SVB Financial Group Announces Completion of Restatement
30 December 2005 - 8:45PM
PR Newswire (US)
Company to Host Conference Call on December 30, 2005 to Discuss
Restatement Results SANTA CLARA, Calif., Dec. 30
/PRNewswire-FirstCall/ -- SVB Financial Group (NASDAQ:SIVBE) today
announced the completion of its restatement efforts relating to
revisions in the accounting treatment for its portfolio of equity
warrant assets and other corrections to its accounting policies and
practices made in connection with the restatement process. Today,
the company filed with the Securities and Exchange Commission an
amended annual report on Form 10-K/A for the fiscal year ended
December 31, 2004 and an amended quarterly report on Form 10-Q/A
for the fiscal quarter ended March 31, 2005, which include restated
financial statements covering the years 2002, 2003 and 2004 and the
first quarter of 2005, and restated selected financial information
for 2000 and 2001. Additionally, the company filed its quarterly
reports on Form 10-Q for the quarters ended June 30, 2005 and
September 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 Nasdaq 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. Conference Call 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 http://www.svb.com/. A replay of
the webcast will also be available on http://www.svb.com/ for 12
months following the call. About SVB Financial Group For more than
twenty years, SVB Financial Group, formerly Silicon Valley
Bancshares, 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 http://www.svb.com/. Safe Harbor 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 of the quarterly results, as well as changes in economic,
business and regulatory factors and trends. For information with
respect to factors that could cause actual 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. DATASOURCE: SVB Financial Group CONTACT: Lisa Bertolet,
Investor Relations, +1-408-654-7282, or Meghan O'Leary, Public
Relations, +1-408-654-6364, both of SVB Financial Group Web site:
http://www.svb.com/
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