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Silvergate Capital Corp (SI) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Silvergate Capital Corp

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CIK: 1312109 Ticker: SI
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Exhibit 99.1
Silvergate Capital Corporation Announces Fourth Quarter 2021 Results
La Jolla, CA, January 18, 2022 -- Silvergate Capital Corporation (“Silvergate” or “Company”) (NYSE:SI) and its wholly-owned subsidiary, Silvergate Bank (“Bank”), today announced financial results for the three and twelve months ended December 31, 2021.
Fourth Quarter 2021 Highlights
•Net income for the quarter was $21.4 million, compared to $23.5 million for the third quarter of 2021, and $9.1 million for the fourth quarter of 2020
•Net income available to common shareholders for the quarter was $18.4 million, or $0.66 per diluted common share, compared to net income of $23.5 million, or $0.88 per diluted share, for the third quarter of 2021, and net income of $9.1 million, or $0.47 per diluted share, for the fourth quarter of 2020
•The Silvergate Exchange Network (“SEN”) handled $219.2 billion of U.S. dollar transfers in the fourth quarter of 2021, an increase of 35% compared to $162.0 billion in the third quarter of 2021, and an increase of 270% compared to $59.2 billion in the fourth quarter of 2020
•Total SEN Leverage commitments were $570.5 million at December 31, 2021, compared to $322.5 million at September 30, 2021, and $82.5 million at December 31, 2020
•Digital currency customer related fee income for the quarter was $9.3 million, compared to $8.1 million for the third quarter of 2021, and $3.8 million for the fourth quarter of 2020
•Digital currency customers grew to 1,381 at December 31, 2021, compared to 1,305 at September 30, 2021, and 969 at December 31, 2020
•Average digital currency customer deposits grew to $13.3 billion during the fourth quarter of 2021, compared to $11.2 billion during the third quarter of 2021
•Completed $552.0 million equity offering, resulting in a total issuance of 3,806,895 shares of Class A common stock, for net proceeds of $530.3 million after deducting underwriting discounts and offering expenses
Full Year 2021 Highlights
•Net income for the year ended December 31, 2021 was $78.5 million compared to $26.0 million for the year ended December 31, 2020
•Net income available to common shareholders for the year ended December 31, 2021 was $75.5 million, or $2.91 per diluted common share, compared to net income of $26.0 million, or $1.36 per diluted share for the year ended December 31, 2020
•The SEN handled $787.4 billion of U.S. dollar transfers for the year ended December 31, 2021, compared to $135.7 billion for the year ended December 31, 2020
•Digital currency customer related fee income for the year ended December 31, 2021 was $35.8 million, compared to $11.1 million for the year ended December 31, 2020

Alan Lane, president and chief executive officer of Silvergate, commented, “2021 was another year of significant growth and momentum for Silvergate, driven by strong demand for our digital currency solutions powered by the SEN. 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. 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. We also continued to build our stablecoin infrastructure capabilities, and announced the launch of the EJF Silvergate Venture Fund, an investment vehicle to support entrepreneurs who will help shape the future of the digital currency ecosystem. As we look forward to 2022 and beyond, I am excited about the opportunities and areas for growth that lie ahead as the digital currency industry continues to evolve.”
1
The following information was filed by Silvergate Capital Corp (SI) on Tuesday, January 18, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Silvergate Capital Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Financial Condition
Consolidated Statements Of Financial Condition (Parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Off-Balance Sheet Items (Details)
Deposits
Deposits (Tables)
Deposits - Composition (Details)
Deposits - Maturities (Details)
Deposits - Narrative (Details)
Derivative And Hedging Activities
Derivative And Hedging Activities (Tables)
Derivative And Hedging Activities - Amount Of Gain (Loss) Recognized In Oci And Reclassified Into Income (Details)
Derivative And Hedging Activities - Cumulative Amount Of Fair Value Hedging Adjustments (Details)
Derivative And Hedging Activities - Effect Of Fair Value Hedge Accounting (Details)
Derivative And Hedging Activities - Fair Value By Balance Sheet Location (Details)
Derivative And Hedging Activities - Narrative (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Narrative (Details)
Earnings Per Share - Summary (Details)
Employee Benefit Plan
Employee Benefit Plan (Details)
Fair Value
Fair Value (Tables)
Fair Value - Fair Value By Balance Sheet Grouping (Details)
Fair Value - Narrative (Details)
Fair Value - Non-Recurring Basis (Details)
Fair Value - Recurring Basis (Details)
Fair Value - Valuation Methodology And Unobservable Inputs (Details)
Fhlb Advances And Other Borrowings
Fhlb Advances And Other Borrowings - Narrative (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Expense (Details)
Income Taxes - Narrative (Details)
Loans
Loans (Tables)
Loans - Aging Analysis (Details)
Loans - Allowance (Details)
Loans - Credit Quality Indicators (Details)
Loans - Impaired Loans (Details)
Loans - Modifications Loans Classified As Tdrs (Details)
Loans - Narrative (Details)
Loans - Purchased And Sold (Details)
Loans - Summary Of Loans (Details)
Nature Of Business And Summary Of Significant Accounting Policies
Nature Of Business And Summary Of Significant Accounting Policies (Policies)
Nature Of Business And Summary Of Significant Accounting Policies - Operating Segments (Details)
Nature Of Business And Summary Of Significant Accounting Policies - Premises And Equipment (Details)
Parent Company Financial Information
Parent Company Financial Information (Tables)
Parent Company Financial Information - Statements Of Cash Flows (Details)
Parent Company Financial Information - Statements Of Financial Condition (Details)
Parent Company Financial Information - Statements Of Operations (Details)
Premises And Equipment, Net
Premises And Equipment, Net (Tables)
Premises And Equipment, Net - Lease Expense (Details)
Premises And Equipment, Net - Maturities Of Lease Liabilities (Details)
Premises And Equipment, Net - Narrative (Details)
Premises And Equipment, Net - Summary (Details)
Premises And Equipment, Net - Supplemental Balance Sheet Information (Details)
Premises And Equipment, Net - Weighted Average Lease Term And Discount Rate (Details)
Regulatory Capital
Regulatory Capital (Details)
Regulatory Capital (Tables)
Securities
Securities (Tables)
Securities - Amortized Cost And Estimated Fair Value Of Investment Securities By Contractual Maturity (Details)
Securities - Narrative (Details)
Securities - Reconciliation From Amortized Cost To Estimated Fair Value (Details)
Securities - Securities In Unrealized Loss Position (Details)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Accumulated Other Comprehensive Income (Details)
Shareholders' Equity - Narrative (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Assumptions (Details)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Restricted Stock Units Activity (Details)
Stock-Based Compensation - Stock Compensation Plans (Details)
Subordinated Debentures, Net
Subordinated Debentures, Net (Details)
Subsequent Events
Subsequent Events (Details)
Ticker: SI
CIK: 1312109
Form Type: 10-K Annual Report
Accession Number: 0001312109-22-000051
Submitted to the SEC: Mon Feb 28 2022 5:25:36 PM EST
Accepted by the SEC: Mon Feb 28 2022
Period: Friday, December 31, 2021
Industry: State Commercial Banks

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