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 March 31, 2005
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)
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Delaware |
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91-1962278 |
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(State or other jurisdiction of |
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(I.R.S. Employer Identification No.) |
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incorporation or organization) |
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3003 Tasman Drive, Santa Clara, California 95054 – 1191 |
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http://www.svb.com/company/investor_fs.asp |
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(Address of principal executive offices including zip code) |
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(Registrant’s URL) |
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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 April 30, 2005, 35,486,738 shares of the registrant’s common stock ($0.001 par value) were outstanding.
TABLE OF CONTENTS
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NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
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2
PART I - FINANCIAL INFORMATION
ITEM 1 - INTERIM CONSOLIDATED FINANCIAL STATEMENTS
SILICON VALLEY BANCSHARES AND SUBSIDIARIES
INTERIM CONSOLIDATED BALANCE SHEETS
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March 31, |
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December 31, |
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(Dollars in thousands, except par value) |
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2005 |
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2004 |
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Assets |
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Cash and due from banks |
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$ |
252,659 |
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$ |
279,653 |
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Federal funds sold and securities purchased under agreement to resell |
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144,048 |
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166,295 |
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Investment securities |
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2,188,182 |
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2,258,207 |
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Loans, net of unearned income |
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2,344,022 |
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2,312,143 |
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Allowance for loan and lease losses |
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(35,698 |
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(37,613 |
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Net loans |
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2,308,324 |
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2,274,530 |
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Premises and equipment, net of accumulated depreciation and amortization |
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16,476 |
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14,951 |
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Goodwill |
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35,639 |
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35,639 |
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Accrued interest receivable and other assets |
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102,308 |
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124,325 |
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Total assets |
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$ |
5,047,636 |
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$ |
5,153,600 |
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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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$ |
2,642,591 |
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$ |
2,649,853 |
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Negotiable order of withdrawal (NOW) |
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29,320 |
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32,009 |
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Money market |
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1,191,474 |
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1,206,078 |
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Time |
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292,890 |
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331,574 |
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Total deposits |
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4,156,275 |
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4,219,514 |
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Contingently convertible debt |
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146,975 |
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146,740 |
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Junior subordinated debentures |
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50,272 |
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49,421 |
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Other borrowings |
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11,915 |
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9,820 |
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Other liabilities |
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80,409 |
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125,163 |
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Total liabilities |
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4,445,846 |
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4,550,658 |
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Commitments and contingencies |
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Minority interest in capital of consolidated affiliates |
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84,924 |
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70,674 |
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Stockholders’ equity: |
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Preferred stock, $0.001 par value, 20,000,000 shares authorized; no shares issued and outstanding |
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— |
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— |
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Common stock, $0.001 par value, 150,000,000 shares authorized; 35,406,732 and 35,970,095 shares outstanding at March 31, 2005 and December 31, 2004, respectively |
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35 |
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36 |
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Additional paid-in capital |
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20,079 |
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44,886 |
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Retained earnings |
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511,659 |
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487,509 |
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Unearned compensation |
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(3,995 |
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(4,512 |
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Accumulated other comprehensive income |
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(10,912 |
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4,349 |
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Total stockholders’ equity |
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516,866 |
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532,268 |
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Total liabilities, minority interest, and stockholders’ equity |
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$ |
5,047,636 |
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$ |
5,153,600 |
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See accompanying notes to interim unaudited consolidated financial statements.
3
SILICON VALLEY BANCSHARES AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
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For the three months ended |
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(Dollars in thousands, except per share amounts) |
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March 31, 2005 |
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March 31, 2004 |
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Interest income: |
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Loans |
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$ |
48,029 |
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$ |
36,632 |
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Investment securities: |
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Taxable |
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21,736 |
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14,023 |
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Non-taxable |
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1,023 |
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1,461 |
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Federal funds sold and securities purchased under agreement to resell |
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2,197 |
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