Silvergate Capital Q3 Profit Soars

(RTTNews) - Silvergate Capital Corp. (SI) on Tuesday reported net income available to common shareholders for the third quarter of $40.64 million or $1.28 per share, sharply higher than $23.49 million or $0.88 per share in the year-ago quarter.

Net interest income for the quarter surged to $84.72 million from $39.0 million in the prior-year quarter. Non-interest income declined to $8.45 million from $14.04 million in the same period last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.38 per share on revenues of $100.35 million for the quarter. Analysts' estimates typically exclude special items.

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