SVB Financial Group Announces Completion of Restatement
Company news | December 30, 2005
"We are extremely pleased to have completed our restatement and filed the last of our outstanding quarterly reports," said Chief Financial Officer, Jack Jenkins-Stark. "I am grateful to the team of employees whose diligence, dedication and sacrifice in managing the restatement activities brought us to this successful conclusion.
"As a company, we are proud that, despite the time and attention required by the restatement, we have successfully retained our focus on performance and have continued to deliver outstanding operational results."
Selected Financial Highlights
A summary of selected restated financial data over the restatement period and the second and third quarters of 2005 is set forth below:
Stockholders' Equity (Dollars in Millions) For the years ended December 31, For the quarters ended March June Sept. 31, 30, 30, 2000 2001 2002 2003 2004 2005 2005 2005 Previous $614.1 $627.5 $590.4 $447.0 $532.3 $516.9 N/A N/A Restated $616.0 $637.0 $601.9 $458.0 $541.9 $527.1 N/A N/A Actual N/A N/A N/A N/A N/A N/A $532.9 $545.8 Increase $1.9 $9.5 $11.6 $10.9 $9.7 $10.2 N/A N/A Net Income (Dollars in Millions) For the years ended December 31, For the quarters ended March June Sept. 31, 30, 30, 2000 2001 2002 2003 2004 2005 2005 2005 Previous $159.1 $88.2 $53.4 $12.0 $65.4 $24.2 N/A N/A Restated 160.3 98.0 54.5 13.0 63.9 22.9 N/A N/A Actual N/A N/A N/A N/A N/A N/A $ 20.9 $23.1 Difference 1.2 9.8 1.1 1.0 (1.5) (1.3) N/A N/A Earnings per Common Share - Diluted For the years ended December 31, For the quarters ended March June Sept. 31, 30, 30, 2000 2001 2002 2003 2004 2005 2005 2005 Previous $3.23 $1.79 $1.18 $0.32 $1.74 $0.62 N/A N/A Restated 3.26 1.99 1.21 0.35 1.70 0.59 N/A N/A Actual N/A N/A N/A N/A N/A N/A $0.54 $0.60 Increase/ (Decrease) 0.03 0.20 0.03 0.03 (0.04) (0.03) N/A N/A 2005 Quarterly Highlights (Dollars in Millions) For the quarters ended March 31, June 30, September 30, 2005 2005 2005 Total Average Assets $5,131.9 $5,040.7 $5,288.3 Return on Average Assets 1.81% 1.66% 1.73% Return on Average Equity 17.17 15.90 16.93
As previously disclosed, the company has received notices from The Nasdaq Stock Market indicating that its securities were subject to delisting due to the delayed filing of its quarterly reports on Form 10-Q for the quarters ended June 30, 2005 and September 30, 2005. As a result of an appeal hearing, the Nasdaq Listings Qualifications Panel determined to continue the listing of the company's securities so long as the company filed all four required reports with the SEC by December 28, 2005. The company recently requested an extension of that deadline but has not received a response from the Panel as of the issuance of this release and is awaiting a determination as to its potential delisting.
The company will host a conference call today, Friday, December 30, 2005, at 2:00 p.m. (PST) to discuss the results of the restatement process. The conference call can be accessed by dialing 877-630-8512 and referencing the pass code "Silicon Valley Bank." A digitized replay of the conference call will be available beginning at approximately 4:30 p.m. (PST) on Friday, December 30, 2005, through 11:59 p.m. (PST), Wednesday, February 1, 2006, by dialing 1-866-403-7118. A listen-only, live webcast can be accessed on the Investor Relations page of the Company's website at www.svb.com. A replay of the webcast will also be available on www.svb.com for 12 months following the call.
About SVB Financial Group
For more than twenty years, SVB Financial Group, formerly Silicon ValleyBancshares, has been dedicated to helping entrepreneurs succeed. SVB Financial Group is a financial holding company that serves emerging growth and mature companies in the technology, life science, private equity and premium wine industries. Headquartered in Santa Clara, Calif., SVB Financial Group provides clients with commercial, investment, international and private banking services. The company also offers funds management, broker-dealer transactions, asset management and a full range of services for private equity companies, as well as the added value of its knowledge and networks worldwide. More information on the company can be found at www.svb.com.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the statement made above about the company's expectation of Nasdaq removing the appended "E" from its securities trading symbols, and its completion of the restatement. Management has in the past and might in the future make forward-looking statements orally to analysts, investors, the media and others. Forward-looking statements are statements that are not historical facts. Although management believes that the expectations reflected in these forward-looking statements are reasonable, and it has based these expectations on its beliefs,as well as its assumptions, such expectations may prove to be incorrect. Actual results could differ significantly from those expressed in or implied by management's forward-looking statements, due to the potential delisting of the company's securities despite the completed filings, the actual audit ofthe quarterly results, as well as changes in economic, business and regulatoryfactors and trends. For information with respect to factors that could causeactual results to differ from the expectations stated in the forward-looking statements, refer to the section entitled "Factors That May Affect Future Results" included under Item 7A of Part I of the company's amended Annual Report on Form 10-K/A for the fiscal year ended December 31, 2004, as well as the section entitled "Risk Factors" under Item 1A of Part II of the company's quarterly reports on Form 10-Q for the fiscal quarters ended June 30, 3005 and September 30, 2005. All subsequent written or oral forward-looking statements attributable to the company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements included in this release are made only as of the date of this release. The company does not intend, and undertakes no obligation, to update these forward-looking statements.