UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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(Mark One) |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended September 30, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] |
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For the transition period from to . |
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Commission File Number: 000-15637 |
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SILICON VALLEY BANCSHARES
(Exact name of registrant as specified in its charter)
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Delaware |
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91-1962278 |
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(State or other jurisdiction
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(I.R.S. Employer Identification No.) |
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3003 Tasman Drive, Santa Clara, California |
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95054-1191 |
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(Address of principal executive offices) |
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(Zip Code) |
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(408) 654-7400 |
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Registrant’s telephone number, including area code: |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act.)
Yes ý No o
At October 31, 2003, 34,729,225 shares of the registrant’s common stock ($0.001 par value) were outstanding.
TABLE OF CONTENTS
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
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2
PART I - FINANCIAL INFORMATION
ITEM 1 - INTERIM CONSOLIDATED FINANCIAL STATEMENTS
SILICON VALLEY BANCSHARES AND SUBSIDIARIES
INTERIM CONSOLIDATED BALANCE SHEETS
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(Dollars in thousands, except par value) |
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September
30, |
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December
31, |
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Assets: |
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Cash and due from banks |
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$ |
229,001 |
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$ |
239,927 |
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Federal funds sold and securities purchased under agreement to resell |
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476,949 |
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202,662 |
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Investment securities |
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1,522,084 |
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1,535,694 |
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Loans, net of unearned income |
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1,911,932 |
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2,086,080 |
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Allowance for loan losses |
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(67,500 |
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(70,500 |
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Net loans |
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1,844,432 |
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2,015,580 |
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Premises and equipment |
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15,036 |
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17,886 |
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Goodwill |
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83,548 |
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100,549 |
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Accrued interest receivable and other assets |
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88,766 |
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70,883 |
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Total assets |
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$ |
4,259,816 |
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$ |
4,183,181 |
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Liabilities, minority interest, and stockholders’ equity: |
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Liabilities: |
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Deposits: |
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Noninterest-bearing demand |
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$ |
1,875,684 |
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$ |
1,892,125 |
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NOW |
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21,586 |
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21,531 |
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Money market |
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1,113,983 |
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933,255 |
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Time |
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461,073 |
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589,216 |
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Total deposits |
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3,472,326 |
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3,436,127 |
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Short-term borrowings |
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9,054 |
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9,127 |
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Other liabilities |
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82,251 |
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47,550 |
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Long-term debt |
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154,377 |
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17,397 |
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Company obligated mandatorily redeemable trust preferred securities of subsidiary trust holding solely junior subordinated debentures (trust preferred securities) |
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38,731 |
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— |
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Total liabilities |
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3,756,739 |
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3,510,201 |
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Company obligated mandatorily redeemable trust preferred securities of subsidiary trust holding solely junior subordinated debentures (trust preferred securities) |
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— |
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39,472 |
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Minority interest |
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47,971 |
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43,158 |
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Stockholders’ equity: |
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Preferred stock, $0.001 par value, 20,000,000 shares authorized; none outstanding |
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— |
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Common stock, $0.001 par value, 150,000,000 shares authorized; 34,595,541 and 40,578,093 shares outstanding at September 30, 2003 and December 31, 2002, respectively |
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35 |
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41 |
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Additional paid-in capital |
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5,453 |
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99,979 |
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Retained earnings |
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437,428 |
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476,610 |
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Unearned compensation |
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(1,411 |
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(652 |
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Accumulated other comprehensive income: |
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Net unrealized gains on available-for-sale investments |
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13,601 |
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14,372 |
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Total stockholders’ equity |
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455,106 |
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590,350 |
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Total liabilities, minority interest, and stockholders’ equity |
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$ |
4,259,816 |
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$ |
4,183,181 |
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See notes to interim consolidated financial statements.
3
SILICON VALLEY
BANCSHARES AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF INCOME
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For the three months ended September 30, |
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For the nine months ended September 30, |
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(Dollars in thousands, except per share amounts) |
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2003 |
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2002 |
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2003 |
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2002 |
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Interest income: |
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Loans |
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$ |
36,440 |
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$ |
39,382 |
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$ |
112,410 |
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$ |
117,359 |
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Investment securities |
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12,107 |
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11,877 |
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34,223 |
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41,160 |
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Federal funds sold and securities purchased under agreement to resell |
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1,204 |
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1,251 |
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3,163 |
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2,087 |
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Total interest income |
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49,751 |
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52,510 |
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149,796 |
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160,606 |
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Interest expense: |
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Deposits |
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2,196 |
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3,848 |
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7,036 |
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12,908 |
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Other borrowings |
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1,281 |
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476 |
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1,808 |
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1,437 |
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Total interest expense |
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3,477 |
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4,324 |
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8,844 |
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