FCNCP

• Strategic priorities for 2026 include deepening client relationships, developing/retaining/recruiting talent, optimizing the balance sheet, and investing in the franchise. - In 2025, progress was made in improving customer support in the general bank, investing in digital capabilities, expanding the wealth business, and simplifying the commercial bank's organizational structure. - Balance sheet optimization in 2025 saw capital ratios move closer to long-term targets, core deposits grow, and the start of repaying the purchase money note. - Lori Rupp, Chief Risk Officer, intends to retire in June 2026 and will be replaced by Tom Eckland.

• Loans: First quarter expected to be in the $148 billion to $151 billion range; full year expected to be in the $153 billion to $157 billion range. - Deposits: First quarter expected to be in the $164 billion to $167 billion range; full year expected to be in the $181 billion to $186 billion range. - Net interest income: First quarter expected to be in the range of $1.6 billion to $1.7 billion; full year expected to be in the range of $6.5 billion to $6.9 billion. - Credit losses: First quarter expected to be in the range of 35 to 45 basis points; full year expected to be in the same range. - Noninterest income: First quarter expected to be in the range of $500 million to $530 million; full year expected to be in the range of $2.1 billion to $2.2 billion. - Noninterest expense: First quarter expected to be in the range of $1.34 billion to $1.38 billion; full year expected to be in the range of $5.37 billion to $5.46 billion.

In the fourth quarter, loans were up $3.2 billion or 2.2% compared to the linked quarter, driven mostly by the global fund banking business. Deposits were down sequentially by $1.1 billion or 1%, but average deposits were up by $2.26 billion or 1.6% due to broad growth in the general and commercial bank segments. Adjusted earnings per share were $51.27, adjusted ROE was 11.93%, and adjusted ROA was 1.1%. SVB Commercial was consolidated into the commercial bank segment during the quarter, but key metrics like loans, deposits, and off-balance-sheet client funds at the SVB commercial level are still reported.

• Macro and geopolitical uncertainties. - Interest rate volatility. - Competitive pressure on lending spreads. - Competition for deposits.

Q: Chris McGratty asked about the rate guide and NII margin.

A: Craig Nix stated the baseline forecast calls for two rate cuts in June and October, with headline and ex-purchase accounting net interest income expected to trough in 2026, and provided details on NIM trajectory.

Q: Anthony Iulian inquired about SVB total client fund growth.

A: Marc Einerman mentioned growth in total client funds is a function of improving venture investment and innovation economy activity, and the ability to capture continues to improve.

Q: Casey Haire asked about the purchase money note and loan growth.

A: Craig Nix and Tom Eklund discussed the payment pace related to loan collateral and loan growth moderation, with the 500 million to 1 billion being the minimum payment on the purchase money note and loan growth moderating due to factors like loan collateral nature.