SANTA CLARA, Calif. - Silicon Valley Bancshares reported second-quarter earnings of 70 cents a share, beating consensus estimates by 15 cents.
The $5.4 billion asset company said Friday that net income for the three months ending June 30 jumped 277% over the same period in 1999, to $33.7 million. On a per-share basis, earnings soared 233%.
Much of the growth was fueled by gains from venture capital and equity investments. The company earned $16.8 million from the sale of client warrants and $8.2 million on client investment fees. That helped noninterest income soar 436% to $34.6 million.
Despite the rosy report, Silicon Valley's stock fell Friday in heavier-than-normal trading. The stock was at $46.4375 late Friday, down more than 6%.