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Silvergate Bank's Q1 Net Income Nearly Doubles to $24.7M
The first-quarter earnings per share of $0.79 was also an increase of over 40% compared with the $0.55 figure of a year ago.
Updated May 11, 2023, 7:11 p.m. Published Apr 19, 2022, 10:56 a.m.
Crypto-focused Silvergate Bank recorded net income available to common shareholders of $24.7 million in Q1 2022, almost doubling the figure from $12.7 million for the corresponding quarter last year.
- The first-quarter earnings per share of $0.79 was also an increase of over 40% compared to the $0.55 figure of a year ago, the firm announced on Tuesday.
- Shares in Silvergate Capital Corp (SI), the bank's NYSE-listed parent company, boomed following the announcement, trading hands at $131.70 at the time of writing, up over 13% on the day.
- The bank's digital currency customers also saw growth, increasing to 1,503 in the quarter, compared to 1,104 in Q1 2021.
- Silvergate handled $142.3 billion worth of U.S. dollar transfers in Q1, a 14.5% decrease compared to $166.5 billion in Q1 2021.
Read more: BofA Initiates Coverage of Silvergate With ‘Buy’ Rating, Sees 50% Potential Upside
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UPDATE (April 19, 15:20 UTC): Adds Silvergate's up-to-date share price increase in place of pre-market.
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