IBOS member SVB Financial Group announced its financial results for Q1 2017, ended 31 March 2017.
Consolidated net income available to common stockholders for Q1 2017 was $101.5 million, or $1.91 per diluted common share, compared to $99.5 million, or $1.89 per diluted common share for Q4 2016 and $79.2 million, or $1.52 per diluted common share, for Q1 2016.
Greg Becker, President and CEO of SVB Financial Group, commented:
“Our core business remained healthy in the first quarter with solid loan growth, healthy total client funds growth, higher net interest income and stable credit quality. We are maintaining our positive outlook for 2017 and raising our guidance for net interest income and net interest margin due to the recent interest rate increase.”
Highlights of SVB’s Q1 2017 results, compared to Q4 2016, include:
- Average loan balances of $20.1 billion, an increase of $0.8 billion (or 4.2%)
- Period-end loan balances of $20.4 billion, an increase of $0.5 billion (or 2.7%)
- Average fixed income investment securities of $21.2 billion, an increase of $0.9 billion (or 4.5%)
- Net interest income (fully taxable equivalent basis) of $310.3 million, an increase of $13.4 million (or 4.5%)
- Gains on investment securities of $16.0 million, compared to $10.0 million. Non-GAAP gains on investment securities, net of non-controlling interests, were $9.5 million, compared to $5.3 million
- Gains on equity warrant assets of $6.7 million, compared to $4.6 million
- Noninterest income of $117.7 million, an increase of $4.2 million (or 3.7%). Non-GAAP core fee income decreased $2.1 million (or 2.4%) to $82.6 million
- Noninterest expense of $237.6 million, an increase of $2.4 million
Read the full report via SVB Financial Group here.
