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Silvergate Capital Corporation (SI) stock is gloomy today: Here’s Why

Silvergate Capital Corporation (SI) stock was gloomy today following the announcement of third-quarter 2021 financial results. SI stock price saw a downtrend of 13.05% to drop at $137.55 a share at the time of this writing. The trading volume as of now was 518,800. Let’s discuss its recent events in detail.

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Third Quarter 2021 Financial Results:

  • Silvergate reported a net income of $23.5 million, or $0.88 per diluted share in the third quarter of 2021. The previous quarter’s net income was $20.9 million, or $0.80 per diluted share.
  • $162.0 billion of U.S. dollar transfers were handled by the Silvergate Exchange Network in the reported quarter. This represents a 32% decrease from $239.6 billion in transfers in the second quarter of 2021.
  • SI stock reported SEN Leverage commitments of $322.5 million in Q3,2021 as compared to $258.5 million in Q2,2021.
  • SI stock generated $8.1 million in Digital currency customer-related fee income in the third quarter of 2021. This fee was $11.3 million and $3.3 million for the Q2,2021 and Q3,2020 respectively.
  • SI stock showed growth in the Average digital currency customer deposits in the reported quarter. These deposits amounted to $11.2 billion during the reported quarter as compared to $9.9 billion in the second quarter of 2021.

Net Interest Income and Net Interest Margin of SI stock:

Silvergate stock reported $39.0 million in net interest income for the third quarter of 2021. This represents an increase of $7.8 million as compared to the second quarter of 2021.Net interest margin for the SI stock was 1.26% in the third quarter of 2021 as compared to 1.16% in the previous quarter.

Noninterest income and expense of SI stock:

Silvergate stock reported $14.0 million noninterest income in the reported quarter, $2.0 million higher than the second quarter of 2021. Noninterest income significantly increased by $10.1 million as compared to the third quarter of 2020.

Balance Sheet:

  • By the end of the third quarter, SI stock had $11.7 billion in total deposits, 2.6% higher than the second quarter of 2021.
  • The stock reported total loans of $1.6 billion representing an increase of 9.4% from the second quarter of 2021.
  • $6.9 million allowances for loan losses remain unchanged in the third quarter of 2021.

About Silvergate Capital Corporation:

Silvergate Capital Corporation is operating as the bank holding company for Silvergate Bank. The company runs its business by providing banking products and services to individual clients and businesses in the United States and across the globe. The company was founded in 1988 and is based in La Jolla, California.

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