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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the quarterly period ending June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from __________________  to  __________________
Commission file number 001-39123
SILVERGATE CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)
Maryland33-0227337
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
4250 Executive Square, Suite 300, La Jolla, CA 92037
(Address of principal executive offices, including zip code)
(858362-6300
(Registrant’s telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.01 per shareSINew York Stock Exchange
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series ASI PRANew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Emerging growth company
Non-accelerated Filer
Smaller reporting company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No
As of August 1, 2022, the registrant had 31,657,281 shares of Class A voting common stock outstanding.



SILVERGATE CAPITAL CORPORATION
FORM 10-Q
TABLE OF CONTENTS
Page

1

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)

SILVERGATE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, Except Par Value and Per Share Amounts)
(Unaudited) 
 June 30,
2022
December 31,
2021
ASSETS
Cash and due from banks$256,378 $208,193 
Interest earning deposits in other banks1,637,410 5,179,753 
Cash and cash equivalents1,893,788 5,387,946 
Securities available-for-sale, at fair value8,686,307 8,625,259 
Securities held-to-maturity, at amortized cost (fair value of $2,822,759 at June 30, 2022)
3,131,321  
Loans held-for-sale, at lower of cost or fair value872,056 893,194 
Loans held-for-investment, net of allowance for loan losses of $4,442 and $6,916 at June 30, 2022 and December 31, 2021, respectively
594,671 887,304 
Other investments63,456 34,010 
Accrued interest receivable72,463 40,370 
Premises and equipment, net3,328 3,008 
Intangible assets190,455  
Derivative assets104,995 34,056 
Safeguarding assets52,838 — 
Other assets234,816 100,348 
Total assets$15,900,494 $16,005,495 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest bearing demand accounts$13,436,017 $14,213,472 
Interest bearing accounts64,703 77,156 
Total deposits13,500,720 14,290,628 
Federal home loan bank advances
800,000  
Subordinated debentures, net15,852 15,845 
Safeguarding liabilities52,838 — 
Accrued expenses and other liabilities107,865 90,186 
Total liabilities14,477,275 14,396,659 
Commitments and contingencies
Preferred stock, $0.01 par value—authorized 10,000 shares; $1,000 per share liquidation preference, 200 shares issued and outstanding at June 30, 2022 and December 31, 2021
2 2 
Class A common stock, $0.01 par value—150,000 shares authorized and 31,641 shares issued and outstanding at June 30, 2022; 125,000 shares authorized and 30,403 shares issued and outstanding at December 31, 2021
316 304 
Class B non-voting common stock, $0.01 par value—no shares authorized and no shares issued and outstanding at June 30, 2022; 25,000 shares authorized and no shares issued and outstanding at December 31, 2021
  
Additional paid-in capital1,554,627 1,421,592 
Retained earnings254,475 193,860 
Accumulated other comprehensive loss(386,201)(6,922)
Total shareholders’ equity1,423,219 1,608,836 
Total liabilities and shareholders’ equity$15,900,494 $16,005,495 
See accompanying notes to unaudited consolidated financial statements
2

SILVERGATE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
(Unaudited) 
Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Interest income
Loans, including fees$22,054 $17,158 $40,341 $33,755 
Taxable securities30,986 8,324 48,765 11,916 
Tax-exempt securities14,820 3,123 28,004 4,818 
Other interest earning assets3,008 1,599 4,393 2,878 
Dividends and other719 466 922 609 
Total interest income71,587 30,670 122,425 53,976 
Interest expense
Deposits2 35 23 81 
Federal home loan bank advances and other796  866  
Subordinated debentures243 252 495 497 
Total interest expense1,041 287 1,384 578 
Net interest income before provision for loan losses70,546 30,383 121,041 53,398 
Reversal of provision for loan losses  (2,474) 
Net interest income after provision for loan losses70,546 30,383 123,515 53,398 
Noninterest income
Deposit related fees8,808 11,308 17,776 18,432 
Mortgage warehouse fee income555 753 1,206 1,707 
Loss on sale of securities, net(199) (804) 
Other income50 8 486 20 
Total noninterest income9,214 12,069 18,664 20,159 
Noninterest expense
Salaries and employee benefits16,356 10,260 31,900 21,250 
Occupancy and equipment1,063 599 1,649 1,213 
Communications and data processing2,967 1,796 5,729 3,417 
Professional services6,280 2,594 9,234 4,311 
Federal deposit insurance1,495 3,844 3,257 6,140 
Correspondent bank charges801 812 1,629 1,309 
Other loan expense682 280 1,066 454 
Other general and administrative908 1,334 4,106 3,031 
Total noninterest expense30,552 21,519 58,570 41,125 
Income before income taxes49,208 20,933 83,609 32,432 
Income tax expense (benefit)10,603 (2)17,618 (1,213)
Net income38,605 20,935 65,991 33,645 
Dividends on preferred stock2,688  5,376  
Net income available to common shareholders$35,917 $20,935 $60,615 $33,645 
Basic earnings per common share$1.14 $0.81 $1.93 $1.40 
Diluted earnings per common share$1.13 $0.80 $1.92 $1.37 
Weighted average common shares outstanding:
Basic31,635 25,707 31,428 24,114 
Diluted31,799 26,102 31,601 24,565 
See accompanying notes to unaudited consolidated financial statements
3

SILVERGATE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(In Thousands)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Net income$38,605 $20,935 $65,991 $33,645 
Other comprehensive income (loss):
Change in net unrealized loss on available-for-sale securities(197,397)(4,438)(521,623)(17,872)
Less: Reclassification adjustment for net loss included in net income199  804  
Less: Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity1,657  2,431  
Income tax effect56,641 1,251 150,861 4,941 
Unrealized loss on available-for-sale securities, net of tax(138,900)(3,187)(367,527)(12,931)
Change in net unrealized loss on derivative assets(30,671)(8,074)(16,068)(15,534)
Less: Reclassification adjustment for net gain included in net income(510)(510)(1,461)(1,014)
Income tax effect9,807 2,433 5,777 4,622 
Unrealized loss on derivative instruments, net of tax(21,374)(6,151)(11,752)(11,926)
Other comprehensive loss(160,274)(9,338)(379,279)(24,857)
Total comprehensive (loss) income $(121,669)$11,597 $(313,288)$8,788 
See accompanying notes to unaudited consolidated financial statements
4

SILVERGATE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In Thousands, Except Share Data)
(Unaudited)

Preferred StockClass A Common StockClass B Common StockAdditional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareholders’
Equity
SharesAmountSharesAmountSharesAmount
Balance at January 1, 2021 $ 18,769,771 $188 64,197 $1 $129,726 $118,348 $46,036 $294,299 
Total comprehensive income (loss), net of tax— — — — — — — 12,710 (15,519)(2,809)
Issuance of stock, net— — 5,860,858 58 — — 423,482 — — 423,540 
Conversion of Class B common stock to Class A common stock— — 64,197 1 (64,197)(1)— — —  
Stock-based compensation— — — — — — 290 — — 290 
Exercise of stock options, net of shares withheld for employee taxes— — 124,848 1 — — (1,700)— — (1,699)
Issuance of share-based awards, net of shares withheld for employee taxes— — 294 — — — — — — — 
Balance at March 31, 2021  24,819,968 248   551,798 131,058 30,517 713,621 
Total comprehensive income (loss), net of tax— — — — — — — 20,935 (9,338)11,597 
Issuance of stock, net— — 1,496,461 15 — — 143,990 — — 144,005 
Stock-based compensation— — — — — — 496 — — 496 
Exercise of stock options— — 176,834 2 — — 786 — — 788 
Issuance of share-based awards, net of shares withheld for employee taxes— — 14,392 — — — — — — — 
Balance at June 30, 2021 $ 26,507,655 $265  $ $697,070 $151,993 $21,179 $870,507 
5

SILVERGATE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Continued)
(In Thousands, Except Share Data)
(Unaudited)
Preferred StockClass A Common StockClass B Common StockAdditional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareholders’
Equity
SharesAmountSharesAmountSharesAmount
Balance at January 1, 2022200,000 $2 30,402,706 $304  $ $1,421,592 $193,860 $(6,922)$1,608,836 
Total comprehensive income (loss), net of tax— — — — — — — 27,386 (219,005)(191,619)
Dividends on preferred stock— — — — — — — (2,688)— (2,688)
Issuance of stock, net— — 1,221,217 12 — — 131,505 — — 131,517 
Stock-based compensation— — — — — — 729 — — 729 
Exercise of stock options— — 1,840 — — — 30 — — 30 
Issuance of share-based awards, net of shares withheld for employee taxes— — 4,552 — — — (309)— — (309)
Balance at March 31, 2022200,000 2 31,630,315 316   1,553,547 218,558 (225,927)1,546,496 
Total comprehensive income (loss), net of tax— — — — — — — 38,605 (160,274)(121,669)
Dividends on preferred stock— — — — — — — (2,688)— (2,688)
Stock-based compensation— — — — — — 1,019 — — 1,019 
Exercise of stock options— — 5,260 — — — 61 — — 61 
Issuance of share-based awards, net of shares withheld for employee taxes— — 5,392 — — — — — — — 
Balance at June 30, 2022200,000 $2 31,640,967 $316  $ $1,554,627 $254,475 $(386,201)$1,423,219 
See accompanying notes to unaudited consolidated financial statements

6

SILVERGATE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Six Months Ended June 30,
 20222021
Cash flows from operating activities
Net income$65,991 $33,645 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization1,628 1,277 
Amortization of securities premiums and discounts, net85,558 9,668 
Amortization of loan premiums and discounts and deferred loan origination fees and costs, net(1,013)310 
Stock-based compensation1,748 786 
Reversal of provision for loan losses(2,474) 
Originations of loans held-for-sale(5,540,815)(6,424,745)
Proceeds from sales of loans held-for-sale5,560,213 6,542,129 
Other gains, net(3,479)(1,892)
Other, net(865)882 
Changes in operating assets and liabilities:
Accrued interest receivable and other assets(56,416)(45,838)
Accrued expenses and other liabilities58,772 7,179 
Net cash provided by operating activities168,848 123,401 
Cash flows from investing activities
Purchases of securities available-for-sale(3,446,732)(5,363,805)
Proceeds from sale of securities available-for-sale507,186  
Proceeds from paydowns and maturities of securities available-for-sale308,144 87,583 
Purchases of securities held-to-maturity(1,250,420) 
Proceeds from paydowns and maturities of securities held-to-maturity55,741  
Loan payments, net136,315 6,286 
Proceeds from sale of loans, net162,086  
Purchase of federal home loan and federal reserve bank stock, net(27,730)(14,610)
Purchase of premises and equipment(773)(176)
Payments to acquire intangible assets(58,881) 
Payments for derivative contracts, net(50,667)(22,613)
Other, net(1,716) 
Net cash used in investing activities(3,667,447)(5,307,335)
Cash flows from financing activities
Net change in noninterest bearing deposits(777,455)6,157,059 
Net change in interest bearing deposits(12,453)(33,529)
Net change in federal home loan bank advances800,000  
Proceeds from common stock issuance, net(57)567,545 
Payments of preferred stock dividends(5,376) 
Proceeds from stock option exercise91 1,232 
Taxes paid related to net share settlement of equity awards(309)(2,143)
Net cash provided by financing activities4,441 6,690,164 
Net (decrease) increase in cash and cash equivalents(3,494,158)1,506,230 
Cash and cash equivalents, beginning of period5,387,946 2,962,087 
Cash and cash equivalents, end of period$1,893,788 $