization | (386,469) | (350,617) |
Premises and equipment, net | $ 175,818 | $ 161,876 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 52.8 | $ 42 | $ 38.1 |
Leases - Lease Assets and Liabi
Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Lease right-of-use assets | $ 209,932 | $ 197,365 |
Lease liabilities | $ 259,554 | $ 218,847 |
Leases - Lease Expense Componen
Leases - Lease Expense Components (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 69,249 | $ 41,049 |
Short-term lease cost | 1,404 | 1,823 |
Variable lease cost | 3,692 | 3,477 |
Less: sublease income | (2,265) | (4,492) |
Total lease expense, net | 72,080 | 41,857 |
Cash paid for operating leases | 50,194 | 44,976 |
Lease obligations in exchange for obtaining right-of-use assets, operating leases | $ 75,244 | $ 33,167 |
Weighted-average remaining term (in years) - operating leases | 6 years 18 days | 6 years 3 months 14 days |
Weighted-average discount rate - operating leases | 2.38% | 2.92% |
Leases - Schedule of Future Lea
Leases - Schedule of Future Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 51,547 | |
2022 | 48,847 | |
2023 | 48,190 | |
2024 | 42,418 | |
2025 | 32,080 | |
2026 and thereafter | 53,842 | |
Total lease payments | 276,924 | |
Less: imputed interest | (17,370) | |
Total lease liabilities | $ 259,554 | $ 218,847 |
Leases - Lease Exits (Details)
Leases - Lease Exits (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | ||||
Net occupancy | $ 7,600 | $ 100,889 | $ 69,279 | $ 54,753 |
Premises and equipment | 600 | $ 127,125 | $ 96,770 | $ 77,918 |
Impairment charges on right-of-use asset | 16,800 | |||
Impairment charges on leasehold improvements, furniture, and fixtures for right-of-use asset | $ 4,400 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 142,685,000 | $ 137,823,000 | $ 0 |
Goodwill impairment | 0 | ||
Amortization expense | $ 5,400,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Beginning balance | $ 137,823 | $ 0 |
Acquisitions | 4,862 | 137,823 |
Ending balance | $ 142,685 | $ 137,823 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other intangible assets: | ||
Gross Amount | $ 78,300 | $ 60,900 |
Accumulated Amortization | 16,865 | 11,483 |
Net Carrying Amount | 61,435 | 49,417 |
Customer relationships | ||
Other intangible assets: | ||
Gross Amount | 42,000 | 42,000 |
Accumulated Amortization | 7,636 | 3,818 |
Net Carrying Amount | 34,364 | 38,182 |
Other | ||
Other intangible assets: | ||
Gross Amount | 36,300 | 18,900 |
Accumulated Amortization | 9,229 | 7,665 |
Net Carrying Amount | $ 27,071 | $ 11,235 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2021 | $ 8,217 | |
2022 | 8,141 | |
2023 | 8,141 | |
2024 | 8,141 | |
2025 | 6,900 | |
2026 and thereafter | 21,895 | |
Net Carrying Amount | $ 61,435 | $ 49,417 |
Deposits - Composition of Depos
Deposits - Composition of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Noninterest-bearing demand deposits | $ 66,519,240 | $ 40,841,570 |
Interest bearing checking and savings | 4,800,831 | 568,256 |
Money market | 28,406,195 | 17,749,736 |
Money market deposits in foreign offices | 616,570 | 352,437 |
Sweep deposits in foreign offices | 950,510 | 2,057,715 |
Time | 688,461 | 188,093 |
Total deposits | $ 101,981,807 | $ 61,757,807 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Time deposits equal to or greater than $250,000 | $ 682 | $ 180 |
Time deposits equal to or greater than $250,000 maturing within one year | $ 682 |
Short-Term Borrowings and Lon_3
Short-Term Borrowings and Long-Term Debt - Outstanding Short Term Borrowings and Long Term Debt (Details) - USD ($) | Dec. 31, 2020 | Jun. 05, 2020 | Dec. 31, 2019 | Jan. 31, 2015 |
Debt Outstanding [Line Items] | ||||
Short-term borrowings | $ 20,553,000 | $ 17,430,000 | ||
Total long-term debt | 843,628,000 | 347,987,000 | ||
Senior Notes | 3.50% Senior Notes | ||||
Debt Outstanding [Line Items] | ||||
Principal value | 350,000,000 | $ 350,000,000 | ||
Total long-term debt | $ 348,348,000 | 347,987,000 | ||
Stated interest rate | 3.50% | |||
Senior Notes | 3.125% Senior Notes | ||||
Debt Outstanding [Line Items] | ||||
Principal value | $ 500,000,000 | $ 500,000,000 | ||
Total long-term debt | $ 495,280,000 | 0 | ||
Stated interest rate | 3.125% | |||
Other short-term borrowings | ||||
Debt Outstanding [Line Items] | ||||
Principal value | $ 20,553,000 | |||
Short-term borrowings | $ 20,553,000 | $ 17,430,000 |
Short-Term Borrowings and Lon_4
Short-Term Borrowings and Long-Term Debt - Aggregate Annual Maturities of Long-Term Debt Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
2020 | $ 0 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 348,348 | |
2025 and thereafter | 495,280 | |
Total | $ 843,628 | $ 347,987 |
Short-Term Borrowings and Lon_5
Short-Term Borrowings and Long-Term Debt - Interest Expense and Senior Notes (Details) - USD ($) | Jun. 05, 2020 | Jan. 31, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | |||||
Interest expense on debt | $ 25,100,000 | $ 35,100,000 | $ 46,600,000 | ||
Weighted average interest rate on short-term borrowings | 80.00% | 1.55% | |||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 843,628,000 | $ 347,987,000 | |||
Proceeds from issuance of long-term debt | $ 495,024,000 | $ 0 | $ 0 | ||
Weighted average interest rate on short-term borrowings | 80.00% | 1.55% | |||
Senior Notes | 3.50% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Principal value | $ 350,000,000 | $ 350,000,000 | |||
Stated interest rate | 3.50% | ||||
Proceeds from issuance of senior notes, net of discount and issuance cost | $ 346,400,000 | ||||
Long-term debt | $ 348,348,000 | $ 347,987,000 | |||
Debt issuance costs | 1,600,000 | ||||
Discount on debt | 100,000 | ||||
Senior Notes | 3.125% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Principal value | $ 500,000,000 | $ 500,000,000 | |||
Stated interest rate | 3.125% | ||||
Proceeds from issuance of senior notes, net of discount and issuance cost | 495,400,000 | ||||
Long-term debt | $ 495,280,000 | $ 0 | |||
Debt issuance costs | $ 4,300,000 | ||||
Discount on debt | $ 400,000 |
Short-Term Borrowings and Lon_6
Short-Term Borrowings and Long-Term Debt - Short-term Borrowings (Details) $ in Billions | Dec. 31, 2020USD ($) |
Short-term FHLB advances | |
Short-term Debt [Line Items] | |
FHLB advances | $ 6.8 |
Amount of unused FHLB credit facility | 5.8 |
FRB advances | |
Short-term Debt [Line Items] | |
Carrying value of collateral pledged | 0.9 |
Line of credit, remaining borrowing capacity | 0.9 |
Uncommitted federal funds lines | |
Short-term Debt [Line Items] | |
Line of credit, remaining borrowing capacity | 1.9 |
Master repurchase agreements | |
Short-term Debt [Line Items] | |
Line of credit, remaining borrowing capacity | $ 4 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Interest Rate Risk (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2020 | |
Derivative [Line Items] | ||
Unrealized gains on terminated cash flow hedges remaining in AOCI, before tax | $ 179 | |
Unrealized gains on terminated cash flow hedges remaining in AOCI, net of tax | $ 129.3 | |
Remaining term over which unrealized gains will be reclassified into earnings | 4 years | |
Interest rate swaps | Derivatives designated as hedging instruments | ||
Derivative [Line Items] | ||
Net asset fair value | $ 227.5 | |
Notional balances | $ 5,000 |
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 | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Fair Value, Derivative Assets | $ 284,831 | $ 167,341 |
Fair Value, Derivative Liabilities | 237,479 | 137,984 |
Total Derivative Assets, Fair Value | 488,269 | 332,814 |
Total Derivative Liabilities, Fair Value | 237,479 | 137,984 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Fair Value, Derivative Assets | 0 | 22,676 |
Fair Value, Derivative Liabilities | 0 | 25,623 |
Foreign exchange forwards | ||
Derivative [Line Items] | ||
Fair Value, Derivative Assets | 215,275 | 114,546 |
Fair Value, Derivative Liabilities | 209,131 | 96,899 |
Client foreign currency options | ||
Derivative [Line Items] | ||
Fair Value, Derivative Assets | 1,702 | 1,308 |
Fair Value, Derivative Liabilities | 1,702 | 1,308 |
Client interest rate derivatives | ||
Derivative [Line Items] | ||
Fair Value, Derivative Assets | 67,854 | 28,811 |
Fair Value, Derivative Liabilities | 26,646 | 14,154 |
Derivatives designated as hedging instruments | Interest rate swaps | Other assets | ||
Derivative [Line Items] | ||
Derivative Assets, Notional or Contractual Amount | 0 | 1,915,000 |
Fair Value, Derivative Assets | 0 | 22,676 |
Derivatives designated as hedging instruments | Interest rate swaps | Other liability | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 0 | 3,085,000 |
Fair Value, Derivative Liabilities | 0 | 25,623 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Fair Value, Derivative Assets | 488,269 | 310,138 |
Fair Value, Derivative Liabilities | 237,479 | 112,361 |
Derivatives not designated as hedging instruments | Foreign exchange forwards | Other assets | ||
Derivative [Line Items] | ||
Derivative Assets, Notional or Contractual Amount | 68,381 | 0 |
Fair Value, Derivative Assets | 306 | 0 |
Derivatives not designated as hedging instruments | Foreign exchange forwards | Other liability | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 566,988 | 300,250 |
Fair Value, Derivative Liabilities | 20,566 | 2,154 |
Derivatives not designated as hedging instruments | Equity warrant assets | Other assets | ||
Derivative [Line Items] | ||
Derivative Assets, Notional or Contractual Amount | 253,153 | 225,893 |
Fair Value, Derivative Assets | 203,438 | 165,473 |
Derivatives not designated as hedging instruments | Client foreign exchange forwards | Other assets | ||
Derivative [Line Items] | ||
Derivative Assets, Notional or Contractual Amount | 8,025,973 | 4,661,517 |
Fair Value, Derivative Assets | 214,969 | 114,546 |
Derivatives not designated as hedging instruments | Client foreign exchange forwards | Other liability | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 7,490,723 | 4,326,059 |
Fair Value, Derivative Liabilities | 188,565 | 94,745 |
Derivatives not designated as hedging instruments | Client foreign currency options | Other assets | ||
Derivative [Line Items] | ||
Derivative Assets, Notional or Contractual Amount | 97,529 | 154,985 |
Fair Value, Derivative Assets | 1,702 | 1,308 |
Derivatives not designated as hedging instruments | Client foreign currency options | Other liability | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 97,522 | 154,985 |
Fair Value, Derivative Liabilities | 1,702 | 1,308 |
Derivatives not designated as hedging instruments | Client interest rate derivatives | Other assets | ||
Derivative [Line Items] | ||
Derivative Assets, Notional or Contractual Amount | 1,082,265 | 1,275,190 |
Fair Value, Derivative Assets | 67,854 | 28,811 |
Derivatives not designated as hedging instruments | Client interest rate derivatives | Other liability | ||
Derivative [Line Items] | ||
Derivative Liabilities, Notional or Contractual Amount | 1,250,975 | 1,372,914 |
Fair Value, Derivative Liabilities | 26,646 | 14,154 |
Reduction in derivative liabilities due to rules of clearing houses | $ (45,400) | $ (17,400) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Derivative Activity and Related Impact on Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest rate risks | Derivatives designated as hedging instruments | Interest income—loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gains (losses) on derivatives | $ 49,928 | $ (5,358) | $ 0 |
Foreign exchange forward and option contracts | Derivatives not designated as hedging instruments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gains (losses) on derivatives | (469) | (409) | (321) |
Foreign exchange forward and option contracts | 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 | 39,247 | 1,444 | (373) |
Foreign exchange forward and option contracts | 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 | (39,716) | (1,853) | 52 |
Other derivative instruments | Derivatives not designated as hedging instruments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gains (losses) on derivatives | (457) | 754 | 987 |
Other derivative instruments | Derivatives not designated as hedging instruments | Other noninterest income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gains (losses) on derivatives | 28,056 | (1,190) | (179) |
Other derivative instruments | Derivatives not designated as hedging instruments | Revaluations of internal foreign currency instruments, net | Other noninterest income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gains (losses) on derivatives | 2,560 | (15,146) | 4,998 |
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 | (3,017) | 15,900 | (4,011) |
Equity warrant assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized gains (losses) on derivatives | 2,347 | (2,240) | 24,417 |
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 | $ 237,428 | $ 138,078 | $ 89,142 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Balance Sheet Offsetting, Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative Assets | ||
Gross Amounts of Recognized Assets | $ 284,831 | $ 167,341 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 284,831 | 167,341 |
Financial Instruments | (144,882) | (89,112) |
Cash Collateral Received | (20,553) | (17,430) |
Net Amount | 119,396 | 60,799 |
Reverse repurchase, securities borrowing, and similar arrangements | ||
Gross Amounts of Recognized Assets | 226,847 | 289,340 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Securities purchased under agreements to resell | 226,847 | 289,340 |
Financial Instruments | (226,847) | (289,340) |
Cash Collateral Received | 0 | 0 |
Net Amount | 0 | 0 |
Total | ||
Gross Amounts of Recognized Assets | 511,678 | 456,681 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 511,678 | 456,681 |
Financial Instruments | (371,729) | (378,452) |
Cash Collateral Received | (20,553) | (17,430) |
Net Amount | 119,396 | 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 |
Financial Instruments | 0 | (22,598) |
Cash Collateral Received | 0 | 0 |
Net Amount | 0 | 78 |
Foreign exchange forwards | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 215,275 | 114,546 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 215,275 | 114,546 |
Financial Instruments | (75,983) | (36,855) |
Cash Collateral Received | (20,550) | (17,095) |
Net Amount | 118,742 | 60,596 |
Client foreign currency options | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 1,702 | 1,308 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 1,702 | 1,308 |
Financial Instruments | (1,045) | (848) |
Cash Collateral Received | (3) | (335) |
Net Amount | 654 | 125 |
Client interest rate derivatives | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 67,854 | 28,811 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 67,854 | 28,811 |
Financial Instruments | (67,854) | (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 | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | $ 237,479 | $ 137,984 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 237,479 | 137,984 |
Financial Instruments | (85,192) | (56,521) |
Cash Collateral Pledged | (71,475) | (38,913) |
Net Amount | 80,812 | 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 | 0 | 0 |
Cash Collateral Pledged | 0 | 0 |
Net Amount | 0 | 0 |
Total | ||
Gross Amounts of Recognized Liabilities | 237,479 | 137,984 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 237,479 | 137,984 |
Financial Instruments | (85,192) | (56,521) |
Cash Collateral Pledged | (71,475) | (38,913) |
Net Amount | 80,812 | 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 |
Financial Instruments | 0 | (22,676) |
Cash Collateral Pledged | 0 | (2,947) |
Net Amount | 0 | 0 |
Foreign exchange forwards | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 209,131 | 96,899 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 209,131 | 96,899 |
Financial Instruments | (84,547) | (33,314) |
Cash Collateral Pledged | (45,367) | (22,030) |
Net Amount | 79,217 | 41,555 |
Client foreign currency options | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 1,702 | 1,308 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 1,702 | 1,308 |
Financial Instruments | (645) | (531) |
Cash Collateral Pledged | (8) | 0 |
Net Amount | 1,049 | 777 |
Client interest rate derivatives | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 26,646 | 14,154 |
Gross Amounts offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 26,646 | 14,154 |
Financial Instruments | 0 | 0 |
Cash Collateral Pledged | (26,100) | (13,936) |
Net Amount | $ 546 | $ 218 |
Noninterest Income - Summary of
Noninterest Income - Summary of Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |||||||||||
Gains on investment securities, net | $ 420,752 | $ 134,670 | $ 88,094 | ||||||||
Gains on equity warrant assets, net | 237,428 | 138,078 | 89,142 | ||||||||
Client investment fees | 132,200 | 182,068 | 130,360 | ||||||||
Foreign exchange fees | 178,733 | 159,262 | 138,812 | ||||||||
Credit card fees | 97,737 | 118,719 | 94,072 | ||||||||
Deposit service charges | 90,336 | 89,200 | 76,097 | ||||||||
Lending related fees | 57,533 | 49,920 | 41,949 | ||||||||
Letters of credit and standby letters of credit fees | 46,659 | 42,669 | 34,600 | ||||||||
Investment banking revenue | 413,985 | 195,177 | 0 | ||||||||
Commissions | 66,640 | 56,346 | 0 | ||||||||
Other | 98,145 | 55,370 | 51,858 | ||||||||
Noninterest income | $ 621,783 | $ 547,583 | $ 368,848 | $ 301,934 | $ 313,344 | $ 294,009 | $ 333,750 | $ 280,376 | $ 1,840,148 | $ 1,221,479 | $ 744,984 |
Noninterest Income - Gains on I
Noninterest Income - Gains on Investment Securities, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |||
Gains on non-marketable and other equity securities, net | $ 359,587 | $ 138,575 | $ 88,834 |
Gains (losses) on sales of available-for-sale debt securities, net | 61,165 | (3,905) | (740) |
Gains on investment securities, net | $ 420,752 | $ 134,670 | $ 88,094 |
Noninterest Income - Gains on E
Noninterest Income - Gains on Equity Warrant Assets, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |||
Gains on exercises, net | $ 179,648 | $ 107,168 | $ 58,186 |
Terminations | (1,948) | (3,502) | (5,964) |
Changes in fair value, net | 59,728 | 34,412 | 36,920 |
Gains on equity warrant assets, net | $ 237,428 | $ 138,078 | $ 89,142 |
Noninterest Income - Client Inv
Noninterest Income - Client Investment Fees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | $ 1,056,842 | $ 880,951 | $ 511,656 |
Sweep money market fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 74,176 | 104,236 | 75,654 |
Asset management fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 42,768 | 28,665 | 23,882 |
Repurchase agreement fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 15,256 | 49,167 | 30,824 |
Client investment fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | $ 132,200 | $ 182,068 | $ 130,360 |
Noninterest Income - Foreign Ex
Noninterest Income - Foreign Exchange Fees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | $ 1,056,842 | $ 880,951 | $ 511,656 |
Revenue not from contracts with customer | 783,306 | 340,528 | 233,328 |
Foreign exchange fees | 178,733 | 159,262 | 138,812 |
Spot contract commissions | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 157,852 | 145,915 | 127,459 |
Forward contract commissions | |||
Disaggregation of Revenue [Line Items] | |||
Revenue not from contracts with customer | 19,849 | 13,068 | 10,940 |
Option premium fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue not from contracts with customer | $ 1,032 | $ 279 | $ 413 |
Noninterest Income - Credit Car
Noninterest Income - Credit Card Fees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Card interchange fees, net | $ 75,562 | $ 93,553 | $ 74,381 |
Revenue from contracts with customers | 1,056,842 | 880,951 | 511,656 |
Revenue not from contracts with customer | 783,306 | 340,528 | 233,328 |
Total credit card fees | 97,737 | 118,719 | 94,072 |
Merchant service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 17,732 | 18,355 | 14,420 |
Card service fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue not from contracts with customer | $ 4,443 | $ 6,811 | $ 5,271 |
Noninterest Income - Lending Re
Noninterest Income - Lending Related Fees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Lending related fees | $ 57,533 | $ 49,920 | $ 41,949 |
Unused commitment fees | |||
Disaggregation of Revenue [Line Items] | |||
Lending related fees | 42,399 | 34,829 | 32,452 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Lending related fees | $ 15,134 | $ 15,091 | $ 9,497 |
Noninterest Income - Investment
Noninterest Income - Investment Banking Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |||
Underwriting fees | $ 352,951 | $ 153,306 | $ 0 |
Advisory fees | 40,006 | 37,846 | 0 |
Private placements and other | 21,028 | 4,025 | 0 |
Total investment banking revenue | $ 413,985 | $ 195,177 | $ 0 |
Noninterest Income - Summary _2
Noninterest Income - Summary of Other Noninterest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | $ 1,056,842 | $ 880,951 | $ 511,656 |
Net gains (losses) on revaluation of foreign currency instruments, net of foreign exchange forward contracts(1) | (926) | 345 | 666 |
Losses on extinguishment of debt | 0 | (8,960) | 0 |
Other service revenue | 30,093 | 31,463 | 28,176 |
Other | 98,145 | 55,370 | 51,858 |
Gains From Conversion Of Convertible Debt Options | 30,018 | 0 | 0 |
Fund management fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | $ 38,960 | $ 32,522 | $ 23,016 |
Noninterest Income - Disaggrega
Noninterest Income - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | $ 1,056,842 | $ 880,951 | $ 511,656 | ||||||||
Revenue not from contracts with customer | 783,306 | 340,528 | 233,328 | ||||||||
Noninterest income | $ 621,783 | $ 547,583 | $ 368,848 | $ 301,934 | $ 313,344 | $ 294,009 | $ 333,750 | $ 280,376 | 1,840,148 | 1,221,479 | 744,984 |
Other Items | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 2,818 | 2,158 | 2,393 | ||||||||
Revenue not from contracts with customer | 506,131 | 191,123 | 118,827 | ||||||||
Noninterest income | 508,949 | 193,281 | 121,220 | ||||||||
Global Commercial Bank | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 527,368 | 592,185 | 483,918 | ||||||||
Revenue not from contracts with customer | 78,365 | 45,737 | 36,384 | ||||||||
Noninterest income | 605,733 | 637,922 | 520,302 | ||||||||
SVB Private Bank | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 3,470 | 2,563 | 2,329 | ||||||||
Revenue not from contracts with customer | 66 | 803 | (48) | ||||||||
Noninterest income | 3,536 | 3,366 | 2,281 | ||||||||
SVB Capital | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 35,834 | 26,850 | 23,016 | ||||||||
Revenue not from contracts with customer | 190,120 | 95,544 | 78,165 | ||||||||
Noninterest income | 225,954 | 122,394 | 101,181 | ||||||||
SVB Leerink | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 487,352 | 257,195 | |||||||||
Revenue not from contracts with customer | 8,624 | 7,321 | |||||||||
Noninterest income | 495,976 | 264,516 | |||||||||
Client investment fees | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 132,200 | 182,068 | 130,360 | ||||||||
Client investment fees | Other Items | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | 0 | ||||||||
Client investment fees | Global Commercial Bank | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 129,378 | 180,152 | 128,834 | ||||||||
Client investment fees | SVB Private Bank | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 2,822 | 1,916 | 1,526 | ||||||||
Client investment fees | SVB Capital | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | 0 | ||||||||
Client investment fees | SVB Leerink | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | |||||||||
Spot contract commissions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 157,852 | 145,915 | 127,459 | ||||||||
Spot contract commissions | Other Items | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 583 | 475 | 323 | ||||||||
Spot contract commissions | Global Commercial Bank | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 156,725 | 144,930 | 126,445 | ||||||||
Spot contract commissions | SVB Private Bank | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 544 | 510 | 691 | ||||||||
Spot contract commissions | SVB Capital | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | 0 | ||||||||
Spot contract commissions | SVB Leerink | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | |||||||||
Card interchange fees, gross | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 129,807 | 154,953 | 134,502 | ||||||||
Card interchange fees, gross | Other Items | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 1,545 | 756 | 428 | ||||||||
Card interchange fees, gross | Global Commercial Bank | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 128,239 | 154,197 | 134,074 | ||||||||
Card interchange fees, gross | SVB Private Bank | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 23 | 0 | 0 | ||||||||
Card interchange fees, gross | SVB Capital | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | 0 | ||||||||
Card interchange fees, gross | SVB Leerink | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | |||||||||
Merchant service fees | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 17,732 | 18,355 | 14,420 | ||||||||
Merchant service fees | Other Items | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | 1 | ||||||||
Merchant service fees | Global Commercial Bank | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 17,732 | 18,355 | 14,415 | ||||||||
Merchant service fees | SVB Private Bank | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | 4 | ||||||||
Merchant service fees | SVB Capital | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | 0 | ||||||||
Merchant service fees | SVB Leerink | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | |||||||||
Deposit service charges | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 90,336 | 89,200 | 76,097 | ||||||||
Deposit service charges | Other Items | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 690 | 927 | 1,641 | ||||||||
Deposit service charges | Global Commercial Bank | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 89,565 | 88,136 | 74,348 | ||||||||
Deposit service charges | SVB Private Bank | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 81 | 137 | 108 | ||||||||
Deposit service charges | SVB Capital | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | 0 | ||||||||
Deposit service charges | SVB Leerink | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | |||||||||
Investment banking revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 413,985 | 195,177 | |||||||||
Investment banking revenue | Other Items | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | |||||||||
Investment banking revenue | Global Commercial Bank | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | |||||||||
Investment banking revenue | SVB Private Bank | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | |||||||||
Investment banking revenue | SVB Capital | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | |||||||||
Investment banking revenue | SVB Leerink | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 413,985 | 195,177 | |||||||||
Commissions | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 66,640 | 56,346 | |||||||||
Commissions | Other Items | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | |||||||||
Commissions | Global Commercial Bank | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | |||||||||
Commissions | SVB Private Bank | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | |||||||||
Commissions | SVB Capital | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | |||||||||
Commissions | SVB Leerink | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 66,640 | 56,346 | |||||||||
Fund management fees | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 38,960 | 32,522 | 23,016 | ||||||||
Fund management fees | Other Items | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | 0 | ||||||||
Fund management fees | Global Commercial Bank | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | 0 | ||||||||
Fund management fees | SVB Private Bank | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | 0 | ||||||||
Fund management fees | SVB Capital | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 32,233 | 26,850 | 23,016 | ||||||||
Fund management fees | SVB Leerink | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 6,727 | 5,672 | |||||||||
Correspondent bank rebates | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 5,729 | 6,415 | 5,802 | ||||||||
Correspondent bank rebates | Other Items | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | 0 | ||||||||
Correspondent bank rebates | Global Commercial Bank | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 5,729 | 6,415 | 5,802 | ||||||||
Correspondent bank rebates | SVB Private Bank | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | 0 | ||||||||
Correspondent bank rebates | SVB Capital | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | 0 | $ 0 | ||||||||
Correspondent bank rebates | SVB Leerink | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | $ 0 | |||||||||
Performance Fees [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 3,601 | ||||||||||
Performance Fees [Member] | Other Items | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | ||||||||||
Performance Fees [Member] | Global Commercial Bank | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | ||||||||||
Performance Fees [Member] | SVB Private Bank | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 0 | ||||||||||
Performance Fees [Member] | SVB Capital | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 3,601 | ||||||||||
Performance Fees [Member] | SVB Leerink | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | $ 0 |
Other Noninterest Expense (Deta
Other Noninterest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |||
Lending and other client related processing costs | $ 29,783 | $ 28,491 | $ 24,237 |
Correspondent bank fees | 15,065 | 14,503 | 13,713 |
Investment banking activities | 20,591 | 13,733 | 0 |
Trade order execution costs | 11,144 | 10,813 | 0 |
Data processing services | 14,910 | 12,536 | 10,811 |
Telephone | 8,591 | 9,861 | 9,404 |
Dues and publications | 4,251 | 4,603 | 4,605 |
Postage and supplies | 2,545 | 3,198 | 2,799 |
Other | 83,295 | 54,841 | 21,682 |
Total other noninterest expense | $ 190,175 | $ 152,579 | $ 87,251 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current provision: | |||||||||||
Federal | $ 299,882 | $ 296,400 | $ 249,358 | ||||||||
State | 140,794 | 132,357 | 123,264 | ||||||||
Deferred expense (benefit): | |||||||||||
Federal | 5,296 | (1,530) | (11,777) | ||||||||
State | 1,615 | (1,542) | (9,284) | ||||||||
Income tax expense | $ 148,096 | $ 162,265 | $ 87,869 | $ 49,357 | $ 94,061 | $ 105,075 | $ 119,114 | $ 107,435 | $ 447,587 | $ 425,685 | $ 351,561 |
Income Taxes - Reconciliation b
Income Taxes - Reconciliation between Federal Statutory Income Tax Rate and Effective Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
State income taxes, net of the federal tax effect | 6.80% | 7.00% | 7.20% |
Meals and entertainment | 0.10% | 0.40% | 0.30% |
Disallowed officer's compensation | 0.20% | 0.20% | 0.20% |
FDIC premiums | 0.30% | 0.20% | 0.50% |
Share-based compensation expense on incentive stock options and ESPP | (0.30%) | (0.60%) | (1.40%) |
Qualified affordable housing project tax credits | (0.50%) | (0.30%) | (0.30%) |
Tax-exempt interest income | (0.80%) | (0.60%) | (0.60%) |
Other, net | 0.20% | (0.10%) | (0.40%) |
Effective income tax rate | 27.00% | 27.20% | 26.50% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Allowance for credit losses | $ 158,161 | $ 103,267 |
Share-based compensation expense | 15,531 | 14,233 |
State income taxes | 16,640 | 16,097 |
Accrued compensation | 44,112 | 22,578 |
Lease liability | 69,714 | 60,635 |
Other accruals | 10,018 | 12,383 |
Net operating loss | 7,501 | 6,386 |
Goodwill and intangibles | 3,165 | 3,141 |
Foreign tax credit carryforward | 9,028 | 0 |
SBA loan fees | 6,115 | 0 |
Other | 8,110 | 7,923 |
Deferred tax assets | 348,095 | 246,643 |
Valuation allowance | (7,094) | (5,919) |
Net deferred tax assets after valuation allowance | 341,001 | 240,724 |
Deferred tax liabilities: | ||
Derivative equity warrant assets | (71,019) | (45,533) |
Net unrealized gains on cash flow hedge derivatives | (49,772) | 0 |
Net unrealized gains on AFS debt securities | (185,634) | (33,480) |
Non-marketable and other equity securities | (118,712) | (54,239) |
Premises and equipment and other intangibles | (23,721) | (16,459) |
Right-of-use asset and deferred rent assets | (52,057) | (50,493) |
Other | (12,340) | (12,087) |
Deferred tax liabilities | (513,255) | (212,291) |
Net deferred tax assets | $ 28,433 | |
Net deferred tax liabilities | $ (172,254) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | $ (7,094) | $ (5,919) | ||
Unrecognized tax benefit | 18,269 | 13,778 | $ 14,139 | $ 12,683 |
Unrecognized tax benefits that if recognized would reduce income tax expense | 13,100 | |||
Reconciliation of Unrecognized Tax Benefit | ||||
Operating Loss Carryforwards [Line Items] | ||||
Unrecognized tax benefit | 16,490 | 12,612 | $ 12,689 | $ 11,505 |
Federal | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 1,900 | 2,200 | ||
Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | $ 25,300 | $ 20,800 |
Income Taxes - Changes in Unrec
Income Taxes - Changes in Unrecognized Tax Benefit (Including Interest and Penalties) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Beginning Balance | $ 13,778 | $ 14,139 | $ 12,683 |
Additions for tax positions for current year | 5,051 | 3,712 | 4,171 |
Additions for tax positions for prior years | 2,989 | 889 | 1,454 |
Reduction for tax positions for prior years | (799) | (1,408) | (2,108) |
Lapse of the applicable statute of limitations | (1,423) | (2,395) | (521) |
Reduction as a result of settlement | (1,327) | (1,159) | (1,540) |
Ending Balance | 18,269 | 13,778 | 14,139 |
Reconciliation of Unrecognized Tax Benefit | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Beginning Balance | 12,612 | 12,689 | 11,505 |
Additions for tax positions for current year | 5,051 | 3,712 | 4,171 |
Additions for tax positions for prior years | 1,765 | 63 | 631 |
Reduction for tax positions for prior years | (730) | (884) | (1,865) |
Lapse of the applicable statute of limitations | (1,100) | (1,826) | (435) |
Reduction as a result of settlement | (1,108) | (1,142) | (1,318) |
Ending Balance | 16,490 | 12,612 | 12,689 |
Interest and Penalties | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Beginning Balance | 1,166 | 1,450 | 1,178 |
Additions for tax positions for current year | 0 | 0 | 0 |
Additions for tax positions for prior years | 1,224 | 826 | 823 |
Reduction for tax positions for prior years | (69) | (524) | (243) |
Lapse of the applicable statute of limitations | (323) | (569) | (86) |
Reduction as a result of settlement | (219) | (17) | (222) |
Ending Balance | $ 1,779 | $ 1,166 | $ 1,450 |
Employee Compensation and Ben_3
Employee Compensation and Benefit Plans - Expenses Incurred Under Certain Employee Compensation and Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Incentive Compensation Plan | $ 193,004 | $ 143,888 | $ 160,293 |
Direct Drive Incentive Compensation Plan | 37,681 | 37,315 | 40,578 |
Retention Program | 0 | 2,438 | 1,438 |
Warrant Incentive Plan | 33,921 | 14,881 | 9,112 |
SVBFG 401(k) Plan | 29,939 | 25,687 | 21,323 |
SVBFG ESOP | 5,807 | 4,197 | 6,435 |
SVB Leerink | |||
Segment Reporting Information [Line Items] | |||
Incentive Compensation Plan | 233,145 | 106,871 | 0 |
Retention Award | $ 12,991 | $ 12,015 | $ 0 |
Employee Compensation and Ben_4
Employee Compensation and Benefit Plans - Additional Information (Details) - USD ($) | Jan. 04, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Employee Benefits Disclosure [Line Items] | ||||
Maximum percentage of base salary that may be deferred under the DC Plan | 50.00% | |||
Maximum percentage of eligible bonus payment that may be deferred under the DC Plan | 100.00% | |||
Deferrals under the DC Plan | $ 5,800,000 | $ 6,900,000 | $ 5,500,000 | |
DC Plan investment gains (losses) | $ 8,500,000 | (6,900,000) | 1,700,000 | |
Amortization period | 30 years | |||
EHOP loan term, option one | 5 years | |||
EHOP loan term, option three | 10 years | |||
Employee Home Ownership Program, Fixed Rate Loan Term, Option Two | 30 years | |||
Maximum loan amount percentage lesser of purchase price or the appraised value | 85.00% | |||
Employee Home Ownership Program, Loan Term, Option Two | 7 years | |||
Employee Home Ownership Program, Fixed Rate Loan Term, Option One | 15 years | |||
SVB Leerink | ||||
Employee Benefits Disclosure [Line Items] | ||||
Incentive Compensation Plan, Deferred Portion Of Compensation Settled In Restricted Stock Awards | 25.00% | |||
Incentive Compensation Plan, Deferred Portion Of Compensation Settled In Cash | 75.00% | |||
Incentive Compensation Plan, Deferred Compensation Vesting Period | 5 years | |||
Retention pool for acquiree employees | $ 60,000,000 | |||
Retention Award, Deferred Portion Of Compensation Settled In Cash | 50.00% | |||
Retention Award, Deferred Portion Of Compensation Settled In Restricted Stock Awards | 50.00% | |||
Vesting period of retention pool for acquiree employees | 5 years | |||
Employee Home Ownership Plan | 12 month LIBOR | ||||
Employee Benefits Disclosure [Line Items] | ||||
Basis spread on EHOP loans | 2.25% | |||
Defined Contribution Plan, The 401(k) Plan | ||||
Employee Benefits Disclosure [Line Items] | ||||
Maximum percentage of pre-tax income employees are allowed to contribute towards 401(k) plan | 75.00% | |||
Maximum annual amount allowable for employee contributions | $ 19,500 | $ 19,000 | $ 18,500 | |
Maximum percentage of employer matching contributions towards 401(k) plan | 5.00% | |||
Employee Stock Ownership Plan (ESOP), Plan | ||||
Employee Benefits Disclosure [Line Items] | ||||
Maximum percentage of employee's eligible pay earned in the fiscal year contributed by the company in cash or common stock towards ESOP | 10.00% | |||
ESOP contributions vesting period | 5 years |
Off-Balance Sheet Arrangement_3
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Summary Information Related to Commitments to Extend Credit (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Loan commitments | $ 28,975,133 | $ 21,743,359 | ||
Commercial and standby letters of credit | 3,007,118 | 2,778,561 | ||
Total unfunded credit commitments | 31,982,251 | 24,521,920 | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for unfunded credit commitments | 447,765 | 304,924 | $ 280,903 | $ 255,024 |
Unfunded credit commitments | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for unfunded credit commitments | $ 120,796 | $ 67,656 | $ 55,183 | $ 51,770 |
Off-Balance Sheet Arrangement_4
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Summary of Commercial and Standby Letters of Credit (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Other Commitments [Line Items] | |
Expires In One Year or Less | $ 2,920,989 |
Expires After One Year | 86,129 |
Total Amount Outstanding | 3,007,118 |
Maximum Amount of Future Payments | 3,007,118 |
Financial standby letters of credit | |
Other Commitments [Line Items] | |
Expires In One Year or Less | 2,807,942 |
Expires After One Year | 66,641 |
Total Amount Outstanding | 2,874,583 |
Maximum Amount of Future Payments | 2,874,583 |
Performance standby letters of credit | |
Other Commitments [Line Items] | |
Expires In One Year or Less | 108,681 |
Expires After One Year | 19,488 |
Total Amount Outstanding | 128,169 |
Maximum Amount of Future Payments | 128,169 |
Commercial letters of credit | |
Other Commitments [Line Items] | |
Expires In One Year or Less | 4,366 |
Expires After One Year | 0 |
Total Amount Outstanding | 4,366 |
Maximum Amount of Future Payments | $ 4,366 |
Off-Balance Sheet Arrangement_5
Off-Balance Sheet Arrangements, Guarantees and Other Commitments - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated venture capital and private equity fund investments | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments expiration period | 10 years | |
Consolidated venture capital and private equity fund investments | Lower Limit | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Fund commitments investment cycle | 5 years | |
Consolidated venture capital and private equity fund investments | Upper Limit | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Fund commitments investment cycle | 7 years | |
Standby Letter of Credit | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Deferred revenue | $ 16.9 | $ 17.2 |
Collateral in the form of cash | $ 1,700 |
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 | 12 Months Ended | |
Dec. 31, 2020USD ($)Investment | Dec. 31, 2019 | |
Other Commitments [Line Items] | ||
SVBFG Unfunded Commitments | $ 4,261 | |
Capital Preferred Return Fund, LP | ||
Other Commitments [Line Items] | ||
SVBFG Unfunded Commitments | 1,516 | |
Growth Partners, LP | ||
Other Commitments [Line Items] | ||
SVBFG Unfunded Commitments | 2,549 | |
Strategic Investors Fund, LP | ||
Other Commitments [Line Items] | ||
SVBFG Unfunded Commitments | $ 196 | |
Consolidated venture capital and private equity fund investments | CP II, LP | Non-marketable securities | Direct ownership interest | ||
Other Commitments [Line Items] | ||
SVBFG Ownership interest percentage | 1.30% | |
Consolidated venture capital and private equity fund investments | CP II, LP | Non-marketable securities | Indirect ownership interest | ||
Other Commitments [Line Items] | ||
SVBFG Ownership interest percentage | 3.80% | |
Upper Limit | ||
Other Commitments [Line Items] | ||
SVBFG Ownership interest percentage | 5.00% | |
Equity method accounting | Consolidated venture capital and private equity fund investments | CP II, LP | Non-marketable securities | ||
Other Commitments [Line Items] | ||
SVBFG Ownership interest percentage | 5.10% | 5.10% |
Equity method accounting | Consolidated venture capital and private equity fund investments | CP II, LP | Non-marketable securities | Direct ownership interest | ||
Other Commitments [Line Items] | ||
SVBFG Ownership interest percentage | 1.30% | |
Equity method accounting | Consolidated venture capital and private equity fund investments | CP II, LP | Non-marketable securities | Indirect ownership interest | ||
Other Commitments [Line Items] | ||
SVBFG Ownership interest percentage | 3.80% | |
Equity method accounting | Consolidated venture capital and private equity fund investments | Strategic Investors Fund II, LP | Non-marketable securities | ||
Other Commitments [Line Items] | ||
SVBFG Ownership interest percentage | 8.60% | 8.60% |
Equity method accounting | Consolidated venture capital and private equity fund investments | Strategic Investors Fund III, LP | Non-marketable securities | ||
Other Commitments [Line Items] | ||
SVBFG Ownership interest percentage | 5.90% | 5.90% |
Equity method accounting | Consolidated venture capital and private equity fund investments | Strategic Investors Fund IV, LP | Non-marketable securities | ||
Other Commitments [Line Items] | ||
SVBFG Ownership interest percentage | 5.00% | 5.00% |
Equity method accounting | Consolidated venture capital and private equity fund investments | Other fund investments | Non-marketable securities | ||
Other Commitments [Line Items] | ||
Number of other funds with investment commitments | Investment | 168 | |
Equity method accounting | Upper Limit | Consolidated venture capital and private equity fund investments | Other fund investments | Non-marketable securities | ||
Other Commitments [Line Items] | ||
SVBFG Ownership interest percentage | 5.00% | |
Parent Company | ||
Other Commitments [Line Items] | ||
SVBFG Capital Commitments | $ 457,878 | |
SVBFG Unfunded Commitments | 22,083 | |
Parent Company | CP II, LP | ||
Other Commitments [Line Items] | ||
SVBFG Capital Commitments | 1,200 | |
SVBFG Unfunded Commitments | $ 162 | |
SVBFG Ownership interest percentage | 5.10% | |
Parent Company | Strategic Investors Fund II, LP | ||
Other Commitments [Line Items] | ||
SVBFG Capital Commitments | $ 15,000 | |
SVBFG Unfunded Commitments | $ 1,050 | |
SVBFG Ownership interest percentage | 8.60% | |
Parent Company | Strategic Investors Fund III, LP | ||
Other Commitments [Line Items] | ||
SVBFG Capital Commitments | $ 15,000 | |
SVBFG Unfunded Commitments | $ 1,275 | |
SVBFG Ownership interest percentage | 5.90% | |
Parent Company | Strategic Investors Fund IV, LP | ||
Other Commitments [Line Items] | ||
SVBFG Capital Commitments | $ 12,239 | |
SVBFG Unfunded Commitments | $ 2,325 | |
SVBFG Ownership interest percentage | 5.00% | |
Parent Company | Strategic Investors Fund V funds | ||
Other Commitments [Line Items] | ||
SVBFG Capital Commitments | $ 515 | |
SVBFG Unfunded Commitments | 131 | |
Parent Company | Other venture capital and private equity fund investments | ||
Other Commitments [Line Items] | ||
SVBFG Capital Commitments | 25,232 | |
SVBFG Unfunded Commitments | 5,566 | |
Parent Company | Debt funds (equity method accounting) | ||
Other Commitments [Line Items] | ||
SVBFG Capital Commitments | 58,733 | |
SVBFG Unfunded Commitments | 211 | |
Parent Company | Other fund investments | ||
Other Commitments [Line Items] | ||
SVBFG Capital Commitments | 277,301 | |
SVBFG Unfunded Commitments | 9,335 | |
Parent Company | Capital Preferred Return Fund, LP | ||
Other Commitments [Line Items] | ||
SVBFG Capital Commitments | 12,688 | |
SVBFG Unfunded Commitments | $ 0 | |
SVBFG Ownership interest percentage | 20.00% | |
Parent Company | Growth Partners, LP | ||
Other Commitments [Line Items] | ||
SVBFG Capital Commitments | $ 24,670 | |
SVBFG Unfunded Commitments | $ 1,340 | |
SVBFG Ownership interest percentage | 33.00% | |
Parent Company | Strategic Investors Fund, LP | ||
Other Commitments [Line Items] | ||
SVBFG Capital Commitments | $ 15,300 | |
SVBFG Unfunded Commitments | $ 688 | |
SVBFG Ownership interest percentage | 12.60% |
Off-Balance Sheet Arrangement_7
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 | Dec. 31, 2020USD ($) |
Other Commitments [Line Items] | |
Unfunded Commitments | $ 4,261 |
Strategic Investors Fund, LP | |
Other Commitments [Line Items] | |
Unfunded Commitments | 196 |
Capital Preferred Return Fund, LP | |
Other Commitments [Line Items] | |
Unfunded Commitments | 1,516 |
Growth Partners, LP | |
Other Commitments [Line Items] | |
Unfunded Commitments | $ 2,549 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 30,912,438 | $ 14,014,919 |
Fair Value, Derivative Assets | 284,831 | 167,341 |
Fair Value, Derivative Liabilities | 237,479 | 137,984 |
Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 0 | 22,676 |
Fair Value, Derivative Liabilities | 0 | 25,623 |
Client interest rate derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 67,854 | 28,811 |
Fair Value, Derivative Liabilities | 26,646 | 14,154 |
U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 4,469,728 | 6,894,010 |
U.S. agency debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 237,307 | 99,547 |
Foreign government debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 24,492 | 9,038 |
Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 13,503,681 | 4,148,791 |
Residential mortgage-backed securities | Fixed rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 8,106,564 | 1,538,343 |
Agency-issued commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 4,570,666 | 1,325,190 |
Measured on a recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 30,912,438 | 14,014,919 |
Total assets | 31,955,334 | 14,672,330 |
Total liabilities | 237,479 | 137,984 |
Measured on a recurring basis | Foreign exchange forward and option contracts | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 216,977 | 115,854 |
Measured on a recurring basis | Foreign exchange forward and option contracts | Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Liabilities | 210,833 | 98,207 |
Measured on a recurring basis | Equity warrant assets | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 203,438 | 165,473 |
Measured on a recurring basis | Interest rate swaps | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 22,676 | |
Measured on a recurring basis | Interest rate swaps | Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Liabilities | 25,623 | |
Measured on a recurring basis | Client interest rate derivatives | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 67,854 | 28,811 |
Measured on a recurring basis | Client interest rate derivatives | Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Liabilities | 26,646 | 14,154 |
Measured on a recurring basis | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonmarketable securities | 554,627 | 324,597 |
Measured on a recurring basis | Consolidated venture capital and private equity fund investments | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonmarketable securities | 134 | |
Measured on a recurring basis | Other securities | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonmarketable securities | 280,804 | 59,200 |
Measured on a recurring basis | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 4,469,728 | 6,894,010 |
Measured on a recurring basis | U.S. agency debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 237,307 | 99,547 |
Measured on a recurring basis | Foreign government debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 24,492 | 9,038 |
Measured on a recurring basis | Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 13,503,681 | 4,148,791 |
Measured on a recurring basis | Residential mortgage-backed securities | Fixed rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 8,106,564 | 1,538,343 |
Measured on a recurring basis | Agency-issued commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 4,570,666 | 1,325,190 |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 4,494,220 | 6,903,048 |
Total assets | 4,537,564 | 6,920,338 |
Total liabilities | 0 | 0 |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign exchange forward and option contracts | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 0 | 0 |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign exchange forward and option contracts | Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Liabilities | 0 | 0 |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity warrant assets | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 0 | 0 |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate swaps | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 0 | |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate swaps | Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Liabilities | 0 | |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Client interest rate derivatives | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 0 | 0 |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Client interest rate derivatives | Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Liabilities | 0 | 0 |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonmarketable securities | 43,344 | 17,290 |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (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] | ||
Nonmarketable securities | 0 | |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other securities | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonmarketable securities | 43,344 | 17,290 |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 4,469,728 | 6,894,010 |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. agency debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign government debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 24,492 | 9,038 |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential mortgage-backed securities | Fixed rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Agency-issued commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 26,418,218 | 7,111,871 |
Total assets | 26,951,730 | 7,325,557 |
Total liabilities | 237,479 | 137,984 |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Foreign exchange forward and option contracts | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 216,977 | 115,854 |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Foreign exchange forward and option contracts | Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Liabilities | 210,833 | 98,207 |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Equity warrant assets | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 11,221 | 4,435 |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Interest rate swaps | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 22,676 | |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Interest rate swaps | Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Liabilities | 25,623 | |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Client interest rate derivatives | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 67,854 | 28,811 |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Client interest rate derivatives | Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Liabilities | 26,646 | 14,154 |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonmarketable securities | 237,460 | 41,910 |
Measured on a recurring basis | Significant Other Observable Inputs (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] | ||
Nonmarketable securities | 0 | |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Other securities | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonmarketable securities | 237,460 | 41,910 |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | U.S. agency debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 237,307 | 99,547 |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Foreign government debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 13,503,681 | 4,148,791 |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Residential mortgage-backed securities | Fixed rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 8,106,564 | 1,538,343 |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Agency-issued commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 4,570,666 | 1,325,190 |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Total assets | 192,217 | 161,172 |
Total liabilities | 0 | 0 |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Foreign exchange forward and option contracts | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 0 | 0 |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Foreign exchange forward and option contracts | Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Liabilities | 0 | 0 |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Equity warrant assets | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 192,217 | 161,038 |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Interest rate swaps | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 0 | |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Interest rate swaps | Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Liabilities | 0 | |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Client interest rate derivatives | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Assets | 0 | 0 |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Client interest rate derivatives | Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Derivative Liabilities | 0 | 0 |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonmarketable securities | 0 | 134 |
Measured on a recurring basis | Significant Unobservable Inputs (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] | ||
Nonmarketable securities | 134 | |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Other securities | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonmarketable securities | 0 | 0 |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | U.S. agency debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Foreign government debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Residential mortgage-backed securities | Agency-issued mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Residential mortgage-backed securities | Fixed rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Agency-issued commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Measured on a recurring basis | 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] | ||
Nonmarketable securities | $ 273,823 | $ 265,263 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Footnote Information) (Details) - Measured on a recurring basis - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 31,955,334 | $ 14,672,330 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 192,217 | 161,172 |
Significant Unobservable Inputs (Level 3) | Noncontrolling Interests | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 120 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Additional Information about Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - Measured on a recurring basis - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | $ 161,172 | $ 146,278 | $ 122,250 |
Total Realized and Unrealized Gains (Losses) Included in Income | 228,914 | 133,922 | 88,439 |
Purchases | 0 | 575 | 0 |
Sales/Exits | (215,037) | (131,352) | (78,752) |
Issuances | 19,014 | 16,453 | 17,941 |
Distributions and Other Settlements | 0 | 3 | (297) |
Transfers Out of Level 3 | (1,846) | (4,707) | (3,303) |
Ending Balance | 192,217 | 161,172 | 146,278 |
Equity warrant assets | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | 161,038 | 145,199 | 121,331 |
Total Realized and Unrealized Gains (Losses) Included in Income | 228,944 | 133,910 | 87,982 |
Purchases | 0 | 575 | 0 |
Sales/Exits | (214,933) | (130,392) | (78,752) |
Issuances | 19,014 | 16,453 | 17,941 |
Distributions and Other Settlements | 0 | 0 | 0 |
Transfers Out of Level 3 | (1,846) | (4,707) | (3,303) |
Ending Balance | 192,217 | 161,038 | 145,199 |
Fair value accounting | Non-marketable securities | Unconsolidated venture capital and private equity fund investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | 134 | 1,079 | 919 |
Total Realized and Unrealized Gains (Losses) Included in Income | (30) | 12 | 457 |
Purchases | 0 | 0 | 0 |
Sales/Exits | (104) | (960) | 0 |
Issuances | 0 | 0 | 0 |
Distributions and Other Settlements | 0 | 3 | (297) |
Transfers Out of Level 3 | 0 | 0 | 0 |
Ending Balance | $ 0 | $ 134 | $ 1,079 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Unrealized Gains Included in Earnings Attributable to Level 3 Assets Held (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total unrealized gains, net | $ 54,417 | $ 34,469 |
Noncontrolling Interests | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unrealized gains included in earnings attributable to Level 3 assets still held | 0 | (199) |
Other assets | Equity warrant assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unrealized gains included in earnings attributable to Level 3 assets still held | 54,417 | 34,691 |
Non-marketable securities | Venture capital and private equity fund investments | Fair value accounting | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unrealized gains included in earnings attributable to Level 3 assets still held | $ 0 | $ (222) |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Quantitative Information About Significant Unobservable Inputs (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Sales restrictions discount | Equity warrant assets (public portfolio) | Lower Limit | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 0.10 | |
Sales restrictions discount | Equity warrant assets (public portfolio) | Upper Limit | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 0.20 | |
Significant Unobservable Inputs (Level 3) | Equity warrant assets (private portfolio) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 191,181 | $ 160,692 |
Significant Unobservable Inputs (Level 3) | Equity warrant assets (public portfolio) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 1,036 | 346 |
Significant Unobservable Inputs (Level 3) | Venture capital and private equity fund investments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 134 | |
Significant Unobservable Inputs (Level 3) | Volatility | Equity warrant assets (private portfolio) | Lower Limit | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 0.244 | 0.236 |
Significant Unobservable Inputs (Level 3) | Volatility | Equity warrant assets (private portfolio) | Upper Limit | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 0.568 | 0.548 |
Significant Unobservable Inputs (Level 3) | Volatility | Equity warrant assets (private portfolio) | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 0.432 | 0.382 |
Significant Unobservable Inputs (Level 3) | Volatility | Equity warrant assets (public portfolio) | Lower Limit | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 0.460 | 0.392 |
Significant Unobservable Inputs (Level 3) | Volatility | Equity warrant assets (public portfolio) | Upper Limit | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 0.568 | 0.548 |
Significant Unobservable Inputs (Level 3) | Volatility | Equity warrant assets (public portfolio) | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 0.491 | 0.507 |
Significant Unobservable Inputs (Level 3) | Risk-Free Interest Rate | Equity warrant assets (private portfolio) | Lower Limit | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 0.0001 | 0.005 |
Significant Unobservable Inputs (Level 3) | Risk-Free Interest Rate | Equity warrant assets (private portfolio) | Upper Limit | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 0.005 | 0.019 |
Significant Unobservable Inputs (Level 3) | Risk-Free Interest Rate | Equity warrant assets (private portfolio) | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 0.001 | 0.016 |
Significant Unobservable Inputs (Level 3) | Risk-Free Interest Rate | Equity warrant assets (public portfolio) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 1.9 | |
Significant Unobservable Inputs (Level 3) | Risk-Free Interest Rate | Equity warrant assets (public portfolio) | Lower Limit | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 0.003 | |
Significant Unobservable Inputs (Level 3) | Risk-Free Interest Rate | Equity warrant assets (public portfolio) | Upper Limit | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 0.009 | |
Significant Unobservable Inputs (Level 3) | Risk-Free Interest Rate | Equity warrant assets (public portfolio) | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 0.006 | 0.019 |
Significant Unobservable Inputs (Level 3) | Sales restrictions discount | Equity warrant assets (public portfolio) | Lower Limit | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 0.100 | 0.100 |
Significant Unobservable Inputs (Level 3) | Sales restrictions discount | Equity warrant assets (public portfolio) | Upper Limit | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 0.200 | 0.200 |
Significant Unobservable Inputs (Level 3) | Sales restrictions discount | Equity warrant assets (public portfolio) | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 0.102 | 0.136 |
Significant Unobservable Inputs (Level 3) | Marketability discount | Equity warrant assets (private portfolio) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 20.6 | 17.5 |
Significant Unobservable Inputs (Level 3) | Marketability discount | Equity warrant assets (private portfolio) | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 0.206 | 0.175 |
Significant Unobservable Inputs (Level 3) | Remaining life assumption | Equity warrant assets (private portfolio) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 40 | 45 |
Significant Unobservable Inputs (Level 3) | Remaining life assumption | Equity warrant assets (private portfolio) | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 0.400 | 0.450 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Quantitative Information About Significant Unobservable Inputs (Footnote Information) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Equity warrant assets (public portfolio) | Lower Limit | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Duration of the sale restrictions | 3 months |
Equity warrant assets (public portfolio) | Upper Limit | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Duration of the sale restrictions | 6 months |
Equity warrant assets (public portfolio) | Sales restrictions discount | Lower Limit | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Weighted Average | 0.10 |
Equity warrant assets (public portfolio) | Sales restrictions discount | Upper Limit | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Weighted Average | 0.20 |
Equity warrant assets (private portfolio) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Weighted average contractual remaining term | 6 years |
Estimated remaining life | 2 years 4 months 24 days |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Financial Instruments not Carried at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | $ 17,216,871 | $ 14,115,272 |
Time deposits | 688,461 | 188,093 |
Net loans | 44,733,723 | 32,859,712 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 17,674,763 | 6,781,783 |
Held-to-maturity securities | 16,592,153 | 13,842,946 |
Non-marketable securities not measured at net asset value | 240,761 | 195,405 |
Non-marketable securities measured at net asset value | 390,658 | 235,351 |
FHLB and FRB stock | 61,232 | 60,258 |
Non-maturity deposits | 101,293,346 | 61,569,714 |
Time deposits | 688,461 | 188,093 |
Commitments to extend credit | 0 | 0 |
Carrying Amount | Other short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 20,553 | 17,430 |
Carrying Amount | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 348,348 | 347,987 |
Carrying Amount | 3.125% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 495,280 | |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 17,674,763 | 6,781,783 |
Held-to-maturity securities | 17,216,871 | 14,115,272 |
Non-marketable securities not measured at net asset value | 240,761 | 195,405 |
Non-marketable securities measured at net asset value | 390,658 | 235,351 |
FHLB and FRB stock | 61,232 | 60,258 |
Non-maturity deposits | 101,293,346 | 61,569,714 |
Time deposits | 501,853 | 187,980 |
Commitments to extend credit | 36,672 | 27,197 |
Estimated Fair Value | Other short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 20,553 | 17,430 |
Estimated Fair Value | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 382,855 | 366,856 |
Estimated Fair Value | 3.125% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 563,840 | |
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 17,674,763 | 6,781,783 |
Held-to-maturity securities | 0 | 0 |
Non-marketable securities not measured at net asset value | 0 | 0 |
FHLB and FRB stock | 0 | 0 |
Non-maturity deposits | 101,293,346 | 61,569,714 |
Time deposits | 0 | 0 |
Commitments to extend credit | 0 | 0 |
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 0 | 0 |
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 0 | 0 |
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | 3.125% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 0 | |
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Held-to-maturity securities | 17,216,871 | 14,115,272 |
Non-marketable securities not measured at net asset value | 0 | 0 |
FHLB and FRB stock | 0 | 0 |
Non-maturity deposits | 0 | 0 |
Time deposits | 501,853 | 187,980 |
Commitments to extend credit | 0 | 0 |
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | Other short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 20,553 | 17,430 |
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 382,855 | 366,856 |
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | 3.125% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 563,840 | |
Estimated Fair Value | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Held-to-maturity securities | 0 | 0 |
Non-marketable securities not measured at net asset value | 240,761 | 195,405 |
FHLB and FRB stock | 61,232 | 60,258 |
Non-maturity deposits | 0 | 0 |
Time deposits | 0 | 0 |
Commitments to extend credit | 36,672 | 27,197 |
Estimated Fair Value | Significant Unobservable Inputs (Level 3) | Other short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 0 | 0 |
Estimated Fair Value | Significant Unobservable Inputs (Level 3) | 3.50% Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior Notes | 0 | 0 |
Estimated Fair Value | Significant Unobservable Inputs (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 | 39,886,296 | 29,104,532 |
Commercial loans | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 40,412,490 | 29,615,176 |
Commercial loans | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 0 | 0 |
Commercial loans | Estimated Fair Value | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 0 | 0 |
Commercial loans | Estimated Fair Value | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 40,412,490 | 29,615,176 |
Consumer loans | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 4,847,427 | 3,755,180 |
Consumer loans | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 4,911,451 | 3,820,804 |
Consumer loans | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 0 | 0 |
Consumer loans | Estimated Fair Value | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | 0 | 0 |
Consumer loans | Estimated Fair Value | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net loans | $ 4,911,451 | $ 3,820,804 |
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 (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | $ 664,482 |
Fair Value | 664,482 |
Unfunded Commitments | 24,315 |
Non-marketable securities | Consolidated venture capital and private equity fund investments | Fair value accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 273,823 |
Fair Value | 273,823 |
Unfunded Commitments | 12,709 |
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 | 362,192 |
Fair Value | 362,192 |
Unfunded Commitments | 10,509 |
Non-marketable securities | Debt funds | Equity method accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 5,444 |
Fair Value | 5,444 |
Unfunded Commitments | 211 |
Non-marketable securities | Other investments | Equity method accounting | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Carrying Amount | 23,023 |
Fair Value | 23,023 |
Unfunded Commitments | $ 886 |
Fair Value of Financial Inst_11
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Investments and Remaining Unfunded Commitments for Each Major Category of Investments (Footnote Information) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | $ 664,482 |
Unfunded commitments | 24,315 |
Non-marketable securities | Fair value accounting | Consolidated venture capital and private equity fund investments | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | 273,823 |
Unfunded commitments | 12,709 |
Non-marketable securities | Fair value accounting | Noncontrolling Interests | Consolidated venture capital and private equity fund investments | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | 66,200 |
Unfunded commitments | $ 3,100 |
Non-marketable securities | Fair value accounting | Lower Limit | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Estimated future period of distributions from the fund investments | 10 years |
Non-marketable securities | Fair value accounting | Upper Limit | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Estimated future period of distributions from the fund investments | 13 years |
Non-marketable securities | Equity method accounting | Consolidated venture capital and private equity fund investments | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | $ 362,192 |
Unfunded commitments | 10,509 |
Non-marketable securities | Equity method accounting | Other investments | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair value | 23,023 |
Unfunded commitments | $ 886 |
Non-marketable securities | Equity method accounting | Lower Limit | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Estimated future period of distributions from the fund investments | 5 years |
Non-marketable securities | Equity method accounting | Upper Limit | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Estimated future period of distributions from the fund investments | 8 years |
Regulatory Matters - Capital Ra
Regulatory Matters - Capital Ratios for Company and Bank under Federal Regulatory Guidelines (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
SVB Financial Group | ||
CET 1 risk-based capital, Actual Capital Ratios | 0.1104 | 0.1258 |
CET 1 risk-based capital, Required Capital Ratios | 7.00% | 7.00% |
CET 1 risk-based capital, Actual Capital Amounts | $ 7,138,006 | $ 5,857,744 |
CET 1 risk-based capital, Required Capital Amounts | $ 4,527,647 | $ 3,260,424 |
Tier 1 risk-based capital, Actual Capital Ratios | 0.1189 | 0.1343 |
Tier 1 risk-based capital, Required Capital Ratios | 0.085 | 0.085 |
Tier 1 risk-based capital, Well Capitalized Capital Ratios | 0.060 | 0.060 |
Tier 1 risk-based capital, Actual Capital Amounts | $ 7,691,936 | $ 6,257,442 |
Tier 1 risk-based capital, Required Capital Amounts | 5,497,857 | 3,959,086 |
Tier 1 risk-based capital, Well Capitalized Capital Amounts | $ 3,880,840 | $ 2,794,649 |
Total risk-based capital, Actual Capital Ratios | 0.1264 | 0.1423 |
Total risk-based capital, Required Capital Ratios | 0.105 | 0.105 |
Total risk-based capital, Well Capitalized Capital Ratios | 0.100 | 0.100 |
Total risk-based capital, Actual Capital Amounts | $ 8,175,430 | $ 6,630,022 |
Total risk-based capital, Required Capital Amounts | 6,791,470 | 4,890,636 |
Total risk-based capital, Well Capitalized Capital Amounts | $ 6,468,066 | $ 4,657,748 |
Tier 1 leverage, Actual Capital Ratios | 0.0745 | 0.0906 |
Tier 1 leverage, Required Capital Ratios | 0.040 | 0.040 |
Tier 1 leverage, Actual Capital Amounts | $ 7,691,936 | $ 6,257,442 |
Tier 1 leverage, Required Capital Amounts | $ 4,128,596 | $ 2,763,146 |
Silicon Valley Bank | ||
CET 1 risk-based capital, Actual Capital Ratios | 0.1070 | 0.1112 |
CET 1 risk-based capital, Required Capital Ratios | 7.00% | 7.00% |
CET 1 risk-based capital, Well Capitalized Capital Ratios | 6.50% | 6.50% |
CET 1 risk-based capital, Actual Capital Amounts | $ 6,530,167 | $ 4,949,393 |
CET 1 risk-based capital, Required Capital Amounts | 4,271,642 | 3,115,151 |
CET 1 risk-based capital, Well Capitalized Capital Amounts | $ 3,966,525 | $ 2,892,640 |
Tier 1 risk-based capital, Actual Capital Ratios | 0.1070 | 0.1112 |
Tier 1 risk-based capital, Required Capital Ratios | 0.085 | 0.085 |
Tier 1 risk-based capital, Well Capitalized Capital Ratios | 0.080 | 0.080 |
Tier 1 risk-based capital, Actual Capital Amounts | $ 6,530,167 | $ 4,949,393 |
Tier 1 risk-based capital, Required Capital Amounts | 5,186,994 | 3,782,683 |
Tier 1 risk-based capital, Well Capitalized Capital Amounts | $ 4,881,877 | $ 3,560,172 |
Total risk-based capital, Actual Capital Ratios | 0.1149 | 0.1196 |
Total risk-based capital, Required Capital Ratios | 0.105 | 0.105 |
Total risk-based capital, Well Capitalized Capital Ratios | 0.100 | 0.100 |
Total risk-based capital, Actual Capital Amounts | $ 7,013,630 | $ 5,321,850 |
Total risk-based capital, Required Capital Amounts | 6,407,463 | 4,672,726 |
Total risk-based capital, Well Capitalized Capital Amounts | $ 6,102,346 | $ 4,450,215 |
Tier 1 leverage, Actual Capital Ratios | 0.0643 | 0.0730 |
Tier 1 leverage, Required Capital Ratios | 0.040 | 0.040 |
Tier 1 leverage, Well Capitalized Capital Ratios | 0.050 | 0.050 |
Tier 1 leverage, Actual Capital Amounts | $ 6,530,167 | $ 4,949,393 |
Tier 1 leverage, Required Capital Amounts | 4,060,180 | 2,713,367 |
Tier 1 leverage, Well Capitalized Capital Amounts | $ 5,075,225 | $ 3,391,709 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Segment Reporting - Segment Inf
Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | $ 591,480 | $ 527,740 | $ 512,927 | $ 524,137 | $ 533,668 | $ 520,644 | $ 529,403 | $ 512,886 | $ 2,156,284 | $ 2,096,601 | $ 1,893,988 |
Provision for credit losses | (219,510) | (106,416) | (87,870) | ||||||||
Noninterest income | 621,783 | 547,583 | 368,848 | 301,934 | 313,344 | 294,009 | 333,750 | 280,376 | 1,840,148 | 1,221,479 | 744,984 |
Noninterest expense | $ (664,799) | $ (491,021) | $ (479,636) | $ (399,585) | $ (460,752) | $ (391,324) | $ (383,522) | $ (365,664) | (2,035,041) | (1,601,262) | (1,188,193) |
Income before income tax expense | 1,741,881 | 1,610,402 | 1,362,909 | ||||||||
Total average loans, net of unearned income | 37,265,976 | 29,916,207 | 25,630,520 | ||||||||
Total average assets | 85,791,659 | 63,211,630 | 55,229,060 | ||||||||
Total average deposits | 75,015,430 | 55,056,950 | 48,075,344 | ||||||||
Global Commercial Bank | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Noninterest income | 605,733 | 637,922 | 520,302 | ||||||||
Income before income tax expense | 1,444,991 | 1,521,645 | |||||||||
SVB Private Bank | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Noninterest income | 3,536 | 3,366 | 2,281 | ||||||||
Income before income tax expense | 13,598 | 11,868 | |||||||||
SVB Capital | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Noninterest income | 225,954 | 122,394 | 101,181 | ||||||||
Income before income tax expense | 175,395 | 91,634 | |||||||||
SVB Leerink | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Noninterest income | 495,976 | 264,516 | |||||||||
Income before income tax expense | 117,584 | 13,090 | |||||||||
Operating segments | Global Commercial Bank | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 2,025,240 | 1,850,391 | 1,623,488 | ||||||||
Provision for credit losses | (165,987) | (91,814) | (80,953) | ||||||||
Noninterest income | 605,733 | 637,922 | 520,302 | ||||||||
Noninterest expense | (1,019,995) | (874,854) | (793,159) | ||||||||
Income before income tax expense | 1,269,678 | ||||||||||
Total average loans, net of unearned income | 31,218,037 | 26,031,284 | 22,354,305 | ||||||||
Total average assets | 75,034,226 | 56,043,321 | 48,854,416 | ||||||||
Total average deposits | 72,127,148 | 53,053,665 | 46,039,570 | ||||||||
Operating segments | SVB Private Bank | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 77,490 | 51,022 | 64,902 | ||||||||
Provision for credit losses | (21,329) | (2,369) | (3,339) | ||||||||
Noninterest income | 3,536 | 3,366 | 2,281 | ||||||||
Noninterest expense | (46,099) | (40,151) | (25,064) | ||||||||
Income before income tax expense | 38,780 | ||||||||||
Total average loans, net of unearned income | 4,195,804 | 3,341,188 | 2,850,271 | ||||||||
Total average assets | 4,229,818 | 3,371,052 | 2,871,743 | ||||||||
Total average deposits | 2,171,556 | 1,524,232 | 1,502,308 | ||||||||
Operating segments | SVB Capital | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 30 | 38 | 23 | ||||||||
Provision for credit losses | 0 | 0 | 0 | ||||||||
Noninterest income | 225,954 | 122,394 | 101,181 | ||||||||
Noninterest expense | (50,589) | (30,798) | (22,792) | ||||||||
Income before income tax expense | 78,412 | ||||||||||
Total average loans, net of unearned income | 0 | 0 | 0 | ||||||||
Total average assets | 437,132 | 405,152 | 380,543 | ||||||||
Total average deposits | 0 | 0 | 0 | ||||||||
Operating segments | SVB Leerink | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 578 | 1,252 | 0 | ||||||||
Provision for credit losses | 0 | 0 | 0 | ||||||||
Noninterest income | 495,976 | 264,516 | 0 | ||||||||
Noninterest expense | (378,970) | (252,678) | 0 | ||||||||
Income before income tax expense | 0 | ||||||||||
Total average loans, net of unearned income | 0 | 0 | 0 | ||||||||
Total average assets | 556,778 | 397,650 | 0 | ||||||||
Total average deposits | 0 | 0 | 0 | ||||||||
Other Items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 52,946 | 193,898 | 205,575 | ||||||||
Provision for credit losses | (32,194) | (12,233) | (3,578) | ||||||||
Noninterest income | 508,949 | 193,281 | 121,220 | ||||||||
Noninterest expense | (539,388) | (402,781) | (347,178) | ||||||||
Income before income tax expense | (9,687) | (27,835) | (23,961) | ||||||||
Total average loans, net of unearned income | 1,852,135 | 543,735 | 425,944 | ||||||||
Total average assets | 5,533,705 | 2,994,455 | 3,122,358 | ||||||||
Total average deposits | $ 716,726 | $ 479,053 | $ 533,466 |
Segment Reporting - Segment I_2
Segment Reporting - Segment Information (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Goodwill | $ 142,685 | $ 137,823 | $ 0 |
Operating segments | Global Commercial Bank | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 25,300 | $ 20,400 | $ 21,800 |
Operating segments | SVB Leerink | |||
Segment Reporting Information [Line Items] | |||
Goodwill | $ 137,800 |
Parent Company Only Condensed_3
Parent Company Only Condensed Financial Information - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Cash and cash equivalents | $ 17,674,763 | $ 6,781,783 |
Investment securities | 49,306,826 | 29,071,694 |
Loans, amortized cost | 45,181,488 | 33,164,636 |
Lease right-of-use assets | 209,932 | 197,365 |
Other assets | 3,205,825 | 1,745,233 |
Total assets | 115,511,007 | 71,004,903 |
Liabilities and total equity | ||
Lease liabilities | 259,554 | 218,847 |
Other liabilities | 3,971,974 | 2,041,752 |
Total liabilities | 107,077,516 | 64,383,823 |
SVBFG stockholders' equity | 8,219,700 | 6,470,307 |
Total liabilities and total equity | 115,511,007 | 71,004,903 |
Parent Company | ||
Assets: | ||
Cash and cash equivalents | 670,738 | 800,926 |
Investment securities | 666,860 | 474,842 |
Loans, amortized cost | 682 | 15,245 |
Lease right-of-use assets | 99,363 | 71,847 |
Other assets | 260,331 | 214,167 |
Total assets | 9,433,935 | 7,043,195 |
Liabilities and total equity | ||
Lease liabilities | 134,607 | 87,999 |
Other liabilities | 236,000 | 136,903 |
Total liabilities | 1,214,235 | 572,889 |
SVBFG stockholders' equity | 8,219,700 | 6,470,306 |
Total liabilities and total equity | 9,433,935 | 7,043,195 |
Parent Company | 3.125% Senior Notes | ||
Liabilities and total equity | ||
Senior Notes | 495,280 | 0 |
Parent Company | 3.50% Senior Notes | ||
Liabilities and total equity | ||
Senior Notes | 348,348 | 347,987 |
Parent Company | Bank Subsidiary | ||
Assets: | ||
Investment in subsidiaries | 7,068,964 | 5,034,095 |
Parent Company | Nonbank Subsidiaries | ||
Assets: | ||
Investment in subsidiaries | $ 666,997 | $ 432,073 |
Parent Company Only Condensed_4
Parent Company Only Condensed Financial Information - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Interest income | $ 607,558 | $ 543,127 | $ 523,523 | $ 567,402 | $ 588,735 | $ 583,892 | $ 585,767 | $ 551,014 | $ 2,241,610 | $ 2,309,408 | $ 1,969,909 |
Interest expense | (16,078) | (15,387) | (10,596) | (43,265) | (55,067) | (63,248) | (56,364) | (38,128) | (85,326) | (212,807) | (75,921) |
Gains on equity warrant assets, net | 237,428 | 138,078 | 89,142 | ||||||||
Gains on investment securities, net | 420,752 | 134,670 | 88,094 | ||||||||
Income tax expense | (148,096) | (162,265) | (87,869) | (49,357) | (94,061) | (105,075) | (119,114) | (107,435) | (447,587) | (425,685) | (351,561) |
Preferred stock dividends | (4,594) | (4,594) | (4,594) | (3,369) | (17,151) | 0 | 0 | ||||
Net income available to common stockholders | $ 388,316 | $ 441,713 | $ 228,935 | $ 132,253 | $ 262,856 | $ 267,281 | $ 317,987 | $ 288,732 | 1,191,217 | 1,136,856 | 973,840 |
Parent Company | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Interest income | 2,849 | 4,473 | 3,307 | ||||||||
Interest expense | (21,565) | (31,666) | (32,037) | ||||||||
Dividend income from bank subsidiary | 50,000 | 733,000 | 140,000 | ||||||||
Gains on equity warrant assets, net | 226,942 | 138,078 | 89,142 | ||||||||
Gains on investment securities, net | 157,594 | 45,345 | 13,546 | ||||||||
Fund management fees and other noninterest income | 62,046 | 21,567 | 26,388 | ||||||||
General and administrative expenses | (120,863) | (94,712) | (70,976) | ||||||||
Income tax expense | (145,790) | (40,218) | (14,383) | ||||||||
Income before net income of subsidiaries | 211,213 | 775,867 | 154,987 | ||||||||
Net income before preferred stock dividend | 1,208,368 | 1,136,856 | 973,840 | ||||||||
Preferred stock dividends | (17,151) | 0 | 0 | ||||||||
Net income available to common stockholders | 1,191,217 | 1,136,856 | 973,840 | ||||||||
Parent Company | Bank Subsidiary | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Income before net income of subsidiaries | 826,243 | 1,036,618 | 933,641 | ||||||||
Equity in undistributed net income of subsidiaries | 776,243 | 303,618 | 793,641 | ||||||||
Parent Company | Nonbank Subsidiaries | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Income before net income of subsidiaries | 220,912 | 57,371 | 25,212 | ||||||||
Equity in undistributed net income of subsidiaries | $ 220,912 | $ 57,371 | $ 25,212 |
Parent Company Only Condensed_5
Parent Company Only Condensed Financial Information - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Statement of Income Captions [Line Items] | |||
Changes in fair value on bank cash flow hedges, net of reclassification adjustments in bank net income | $ 129,300 | ||
Other comprehensive income (loss), net of tax | 538,072 | $ 138,565 | $ (52,648) |
Comprehensive income attributable to SVBFG | 1,746,440 | 1,275,421 | 921,192 |
Parent Company | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income before preferred stock dividend | 1,208,368 | 1,136,856 | 973,840 |
Foreign currency translation gains (losses) | 11,846 | 2,319 | (4,107) |
Changes in unrealized holding gains and losses on AFS securities | 70 | 2,310 | 120 |
Changes in fair value on bank cash flow hedges, net of reclassification adjustments in bank net income | 131,403 | (2,130) | 0 |
Equity in other comprehensive income (loss) of bank and nonbank subsidiaries | 394,753 | 136,066 | (19,171) |
Reclassifications to retained earnings for the adoption of new accounting guidance | 0 | 0 | (29,490) |
Other comprehensive income (loss), net of tax | 538,072 | 138,565 | (52,648) |
Comprehensive income attributable to SVBFG | $ 1,746,440 | $ 1,275,421 | $ 921,192 |
Parent Company Only Condensed_6
Parent Company Only Condensed Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Adjustments to reconcile net income to net cash used for operating activities: | |||
Gains on investment securities, net | $ (420,752) | $ (134,670) | $ (88,094) |
Gains on derivatives, net | (237,428) | (138,078) | (89,142) |
Amortization of share-based compensation | 83,986 | 66,815 | 45,675 |
Other, net | (287,905) | (74,240) | (54,039) |
Net cash provided by operating activities | 1,445,487 | 1,164,129 | 933,562 |
Cash flows from investing activities: | |||
Net decrease (increase) in loans | (11,926,436) | (4,773,775) | (5,175,409) |
Business acquisitions | 26,700 | 102,328 | 0 |
Net cash used for investing activities | (31,205,721) | (9,371,882) | (4,800,375) |
Cash flows from financing activities: | |||
Principal payments of long-term debt | 0 | (358,395) | 0 |
Proceeds from issuance of common stock, ESPP and ESOP | 31,146 | 24,818 | 18,387 |
Net proceeds from the issuance of preferred stock | 0 | 340,138 | 0 |
Payment of preferred stock dividends | (17,151) | 0 | 0 |
Common stock repurchase | (60,020) | (352,511) | (147,123) |
Net cash provided by financing activities | 40,653,214 | 11,417,997 | 4,515,277 |
Net increase in cash and cash equivalents | 10,892,980 | 3,210,244 | 648,464 |
Cash and cash equivalents at beginning of period | 6,781,783 | 3,571,539 | 2,923,075 |
Cash and cash equivalents at end of period | 17,674,763 | 6,781,783 | 3,571,539 |
Parent Company | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net income before preferred stock dividend | 1,208,368 | 1,136,856 | 973,840 |
Adjustments to reconcile net income to net cash used for operating activities: | |||
Gains on equity warrant assets, net | (30,018) | 0 | 0 |
Gains on investment securities, net | (157,594) | (45,345) | (13,546) |
Gains on derivatives, net | (226,942) | (138,078) | (89,142) |
Distributions of earnings from investment securities | 65,237 | 49,776 | 47,596 |
Net income of subsidiaries | (211,213) | (775,867) | (154,987) |
Cash dividends from bank subsidiary | 50,000 | 733,000 | 140,000 |
Amortization of share-based compensation | 83,986 | 66,815 | 45,675 |
Decrease in other assets | 17,189 | 27,205 | 51,169 |
Increase in other liabilities | 98,209 | 21,391 | 21,619 |
Other, net | 13,206 | 8,084 | (31,024) |
Net cash provided by operating activities | 74,486 | 765,715 | 187,334 |
Cash flows from investing activities: | |||
Net decrease in investment securities from purchases, sales and maturities | 122,823 | 128,635 | 73,742 |
Net decrease (increase) in loans | 14,563 | (15,245) | 0 |
Net cash used for investing activities | (653,673) | (171,888) | 37,127 |
Cash flows from financing activities: | |||
Principal payments of long-term debt | 0 | (358,395) | 0 |
Proceeds from issuance of 3.125% Senior Notes | 495,024 | 0 | 0 |
Proceeds from issuance of common stock, ESPP and ESOP | 31,146 | 24,818 | 18,387 |
Net proceeds from the issuance of preferred stock | 0 | 340,138 | 0 |
Payment of preferred stock dividends | 0 | 0 | |
Common stock repurchase | (60,020) | (352,511) | (147,123) |
Net cash provided by financing activities | 448,999 | (345,950) | (128,736) |
Net increase in cash and cash equivalents | (130,188) | 247,877 | 95,725 |
Cash and cash equivalents at beginning of period | 800,926 | 553,049 | 457,324 |
Cash and cash equivalents at end of period | 670,738 | 800,926 | 553,049 |
Bank Subsidiary | Parent Company | |||
Adjustments to reconcile net income to net cash used for operating activities: | |||
Net income of subsidiaries | (826,243) | (1,036,618) | (933,641) |
Cash flows from investing activities: | |||
Increase (decrease) in investment in subsidiaries | (68,630) | (42,952) | (31,292) |
Capital Infusion In Bank Subsidiary | (700,000) | 0 | 0 |
Nonbank Subsidiaries | Parent Company | |||
Adjustments to reconcile net income to net cash used for operating activities: | |||
Net income of subsidiaries | (220,912) | (57,371) | (25,212) |
Cash flows from investing activities: | |||
Increase (decrease) in investment in subsidiaries | 4,271 | 23,275 | (5,323) |
Business acquisitions | $ 26,700 | $ 265,601 | $ 0 |
Unaudited Quarterly Financial_3
Unaudited Quarterly Financial Data - Supplemental Consolidated Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 607,558 | $ 543,127 | $ 523,523 | $ 567,402 | $ 588,735 | $ 583,892 | $ 585,767 | $ 551,014 | $ 2,241,610 | $ 2,309,408 | $ 1,969,909 |
Interest expense | 16,078 | 15,387 | 10,596 | 43,265 | 55,067 | 63,248 | 56,364 | 38,128 | 85,326 | 212,807 | 75,921 |
Net interest income | 591,480 | 527,740 | 512,927 | 524,137 | 533,668 | 520,644 | 529,403 | 512,886 | 2,156,284 | 2,096,601 | 1,893,988 |
Provision for (reduction) credit losses | (38,433) | (52,018) | 66,481 | 243,480 | 17,383 | 36,536 | 23,946 | 28,551 | 219,510 | 106,416 | 87,870 |
Noninterest income | 621,783 | 547,583 | 368,848 | 301,934 | 313,344 | 294,009 | 333,750 | 280,376 | 1,840,148 | 1,221,479 | 744,984 |
Noninterest expense | 664,799 | 491,021 | 479,636 | 399,585 | 460,752 | 391,324 | 383,522 | 365,664 | 2,035,041 | 1,601,262 | 1,188,193 |
Income before income tax expense | 586,897 | 636,320 | 335,658 | 183,006 | 368,877 | 386,793 | 455,685 | 399,047 | |||
Income tax expense | 148,096 | 162,265 | 87,869 | 49,357 | 94,061 | 105,075 | 119,114 | 107,435 | 447,587 | 425,685 | 351,561 |
Net income before noncontrolling interests | 438,801 | 474,055 | 247,789 | 133,649 | 274,816 | 281,718 | 336,571 | 291,612 | 1,294,294 | 1,184,717 | 1,011,348 |
Net income attributable to noncontrolling interests | (45,891) | (27,748) | (14,260) | 1,973 | (11,960) | (14,437) | (18,584) | (2,880) | (85,926) | (47,861) | (37,508) |
Preferred stock dividends | (4,594) | (4,594) | (4,594) | (3,369) | (17,151) | 0 | 0 | ||||
Net income available to common stockholders | $ 388,316 | $ 441,713 | $ 228,935 | $ 132,253 | $ 262,856 | $ 267,281 | $ 317,987 | $ 288,732 | $ 1,191,217 | $ 1,136,856 | $ 973,840 |
Earnings per common share—basic (usd per share) | $ 7.49 | $ 8.53 | $ 4.44 | $ 2.56 | $ 5.10 | $ 5.19 | $ 6.12 | $ 5.49 | $ 23.05 | $ 21.90 | $ 18.35 |
Earnings per common share—diluted (usd per share) | $ 7.40 | $ 8.47 | $ 4.42 | $ 2.55 | $ 5.06 | $ 5.15 | $ 6.08 | $ 5.44 | $ 22.87 | $ 21.73 | $ 18.11 |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 02, 2021USD ($)$ / sharesshares | Jan. 04, 2021USD ($) | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019$ / sharesshares |
Subsequent Event [Line Items] | ||||
Preferred stock, shares issued | shares | 350,000 | 350,000 | ||
Preferred stock, par value | $ / shares | $ 0.001 | $ 0.001 | ||
Subsequent Event | Global fund banking | ||||
Subsequent Event [Line Items] | ||||
Potential credit exposure related to loan transaction under investigation | $ | $ 70,000,000 | |||
Subsequent Event | Senior Notes | 1.800% Senior Notes | ||||
Subsequent Event [Line Items] | ||||
Principal value | $ | $ 500,000,000 | |||
Stated interest rate | 1.80% | |||
Subsequent Event | Series B Preferred Stock | ||||
Subsequent Event [Line Items] | ||||
Preferred stock, depositary share ownership interest | 1.00% | |||
Preferred stock, shares issued | shares | 750,000 | |||
Preferred stock, par value | $ / shares | $ 0.001 | |||
Preferred stock, liquidation preference (usd per share) | $ / shares | 100,000 | |||
Preferred stock, liquidation preference per depositary share (usd per share) | $ / shares | $ 1,000 | |||
Preferred stock, dividend rate (percent) | 4.10% | |||
Preferred stock, period interval for subsequent rate calculations | 10 years | |||
Preferred stock, dividend rate, percentage margin | 3.064% | |||
Subsequent Event | Boston Private Financial Holdings, Inc. | ||||
Subsequent Event [Line Items] | ||||
Total consideration | $ | $ 900,000,000 | |||
Cash issued per acquiree share | $ | $ 2.10 | |||
Entity shares issued per acquiree share | 0.0228 |