Silvergate Capital Corporation Q1 Profit More Than Doubles- Quick Facts

(RTTNews) - Silvergate Capital Corporation (SI) today reported first-quarter net income of $12.7 million, or $0.55 per share, a sharp increase from $4.4 million, or $0.23 per share in the same quarter a year ago.

On average, 5 analysts polled by Thomson Reuters expected the company to report earnings of $0.52 per share. Analysts' estimates typically exclude special items.

Net interest income in the quarter increased to $23.5 million from $15.5 million last year, primarily due to a decrease drop of $4.3 million in interest expense, and an increase of $3.7 million in interest income. 

During the first quarter, the average deposit balance was $6.6 billion, up from $1.9 billion in same quarter last year.

The company's Digital currency customers grew to 1,104 at March 31, 2021, compared with 850 at March 31, 2020.

Digital currency customer related fee income for the quarter was $7.1 million compared with $1.7 million last year.

The company did not record a provision for loan losses for the first quarter, compared with $0.4 million in the smae quarter a year ago.