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SVB Financial Group 8-K 2009

Documents found in this filing:

  1. 8-K
  2. 8-K
Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 2, 2009

SVB Financial Group

(Exact name of registrant as specified in its charter)

 

Delaware   000-15637   91-1962278
(State or other jurisdiction of incorporation)   (Commission File Number)   (I.R.S. Employer Identification No.)

3003 Tasman Drive, Santa Clara, CA 95054-1191

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (408) 654-7400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

[    ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

[    ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.142-12)

 

[    ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

[    ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 8.01 Other Events.

On March 2, 2009, SVB Financial Group (the “Company”) filed with the Securities and Exchange Commission its Annual Report on Form 10-K for the year ended December 31, 2008 (“10-K”). The financial results for the fourth quarter and year ended December 31, 2008 reported in the 10-K reflects a decrease in net income of $1.2 million since January 22, 2009, the date on which the Company issued its press release announcing its preliminary financial results (“Press Release”). The decrease in net income was due to an increase to the Company’s allowance for loan losses as of December 31, 2008, which had an impact on the Company’s provision for loan losses, incentive compensation expense, income tax expense, overall net income and earnings per share, as well as related earnings and asset quality ratios. The following table highlights certain revised items related to this change in our overall consolidated statements of income and balance sheets for the fourth quarter and year ended December 31, 2008:

 

       Three months ended December 31, 2008    Year ended December 31, 2008

(Dollars in thousands, except EPS)

     As reported in
Press Release
   As reported in
10-K report
   As reported in
Press Release
   As reported in
10-K report

INCOME STATEMENT

             

Provision for loan losses

     $ 67,257    $ 70,957    $ 97,013    $ 100,713

Compensation and benefits expense

       24,977      23,877      178,415      177,315

Net income

       3,638      2,422      79,844      78,628

Net income available to common stockholders

       2,931      1,715      79,137      77,921

Earnings per common share—diluted

       0.09      0.05      2.33      2.29

BALANCE SHEET

             

Allowance for loan losses

     $ 103,696    $ 107,396    $ 103,696    $ 107,396

Total assets

       10,023,208      10,020,892      10,023,208      10,020,892


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: March 2, 2009     SVB FINANCIAL GROUP
      By:   /S/ MICHAEL DESCHENEAUX
     

Name: Michael Descheneaux

Title: Chief Financial Officer

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