Profits at SVB Financial Group in Santa Clara, Calif., soared in the fourth quarter on strong loan growth.
The $44.6 billion-asset company reported a 50.8% increase in earnings from a year earlier, to $87.5 million. Its $1.68 per share was 16 cents higher than the estimates by analysts polled by Bloomberg.
Net interest income, after a provision for loan losses, rose 22.3% to $237.8 million even though net interest margin fell 12 basis points to 2.54%.Total loans grew 16.3%, to $16.9 billion, thanks primarily to increases in commercial segments such as life sciences and venture capital.
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Silicon Valley Bank in Santa Clara, Calif., has hired a chief operations officer to replace Bruce Wallace, as he shifts to a more digital-focused role.
November 10 -
Standard Treasury, the startup that Silicon Valley Bank absorbed this month, is helping create software gateways for the institution's high-tech business clients to customize the way they interact with it.
August 25 -
SVB Financial Group in Santa Clara, Calif., has appointed a former U.S. Treasury official to its board.
May 13
Noninterest income dropped 31.6% to $114.5 million, largely due to an accounting change tied to income from investment securities and smaller gains on derivatives instruments.
Noninterest expense rose 12% to $208.6 million on employee salaries and benefits, incentive compensation plans and the employee stock ownership plan.
