Silvergate Capital Corp Stock Research

Market Summary

USD2.12-0.19

Market Closed

-8.23%

SI Stock Price

SI RSI Chart

SI Valuation

Market Cap

67.1M

Price/Earnings (Trailing)

-0.27

Price/Sales (Trailing)

0.35

EV/EBITDA

-4.5

Price/Free Cashflow

0.3

SI Price/Sales (Trailing)

SI Profitability

EBT Margin

86.36%

Return on Equity

-18.67%

Return on Assets

-1.61%

Free Cashflow Yield

337.84%

SI Fundamentals

SI Revenue

Revenue (TTM)

189.9M

Revenue Y/Y

139.26%

Revenue Q/Q

26.79%

SI Earnings

Earnings (TTM)

-248.6M

Earnings Y/Y

84.44%

Earnings Q/Q

135.61%

Price Action

52 Week Range

1.69162.65

(Low)(High)

Last 7 days

-52.9%

Last 30 days

-84.3%

Last 90 days

-87.8%

Trailing 12 Months

-98.1%

SI Financial Health

Debt/Equity

0.01

Debt/Cashflow

7.9

SI Investor Care

Shares Dilution (1Y)

19.34%

Diluted EPS (TTM)

3.85

Peers (Alternatives to Silvergate Capital)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
BNS	56.4B	40.0B	-14.70%	-31.35%	5.3	1.79	34.99%	-10.60%
MTB	22.3B	6.2B	-22.59%	-28.16%	16.16	3.57	58.61%	-25.85%
CFG	16.0B	7.1B	-27.51%	-33.22%	7.74	2.27	45.54%	-10.61%
MID-CAP
EWBC	8.2B	2.3B	-27.37%	-24.64%	7.29	3.54	43.40%	29.22%
CBSH	7.2B	999.0M	-11.45%	-17.22%	14.81	7.24	17.76%	-7.98%
SIVB	6.3B	5.7B	-67.21%	-80.32%	3.9	1.11	72.48%	-22.38%
PB	5.9B	1.1B	-15.99%	-8.34%	11.26	5.39	4.58%	1.01%
FFIN	4.6B	432.9M	-14.26%	-28.54%	19.6	10.62	15.00%	3.04%
WAL	4.0B	2.7B	-56.96%	-60.33%	3.75	1.47	62.28%	17.58%
BPOP	3.8B	2.5B	-26.66%	-36.10%	3.43	1.54	16.17%	17.94%
SMALL-CAP
BANR	2.0B	450.9M	-15.05%	-7.40%	10.04	4.35	1.16%	-2.82%
SBCF	1.9B	380.5M	-23.55%	-29.09%	17.63	4.94	51.31%	-14.39%
LKFN	1.8B	239.6M	-3.96%	-15.64%	17.15	7.43	23.99%	8.44%
HTLF	1.7B	674.7M	-20.29%	-19.11%	7.99	2.51	14.59%	-3.52%

Financials for Silvergate Capital

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3
Revenue	38.5%	190	137	96.00	69.00	114
EBITDA	21.2%	404	333	266	216	-
EBITDA Margin	-12.5%	2.13*	2.43*	1.68*	1.65*	-
Earnings Before Taxes	20.1%	164	137	108	85.00	71.00
EBT Margin	-13.3%	0.86*	1.00*	0.69*	0.65*	-
Interest Expenses	22.0%	240	197	157	129	113
Net Income	7.4%	-248	-268	-135	79.00	41.00
Net Income Margin	-261.8%	-1.31*	0.81*	0.59*	0.60*	-
Free Cahsflow	84.8%	227	123	111	78.00	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3
Assets	-2.7%	15,467	15,900	15,798	16,005	12,777
Cash Equivalents	-0.4%	1,887	1,894	1,386	5,388	3,784
Net PPE	5.7%	4.00	3.00	2.00	3.00	1.00
Liabilities	-2.4%	14,136	14,477	14,252	14,397	11,705
Long Term Debt	-	16.00	-	-	-	-
Shareholder's Equity	-6.5%	1,331	1,423	1,546	1,609	1,072
Retained Earnings	16.0%	295	254	219	194	175
Additional Paid-In Capital	0.1%	1,556	1,555	1,554	1,422	892
Accumulated Depreciation	-	7.00	-	-	-	-
Shares Outstanding	0.1%	32.00	32.00	31.00	27.00	-

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3
Cashflow From Operations	83.5%	230	125	113	80.00	-72.63
Share Based Compensation	17.1%	3.00	3.00	2.00	2.00	2.00
Cashflow From Investing	22.4%	-4,921	-6,343	-11,115	-7,983	-6,469
Cashflow From Financing	-23.3%	2,794	3,644	8,056	10,330	10,129

Risks for SI

What is the probability of a big loss on SI?

89.3%

Probability that Silvergate Capital stock will be more than 20% underwater in next one year

89.3%

Probability that Silvergate Capital stock will be more than 30% underwater in next one year.

84.2%

Probability that Silvergate Capital stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does SI drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Silvergate Capital was unfortunately bought at previous high price.

Drawdowns

Returns for SI

Cumulative Returns on SI

-38.5%

3-Year Cumulative Returns

Which funds bought or sold SI recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	sold off	-100	-289,000	-	-%
2023-03-06	Rockefeller Capital Management L.P.	added	100	-385,000	332,000	-%
2023-02-28	Voya Investment Management LLC	added	7.81	-1,948,220	645,783	-%
2023-02-27	Parallax Volatility Advisers, L.P.	added	175	-78,375	136,625	-%
2023-02-24	NATIXIS	sold off	-100	-1,068,000	-	-%
2023-02-21	Empowered Funds, LLC	sold off	-100	-301,000	-	-%
2023-02-21	MACQUARIE GROUP LTD	sold off	-100	-66,000	-	-%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	sold off	-100	-8,000	-	-%
2023-02-16	HARBOUR INVESTMENTS, INC.	added	500	42,853	87,853	-%
2023-02-15	NOMURA HOLDINGS INC	new	-	115,000	115,000	-%

Latest Funds Activity

Are funds buying SI calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own SI

No. of Funds

Silvergate Capital News

Schedule 13G FIlings of Silvergate Capital

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Mar 06, 2023	group one trading, l.p.	2.1%	663,523	SC 13G/A
Feb 14, 2023	jane street group, llc	5.5%	1,754,901	SC 13G
Feb 14, 2023	susquehanna securities, llc	7.5%	2,365,925	SC 13G
Feb 14, 2023	citadel securities gp llc	5.1%	6	SC 13G
Feb 13, 2023	group one trading, l.p.	7.27%	2,299,988	SC 13G
Feb 10, 2023	blumer brendan francis	9.90%	3,133,537	SC 13G/A
Feb 10, 2023	block.one	8.09%	2,562,186	SC 13G/A
Feb 09, 2023	vanguard group inc	9.47%	2,999,083	SC 13G/A
Feb 02, 2023	state street corp	9.32%	2,950,198	SC 13G
Jan 31, 2023	blackrock inc.	7.2%	2,285,197	SC 13G/A

SI Fair Value

Silvergate Capital fair value in different scenarios

The table shows the Fair Value estimates for Silvergate Capital for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	- -	4.58 116.04%	23.25 996.70%	47.40 2135.85%	89.05 4100.47%
Current Inflation	- -	2.89 36.32%	19.03 797.64%	39.60 1767.92%	75.04 3439.62%
Very High Inflation	- -	0.81 -61.79%	14.01 560.85%	30.46 1336.79%	58.80 2673.58%

Historical Silvergate Capital Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Silvergate Capital

View All Filings

Date Filed	Form Type	Document
Mar 08, 2023	8-K	Current Report
Mar 06, 2023	SC 13G/A	Major Ownership Report
Mar 01, 2023	NT 10-K	NT 10-K
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 24, 2023	4	Insider Trading
Feb 24, 2023	4	Insider Trading

Latest Insider Trading transactions for SI

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-02-26	Reynolds Ben	acquired	-	-	359	president
2023-02-26	Martino Antonio	acquired	-	-	293	cfo
2023-02-26	Reynolds Ben	sold (taxes)	-2,106	14.33	-147	president
2023-02-26	Bonino John M.	acquired	-	-	195	chief legal officer
2023-02-26	Fraher Kathleen	sold (taxes)	-1,719	14.33	-120	chief risk officer
2023-02-26	Martino Antonio	sold (taxes)	-1,719	14.33	-120	cfo
2023-02-26	LANE ALAN J	sold (taxes)	-6,348	14.33	-443	chief executive officer
2023-02-26	Bonino John M.	sold (taxes)	-1,146	14.33	-80.00	chief legal officer
2023-02-26	LANE ALAN J	acquired	-	-	1,085	chief executive officer
2023-02-26	Fraher Kathleen	acquired	-	-	293	chief risk officer

About Silvergate Capital

Alan J. Lane

www.silvergatebank.com

280

Silvergate Capital Corporation operates as a bank holding company for Silvergate Bank that provides banking products and services to business and individual clients in the United States. The company accepts deposit products, including interest and noninterest bearing demand accounts, money market and savings accounts, and certificates of deposit accounts. Its loan products comprise one-to-four family real estate loans, multi-family real estate loans, commercial real estate loans, construction loans, commercial and industrial loans, mortgage warehouse loans, and reverse mortgage loans, as well as consumer loans and other loans secured by personal property. The company also provides cash management services for digital currency-related businesses. Silvergate Capital Corporation was founded in 1988 and is headquartered in La Jolla, California.

SI Income Statement

2022-09-30

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest income
Loans, including fees	$ 20,663	$ 16,972	$ 61,004	$ 50,727
Taxable securities	47,401	14,000	96,166	25,916
Tax-exempt securities	14,412	5,014	42,416	9,832
Other interest earning assets	8,001	1,755	12,394	4,633
Dividends and other	289	195	1,211	804
Total interest income	90,766	37,936	213,191	91,912
Interest expense
Deposits	5,221	26	5,244	107
Federal home loan bank advances and other	4,399	0	5,265	0
Subordinated debentures	258	247	753	744
Total interest expense	9,878	273	11,262	851
Net interest income before provision for loan losses	80,888	37,663	201,929	91,061
Reversal of provision for loan losses	(601)	0	(3,075)	0
Net interest income after provision for loan losses	81,489	37,663	205,004	91,061
Noninterest income
Deposit related fees	7,953	8,171	25,729	26,603
Mortgage warehouse fee income	482	665	1,688	2,372
Gain (loss) on sale of securities, net	0	5,182	(804)	5,182
Loss on sale of loans, net	(329)	0	(329)	0
Other income	348	24	834	44
Total noninterest income	8,454	14,042	27,118	34,201
Noninterest expense
Salaries and employee benefits	19,632	10,729	51,532	31,979
Occupancy and equipment	822	523	2,471	1,736
Communications and data processing	3,210	1,793	8,939	5,210
Professional services	4,314	2,471	13,548	6,782
Federal deposit insurance	1,217	4,297	4,474	10,437
Correspondent bank charges	902	572	2,531	1,881
Other loan expense	529	299	1,595	753
Other general and administrative	2,527	1,655	6,633	4,686
Total noninterest expense	33,153	22,339	91,723	63,464
Income before income taxes	56,790	29,366	140,399	61,798
Income tax expense	13,462	5,874	31,080	4,661
Net income	43,328	23,492	109,319	57,137
Dividends on preferred stock	2,688	0	8,064	0
Net income available to common shareholders, basic	40,640	23,492	101,255	57,137
Net income available to common shareholders, diluted	$ 40,640	$ 23,492	$ 101,255	$ 57,137
Basic earnings per common share (USD per share)	$ 1.28	$ 0.89	$ 3.21	$ 2.29
Diluted earnings per common share (USD per share)	$ 1.28	$ 0.88	$ 3.20	$ 2.26
Weighted average common shares outstanding:
Basic (shares)	31,655	26,525	31,505	24,927
Diluted (shares)	31,803	26,766	31,669	25,308