1 year ago
Silvergate Capital Corporation and its subsidiary Silvergate Bank announced a $1 cardinal nett nonaccomplishment successful the 4th fourth of 2022, according to a institution report.
The nett nonaccomplishment attributable to communal shareholders for the 4th stood astatine $33.16 per communal share.
Silvergate’s 4th fourth report besides disclosed a alteration successful integer plus customers and a alteration successful integer plus customer-related interest income.
Silvergate mitigative actions
In airy of the harsh crypto wintertime of 2022 featuring over-leveraged lending and high-profile bankruptcies, Silvergate to mitigative actions “to support currency liquidity,” according to the report.
Silvergate CEO Alan Lane stated that the company’s ngo had not alteration contempt the alteration successful dynamics.
“We judge successful the integer plus industry, and we stay focused connected providing value-added services for our halfway organization customers. To that end, we are committed to maintaining a highly liquid equilibrium expanse with a beardown superior position.”
The mitigative actions included “utilizing wholesale backing and selling indebtedness securities,” successful summation to the institution making “the hard determination to substantially trim its workforce,” according to the report.
The station Silvergate Capital posts $1B nonaccomplishment successful Q4’22 appeared archetypal connected CryptoSlate.
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