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Short-Term Borrowings and Long-Term Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Short-Term Borrowings and Long-Term Debt Short-Term Borrowings and Long-Term Debt The following table represents outstanding short-term borrowings and long-term debt as of December 31, 2022, and December 31, 2021:
   Carrying Value
(Dollars in millions)MaturityPrincipal value at December 31, 2022December 31, 2022December 31, 2021
Short-term borrowings:
Securities sold under agreements to repurchase (1)$525 $525 $61 
Other short-term borrowings(2)40 40 10 
FHLB advances13,000 13,000 — 
Total short-term borrowings$13,565 $71 
Long-term debt:
3.50% Senior Notes
January 29, 2025350 349 $349 
3.125% Senior Notes
June 5, 2030500 496 496 
1.800% Senior Notes
February 2, 2031500 495 494 
2.100% Senior Notes
May 15, 2028500 497 496 
1.800% Senior Notes
October 28, 2026650 646 645 
4.345% Senior Fixed Rate/Floating Rate Notes
April 29, 2028350 348 — 
4.570% Senior Fixed Rate/Floating Rate Notes
April 29, 2033450 448 — 
Junior subordinated debenturesVarious100 91 90 
FHLB advancesVarious2,000 2,000 — 
Total long-term debt$5,370 $2,570 
(1)Securities sold under repurchase agreements are effectively short-term borrowings collateralized by U.S. Treasury securities, U.S. agency securities and foreign government debt securities and contracted on an overnight basis. Our total unused and available borrowing capacity under our master repurchase agreements with various financial institutions totaled $35.0 billion at December 31, 2022.
(2)Represents cash collateral received from certain counterparties in excess of net derivative receivables balances.

The aggregate annual maturities of long-term debt obligations as of December 31, 2022, are as follows:
Year ended December 31,
(Dollars in millions)		Amount
2023$2,000 
2024— 
2025349 
2026646 
2027— 
2028 and thereafter2,375 
Total$5,370 
Interest expense related to short-term borrowings and long-term debt was $326 million, $48 million and $25 million in 2022, 2021 and 2020, respectively. The weighted average interest rate associated with our short-term borrowings was 2.9 percent as of December 31, 2022, and 0.2 percent as of December 31, 2021.
Short-term and Long-term Federal Credit Facilities
We have certain facilities in place to enable us to access short- and long-term borrowings on a secured and unsecured basis. Our secured facilities include collateral pledged to the FHLB of San Francisco and the discount window at the FRB (using both fixed income securities and loans as collateral). Our unsecured facility consists of our uncommitted federal funds lines. As of December 31, 2022, the Company had short-term FHLB advances totaling $13.0 billion and long-term FHLB advances of $2.0 billion, which consists of two $1 billion borrowings with maturities on November 1 and 2, 2023. The long-term borrowings pay monthly for loan backed collateral and semi-annually for securities backed collateral, with a net weighted average fixed rate of 4.69%. Collateral pledged to the FHLB of San Francisco was comprised primarily of fixed income investment securities and loans with a carrying value of $44.9 billion and $7.3 billion at December 31, 2022, and December 31, 2021, of which $25.9 billion and $6.3 billion was available to support additional borrowings at December 31, 2022, and December 31, 2021, respectively. As of December 31, 2022, collateral pledged to the discount window at the FRB was comprised of fixed income investment securities and had a carrying value of $5.3 billion, all of which was unused and available
to support additional borrowings. Our total unused and available borrowing capacity for our uncommitted federal funds lines totaled $3.2 billion at December 31, 2022.
Long-term Debt
3.50% Senior Notes
In January 2015, SVB Financial issued $350 million of 3.50% Senior Notes due in January 2025 ("3.50% Senior Notes"). We received net proceeds of approximately $346 million after deducting underwriting discounts and commissions and issuance costs. The balance of our 3.50% Senior Notes at December 31, 2022, was $349 million, which is reflective of $1 million of debt issuance costs and a discount of less than $1 million.
3.125% Senior Notes
On June 5, 2020, the Company issued $500 million of 3.125% Senior Notes due in June 2030 ("3.125% Senior Notes"). The 3.125% Senior Notes may be redeemed by us, at our option, at any time prior to March 5, 2030, at a redemption price equal to the full aggregate principal amount plus a “make-whole” premium payment. We received net proceeds from this offering of approximately $496 million after deducting underwriting discounts and commissions and issuance costs. The balance of our 3.125% Senior Notes at December 31, 2022, was $496 million, which is reflective of $4 million of debt issuance costs and a discount of less than $1 million.
1.800% Senior Notes
On February 2, 2021 the Company issued $500 million of 1.800% Senior Notes due February 2031 ("1.800% Senior Notes due 2031"), with interest payments starting August 2, 2021, and payable on February 2 and August 2 of each year. The notes are senior unsecured obligations of SVB Financial Group and rank equally with all of our other unsecured and unsubordinated indebtedness. We received net proceeds from this offering of approximately $494 million after deducting underwriting discounts and commissions and issuance costs. The balance of our 1.800% Senior Notes at December 31, 2022, was $495 million, which is reflective of $4 million of debt issuance costs and a $1 million discount.
2.100% Senior Notes
On May 13, 2021 the Company issued $500 million of 2.100% Senior Notes due May 2028 ("2.100% Senior Notes"), with interest payments starting November 15, 2021, and payable on May 15 and November 15 of each year. The notes are senior unsecured obligations of SVB Financial Group and rank equally with all of our other unsecured and unsubordinated indebtedness. We received net proceeds from this offering of approximately $496 million after deducting underwriting discounts and commissions and issuance costs. The balance of our 2.100% Senior Notes at December 31, 2022, was $497 million, which is reflective of $3 million of debt issuance costs and less than a $1 million discount.
1.800% Senior Notes
On October 28, 2021 the Company issued $650 million of 1.800% Senior Notes due October 2026 ("1.800% Senior Notes due 2026"), with interest payments starting April 28, 2022. The notes are senior unsecured obligations of SVB Financial Group and rank equally with all of our other unsecured and unsubordinated indebtedness. We received net proceeds from this offering of approximately $644 million after deducting underwriting discounts and commissions and issuance costs. The balance of our 1.800% Senior Notes at December 31, 2022, was $646 million, which is reflective of $3 million of debt issuance costs and a $1 million discount.
4.345% Senior Fixed Rate/Floating Rate Notes
On April 29, 2022 the Company issued $350 million of 4.435% Senior Fixed Rate/Floating Rate Notes due April 2028 ("4.345% Senior Fixed Rate/Floating Rate Notes") with fixed interest payable on April 29 and October 29 of each year, commencing on October 29, 2022, and ending on April 29, 2027. Beginning on April 29, 2027, the 4.345% Senior Fixed Rate/Floating Rate Notes will begin quarterly floating interest payments on July 29, 2027, October 29, 2027, January 29, 2028, at a floating rate of compounded SOFR plus 1.713%. The 4.345% Senior Fixed Rate/Floating Rate Notes will be redeemable at SVB Financial Group's option, in whole but not in part, on April 29, 2027, and on or after the 30th day prior to the 2028 maturity date at a redemption price equal to 100% of the principal amount of the Senior Notes due 2028, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. We received net proceeds of approximately $348 million after deducting underwriting discounts and commissions and issuance costs. The balance of our 4.345% Senior Notes at December 31, 2022, was $348 million, which is reflective of $2 million of debt issuance costs.
4.570% Senior Fixed Rate/Floating Rate Notes
On April 29, 2022 the Company issued $450 million of 4.570% Senior Fixed Rate/Floating Rate Notes due April 2033 ("4.570% Senior Fixed Rate/Floating Rate Notes") with fixed interest payable on April 29 and October 29 of each year,
commencing on October 29, 2022, and ending on April 29, 2032. Beginning on April 29, 2032, the 4.570% Senior Fixed Rate/Floating Rate Notes will begin quarterly interest payments on July 29, 2032, October 29, 2032, January 29, 2033, and October 29, 2033, at a floating rate of compounded SOFR plus 1.967%. The 4.570% Senior Fixed Rate/Floating Rate Notes will be redeemable at SVB Financial Group's option, in whole but not in part, on April 29, 2032, and on or after the 90th day prior to the 2033 maturity date at a redemption price equal to 100% of the principal amount of the Senior Notes due 2033, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. We received net proceeds of approximately $447 million after deducting underwriting discounts and commissions and issuance costs. The balance of our 4.570% Senior Notes at December 31, 2022, was $448 million, which is reflective of $2 million of debt issuance costs.
Junior Subordinated Debentures
On July 1, 2021, SVB Financial Group assumed two statutory trusts during the merger with Boston Private. These trusts were formed for the purpose of issuing trust preferred securities and investing the proceeds in junior subordinated debentures. These statutory trusts created by legacy Boston Private are not consolidated within the financial statements; however, the total junior subordinated debentures payable to the preferred stockholders of statutory trusts are reported as long-term debt in the financial statements.
The preferred securities represent an undivided beneficial interest in the assets of the trusts. We own all of the trusts' common securities. The trusts' only assets are the junior subordinated debentures issued to it by Boston Private on substantially the same payment terms as the trusts' preferred securities.
Boston Private Capital Trust II Junior Subordinated Debentures ("Trust II")
As of December 31, 2022, there are $100 million of trust preferred securities outstanding. The preferred trust securities issued by Trust II pay interest quarterly based on a floating three-month rate of LIBOR plus 1.68% which are cumulative. So long as the Company is not in default in the payment of interest on the junior subordinated debentures, the Company has the right under the indenture to defer payments of interest for up to 20 consecutive quarterly periods. The Company does not currently intend to exercise its right to defer interest payments on the junior debentures issued to Trust II. If the Company defers interest payments, it would be subject to certain restrictions relating to the payment of dividends on or purchases of its capital stock and payments on its debt securities ranking equal with or junior to the junior subordinated debentures. The effective interest rate on the junior subordinated debentures was 2.676%. The junior subordinated debentures will mature on December 30, 2035. As of December 31, 2022, the carrying value of the Company's investment in Trust II was $3 million, which represents the total amount of common securities in such trust.
Boston Private Capital Trust I Junior Subordinated Debenture ("Trust I")
As of December 31, 2022, there are less than $1 million of the convertible trust preferred securities outstanding. The convertible trust preferred securities issued by Trust I pay interest quarterly and have a fixed distribution rate of 4.875%. The quarterly distributions are cumulative. The effective interest rate for the junior subordinated debentures was 4.875%. The junior subordinated convertible debentures will mature on October 1, 2034. As of December 31, 2022, the carrying value of the Company's investment in Trust I was $3 million, which represents the total amount of common securities in such trust.