UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB
(Mark One)

(X)  QUARTERLY  REPORT  PURSUANT  TO  SECTION  13 OR 15 (d)  OF  THE  SECURITIES
     EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2003
                                       or
(_)  TRANSITION  REPORT  PURSUANT  TO  SECTION  13 OR 15 (d)  OF THE  SECURITIES
     EXCHANGE ACT OF 1934

For the transition period from          to

                        Commission File Number: 000-22407

                          SVB Financial Services, Inc.
             (Exact name of registrant as specified in its charter)

            New Jersey                                            22-3438058
(State of other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                               Identification No.)

70 East Main Street, Somerville, New Jersey                      08876
(Address of principal executive officers)                       (Zip Code)

                                 (908) 541-9500
              (Registrant's telephone number, including area code)

              (Former name, former address and former fiscal year,
                          if changed since last report)

     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the  Securities  Exchange Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.
                                ( X ) Yes ( ) No

         Indicate by check mark whether the registrant is an accelerated filter
(as defined in Rule 126-2 of the Exchange Act).

                                (   ) Yes (X) No

As of May 8, 2003 there were 3,654,520  shares of common stock,  $2.09 par value
outstanding.





<PAGE>
                        SVB FINANCIAL SERVICES, INC.
                        ----------------------------

                              FORM 10-QSB

                                 INDEX


PART I          -     FINANCIAL INFORMATION

ITEM 1          -     Financial Statements

ITEM 2          -     Management's Discussion and Analysis or Plan of Operation.

ITEM 3          -     Controls and Procedures

PART II         -     OTHER INFORMATION

ITEM 1          -     Legal Proceedings

ITEM 2          -     Changes in Securities

ITEM 3          -     Defaults Upon Senior Securities

ITEM 4          -     Submission of Matters to a Vote of Security Holders

ITEM 5          -     Other Information

ITEM 6          -     Exhibits and Reports on Form 8-K


SIGNATURES

CERTIFICATIONS






<PAGE>
<TABLE>
<CAPTION>




SVB FINANCIAL SERVICES, INC.
CONSOLIDATED BALANCE SHEETS                                           March 31,             December 31,
As of March 31, 2003 and December 31, 2002                              2003                   2002
                                                                  ---------------        ----------------
(in thousands)                                                        (Unaudited)
ASSETS
<S>                                                                     <C>                    <C>
Cash & Due from Banks                                                   $  29,754              $   11,672
Federal Funds Sold                                                          4,181                  20,778
Other Short Term Investments                                                  172                   7,293
                                                                  ---------------        ----------------
Total Cash and Cash Equivalents                                            34,107                  39,743
                                                                  ---------------        ----------------
Interest Bearing Time Deposits                                             14,445                  13,839

Securities
   Available for Sale, at Fair Value                                       54,220                  46,569
   Held to Maturity  (Fair Value $53,154 in 2003                           52,301                  56,209
   and $57,097 in 2002)
                                                                  ---------------        ----------------
Total Securities                                                          106,521                 102,778
                                                                  ---------------        ----------------

Loans                                                                     246,153                 238,185
   Allowance for Loan Losses                                              (2,564)                 (2,407)
   Unearned Income                                                          (384)                   (379)
                                                                  ---------------        ----------------
Net Loans                                                                 243,205                 235,399
                                                                  ---------------        ----------------

Premises & Equipment, Net                                                   5,666                   5,660
Bank Owned Life Insurance                                                   4,045                   3,000
Other Assets                                                                4,719                   4,565
                                                                  ---------------        ----------------
Total Assets                                                             $412,708                $404,984
                                                                  ===============        ================
LIABILITIES & SHAREHOLDERS' EQUITY
LIABILITIES
Deposits
Demand
   Non-interest Bearing                                                 $  52,973               $  54,221
   NOW                                                                     64,613                  73,426
Savings                                                                    42,577                  41,314
Money Market                                                               55,802                  49,951
Time
   Greater than $100,000                                                   28,599                  27,504
   Less than $100,000                                                     118,662                 118,006
                                                                  ---------------        ----------------
Total Deposits                                                            363,226                 364,422
                                                                  ---------------        ----------------

Other Borrowings                                                           17,205                   9,214
Obligation Under Capital Lease                                                407                     411
Guaranteed Preferred Beneficial Interest in the Corporation
   Subordinated Debentures                                                  6,500                   6,500
                                                                  ---------------        ----------------
Total Borrowings                                                           24,112                  16,125
                                                                  ---------------        ----------------
Other Liabilities                                                           1,594                   1,259
                                                                  ---------------        ----------------
Total Liabilities                                                         388,932                 381,806
                                                                  ---------------        ----------------
SHAREHOLDERS' EQUITY
Common Stock $2.09 Par Value: 20,000,000                                    7,637                   7,631
   Shares Authorized; 3,654,079 Shares in 2003 and
      3,651,003 Shares in 2002 Issued and Outstanding
Additional Paid-in Capital                                                 12,065                  12,041
Retained Earnings                                                           3,717                   3,111
Accumulated Other Comprehensive Income                                        357                     395
                                                                  ---------------        ----------------
Total Shareholders' Equity                                                 23,776                  23,178
                                                                  ---------------        ----------------
Total Liabilities and Shareholders' Equity                               $412,708                $404,984
                                                                  ===============        ================
</TABLE>



<PAGE>



<TABLE>
<CAPTION>


SVB FINANCIAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF INCOME                              For the Three Months Ended
For the Period Ended March 31                                      2003          2002
                                                               --------------------------
                                                               (Unaudited)    (Unaudited)



INTEREST INCOME

<S>                                                             <C>            <C>
Loans                                                           $4,037         $3,773
Securities Available for Sale                                      466            370
Securities Held to Maturity                                        487            544
Other Short Term Investments                                         9             28
Interest Bearing Time Deposits                                     124            132
Federal Funds Sold                                                  34             91
                                                                ---------------------
Total Interest Income                                            5,157          4,938
                                                                ---------------------

INTEREST EXPENSE
Deposits                                                         1,496          1,807
Other Borrowings                                                   103             79
Obligation Under Capital Lease                                       5              9
Guaranteed Preferred Beneficial Interest
   in the Corporation Subordinated Debentures                       81             56
                                                                ---------------------
Total Interest Expense                                           1,685          1,951
                                                                ---------------------

Net Interest Income                                              3,472          2,987
PROVISION FOR LOAN LOSSES                                          170            100
                                                                ---------------------
Net Interest Income after Provision for Loan Losses              3,302          2,887
                                                                ---------------------

OTHER INCOME
Service Charges on Deposit Accounts                                212            193
Gains on the Sale of Securities Available for Sale, Net             47              8
Gains on the Sale of Loans                                          46             40
Bank Owned Life Insurance                                           45             --
Other Income                                                       157            128
                                                                ---------------------
Total Other Income                                                 507            369
                                                                ---------------------

OTHER EXPENSE
Salaries and Employee Benefits                                   1,520          1,310
Occupancy Expense                                                  462            383
Equipment Expense                                                  157            131
Other Expenses                                                     770            658
                                                                ---------------------
Total Other Expense                                              2,909          2,482
                                                                ---------------------

Income Before Provision for Income Taxes                           900            774
Provision for Income Taxes                                         294            296
                                                                ---------------------
Net Income                                                      $  606         $  478
                                                                =====================

EARNINGS PER SHARE - Basic (1)                                  $ 0.17         $ 0.13
                                                                =====================
EARNINGS PER SHARE - Diluted (1)                                $ 0.16         $ 0.13
                                                                =====================
</TABLE>

(1) Amounts have been restated for stock dividends.


<PAGE>



<TABLE>
<CAPTION>


SVB FINANCIAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
For the Period Ended March 31,

                                                            For the Three Months Ended
                                                            2003                  2002
                                                     ----------------      ----------------
(in thousands)                                            (Unaudited)          Unaudited)

<S>                                                              <C>                   <C>
Net Income                                                       $606                  $478
Other Comprehensive Income, Net of Tax
   Unrealized Losses Arising in the Period, Net
   of Reclassification Adjustments                                (38)                 (197)
                                                     ----------------      ----------------
Comprehensive Income                                             $568                  $281
                                                     ================      ================
</TABLE>




<PAGE>


<TABLE>
<CAPTION>


SVB FINANCIAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Period Ended March 31,                                            2003                    2002
                                                                     --------------------------------------
                                                                      (Unaudited)               (Unaudited)

(in thousands)
OPERATING ACTIVITIES
<S>                                                                  <C>                       <C>
Net Income                                                           $         606             $        478
Adjustments to Reconcile Net Income to
   Net Cash Provided by Operating Activities:
Provision for Loan Losses                                                      170                      100
Depreciation and Amortization                                                  170                      153
Amortization of Securities Premium                                             186                      110
Gains on the Sale of Securities
   Available for Sale, Net                                                     (47)                      (8)
Gains on the Sale of Loans                                                     (46)                     (40)
Increase in Other Assets                                                      (135)                    (310)
Increase in Other Liabilities                                                  335                      302
Increase in Cash Surrender Value of Bank Owned Life Insurance                  (45)                       -
Increase in Unearned Income                                                      5                       52
                                                                     --------------------------------------
Net Cash Provided By Operating Activities                                    1,199                      837
                                                                     --------------------------------------

INVESTING ACTIVITIES
Increase in Interest Bearing Time Deposits                                    (606)                  (1,794)
Proceeds from the Sale of Securities
   Available for Sale                                                        1,491                      508
Proceeds from Maturities of Securities
   Available for Sale                                                        5,879                    1,833
   Held to Maturity                                                          9,500                    3,485
Purchases of Securities
   Available for Sale                                                      (15,119)                 (12,454)
   Held to Maturity                                                         (5,690)                 (11,873)
Increase in Loans, Net                                                      (7,935)                  (6,803)
Capital Expenditures                                                          (176)                    (483)
Purchase of Bank Owned Life Insurance                                       (1,000)                       -
                                                                     --------------------------------------
Net Cash Used for Investing Activities                                     (13,656)                 (27,581)
                                                                     --------------------------------------

FINANCING ACTIVITIES
Net (Decrease)/Increase in Demand Deposits                                 (10,061)                   4,610
Net Increase in Savings Deposits                                             1,263                    9,766
Net Increase in Money Market Deposits                                        5,851                    7,398
Net Increase in Time Deposits                                                1,751                    4,355
Increase in Other Borrowings                                                 7,991                    1,491
Decrease in Obligation Under Capital Lease                                     (4)                       (2)
Proceeds from the Issuance of Common Stock, Net                                 30                      348
                                                                     --------------------------------------
Net Cash Provided by Financing Activities                                    6,821                   27,966
                                                                     --------------------------------------
(Decrease)/Increase in Cash and Cash Equivalents                            (5,636)                   1,222
Cash and Cash Equivalents, Beginning of Year                                39,743                   31,687
Cash and Cash Equivalents, End of Period                             $     34 ,107             $     32,909
                                                                     ======================================

SUPPLEMENTAL DISCLOSURE OF CASH FLOW
   INFORMATION
Cash Paid During the Year for Interest                               $       1,679             $      2,015
                                                                     ======================================
Cash Paid During the Year for Federal Income Taxes                   $          14             $        105
                                                                     ======================================
</TABLE>



<PAGE>



                          SVB FINANCIAL SERVICES, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           March 31, 2003 (UNAUDITED)

1. SVB Financial Services, Inc., (the "Company"), a bank holding company and the
parent  holding  company for Somerset  Valley Bank ("the Bank"),  a full service
commercial  bank. SVB Bald Eagle  Statutory Trust I and SVB Bald Eagle Statutory
Trust II,  subsidiaries  of the Company,  were created to issue trust  preferred
securities to assist the Company to raise  additional  regulatory  capital.  The
Bank has one subsidiary,  Somerset Valley  Investment  Company,  Inc. During the
first quarter of 2002,  Somerset  Valley  Investment  Company,  Inc.  became the
parent  company of West End One Corp.,  a company  incorporated  in the State of
Delaware,  which  manages an  investment  portfolio  for the benefit of Somerset
Valley Investment Company.

     The consolidated  financial  statements  included herein have been prepared
without an audit  pursuant to the rules and  regulations  of the  Securities and
Exchange  Commission.  Certain  information  and footnote  disclosures  normally
included in financial  statements prepared in accordance with generally accepted
accounting  principles have been omitted pursuant to such rules and regulations.
The  accompanying   condensed  consolidated  financial  statements  reflect  all
adjustments,  which are,  in the  opinion  of  management,  necessary  to a fair
statement of the results for the interim periods presented. Such adjustments are
of a normal recurring nature. These consolidated  condensed financial statements
should be read in  conjunction  with the audited  financial  statements  and the
notes  thereto.  The results for the three  months  ended March 31, 2003 are not
necessarily  indicative  of the results  that may be expected for the year ended
December 31, 2003.

     The  consolidated  financial  statements  include the  accounts of Somerset
Valley Bank. All significant  inter-company  accounts and transactions have been
eliminated.

2.   Loans

     At March 31, 2003 and  December  31, 2002 the  composition  of  outstanding
loans is summarized as follows:


                                                  March 31,   December 31,
                                                    2003          2002
                                                    ----          ----

           (in thousands)
           Secured by Real Estate:
              Residential Mortgage                $ 75,187     $ 73,084
              Commercial Mortgage                  110,324      102,623
              Construction                          23,941       25,011
           Commercial and Industrial                22,255       24,229
           Loans to Individuals for Automobiles      3,099        3,732
           Loans to Individuals                      9,894        8,592
           Other Loans                               1,453          914
                                                  --------     --------
                                                  $246,153     $238,185
                                                  ========     ========

     There were no loans restructured during 2003 and 2002. There were $1,000 in
loans  past  due 90  days  or  more  and  still  accruing  and  $1,009,000  on a
non-accrual status as of March 31, 2003. There were no loans past due 90 days or
more and still accruing and $658,000 on a non-accrual  status as of December 31,
2002.  Interest  income that would have been earned for the three  months  ended
March 31, 2003 on loans in a non-accrual status totaled  approximately  $13,000.
Interest income that would have been earned for the three months ended March 31,
2002 on loans in a non-accrual status totaled approximately $9,000.

     Loans  considered  to be impaired  totaled  $876,000 at March 31,  2003,  a
valuation reserve of $308,000 is attributed to these loans.



<PAGE>



3.   Allowance for Loan Losses

     The allowance for loan losses is based on estimates and ultimate losses may
vary from the current estimates.  These estimates are reviewed  periodically and
as adjustments become necessary,  they are reflected in operations in the period
in which they become  known.  An analysis of the allowance for loan losses is as
follows:

                                                     Three Months
                                                        Ended        Year Ended
                                                       March 31,    December 31,
         (in thousands)                                 2003             2002
                                                     -----------    ------------
             Balance January 1,                         $ 2,407         $ 2,111
             Provision Charged to Operations                170             455
             Charge Offs                                    (14)           (206)
             Recoveries                                       1              47
                                                        -------         -------
             Balance End of Period                      $ 2,564         $ 2,407
                                                        =======         =======

4.   Guaranteed  Preferred  Beneficial  Interest  in  Corporation   Subordinated
     Debentures

     The Company participates in two separate pooled institutional placements of
trust  preferred  securities  arranged by a third party.  The Company formed and
purchased the common stock of SVB Bald Eagle  Statutory Trust I on July 30, 2001
followed by the funding of the trust preferred securities on July 31, 2001. This
subordinated debenture will be redeemed in the year 2031. At March 31, 2003, the
rate paid on this  subordinated  debenture  of $4.0 million was based on 3-month
LIBOR  plus 358 basis  points or 4.92% and is  adjusted  quarterly  in  January,
April, July and October.

     On June 25, 2002,  the Company formed and purchased the common stock of SVB
Bald Eagle  Statutory  Trust II followed  by the funding of the trust  preferred
securities on June 26, 2002. This subordinated debenture will be redeemed in the
year 2032. At March 31, 2003,  the rate paid on this  subordinated  debenture of
$2.5  million  based on  3-month  LIBOR  plus 345  basis  points or 4.74% and is
adjusted quarterly in March, June, September and December.

5.   New Accounting Pronouncement

     In November  2002,  the Financial  Accounting  Standards  Board issued FASB
Interpretation  No. 45 ("FIN No. 45"),  "Guarantor's  Accounting  and Disclosure
Requirements for Guarantees,  Including  Indirect  Guarantees of Indebtedness of
Others."  The Company  adopted the  disclosure  provisions  of FIN No. 45 in the
fourth quarter of 2002 and, for guarantees issued or modified after December 31,
2002, adopted the initial  recognition and measurement  provisions on January 1,
2003.  Adoption of the initial  recognition and  measurement  provisions did not
materially impact the Company's  financial condition or results of operations at
or for the three months ended March 31, 2003.

     While certain  guarantees are only subject to the disclosure  provisions of
this  Interpretation,  others are  subject to both the  disclosure  and  initial
recognition  and  measurement  provisions.  For guarantees  that fall within the
scope of the initial recognition and measurement provisions, FIN No. 45 requires
a guarantor to recognize,  at the inception of a guarantee,  a liability for the
fair value of the  obligation  undertaken  in issuing the  guarantee.  Under the
previous  accounting  rules,  the  Company  did  not  record  a  liability  when
guaranteeing  obligations  unless it became probable that the Company would have
to perform under the guarantee.

     The Company issues  financial and  performance  standby  letters of credit,
both of  which  are  subject  to the  disclosure  and  initial  recognition  and
measurement  provisions of FIN No. 45. Financial and performance standby letters
of credit are conditional commitments issued by the Bank to assure the financial
and performance


<PAGE>



obligations  of a customer to a third party.  At March 31, 2003, the Company was
contingently  liable  on  financial  letters  of  credit  totaling   $6,081,000,
$2,340,000  of which were  originated  in the first  quarter  of this year.  The
Company's  commitments  under standby  letters of credit expire at various dates
through  March 31,  2004.  Amounts  due under these  letters of credit  would be
reduced by any proceeds that the Company would be able to obtain in  liquidating
the collateral for the loans,  which varies depending on the customer.  The Bank
generally holds collateral and/or obtains personal  guarantees  supporting these
commitments.  The extent of collateral  held for these  commitments at March 31,
2003 varied from 0% to 100%, and averaged 29%.

     In January 2003, the FASB issued  Interpretation  No. 46,  Consolidation of
Variable  Interest  Entities  ("FIN 46").  FIN 46  requires a variable  interest
entity to be  consolidated by a Company if that Company is subject to a majority
of the risk of loss from the variable interest  entity's  activities or entitled
to receive a majority of the entity's  residual  returns,  or both.  FIN 46 also
requires  disclosures  about  variable  interest  entities that a Company is not
required to consolidate,  but in which it has a significant  variable  interest.
The consolidation  requirements of FIN 46 apply immediately to variable interest
entities created after January 31, 2003. The consolidation requirements apply to
existing  entities in the first fiscal year or interim  period  beginning  after
June 15, 2003.  Certain of the  disclosure  requirements  apply in all financial
statements  issued  after  January 31,  2003,  regardless  of when the  variable
interest entity was established.  The Company is currently evaluating the impact
that FIN 46 will have on its  consolidated  financial  position  and  results of
operations.

6.   Stock-Based Compensation

     In 2003,  there were 5,342 stock  options  granted.  The fair value of each
option granted in 2003 is estimated on the date of the grant using Black Scholes
pricing  model with the  following  weighted-average  assumptions,  no  dividend
yield; expected volatility of 29.80%, a risk free interest rate of 2.75%, and an
expected life of 5.00 years. There were no options granted during 2002.

     Had  compensation  costs for the quarter been determined  based on the fair
value of the options at the grant dates  consistent with the method SFAS No. 123
"Accounting for Stock Based Compensation," the Company's net income and earnings
per share, basic and diluted, would have been as reduced to the proforma amounts
indicated below:


                                                 Quarter Ended March 31,
--------------------------------------------------------------------------------
(in thousands except per share data)             2003                   2002
--------------------------------------------------------------------------------
Net Income as Reported                           $     606           $    478
Less:  Stock-Based Compensation Costs
              Under Fair Value Based Method
               for all Awards, Net of Taxes            (18)                 -
                                                 ---------           --------
Proforma Net Income                              $     588           $    478
Earnings Per Share Basic
     As Reported                                 $    0.17           $   0.13
     Proforma                                    $    0.16           $   0.13
Earnings Per Share Diluted
     As Reported                                 $    0.16           $   0.13
     Proforma                                    $    0.16           $   0.13
--------------------------------------------------------------------------------



<PAGE>





ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

     Management of SVB Financial Services,  Inc. (the "Company") is not aware of
any known  trends,  events  or  uncertainties  that will have or are  reasonably
likely to have a material effect on the Company's  liquidity,  capital resources
or results of operations.  The following  discussion and analysis should be read
in  conjunction  with  the  detailed  information  and  consolidated   financial
statements,  including  notes thereto,  included  elsewhere in this report.  The
consolidated  financial  condition  and results of operations of the Company are
essentially those of the Bank. Therefore,  the analysis that follows is directed
to the  performance  of the  Bank.  Such  financial  condition  and  results  of
operations are not intended to be indicative of future performance.

     In  addition  to  historical  information,  this  discussion  and  analysis
contains forward-looking  statements.  The forward-looking  statements contained
herein are subject to certain  risks and  uncertainties  that could cause actual
results  to  differ  materially  from  those  projected  in the  forward-looking
statements.  Important factors that might cause such a difference  include,  but
are not limited  to,  those  discussed  in the  section  entitled  "Management's
Discussion  and  Analysis of  Financial  Condition  and Results of  Operations."
Readers  are  cautioned  not to place undue  reliance  on these  forward-looking
statements,  which reflect  management's  analysis only as the date hereof.  The
Company  undertakes no obligation  to publicly  revise or update these  forward-
looking  statements to reflect events or circumstances that arise after the date
hereof.

Non Banking Products and Affiliations
-------------------------------------

     The Company has a service  agreement with Aurora Financial  Group,  Inc. to
provide  orgination/processing  and closing  services for residential  mortgages
loans.  The Company sells mortgage loans to Aurora  Financial  Group,  Inc. on a
non-recourse  basis and  receives  fee income.  An employee of Aurora  Financial
Group, Inc. is on-site for these purposes.

     The Company also maintains a dual employee  arrangement with Linsco Private
Ledger to obtain  commissions for the sale of variable  annuities,  mutual funds
and other investment products.

Results of Operations
---------------------

     Net income for the first three months of 2003 was $606,000,  an increase of
$128,000 or 27% as compared to the same period in 2002. Earnings per share-Basic
were $.17 in 2003 and $.13 in 2002. Earnings per share-Diluted were $.16 in 2003
and $.13 in 2002. Earnings per share have been restated for the stock dividends.

Net Interest Income
-------------------

     Net  interest  income  for the first  three  months of 2003 was  $3,472,000
compared to $2,987,000 during 2002, an increase of $485,000 or 16%.

     This increase can be mainly attributed to growth in average earning assets.
Average  earning  assets for the first quarter of 2003 were $374.6  million,  an
increase of $41.3  million or 12% from the same period in 2002.  Loans  averaged
$241.3 million during the first quarter of 2003, an increase of $28.4 million or
13% from last year.  The increase in loan  balances  caused  interest  income to
increase $484,000. Investment securities averaged $103.4 million, an increase of
$24.2 million or 31% from the same period last year.




<PAGE>



     The yield on loans  decreased  from 7.19% in 2002 to 6.78% during 2003. The
decrease in yield  caused  interest  income on loans to decrease  $220,000.  The
yield on earning  assets  was 5.58% for 2003 and 6.01% for the first  quarter of
2002.  These  decreases  in  yields  can be  attributed  to the 50  basis  point
reduction  of the prime  rate in  November  of 2002.  Overall,  interest  income
increased $219,000.

     The overall cost of  interest-bearing  liabilities  decreased from 2.78% in
2002 to 2.07% this year. Average  interest-bearing  deposits were $312.1 million
for the first  quarter of 2003,  an increase  of $38.8  million or 14% from last
year.  Money market deposits grew by $13.8 million or 33% from the first quarter
of last year. The increase in interest-bearing  deposits caused interest expense
to increase  $229,000.  Declines  in rates paid on all types of deposits  caused
interest expense to decrease  $540,000.  Federal Home Loan Bank advances and the
subordinated   debentures   accounted   for  $3.2  million  and  $2.5   million,
respectively,  of  the  increase  in  total  interest  bearing  liabilities.  An
aggressive,  yet  competitive,  effort by the Bank to control its interest costs
has helped to almost  offset  the effect of the  decline in the yield of earning
assets.

     Growth in the balance sheet coupled with an effort to reduce interest costs
caused net interest to increase $485,000 over last year. The net interest margin
improved from 3.63% in 2002 to 3.76%.

Provision for Loan Losses
-------------------------

     The  provision  for loan losses was  $170,000 in the first three  months of
2003 as compared to $100,000 during the first three months of 2002. The increase
in provision is based on the Company's  most recent  analysis and an increase in
loans in  non-accrual  status of $548,000  since March 31, 2002,  of this amount
$351,000 occurred in the first quarter of 2003.

Other Income
------------

     During  the  first  three  months of 2003,  total  other  income  increased
$138,000 or 37% from 2002. Of this amount  $45,000  resulted from an increase in
the  cash  value of bank  owned  life  insurance  and  $40,000  from the sale of
annuities  and mutual funds,  which  represented  33% and 29% of this  increase,
respectively.  Service charges on deposit accounts increased $19,000 or 10% from
the same period last year.

     The Bank  recognized an increase in the net gains on the sale of securities
available for sale of $39,000 from the first quarter of 2002.

     Gains on the  sale of total  loans  increased  $6,000  or 15% from the same
period in 2002.  The Company is a preferred SBA lender and, as such,  originates
SBA loans and sells the government  guaranteed  portions in the secondary market
while  retaining the servicing.  The amount of gains  recognized on SBA loans is
dependent on the volume of new SBA loans generated each quarter.

     Other income increased  $29,000 or 23% as compared to 2002.  Commissions on
letters of credit and safe deposit rents represented  $15,000 and $6,000 of this
increase, respectively.

Other Expense
-------------

     Other expense for the first three months of 2003 increased  $427,000 or 17%
for the same  period  last  year.  This is  attributable  to the growth in total
assets of $55.9 million or 16% since March 31, 2002.




<PAGE>



     Due to the  growth  in  assets,  the  Company  has had to  hire  additional
personnel.  During 2002,  the Company  established a department to administer to
Company's efforts to sell insurance, annuities and mutual funds. In addition the
Company opened the Warren office in September 2002, which added to first quarter
expense in  comparison  to 2002.  These  additions,  together with normal salary
increases  caused salary and benefits to increase  $210,000 or 16% from the same
period last year.

     Rent  on  our  Warren  branch  along  with  increases  in  rent  due to the
relocation  of our  lending  offices  resulted  in a $79,000 or 21%  increase in
occupancy  costs.  Additionally,  depreciation  expenses related to building and
improvement costs for these locations contributed to this increase.

     Equipment  expense  increased  $26,000  or 20% from  2002 due to  increased
depreciation on furniture and equipment and an increase in equipment rentals for
the locations mentioned above.

     Other  expense  increased  $112,000  or 17% from the same period last year.
Advertising  expenses,  legal expenses and data processing expenses  represented
$28,000, $14,000 and $9,000 of this increase, respectively.

Financial Condition
March 31, 2003 compared to December 31, 2002
--------------------------------------------

     Total assets were $412.7 million at March 31, 2003  increasing $7.7 million
from December 31, 2002.  Total loans  increased  $8.0 million.  Loans secured by
real estate and loans to individuals increased by $8.7 million and $1.3 million,
respectively, while commercial and industrial loans decreased $2.0 million since
December 31, 2002. Investment securities grew by $3.7 million.

     Total  deposits  decreased  $1.2  million  during the first three months of
2003.  NOW accounts  decreased $8.8 million from December 31, 2002 mainly due to
decreased municipal deposits. Money market deposits and certificates of deposits
greater than $100,000 increased $5.9 million and $1.1 million, respectively.

Asset Quality
-------------

     Loans  totaling  $1,000 were past due 90 days or more and still accruing as
of  March  31,  2003.  There  were no loans  past due 90 days or more and  still
accruing as of December 31, 2003.

     Loans in a  non-accrual  status  totaled  $1,009,000  at March 31, 2003 and
represented 0.41% of total loans.  Loans in non-accrual  status totaled $658,000
at December 31, 2002 and represented 0.28% of total loans.

     The Company had no other real estate owned at March 31, 2003.

Allowance for Loan Losses
-------------------------

     The  Company  maintains  an  allowance  for loan  losses at a level  deemed
sufficient to absorb  losses,  which are inherent in the loan  portfolio at each
balance  sheet date.  Management  determines  the adequacy of the allowance on a
monthly  basis to ensure that the  provision  for loan  losses has been  charged
against  earnings in an amount  necessary to maintain  the  allowance at a level
that is  appropriate  based on  management's  assessment  of probable  estimated
losses.  The Company's  methodology  for assessing  the  appropriateness  of the
allowance  for loan  losses  consists of several key  elements.  These  elements
include a specific  allowance for all commercial  loans based upon a risk rating
assigned  to the loan,  an  allowance  for  homogeneous  types of loans  such as
consumer  installment loans,  residential  mortgage loans and home equity loans,
and an additional  allowance for loans deemed to be impaired and an  unallocated
portion.   The  Company   consistently   applies  the  following   comprehensive
methodology.




<PAGE>



     All  commercial  loans are assigned a two-digit  risk rating at the time of
closing.  The first digit of the rating  refers to the  strength of the borrower
based on their financial condition and past history. Current economic conditions
and the effect on the  borrower's  business  are also taken  into  account.  The
second digit refers to the  collateral  strength and  liquidity  with zero being
assigned to unsecured  loans. An allowance  amount is then assigned to each risk
rating.  Since, in its ten-year history, the Company has had very few commercial
loan  losses,  the  amount  of the  allowance  is  based  on the  experience  of
management  and their  judgment  with  respect to these  types of loans.  A risk
rating may be changed  with the  approval of the senior loan  officer.  A rating
change may be requested  if the  individual  loan  officer or the Bank's  credit
analyst is aware of a change in the borrower's financial condition. In addition,
approximately  60% of the dollar amount of  commercial  loans are reviewed on an
annual basis by an outside  independent  loan review firm at which time a change
to the risk rating may be recommended.

     The  allowance for  homogenous  loans is  established  based on a number of
factors,  including  current  economic  conditions and the loss  experience with
these types of loans as well as management's judgment.

     Loans are  deemed to be  impaired  if they are 60 days or more past due for
principal or interest or are in a non-accrual  status.  If there is insufficient
collateral  to pay the amount of the loan an  allowance is  determined  over and
above the amount  required by the risk rating by taking the  difference  between
the carrying  amount of the loan and the present  value of expected  future cash
flows discounted at the loan's current rate less any amounts already established
by the risk rating.

     The Company  also  maintains  an  unallocated  allowance.  The  unallocated
allowance  is used to  cover  any  factors  or  conditions,  which  may  cause a
potential  loan loss but are not  specifically  identifiable.  It is  prudent to
maintain an unallocated  portion of the allowance because no matter how detailed
an analysis of potential loan losses is performed, these estimates by definition
lack precision.

     Since all identified losses are immediately  charged off, no portion of the
allowance  for loan losses is  restricted  to any  individual  loan or groups of
loans, and the entire allowance is available to absorb any and all loan losses.

     A loan  is  placed  in a  non-accrual  status  at the  time  when  ultimate
collectibility of principal or interest,  wholly or partially, is in doubt. Past
due loans are those loans which were  contractually  past due 90 days or more as
to interest or  principal  payments  but are well  secured and in the process of
collection.

     At March 31,  2003,  the  allowance  for loan  losses was $2.6  million and
represented 1.04% of total loans and 203.82% of non-performing loans compared to
an  allowance  for loan losses at December  31, 2002 of $2.4 million or 1.01% of
total loans and 263.06% of non-performing loans.

     Net charge-offs for the first three months of 2003 totaled $13,000 compared
to $159,000 for the year ended December 31, 2002.  Most of the  charge-offs  for
2002 were concentrated in one loan, which occurred during the first quarter.

Capital Resources
-----------------

     Total Shareholders'  Equity was $23.8 million at March 31, 2003 compared to
$23.2  million at December 31, 2002.  Subordinated  debentures  in the amount of
$6.5 million are also included in the  calculation of regulatory  capital ratios
with certain limitations.




<PAGE>



     Under the FDIC  Improvement  Act of 1991,  banks are required to maintain a
minimum  ratio of total  capital to risk based assets of 8% of which at least 4%
must be in the form of Tier I  Capital  (primarily  Shareholders'  Equity).  The
following are the Company's capital ratios at the end of the periods indicated.

                                                   March 31,       December 31,
                                                      2003             2002
                                                 -----------       ------------
        Tier 1 Capital to Risk Weighted Assets     10.28%              10.22%
        Total Capital to Risk Weighted Assets      11.20%              11.09%
        Leverage Ratio                              7.09%               7.53%

Liquidity
---------

     Cash and Cash  Equivalents  totaled  $34.1  million  at March 31,  2003,  a
decrease of $5.6 million since December 31, 2002.

     The decrease in Cash and Cash  Equivalents  resulted from a combination  of
various components of the balance sheet. Net cash used for investing  activities
totaled  $13.7  million.  Of this total $7.9  million was used to increase  loan
balances and $3.9 million was used in net  purchases of  investment  securities.
Partially offsetting these usages $6.8 million was provided by a net increase in
the Bank's deposits.

ITEM 3 - CONTROLS AND PROCEDURES

     The  Company's  Chief  Executive   Officer  and  Chief  Financial   Officer
(collectively,  the "Certifying  Officers") are responsible for establishing and
maintaining  disclosure  controls and procedures for the Company.  Such officers
have concluded  (based upon their evaluation of these controls and procedures as
of a date  within  90 days of the  filing  of this  report)  that the  Company's
disclosure  controls and  procedures  are  effective to ensure that  information
required  to be  disclosed  by the  Company in this  report is  accumulated  and
communicated  to the Company's  management,  including  its principal  executive
officers  as  appropriate,   to  allow  timely  decisions   regarding   required
disclosure.

     The Certifying  Officers also have indicated that there were no significant
changes  in  the  Company's  internal  controls  or  other  factors  that  could
significantly  affect such controls  subsequent to the date of their evaluation,
and there were no corrective actions with regard to significant deficiencies and
material weaknesses.

                            PART II-OTHER INFORMATION
                            -------------------------

ITEM 1-        Legal Proceedings
               -----------------

               The  Company  is party in the  ordinary  course  of  business  to
               litigation  involving  collection  matters,  contract  claims and
               other  miscellaneous  causes of action arising from its business.
               Management  does not consider that such  proceedings  depart from
               usual  routine  litigation  and, in its  judgment,  the Company's
               financial position and results of operations will not be affected
               materially by such proceedings.

ITEM 2-        Changes in Securities
               ---------------------
               None.

ITEM 3-        Defaults upon Senior Securities
               -------------------------------
               None.



<PAGE>




ITEM 4-        Submission of Matters to a Vote of Security Holders
               ---------------------------------------------------
               Proxies were mailed to  shareholders  of the Company on March 26,
               2003 for the Annual Meeting of Shareholders on April 24, 2003.

     I. The  purpose  was the  election  of four  Directors  for a term of three
years.

                                             Votes For         Votes Withheld
                                             ---------         --------------
               John K. Kitchen               3,008,756             80,360
               Anthony J. Santye, Jr.        2,848,303            240,813
               Herman C. Simonse             2,856,147            232,969
               Donald R. Tourville           2,857,361            231,755

                  II. Approval of the amendment to the 2000 Incentive Stock
Option Plan.

                  For           Against      Abstain        Non-Vote
                  ---           -------      -------        --------
               2,295,995        236,826       2,589         553,706

                 III. Approval of the 2003 Directors Stock Option Plan.

                  For           Against      Abstain        Non-Vote
                  ---           -------      -------        --------
               2,225,246        308,623       1,541         553,706

ITEM 5-        Other Information
               -----------------
               The common stock of the Company is traded on the Nasdaq  National
               Market,  under the  trading symbol  SVBF. On March 31, 2003,  the
               closing bid of the Company's common stock was $15.50 per share.

               The Company has a web site located at www.somersetvalleybank.com.

ITEM 6-        Exhibits and Reports on Form 8-K
               ---------------------------------
            (a)Exhibits
               --------
               99.1 Certification of Chief Executive Officer and Chief Financial
               Officer

            (b)Form 8-K
               -------
               There has been one report on Form 8-K filed during the first
               quarter of 2003.
                January 24, 2003---------Fourth Quarter Earnings


<PAGE>






                                   SIGNATURES

I, Robert P.  Corcoran,  hereby  certify  that the  periodic  report being filed
herewith containing financial statements fully complies with the requirements of
section 13(a) or 15(d) of the Securities Exchange Act of 1934 (16 U.S. C. 78m or
78o(d)) and that information  contained in said periodic report fairly presents,
in all material respects,  the financial  condition and results of operations of
SVB Financial Services, Inc. for the period covered by said periodic report.

                                                    SVB FINANCIAL SERVICES, INC.
                                                    (Registrant)



                                                    /s/ Robert P. Corcoran
                                                    ----------------------------
                                                    Robert P. Corcoran
                                                    Chief Executive Officer








I, Keith B. McCarthy, hereby certify that the periodic report being filed
herewith containing financial statements fully complies with the requirements of
section 13(a) or 15(d) of the Securities Exchange Act of 1934 (16 U.S. C. 78m or
78o(d)) and that information contained in said periodic report fairly presents,
in all material respects, the financial condition and results of operations of
SVB Financial Services, Inc. for the period covered by said periodic report.

                                                    SVB FINANCIAL SERVICES, INC.
                                                    (Registrant)



                                                    /s/ Keith B. McCarthy
                                                    ----------------------------
                                                    Keith B. McCarthy
                                                    Chief Financial Officer
                                                    Chief Accounting Officer

Dated:  May 9, 2003








<PAGE>







                                  CERTIFICATION


     I, Robert P.  Corcoran,  President and Chief  Executive  Officer,  certify,
that:

     1. I have reviewed this quarterly report on Form 10-Q of SVB Financial
Services, Inc.

     2. Based on my knowledge, the quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report.

     3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report.

     4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

          (a) designed such disclosure controls and procedures to ensure that
     material information relating to the registrant, including its consolidated
     subsidiaries, is made known to us by others within those entities,
     particularly during the period in which this quarterly report is being
     prepared;

          (b) evaluated the effectiveness of the registrant's disclosure
     controls and procedures as of a date within 90 days prior to the filing
     date of this quarterly report (the "Evaluation Date"); and

          (c) presented in this quarterly report our conclusions about the
     effectiveness of the disclosure controls and procedures based on our
     evaluation as of the Evaluation Date.

         5. The registrant's other certifying officer and I have disclosed,
based on our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):

          (a) all significant deficiencies in the design or operation of the
     internal controls which could adversely affect the registrant's ability to
     record, process, summarize and report financial data and have identified
     for the registrant's auditors any material weaknesses in internal controls;
     and

          (b) any fraud, whether or not material, that involves management or
     other employees who have a significant role in the registrant's internal
     controls.

     6. The registrant's other certifying officer and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect the internal
controls subsequent to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies and material
weaknesses.


Date:    May 9, 2003                             By /s/
                                                    ----------------------------
                                                    President and Chief
                                                    Executive Officer
                                                    SVB Financial Services, Inc.



<PAGE>





                                  CERTIFICATION


I, Keith B. McCarthy, Chief Operating Officer certify, that:

     1. I have reviewed this quarterly report on Form 10-Q of SVB Financial
Services, Inc.

     2. Based on my knowledge, the quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report.

     3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report.

     4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

          (a) designed such disclosure controls and procedures to ensure that
     material information relating to the registrant, including its consolidated
     subsidiaries, is made known to us by others within those entities,
     particularly during the period in which this quarterly report is being
     prepared;

          (b) evaluated the effectiveness of the registrant's disclosure
     controls and procedures as of a date within 90 days prior to the filing
     date of this quarterly report (the "Evaluation Date"); and

          (c) presented in this quarterly report our conclusions about the
     effectiveness of the disclosure controls and procedures based on our
     evaluation as of the Evaluation Date.

     5. The registrant's other certifying officer and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit committee
of registrant's board of directors (or persons performing the equivalent
function):

          (a) all significant deficiencies in the design or operation of the
     internal controls which could adversely affect the registrant's ability to
     record, process, summarize and report financial data and have identified
     for the registrant's auditors any material weaknesses in internal controls;
     and

          (b) any fraud, whether or not material, that involves management or
     other employees who have a significant role in the registrant's internal
     controls.

     6. The registrant's other certifying officer and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect the internal
controls subsequent to the date of our most recent evaluation, including any
corrective actions with regard to significant deficiencies and material
weaknesses.


Date:  May 9, 2003                               By /s/
                                                    ----------------------------
                                                    Chief Operating Officer
                                                    SVB Financial Services, Inc.