Silvergate Capital Q2 Earnings Higher, Better Than Estimates

(RTTNews) - Silvergate Capital Corporation (SI) on Tuesday reported net income of $35.9 million, or $1.13 per share in the second quarter, higher than $20.9 million, or $0.80 per share in the same quarter a year ago.

On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.84 per share. Analysts' estimates typically exclude special items.

Net interest income increased to $74.5 million for the quarter from $31.2 million last year due to higher securities balances.

Non-interest income for the second quarter was $9.21 million, a 23.7% decrease from last year, impacted by 22.1%, decrease in deposit related due to lower cash management fees from digital currency related customers.

The consensus estimate for revenue stood at $71.87 million.

The company did not provide any provision for loan losses during the 3-month period.

Silvergate Capital shares are up more than 8% in pre-market. It closed at $65.05, up 5.67% on Monday.