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.
Apr 19, 2022 at 10:56 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/5TM5IYZYUREE5A2XZFWHTIUUPE.png)
Silvergate CEO Alan Lane (CoinDesk archives)
Jamie Crawley is a CoinDesk news reporter based in London.
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.
UPDATE (April 19, 15:20 UTC): Adds Silvergate's up-to-date share price increase in place of pre-market.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/www.coindesk.com/resizer/Wsw21Z13uYNeMwlEy09fcHX_LHw=/arc-photo-coindesk/arc2-prod/public/Z2G3HHMTVJGWRAQIH4UHCT3FEY.jpg)
Jamie Crawley is a CoinDesk news reporter based in London.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Jamie Crawley is a CoinDesk news reporter based in London.
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/3LVJ335VWVFJFA34THBXFTMHAE.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/XSX7IIKKJVDS5IQZFHLHIM44SE.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/7AQVSZKNVBBZBBODB3E4IPOHM4.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/SIXWCTW3EZGY5PMBK26ZYHBTII.jpg)