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•	Projections of our net interest income, noninterest income, earnings per share, noninterest expenses (including professional services, compliance, compensation and other costs), cash flows, balance sheet positions, capital expenditures, liquidity and capitalization or other financial items

•	Descriptions of our strategic initiatives, plans or objectives for future operations, including pending sales or acquisitions

•	Forecasts of private equity/venture capital funding and investment levels

•	Forecasts of future interest rates, economic performance, and income from investments

•	Forecasts of expected levels of provisions for loan losses, loan growth and client funds

•	Descriptions of assumptions underlying or relating to any of the foregoing

•	Market and economic conditions, including the interest rate environment, and the associated impact on us

•	The credit profile and credit quality of our loan portfolio and volatility of our levels of nonperforming assets and charge-offs

•	The adequacy of our allowance for loan losses and the need to make provisions for loan losses for any period

•	The borrowing needs of our clients

•	The sufficiency of our capital and liquidity positions

•	The levels of loans, deposits and client investment fund balances

•	The performance of our portfolio investments; the general condition of the public and private equity and mergers and acquisitions markets and their impact on our investments, including equity warrant assets, venture capital and private equity funds and direct equity investments

•	Our overall investment plans and strategies; the realization, timing, valuation and performance of our equity or other investments

•	The levels of public offerings, mergers and acquisitions and venture capital investment activity of our clients that may impact the borrowing needs of our clients

•	The occurrence of fraudulent activity, including breaches of our information security or cyber security-related incidents

•	Business disruptions and interruptions due to natural disasters and other external events

•	The impact on our reputation and business from our interactions with business partners, counterparties, service providers and other third parties

•	Expansion of our business internationally

•	The impact of legal requirements and regulations limiting or restricting our activities or resulting in higher costs, including the Volcker rule

•	The impact of lawsuits and claims

•	Changes in accounting standards

•	The levels of equity capital available to our client or portfolio companies

•	Our ability to maintain or increase our market share, including through successfully implementing our business strategy and undertaking new business initiatives

•	Other factors as discussed in “Risk Factors” under Part I, Item 1A in this report

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ITEM 1.	BUSINESS

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Our SVB Accelerator practice focuses on serving our “emerging” or “early stage” clients. These clients are generally in the start-up or early stages of their life cycles. They are typically privately-held and funded by friends and family, “seed” or “angel” investors, or have gone through an initial round of venture capital financing. They are typically engaged in research and development, have little or no revenue and may have only brought a few products or services to market. SVB Accelerator clients tend to have annual revenues below $5 million, with many being pre-revenue companies.

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Our SVB Growth practice serves our “mid-stage” and “late-stage” clients. These clients are in the intermediate or later stages of their life cycles and are generally privately-held, and many are dependent on venture capital for funding. Some of these clients are in the more advanced stages of their life cycles and may be publicly held or poised to become publicly held. Our SVB Growth clients generally have a solid or more established product or service offering in the market, with more meaningful or considerable revenue. They also may be expanding globally. SVB Growth clients tend to have annual revenues between $5 million and $75 million.

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Our SVB Corporate Finance practice serves primarily our large corporate clients, which are more mature and established companies. These clients are generally publicly-held or large privately-held companies, have a more sophisticated product or service offering in the market, with significant revenue. They also may be expanding globally. SVB Corporate Finance clients tend to have annual revenues over $75 million.

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•	Require periodic reports and such additional information as the Federal Reserve may require in its discretion;

•	Require the maintenance of certain levels of capital and, under the Dodd-Frank Act, limit the ability of bank holding companies to pay dividends or bonuses unless their capital levels exceed the capital conservation buffer;

•	Restrict the ability of bank holding companies to service debt or to receive dividends or other distributions from their subsidiary banks;

•	Require prior approval for senior executive officer and director changes under certain circumstances;

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Require that bank holding companies serve as a source of financial and managerial strength to their banks and commit resources as necessary to support their banks. A bank holding company’s failure to meet its obligations to serve as a source of strength to its subsidiary banks will generally be considered by the Federal Reserve to be an unsafe and unsound banking practice or a violation of Federal Reserve regulations or inconsistent with applicable statutory standards, or all of the foregoing;

•	Terminate an activity or terminate control of or liquidate or divest certain subsidiaries, affiliates or investments if the Federal Reserve believes the activity or the control of the subsidiary or affiliate constitutes a serious risk to the financial safety, soundness or stability of any bank subsidiary;

•	Regulate provisions of certain bank holding company debt, including the authority to impose interest ceilings and reserve requirements on such debt and require prior approval to purchase or redeem our securities in certain situations; and

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•	Approve acquisitions and mergers with banks and consider certain competitive, management, financial, financial stability and other factors in granting these approvals. Similar California and other state banking agency approvals may also be required.

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•	Capital standards applicable to bank holding companies may be no less stringent than those generally applied to insured depository institutions;

•	Restrictions on dividends and other discretionary payments if capital levels do not exceed the capital conservation buffer;

•	Annual stress tests for financial entities, including the Bank;

•	Additional risk management and other prudential requirements for larger bank holding companies with $50 billion or greater in total consolidated assets (such requirements may have the effect of establishing new best practices standards for bank holding companies below $50 billion in total consolidated assets, such as SVB Financial);

•	Restrictions on a banking institution’s ability to sponsor, invest in or lend to certain funds, including venture capital, hedge and private equity funds;

•	Repeal of the federal prohibition (Regulation Q) on the payment of interest on demand deposits, including business checking accounts, and made permanent the $250,000 limit for federal deposit insurance;

•	The establishment of the CFPB with responsibility for promulgating and enforcing regulations designed to protect consumers’ financial interests and prohibit unfair, deceptive and abusive acts and practices by financial institutions;

•	The CFPB to directly examine those financial institutions with $10 billion or more in assets, such as SVB Financial, for compliance with the regulations promulgated by the CFPB;

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Limits, or imposes significant burdens and compliance and other costs on, certain activities traditionally conducted by banking organizations, such as originating and securitizing mortgage loans and other financial assets, arranging and participating in swap and derivative transactions, proprietary trading and investing in private equity and other funds and restrictions on debit charge interchange fees; and

•	The establishment of new compensation restrictions and standards regarding the time, manner and form of compensation given to key executives and other personnel receiving incentive compensation, including documentation and governance, proxy access by stockholders, deferral and claw-back requirements.

•	Require affirmative action to correct any conditions resulting from any violation or practice;

•	Require prior approval for senior executive officer and director changes;

•	Direct an increase in capital and the maintenance of specific minimum capital ratios which may preclude the Bank from being deemed well capitalized for regulatory purposes;

•	Restrict the Bank’s growth geographically, by products and services, or by mergers and acquisitions;

•	Enter into informal or formal enforcement orders, including memoranda of understanding, written agreements and consent or cease and desist orders to take corrective action and enjoin unsafe and unsound practices;

•	Restrict or prohibit the Bank from paying dividends or making other distributions to SVB Financial;

•	Remove officers and directors and assess civil monetary penalties; and

•	Take possession of and close and liquidate the Bank.

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•	4.5% CET1 to risk-weighted assets

•	6.0% Tier 1 capital to risk-weighted assets

•	8.0% Total capital to risk-weighted assets

•	4% Tier 1 capital to average consolidated assets as reported on consolidated financial statements (known as the “leverage ratio”)

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ITEM 1A.	RISK FACTORS

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•	actual or anticipated quarterly fluctuations in our operating results and financial condition;

•	changes in revenue or earnings estimates or publication of research reports and recommendations by financial analysts;

•	failure to meet analysts’ revenue or earnings estimates;

•	speculation in the press or investment community;

•	strategic actions by us or our competitors;

•	actions by institutional stockholders;

•	fluctuations in the stock price and operating results of our competitors;

•	general market conditions and, in particular, developments related to market conditions for the financial services industry;

•	proposed or adopted regulatory changes or developments;

•	anticipated or pending investigations, proceedings or litigation that involve or affect us; or

•	domestic and international economic factors unrelated to our performance.

ITEM 1B.	UNRESOLVED STAFF COMMENTS

ITEM 2.	PROPERTIES

ITEM 3.	LEGAL PROCEEDINGS

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Item 5.	MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

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*	$100 invested on 12/31/09 in stock & index-including reinvestment of dividends.

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Item 6.	SELECTED CONSOLIDATED FINANCIAL DATA

(1)	See “Management's Discussion and Analysis of Financial Condition and Results of Operations-Capital Resources-Capital Ratios” under Part II, Item 7 in this report for a reconciliation of non-GAAP tangible common equity to tangible assets and tangible common equity to risk-weighted assets.

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▪	Growth in our lending business with record high average loan balances of $11.5 billion, an increase of $2.2 billion, or 23.0 percent. Period-end loan balances were $14.4 billion, an increase of $3.5 billion, or 31.9 percent.

▪	Average investment securities, excluding non-marketable and other securities, of $16.6 billion, an increase of $6.0 billion, or 56.7 percent. Period-end investment securities, excluding non-marketable and other securities, of $21.0 billion, an increase of $9.0 billion, or 74.9 percent.

▪	Average deposit balances of $28.3 billion, an increase of 8.7 billion, or 44.4 percent. Period-end deposit balances were $34.3 billion, an increase of $11.9 billion, or 52.8 percent.

▪	Average total client funds (including both on-balance sheet deposits and off-balance sheet client investment funds) were $58.4 billion, an increase of $14.5 billion, or 33.1 percent. Period-end total client funds were $66.7 billion, an increase of $17.9 billion, or 36.6 percent.

▪	Net interest income (fully taxable equivalent basis) of $858.3 million, an increase of $159.2 million, or 22.8 percent, primarily due to an increase in interest income from fixed income investment securities and loans, attributable to growth in average investment and loan balances of $6.0 billion and $2.2 billion, respectively, driven by the strong average deposit growth mentioned above.

▪	Net interest margin of 2.81 percent, compared to 3.29 percent, primarily reflective of growth in both our loan portfolio as well as our lower-yielding fixed income investment portfolio as a result of the significant growth in deposits and lower overall loan and investment yields.

▪	Provision for loan losses of $59.5 million, compared to $63.7 million. The provision of $59.5 million in 2014 was primarily driven by $37.0 million in net charge-offs and $36.6 million from period-end loan growth of $3.5 billion, offset by a $14.1 million decrease reflective of the improvement in the overall credit quality of the portfolio and lower impaired loan balances.

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Non-GAAP core fee income (deposit service charges, letters of credit fees, credit card fees, lending related fees, client investment fees, and foreign exchange fees) of $209.6 million, an increase of $34.2 million, or 19.5 percent. This increase was primarily from foreign exchange and credit card fees reflective of increased client activity and transaction volumes. (See the non-GAAP reconciliation under “Results of Operations—Noninterest Income”)

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Net gains on investment securities of $267.0 million ($30.7 million, net of noncontrolling interests) primarily driven by strong distributions from our strategic venture capital fund investments and unrealized valuation adjustments from our managed funds of funds, offset by losses from our available-for-sale equity securities holdings, primarily attributable to the sale of shares of FireEye, Inc. ("FireEye") common stock (acquired through the exercise of certain warrants). (See non-GAAP reconciliation under the section “Results of Operations—Noninterest Income—Gains on Investment Securities, Net”)

▪	Net gains of $71.0 million from equity warrant assets, an increase of $24.9 million, or 54.0 percent. The increase was primarily driven by healthy IPO and M&A activity resulting in net gains of $29.8 million from the exercise and conversion of public equity warrant assets, including FireEye and Twitter.

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Noninterest expense of $716.9 million, an increase of $95.2 million, or 15.3 percent. The increase was primarily due to increased compensation and benefits expense, reflective of an increase in average FTEs of 146, or 8.7 percent, as well as market adjustments, and professional services, business development and travel and other client support service expenses to support our continued product offerings and infrastructure.

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(1)	See “Results of Operations–Noninterest Income” below for a description and reconciliation of non-GAAP core fee income and noninterest income.

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(2)	See “Results of Operations–Noninterest Expense” below for a description and reconciliation of non-GAAP noninterest expense and non-GAAP operating efficiency ratio.

(3)	Average held-to-maturity securities balance is reflective of the re-designation from available-for-sale to held-to-maturity effective June 1, 2014.

(4)	Ratio represents consolidated net income available to common stockholders divided by average assets.

(5)	Ratio represents consolidated net income available to common stockholders divided by average SVBFG stockholders’ equity.

(6)	See “Capital Resources–Capital Ratios” for a reconciliation of non-GAAP tangible common equity to tangible assets and tangible common equity to risk-weighted assets.

(7)	The operating efficiency ratio is calculated by dividing total noninterest expense by total net interest income plus noninterest income.

(8)	Book value per common share is calculated by dividing total SVBFG stockholders’ equity by total outstanding common shares at period-end.

(9)	Ratio represents consolidated non-GAAP net income available to common stockholders divided by average assets.

(10)	Ratio represents consolidated non-GAAP net income available to common stockholders divided by average SVBFG stockholders’ equity.

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•	Interest income for 2014 increased by $162.3 million primarily due to:

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A $91.1 million increase in interest income on investment securities to $276.2 million in 2014, compared to $185.1 million in 2013 with the majority of the increase due to a $6.0 billion increase in average balances due to strong deposit growth. Interest income was offset by a decrease in the overall yield on our investment securities portfolio, which decreased 9 basis points to 1.66 percent. Lower reinvestment yields, resulting from a lower overall market rate environment and an increase in purchases of U.S. Treasury securities in 2014 contributed to a decrease in yields of 21 basis points.

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A $68.7 million increase in interest income on loans to $610.9 million in 2014, compared to $542.2 million in 2013. This increase was reflective of an increase in average loan balances of $2.2 billion, partially offset by a decrease of 49 basis points in the overall yield on our loan portfolio. The decrease in yields was reflective of a continued change in the mix of our overall loan portfolio. Our loan growth in 2014 primarily came from our private equity/venture capital loan portfolio which, on average, tend to have lower yielding loans. Our yields were also impacted by the increased price competition and the overall low market rate environment throughout 2014.

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•	Interest expense for 2014 increased to $35.3 million, compared to $32.3 million for the comparable 2013 period. The increase in interest expense was primarily from interest-bearing money market deposits of $2.9 million, mainly attributable to growth of $1.9 billion in our average money market deposit balances.

•	Interest income for 2013 increased by $80.7 million primarily due to:

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A $73.1 million increase in interest income on loans to $542.2 million in 2013, compared to $469.1 million in 2012. This increase was reflective of an increase in average loan balances of $1.8 billion, partially offset by a decrease of 41 basis points in the overall yield on our loan portfolio. The decrease in yields was reflective of a shift in the mix of our late stage and sponsor-led buyout portfolios from national Prime rate, to LIBOR, indexed loans, in addition to, lower rates on existing and new capital call lines, as a result of increased competition.

◦	A $7.7 million increase in interest income on fixed income securities to $185.1 million in 2013, compared to $177.3 million in 2012. The increase of $7.7 million was primarily due to:

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An increase of $25.8 million resulting from the decrease in premium amortization expense. Premium amortization expense for 2013 was $29.8 million, compared to $55.6 million in 2012. The decrease in premium amortization expense was reflective of higher treasury rates during 2013 resulting in a slow-down of prepayments during 2013 as compared to 2012. Average 5-year, and 10-year, treasury bill rates were higher by 41, and 55, basis points, respectively, for 2013 as compared to 2012.

▪	A decrease of $16.3 million as a result of a decline in yields and $1.6 million reflective of lower volume resulting from the strategic timing of the investment of excess cash during the low interest rate environment throughout most of 2013.

▪	A decrease of $17.9 million in interest income, excluding premium amortization expense, for the year ended 2013 compared to 2012.

•	Interest expense for 2013 increased by $1.4 million primarily due to:

◦	An increase in interest expense from interest-bearing deposits of $2.5 million, primarily due to an $831 million increase in average money market deposits at a slightly higher yield in 2013 compared to 2012.

◦	A decrease in interest expense of $1.0 million related to our long-term debt, primarily due to the maturity and repayment of our 5.70% Senior Notes of $141.0 million on June 1, 2012.

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(1)	Includes average interest-earning deposits in other financial institutions of $364 million, $191 million and $250 million in 2014, 2013 and 2012, respectively. For 2014, 2013 and 2012, balances also include $1.9 billion, $1.0 billion and $0.7 billion, respectively, deposited at the FRB, earning interest at the Federal Funds target rate.

(2)	Yields on interest-earning investment securities do not give effect to changes in fair value that are reflected in other comprehensive income.

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(3)	Interest income on non-taxable investment securities is presented on a fully taxable-equivalent basis using the federal statutory income tax rate of 35.0 percent for all periods presented.

(4)	Nonaccrual loans are reflected in the average balances of loans.

(5)	Interest income includes loan fees of $97.3 million, $84.3 million and $76.1 million in 2014, 2013 and 2012, respectively.

(6)	Average investment securities of $1.8 billion, $1.3 billion and $1.3 billion in 2014, 2013 and 2012, respectively, were classified as other assets as they were noninterest-earning assets. These investments primarily consisted of non-marketable and other securities.

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(1)	This non-GAAP measure represents noninterest income, but excludes certain line items where performance is typically subject to market or other conditions beyond our control.

(2)	Lending related fees consists of fee income associated with credit commitments such as unused commitment fees, syndication fees and other loan processing fees and, historically, has been included in other noninterest income. Prior period amounts have been reclassified to conform to the current period presentation.

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(1)	Pre-tax net losses of $13.9 million on the pending sale of SVBIF are included in other noninterest income at December 31, 2014.

(2)	Gains on the sales of $316 million in certain available-for-sale securities are included in gains on investment securities, net at December 31, 2012.

(3)	Net gains of $4.2 million from the sale of certain assets related to our equity management services business are included in other noninterest income at December 31, 2012.

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•	Gains of $26.5 million from our strategic and other investments, primarily driven by strong distributions from our strategic venture capital fund investments.

•	Gains of $22.9 million from our managed funds of funds, primarily related to unrealized valuation adjustments.

•	Losses of $18.6 million from our available-for-sale securities portfolio, primarily attributable to the sale of shares of FireEye common stock (acquired through the exercise of certain warrants) during the second quarter of 2014.

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(1)

At December 31, 2014, we held warrants in 1,478 companies, compared to 1,320 companies at December 31, 2013 and 1,270 companies at December 31, 2012. The total value of our warrant portfolio was $117 million at December 31, 2014, $103 million at December 31, 2013, and $74 million at December 31, 2012. Of the 1,478 companies, 25 companies made up approximately 35% of the fair value of the portfolio at December 31, 2014.

(2)	Represents the net gains (losses) for foreign exchange forward contracts executed on behalf of clients, excluding any spread or fees earned in connection with these trades.

(3)	Represents the change in the fair value of foreign exchange forward contracts used to economically reduce our foreign exchange exposure related to certain foreign currency denominated instruments. Refer to revaluation of foreign currency instruments included in the line item "Other" within noninterest income for the amount we were able to partially offset.

(4)	Primarily represents the change in fair value of loan conversion options held by SVB Financial. For more information, refer to Note 13—"Derivative Financial Instruments" of the "Notes to the Consolidated Financial Statements" under Part II, Item 8 in this report.

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Net gains on equity warrant assets of $71.0 million in 2014, compared to net gains of $46.1 million in 2013. The $24.9 million increase was primarily due to net gains of $29.8 million from the exercise of equity warrant assets, reflective of the exercise and conversion of several of our public warrants including, FireEye and Twitter, compared to $8.7 million in 2013. In addition, net gains from warrant valuations were $42.1 million in 2014 compared to $37.8 million in 2013, an increase of $4.3 million primarily driven by changes in warrant valuations from our private company warrant portfolio.

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Net gains of $21.6 million on internal foreign exchange forward contracts hedging certain of our foreign currency denominated instruments in 2014, compared to net losses of $4.2 million for the comparable 2013 period. The higher gains in 2014 were primarily attributable to the strengthening of the U.S. Dollar against the Euro and Pound Sterling. These gains are offset by losses of $21.6 million from the revaluation of foreign currency denominated instruments that are included in the line item "other" within noninterest income as noted below.

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•	Net gains on equity warrant assets of $46.1 million in 2013, compared to net gains of $19.4 million in 2012. The $26.7 million increase was primarily due to net gains from warrant valuations of $37.8 million from both private and public clients, of which $14.2 million in gains resulted from increases in valuations of FireEye and Twitter, compared to $10.9 million in 2012.

(1)	Comprised of mutual funds and Repurchase Agreement Program assets.

(2)	Client investment funds are maintained at third party financial institutions and are not recorded on our balance sheet.

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(1)	Represents the revaluation of foreign currency denominated financial instruments issued and held by us, primarily loans, deposits and cash. These instruments partially offset the impact of changes in internal foreign exchange forward contracts. Refer to internal foreign exchange forward contracts, net included within gains on derivative instruments as noted above.

(2)	Includes dividends on FHLB/FRB stock, correspondent bank rebate income and other fee income.

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Losses of $21.6 million from the revaluation of foreign currency instruments, compared to gains of $3.0 million in 2013. The revaluation losses were primarily due to the strengthening of the U.S. Dollar against the Euro and Pound Sterling. The losses from the revaluation of foreign currency instruments were offset by net gains of $21.6 million for 2014 on internal foreign exchange forward contracts economically hedging certain of these instruments, which are included within noninterest income in the line item "gains on derivative instruments" as noted above.

•	Pre-tax net losses of $13.9 million related to the pending sale of SVBIF, which consists of:

◦	Approximately $12.9 million of losses primarily attributable to cumulative foreign currency translation adjustment, and

◦	$1.0 million in accrued transaction-related expenses.

•	Nonrecurring gains of $4.2 million on the sale of certain assets related to our equity management services business in the second quarter of 2012.

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•	Gains of $3.0 million on the revaluation of foreign currency instruments, compared to gains of $1.7 million in 2012. The revaluation gains were primarily due to the weakening of the U.S. Dollar against the Euro and Pound Sterling.

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(1)	The non-GAAP operating efficiency ratio is calculated by dividing non-GAAP noninterest expense, net of noncontrolling interests by non-GAAP total taxable-equivalent revenue, net of noncontrolling interests and excluding net losses on SVBIF Sale Transaction and gains on sales of certain assets.

(1)	Other employee benefits includes employer payroll taxes, group health and life insurance, share-based compensation, 401(k), warrant incentive and retention program plans, agency fees and other employee related expenses.

•	An increase of $27.3 million in salaries and wages expense, primarily due to an increase in the number of average FTEs, as well as from market adjustments. Average FTEs increased by 146 to 1,815 in 2014, compared to 1,669 in

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•	An increase of $11.3 million in other employee benefits, primarily due to share-based plan expense primarily as a result of the increase in the valuation of the SVB Financial's common stock and to various other employee benefits that increased due to the increase in average FTEs.

•	An increase of $4.1 million in incentive compensation and ESOP expense, primarily reflective of an increase in average FTEs.

•	An increase of $16.8 million in incentive compensation and ESOP expense, primarily reflective of higher expenses in 2013 as a result of strong performance relative to our internal performance targets for the year.

•	An increase of $14.1 million in other employee benefits, primarily due to warrant incentive program plan expense resulting from the gains recorded for the increase in valuation related to IPOs in 2013 and share-based plan expense primarily as a result of the increase in the valuation of the SVB Financial's common stock. The remaining increases related to various other employee benefits.

•	An increase of $8.9 million in salaries and wages expense, primarily due to an increase in the number of average FTEs, as well as from merit increases. Average FTEs increased by 88 to 1,669 in 2013, compared to 1,581 in 2012, primarily to support our product development, operational and sales and advisory, as well as to support our commercial banking operations and initiatives.

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(1)	Represents noncontrolling interests’ share in net interest income, noninterest income and noninterest expense.

(2)	Represents the preferred allocation of income (or change in income) earned by us as the general partner of certain consolidated funds.

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Net gains on investment securities (including carried interest) attributable to noncontrolling interests of $236.3 million ($243.3 million excluding carried interest) primarily from gains of $239.6 million from our managed funds of funds primarily due to unrealized valuation increases from IPO, M&A activity and other valuation increases across the portfolio, partially offset by losses of $3.3 million from our managed direct venture funds. See "Results of Operations—Noninterest Income—Gains on Investment Securities, Net". The decrease of $22.3 million in carried interest income primarily reflects

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•	Noninterest expense of $18.9 million, primarily related to management fees paid by the noncontrolling interests to our subsidiaries that serve as the general partner.

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Net gains on investment securities (including carried interest) attributable to noncontrolling interests of $342.1 million ($371.5 million excluding carried interest) primarily from gains of $154.7 million from our managed funds of funds and $187.4 million from our managed direct venture funds primarily related to the increase in FireEye valuation. See "Results of Operations—Noninterest Income—Gains on Investment Securities, Net". The increase of $26.5 million in carried interest income, to $29.3 million in 2013 compared to $2.9 million in 2012, also primarily reflects the impact of the increase in FireEye valuations in our managed direct funds, and

•	Noninterest expense of $12.7 million, primarily related to management fees paid by the noncontrolling interests to our subsidiaries that serve as the general partner.

•	Net gains on investment securities (including carried interest) attributable to noncontrolling interests of $85.6 million ($88.5 million excluding carried interest) primarily from gains of $40.8 million from our managed funds of funds and $44.8 million from our managed direct venture funds, and

•	Noninterest expense of $11.3 million, primarily related to management fees paid by the noncontrolling interests to our subsidiaries that serve as the general partner.

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•	Net gains on investment securities of $43.3 million in 2014, compared to net gains of $62.6 million in 2013. The net gains on investment securities of $43.3 million in 2014 were primarily driven by gains from our strategic and other investments driven by strong distributions from strategic venture capital fund investments and unrealized valuation gains from our managed funds of funds.

•	Fund management fees of $13.5 million for 2014, compared to $11.2 million in 2013. Fund management fees increased due to the addition of the Capital Partners III, LP fund in 2014.

•	Net gains on investment securities of $62.6 million in 2013, compared to net gains of $16.2 million in 2012. The net gains on investment securities of $62.6 million in 2013 were primarily driven by unrealized valuation increases and carried interest allocations, related to FireEye and Twitter, from two of our managed direct venture funds.

•	Fund management fees of $11.2 million for 2013, compared to $11.1 million in 2012.

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◦	Gains of $262 million from our managed funds of funds, primarily related to unrealized valuation increases from IPO, M&A activity and other valuation increases across the managed funds of funds portfolio.

◦	Gains of $26 million from our strategic and other investments, primarily driven by strong distributions from our strategic venture capital fund investments.

◦	Partially offset by net sales and distributions of $140 million across our non-marketable and other securities portfolio.

◦	Gains of $230 million from our managed direct venture funds, driven by the continued strong stock performance of successful portfolio company IPOs during the year.

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◦	Gains of $170 million from our managed funds of funds, primarily related to unrealized valuation increases from IPO, M&A activity and other valuation increases across the portfolio.

(1)	The following table shows the amounts of venture capital and private equity fund investments held by the following consolidated funds and amounts attributable to SVBFG for each fund at December 31, 2014, 2013 and 2012:

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(2)	The following table shows the amounts of other venture capital investments held by the following consolidated funds and amounts attributable to SVBFG for each fund at December 31, 2014, 2013 and 2012:

(3)

Investments classified as other securities (fair value accounting) represent direct equity investments in public companies held by our consolidated funds. At December 31, 2014, the amount primarily includes total unrealized gains of $75 million in one public company, FireEye. The extent to which any unrealized gains (or losses) will become realized is subject to a variety of factors, including, among other things, changes in prevailing market prices and the timing of any sales or distribution of securities and may also be constrained by lock-up agreements. None of the FireEye related investments currently are subject to a lock-up agreement.

(1)	Because of the diverse nature of energy and resource innovation products and services, for our loan-related reporting purposes, ERI-related loans are reported under our hardware, software and internet, life science & healthcare and other commercial loan categories, as applicable.

(2)	Included in our premium wine portfolio are gross construction loans of $112 million, $112 million, $148 million, $111 million and $119 million at December 31, 2014, 2013, 2012, 2011 and 2010, respectively.

(3)	Consumer loans secured by real estate at December 31, 2014, 2013, 2012, 2011 and 2010 were comprised of the following:

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(4)	Construction loans consist of low income housing loans made to fulfill our responsibilities under the Community Reinvestment Act and are primarily secured by real estate.

(5)	Unearned income, net of deferred costs, was $104 million, $89 million, $77 million, $60 million and $46 million in 2014, 2013, 2012, 2011 and 2010, respectively.

(6)	Included within our total loan portfolio are credit card loans of $131 million, $85 million, $64 million, $50 million and $33 million at December 31, 2014, 2013, 2012, 2011 and 2010, respectively.

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(1)	Represents loan category as a percentage of total gross loans as of year-end.

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(1)	The “Reserve for unfunded credit commitments” is included as a component of other liabilities. See “Provision for Unfunded Credit Commitments” above for a discussion of the changes to the reserve.

(2)	Includes unfunded loan commitments and letters of credit.

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(1)	See “Derivatives” section below.

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(1)	Of the 1,478 company warrants held as of December 31, 2014, 25 companies made up approximately 35% of the fair value of the portfolio at December 31, 2014.

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(1)	As part of our liquidity risk management practices, we periodically test availability and access to overnight borrowings in the Fed Funds market. These balances represent short-term borrowings.

(2)	Represents cash collateral received from certain counterparties in relation to market value exposures of derivative contracts in our favor and our interest rate swap agreement related to our 6.05% Subordinated Notes.

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(1)	See “Derivatives” section above.

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(1)	See below for a reconciliation of non-GAAP tangible common equity to tangible assets and tangible common equity to risk-weighted assets.

(2)	The FRB has not issued any minimum guidelines for the tangible common equity to tangible assets ratio or the tangible common equity to risk-weighted assets ratio. However, we believe these ratios provide meaningful supplemental information regarding our capital levels and are therefore provided above.

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(1)	Our risk-weighted assets for 2012 reflect a refinement in our determination of risk rating for certain unfunded credit commitments related to the contractual borrowing base.

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(1)

See Note 7–“Investment Securities” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 in this report, for further disclosure related to non-marketable and other securities. Subject to applicable regulatory requirements, including the Volcker Rule (See "Business - Supervision and Regulation" under Part I, Item 1 in this report), we make commitments to invest in venture capital and private equity funds, which in turn make investments generally in, or in some cases make loans to, privately-held companies . Commitments to invest in these funds are generally made for a 10-year period from the inception of the fund. Although the limited partnership agreements governing these investments typically do not restrict the general partners from calling 100% of committed capital in one year, it is customary for these funds to generally call most of the capital commitments over 5 to 7 years; however in certain cases, the funds may not call 100% of committed capital over the life of the fund. The actual timing of future cash requirements to fund these commitments is generally dependent upon the investment cycle, overall market conditions, and the nature and type of industry in which the privately held companies operate.

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(1)	Cash and cash equivalents at December 31, 2014 included $15.0 million recognized in assets held-for-sale in conjunction with the SVBIF Sale Transaction.

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1.	Nature of Business

2.	Summary of Significant Accounting Policies

1.	We have the power to direct the activities of the VIE that most significantly impact the entity’s economic performance;

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2.	The aggregate indirect and direct variable interests held by the Company have the obligation to absorb losses or the right to receive benefits from the entity that could be significant to the VIE; and,

3.	Qualitative and quantitative factors regarding the nature, size, and form of our involvement with the VIE.

•	The length of time and the extent to which the fair value has been less than the amortized cost basis (severity and duration);

•	Adverse conditions specifically related to the security, an industry, or geographic area; for example, changes in the financial condition of the issuer of the security, or in the case of an asset-backed debt security, changes in the financial condition of the underlying loan obligors. Examples of those changes include any of the following:

◦	Changes in technology;

◦	The discontinuance of a segment of the business that may affect the future earnings potential of the issuer or underlying loan obligors of the security; and

◦	Changes in the quality of the credit enhancement.

•	The historical and implied volatility of the fair value of the security;

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•	The payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future;

•	Failure of the issuer of the security to make scheduled interest or principal payments;

•	Any changes to the rating of the security by a rating agency; and

•	Recoveries or additional declines in fair value after the balance sheet date.

•	Funds of funds; which make investments in venture capital and private equity funds;

•	Direct venture funds; which make equity investments in privately held companies.

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•	Equity securities, such as preferred or common stock in privately-held companies in which we hold a voting interest of at least 20 percent but less than 50 percent or in which we have the ability to exercise significant influence over the investees' operating and financial policies, are accounted for under the equity method.

•	Investments in limited partnerships in which we hold voting interests of more than 5 percent, but less than 50 percent or in which we have the ability to exercise significant influence over the partnerships' operating and financial policies are accounted for using the equity method.

•	Our China joint venture partnership, for which we have 50 percent ownership, is accounted for under the equity method.

•	Equity securities, such as preferred or common stock in privately-held companies in which we hold an ownership interest of less than 20 percent and in which we do not have the ability to exercise significant influence over the investees' operating and financial policies, are accounted for under the cost method.

•	Investments in limited partnerships in which we hold voting interests of less than 5 percent and in which we do not have the ability to exercise significant influence over the partnerships' operating and financial policies, are accounted for under the cost method. These non-marketable securities include investments in venture capital and private equity funds.

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•	Changes in lending policies and procedures, including underwriting standards and collections, and charge-off and recovery practices;

•	Changes in national and local economic business conditions, including the market and economic condition of our clients' industry sectors;

•	Changes in the nature of our loan portfolio;

•	Changes in experience, ability, and depth of lending management and staff;

•	Changes in the trend of the volume and severity of past due and classified loans;

•	Changes in the trend of the volume of nonaccrual loans, troubled debt restructurings, and other loan modifications;

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•	Reserve floor for portfolio segments that would not draw a minimum reserve based on the lack of historical loan loss experience;

•	Reserve for large funded loan exposure; and

•	Other factors as determined by management from time to time.

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•	An underlying asset value, which is estimated based on current information available, including any information regarding subsequent rounds of funding.

•	Stated strike price, which can be adjusted for certain warrants upon the occurrence of subsequent funding rounds or other future events.

•

Price volatility or the amount of uncertainty or risk about the magnitude of the changes in the warrant price. The volatility assumption is based on historical price volatility of publicly traded companies within indices similar in nature to the underlying client companies issuing the warrant. The actual volatility input is based on the mean and median volatility for an individual public company within an index for the past 16 quarters, from which an average volatility was derived.

•

Actual data on cancellations and exercises of our warrants are utilized as the basis for determining the expected remaining life of the warrants in each financial reporting period. Warrants may be exercised in the event of acquisitions, mergers or IPOs, and cancelled due to events such as bankruptcies, restructuring activities or additional financings. These events cause the expected remaining life assumption to be shorter than the contractual term of the warrants.

•	The risk-free interest rate is derived from the Treasury yield curve and is calculated based on a weighted average of the risk-free interest rates that correspond closest to the expected remaining life of the warrant.

•	Other adjustments, including a marketability discount, are estimated based on management's judgment about the general industry environment.

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3.	Stockholders’ Equity and EPS

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4.	Share-Based Compensation

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5.	Reserves on Deposit with the Federal Reserve Bank and Federal Bank Stock

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6.	Cash and Cash Equivalents

(1)	At December 31, 2014 and 2013, $861 million and $715 million, respectively, of our cash and due from banks was deposited at the FRB and was earning interest at the Federal Funds target rate, and interest-earning deposits in other financial institutions were $440 million and $300 million, respectively.

(2)	At December 31, 2014 and 2013, securities purchased under agreements to resell were collateralized by U.S. Treasury securities and U.S. agency securities with aggregate fair values of $98 million and $176 million, respectively. None of these securities were sold or repledged as of December 31, 2014 and 2013.

7.	Investment Securities

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(1)

As of December 31, 2014, we identified a total of 115 investments that were in unrealized loss positions, of which 33 investments totaling $961.2 million with unrealized losses of $19.8 million have been in an impaired position for a period of time greater than 12 months. As of December 31, 2014, we do not intend to sell any impaired fixed income investment securities prior to recovery of our adjusted cost basis, and it is more likely than not that we will not be required to sell any of our securities prior to recovery of our adjusted cost basis. Based on our analysis as of December 31, 2014, we deem all impairments to be temporary, and therefore changes in value for our temporarily impaired securities as of the same date are included in other comprehensive income. Market valuations and impairment analyses on assets in the available-for-sale securities portfolio are reviewed and monitored on a quarterly basis.

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(1)	Consists of pools of Small Business Investment Company debentures issued and guaranteed by the U.S. Small Business Administration, an independent agency of the United States.

(1)	Represents securities in an unrealized loss position for twelve months or longer in which the amortized cost basis was re-set for those securities re-designated from AFS to HTM effective June 1, 2014.

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(2)

As of December 31, 2014, we identified a total of 292 investments that were in unrealized loss positions, of which 26 investments totaling $783.6 million with unrealized losses of $5.2 million have been in an impaired position for a period of time greater than 12 months. As of December 31, 2014, we do not intend to sell any impaired fixed income investment securities prior to recovery of our adjusted cost basis, and it is more likely than not that we will not be required to sell any of our securities prior to recovery of our adjusted cost basis, which is consistent with our classification of these securities. Based on our analysis as of December 31, 2014, we deem all impairments to be temporary. Market valuations and impairment analyses on assets in the held-to-maturity securities portfolio are reviewed and monitored on a quarterly basis.

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(1)	The following table shows the amounts of venture capital and private equity fund investments held by the following consolidated funds and our ownership percentage of each fund at December 31, 2014 and December 31, 2013 (fair value accounting):

(i)	At December 31, 2014, we had a direct ownership interest of 1.3 percent and an indirect ownership interest of 3.8 percent in the fund through our ownership interest of SVB Strategic Investors Fund II, LP.

(ii)	At December 31, 2014, we had a direct ownership interest of 41.5 percent and indirect ownership interests of 12.6 percent and 4.1 percent in the fund through our ownership interest of SVB Capital—NT Growth Partners, LP and SVB Capital Preferred Return Fund, LP, respectively.

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(2)	The following table shows the amounts of other venture capital investments held by the following consolidated funds and our ownership percentage of each fund at December 31, 2014 and December 31, 2013 (fair value accounting):

(i)	At December 31, 2014, we had a direct ownership interest of 1.3 percent and an indirect ownership interest of 3.8 percent in the fund through our ownership of SVB Strategic Investors Fund II, LP.

(3)

Investments classified as other securities (fair value accounting) represent direct equity investments in public companies held by our consolidated funds. At December 31, 2014, the amount primarily includes total unrealized gains of $75 million in one public company, FireEye. The extent to which any unrealized gains (or losses) will become realized is subject to a variety of factors, including, among other things, changes in prevailing market prices and the timing of any sales or distribution of securities and may also be constrained by lock-up agreements. None of the FireEye related investments currently are subject to a lock-up agreement.

(4)	The following table shows the carrying value and our ownership percentage of each investment at December 31, 2014 and December 31, 2013 (equity method accounting):

(i)	At December 31, 2014, we had a direct ownership interest of 11.5 percent in the fund and an indirect interest in the fund through our investment in Gold Hill Capital 2008, LLC of 4.0 percent.

(5)

Represents investments in 281 and 288 funds (primarily venture capital funds) at December 31, 2014 and December 31, 2013, respectively, where our ownership interest is less than 5% of the voting interests of each such fund and in which we do not have the ability to exercise significant influence over the partnerships operating activities and financial policies. The carrying value, and estimated fair value, of these venture capital and private equity fund investments (cost method accounting) was $141 million, and $234 million, respectively, as of December 31, 2014. The carrying value, and estimated fair value, of the venture capital and private equity fund investments (cost method accounting) was $149 million, and $215 million, respectively, as of December 31, 2013.

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(1)	Includes realized gains (losses) on sales of available-for-sale securities that are recognized in the income statement. Unrealized gains (losses) on available-for-sale securities are recognized in other comprehensive income. The cost basis of available-for-sale securities sold is determined on a specific identification basis.

(2)

Includes OTTI of $0.8 million from the declines in value for 27 of the 281 investments, $1.4 million from the declines in value for 43 of the 288 investments, and $1.0 million from the declines in value for 46 of the 324 investments held at December 31, 2014, 2013, and 2012, respectively. We concluded that any declines in value for the remaining investments were temporary, and as such, no OTTI was required to be recognized.

(3)	No OTTI was recognized for the year ended December 31, 2014. We concluded that any declines in value for the investments were temporary, and as such, no OTTI was required to be recognized. There was $3.9 million of OTTI recognized for the year ended December 31, 2013 on a single direct equity investment and there was no recognized OTTI for the year ended December 31, 2012.

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8.	Loans and Allowance for Loan Losses

(1)	Included in our premium wine portfolio are gross construction loans of $112 million at both December 31, 2014 and 2013.

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(2)	Consumer loans secured by real estate at December 31, 2014 and 2013 were comprised of the following:

(3)	Included within our total loan portfolio are credit card loans of $131 million and $85 million at December 31, 2014 and 2013, respectively.

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(1)	During 2014 we had no partial charge-offs. In 2013 and 2012 we had partial charge-offs of $11.1 million and $14.3 million respectively, on loans classified as TDRs.

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9.	Premises and Equipment

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10.	Disposal - Assets Held-for-Sale

(1)	The total impairment loss is included in noninterest income in our Global Commercial Bank operating segment as reported in Note 21—”Segment Reporting” of the “Notes to Consolidated Financial Statements” under Part II, Item 8 of this report.

(1)	Net assets of $44.3 million are included in our Global Commercial Bank operating segment as reported in Note 21—”Segment Reporting” of the “Notes to Consolidated Financial Statements” under Part II, Item 8 of this report.

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11.	Deposits

12.	Short-Term Borrowings and Long-Term Debt

(1)	Represents cash collateral received from certain counterparties in relation to market value exposures of derivative contracts in our favor, which includes an interest rate swap agreement related to our 6.05% Subordinated Notes.

(2)	At December 31, 2014 and 2013, included in the carrying value of our 6.05% Subordinated Notes were $4.6 million and $6.5 million, respectively, related to hedge accounting associated with the notes.

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13.	Derivative Financial Instruments

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(1)	Cash collateral received from our counterparties in relation to market value exposures of derivative contracts in our favor is recorded as a component of “short-term borrowings” on our consolidated balance sheets.

(2)	Net exposure for contracts in a gain position reflects the replacement cost in the event of nonperformance by all such counterparties. The credit ratings of our institutional counterparties as of December 31, 2014 remain at investment grade or higher and there were no material changes in their credit ratings for the year ended December 31, 2014.

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(1)	Primarily represents the change in fair value of loan conversion options.

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14.	Other Noninterest (Loss) Income and Other Noninterest Expense

(1)	Represents the revaluation of foreign currency denominated financial instruments issued and held by us, primarily loans, deposits and cash.

(2)	Includes dividends on FHLB/FRB stock, correspondent bank rebate income and other fee income.

15.	Income Taxes

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16.	Employee Compensation and Benefit Plans

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17.	Related Parties

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18.	Off-Balance Sheet Arrangements, Guarantees and Other Commitments

(1)	Represents commitments which are available for funding, due to clients meeting all collateral, compliance and financial covenants required under loan commitment agreements.

(2)	See below for additional information on our commercial and standby letters of credit.

(3)	Represents commitments which are currently unavailable for funding, due to clients failing to meet all collateral, compliance and financial covenants under loan commitment agreements.

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(4)	We extend credit under accounts receivable factoring arrangements when our clients’ sales invoices are deemed creditworthy under existing underwriting practices.

(5)	Our reserve for unfunded credit commitments includes an allowance for both our unfunded loan commitments and our letters of credit.

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(1)	Our ownership includes direct ownership of 1.3 percent and indirect ownership of 3.8 percent through our investment in SVB Strategic Investors Fund II, LP.

(2)	Our ownership includes direct ownership of 41.5 percent and indirect ownership interests of 12.6 percent and 4.1 percent in the fund through our ownership interest of SVB Capital - NT Growth Partners, LP and SVB Capital Preferred Return Fund, LP, respectively.

(3)	Represents commitments to 286 funds (primarily venture capital funds) where our ownership interest is generally less than 5 percent of the voting interests of each such fund.

(4)	We are subject to the Volcker Rule which restricts or limits us from sponsoring or having ownership interests in “covered” funds including venture capital and private equity funds. See “Business - Supervision and Regulation” under Part I, Item 1 in this report.

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19.	Fair Value of Financial Instruments

(1)	Included in Level 1 and Level 3 assets are $100 million and $1.1 billion, respectively, attributable to noncontrolling interests calculated based on the ownership percentages of the noncontrolling interests.

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(1)	Included in Level 1 and Level 3 assets are $2 million and $1.1 billion, respectively, attributable to noncontrolling interests calculated based on the ownership percentages of the noncontrolling interests.

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(1)	Realized and unrealized gains, net are recorded on the line items “gains on investment securities, net”, and “other noninterest income”, components of noninterest income.

(2)	Realized and unrealized gains are recorded on the line item “gains on derivative instruments, net”, a component of noninterest income.

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(1)	2013 included total unrealized valuation gains of $219 million attributable to two of our portfolio companies, FireEye and Twitter.

(2)	Unrealized gains are recorded on the line items “gains on investment securities, net”, and “other noninterest income”, components of noninterest income.

(3)	Unrealized gains are recorded on the line item “gains on derivative instruments, net”, a component of noninterest income.

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(1)

In determining the fair value of our other venture capital investment portfolio, we evaluate a variety of factors related to each underlying private portfolio company including, but not limited to, actual and forecasted results, cash position, recent or planned transactions and market comparable companies. Additionally, we have ongoing communication with the portfolio companies and venture capital fund managers, to determine whether there is a material change in fair value. These factors are specific to each portfolio company and a weighted average or range of values of the unobservable inputs is not meaningful.

(2)	We adjust quoted market prices of public companies which are subject to certain sales restrictions. Sales restriction discounts generally range from 10 percent to 20 percent depending on the duration of the sales restrictions which typically range from 3 to 6 months.

(3)

Our marketability discount is applied to all private company warrants to account for a general lack of liquidity due to the private nature of the associated underlying company. The quantitative measure used is based on long-run averages and is influenced over time by various factors, including market conditions. On a quarterly basis, a sensitivity analysis is performed on our marketability discount.

(4)

We adjust the contractual remaining term of private company warrants based on our best estimate of the actual remaining life, which we determine by utilizing historical data on cancellations and exercises. At December 31, 2014, the weighted average contractual remaining term was 2.7 years, compared to our estimated remaining life of 5.9 years. On a quarterly basis, a sensitivity analysis is performed on our remaining life assumption.

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(1)	Includes noninterest-bearing demand deposits, interest-bearing checking accounts, money market accounts and interest-bearing sweep deposits.

(2)	At December 31, 2014 and 2013, included in the carrying value and estimated fair value of our 6.05% Subordinated Notes was $4.6 million and $6.5 million, respectively, related to hedge accounting associated with the notes.

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(1)

Venture capital and private equity fund investments within non-marketable and other securities (fair value accounting) include investments made by our managed funds of funds and one of our direct venture funds. These investments represent investments in venture capital and private equity funds that invest primarily in U.S. and global technology and life science & healthcare companies. Included in the fair value and unfunded commitments of fund investments under fair value accounting are $1.0 billion and $459 million, respectively, attributable to noncontrolling interests. It is estimated that we will receive distributions from the fund investments over the next 10 to 13 years, depending on the age of the funds and any potential extensions of terms of the funds.

(2)

Other investments within non-marketable securities (equity method accounting) include investments in debt funds and venture capital and private equity fund investments that invest in or lend money to primarily U.S. and global technology and life science & healthcare companies. It is estimated that we will receive distributions from the fund investments over the next 10 to 13 years, depending on the age of the funds.

(3)

Venture capital and private equity fund investments within non-marketable securities (cost method accounting) include investments in venture capital and private equity fund investments that invest primarily in U.S. and global technology and life science & healthcare companies. It is estimated that we will receive distributions from the fund investments over the next 10 to 13 years, depending on the age of the funds and any potential extensions of the terms of the funds.

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20.	Regulatory Matters

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21.	Segment Reporting

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•	Global Commercial Bank is comprised of results from the following:

◦

Our Commercial Bank products and services are provided by the Bank and its subsidiaries to commercial clients in the technology, life science & healthcare and private equity/venture capital industries. The Bank provides solutions to the financial needs of commercial clients, through credit, global treasury management, foreign exchange, global trade finance, and other services. It broadly serves clients within the United States, as well as non-U.S. clients in key international innovation markets. In addition, the Bank and its subsidiaries offer a variety of investment services and solutions to its clients that enable them to effectively manage their assets.

◦	Our Private Equity Division provides banking products and services primarily to our private equity and venture capital clients.

◦

SVB Wine provides banking products and services to our premium wine industry clients, including vineyard development loans. This practice is formerly known as SVB Specialty Lending and included our Community Development Finance practice which makes loans as part of our responsibilities under the Community Reinvestment Act. During the third quarter of 2014, management realigned the organizational structure of our Community Development Finance practice in order to improve its oversight and compliance for loans made as part of our responsibilities under the Community Reinvestment Act. This practice, formerly included in the GCB results, has been moved into "Other Items". Prior period results have been recast to conform to the new composition of these reportable segments and had no material effect on either the Global Commercial Bank or Other reporting segments.

◦	SVB Analytics provides equity valuation services to companies and private equity/venture capital firms.

◦	Debt Fund Investments is comprised of our investments in debt funds in which we are a strategic investor.

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SVB Private Bank is the private banking division of the Bank, which provides a range of personal financial solutions for consumers. Our clients are primarily private equity/venture capital professionals and executive leaders of the innovation companies they support. We offer a customized suite of private banking services, including mortgages, home equity lines of credit, restricted stock purchase loans, capital call lines of credit and other secured and unsecured lending, as well as cash and wealth management services.

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SVB Capital is the venture capital investment arm of SVBFG, which focuses primarily on funds management. SVB Capital manages funds (primarily venture capital funds) on behalf of third party limited partners and, on a more limited basis, SVB Financial Group. The SVB Capital family of funds is comprised of direct venture funds that invest in companies and funds of funds that invest in other venture capital funds. SVB Capital generates income for the Company primarily through investment returns (including carried interest) and management fees.

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(1)	Global Commercial Bank’s and SVB Capital’s components of net interest income, noninterest income, noninterest expense and total average assets are shown net of noncontrolling interests for all periods presented. Noncontrolling interest is included within "Other Items".

(2)

The "Other Items" column reflects the adjustments necessary to reconcile the results of the operating segments to the consolidated financial statements prepared in conformity with GAAP. Noninterest income is primarily attributable to noncontrolling interests and gains on equity warrant assets. Noninterest expense primarily consists of expenses associated with corporate support functions such as finance, human resources, marketing, legal and other expenses. Additionally, average assets primarily consist of cash and cash equivalents and loans from our Community Development Finance practice as part of our responsibilities under the Community Reinvestment Act.

(3)	The Global Commercial Bank segment includes direct depreciation and amortization of $20.9 million, $18.7 million and $14.4 million for 2014, 2013 and 2012, respectively.

(4)	The internal reporting model used by management to assess segment performance does not calculate income tax expense by segment. Our effective tax rate is a reasonable approximation of the segment rates.

(5)	Total average assets equals the greater of total average assets or the sum of total liabilities and total stockholders’ equity for each segment.

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23.	Unaudited Quarterly Financial Data

24.	Legal Matters

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25.	Subsequent Events

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ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM	9A. CONTROLS AND PROCEDURES

(a)	Disclosure Controls and Procedures

(b)	Internal Control Over Financial Reporting

ITEM 9B.	OTHER INFORMATION

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ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 11.	EXECUTIVE COMPENSATION

ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT, AND RELATED STOCKHOLDER MATTERS

(1)	Represents options granted under our 2006 Equity Incentive Plan. This number does not include securities to be issued for unvested restricted stock units of 614,666 shares.

(2)	Includes shares available for issuance under our 2006 Equity Incentive Plan and 566,199 shares available for issuance under the 1999 Employee Stock Purchase Plan. This amount excludes securities already granted under our 2006 Equity Incentive Plan (as discussed above).

ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 14.	PRINCIPAL ACCOUNTING FEES AND SERVICES

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ITEM 15.	EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a)	Financial Statements and Exhibits:

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