IBOS member Silicon Valley Bank (SVB) Financial Group announced strong financial results for Q1 2019, ending 31 March, 2019.
Q1 2019 results were marked by stable credit quality, robust core fee income and notable market gains.
Consolidated net income available to common stockholders for Q1 2019 was $288.7 million, compared to $266.3 million for Q4 2018 and compared to $195.0 million for Q1 2019.
The acquisition of Leerink Holdings LLC, now SVB Leerink Holdings LLC (“SVB Leerink”), was completed on 4 January, 2019. The financial results of SVB Leerink for the period beginning on 4 January, 2019 are reflected in SVB Financial Group’s financial results for Q1 2019.
For the first quarter of 2019, net income attributable to SVB Leerink was $5.8 million, or $0.11 per diluted common share.
Highlights of SVB’s Q1 2019 results (compared to fourth quarter 2018) included:
• Average loan balances of $28.4 billion, an increase of $0.9 billion (or 3.3 percent)
• Period-end loan balances of $28.9 billion, an increase of $0.5 billion (or 1.8 percent)
• Average total client funds (on-balance sheet deposits and off-balance sheet client investment funds) increased $3.0 billion (or 2.2 percent) to $137.1 billion
• Period-end total client funds increased $5.2 billion (or 3.8 percent) to $140.5 billion
• Non-interest income of $280.4 million, an increase of $93.7 million (or 50.2 percent)
• Non-interest expense of $365.7 million, an increase of $58.1 million (or 18.9 percent)
Read the complete financial results via SVB here.
