Silvergate Capital Q4 Profit Misses Estimates

(RTTNews) - Silvergate Capital Corp. (SI) reported fourth quarter adjusted earnings per share of $0.48 compared to $0.66, prior year. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.81, for the quarter. Analysts' estimates typically exclude special items.

Net loss attributable to shareholders for the quarter was $1.0 billion, or $33.16 per share, compared to net income of $18.4 million, or $0.66 per share, a year ago.

Net interest income on a taxable equivalent basis was $53.7 million, compared to $40.2 million, last year. Noninterest loss was $887.3 million, compared to noninterest income of $11.1 million. The decline in the fourth quarter was due to losses on securities of $751.4 million and losses on derivatives of $8.7 million. Also, the company recorded a $134.5 million impairment charge.

Digital asset customers were 1,620 at December 31, 2022, compared to 1,381 at December 31, 2021.

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