Silvergate Capital Corporation is a registered bank holding company for Silvergate Bank, headquartered in La Jolla, California. Silvergate Bank is a commercial bank that opened in 1988, has been profitable for 22 consecutive years, and has focused its strategy on creating the banking platform for innovators, especially in the digital currency industry, and developing product and service solutions addressing the needs of entrepreneurs. The Company's assets consist primarily of its investment in the Bank and the Company's primary activities are conducted through the Bank. The Company is subject to supervision by the Board of Governors of the Federal Reserve System (the 'Federal Reserve'). The Bank is subject to supervision by the California Department of Business Oversight, Division of Financial Institutions and, as a Federal Reserve member bank, the Federal Reserve. The Bank's deposits are insured up to legal limits by the Federal Deposit Insurance Corporation.
Company profile
Ticker
SI, SI-PA
Exchange
Website
CEO
Alan Lane
Employees
Incorporated
Location
Fiscal year end
Sector
Industry (SIC)
SEC CIK
SI stock data
Analyst ratings and price targets
Current price
Average target
$14.44
Low target
$8.00
High target
$25.00
Morgan Stanley
Maintains
$13.00
Wedbush
Downgraded
$9.00
Goldman Sachs
Maintains
$10.00
Craig-Hallum
Downgraded
$14.00
B of A Securities
Downgraded
$8.00
Wells Fargo
Maintains
$16.00
BTIG
Maintains
$21.00
JP Morgan
Downgraded
$14.00
Canaccord Genuity
Maintains
$25.00
Latest filings (excl ownership)
8-K
Silvergate Suspends Series A Preferred Stock Dividend
27 Jan 23
8-K
Q4 and Full Year 2023 Earnings Conference Call
23 Jan 23
8-K
Silvergate Provides Statement on Limited Exposure to Genesis
20 Jan 23
8-K
Silvergate Capital Corporation Announces Fourth Quarter 2022 Results
17 Jan 23
8-K
Regulation FD Disclosure
10 Jan 23
8-K
Silvergate Announces Select Preliminary Fourth Quarter 2022 Financial Metrics and Provides Business Update
5 Jan 23
8-K
Silvergate To Provide Select Preliminary Fourth Quarter 2022 Financial Metrics and Host Business Update Conference Call
4 Jan 23
8-K
Regulation FD Disclosure
5 Dec 22
8-K
Silvergate Provides Statement on Minimal Exposure to BlockFi
28 Nov 22
8-K
Silvergate Provides Mid-Quarter Update and Announces Participation in Oppenheimer's 5th Blockchain & Digital Assets Summit
16 Nov 22
Transcripts
SI
Earnings call transcript
2022 Q4
17 Jan 23
SI
Earnings call transcript
2022 Q3
18 Oct 22
SI
Earnings call transcript
2022 Q2
19 Jul 22
SI
Earnings call transcript
2022 Q1
19 Apr 22
SI
Earnings call transcript
2021 Q4
18 Jan 22
SI
Earnings call transcript
2021 Q3
19 Oct 21
SI
Earnings call transcript
2021 Q2
20 Jul 21
SI
Earnings call transcript
2021 Q1
20 Apr 21
SI
Earnings call transcript
2020 Q3
26 Oct 20
SI
Earnings call transcript
2020 Q2
27 Jul 20
Latest ownership filings
SC 13G
STATE STREET CORP
2 Feb 23
SC 13G/A
BlackRock Inc.
31 Jan 23
SC 13G
Miller William H III
13 Jan 23
SC 13G
MILLENNIUM MANAGEMENT LLC
21 Dec 22
SC 13G
Blumer Brendan Francis
23 Nov 22
SC 13G
block.one
23 Nov 22
4
John M. Bonino
22 Nov 22
4
Kathleen Fraher
22 Nov 22
4
Antonio Martino
22 Nov 22
4
Ben Reynolds
22 Nov 22
Financial summary
| Quarter (USD) | Sep 22 | Jun 22 | Mar 22 | Dec 21 | |
|---|---|---|---|---|---|
| Revenue | |||||
| Cost of revenue | |||||
| Operating income | |||||
| Operating margin | |||||
| Net income | |||||
| Net profit margin | |||||
| Cash on hand | |||||
| Change in cash | |||||
| Diluted EPS |
| Annual (USD) | Dec 21 | Dec 20 | Dec 19 | |
|---|---|---|---|---|
| Revenue | ||||
| Cost of revenue | ||||
| Operating income | ||||
| Operating margin | ||||
| Net income | ||||
| Net profit margin | ||||
| Cash on hand | ||||
| Change in cash | ||||
| Diluted EPS |
| Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
|---|---|---|---|---|---|---|
| Cash on hand (at last report) | 1.89 bn | 1.89 bn | 1.89 bn | 1.89 bn | 1.89 bn | 1.89 bn |
| Cash burn (monthly) | 2.32 mm | 158.14 mm | (no burn) | (no burn) | (no burn) | (no burn) |
| Cash used (since last report) | 9.98 mm | 680.01 mm | n/a | n/a | n/a | n/a |
| Cash remaining | 1.88 bn | 1.21 bn | n/a | n/a | n/a | n/a |
| Runway (months of cash) | 808.4 | 7.6 | n/a | n/a | n/a | n/a |
Institutional ownership, Q3 2022
72.6% owned by funds/institutions
| 13F holders | Current |
|---|---|
| Total holders | 263 |
| Opened positions | 49 |
| Closed positions | 37 |
| Increased positions | 90 |
| Reduced positions | 89 |
| 13F shares | Current |
|---|---|
| Total value | 6.24 bn |
| Total shares | 22.98 mm |
| Total puts | 1.13 mm |
| Total calls | 1.32 mm |
| Total put/call ratio | 0.9 |
| Largest owners | Shares | Value |
|---|---|---|
| Vanguard | 2.90 mm | $218.37 mm |
| BLK Blackrock | 2.11 mm | $159.13 mm |
| Marshall Wace | 1.35 mm | $101.67 mm |
| BankCap Equity Fund | 1.00 mm | $74.31 mm |
| IVZ Invesco | 913.36 k | $68.82 mm |
| MS Morgan Stanley | 723.77 k | $54.54 mm |
| EJF Capital | 635.74 k | $47.90 mm |
| Stephens Investment Management | 570.54 k | $42.99 mm |
| Geode Capital Management | 542.99 k | $40.91 mm |
| Bridgewater Associates | 528.95 k | $39.86 mm |
Recent insider trades
| Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
|---|---|---|---|---|---|---|---|---|---|---|
| 19 Nov 22 | Lane Alan J | Class A Common Stock | Payment of exercise | Dispose F | No | No | 24.9 | 1,375 | 34.24 k | 1,398 |
| 19 Nov 22 | Lane Alan J | Class A Common Stock | Option exercise | Acquire M | No | No | 0 | 2,773 | 0.00 | 2,773 |
| 19 Nov 22 | Lane Alan J | RSU Class A Common Stock | Option exercise | Dispose M | No | No | 0 | 2,773 | 0.00 | 2,773 |
| 19 Nov 22 | Ben Reynolds | Class A Common Stock | Payment of exercise | Dispose F | No | No | 24.9 | 202 | 5.03 k | 2,655 |
| 19 Nov 22 | Ben Reynolds | Class A Common Stock | Option exercise | Acquire M | No | No | 0 | 582 | 0.00 | 2,857 |
| 19 Nov 22 | Ben Reynolds | RSU Class A Common Stock | Option exercise | Dispose M | No | No | 0 | 582 | 0.00 | 582 |
| 19 Nov 22 | Antonio Martino | Class A Common Stock | Payment of exercise | Dispose F | No | No | 24.9 | 403 | 10.03 k | 5,882 |
| 19 Nov 22 | Antonio Martino | Class A Common Stock | Option exercise | Acquire M | No | No | 0 | 1,165 | 0.00 | 6,285 |
| 19 Nov 22 | Antonio Martino | RSU Class A Common Stock | Option exercise | Dispose M | No | No | 0 | 1,165 | 0.00 | 1,165 |
| 19 Nov 22 | Bonino John M. | Class A Common Stock | Payment of exercise | Dispose F | No | No | 24.9 | 266 | 6.62 k | 30,614 |
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Press releases
Investors who hold Silvergate Capital Corporation (NYSE: SI) shares Long should contact the Shareholders Foundation in connection with the Lawsuit
7 Feb 23
Bronstein, Gewirtz & Grossman, LLC Notifies Silvergate Capital Corporation (SI) Investors With Losses Exceeding $150K of Class Action and to Actively Participate
6 Feb 23
DEADLINE ALERT for SI, FXLV, AFRM, and SGLY: The Law Offices of Frank R. Cruz Reminds Investors of Class Actions on Behalf of Shareholders
6 Feb 23
SI LAWSUIT ALERT: Levi & Korsinsky Notifies Silvergate Capital Corporation Investors of a Class Action Lawsuit and Upcoming Deadline
6 Feb 23
Silvergate Shareholder Action Reminder
5 Feb 23