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Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank - April 2023

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Accessible Version - Review of the Federal Reserve's Supervision and Regulation of Silicon Valley Bank - April 2023

Figure 1. Timeline of key developments

There are three timelines with dates listed chronologically from left to right. The top timeline is titled "Financial and market developments." There are 4 boxes within the timeline, the first is Jan. 2019-Mar. 2020 Slow deposit growth (19.8% CAGR). There are no events connected to this box. The next box is Apr. 2020—Dec. 2021 Accelerated deposit growth (89.3% CAGR). There are 4 connecting lines to this box titled, Jan. 2021 SVBFG shifts portfolio to held-to-maturity (HTM) securities (SVBFG events), Jan. 2021 Surge in venture capital (VC) deal activity and client funds (deposits) through 2022: Q2 (Market events), Nov. 2021 SVBFG stock (ticker symbol: SIVB) price peaks (Market events), and Dec. 2021 SVBFG quarter-end assets exceed $200B (Financial disclosure events). The next box in the timeline is Jan. 2022—Mar. 2023 Mild deposit runoff (−8.5% CAGR) with 5 events connected to the box. First, 2022 Due to rising interest rates, SVBFG has rapid increases in unrealized losses on its securities portfolio (Market events), next 2022:2H Amid rising interest rates, VC activity falls sharply, funding for VC-backed clients slows, deposit outflows (Market events), next Early 2023 Deposit outflows continue as VC-backed clients use cash to fund operations (SVBFG events), next Mar. 8, 2023 SVBFG announces balance sheet restructuring (Financial disclosure events), and last Mar. 10, 2023 SVB closed (Other). The final box is 2023 post-resolution with no events connected. The middle timeline is titled "Supervisory developments." There are three boxes. The first box is Jan. 2019—July 2022 CAMELS rating: well managed with 5 letters connected to it. First, Mar. 2019, 2018 Annual Assessment Letter Ratings: Satisfactory (Annual assessment letters), next Apr. 2020, 2019 Annual Assessment Letter Ratings: Satisfactory (Annual assessment letters), next May 2021, 2020 Annual Assessment Letter Ratings: Satisfactory except IT (less than Satisfactory – Annual assessment letters), next Nov. 2021 Supervisors report foundational liquidity weaknesses (MRAs/MRIAs) and last May 2022 Three governance MRIAs issued (MRAs/MRIAs). The second box is Aug. 22—Mar. 2023 LFI rating: not well managed with two letters connected. First, Aug. 2022, 2021 Annual Assessment Letter (LFI) Capital BME, Liquidity CME, G&C D-1; CAMELS ratings: Less than Satisfactory (Annual assessment letters) and Nov. 2022 MRA issued for interest rate risk modeling practices (MRAs/MRIAs). The last box is 2023 post-resolution with no letters connected. The bottom timeline is titled "Regulatory developments" with three boxes. The first box is Jan. 2019—Feb. 2021 SVBFG is an RBO portfolio firm with one threshold connected, Oct. 2019 Federal Reserve finalizes tailoring rule (Other). The second box is Feb. 2021—Mar. 2023 SVBFG is an LFBO portfolio firm with 6 thresholds connected. First, June 2021 SVBFG crossed $100B average total consolidated assets threshold (Regulatory threshold), next Jan. 2022 SVBFG begins compliance with capital planning requirement; first 2052a liquidity monitoring report submitted (Other), next July 2022 SVBFG became subject to internal liquidity stress testing and tailored risk-management requirements (Other), next Oct. 2022 2052a liquidity monitoring reporting requirements updated to include certain NSFR-related elements and other enhancements (Other), next Dec. 2022 SVBFG crossed $50B STWF threshold (first subject to 70% LCR and 70% NSFR Oct. 2023, Regulatory threshold), last Jan. 2023 SVBFG enters 2-year supervisory stress test cycle (first test Jan. 2024, Other). The last box is 2023 post-resolution with no thresholds connected.

Note: CAGR = compound annual growth rate. Mild deposit runoff (−8.5 percent CAGR) period calculated as January 2022 through December 2022.

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Figure 2. SVBFG selected legal entity structure

The organizational chart lists the SVBFG selected legal entity structure. First tier is the SVB Financial Group* Domestic financial holding company $211.8 billion, followed by the second tier consisting of; the Silicon Valley Bank, * a state member bank, $209.0 billion, SVB Capital Funds Entities Multiple domestic entities, SVB Securities Holdings LLC Other domestic entity $0.6 billion, and SVB Global Financial, Inc. Other domestic entity. The third tier under Silicon Valley bank is the Silicon Valley Bank UK Limited* International subsidiary $14.9 billion. The next third tier under SVB Securities Holdings LLC is SVB Securities LLC Securities broker-dealer $0.5 billion, and the last third tier under SVB Global Financial, Inc. is SVB Global Services India LLP* International nonbank subsidiary. The fourth tier following the Silicon Valley Bank UK Limited, is the SVB Wealth LLC* Other domestic entity.

Note: Data as of December 31, 2022. Structure simplified for illustrative purposes.

* Indicates the five legal entities SVB identified as material in its 2022 resolution plan.

Source: Federal Financial Institutions Examination Council (FFIEC) National Information Center

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Figure 3. SVBFG and banking industry total assets

Index (2017:Q4 = 100)

Date SVBFG total assets (thousands) SVBFG asset growth index Industry total assets (thousands) Industry asset growth index
12/31/2017 51,218,567 100.00 21,139,938,363 100.00
12/31/2018 57,020,489 111.33 21,713,363,144 102.71
12/31/2019 71,384,015 139.37 22,487,585,206 106.37
12/31/2020 116,046,446 226.57 26,020,554,981 123.09
12/31/2021 211,483,000 412.90 28,104,384,426 132.94
12/31/2022 211,786,000 413.49 27,971,816,824 132.32

Note: The key identifies lines in order from top to bottom. All values indexed to 100 at year-end 2017. Values are as of year-end. Values are in billions of dollars for SVBFG and in trillions of dollars for the industry. Industry aggregate includes all top-holder firms.

Source: FR Y-9C and Call Report.

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Figure 4. SVBFG client funds by client type

Total client funds by niche1

First pie chart displays $173B in Deposits in the center where 30% is Early stage technology, 21% is Technology, 9% is Early stage life science/healthcare, 3% is Life science/healthcare, 18% is International2, 13% is U.S. Global Fund Banking and 6% is Private bank. The second pie chart displays $168B in OBS in the center where 22% is Early stage technology, 30% is Technology, 23% is Early stage life science/healthcare, 13% is Life science/healthcare, 3% is International2, 8% is U.S. Global Fund Banking, and 1% is Other.

Note: All figures as of December 31, 2022 unless otherwise noted.

1. Represents management view of client niches.

2. International balances do not represent foreign exposure as disclosed in regulatory reports. Includes clients across all clients niches and life stages, with International Global Fund Banking representing 3% of the total client funds.

3. Based on deposit rates and total deposit balances at December 31, 2022.

Source: SVBFG 2022:Q4 financial highlights, January 19, 2023.

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Figure 5. U.S. venture capital (VC) deal activity by quarter
Period Deal value (billions of $) Deal count
2107; Q1 $18.6 3,125
2017; Q2 $22.8 2,913
2017; Q3 $25.4 2,798
2017; Q4 $23.4 2,831
2018; Q1 $30.7 3,319
2018; Q2 $32.0 2,996
2018; Q3 $35.0 2,823
2018; Q4 $48.1 3,178
2019; Q1 $40.6 3,666
2019; Q2 $37.4 3,283
2019; Q3 $38.3 3,264
2019; Q4 $33.7 3,229
2020; Q1 $38.7 3,719
2020; Q2 $37.8 2,958
2020; Q3 $48.7 3,118
2020; Q4 $46.0 3,485
2021; Q1 $78.7 4,833
2021; Q2 $83.5 4,496
2021; Q3 $88.6 4,524
2021; Q4 $93.9 4,668
2022; Q1 $79.8 5,033
2022; Q2 $75.5 4,279
2022; Q3 $46.8 3,605
2022; Q4 $36.2 2,935

Note: Deal activity is defined as equity investments into startup companies from an outside source.

Source: PitchBook Data, Inc., Private Equity and Venture Capital Databases Research Platform, https://pitchbook.com/products.

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Figure 6. Composition of SVBFG liabilities

Thousands of Dollars

Period Other Liabilities Subordinated Notes and Debentures Other Borrowed Money Interest-Bearing Foreign Deposits Non-Interest-Bearing Foreign Deposits Interest-Bearing Domestic Deposits Non-Interest-Bearing Domestic Deposits Total
2017; Q1 673,880 741,015 7,876 1,956,534 686,949 5,535,233 32,914,830 42,516,317
2017; Q2 1,198,234 695,023 32,326 2,128,921 903,321 5,289,999 34,147,438 44,395,262
2017; Q3 1,040,547 695,256 4,840 2,288,149 993,344 5,661,863 35,875,567 46,559,566
2017: Q4 1,236,305 695,492 705,557 2,228,958 1,095,885 5,369,619 35,567,336 46,899,152
2018; Q1 1,589,102 695,731 707,425 2,546,683 1,072,766 5,874,494 37,273,552 49,759,753
2018; Q2 1,061,533 695,972 418,612 2,554,398 1,089,045 5,739,595 39,541,471 51,100,626
2018; Q3 1,513,178 696,217 2,259,781 2,344,474 1,767,682 5,777,862 38,749,523 53,108,717
2018; Q4 1,324,241 696,465 312,380 3,436,435 1,298,850 6,789,042 37,898,233 51,755,646
2019; Q1 1,416,338 696,716 219,631 3,044,840 1,813,797 10,003,645 37,590,531 54,785,498
2019; Q2 1,539,392 696,970 219,578 3,421,445 1,453,575 12,857,606 37,906,317 58,094,883
2019; Q3 1,725,977 697,227 211,735 3,617,161 1,414,315 15,445,103 39,306,772 62,418,290
2019; Q4 2,040,107 347,987 236,573 4,593,848 1,754,756 16,322,389 39,467,275 64,762,935
2020; Q1 2,786,313 348,076 2,763,163 3,791,094 1,767,530 15,218,663 41,153,597 67,828,436
2020; Q2 2,859,905 843,220 153,731 4,714,128 2,065,332 20,630,756 47,270,300 78,537,372
2020; Q3 3,306,499 843,430 19,068 4,844,954 2,233,366 22,419,837 55,452,321 89,119,475
2020; Q4 4,229,144 843,628 21,459 5,761,267 2,664,586 29,701,301 64,391,570 107,612,955
2021; Q1 6,677,194 1,338,183 38,726 7,144,107 3,369,139 32,566,002 81,122,111 132,255,462
2021; Q2 3,722,586 1,834,213 33,783 8,427,346 4,658,572 36,151,805 96,607,032 151,435,337
2021; Q3 3,257,112 1,834,745 43,118 8,290,850 5,170,137 47,375,936 110,356,155 176,328,053
2021; Q4 3,123,000 2,480,000 60,000 9,659,000 6,394,000 53,693,000 119,465,000 194,874,000
2022; Q1 3,310,000 2,481,000 36,000 11,448,000 6,164,000 58,689,000 121,871,000 203,999,000
2022; Q2 3,226,000 3,277,000 3,653,000 9,904,000 5,292,000 64,072,000 108,699,000 198,123,000
2022; Q3 3,435,000 3,277,000 13,516,000 9,641,000 3,896,000 73,190,000 90,103,000 197,058,000
2022; Q4 4,057,000 3,279,000 15,040,000 10,273,000 3,626,000 82,083,000 77,133,000 195,491,000

Note: The key identifies areas in order from top to bottom. SVBFG's other borrowed money liabilities represent obligations with a maturity of one year or less.

Source: FR Y-9C.

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Figure 7. SVB deposit insurance coverage

Billions of Dollars

Period Insured domestic deposits Uninsured domestic deposits Total
Q1 2017 3.56 35.45 39.01
Q2 2017 3.65 36.20 39.84
Q3 2017 4.09 37.90 41.99
Q4 2017 4.05 37.37 41.42
Q1 2018 4.09 39.57 43.65
Q2 2018 4.38 41.53 45.91
Q3 2018 4.54 40.62 45.16
Q4 2018 5.71 39.55 45.26
Q1 2019 5.86 42.06 47.92
Q2 2019 6.58 44.49 51.07
Q3 2019 5.40 50.00 55.40
Q4 2019 5.49 51.10 56.60
Q1 2020 5.06 52.14 57.20
Q2 2020 4.92 64.38 69.30
Q3 2020 5.13 74.06 79.19
Q4 2020 6.21 88.56 94.77
Q1 2021 6.64 108.10 114.74
Q2 2021 6.95 127.43 134.38
Q3 2021 9.18 149.65 158.83
Q4 2021 9.36 166.02 175.38
Q1 2022 9.88 172.92 182.80
Q2 2022 9.64 165.32 174.96
Q3 2022 10.08 155.26 165.34
Q4 2022 9.89 151.59 161.48

Note: The key identifies areas in order from top to bottom.

Source: Call Report.

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Figure 8. Composition of SVBFG assets

Thousands of dollars

Period Other Loans/leases held for investment, net of ALLL Held-to-maturity securities Available-for-sale securities Total assets
Q1 2017 34,030,432 20,184,321 8,615,695 12,389,341 46,419,773
Q2 2017 36,360,561 20,739,970 9,938,371 12,074,736 48,435,297
Q3 2017 38,150,233 21,940,317 11,055,006 12,606,631 50,756,864
Q4 2017 40,094,684 22,851,292 12,663,455 11,123,883 51,218,567
Q1 2018 44,239,093 24,313,650 14,548,855 10,080,384 54,319,477
Q2 2018 46,310,780 25,709,482 15,898,263 9,594,687 55,905,467
Q3 2018 49,091,153 27,209,202 15,899,726 9,087,609 58,178,762
Q4 2018 49,230,446 28,057,377 15,487,442 7,790,043 57,020,489
Q1 2019 53,514,227 28,550,294 15,055,255 6,755,094 60,269,321
Q2 2019 55,860,736 28,907,685 14,868,761 7,940,322 63,801,058
Q3 2019 55,599,902 30,759,584 14,407,078 12,866,857 68,466,759
Q4 2019 57,369,096 32,859,712 13,842,946 14,014,919 71,384,015
Q1 2020 62,363,593 35,419,122 13,574,289 12,648,064 75,011,657
Q2 2020 67,553,772 36,137,394 12,858,823 18,451,913 86,005,685
Q3 2020 71,182,531 37,900,934 12,982,223 25,904,324 97,086,855
Q4 2020 85,134,008 44,733,723 16,592,153 30,912,438 116,046,446
Q1 2021 116,389,770 47,283,414 41,164,620 25,986,471 142,376,241
Q2 2021 139,527,076 50,358,264 59,992,479 23,875,671 163,402,747
Q3 2021 168,013,291 61,088,674 82,365,305 22,984,059 190,997,350
Q4 2021 184,262,000 65,853,000 98,195,000 27,221,000 211,483,000
Q1 2022 194,368,000 68,244,000 98,708,000 25,991,000 220,359,000
Q2 2022 188,176,000 70,410,000 95,814,000 26,223,000 214,399,000
Q3 2022 186,157,000 71,572,000 93,286,000 26,711,000 212,868,000
Q4 2022 185,717,000 73,614,000 91,321,000 26,069,000 211,786,000

Note: The key identifies areas in order from top to bottom. ALLL is allowance for loan and lease losses.

Source: FR Y-9C.

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Figure 9. Estimated unrealized gains (losses) on SVBFG’s investment portfolio securities

Thousands of dollars

Date Held-to-maturity Available-for-sale Total
2017; Q1 -47,878 23,263 -24,615
2017; Q2 -27,866 17,747 -10,119
2017; Q3 -31,591 18,773 -12,818
2017: Q4 -115,176 -10,344 -125,520
2018; Q1 -319,415 -108,688 -428,103
2018; Q2 -404,268 -123,790 -528,058
2018; Q3 -527,487 -148,691 -676,178
2018; Q4 -299,206 -72,269 -371,475
2019; Q1 -58,746 -21,803 -80,549
2019; Q2 196,201 97,656 293,857
2019; Q3 291,724 167,315 459,039
2019; Q4 272,327 120,572 392,899
2020; Q1 556,635 603,347 1,159,982
2020; Q2 682,416 651,324 1,333,740
2020; Q3 629,950 666,784 1,296,734
2020; Q4 624,326 667,542 1,291,868
2021; Q1 21,003 -172,690 -151,687
2021; Q2 109,411 100,171 209,582
2021; Q3 -376,843 64,915 -311,928
2021; Q4 -975,000 -149,000 -1,124,000
2022; Q1 -7,046,000 -1,295,000 -8,341,000
2022; Q2 -11,239,000 -1,919,000 -13,158,000
2022; Q3 -15,925,000 -2,791,000 -18,716,000
2022; Q4 -15,158,000 -2,533,000 -17,691,000

Note: Estimated unrealized losses on securities calculated as: (held-to-maturity fair value less held-to-maturity amor-tized cost) + (available-for-sale fair value less available-for-sale amortized cost). Estimates do not reflect losses related to available-for-sale securities that were transferred to held-to-maturity and do not reflect hedging impacts or tax consequences.

Source: FR Y-9C.

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Figure 10. SVBFG stock price performance

Index (January 3, 2017 = 100)

Date SVBFG S&P 500 index KBW bank index
1/3/2017 100.00 100.00 100.00
1/4/2017 103.99 100.57 101.11
1/5/2017 101.77 100.50 99.69
1/6/2017 103.14 100.85 100.10
1/9/2017 101.28 100.49 99.41
1/10/2017 102.23 100.49 100.07
1/11/2017 103.14 100.78 100.60
1/12/2017 101.39 100.56 99.60
1/13/2017 102.60 100.75 100.46
1/17/2017 97.36 100.45 97.02
1/18/2017 98.08 100.62 97.75
1/19/2017 97.95 100.26 97.05
1/20/2017 98.83 100.60 97.63
1/23/2017 97.60 100.33 97.20
1/24/2017 100.17 100.99 98.69
1/25/2017 102.02 101.80 100.30
1/26/2017 103.22 101.72 100.71
1/27/2017 103.07 101.63 100.18
1/30/2017 101.53 101.02 99.26
1/31/2017 100.06 100.93 98.63
2/1/2017 100.40 100.96 98.93
2/2/2017 99.31 101.02 98.30
2/3/2017 103.45 101.75 100.50
2/6/2017 102.27 101.54 100.09
2/7/2017 102.39 101.56 99.69
2/8/2017 102.16 101.63 98.73
2/9/2017 104.25 102.22 100.26
2/10/2017 103.11 102.58 100.50
2/13/2017 104.90 103.12 101.65
2/14/2017 107.77 103.53 103.52
2/15/2017 107.91 104.05 104.54
2/16/2017 107.14 103.96 104.08
2/17/2017 107.24 104.13 103.86
2/21/2017 108.72 104.76 104.44
2/22/2017 109.31 104.65 104.34
2/23/2017 109.88 104.69 104.41
2/24/2017 109.36 104.85 103.42
2/27/2017 111.43 104.96 104.05
2/28/2017 110.91 104.69 103.82
3/1/2017 114.82 106.12 107.18
3/2/2017 111.61 105.50 104.95
3/3/2017 112.68 105.55 105.44
3/6/2017 112.86 105.20 104.75
3/7/2017 112.20 104.90 104.39
3/8/2017 112.27 104.66 104.44
3/9/2017 112.64 104.74 104.66
3/10/2017 112.43 105.08 104.38
3/13/2017 112.70 105.12 104.27
3/14/2017 112.83 104.77 104.13
3/15/2017 111.42 105.64 103.47
3/16/2017 113.18 105.47 104.00
3/17/2017 114.57 105.33 102.87
3/20/2017 109.58 105.12 101.63
3/21/2017 101.51 103.82 97.65
3/22/2017 102.35 104.01 97.61
3/23/2017 103.52 103.90 97.96
3/24/2017 103.38 103.82 98.02
3/27/2017 103.82 103.71 97.57
3/28/2017 105.75 104.46 99.19
3/29/2017 105.04 104.58 98.64
3/30/2017 109.37 104.88 100.40
3/31/2017 108.12 104.65 99.32
4/3/2017 106.78 104.47 99.08
4/4/2017 106.28 104.53 98.80
4/5/2017 103.46 104.21 97.79
4/6/2017 105.80 104.41 98.57
4/7/2017 105.85 104.33 98.09
4/10/2017 104.47 104.40 97.46
4/11/2017 106.00 104.25 97.40
4/12/2017 104.26 103.86 96.35
4/13/2017 102.44 103.15 94.97
4/17/2017 103.63 104.04 96.77
4/18/2017 102.73 103.74 95.78
4/19/2017 103.96 103.56 95.73
4/20/2017 106.61 104.34 97.52
4/21/2017 106.39 104.02 96.71
4/24/2017 108.83 105.15 99.16
4/25/2017 110.50 105.79 99.88
4/26/2017 111.84 105.74 100.18
4/27/2017 109.93 105.80 99.49
4/28/2017 102.22 105.60 98.45
5/1/2017 104.74 105.78 99.35
5/2/2017 103.64 105.91 99.01
5/3/2017 105.43 105.77 100.01
5/4/2017 105.65 105.83 100.25
5/5/2017 106.12 106.27 99.96
5/8/2017 106.87 106.27 100.28
5/9/2017 108.04 106.16 99.72
5/10/2017 108.21 106.28 99.91
5/11/2017 106.29 106.05 99.15
5/12/2017 105.69 105.89 98.68
5/15/2017 107.59 106.40 99.55
5/16/2017 107.29 106.33 100.01
5/17/2017 101.19 104.39 95.93
5/18/2017 101.19 104.78 96.29
5/19/2017 102.07 105.49 97.13
5/22/2017 102.61 106.03 97.36
5/23/2017 104.56 106.23 98.63
5/24/2017 104.37 106.49 98.33
5/25/2017 104.00 106.96 98.25
5/26/2017 102.55 107.00 98.00
5/30/2017 100.99 106.87 97.04
5/31/2017 99.06 106.82 95.89
6/1/2017 100.77 107.63 97.11
6/2/2017 98.34 108.03 96.44
6/5/2017 98.47 107.90 96.58
6/6/2017 97.56 107.60 96.15
6/7/2017 98.59 107.77 97.27
6/8/2017 102.00 107.79 98.95
6/9/2017 104.96 107.70 101.20
6/12/2017 105.84 107.60 101.27
6/13/2017 106.50 108.08 101.78
6/14/2017 106.07 107.98 101.90
6/15/2017 104.45 107.73 101.36
6/16/2017 103.93 107.77 101.14
6/19/2017 105.01 108.67 102.06
6/20/2017 102.91 107.94 101.09
6/21/2017 101.01 107.87 100.28
6/22/2017 101.24 107.83 99.58
6/23/2017 99.26 107.99 98.77
6/26/2017 100.60 108.03 99.42
6/27/2017 101.35 107.16 100.16
6/28/2017 102.31 108.10 101.83
6/29/2017 102.97 107.17 103.15
6/30/2017 102.13 107.33 103.15
7/3/2017 104.25 107.58 104.75
7/5/2017 104.93 107.74 105.10
7/6/2017 102.90 106.73 104.21
7/7/2017 105.58 107.41 104.80
7/10/2017 105.11 107.51 104.70
7/11/2017 105.98 107.43 104.06
7/12/2017 105.84 108.21 103.98
7/13/2017 106.36 108.42 104.63
7/14/2017 105.57 108.92 103.90
7/17/2017 104.91 108.92 103.79
7/18/2017 104.56 108.98 103.17
7/19/2017 104.62 109.57 102.73
7/20/2017 104.56 109.55 102.53
7/21/2017 103.08 109.51 102.26
7/24/2017 103.57 109.39 103.02
7/25/2017 106.32 109.71 104.40
7/26/2017 103.79 109.74 103.33
7/27/2017 104.08 109.64 103.04
7/28/2017 102.83 109.49 102.75
7/31/2017 103.67 109.41 103.57
8/1/2017 106.55 109.68 104.45
8/2/2017 106.51 109.73 104.55
8/3/2017 105.42 109.49 103.92
8/4/2017 107.42 109.70 104.90
8/7/2017 106.23 109.88 104.60
8/8/2017 106.91 109.62 104.76
8/9/2017 104.32 109.58 104.18
8/10/2017 100.41 107.99 101.83
8/11/2017 99.95 108.13 101.17
8/14/2017 101.28 109.21 102.97
8/15/2017 101.48 109.16 103.12
8/16/2017 101.17 109.31 102.75
8/17/2017 96.62 107.63 100.58
8/18/2017 96.79 107.43 100.60
8/21/2017 95.77 107.55 100.18
8/22/2017 97.80 108.62 101.30
8/23/2017 97.86 108.25 101.30
8/24/2017 98.39 108.02 101.59
8/25/2017 98.56 108.20 101.64
8/28/2017 97.58 108.26 101.08
8/29/2017 96.39 108.35 100.32
8/30/2017 98.55 108.85 100.70
8/31/2017 98.39 109.47 100.32
9/1/2017 100.24 109.69 101.08
9/5/2017 97.13 108.86 98.60
9/6/2017 97.51 109.20 98.76
9/7/2017 93.38 109.18 96.80
9/8/2017 94.39 109.02 97.29
9/11/2017 97.94 110.20 99.27
9/12/2017 99.49 110.57 100.90
9/13/2017 99.59 110.65 101.30
9/14/2017 98.18 110.53 100.71
9/15/2017 99.11 110.74 101.22
9/18/2017 100.31 110.90 102.53
9/19/2017 100.44 111.02 103.43
9/20/2017 102.96 111.09 104.27
9/21/2017 104.03 110.75 104.82
9/22/2017 104.47 110.82 104.70
9/25/2017 104.54 110.58 104.42
9/26/2017 104.97 110.59 104.63
9/27/2017 108.31 111.04 106.33
9/28/2017 108.41 111.17 106.49
9/29/2017 108.70 111.58 107.10
10/2/2017 109.20 112.02 107.69
10/3/2017 108.14 112.26 107.69
10/4/2017 106.14 112.40 107.07
10/5/2017 108.80 113.03 108.54
10/6/2017 109.87 112.91 108.71
10/9/2017 109.23 112.71 108.06
10/10/2017 109.77 112.97 108.72
10/11/2017 109.27 113.17 108.35
10/12/2017 108.90 112.98 107.21
10/13/2017 107.00 113.08 106.69
10/16/2017 107.60 113.28 107.38
10/17/2017 105.53 113.36 106.59
10/18/2017 106.15 113.44 107.28
10/19/2017 107.59 113.48 107.47
10/20/2017 110.08 114.06 109.16
10/23/2017 108.53 113.60 108.75
10/24/2017 109.80 113.79 109.63
10/25/2017 109.56 113.26 109.10
10/26/2017 111.77 113.40 110.01
10/27/2017 125.90 114.32 110.30
10/30/2017 128.36 113.95 109.80
10/31/2017 127.40 114.06 109.46
11/1/2017 127.08 114.24 109.72
11/2/2017 127.19 114.26 110.39
11/3/2017 127.54 114.62 110.20
11/6/2017 126.48 114.76 110.06
11/7/2017 124.95 114.74 107.55
11/8/2017 121.75 114.91 106.58
11/9/2017 120.98 114.47 105.73
11/10/2017 121.36 114.37 105.30
11/13/2017 123.32 114.48 106.00
11/14/2017 123.91 114.22 106.52
11/15/2017 124.18 113.59 106.94
11/16/2017 124.47 114.52 106.90
11/17/2017 125.04 114.22 107.01
11/20/2017 125.00 114.36 107.56
11/21/2017 124.87 115.11 107.34
11/22/2017 124.38 115.03 107.02
11/24/2017 123.81 115.26 106.73
11/27/2017 123.99 115.22 106.50
11/28/2017 128.59 116.35 109.68
11/29/2017 131.87 116.31 112.62
11/30/2017 132.26 117.26 112.83
12/1/2017 132.56 117.03 112.95
12/4/2017 134.37 116.90 115.28
12/5/2017 132.19 116.46 114.24
12/6/2017 132.85 116.45 113.67
12/7/2017 133.51 116.79 114.33
12/8/2017 134.95 117.44 115.08
12/11/2017 135.02 117.81 114.56
12/12/2017 136.48 117.99 115.81
12/13/2017 134.38 117.94 114.24
12/14/2017 133.44 117.46 113.26
12/15/2017 138.01 118.51 114.64
12/18/2017 139.82 119.15 116.01
12/19/2017 138.41 118.76 115.55
12/20/2017 137.29 118.67 115.22
12/21/2017 140.41 118.90 116.66
12/22/2017 140.43 118.85 116.48
12/26/2017 137.21 118.72 115.74
12/27/2017 136.47 118.81 115.61
12/28/2017 138.11 119.03 116.13
12/29/2017 135.82 118.42 115.14
1/2/2018 137.92 119.40 115.57
1/3/2018 138.08 120.16 116.17
1/4/2018 139.40 120.65 117.25
1/5/2018 141.67 121.50 117.50
1/8/2018 141.52 121.70 117.35
1/9/2018 143.44 121.86 118.60
1/10/2018 145.04 121.72 120.17
1/11/2018 145.63 122.58 121.00
1/12/2018 147.10 123.40 121.98
1/16/2018 146.24 122.97 121.49
1/17/2018 147.93 124.13 122.12
1/18/2018 147.57 123.93 121.66
1/19/2018 148.92 124.47 123.16
1/22/2018 150.68 125.47 124.35
1/23/2018 151.84 125.75 124.62
1/24/2018 151.48 125.68 125.32
1/25/2018 151.71 125.75 124.71
1/26/2018 149.80 127.24 125.60
1/29/2018 145.40 126.38 125.40
1/30/2018 143.52 125.01 124.21
1/31/2018 143.24 125.07 124.41
2/1/2018 147.21 124.99 125.72
2/2/2018 144.73 122.34 123.43
2/5/2018 136.99 117.32 117.36
2/6/2018 141.43 119.37 119.35
2/7/2018 139.74 118.77 119.76
2/8/2018 131.93 114.31 114.46
2/9/2018 138.65 116.02 116.72
2/12/2018 139.36 117.64 118.20
2/13/2018 139.12 117.94 118.92
2/14/2018 143.79 119.52 122.17
2/15/2018 144.59 120.97 122.62
2/16/2018 144.56 121.01 122.70
2/20/2018 144.91 120.30 122.39
2/21/2018 146.74 119.64 122.92
2/22/2018 141.66 119.76 121.21
2/23/2018 144.13 121.68 123.25
2/26/2018 146.24 123.11 124.41
2/27/2018 143.89 121.55 123.02
2/28/2018 144.66 120.20 121.60
3/1/2018 145.35 118.60 119.97
3/2/2018 148.65 119.20 120.74
3/5/2018 151.13 120.51 122.17
3/6/2018 154.61 120.83 122.76
3/7/2018 154.79 120.77 122.76
3/8/2018 154.06 121.31 122.57
3/9/2018 157.29 123.42 125.27
3/12/2018 155.40 123.26 124.64
3/13/2018 152.33 122.48 123.20
3/14/2018 150.78 121.78 121.38
3/15/2018 150.92 121.68 121.42
3/16/2018 153.27 121.89 121.84
3/19/2018 151.40 120.16 121.04
3/20/2018 153.72 120.33 120.81
3/21/2018 153.99 120.11 121.05
3/22/2018 145.64 117.09 116.03
3/23/2018 139.18 114.64 112.15
3/26/2018 144.94 117.75 116.16
3/27/2018 138.98 115.71 113.35
3/28/2018 137.00 115.38 113.43
3/29/2018 139.44 116.97 114.91
4/2/2018 135.62 114.35 112.59
4/3/2018 137.40 115.80 114.29
4/4/2018 139.91 117.13 115.75
4/5/2018 140.76 117.94 116.52
4/6/2018 137.15 115.35 113.38
4/9/2018 137.76 115.74 114.20
4/10/2018 142.73 117.67 116.01
4/11/2018 141.52 117.02 114.69
4/12/2018 145.57 117.99 117.18
4/13/2018 143.52 117.65 114.78
4/16/2018 143.26 118.60 114.87
4/17/2018 142.12 119.87 113.82
4/18/2018 141.02 119.97 113.20
4/19/2018 144.75 119.28 115.62
4/20/2018 145.73 118.26 115.87
4/23/2018 147.71 118.27 116.37
4/24/2018 149.67 116.69 116.44
4/25/2018 149.65 116.90 116.39
4/26/2018 149.53 118.12 116.00
4/27/2018 177.56 118.25 116.91
4/30/2018 174.07 117.28 115.45
5/1/2018 177.47 117.58 115.56
5/2/2018 177.79 116.74 114.62
5/3/2018 176.32 116.47 113.79
5/4/2018 177.68 117.96 114.91
5/7/2018 178.55 118.37 115.53
5/8/2018 181.69 118.34 116.71
5/9/2018 184.24 119.49 118.57
5/10/2018 186.08 120.61 119.51
5/11/2018 186.51 120.81 119.58
5/14/2018 185.45 120.92 119.45
5/15/2018 186.67 120.09 119.78
5/16/2018 187.13 120.58 119.68
5/17/2018 187.87 120.48 119.75
5/18/2018 186.95 120.16 118.16
5/21/2018 187.20 121.05 118.53
5/22/2018 188.42 120.67 119.64
5/23/2018 188.07 121.06 118.83
5/24/2018 187.25 120.81 118.17
5/25/2018 185.60 120.53 117.53
5/29/2018 178.36 119.14 112.92
5/30/2018 183.00 120.65 115.01
5/31/2018 181.34 119.82 114.31
6/1/2018 184.60 121.12 115.98
6/4/2018 185.64 121.66 116.47
6/5/2018 185.16 121.75 115.92
6/6/2018 188.00 122.79 118.31
6/7/2018 187.31 122.70 118.45
6/8/2018 189.24 123.08 118.69
6/11/2018 186.56 123.22 117.95
6/12/2018 186.00 123.43 117.72
6/13/2018 186.11 122.93 117.21
6/14/2018 183.88 123.24 116.10
6/15/2018 183.49 123.11 116.17
6/18/2018 184.91 122.85 116.37
6/19/2018 184.05 122.36 116.39
6/20/2018 185.03 122.57 116.26
6/21/2018 183.64 121.79 116.30
6/22/2018 180.21 122.02 115.12
6/25/2018 175.55 120.34 113.84
6/26/2018 173.90 120.61 113.15
6/27/2018 168.10 119.57 111.64
6/28/2018 169.45 120.31 112.29
6/29/2018 167.77 120.40 112.10
7/2/2018 169.79 120.77 113.13
7/3/2018 167.92 120.17 111.80
7/5/2018 169.33 121.21 111.93
7/6/2018 171.64 122.23 112.57
7/9/2018 176.77 123.31 115.54
7/10/2018 175.41 123.74 114.75
7/11/2018 174.83 122.86 114.05
7/12/2018 174.58 123.94 113.91
7/13/2018 171.57 124.07 112.79
7/16/2018 175.69 123.94 115.13
7/17/2018 179.06 124.44 115.44
7/18/2018 179.38 124.71 116.83
7/19/2018 178.38 124.21 115.22
7/20/2018 179.36 124.09 115.39
7/23/2018 183.29 124.32 117.51
7/24/2018 181.22 124.92 117.59
7/25/2018 180.55 126.05 117.48
7/26/2018 180.82 125.67 117.63
7/27/2018 184.36 124.85 118.17
7/30/2018 175.23 124.13 118.34
7/31/2018 178.88 124.73 117.54
8/1/2018 182.16 124.61 118.06
8/2/2018 186.39 125.22 118.60
8/3/2018 186.88 125.80 119.06
8/6/2018 188.69 126.25 119.06
8/7/2018 187.12 126.60 119.39
8/8/2018 187.05 126.57 120.04
8/9/2018 185.34 126.39 119.13
8/10/2018 184.03 125.49 117.74
8/13/2018 183.18 124.98 116.45
8/14/2018 186.05 125.78 118.02
8/15/2018 183.55 124.83 116.86
8/16/2018 186.74 125.82 118.51
8/17/2018 186.36 126.23 118.75
8/20/2018 188.42 126.54 119.25
8/21/2018 190.99 126.80 119.97
8/22/2018 189.50 126.75 119.71
8/23/2018 189.26 126.54 118.97
8/24/2018 189.71 127.32 118.97
8/27/2018 192.45 128.30 120.24
8/28/2018 189.75 128.33 120.08
8/29/2018 187.93 129.06 119.79
8/30/2018 186.43 128.49 118.76
8/31/2018 187.52 128.51 118.87
9/4/2018 189.53 128.30 119.62
9/5/2018 189.25 127.94 119.67
9/6/2018 186.19 127.47 118.75
9/7/2018 187.50 127.19 118.49
9/10/2018 188.32 127.43 118.34
9/11/2018 189.04 127.91 118.63
9/12/2018 184.41 127.95 116.83
9/13/2018 182.90 128.63 115.56
9/14/2018 185.50 128.66 116.06
9/17/2018 185.09 127.95 115.58
9/18/2018 184.01 128.63 115.59
9/19/2018 185.46 128.79 117.85
9/20/2018 190.37 129.80 119.27
9/21/2018 188.29 129.76 118.76
9/24/2018 186.40 129.30 117.30
9/25/2018 186.62 129.13 116.92
9/26/2018 183.97 128.71 115.17
9/27/2018 181.93 129.06 114.18
9/28/2018 180.59 129.06 113.15
10/1/2018 181.39 129.53 113.27
10/2/2018 178.34 129.48 113.09
10/3/2018 186.72 129.57 114.80
10/4/2018 186.27 128.51 115.63
10/5/2018 185.75 127.80 114.97
10/8/2018 184.97 127.75 115.81
10/9/2018 183.62 127.57 115.08
10/10/2018 174.96 123.38 112.42
10/11/2018 170.17 120.84 109.31
10/12/2018 168.49 122.56 108.41
10/15/2018 166.83 121.83 107.88
10/16/2018 171.13 124.45 108.85
10/17/2018 172.54 124.42 109.78
10/18/2018 168.03 122.63 107.78
10/19/2018 163.75 122.59 107.69
10/22/2018 160.97 122.06 104.75
10/23/2018 158.79 121.39 104.39
10/24/2018 149.87 117.64 101.28
10/25/2018 153.34 119.83 103.60
10/26/2018 134.67 117.75 102.32
10/29/2018 130.25 116.98 103.69
10/30/2018 132.68 118.82 105.13
10/31/2018 137.83 120.10 106.70
11/1/2018 139.83 121.37 107.27
11/2/2018 141.86 120.61 107.22
11/5/2018 141.52 121.28 108.07
11/6/2018 143.24 122.04 108.51
11/7/2018 146.54 124.63 109.52
11/8/2018 145.56 124.32 109.89
11/9/2018 143.71 123.17 109.17
11/12/2018 140.00 120.75 107.55
11/13/2018 140.98 120.57 108.28
11/14/2018 135.96 119.65 106.69
11/15/2018 139.64 120.92 108.49
11/16/2018 139.53 121.19 108.30
11/19/2018 139.64 119.17 108.42
11/20/2018 133.19 117.01 106.42
11/21/2018 132.88 117.37 106.42
11/23/2018 131.69 116.60 105.82
11/26/2018 136.75 118.41 108.20
11/27/2018 137.26 118.79 107.82
11/28/2018 142.11 121.52 109.40
11/29/2018 141.60 121.26 108.46
11/30/2018 148.04 122.25 109.59
12/3/2018 148.72 123.59 109.73
12/4/2018 139.69 119.59 104.40
12/6/2018 127.32 119.40 102.71
12/7/2018 119.57 116.62 100.63
12/10/2018 118.64 116.83 98.50
12/11/2018 116.72 116.78 97.29
12/12/2018 118.54 117.42 97.65
12/13/2018 113.95 117.39 96.05
12/14/2018 111.38 115.15 95.06
12/17/2018 111.99 112.76 94.36
12/18/2018 110.18 112.77 93.07
12/19/2018 108.29 111.03 91.14
12/20/2018 107.55 109.28 90.73
12/21/2018 106.40 107.03 89.04
12/24/2018 104.86 104.13 87.16
12/26/2018 112.24 109.30 91.36
12/27/2018 110.42 110.23 91.76
12/28/2018 110.34 110.09 91.88
12/31/2018 110.34 111.03 92.57
1/2/2019 113.78 111.17 94.24
1/3/2019 110.18 108.42 93.03
1/4/2019 116.44 112.14 96.22
1/7/2019 119.13 112.93 96.63
1/8/2019 120.30 114.02 96.74
1/9/2019 122.44 114.49 97.56
1/10/2019 123.44 115.01 97.26
1/11/2019 125.07 114.99 97.70
1/14/2019 125.34 114.39 98.87
1/15/2019 127.07 115.61 99.87
1/16/2019 130.59 115.87 102.39
1/17/2019 130.94 116.75 103.43
1/18/2019 134.20 118.29 105.24
1/22/2019 131.15 116.61 104.55
1/23/2019 130.92 116.87 104.48
1/24/2019 132.68 117.03 104.94
1/25/2019 140.65 118.02 105.97
1/28/2019 141.55 117.10 105.85
1/29/2019 139.83 116.93 105.27
1/30/2019 139.44 118.75 105.15
1/31/2019 135.59 119.77 104.08
2/1/2019 138.44 119.87 104.37
2/4/2019 139.18 120.69 104.96
2/5/2019 137.02 121.25 104.60
2/6/2019 137.60 120.98 104.50
2/7/2019 137.19 119.85 104.99
2/8/2019 135.50 119.93 104.13
2/11/2019 138.71 120.02 104.38
2/12/2019 140.68 121.57 105.90
2/13/2019 141.83 121.93 105.79
2/14/2019 139.66 121.61 104.77
2/15/2019 143.48 122.93 107.25
2/19/2019 144.58 123.12 107.78
2/20/2019 145.72 123.34 108.78
2/21/2019 142.72 122.90 108.09
2/22/2019 142.82 123.69 107.89
2/25/2019 143.96 123.84 108.14
2/26/2019 142.40 123.74 107.57
2/27/2019 145.54 123.68 108.38
2/28/2019 143.60 123.33 108.04
3/1/2019 145.06 124.18 108.50
3/4/2019 144.72 123.69 107.89
3/5/2019 144.09 123.55 107.74
3/6/2019 141.04 122.75 106.42
3/7/2019 138.97 121.75 104.93
3/8/2019 139.26 121.49 105.15
3/11/2019 140.71 123.27 105.92
3/12/2019 139.98 123.64 105.97
3/13/2019 141.77 124.50 107.00
3/14/2019 142.62 124.39 107.64
3/15/2019 143.05 125.01 107.92
3/18/2019 145.40 125.47 109.34
3/19/2019 142.65 125.46 107.90
3/20/2019 137.53 125.09 104.64
3/21/2019 132.65 126.44 103.04
3/22/2019 123.28 124.04 99.01
3/25/2019 124.72 123.94 98.59
3/26/2019 127.75 124.83 100.22
3/27/2019 126.83 124.25 99.76
3/28/2019 129.32 124.70 100.94
3/29/2019 129.19 125.54 100.97
4/1/2019 134.06 126.99 103.93
4/2/2019 135.00 126.99 104.23
4/3/2019 135.82 127.26 104.65
4/4/2019 137.13 127.53 105.51
4/5/2019 137.96 128.12 105.34
4/8/2019 138.81 128.26 105.64
4/9/2019 136.27 127.48 104.32
4/10/2019 137.85 127.92 104.80
4/11/2019 138.53 127.93 105.35
4/12/2019 141.61 128.77 107.39
4/15/2019 139.50 128.69 106.33
4/16/2019 143.04 128.76 108.02
4/17/2019 142.76 128.46 108.00
4/18/2019 141.26 128.67 107.48
4/22/2019 140.99 128.80 107.34
4/23/2019 145.10 129.93 108.13
4/24/2019 144.60 129.65 107.95
4/25/2019 143.71 129.60 108.14
4/26/2019 143.87 130.21 109.19
4/29/2019 146.81 130.35 110.47
4/30/2019 146.25 130.47 110.32
5/1/2019 145.50 129.49 109.19
5/2/2019 148.40 129.22 109.92
5/3/2019 150.25 130.46 110.78
5/6/2019 149.70 129.88 110.13
5/7/2019 146.03 127.74 107.87
5/8/2019 145.58 127.53 107.18
5/9/2019 145.34 127.15 107.07
5/10/2019 144.02 127.62 107.45
5/13/2019 134.84 124.54 103.62
5/14/2019 137.31 125.54 104.55
5/15/2019 133.33 126.27 103.38
5/16/2019 134.96 127.39 104.54
5/17/2019 133.49 126.65 103.91
5/20/2019 135.28 125.80 104.19
5/21/2019 137.61 126.86 105.10
5/22/2019 134.31 126.51 104.32
5/23/2019 128.40 125.00 102.41
5/24/2019 130.49 125.17 103.41
5/28/2019 127.61 124.12 101.93
5/29/2019 126.59 123.26 102.05
5/30/2019 122.96 123.52 100.78
5/31/2019 117.01 121.89 99.08
6/3/2019 117.81 121.55 99.90
6/4/2019 124.72 124.16 103.42
6/5/2019 123.33 125.17 103.26
6/6/2019 124.62 125.94 103.45
6/7/2019 123.72 127.26 102.73
6/10/2019 124.63 127.85 103.91
6/11/2019 125.22 127.81 104.42
6/12/2019 124.21 127.55 103.19
6/13/2019 126.39 128.07 103.50
6/14/2019 126.76 127.87 103.90
6/17/2019 126.37 127.98 102.51
6/18/2019 128.28 129.23 104.13
6/19/2019 124.18 129.61 103.12
6/20/2019 124.53 130.84 103.38
6/21/2019 125.60 130.68 103.55
6/24/2019 124.41 130.45 102.97
6/25/2019 124.62 129.21 102.65
6/26/2019 125.94 129.05 102.87
6/27/2019 128.57 129.55 103.68
6/28/2019 130.49 130.29 105.73
7/1/2019 129.77 131.29 106.84
7/2/2019 126.12 131.68 105.85
7/3/2019 126.81 132.69 106.61
7/5/2019 129.50 132.45 107.49
7/8/2019 125.01 131.81 106.37
7/9/2019 126.51 131.97 107.06
7/10/2019 123.54 132.56 105.89
7/11/2019 126.12 132.87 106.92
7/12/2019 129.13 133.48 107.34
7/15/2019 127.11 133.50 106.13
7/16/2019 126.45 133.05 105.45
7/17/2019 124.99 132.18 105.22
7/18/2019 126.20 132.65 106.29
7/19/2019 127.42 131.84 106.98
7/22/2019 127.25 132.21 107.09
7/23/2019 126.97 133.11 108.82
7/24/2019 131.34 133.74 110.47
7/25/2019 130.19 133.03 109.67
7/26/2019 135.83 134.02 111.27
7/29/2019 132.82 133.80 110.16
7/30/2019 134.11 133.46 110.39
7/31/2019 134.77 132.00 110.09
8/1/2019 126.80 130.81 106.08
8/2/2019 124.94 129.86 105.73
8/5/2019 119.57 125.99 101.89
8/6/2019 120.31 127.63 102.96
8/7/2019 114.64 127.73 100.76
8/8/2019 119.47 130.13 102.36
8/9/2019 115.75 129.27 101.94
8/12/2019 113.18 127.72 99.85
8/13/2019 115.36 129.61 100.71
8/14/2019 110.46 125.81 96.73
8/15/2019 108.02 126.12 96.35
8/16/2019 111.38 127.94 98.80
8/19/2019 113.71 129.49 99.96
8/20/2019 112.13 128.46 98.25
8/21/2019 112.97 129.52 98.69
8/22/2019 113.55 129.46 99.46
8/23/2019 108.91 126.10 96.64
8/26/2019 109.17 127.48 97.55
8/27/2019 107.32 127.08 96.64
8/28/2019 108.77 127.91 97.99
8/29/2019 112.61 129.53 99.90
8/30/2019 113.07 129.61 100.44
9/3/2019 110.39 128.72 98.65
9/4/2019 111.61 130.12 99.81
9/5/2019 116.07 131.81 102.40
9/6/2019 116.94 131.93 102.07
9/9/2019 123.01 131.92 105.75
9/10/2019 126.73 131.96 107.54
9/11/2019 129.03 132.91 108.34
9/12/2019 126.52 133.30 108.70
9/13/2019 130.15 133.20 109.99
9/16/2019 128.61 132.78 109.84
9/17/2019 124.00 133.12 109.01
9/18/2019 126.57 133.17 109.69
9/19/2019 125.53 133.17 109.05
9/20/2019 125.83 132.52 108.32
9/23/2019 125.24 132.51 108.50
9/24/2019 120.63 131.39 107.11
9/25/2019 124.36 132.20 108.37
9/26/2019 119.71 131.88 107.63
9/27/2019 119.77 131.18 108.19
9/30/2019 121.40 131.84 107.93
10/1/2019 115.58 130.23 105.14
10/2/2019 113.76 127.89 103.00
10/3/2019 113.62 128.91 103.14
10/4/2019 114.84 130.75 104.90
10/7/2019 114.65 130.16 104.59
10/8/2019 109.42 128.14 102.06
10/9/2019 110.88 129.30 102.89
10/10/2019 111.81 130.13 104.44
10/11/2019 117.45 131.55 106.38
10/14/2019 115.87 131.37 106.47
10/15/2019 120.13 132.68 108.43
10/16/2019 119.21 132.41 108.13
10/17/2019 119.01 132.78 108.00
10/18/2019 118.94 132.26 108.97
10/21/2019 122.29 133.17 110.98
10/22/2019 122.10 132.69 111.75
10/23/2019 122.08 133.07 112.30
10/24/2019 120.68 133.33 111.76
10/25/2019 127.70 133.87 112.98
10/28/2019 132.05 134.62 113.94
10/29/2019 133.13 134.51 114.12
10/30/2019 131.71 134.94 113.09
10/31/2019 128.68 134.53 111.99
11/1/2019 134.15 135.83 114.16
11/4/2019 138.25 136.34 116.39
11/5/2019 139.17 136.18 117.35
11/6/2019 134.48 136.27 117.25
11/7/2019 139.12 136.64 118.22
11/8/2019 138.62 136.99 118.39
11/11/2019 137.82 136.73 117.84
11/12/2019 138.67 136.94 117.66
11/13/2019 136.02 137.04 116.41
11/14/2019 135.34 137.15 116.30
11/15/2019 135.99 138.21 117.04
11/18/2019 133.15 138.28 117.18
11/19/2019 133.34 138.19 117.26
11/20/2019 132.69 137.68 116.65
11/21/2019 132.43 137.46 116.74
11/22/2019 134.22 137.76 117.89
11/25/2019 136.97 138.79 118.71
11/26/2019 135.35 139.10 118.06
11/27/2019 136.46 139.68 118.83
11/29/2019 134.63 139.12 118.41
12/2/2019 133.51 137.91 117.85
12/3/2019 130.88 137.00 115.97
12/4/2019 133.72 137.87 117.35
12/5/2019 133.28 138.07 117.91
12/6/2019 137.93 139.33 119.71
12/9/2019 137.32 138.89 119.59
12/10/2019 138.64 138.74 119.85
12/11/2019 139.10 139.14 119.29
12/12/2019 145.95 140.34 122.73
12/13/2019 144.85 140.35 121.54
12/16/2019 145.96 141.35 122.01
12/17/2019 147.69 141.40 122.97
12/18/2019 146.26 141.34 122.43
12/19/2019 145.32 141.97 122.09
12/20/2019 145.79 142.67 122.10
12/23/2019 146.50 142.79 122.02
12/24/2019 146.45 142.77 122.20
12/26/2019 147.10 143.50 122.94
12/27/2019 145.43 143.50 122.49
12/30/2019 145.14 142.67 122.02
12/31/2019 145.85 143.09 122.31
1/2/2020 147.73 144.29 123.13
1/3/2020 145.44 143.27 121.36
1/6/2020 144.81 143.78 120.71
1/7/2020 145.48 143.38 119.89
1/8/2020 146.86 144.08 120.57
1/9/2020 148.80 145.04 121.22
1/10/2020 146.25 144.62 119.92
1/13/2020 147.48 145.63 120.65
1/14/2020 147.28 145.41 120.81
1/15/2020 145.59 145.68 118.76
1/16/2020 146.58 146.90 119.25
1/17/2020 150.13 147.47 119.68
1/21/2020 147.69 147.08 118.38
1/22/2020 148.91 147.12 118.59
1/23/2020 150.52 147.29 118.47
1/24/2020 146.79 145.96 116.21
1/27/2020 141.40 143.66 114.08
1/28/2020 145.99 145.11 115.30
1/29/2020 142.94 144.98 114.22
1/30/2020 144.17 145.43 115.48
1/31/2020 139.63 142.86 113.02
2/3/2020 142.16 143.90 114.04
2/4/2020 148.00 146.05 115.87
2/5/2020 152.63 147.69 118.71
2/6/2020 152.27 148.19 117.97
2/7/2020 149.40 147.39 117.25
2/10/2020 148.91 148.47 117.17
2/11/2020 153.17 148.72 118.00
2/12/2020 154.02 149.68 118.16
2/13/2020 154.51 149.43 118.21
2/14/2020 154.21 149.71 117.86
2/18/2020 151.70 149.27 116.23
2/19/2020 155.12 149.97 117.49
2/20/2020 157.33 149.40 118.00
2/21/2020 151.88 147.83 116.54
2/24/2020 141.34 142.88 112.40
2/25/2020 134.88 138.55 107.36
2/26/2020 130.32 138.03 105.78
2/27/2020 122.80 131.93 101.34
2/28/2020 120.94 130.84 98.86
3/2/2020 125.93 136.87 103.06
3/3/2020 115.40 133.02 98.31
3/4/2020 117.58 138.63 100.59
3/5/2020 107.52 133.93 94.80
3/6/2020 101.35 131.65 90.51
3/9/2020 86.07 121.65 77.92
3/10/2020 94.10 127.66 83.62
3/11/2020 86.42 121.42 78.21
3/12/2020 79.57 109.87 70.06
3/13/2020 91.02 120.07 80.44
3/16/2020 76.10 105.68 67.40
3/17/2020 86.78 112.02 71.41
3/18/2020 87.45 106.21 65.52
3/19/2020 97.71 106.71 68.08
3/20/2020 87.52 102.09 65.34
3/23/2020 83.20 99.10 60.63
3/24/2020 92.01 108.39 68.20
3/25/2020 95.86 109.64 69.74
3/26/2020 99.66 116.49 75.36
3/27/2020 92.58 112.56 72.95
3/30/2020 90.51 116.34 73.24
3/31/2020 87.78 114.47 70.62
4/1/2020 81.34 109.42 65.74
4/2/2020 83.05 111.92 67.25
4/3/2020 80.96 110.22 64.94
4/6/2020 92.56 117.98 70.87
4/7/2020 93.02 117.79 72.32
4/8/2020 97.94 121.80 76.03
4/9/2020 107.88 123.56 81.20
4/13/2020 99.01 122.31 78.00
4/14/2020 99.97 126.05 76.88
4/15/2020 94.06 123.28 72.05
4/16/2020 93.75 123.99 69.67
4/17/2020 100.91 127.32 75.53
4/20/2020 101.48 125.04 74.61
4/21/2020 96.15 121.20 71.82
4/22/2020 97.32 123.98 72.49
4/23/2020 99.35 123.92 72.92
4/24/2020 106.90 125.64 74.48
4/27/2020 111.92 127.49 78.69
4/28/2020 112.28 126.82 79.92
4/29/2020 117.03 130.19 83.38
4/30/2020 112.23 128.99 80.24
5/1/2020 107.40 125.37 76.58
5/4/2020 105.94 125.91 75.71
5/5/2020 105.07 127.04 74.59
5/6/2020 104.58 126.16 73.12
5/7/2020 106.69 127.61 74.62
5/8/2020 107.98 129.76 76.76
5/11/2020 104.13 129.79 73.92
5/12/2020 98.68 127.12 71.03
5/13/2020 92.89 124.90 67.70
5/14/2020 100.67 126.34 70.35
5/15/2020 100.39 126.83 69.26
5/18/2020 108.91 130.83 74.73
5/19/2020 106.40 129.46 72.10
5/20/2020 113.25 131.61 74.53
5/21/2020 110.88 130.59 74.02
5/22/2020 110.09 130.90 73.37
5/26/2020 121.23 132.51 79.69
5/27/2020 128.62 134.47 85.02
5/28/2020 125.26 134.19 82.13
5/29/2020 124.77 134.83 80.29
6/1/2020 123.64 135.34 81.85
6/2/2020 121.95 136.45 82.42
6/3/2020 127.81 138.31 86.73
6/4/2020 129.67 137.85 90.19
6/5/2020 136.65 141.46 94.29
6/8/2020 137.14 143.16 96.80
6/9/2020 136.13 142.05 94.58
6/10/2020 128.87 141.29 88.89
6/11/2020 118.49 132.96 80.89
6/12/2020 121.15 134.70 84.10
6/15/2020 125.87 135.82 85.33
6/16/2020 128.87 138.40 87.19
6/17/2020 127.32 137.90 85.20
6/18/2020 128.16 137.98 85.18
6/19/2020 128.89 137.20 84.78
6/22/2020 127.76 138.09 84.00
6/23/2020 128.09 138.69 84.38
6/24/2020 120.83 135.10 80.31
6/25/2020 124.91 136.58 83.00
6/26/2020 118.44 133.27 77.65
6/29/2020 120.20 135.23 78.76
6/30/2020 125.22 137.31 80.42
7/1/2020 119.85 138.00 78.24
7/2/2020 121.04 138.63 78.30
7/6/2020 123.99 140.83 79.73
7/7/2020 120.72 139.31 77.14
7/8/2020 121.96 140.40 77.83
7/9/2020 117.16 139.61 75.15
7/10/2020 123.17 141.07 79.12
7/13/2020 124.58 139.75 79.87
7/14/2020 120.91 141.62 78.57
7/15/2020 128.27 142.91 81.09
7/16/2020 127.92 142.42 80.88
7/17/2020 126.41 142.82 78.88
7/20/2020 125.99 144.03 78.16
7/21/2020 130.57 144.27 81.20
7/22/2020 128.98 145.10 80.67
7/23/2020 130.66 143.31 81.87
7/24/2020 133.88 142.42 81.52
7/27/2020 131.12 143.47 80.26
7/28/2020 128.68 142.55 80.03
7/29/2020 132.92 144.32 82.53
7/30/2020 130.93 143.78 80.68
7/31/2020 130.30 144.88 80.37
8/3/2020 132.22 145.92 80.35
8/4/2020 131.72 146.45 79.96
8/5/2020 134.65 147.39 81.34
8/6/2020 133.27 148.34 80.98
8/7/2020 137.89 148.43 83.54
8/10/2020 139.50 148.84 84.42
8/11/2020 146.91 147.65 86.38
8/12/2020 146.98 149.72 85.84
8/13/2020 145.02 149.41 84.46
8/14/2020 145.47 149.39 85.18
8/17/2020 142.74 149.79 83.37
8/18/2020 140.32 150.13 81.85
8/19/2020 141.21 149.47 81.98
8/20/2020 139.85 149.95 80.47
8/21/2020 139.10 150.46 80.07
8/24/2020 144.88 151.97 82.98
8/25/2020 147.87 152.52 83.46
8/26/2020 144.87 154.07 82.08
8/27/2020 146.43 154.33 84.04
8/28/2020 148.16 155.37 84.54
8/31/2020 148.37 155.03 82.78
9/1/2020 148.83 156.20 83.07
9/2/2020 150.60 158.60 84.32
9/3/2020 150.48 153.03 83.66
9/4/2020 150.90 151.78 85.49
9/8/2020 147.21 147.57 82.51
9/9/2020 148.87 150.54 82.61
9/10/2020 144.28 147.89 81.24
9/11/2020 144.43 147.97 82.37
9/14/2020 145.64 149.86 83.87
9/15/2020 144.22 150.64 82.11
9/16/2020 145.06 149.94 83.55
9/17/2020 142.87 148.68 82.73
9/18/2020 143.14 147.02 82.29
9/21/2020 138.19 145.32 79.12
9/22/2020 133.90 146.85 77.28
9/23/2020 131.66 143.36 75.39
9/24/2020 131.02 143.79 75.62
9/25/2020 133.39 146.09 76.69
9/28/2020 137.97 148.44 79.00
9/29/2020 137.75 147.73 77.80
9/30/2020 139.80 148.95 78.86
10/1/2020 142.52 149.74 79.09
10/2/2020 142.72 148.30 80.63
10/5/2020 148.04 150.97 83.11
10/6/2020 147.61 148.86 82.34
10/7/2020 154.85 151.45 84.78
10/8/2020 158.73 152.66 86.12
10/9/2020 159.56 154.00 85.83
10/12/2020 160.52 156.53 86.87
10/13/2020 156.31 155.54 84.40
10/14/2020 155.58 154.51 82.88
10/15/2020 158.84 154.28 84.26
10/16/2020 158.73 154.30 84.24
10/19/2020 157.23 151.78 83.08
10/20/2020 160.32 152.50 84.43
10/21/2020 161.17 152.16 83.59
10/22/2020 165.62 152.96 86.72
10/23/2020 172.19 153.48 87.37
10/26/2020 168.45 150.63 85.24
10/27/2020 168.23 150.17 82.69
10/28/2020 161.83 144.88 80.70
10/29/2020 163.88 146.61 82.00
10/30/2020 168.89 144.83 83.01
11/2/2020 178.35 146.61 85.18
11/3/2020 180.44 149.22 87.47
11/4/2020 172.30 152.51 83.08
11/5/2020 181.66 155.48 86.50
11/6/2020 182.07 155.43 84.72
11/9/2020 192.91 157.25 96.14
11/10/2020 195.53 157.03 96.20
11/11/2020 191.04 158.23 94.58
11/12/2020 192.67 156.66 92.40
11/13/2020 200.97 158.79 94.44
11/16/2020 206.03 160.64 97.52
11/17/2020 202.38 159.87 97.20
11/18/2020 201.89 158.02 96.07
11/19/2020 206.06 158.64 96.61
11/20/2020 207.38 157.57 95.25
11/23/2020 202.66 158.45 97.39
11/24/2020 210.22 161.01 102.58
11/25/2020 206.01 160.76 101.49
11/27/2020 205.55 161.14 100.43
11/30/2020 200.36 160.40 97.48
12/1/2020 206.35 162.21 99.84
12/2/2020 205.18 162.50 101.41
12/3/2020 207.11 162.40 101.52
12/4/2020 208.18 163.84 103.17
12/7/2020 206.23 163.52 102.51
12/8/2020 205.82 163.97 102.35
12/9/2020 202.26 162.67 102.57
12/10/2020 205.51 162.46 103.04
12/11/2020 203.29 162.26 101.63
12/14/2020 203.05 161.55 100.04
12/15/2020 207.53 163.64 101.89
12/16/2020 208.19 163.93 102.26
12/17/2020 211.98 164.87 102.08
12/18/2020 207.88 164.29 100.87
12/21/2020 213.51 163.65 102.70
12/22/2020 213.92 163.31 101.54
12/23/2020 219.34 163.43 104.48
12/24/2020 218.45 164.01 104.00
12/28/2020 219.62 165.44 104.56
12/29/2020 218.45 165.07 103.69
12/30/2020 222.84 165.29 104.47
12/31/2020 225.33 166.36 105.64
1/4/2021 225.04 163.90 104.62
1/5/2021 224.36 165.06 105.85
1/6/2021 241.41 166.01 113.06
1/7/2021 250.60 168.47 115.72
1/8/2021 246.36 169.40 114.71
1/11/2021 252.19 168.29 115.96
1/12/2021 259.54 168.36 117.74
1/13/2021 256.91 168.74 117.12
1/14/2021 270.53 168.11 119.15
1/15/2021 268.09 166.90 115.37
1/19/2021 273.45 168.26 115.87
1/20/2021 268.83 170.60 113.80
1/21/2021 264.69 170.65 112.19
1/22/2021 278.96 170.14 111.98
1/25/2021 279.31 170.76 110.92
1/26/2021 280.10 170.50 109.66
1/27/2021 260.34 166.12 105.81
1/28/2021 262.58 167.74 108.22
1/29/2021 254.35 164.51 105.50
2/1/2021 265.24 167.15 106.57
2/2/2021 271.97 169.47 109.43
2/3/2021 274.41 169.64 111.27
2/4/2021 284.39 171.48 114.75
2/5/2021 285.21 172.15 114.67
2/8/2021 292.91 173.42 116.62
2/9/2021 293.37 173.23 116.56
2/10/2021 291.07 173.17 116.60
2/11/2021 290.72 173.46 115.85
2/12/2021 294.27 174.28 117.17
2/16/2021 305.11 174.18 120.62
2/17/2021 307.99 174.12 121.09
2/18/2021 303.42 173.35 120.09
2/19/2021 313.97 173.03 122.92
2/22/2021 311.84 171.69 124.64
2/23/2021 303.78 171.91 125.76
2/24/2021 313.81 173.86 129.24
2/25/2021 303.93 169.60 125.78
2/26/2021 293.61 168.80 122.36
3/1/2021 308.65 172.81 126.49
3/2/2021 302.84 171.42 125.65
3/3/2021 298.90 169.18 126.92
3/4/2021 291.94 166.91 125.53
3/5/2021 295.07 170.16 127.65
3/8/2021 296.97 169.25 130.29
3/9/2021 295.29 171.64 127.75
3/10/2021 307.42 172.68 130.95
3/11/2021 320.49 174.48 130.82
3/12/2021 318.71 174.65 133.09
3/15/2021 320.20 175.79 131.99
3/16/2021 313.65 175.51 130.24
3/17/2021 316.43 176.02 131.43
3/18/2021 319.82 173.42 133.06
3/19/2021 316.41 173.31 130.87
3/22/2021 297.33 174.53 127.88
3/23/2021 288.67 173.20 125.23
3/24/2021 283.19 172.25 125.24
3/25/2021 287.97 173.15 128.78
3/26/2021 285.84 176.03 131.28
3/29/2021 272.71 175.88 128.26
3/30/2021 285.07 175.33 130.95
3/31/2021 286.81 175.96 129.63
4/1/2021 280.81 178.04 130.99
4/5/2021 284.70 180.61 131.52
4/6/2021 284.58 180.44 131.27
4/7/2021 281.54 180.70 131.87
4/8/2021 284.73 181.47 131.55
4/9/2021 289.15 182.87 132.97
4/12/2021 290.87 182.83 133.80
4/13/2021 289.41 183.43 131.63
4/14/2021 294.56 182.68 133.47
4/15/2021 297.30 184.71 132.12
4/16/2021 301.50 185.38 132.73
4/19/2021 301.69 184.39 132.23
4/20/2021 294.97 183.14 128.45
4/21/2021 306.76 184.84 130.99
4/22/2021 301.53 183.14 129.04
4/23/2021 327.81 185.14 132.73
4/26/2021 332.87 185.47 134.16
4/27/2021 334.59 185.43 135.51
4/28/2021 332.22 185.27 136.43
4/29/2021 337.09 186.53 139.15
4/30/2021 332.23 185.19 137.30
5/3/2021 328.04 185.69 137.57
5/4/2021 332.87 184.45 139.49
5/5/2021 337.90 184.58 140.98
5/6/2021 336.37 186.09 142.61
5/7/2021 341.61 187.46 143.26
5/10/2021 334.59 185.51 142.92
5/11/2021 339.24 183.90 141.31
5/12/2021 317.96 179.95 139.03
5/13/2021 323.94 182.14 142.01
5/14/2021 336.06 184.86 144.25
5/17/2021 335.55 184.39 145.17
5/18/2021 334.34 182.82 142.63
5/19/2021 327.06 182.29 141.39
5/20/2021 325.24 184.21 140.90
5/21/2021 331.09 184.06 142.75
5/24/2021 334.22 185.89 143.20
5/25/2021 330.32 185.49 141.29
5/26/2021 336.81 185.84 142.32
5/27/2021 339.70 186.06 144.41
5/28/2021 338.65 186.20 144.17
6/1/2021 342.83 186.11 145.47
6/2/2021 341.59 186.38 144.80
6/3/2021 342.33 185.70 144.85
6/4/2021 346.31 187.34 144.63
6/7/2021 349.98 187.19 144.14
6/8/2021 352.56 187.23 143.63
6/9/2021 345.24 186.89 141.47
6/10/2021 329.11 187.76 138.89
6/11/2021 326.39 188.12 139.49
6/14/2021 317.07 188.46 137.30
6/15/2021 319.68 188.08 138.02
6/16/2021 329.46 187.07 138.77
6/17/2021 316.86 186.99 131.97
6/18/2021 308.48 184.53 128.57
6/21/2021 321.56 187.12 132.29
6/22/2021 323.16 188.08 132.33
6/23/2021 325.45 187.87 133.07
6/24/2021 325.96 188.96 135.12
6/25/2021 328.09 189.59 137.41
6/28/2021 323.54 190.03 135.66
6/29/2021 323.55 190.09 134.36
6/30/2021 323.28 190.34 135.11
7/1/2021 328.19 191.33 136.47
7/2/2021 328.38 192.77 135.89
7/6/2021 319.55 192.38 132.27
7/7/2021 320.50 193.02 131.77
7/8/2021 316.56 191.37 129.20
7/9/2021 334.21 193.53 134.29
7/12/2021 344.91 194.20 135.86
7/13/2021 336.31 193.51 133.75
7/14/2021 337.11 193.74 133.22
7/15/2021 337.40 193.11 134.16
7/16/2021 326.38 191.65 131.02
7/19/2021 310.80 188.61 126.10
7/20/2021 326.31 191.47 130.07
7/21/2021 333.49 193.05 132.75
7/22/2021 330.77 193.44 130.63
7/23/2021 331.67 195.40 130.67
7/26/2021 328.24 195.87 131.79
7/27/2021 322.05 194.94 131.63
7/28/2021 326.34 194.91 132.01
7/29/2021 329.25 195.73 133.45
7/30/2021 319.52 194.67 131.73
8/2/2021 316.16 194.31 131.01
8/3/2021 318.64 195.90 133.29
8/4/2021 318.41 195.00 131.83
8/5/2021 330.75 196.17 133.95
8/6/2021 342.61 196.50 137.40
8/9/2021 341.05 196.31 137.51
8/10/2021 337.39 196.51 139.19
8/11/2021 345.29 196.99 141.66
8/12/2021 343.34 197.57 141.77
8/13/2021 337.98 197.89 140.16
8/16/2021 337.78 198.41 139.18
8/17/2021 327.06 197.01 137.16
8/18/2021 323.22 194.89 135.89
8/19/2021 315.27 195.13 134.05
8/20/2021 320.10 196.72 135.06
8/23/2021 324.40 198.40 136.60
8/24/2021 330.22 198.70 138.30
8/25/2021 332.33 199.14 140.81
8/26/2021 325.80 197.98 139.67
8/27/2021 333.77 199.72 142.10
8/30/2021 325.18 200.58 138.70
8/31/2021 325.06 200.31 138.54
9/1/2021 328.02 200.37 136.60
9/2/2021 330.98 200.94 137.34
9/3/2021 332.04 200.88 136.71
9/7/2021 340.46 200.19 136.32
9/8/2021 340.39 199.93 135.04
9/9/2021 342.57 199.01 135.89
9/10/2021 343.71 197.47 134.91
9/13/2021 349.88 197.92 137.39
9/14/2021 339.55 196.78 134.65
9/15/2021 347.37 198.45 136.96
9/16/2021 353.50 198.14 136.65
9/17/2021 354.64 196.34 136.22
9/20/2021 341.41 193.01 132.24
9/21/2021 344.63 192.85 132.08
9/22/2021 353.14 194.68 134.68
9/23/2021 373.08 197.05 139.35
9/24/2021 377.62 197.34 140.41
9/27/2021 391.83 196.79 144.42
9/28/2021 379.97 192.78 142.60
9/29/2021 381.12 193.08 143.11
9/30/2021 375.83 190.78 140.75
10/1/2021 386.09 192.98 143.87
10/4/2021 377.27 190.47 143.73
10/5/2021 386.58 192.47 145.82
10/6/2021 383.37 193.26 145.49
10/7/2021 386.68 194.87 146.07
10/8/2021 389.55 194.49 147.15
10/11/2021 387.24 193.16 145.61
10/12/2021 382.93 192.69 145.08
10/13/2021 387.94 193.27 143.96
10/14/2021 397.33 196.57 145.86
10/15/2021 401.08 198.04 147.85
10/18/2021 404.42 198.71 148.52
10/19/2021 406.65 200.18 149.82
10/20/2021 409.76 200.91 152.74
10/21/2021 409.68 201.51 151.67
10/22/2021 437.56 201.30 153.87
10/25/2021 433.42 202.25 153.37
10/26/2021 433.02 202.62 152.70
10/27/2021 411.43 201.60 148.68
10/28/2021 412.79 203.58 150.52
10/29/2021 416.80 203.97 149.59
11/1/2021 422.96 204.34 151.25
11/2/2021 430.19 205.09 150.94
11/3/2021 438.67 206.42 153.11
11/4/2021 436.43 207.28 150.08
11/5/2021 434.30 208.06 150.17
11/8/2021 431.12 208.24 150.97
11/9/2021 436.02 207.51 150.12
11/10/2021 431.05 205.80 150.45
11/11/2021 431.08 205.92 151.40
11/12/2021 432.20 207.41 151.10
11/15/2021 434.58 207.40 151.62
11/16/2021 438.44 208.20 151.23
11/17/2021 432.99 207.66 149.51
11/18/2021 432.82 208.37 148.96
11/19/2021 422.84 208.07 147.04
11/22/2021 430.63 207.41 149.68
11/23/2021 428.37 207.75 152.03
11/24/2021 430.19 208.23 151.74
11/26/2021 414.94 203.50 145.37
11/29/2021 420.93 206.18 145.75
11/30/2021 402.24 202.27 141.30
12/1/2021 392.51 199.88 139.55
12/2/2021 413.78 202.72 144.31
12/3/2021 391.92 201.01 140.71
12/6/2021 402.85 203.37 143.42
12/7/2021 416.44 207.58 145.59
12/8/2021 412.63 208.22 144.36
12/9/2021 410.21 206.72 144.14
12/10/2021 408.97 208.70 143.85
12/13/2021 392.52 206.79 140.55
12/14/2021 393.14 205.25 141.95
12/15/2021 406.42 208.60 142.22
12/16/2021 396.40 206.78 143.80
12/17/2021 379.97 204.65 139.72
12/20/2021 370.46 202.32 136.71
12/21/2021 386.51 205.92 140.33
12/22/2021 390.83 208.01 140.87
12/23/2021 392.03 209.31 141.69
12/27/2021 400.66 212.20 143.32
12/28/2021 395.70 211.99 143.28
12/29/2021 396.93 212.29 143.26
12/30/2021 394.75 211.65 142.75
12/31/2021 394.05 211.10 142.66
1/3/2022 399.82 212.44 146.41
1/4/2022 410.27 212.31 151.37
1/5/2022 396.20 208.19 149.73
1/6/2022 426.03 207.99 154.60
1/7/2022 425.95 207.15 157.07
1/10/2022 413.21 206.85 156.72
1/11/2022 426.13 208.74 158.11
1/12/2022 428.64 209.33 158.91
1/13/2022 413.46 206.35 159.22
1/14/2022 409.26 206.52 158.72
1/18/2022 388.31 202.72 154.91
1/19/2022 380.55 200.76 150.05
1/20/2022 376.45 198.54 147.57
1/21/2022 338.00 194.79 142.80
1/24/2022 331.17 195.33 144.18
1/25/2022 322.35 192.95 144.90
1/26/2022 325.62 192.66 145.30
1/27/2022 315.33 191.62 143.55
1/28/2022 324.47 196.29 145.04
1/31/2022 339.24 200.00 145.64
2/1/2022 352.01 201.37 149.10
2/2/2022 353.24 203.27 149.70
2/3/2022 349.18 198.31 148.14
2/4/2022 356.33 199.33 151.11
2/7/2022 359.28 198.59 152.04
2/8/2022 369.08 200.26 155.13
2/9/2022 371.51 203.17 155.27
2/10/2022 373.18 199.49 154.77
2/11/2022 364.43 195.70 152.64
2/14/2022 361.10 194.95 151.08
2/15/2022 374.87 198.03 153.93
2/16/2022 380.05 198.20 154.31
2/17/2022 360.68 194.00 148.67
2/18/2022 356.22 192.61 148.04
2/22/2022 353.11 190.66 147.82
2/23/2022 340.04 187.15 144.10
2/24/2022 339.46 189.95 141.03
2/25/2022 362.05 194.20 146.68
2/28/2022 352.08 193.72 144.76
3/1/2022 324.12 190.73 136.47
3/2/2022 345.40 194.28 141.39
3/3/2022 339.43 193.26 140.19
3/4/2022 315.55 191.73 135.42
3/7/2022 287.21 186.07 129.15
3/8/2022 300.37 184.72 129.97
3/9/2022 313.12 189.47 135.37
3/10/2022 313.45 188.66 133.83
3/11/2022 308.27 186.21 132.35
3/14/2022 297.54 184.83 134.64
3/15/2022 305.98 188.79 135.67
3/16/2022 323.50 193.01 140.60
3/17/2022 328.10 195.39 140.43
3/18/2022 331.42 197.67 140.24
3/21/2022 328.56 197.59 139.49
3/22/2022 341.54 199.82 142.66
3/23/2022 330.72 197.37 138.68
3/24/2022 335.18 200.20 139.58
3/25/2022 340.69 201.21 141.71
3/28/2022 334.74 202.65 140.07
3/29/2022 344.27 205.14 141.33
3/30/2022 329.45 203.84 138.21
3/31/2022 325.04 200.65 133.95
4/1/2022 318.24 201.34 132.26
4/4/2022 317.74 202.97 132.24
4/5/2022 307.79 200.42 130.89
4/6/2022 296.64 198.47 129.12
4/7/2022 290.66 199.32 128.21
4/8/2022 290.71 198.79 129.25
4/11/2022 299.81 195.43 129.24
4/12/2022 294.47 194.76 127.50
4/13/2022 302.50 196.94 127.69
4/14/2022 294.60 194.55 125.95
4/18/2022 292.65 194.51 127.09
4/19/2022 312.04 197.63 129.87
4/20/2022 300.99 197.51 130.77
4/21/2022 292.31 194.60 128.41
4/22/2022 314.34 189.20 125.22
4/25/2022 315.66 190.28 125.29
4/26/2022 298.93 184.92 122.05
4/27/2022 295.19 185.31 121.27
4/28/2022 299.40 189.90 122.79
4/29/2022 283.31 183.00 118.75
5/2/2022 289.14 184.04 120.07
5/3/2022 297.83 184.93 122.05
5/4/2022 312.29 190.46 126.13
5/5/2022 298.26 183.67 122.68
5/6/2022 286.86 182.62 121.39
5/9/2022 272.96 176.77 119.08
5/10/2022 267.24 177.21 117.31
5/11/2022 256.43 174.29 115.22
5/12/2022 253.06 174.06 114.56
5/13/2022 261.03 178.22 115.79
5/16/2022 251.08 177.52 114.48
5/17/2022 260.28 181.10 118.94
5/18/2022 250.55 173.78 115.51
5/19/2022 253.02 172.77 114.99
5/20/2022 252.56 172.79 114.92
5/23/2022 260.28 176.00 119.61
5/24/2022 248.65 174.57 118.99
5/25/2022 263.03 176.22 120.95
5/26/2022 274.87 179.72 123.89
5/27/2022 285.86 184.17 125.46
5/31/2022 283.85 183.01 125.73
6/1/2022 275.81 181.65 123.26
6/2/2022 285.84 184.99 125.13
6/3/2022 279.04 181.97 123.36
6/6/2022 280.77 182.54 123.84
6/7/2022 285.82 184.28 124.87
6/8/2022 282.28 182.29 122.72
6/9/2022 273.46 177.95 118.85
6/10/2022 257.31 172.77 113.69
6/13/2022 233.64 166.07 109.81
6/14/2022 236.11 165.45 108.90
6/15/2022 243.46 167.86 110.62
6/16/2022 226.08 162.40 107.53
6/17/2022 232.26 162.76 108.48
6/21/2022 234.03 166.74 110.59
6/22/2022 232.48 166.53 110.23
6/23/2022 233.02 168.11 108.74
6/24/2022 241.41 173.25 113.36
6/27/2022 239.53 172.74 112.53
6/28/2022 235.10 169.26 111.99
6/29/2022 233.88 169.14 110.81
6/30/2022 229.49 167.66 108.99
7/1/2022 232.79 169.43 110.66
7/5/2022 239.61 169.69 110.49
7/6/2022 236.60 170.30 109.51
7/7/2022 245.88 172.85 111.60
7/8/2022 243.22 172.71 111.14
7/11/2022 237.34 170.71 110.18
7/12/2022 239.08 169.14 109.92
7/13/2022 236.06 168.38 108.31
7/14/2022 228.41 167.88 106.13
7/15/2022 237.40 171.10 112.25
7/18/2022 240.42 169.67 112.37
7/19/2022 247.91 174.36 115.55
7/20/2022 252.46 175.39 115.60
7/21/2022 253.41 177.12 116.33
7/22/2022 209.95 175.46 114.56
7/25/2022 227.26 175.69 116.06
7/26/2022 212.06 173.67 113.53
7/27/2022 220.45 178.21 115.78
7/28/2022 227.04 180.37 115.43
7/29/2022 234.46 182.93 117.02
8/1/2022 231.23 182.42 116.58
8/2/2022 232.51 181.20 114.96
8/3/2022 240.18 184.03 116.93
8/4/2022 241.84 183.89 115.65
8/5/2022 240.07 183.59 117.15
8/8/2022 239.78 183.37 116.52
8/9/2022 243.88 182.59 117.05
8/10/2022 262.75 186.47 120.44
8/11/2022 264.47 186.34 122.37
8/12/2022 269.72 189.57 123.93
8/15/2022 270.39 190.32 123.68
8/16/2022 276.81 190.68 124.68
8/17/2022 267.15 189.30 123.43
8/18/2022 265.78 189.73 123.41
8/19/2022 252.96 187.28 121.01
8/22/2022 244.52 183.27 118.25
8/23/2022 245.47 182.86 117.95
8/24/2022 249.54 183.40 118.15
8/25/2022 254.77 185.98 120.18
8/26/2022 238.53 179.72 116.15
8/29/2022 235.19 178.52 115.16
8/30/2022 237.15 176.55 115.00
8/31/2022 236.18 175.17 114.16
9/1/2022 233.52 175.69 113.95
9/2/2022 229.55 173.81 113.26
9/6/2022 222.89 173.10 112.25
9/7/2022 231.54 176.27 114.70
9/8/2022 240.52 177.44 117.95
9/9/2022 245.74 180.15 118.96
9/12/2022 235.97 182.05 119.94
9/13/2022 223.50 174.18 115.22
9/14/2022 219.38 174.77 114.65
9/15/2022 220.21 172.79 116.23
9/16/2022 210.56 171.55 114.46
9/19/2022 212.53 172.73 115.75
9/20/2022 212.16 170.78 114.03
9/21/2022 208.88 167.86 111.60
9/22/2022 199.03 166.44 108.84
9/23/2022 198.02 163.57 106.70
9/26/2022 195.04 161.88 104.75
9/27/2022 193.96 161.54 103.77
9/28/2022 199.70 164.72 105.92
9/29/2022 196.33 161.24 104.26
9/30/2022 195.09 158.81 103.40
10/3/2022 206.19 162.92 106.51
10/4/2022 218.74 167.90 111.10
10/5/2022 211.55 167.56 109.78
10/6/2022 207.16 165.85 107.70
10/7/2022 198.39 161.20 105.27
10/10/2022 197.85 159.99 104.44
10/11/2022 195.09 158.95 102.28
10/12/2022 194.78 158.43 102.14
10/13/2022 200.48 162.54 107.43
10/14/2022 184.62 158.70 105.95
10/17/2022 193.77 162.90 109.11
10/18/2022 191.75 164.76 110.23
10/19/2022 183.23 163.66 106.26
10/20/2022 175.73 162.36 103.92
10/21/2022 133.65 166.21 106.65
10/24/2022 134.80 168.19 108.52
10/25/2022 139.15 170.92 110.40
10/26/2022 140.42 169.66 110.84
10/27/2022 133.27 168.63 110.86
10/28/2022 136.04 172.78 112.89
10/31/2022 134.19 171.49 112.34
11/1/2022 133.04 170.79 113.13
11/2/2022 123.78 166.52 110.90
11/3/2022 120.63 164.76 109.32
11/4/2022 123.87 167.00 112.12
11/7/2022 123.70 168.60 112.91
11/8/2022 126.90 169.55 113.54
11/9/2022 121.02 166.03 111.05
11/10/2022 134.18 175.23 117.44
11/11/2022 136.89 176.85 118.61
11/14/2022 127.68 175.27 115.88
11/15/2022 139.40 176.80 116.40
11/16/2022 136.56 175.34 114.75
11/17/2022 129.34 174.79 113.33
11/18/2022 129.87 175.63 114.22
11/21/2022 124.98 174.94 114.61
11/22/2022 126.23 177.32 115.73
11/23/2022 129.10 178.37 116.10
11/25/2022 129.33 178.32 116.52
11/28/2022 126.38 175.56 113.88
11/29/2022 127.31 175.29 115.19
11/30/2022 134.66 180.71 117.49
12/1/2022 132.56 180.55 115.94
12/2/2022 130.68 180.34 114.80
12/5/2022 121.57 177.11 109.77
12/6/2022 116.35 174.56 107.97
12/7/2022 121.01 174.24 108.21
12/8/2022 129.35 175.55 108.41
12/9/2022 127.98 174.26 108.46
12/12/2022 129.79 176.74 110.07
12/13/2022 136.04 178.03 110.11
12/14/2022 133.96 176.95 108.24
12/15/2022 128.17 172.54 106.20
12/16/2022 123.98 170.62 105.40
12/19/2022 122.23 169.09 105.37
12/20/2022 123.44 169.26 105.47
12/21/2022 126.28 171.78 107.11
12/22/2022 125.38 169.30 106.64
12/23/2022 125.99 170.29 107.14
12/27/2022 125.56 169.60 107.52
12/28/2022 125.76 167.56 107.19
12/29/2022 136.32 170.49 109.01
12/30/2022 133.71 170.05 108.82
1/3/2023 130.85 169.37 109.47
1/4/2023 139.47 170.65 112.01
1/5/2023 135.13 168.66 110.77
1/6/2023 142.80 172.51 113.58
1/9/2023 144.92 172.38 113.08
1/10/2023 146.81 173.59 113.70
1/11/2023 148.15 175.82 114.71
1/12/2023 147.47 176.42 115.33
1/13/2023 146.83 177.12 116.13
1/17/2023 151.05 176.76 115.85
1/18/2023 146.40 174.01 112.88
1/19/2023 145.27 172.68 112.03
1/20/2023 169.32 175.95 115.53
1/23/2023 173.54 178.04 117.95
1/24/2023 167.53 177.91 117.22
1/25/2023 171.25 177.88 119.09
1/26/2023 171.75 179.84 120.26
1/27/2023 175.72 180.29 120.92
1/30/2023 170.79 177.95 119.82
1/31/2023 175.72 180.55 121.85
2/1/2023 182.07 182.44 122.53
2/2/2023 193.76 185.12 123.94
2/3/2023 187.78 183.21 123.57
2/6/2023 183.67 182.08 122.64
2/7/2023 187.86 184.43 124.19
2/8/2023 186.15 182.38 123.30
2/9/2023 183.53 180.77 121.44
2/10/2023 180.12 181.17 121.30
2/13/2023 181.01 183.24 122.61
2/14/2023 180.55 183.19 122.37
2/15/2023 184.03 183.70 122.34
2/16/2023 175.42 181.17 120.62
2/17/2023 170.11 180.66 120.70
2/21/2023 166.00 177.04 117.47
2/22/2023 167.06 176.77 117.07
2/23/2023 167.91 177.71 117.45
2/24/2023 164.37 175.83 117.69
2/27/2023 166.12 176.38 117.95
2/28/2023 167.39 175.84 118.31
3/1/2023 164.44 175.01 117.97
3/2/2023 161.03 176.34 115.86
3/3/2023 165.24 179.18 118.08
3/6/2023 164.44 179.31 117.60
3/7/2023 155.35 176.56 113.06
3/8/2023 155.61 176.81 112.19
3/9/2023 61.61 173.54 103.55
3/10/2023   171.03 99.50
3/13/2023   170.77 87.91
3/14/2023   173.59 90.71
3/15/2023   172.38 87.48
3/16/2023   175.40 89.74
3/17/2023   173.47 85.02
3/20/2023   175.02 85.69
3/21/2023   177.29 89.93
3/22/2023   174.37 85.70
3/23/2023   174.89 84.23
3/24/2023   175.88 84.58
3/27/2023   176.17 86.73

Note: All values indexed to 100 on January 3, 2017.

Source: Bloomberg Finance L.P.

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Figure 11. SVBFG/SVB number of supervisory issues (MRAs/MRIAs)
Year Number of SVBFG/SVB issues opened Number of SVBFG/SVB issues closed Total number of active SVBFG/SVB issues
2019 14 14 17
2020 9 8 18
2021 15 13 20
2022 15 5 30
2023 1 0 31

Note: Key identifies series in order from left to right. Displays the number of supervisory issues that were opened or closed for SVB or SVBFG, as well as the number that were active at year-end and on March 10, 2023, when SVB was closed. Does not include four consumer compliance issues.

Source: Internal Federal Reserve supervisory databases.

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Figure 12. Timeline of SVBFG/SVB supervisory issues (MRAs/MRIAs)

The timeline has 4 issue types. The first type is Capital planning and positions with the Category MRA. There are two closed issues ranging from 2018-2020 and another from 2020-2021. There are 3 open issues, 2 from 2021-2023 and one from 2022-2023. The next issue is Liquidity risk management and positions, with the categories MRIA and MRA. The MRIA shows 2 open issues from 2022-2023. The MRA shows 1 closed issue from 2019 and 4 open issues from 2022-2023. The next issue is Governance and Controls with the categories MRIA and MRA. The MRIA shows 2 closed issues, 2020-2021 and 2021-2022. There are 10 open issues, 2020-2023, 2 from 2021-2023 and 6 from 2022-2023, and 1 with just 2023. The MRA shows 36 closed issues and 10 open issues. Closed issues range from (3) 2017, 2017-2018, 2017-2019, (3) 2017-2018, 2018, (6) 2018-2019, 2018, (2) 2018-2020, 2019, (3) 2019-2020, (6) 2019-2021, 2019-2022, (6) 2020-2021, (2) 2021-2022. The open ranges from, 2019-2023, 2020-2023, (2) 2021-2023, (4) 2022-2023, and (2) 2023. The final issue type is Bank Secrecy Act/ Anti-Money Laundering with the MRA category. There are 2 open issues from 2022-2023. There is a horizontal dashed line marked in 2021 that is titled Transition from RBO to LFBO portfolio occurred on Feb. 25, 2021.

Note: Includes MRAs and MRIAs opened from 2017 to 2023 on SVB and SVBFG. Does not include issues opened prior to 2017 or consumer compliance issues. Issue status reflects the status of each supervisory issue when the firm was closed on March 10, 2023.

Source: Internal Federal Reserve supervisory databases.

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Figure 13. Supervision staffing relative to banking industry assets

Index (2008 = 100)

Year Industry assets Federal Reserve positions
2008 100 100
2009 111 107
2010 112 114
2011 114 125
2012 122 140
2013 122 145
2014 127 146
2015 129 152
2016 140 157
2017 144 157
2018 148 157
2019 153 157
2020 178 154
2021 192 154
2022 191 153

Note: All values indexed to 100 in 2008. The positions shown combine different staffing statistics for the FederalReserve Banks and the Board of Governors of the Federal Reserve System. Reserve Bank numbers presented includethe average number of personnel (ANP) or full-time equivalents (FTE) conducting supervision and regulation functions,including consumer compliance. They are a proxy for staffing levels but do not reflect actual positions. Board numberspresented include filled positions in the Division of Supervision and Regulation, excluding consumer compliance.Banking industry assets include all top-holder firms.

Source: Internal Federal Reserve staffing databases, FR Y-9C, and Call Report.

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Figure 14. SVBFG supervision hours relative to assets

Index (2017 = 100)

Year SVBFG supervision hours SVBFG assets
2017 100 100
2018 92 111
2019 65 139
2020 56 227
2021 91 413
2022 203 413

Note: The key identifies bars in order from left to right. All values indexed to 100 in 2017. SVBFG supervision hoursreflect actual hours spent on scheduled supervisory activities of SVBFG.

Source: Internal Federal Reserve staff time databases and FR Y-9C.

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Figure 15. Actual hours spent on scheduled supervisory activities of SVBFG
Activity 2017 2018 2019 2020 2021 2022
Continuous monitoring 1,348 1,144 508 2,430 1,190 12,460
Risk-based target 588 908 669 30 3,462 3,230
Horizontal/coordinated review 172 479 190     1,842
Mandatory target 3,905 3,657 4,362 713 2,816 2,337
BHC inspection/ratings roll-up 1,105 564 498   784 2,473
CAMELS examination 3,785 3,197 718 1,660 1,295 1,251
IT examination 1,270 1,211 975 2,039 1,559 1,129
Total hours 12,173 11,160 7,920 6,872 11,106 24,722

Note: The key identifies bars in order from top to bottom.

Source: Internal Federal Reserve staff time databases.

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Figure 16. Supervision resources for SVBFG compared with peer institutions

Full-time equivalent staff (FTE)

Year SVBFG Average for peer institutions
2018 6.2 4.5
2019 4.4 6.2
2020 3.82 4.5
2021 6.17 9.9
2022 13.73 10.1

Source: Internal Federal Reserve staff time databases.

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Figure 17. Timeline of supervisory activities

A chart displays a timeline of supervisory activities, where a dashed line is placed vertically down the timeline to show the transition from RBO to LFBO portfolio occurred on Feb. 25, 2021. Start date: 10/3/16, Report mailed date: 3/7/17, Event: CAMELS exam of SVB. Start date: 12/27/16, Report mailed date: 6/14/17, Event: Holding company inspection of SVBFG. Start date: 10/2/17, Report mailed date: 2/14/18, Event: CAMELS exam of SVB. Start date: 12/4/17, Report mailed date: 6/13/18, Event: Holding company inspection of SVBFG. Start date: 10/1/18, Report mailed date: 3/6/19, Event: CAMELS exam of SVB. Start date: 12/31/18, Report mailed date: 4/11/19, Event: Holding company inspection of SVBFG. Start date: 11/29/19, Report mailed date: 4/13/20, Event: CAMELS exam of SVB. Start date: 12/30/19, Report mailed date: 5/8/20, Event: Holding company inspection of SVBFG. Start date: 11/30/20, Report mailed date: 5/3/21, Event: CAMELS exam of SVB. Start date: 4/5/21, Report mailed date: 7/9/21, Event: Holding company inspection of SVBFG. Start date: 5/24/21, Report mailed date: 8/17/21, Event: Asset quality and credit risk management target. Start date: 8/16/21, Report mailed date: 11/2/21, Event: Liquidity planning target. Start date: 9/7/21, Report mailed date: 8/17/22, Event: CAMELS exam of SVB. Start date: 9/7/21, Report mailed date: 8/17/22, Event: Holding company inspection of SVBFG. Start date: 9/20/21, Report mailed date: 11/9/21, Event: Capital planning target. Start date: 3/14/22, Report mailed date: 5/31/22, Event: Governance and risk management target. Start date: 4/25/22, Report mailed date: 8/19/22, 2022 LFBO horizontal capital review (HCR). Start date: 8/8/22, Report mailed date: 10/11/22, Event: 2022 LFBO horizontal capital review (HCR). Start date: 8/22/22, Report mailed date: 11/15/22, Event: 2022 LFBO dynamic rating roll-up—LFI Capital CAMELS. Start date: 10/3/22, Report mailed date: 12/27/22, Event: 2022 LFBO dynamic rating roll-up—LFI Capital CAMELS. Start date: 1/3/23, Event: 2023 LFBO Horizontal Liquidity Review (HLR).

Note: This figure shows all safety-and-soundness exams mailed on or after 1/1/2017 that resulted in ratings, as well as examinations in the areas of liquidity, interest rate risk, governance, and risk management.

CAMELS examinations of SVB: These examinations focused on evaluating and rating capital adequacy, asset quality, management, earnings, liquidity, and sensitivity to market risk. Risk management and composite ratings are also issued in CAMELS examinations. These exams were conducted with CDFPI.

Holding company inspections of SVBFG: Inspections that assessed the organization’s overall risk management and consolidated financial condition, resulting in an RFI or LFI rating.

Source: Internal Federal Reserve supervisory databases.

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Figure 18. SVBFG internal risk management gap assessment

There are two tables present. The top table titled is "Risk Management Gap Assessment: Executive Summary (1/2)" with the column headers and 4 rows. The first column header is LFI Components with 4 row headers nested underneath. The first-row header is Risk Appetite Statement, second is Strategic Plan, third row is Risk Identification and Assessment, and fourth row is Roles and Responsibilities. The second column header is Summary of Gaps. The first-row data cell contains Given the lack of a formal Risk Appetite Standard, evaluation of the risk appetite statement ("RAS") and risk tolerance is not formalized for annual review or ad hoc changes due to emerging risks or strategic changes (e.g., acquisitions). [Gap 1] and Enterprise-level risk tolerances are not cascaded down to the line of business for all key applicable risks. [Gaps 2, 3]. The second-row data cell contains, the strategic planning framework does not have a defined process lo review the impact of the business lines' strategic plans on SVB's risk profile, nor is there a mechanism to track the firm's progress against its strategic objectives. [Gap 4] Effective challenge by the 2nd LOD, while present, does not demonstrate the outcome of its exercise. [Gap 4] Business unit strategic planning is not supported by a documented process to demonstrate responsibilities, criteria and guidelines for approval. [Gap 5] The third-row data cell contains, The Issues Management process currently lacks mechanisms to track, escalate, report, determine root causes, ensure effective change management, and manage data quality on issues throughout the enterprise. [Gaps 6, 7] The Risk ID and Risk Acceptance governing standards have not been implemented, and there is inconsistent application of the Risk Taxonomy across financial and non-financial risks. Risk and Control Inventories ("RCI") are at varying levels of maturity and data does not always map back to the Risk Identification Framework/Standard. [Gaps 8, 9, 11] The scope of the Compliance Monitoring and Testing program's risk assessments do not consider the non-banking entities of SVBFG. [Gap 9] SVB does not currently utilize a centralized GRC tool to manage and report on risk assessments across the enterprise. [Gap 10] The governing risk management process for New & Modified Products & Services has not yet been finalized, leading to an inconsistent approach throughout the enterprise. [Gaps 12, 13] The fourth-row data cell contains, Many foundational standards of 2nd LOD (e.g., issues management, risk ID, risk acceptance etc.) are not fully developed, and the execution and documentation of 2nd LOD's effective challenge responsibilities are conducted inconsistently across 2nd LOD functional areas. [Gap 14] The business units currently do not maintain clearly defined roles and responsibilities for key risk programs related to 1st LOD risk management. [Gap 15] There is no framework or methodology for assessing compliance risk culture. [Gap 15] The third column header is Related RTP Workstreams (WS #) / Other Programs. The first-row data cell contains Risk Appetite and Limits Framework (WS 4). The second-row data cell contains Corporate Strategic Planning Process (WS 10). The third-row data cell contains, Issue Management (WS 9) Risk identification (WS 5), Risk Acceptance (WS 6), GRC Platform (WS 8), New & Modified Products & Services (WS 11), Compliance-specific remediation will take place under regulatory remediation activities underway. The fourth-row data cell is Governance, Accountability & Culture. (WS1)

The bottom table is titled, "Risk Management Gap Assessment: Executive Summary (2/2)" with the column headers and 4 rows. The first column header is LFI Components with 4 row headers nested underneath. The first-row header is Governance and Escalation, second is Resources and Infrastructure, third row is Internal Control Framework, and fourth row is Talent Incentive Management. The second column header is Summary of Gaps. The first-row data cell contains, there is a lack of governance process around enterprise policies and procedures, and no central repository to ensure awareness as to the existence of policies. [Gap 16] The Management-level Risk Committees program governance, while established, does not clearly define a standard structure for hierarchy, information flow, and charter requirements. [Gap 17] ERM has not implemented a Risk Reporting Governance Program and oversight framework, leading to disparate reporting practices across the enterprise. [Gap 18] Business Unit Quarterly Risk Reporting (QRR) and Monthly Reporting lacks a structured risk framework around establishment of thresholds, limits and tolerances to conform, with the Risk Appetite Standard. [Gap 19] The second-row data cell contains, While the 2nd LOD is currently actively hiring 10 meet its identified resource needs, it does not have a defined framework for identifying and assessing its resource needs. [Gap 20] While the 1st LOD is currently actively hiring to meet its identified resource needs, it does not have a defined framework for identifying and assessing its resource needs. [Gap 21] The third-row data cell contains, there is no enterprise-wide Internal Control Framework, including no enterprise-wide standard for the various control testing programs, leading to limited standardized control data across the enterprise. [Gap 22] The Risk and Control Self-Assessment (RCSA) Program and related internal control testing of key controls is inconsistent given the disparate scope of testing programs, and not at a state of maturity appropriate for a firm of SVB's size. [Gap 22] Risk assessments for the Compliance Monitoring and Testing program considered a limited set of factors and conduct testing on inherent rather than residual risk. [Gap 23] The fourth-row data cells contains; HR has not established an enterprise-level Talent Management framework to govern the end-to-end employee lifecycle for Covered Employees, including performance reviews to monitor and enforce prudent risk-taking behaviors. [Gaps 24. 25] The Incentive Compensation plan design does not include a process to ensure risk management and compliance objectives and practices are taken into consideration for Covered Employees. [Gap 26] There are no documented processes to evidence standardized practices across the enterprise for Succession Planning and maintaining job descriptions for key employees. [Gaps 27-30] The third column header is Related RTP Workstreams (WS #) / Other Programs. The first-row data cell contains Governance, Accountability & Culture (WS1) Management Committee Governance (WS 3) Risk Reporting (WS 7). The second-row data cells contain Workforce Planning (WS 2). The third-row data cells contain ERM Controls Monitoring (WS 12) Technology Risk Management (WS 13) Compliance-specific remediation will take place under regulatory remediation activities underway. The fourth-row data cells contain, MRIA 1 and Workforce Planning (WS 2).

Source: SVBFG internal material, August 29, 2022.

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Figure 19. Summary of SVBFG internal liquidity stress test

A table displays the Cumulative Liquidity Impacts as of May 31, 2022. Two columns are presented, the first main column "Scenario" has a subheading column Time Horizon, and the second main column "Combined Scenario" has four subheading columns beneath it; O/N, D30, D90 and 1Y which are the Time Horizons. Three rows follow under Time Horizon: Inflows, Outflows and Net Impact (Operational Shortfall) data. Starting with Inflows, O/N, is $23B, D30: $67B, D90: $113B, and 1Y: $114B. The next row Outflows, O/N: $8B, D30: $79B, D90: $116B, and 1Y: $111B. The last row of the table, Net Impact (Operational Shortfall), O/N: $14B, D30: $(12)B*, D90: $(4)B*, 1Y: $4B.

*Numbers with parentheses indicate Operational Shortfall.

Source: SVBFG internal material, June 21, 2022.

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Figure 20. Presentation to the SVBFG board on potential balance sheet management actions

Project Phoenix Executive Summary, Background: Considering the risk of continued movements of short-term rates in and above the forward curve, along with potential continued imbalance between venture deployment and client cash burn, and opportunities to deploy cash at higher rates, we are considering balance sheet actions to mitigate the risk and to take advantage of the higher rate opportunity. We are evaluating two separate securities repositioning strategies. While we do not plan to move forward at this time, these are options that we can consider should current market conditions persist: 1) One-Time HTM transfer to AFS under new accounting standard; Early adopt new accounting guidance that allows us to make a one-time transfer from our HTM to AFS portfolio ($15 - $20bn transfer) for purposes of hedging those securities in support of interest rate risk management. 2) Sale of AFS Securities; Pulling forward losses on low yielding fixed income investments through sale of AFS securities (up to $20bn at a $2bn loss). Improves our spot liquidity position and provides opportunity for us to paydown borrowings or re-invest a portion of proceeds into cash at higher yields than the current portfolio. While restructuring our securities portfolio with either strategy will improve asset sensitivity and net interest income over the long-term, there are multiple risks to consider: Market and execution risk given size and timing of potential movement or sale of securities, Payback period ranges from 3-5 years(based on forward curve, it could take up to 5 years to recover these losses), Investor reaction is expected to be very negative to any large securities portfolio repositioning as it will put the entire unrealized Loss into focus on the AFS, and Borrowing may still require (no silver bullet) to offset projected deposit outflows, continuing Nil pressure.

Source: SVBFG internal material, November 8-9, 2022.

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Figure 21. SVBFG EVE sensitivity in a +100bp shock scenario

This is a line chart titled EVE at Risk+100bps Shock. There are three-line series the black solid line "EVE at Risk +100", the horizontal yellow dashed line "Inner Threshold," and the horizontal red dashed line "Outer Limit." The inner threshold series is placed at about -8.00%. The outer limit series is placed at about -10.00%. The series EVE at Risk +100 begins in September 20 at about -12.00%. It fluctuates to about -8.00% in July 21. It then decreases to about -18.00% in March 22. It then increases to about -6.00% about May 22. Then decreases to end at about October 22 at -14.00%. This is a chart taken directly from SVB’s internal documents that shows that the EVE metric has breached inner and outer limits for the majority of time from September of 2020 until October of 2022.

Note: Data as of October 2022.

Source: SVBFG internal material, December 16, 2022.

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Figure 22. Summary from year-end 2022 Supervision Risk Report

A table displays three column headers; Issue, New or Repeat and Description, with 2 different table sections. Section 1 lists the top risk issues with 4 rows and the Second section is Watch List Issues with 5 rows. Starting with the Top Risk Issues. Issue: Cybersecurity, New or Repeat: Repeat, Description: The cybersecurity landscape continues to evolve and present unique threats challenging banks' operational and cyber resilience capabilities. Issue: Interest rates and Inflation, New or Repeat: Repeat, Description: High inflation has necessitated interest-rate hikes, adversely affecting asset values, liquidity and earnings, and credit conditions. Issue: Commercial Real Estate (CRE), New or Repeat: Repeat, Description: CRE credit risk remains material, as higher interest rates, structural shifts in office demand and economic uncertainties present headwinds. Issue: Commercial Lending, New or Repeat: Repeat, Description: Corporate borrowers are facing inflation, rising interest rates, already elevated debt burdens and macroeconomic/geopolitical uncertainty. The second section is Watch list issues, Issue: Cryptocurrencies and Digital Assets, New or Repeat: Repeat, Description: Significant turmoil in broader crypto markets has not substantially affected the banking sector, although a few smaller banks are impacted. Issue: LIBOR Transition, New or Repeat: Repeat, Description: Firms continue to say they will be prepared when LIBOR rates cease in June 2023, but they are facing significant challenges to meet deadlines. Issue: Energy Lending, New or Repeat: Repeat, Description: Cyclical credit risk remains low, but challenges continue for banks from anticipated secular/structural changes in energy markets. Issue: Third-party Risk Management, New or Repeat: Repeat, Description: Third-party risk management continues to be an area of risk for banks, especially for security and operational activities. Issue: Market Misconduct & Reputational Risk, New or Repeat: Repeat, Description: Firms still have areas for improvement for reputational risk reviews, authorized communications platforms, and trade surveillance coverage.

Source: Internal Federal Reserve report.

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Figure 23. Risks highlighted in Reserve Bank publications

Number of Reserve Banks citing each risk

Risk type Number
Reputational risk 1
Fintech 1
BSA/AML 1
Climate 2
Economic conditions 2
Operational resiliency 2
Balance sheet trends 3
Cyber 4
Earnings 5
Crypto 5
Interest rate risk 6
Commercial real estate 6
Asset quality 6
Capital 6
Liquidity 7

Source: Review of public Reserve Bank risk-related reports, presentations, and speeches between March 2022 and March 2023. List is indicative and not necessarily exhaustive.

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Figure 24. Regulatory timeline

The regulatory timeline goes in order from left to right with dates indicating either Regulatory threshold or Other. Starting with Oct. 2019 Federal Reserve finalizes tailoring rule. Regulatory threshold: June 2021 SVBFG crossed $100B average total consolidated assets threshold. Other: Jan. 2022 First 2052a liquidity monitoring report submitted. Other: Jan. 2022 SVBFG begins compliance with capital planning requirement. Other: Apr. 2022 First capital plan submitted. Other: July 2022 SVBFG became subject to internal liquidity stress testing and tailored risk-management requirements. Other: Oct. 2022 2052a reporting requirements updated to include certain NSFR-related elements and other enhancements. Dec. 2022 Submitted SVB resolution plan. Regulatory threshold: Dec. 2022 SVBFG crossed $50B STWF threshold. Other: Mar. 2023 SVB is placed in resolution. Other: Oct. 2023 Would have become subject to 70% LCR and 70% NSFR requirements. Other: June 2024 SVBFG would have received first supervisory stress test results. Other: Oct. 2024 Stress capital buffer would have become effective.

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Figure 25. SVBFG and SVB common equity tier 1 (CET1) capital ratios

Percent

Period SVBFG SVB
2017 12.78 12.06
2018 13.41 12.41
2019 12.58 11.12
2020 11.04 10.70
2021 12.09 14.89
2022 12.05 15.26

Note: Values are as of year-end. Horizontal dashed lines marked at Minimum requirement 4.5% and Minimum requirement (4.5%) + capital conservation buffer (2.5%) 7%.

Source: FR Y-9C and Call Report.

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Last Update: May 17, 2023