Svb Financial Group (SIVB) Tops Q3 EPS by 39c

Svb Financial Group (NASDAQ: SIVB) reported Q3 EPS of $2.12, $0.39 better than the analyst estimate of $1.73.

"We delivered a strong quarter on all fronts marked by healthy loan growth, stable credit quality, solid core fee income, and sizeable investment and warrant gains," said Greg Becker, President and CEO of SVB Financial Group. "Our clients continue to demonstrate resilience through market shifts and we believe our unique platform and ability to help them succeed will remain significant advantages now and in the long term. Despite the persistent impact of market uncertainty and low rates, we see similar trends going into 2017 and expect solid performance for the upcoming year."
Highlights of our third quarter 2016 results (compared to second quarter 2016, unless otherwise noted) included:

• Average loan balances of $18.6 billion, an increase of $0.4 billion (or 2.5 percent).
• Average investment securities, excluding non-marketable and other securities, of $20.7 billion, a decrease of $1.0 billion (or 4.7 percent).
• Average total client funds (consisting of both on-balance sheet deposits and off-balance sheet client investment funds) remained flat at $81.0 billion, with average on-balance sheet deposits decreasing by $250 million (or 0.7 percent), offset by average off-balance sheet client investment funds increasing by $222 million (or 0.5 percent).
• Net interest income (fully taxable equivalent basis) of $289.4 million, an increase of $5.8 million (or 2.0 percent).
• Net interest margin of 2.75 percent, an increase of 2 basis points.
• Provision for loan losses of $19.0 million, compared to $36.3 million.
• Gains on investment securities of $23.2 million, compared to $23.3 million. Non-GAAP gains on investment securities, net of noncontrolling interests, were $18.4 million, compared to $21.6 million. (See non-GAAP reconciliation under the section “Use of Non-GAAP Financial Measures”.)
• Gains on equity warrant assets of $21.6 million, compared to $5.1 million.
• Noninterest income of $144.1 million, an increase of $31.4 million (or 27.8 percent). Non-GAAP core fee income increased $6.0 million (or 8.2 percent) to $80.5 million. (See non-GAAP reconciliation under the section “Use of Non-GAAP Financial Measures”.)
• Noninterest expense of $221.8 million, an increase of $21.5 million (or 10.7 percent).

For earnings history and earnings-related data on Svb Financial Group (SIVB) click here.

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