Silvergate Capital Tanks As Q3 Results Miss View

(RTTNews) - Shares of Silvergate Capital Corporation (SI) are falling more than 14% Tuesday morning after the company's third-quarter results missed analysts' view.

The company reported net income of $40.6 million, or $1.28 per share in the third quarter, up from $23.5 million, or $0.88 per share a year ago, but missed the average estimate of analysts polled by Thomson-Reuters of $1.38 per share.

Net interest income for the quarter increased to $81.49 million from $37.66 million last year, while non-interest income declined to $8.45 million from $14.04 million. The consensus estimate for revenue was $100.35 million.

SI, currently at $60.18, has traded in the range of $50.65-$239.26 in the last 1 year.