Table of Contents We account for equity warrant assets with net settlement terms in certain private and public client companies as derivatives.
In general, equity warrant assets entitle us to buy a specific number of shares of stock at a specific price within a specific time period.
Certain equity warrant assets contain contingent provisions, which adjust the underlying number of shares or purchase price upon the occurrence of certain future events.
Our warrant agreements contain net share settlement provisions, which permit us to receive at exercise a share count equal to the intrinsic value of the warrant divided by the share price (otherwise known as a “cashless” exercise).
Because we can net settle our warrant agreements, our equity warrant assets qualify as derivative instruments in accordance with the provisions of ASC 815, Derivatives and Hedging (formerly known as SFAS No.133).
The fair value of the equity warrant assets portfolio is reviewed quarterly.
We value our equity warrant assets using a modified Black-Scholes option pricing model, which incorporates the following material assumptions: ?
Underlying asset value was estimated based on information available, including any information regarding subsequent rounds of funding.  ?
Volatility, or the amount of uncertainty or risk about the size of the changes in the warrant price, was based on guidelines for publicly traded companies within indices similar in nature to the underlying client companies issuing the warrant.
A total of six such indices were used.
The volatility assumption was based on the median volatility for an individual public company within an index for the past 16 quarters from which an average volatility was derived.
The weighted average quarterly median volatility assumption used for the warrant valuation at December 31, 2009 was 50.5%, compared to 45.5% at December 31, 2008.  ?
Actual data on cancellations and exercises of our equity warrant assets was utilized as the basis for determining the expected remaining life of the equity warrant assets in each financial reporting period.
Equity warrant assets may be exercised in the event of acquisitions, mergers or IPOs, and cancelled due to events such as bankruptcies, restructuring activities or additional financings.
These events cause the expected remaining life assumption to be shorter than the contractual term of the warrants.
This assumption reduced the reported value of the warrant portfolio by $17.4 million at December 31, 2009, compared to a reduction of $17.5 million at December 31, 2008.  ?
The risk-free interest rate was derived from the U. S.  Treasury yield curve.
The risk-free interest rate was calculated based on a weighted average of the risk-free interest rates that correspond closest to the expected remaining life of the warrant.
The risk-free interest rate used for the warrant valuation at December 31, 2009 was 1.4%, compared to 0.9% at December 31, 2008.  ?
Other adjustments, including a marketability discount, were estimated based on management’s judgment about the general industry environment.
The fair value of our equity warrant assets recorded on our balance sheets represents our best estimate of the fair value of these instruments.
Changes in the above material assumptions may result in significantly different valuations.
For example, the following table demonstrates the effect of changes in the riskfree interest rate and volatility assumptions on the valuation of equity warrant assets held by SVB Financial Group active at December 31, 2009 (1):
## Table 0 ##
(1) The above table does not include equity warrant assets at December 31, 2009 held by Partners for Growth, LP, which were valued at $0.3 million.
SVB FINANCIAL GROUP AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (Continued) (4) We extend credit under accounts receivable factoring arrangements when our clients’ sales invoices are deemed creditworthy under existing underwriting practices.
(5) Our reserve for unfunded credit commitments includes an allowance for both our unfunded loan commitments and our letters of credit.
Our potential exposure to credit loss for commitments to extend credit, in the event of nonperformance by the other party to the financial instrument, is the contractual amount of the available unused loan commitment.
We use the same credit approval and monitoring process in extending credit commitments as we do in making loans.
The actual liquidity needs and the credit risk that we have experienced have historically been lower than the contractual amount of commitments to extend credit because a significant portion of these commitments expire without being drawn upon.
We evaluate each potential borrower and the necessary collateral on an individual basis.
The type of collateral varies, but may include real property, intellectual property, bank deposits, or business and personal assets.
The credit risk associated with these commitments is considered in the reserve for unfunded credit commitments.
Commercial and Standby Letters of Credit Commercial and standby letters of credit represent conditional commitments issued by us on behalf of a client to guarantee the performance of the client to a third party when certain specified future events have occurred.
Commercial letters of credit are issued primarily for inventory purchases by a client and are typically short-term in nature.
We provide two types of standby letters of credit: performance and financial standby letters of credit.
Performance standby letters of credit are issued to guarantee the performance of a client to a third party when certain specified future events have occurred and are primarily used to support performance instruments such as bid bonds, performance bonds, lease obligations, repayment of loans, and past due notices.
Financial standby letters of credit are conditional commitments issued by us to guarantee the payment by a client to a third party (beneficiary) and are primarily used to support many types of domestic and international payments.
These standby letters of credit have fixed expiration dates and generally require a fee to be paid by the client at the time we issue the commitment.
Fees generated from these standby letters of credit are recognized in noninterest income over the commitment period using the straightline method.
The credit risk involved in issuing letters of credit is essentially the same as that involved with extending credit commitments to clients, and accordingly, we use a credit evaluation process and collateral requirements similar to those for credit commitments.
Our standby letters of credit often are cash secured by our clients.
The actual liquidity needs and the credit risk that we have experienced historically have been lower than the contractual amount of letters of credit issued because a significant portion of these conditional commitments expire without being drawn upon.
The table below summarizes our commercial and standby letters of credit at December 31, 2014 .
The maximum potential amount of future payments represents the amount that could be remitted under letters of credit if there were a total default by the guaranteed parties, without consideration of possible recoveries under recourse provisions or from the collateral held or pledged.
## Table 1 ##
At both December 31, 2014 and 2013 , we had $8 million of deferred fees related to financial and performance standby letters of credit.
At December 31, 2014 , collateral in the form of cash of $510 million and available-for-sale securities of $1.1 million were available to us to reimburse losses, if any, under financial and performance standby letters of credit.
that do not occur every reporting period; or (ii) providing additional information used by management that is not otherwise required by GAAP or other applicable requirements.
Our management uses, and believes that investors benefit from referring to, these non-GAAP financial measures in assessing our operating results and when planning, forecasting and analyzing future periods.
However, these non-GAAP financial measures should be considered in addition to, not as a substitute for or preferable to, financial measures prepared in accordance with GAAP.
The table below provides a summary of non-GAAP noninterest expense and non-GAAP operating efficiency ratio, both net of noncontrolling interests and excluding net losses on the SVBIF sale transaction:
## Table 2 ##
(1) During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02).
Amounts prior to January 1, 2015 have not been revised for the adoption of this guidance.
See Note 2— "Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional details.
(2) The non-GAAP operating efficiency ratio is calculated by dividing non-GAAP noninterest expense, net of noncontrolling interests by non-GAAP total taxable equivalent revenue, net of noncontrolling interests and excluding net losses on SVBIF sale transaction.
The following is a list of distribution locations including the approximate square footage and if the location is leased or owned:
## Table 3 ##
(a) The Frankfort, New York, distribution center began receiving merchandise in fourth quarter of fiscal 2018, and is expected to begin shipping merchandise to stores in the first quarter of fiscal 2019.
(b) The leased distribution center in Hagerstown is treated as an extension of the existing owned Hagerstown location and is not considered a separate distribution center.
(c) This is a mixing center designed to process certain high-volume bulk products.
The Company’s Store Support Center occupies approximately 260,000 square feet of owned building space in Brentwood, Tennessee, and the Company’s Merchandising Innovation Center occupies approximately 32,000 square feet of leased building space in Nashville, Tennessee.
The Company also leases approximately 8,000 square feet of building space for the Petsense corporate headquarters, located in Scottsdale, Arizona.
Item 3.
Legal Proceedings The Company is involved in various litigation matters arising in the ordinary course of business.
The Company believes that any estimated loss related to such matters has been adequately provided for in accrued liabilities to the extent probable and reasonably estimable.
Accordingly, the Company currently expects these matters will be resolved without material adverse effect on its consolidated financial position, results of operations or cash flows.
Item 4.
Mine Safety Disclosures Not applicable.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="3"> Volatility Factor</td></tr><tr><td> (Dollars in millions)</td><td> 10% Lower -45.5%</td><td> Current -50.5%</td><td> 10% Higher -55.6%</td></tr><tr><td> Risk Free Interest Rate:</td><td></td><td></td><td></td></tr><tr><td>Less 50 basis points</td><td>$37.4</td><td>$40.4</td><td>$43.5</td></tr><tr><td>Current rate -1.4%</td><td>37.9</td><td>40.9</td><td>44.0</td></tr><tr><td>Plus 50 basis points</td><td>38.4</td><td>41.5</td><td>44.4</td></tr></table>
<table><tr><td>(Dollars in thousands)</td><td>Expires In One Year or Less</td><td>Expires After One Year</td><td>Total Amount Outstanding</td><td>Maximum Amount of Future Payments</td></tr><tr><td>Financial standby letters of credit</td><td>$1,118,548</td><td>$65,333</td><td>$1,183,881</td><td>$1,183,881</td></tr><tr><td>Performance standby letters of credit</td><td>59,034</td><td>5,157</td><td>64,191</td><td>64,191</td></tr><tr><td>Commercial letters of credit</td><td>6,266</td><td>—</td><td>6,266</td><td>6,266</td></tr><tr><td>Total</td><td>$1,183,848</td><td>$70,490</td><td>$1,254,338</td><td>$1,254,338</td></tr></table>
<table><tr><td></td><td colspan="5">Year ended December 31,</td></tr><tr><td>Non-GAAP operating efficiency ratio, net of noncontrolling interests (Dollars in thousands, except ratios)</td><td>2015</td><td>2014</td><td>% Change 2015/2014</td><td>2013</td><td>% Change 2014/2013</td></tr><tr><td>GAAP noninterest expense</td><td>$778,016</td><td>$707,180</td><td>10.0%</td><td>$615,244</td><td>14.9%</td></tr><tr><td>Less: expense attributable to noncontrolling interests -1</td><td>828</td><td>18,867</td><td>-95.6</td><td>12,714</td><td>48.4</td></tr><tr><td>Non-GAAP noninterest expense, net of noncontrolling interests</td><td>$777,188</td><td>$688,313</td><td>12.9</td><td>$602,530</td><td>14.2</td></tr><tr><td>GAAP net interest income</td><td>$1,006,425</td><td>$856,595</td><td>17.5</td><td>$697,344</td><td>22.8</td></tr><tr><td>Adjustments for taxable equivalent basis</td><td>1,564</td><td>1,689</td><td>-7.4</td><td>1,724</td><td>-2.0</td></tr><tr><td>Non-GAAP taxable equivalent net interest income</td><td>$1,007,989</td><td>$858,284</td><td>17.4</td><td>$699,068</td><td>22.8</td></tr><tr><td>Less: income attributable to noncontrolling interests</td><td>8</td><td>33</td><td>-75.8</td><td>76</td><td>-56.6</td></tr><tr><td>Non-GAAP taxable equivalent net interest income, net of noncontrolling interests</td><td>$1,007,981</td><td>$858,251</td><td>17.4</td><td>$698,992</td><td>22.8</td></tr><tr><td>GAAP noninterest income -1</td><td>$472,794</td><td>$572,239</td><td>-17.4</td><td>$673,206</td><td>-15.0</td></tr><tr><td>Non-GAAP noninterest income, net of noncontrolling interests and excluding net losses on SVBIF sale transaction</td><td>441,058</td><td>352,549</td><td>25.1</td><td>330,302</td><td>6.7</td></tr><tr><td>GAAP total revenue</td><td>$1,479,219</td><td>$1,428,834</td><td>3.5</td><td>$1,370,550</td><td>4.3</td></tr><tr><td>Non-GAAP taxable equivalent revenue, net of noncontrolling interests and excluding net losses on SVBIF sale transaction</td><td>$1,449,039</td><td>$1,210,800</td><td>19.7</td><td>$1,029,294</td><td>17.6</td></tr><tr><td>GAAP operating efficiency ratio</td><td>52.60%</td><td>49.49%</td><td>6.3</td><td>44.89%</td><td>10.2</td></tr><tr><td>Non-GAAP operating efficiency ratio -2</td><td>53.63</td><td>56.85</td><td>-5.7</td><td>58.54</td><td>-2.9</td></tr></table>
<table><tr><td>Distribution Facility Location</td><td>Approximate Square Footage</td><td>Owned/Leased Facility</td></tr><tr><td>Frankfort, New York<sup>(a)</sup></td><td>924,000</td><td>Owned</td></tr><tr><td>Franklin, Kentucky</td><td>833,000</td><td>Owned</td></tr><tr><td>Pendleton, Indiana</td><td>764,000</td><td>Owned</td></tr><tr><td>Macon, Georgia</td><td>684,000</td><td>Owned</td></tr><tr><td>Waco, Texas</td><td>666,000</td><td>Owned</td></tr><tr><td>Casa Grande, Arizona</td><td>650,000</td><td>Owned</td></tr><tr><td>Hagerstown, Maryland<sup>(b)</sup></td><td>482,000</td><td>Owned</td></tr><tr><td>Hagerstown, Maryland<sup>(b)</sup></td><td>309,000</td><td>Leased</td></tr><tr><td>Waverly, Nebraska</td><td>592,000</td><td>Owned</td></tr><tr><td>Seguin, Texas<sup>(c)</sup></td><td>71,000</td><td>Owned</td></tr><tr><td>Lakewood, Washington</td><td>64,000</td><td>Leased</td></tr><tr><td>Longview, Texas<sup>(c)</sup></td><td>63,000</td><td>Owned</td></tr></table>

Question: In the year with largest amount of GAAP noninterest expense, what's the increasing rate of GAAP net interest income ?
Answer: 0.14887
Reasoning program: subtract(1006425,856595), divide(#0,1006425)