SVB Financial Group Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2017; Provides Earnings Guidance for the Fiscal Year Ending December 31, 2018; Provides Net Loan Charge-Offs Guidance for the Fiscal Year Ending December 31, 2018
For the year, the company reported consolidated net income available to common stockholders was $490.5 million or $9.20 per diluted common share compared to $382.7 million, or $7.31 per diluted common share a year ago. Net interest income (fully taxable equivalent basis) of $1,420.4 million compared to $1,150.5 million a year ago. Noninterest income of $557.2 million compared to $456.6 million a year ago. Non-GAAP core fee income of $379.0 million compared to $316.2 million a year ago. Return on average assets (annualized) of 1.01% compared to 0.87% a year ago. Book value per common share was $79.11 against $69.71 a year ago.
For the quarter, the company reported net loan charge-offs of $12.9 million, or 23 basis points of average total gross loans (annualized) compared to $10.5 million, or 19 basis points.
For the fiscal year ending December 31, 2018, the company expects net interest income to increase at a percentage rate in the high teens. The company expects effective tax rate between 27.0% and 30.0%.
For the fiscal year ending December 31, 2018, the company expects net loan charge-offs between 0.30% and 0.50% of average total gross loans.