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SVB Financial Group (SIVB) in Santa Clara, Calif., benefited from higher lending income and investment gains last quarter.
July 26 -
The chief credit officer of SVB Financial Group (SIVB) in Santa Clara, Calif., is moving to China.
April 25 -
Rob McMillan, a wine industry expert at Silicon Valley Bank who moonlights in a rock band, dances to a different banking drummer.
January 14
SVB Financial (SVB) in Santa Clara, Calif., reported a 60% increase in quarterly profit after investment securities it holds rose more than ninefold in value.
The $23.7 billion-asset parent of Silicon Valley Bank earned $67.6 million in the third quarter, up from $42.3 million a year earlier. The company recorded $187.9 million in securities gains, including nearly $30 million due to the initial public offering of FireEye, an online security firm, which increased the value of bank-owned venture funds.
SVB's net interest income rose 15%, to $177.1 million.
The provision for loan losses grew by 57%, to $10.6 million, and chargeoffs increased by 76%, to $8.1 million.
Noninterest expense grew by 19%, to $160.5 million, driven by a 22% rise in compensation costs, to $96.9 million.
