Silvergate Capital Corporation (NYSE: SI) went down 10% after Silvergate Bank, its wholly-owned subsidiary, announced its fourth-quarter financials for 2021.
Repere financiare
The company reported $21.4 million in net income in the fourth quarter of 2021, which was way more than the $9.1 million it recorded in the same quarter of the previous year. However, it was less than the $23.5 million it recorded in the third quarter of 2021. The net income that common shareholders had access to in Q4 2021 was $18.4 million
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The Silvergate Exchange Networks handled dollar transfers amounting to around $219.2 billion in Q4 2021, which was a 270% increase compared to the $59.2 it handled in the same quarter of the previous fiscal year. It was also more than the $162 billion it recorded in the previous quarter of 2021.
Total Silvergate Exchange Network leverage commitments came to about $570 million in the fourth quarter of 2021. This was way more than the $82.5 million it recorded in the same quarter of the previous fiscal year.
Net income for the whole financial year of 2021 came to around $78.5 million, a lot more than the $26 million the company recorded in the previous financial year. As a result, the net income common shareholders had access to in the 2021 financial year was $25.5 million, or a diluted per common share of $2.91.
The Rivergate Exchange Network handled dollar transfers of about $787.4 billion in the 2021 fiscal year, which was also way more than the $135.7 billion it handled in the previous fiscal year.
Management comments
Silvergate’s Chief Executive Officer and President, Alan Lane, confirmed how 2021 was a year of significant growth for them, which was driven by solid demand for their digital currency options powered by the Silvergate Exchange Network. Mr. Lane said:
Total deposits grew to $14.3 billion at the end of 2021 and our full year net income more than tripled compared to last year, reflecting growth in both fee income and net interest income.
CEO-ul a continuat:
In the fourth quarter, we grew SEN utilization and transaction revenue, significantly grew SEN Leverage lines of credit and increased average deposits from digital currency customers to a record $13.3 billion.
eToro
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Source: https://invezz.com/news/2022/01/18/silvergate-down-10-after-announcing-fourth-quarter-financials-for-2021/