Silvergate Bank's Q1 Net Income Nearly Doubles to $24.7M

Crypto-focused Silvergate Bank recorded net income available to common shareholders of $24.7 million in Q1 2022, almost doubling the figure from $12.7 million for the corresponding quarter last year.

• The first-quarter earnings per share of $0.79 was also an increase of over 40% compared to the $0.55 figure of a year ago, the firm announced on Tuesday.
• Shares in Silvergate Capital Corp (SI), the bank's NYSE-listed parent company, boomed following the announcement, trading hands at $131.70 at the time of writing, up over 13% on the day.
• The bank's digital currency customers also saw growth, increasing to 1,503 in the quarter, compared to 1,104 in Q1 2021.
• Silvergate handled $142.3 billion worth of U.S. dollar transfers in Q1, a 14.5% decrease compared to $166.5 billion in Q1 2021.

Read more: BofA Initiates Coverage of Silvergate With ‘Buy’ Rating, Sees 50% Potential Upside

UPDATE (April 19, 15:20 UTC): Adds Silvergate's up-to-date share price increase in place of pre-market.