California-based SVB Financial Group (SIVB) announced earnings Thursday of $58.8 million for the fourth quarter of 2013, a 16.7% increase from the same quarter in 2012.

Earnings of $1.27 per share crushed the estimates of analysts polled by Bloomberg by more than 26 cents for the $26.4 billion-asset company from Santa Clara, Calif. An increase in average loan balance of 6.2% or $600 million from the third quarter of 2013, and an increase in average total client funds of 7.2%, to $47.7 billion, helped to fuel the earnings growth.

SVB, the parent of Silicon Valley Bank, primarily largely caters to technology and venture capital firms in Silicon Valley and other technology hotbeds. The company has 28 offices in the well as international operations in China, India, Israel and the United Kingdom.

"Our clients continued to outperform the broader economy, resulting in significant venture capital and warrant related gains for us," SVB president and chief executive Greg Becker said in a release Thursday. "Together, these factors helped drive robust earnings for the quarter and the year."

SVB’s shares were up nearly 5% late Friday, to $115.24.

Net interest income grew to $187.4 million for the fourth quarter of 2013, a 16.4% increase from the same quarter a year prior. Net interest income was aided by the increase in average loan balances and a growth in income from available-for-sale securities. The net interest margin was up seven basis points to 3.20% compared year over year.

Its noninterest income skyrocketed 88.4% thanks to gains from non-marketable and other securities. Noninterest expense increased by 18.1% to $168.9 million.

SVB’s provision for loan losses was $28.7 million for the fourth quarter of 2013, up from $15 million from the same quarter in 2012, driven by $10.5 million in net chargeoffs.

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