SVB Financial Group said Thursday that its second quarter earnings more than tripled what it made a year earlier, to $65.8 million.
The Santa Clara, Calif., company benefited from a pair of one-time gains totaling $24.4 million. Its biggest gain came from selling certain securities that netted $22.5 million. SVB also brought in $1.9 million by repurchasing debt early and terminating its corresponding interest rate swaps.
Excluding these items, second quarter net income was $41.4 million, up 25% from the first quarter and nearly double what it made a year earlier.
SVB had a small loan-loss provision of $134,000, compared to a $3 million provision reduction in the first quarter. Nonperforming loans increased by more than 5% from the first quarter but fell 29% from a year earlier, to $36 million.
