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SVB Financial sees Q3 EPS increase YOY, updates full-year outlook

Santa Clara, Calif.-based SVB Financial Group reported third-quarter consolidated net income available to common stockholders of $267.3 million, or $5.15 per share, compared to $274.8 million, or $5.10 per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was $5.04.

The company's net interest margin for the three months ended Sept. 30 came to 3.34%, down from the third-quarter 2018 net interest margin of 3.62%.

Average loans, net of unearned income, increased to $29.82 billion from $26.33 billion in the prior-year quarter, while average total deposits came to $57.24 billion, compared to $49.10 billion for the 2018 third quarter. The bank's average total assets increased to $65.33 billion, from $56.47 billion in the third quarter of 2018.

Gross loan charge-offs for the three months ended Sept. 30 were $36.8 million, compared to $22.2 million for the year-ago quarter. The company's third-quarter provision for loan losses amounted to $36.0 million, compared to $19.4 million for the same period in 2018.

The company also updated its full-year 2019 outlook. It increased its average deposit balance growth outlook to low teens from the previous outlook of low double digits. The net interest income growth outlook was decreased to low double digits from the previous outlook of low teens. The outlook for net interest margin was lowered to between 3.50% and 3.60%, from the previous outlook of between 3.60% and 3.70%.

Additionally, SVB Financial provided its preliminary full-year 2020 outlook based on various management assumptions, including no changes in the Federal Reserve or Libor rates, and no material deterioration in the overall economy. The company is expecting average loan balance growth in the low teens and average deposit balance growth in the low double digits. It anticipates net interest income growth in the low single digits and net interest margin between 3.20% and 3.30%. Net loan charge-offs are expected to be between 0.20% and 0.40% of average total gross loans.

On Oct. 24, SVB Financial's board authorized a new stock repurchase program under which the company may repurchase up to $350 million of its outstanding common stock. The program expires Oct. 29, 2020.