UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2004
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from to .
Commission File Number: 000-15637
SILICON VALLEY BANCSHARES
(Exact name of registrant as specified in its charter)
|
Delaware |
|
91-1962278 |
|
(State or other jurisdiction of |
|
(I.R.S. Employer Identification No.) |
|
incorporation or organization) |
|
|
|
|
|
|
|
3003 Tasman Drive, Santa Clara, California |
|
95054-1191 |
|
(Address of principal executive offices) |
|
(Zip Code) |
|
|
|
|
|
(408) 654-7400 |
||
|
Registrant’s telephone number, including area code: |
||
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, 2004, 35,986,648 shares of the registrant’s common stock ($0.001 par value) were outstanding.
TABLE OF CONTENTS
2
PART I - - FINANCIAL INFORMATION
SILICON VALLEY BANCSHARES
AND SUBSIDIARIES
INTERIM CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
|
September 30, |
|
December 31, |
|
||||||
|
(Dollars in thousands, except par value and share amounts) |
|
2004 |
|
2003 |
|
||||||
|
|
|
|
|
|
|
||||||
|
Assets |
|
|
|
|
|
||||||
|
Cash and due from banks |
|
$ |
231,656 |
|
$ |
252,521 |
|
||||
|
Federal funds sold and securities purchased under agreement to resell |
|
217,774 |
|
542,475 |
|
||||||
|
Investment securities |
|
2,133,614 |
|
1,575,434 |
|
||||||
|
Loans, net of unearned income |
|
2,230,414 |
|
1,989,229 |
|
||||||
|
Allowance for loan losses |
|
(58,600 |
) |
(64,500 |
) |
||||||
|
Net loans |
|
2,171,814 |
|
1,924,729 |
|
||||||
|
Premises and equipment, net |
|
14,705 |
|
14,999 |
|
||||||
|
Goodwill |
|
35,639 |
|
37,549 |
|
||||||
|
Accrued interest receivable and other assets |
|
125,431 |
|
117,663 |
|
||||||
|
Total assets |
|
$ |
4,930,633 |
|
$ |
4,465,370 |
|
||||
|
|
|
|
|
|
|
||||||
|
Liabilities, Minority Interest, and Stockholders’ Equity |
|
|
|
|
|
||||||
|
Liabilities: |
|
|
|
|
|
||||||
|
Deposits: |
|
|
|
|
|
||||||
|
Noninterest-bearing demand |
|
$ |
2,463,765 |
|
$ |
2,186,352 |
|
||||
|
NOW |
|
22,832 |
|
20,897 |
|
||||||
|
Money market |
|
1,240,863 |
|
1,080,559 |
|
||||||
|
Time |
|
310,155 |
|
379,068 |
|
||||||
|
Total deposits |
|
4,037,615 |
|
3,666,876 |
|
||||||
|
Short-term borrowings |
|
10,050 |
|
9,124 |
|
||||||
|
Other liabilities |
|
100,072 |
|
87,335 |
|
||||||
|
Long-term debt |
|
196,096 |
|
204,286 |
|
||||||
|
Total liabilities |
|
4,343,833 |
|
3,967,621 |
|
||||||
|
|
|
|
|
|
|
||||||
|
Minority interest in capital of consolidated affiliates |
|
74,739 |
|
50,744 |
|
||||||
|
|
|
|
|
|
|
||||||
|
Stockholders’ equity: |
|
|
|
|
|
||||||
|
Preferred stock, $0.001 par value, 20,000,000 shares authorized; none outstanding |
|
— |
|
— |
|
||||||
|
Common stock, $0.001 par value, 150,000,000 shares authorized; 35,754,698 and 35,028,470 shares outstanding at September 30, 2004 and December 31, 2003, respectively |
|
36 |
|
35 |
|
||||||
|
Additional paid-in capital |
|
41,202 |
|
14,240 |
|
||||||
|
Retained earnings |
|
467,954 |
|
422,131 |
|
||||||
|
Unearned compensation |
|
(2,707 |
) |
(1,232 |
) |
||||||
|
Accumulated other comprehensive income: |
|
|
|
|
|
||||||
|
Net unrealized gains on available-for-sale investments |
|
5,576 |
|
11,831 |
|
||||||
|
Total stockholders’ equity |
|
512,061 |
|
447,005 |
|
||||||
|
Total liabilities, minority interest, and stockholders’ equity |
|
$ |
4,930,633 |
|
$ |
4,465,370 |
|
||||
See accompanying notes to interim unaudited consolidated financial statements.
3
INTERIM CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended September 30, |
|
For the nine months ended September 30, |
|
|||||||||||
|
(Dollars in thousands, except per share amounts) |
|
2004 |
|
2003 |
|
2004 |
|
2003 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Interest income: |
|
|
|
|
|
|
|
|
|
|||||||
|
Loans |
|
$ |
41,639 |
|
$ |
36,440 |
|
$ |
115,551 |
|
$ |
112,410 |
|
|||
|
Investment securities |
|
|
||||||||||||||