Silvergate Capital Q1 Earning Rise Above Estimates

(RTTNews) - Silvergate Capital Corporation (SI) on Tuesday reported net income of $24.7 million, or $0.79 per share in the first quarter, higher than $12.7 million, or $0.55 per share in the year-ago quarter, surpassing the Street estimates.

On average nine analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share. Analysts' expectations typically exclude special items.

Net interest income before provision for loan losses increased to $50.5 million in the first quarter from $23.02 million last year.

The company recorded a reversal of provision for loan losses of $2.47 million for the first quarter compared to no provision a year ago, due to the changes in loan product and segment mix in the portfolio.

SI stock is up more than 4% in pre-market. It closed at $116.31, down $1.87 or 1.58% on Monday.