SVB Quietly Deleted Rate-Risk Metric as Auditor KPMG Stayed Mum

For 10 straight years, Silicon Valley Bank offered financial statement readers two metrics to show how interest rate fluctuations would affect its bottom line.

But executives at the Santa Clara, Calif.-based bank told a different story in the year-end 2022 financial statement issued just 14 days before the lender’s March 10 collapse. The bank quietly removed one of those disclosures, deleting the metric that was expected to show a bleak picture of the bank’s financial health as it grappled with spiking rates and fleeing depositors.

SVB’s Feb. 24 10-K, it’s last, offers no explanation as to why the bank ...