Silvergate shares popped following its full earnings report which contained few surprises following preliminary figures, analysts noted.
Silvergate shares jumped 6.8% in the early session as the bank delivered its full earnings report.
The crypto-friendly bank posted a net loss of $1.05 billion for the fourth quarter compared with an $18.4 million profit a year earlier. Silvergate Capital shares rallied despite the firm's $1 billion fourth-quarter loss as business is intact, KBW analysts said. Share's in the La Jolla-based bank were trading at $14.10 by 9 a.m. EST, up 6.8% from the previous close, according to Nasdaq data.full earnings release relative to information disclosed then, KBW analysts wrote in a note following the release. exception being TBV/TCE, which were higher than most expected based onhistoric shock to its system, with still plenty of capital and liquidity at hand," KBW analysts wrote.
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