SVB FINANCIAL GROUP - FORM 8-K - EX-99.2 - INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - April 21, 2011

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Exhibit 99.2

SVB FINANCIAL GROUP AND SUBSIDIARIES

INTERIM CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

     Three months ended     Year ended  

(Dollars in thousands, except share data)

    March 31,
2011		     March 31,
2010		     December 31,
2010		     December 31,
2009		  

Interest income:

         

Loans

    $ 89,776      $ 73,942      $ 319,540      $ 335,806   

Available-for-sale securities:

         

Taxable

      41,382        32,267        127,422        81,536   

Non-taxable

      941        970        3,809        4,094   

Federal funds sold, securities purchased under agreements to resell and other short-term investment securities

      2,002        2,840        10,960        9,790   
                                

Total interest income

      134,101        110,019        461,731        431,226   
                                

Interest expense:

         

Deposits

      3,105        3,665        14,778        21,346   

Borrowings

      10,697        5,514        28,818        27,730   
                                

Total interest expense

      13,802        9,179        43,596        49,076   
                                

Net interest income

      120,299        100,840        418,135        382,150   

(Reduction of) provision for loan losses

      (3,047 )      10,745        44,628        90,180   
                                

Net interest income after provision for loan losses

      123,346        90,095        373,507        291,970   
                                

Noninterest income:

         

Gains (losses) on investment securities, net

      51,337        16,004        93,360        (31,209 ) 

Foreign exchange fees

      10,497        8,861        36,150        30,735   

Deposit service charges

      7,117        7,225        31,669        27,663   

Credit card fees

      3,817        2,687        12,685        9,314   

Client investment fees

      3,661        3,940        18,020        21,699   

Letters of credit and standby letters of credit income

      2,710        2,511        10,482        10,333   

Gains (losses) on derivative instruments, net

      551        1,982        9,522        (753 ) 

Other

      10,264        6,063        35,642        29,961   
                                

Total noninterest income

      89,954        49,273        247,530        97,743   
                                

Noninterest expense:

         

Compensation and benefits

      75,632        59,830        248,606        189,631   

Professional services

      12,987        12,098        56,123        46,540   

Premises and equipment

      5,912        5,784        23,023        23,270   

Business development and travel

      5,653        4,286        20,237        14,014   

Net occupancy

      4,650        4,688        19,378        17,888   

FDIC assessments

      3,475        5,049        16,498        17,035   

Correspondent bank fees

      2,163        1,948        8,379        8,040   

(Reduction of) provision for unfunded credit commitments

      (900 )      (1,507 )      4,083        (1,367 ) 

Impairment of goodwill

      —          —          —          4,092   

Other

      7,863        6,400        26,491        24,723   
                                

Total noninterest expense

      117,435        98,576        422,818        343,866   
                                

Income before income tax expense

      95,865        40,792        198,219        45,847   

Income tax expense

      22,770        11,582        61,402        35,207   
                                

Net income before noncontrolling interests

      73,095        29,210        136,817        10,640   

Net (income) loss attributable to noncontrolling interests

      (40,088 )      (10,653 )      (41,866 )      37,370   
                                

Net income available to common stockholders

    $ 33,007      $ 18,557      $ 94,951      $ 48,010   
                                

Earnings per common share—basic

    $ 0.78      $ 0.45      $ 2.27      $ 0.67   

Earnings per common share—diluted

      0.76        0.44        2.24        0.66   

Weighted average common shares outstanding—basic

      42,482,037        41,404,501        41,773,652        33,900,913   

Weighted average common shares outstanding—diluted

      43,426,306        42,291,467        42,478,340        34,182,728   

SVB FINANCIAL GROUP AND SUBSIDIARIES

INTERIM CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

(Dollars in thousands, except par value and share data)

    March 31,     December 31,  
   2011     2010  

Assets:

     

Cash and due from banks

    $ 2,073,848      $ 2,672,725   

Federal funds sold, securities purchased under agreements to resell and other short-term investment securities

      276,212        403,707   
                

Cash and cash equivalents

      2,350,060        3,076,432   
                

Available-for-sale securities

      9,500,828        7,917,967   

Non-marketable securities

      798,064        721,520   
                

Investment securities

      10,298,892        8,639,487   
                

Loans, net of unearned income

      5,651,170        5,521,737   

Allowance for loan losses

      (82,051 )      (82,627 ) 
                

Net loans

      5,569,119        5,439,110   
                

Premises and equipment, net of accumulated depreciation and amortization

      46,161        44,545   

Accrued interest receivable and other assets

      354,034        328,187   
                

Total assets

    $ 18,618,266      $ 17,527,761   
                

Liabilities and total equity:

     

Liabilities:

     

Deposits:

     

Noninterest-bearing demand

    $ 9,524,698      $ 9,011,538   

Negotiable order of withdrawal (NOW)

      70,242        69,287   

Money market

      2,369,820        2,272,883   

Money market deposits in foreign offices

      95,019        98,937   

Time

      315,835        382,830   

Sweep

      2,954,705        2,501,466   
                

Total deposits

      15,330,319        14,336,941   
                

Short-term borrowings

      35,415        37,245   

Other liabilities

      200,768        196,037   

Long-term debt

      1,204,733        1,209,260   
                

Total liabilities

      16,771,235        15,779,483   
                

SVBFG stockholders’ equity:

     

Preferred stock, $0.001 par value, 20,000,000 shares authorized; no shares issued and outstanding

      —          —     

Common stock, $0.001 par value, 150,000,000 shares authorized; 42,697,828 shares, 42,268,201 shares and 41,526,122 shares outstanding, respectively

      43        42   

Additional paid-in capital

      443,453        422,334   

Retained earnings

      860,838        827,831   

Accumulated other comprehensive income

      9,240        24,143   
                

Total SVBFG stockholders’ equity

      1,313,574        1,274,350   

Noncontrolling interests

      533,457        473,928   
                

Total equity

      1,847,031        1,748,278   
                

Total liabilities and total equity

    $ 18,618,266      $ 17,527,761   
                

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