Announcement • Sep 18
Silvergate Capital Corporation Filed for Bankruptcy Silvergate Capital Corporation, along with its one affiliate, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Delaware on September 17, 2024. The debtor listed its assets in the range of $100 million to $500 million and liabilities in the range of $10 million to $50 million. The debtor is represented by Paul Noble Heath, Emily Rae Mathews, Michael Joseph Merchant, and David T Queroli of Richards Layton & Finger, P.A. and Cravath, Swaine & Moore LLP as its legal counsels. The debtor also hired Elaine Hetrick as its chief administrative officer, AlixPartners, LLP as its financial advisor and Stretto, Inc. as its notice and claims agent. Announcement • Aug 30
Silvergate Capital Corporation Announces Board Changes Silvergate Capital Corporation announced departure of Alan J. Lane, a former member of the Board, on August 15, 2023, by reducing the minimum size of the Board from seven to five and by reducing the maximum size of the Board from thirteen to seven. Announcement • May 17
Silvergate Capital Corporation Does Not Intend to Appeal the NYSE's Determination, and Expects its Securities to be Delisted from the NYSE Silvergate Capital Corporation announced that as previously disclosed, on March 17, 2023, the company was notified by the New York Stock Exchange (the ‘NYSE’) that, as the Company had not timely filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the ‘2022 10-K’), the NYSE would monitor the status of the Company’s late filing and related public disclosures for up to a six-month period from its due date, but that the NYSE could, in its sole discretion, commence delisting proceedings at any time during the period that is available to complete the filing, if circumstances warranted. Further, as previously disclosed on May 11, 2023, the NYSE suspended trading in the Company’s securities and indicated to the Company that it expects to commence the delisting of the Company’s securities after the Company informed the NYSE that it will not file the 2022 10-K or any subsequent periodic reports as required by Sections 13(a) or 15(d) under the Securities Exchange Act of 1934, as amended (the ‘Exchange Act’). Later on May 11, 2023, the Company was notified by the NYSE that it had determined to commence proceedings to delist the Company’s securities from the NYSE pursuant to Section 802.01E of the NYSE Listed Company Manual as a result of the foregoing. Also on May 11, 2023, the NYSE applied to the Securities and Exchange Commission (the ‘SEC’) to delist the Company’s securities. The Company does not intend to appeal the NYSE’s determination, and therefore, it is expected that the Company’s securities will be delisted from the NYSE and deregistered under Section 12(b) of the Exchange Act ten business days following the NYSE’s application to the SEC. As of May 12, 2023, it may be possible to trade the Company’s securities on the OTC Experts Market; however, the Company makes no recommendation as to the advisability of any such trading. Board Change • Mar 22
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Director Aanchal Gupta was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Mar 09
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 84%. The fair value is estimated to be US$5.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 23% over the last 3 years. Meanwhile, the company became loss making. Announcement • Feb 11
Rebecca Rettig to Resign from the Boards of Directors of Silvergate Capital Corporation and Silvergate Bank On February 8, 2023, Rebecca Rettig notified Silvergate Capital Corporation (the "Company") of her resignation from the boards of directors (the “Boards”) of the Company and its wholly-owned subsidiary, Silvergate Bank (the “Bank”), as well as from any committees of such Boards on which she served, effective as of February 8, 2023. Ms. Rettig advised the Company that she has accepted an executive position at another company and is resigning due to her new commitments. Announcement • Jan 12
Rosen Law Firm Announces the Filing of A New Class Action Lawsuit on Behalf of Purchasers of the Securities of Silvergate Capital Corporation Rosen Law Firm announced the filing of a new class action lawsuit on behalf of purchasers of the securities of Silvergate Capital Corporation between November 9, 2021 and January 5, 2023, both dates inclusive. If one wish to serve as lead plaintiff, one must move the Court no later than February 6, 2023. If one purchased Silvergate securities during the Class Period may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. According to the lawsuit, throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors that: (1) the Company’s platform lacked sufficient controls and procedures to detect instances of money laundering; (2) Silvergate’s customers had engaged in money laundering in amounts exceeding $425 million; (3) as a result of the foregoing, the Company was reasonably likely to receive regulatory scrutiny and face damages, including penalties and reputational harm; and (4) as a result of the foregoing, defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. Announcement • Jan 06
Silvergate Capital Corporation to Report Q4, 2022 Results on Jan 17, 2023 Silvergate Capital Corporation announced that they will report Q4, 2022 results Pre-Market on Jan 17, 2023 Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment deteriorated over the past week After last week's 27% share price decline to US$11.53, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Banks industry in the United Kingdom. Total loss to shareholders of 91% over the past year. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$16.10, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Banks industry in the United Kingdom. Total loss to shareholders of 89% over the past year. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$22.24, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Banks industry in the United Kingdom. Total loss to shareholders of 87% over the past year. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorated over the past week After last week's 33% share price decline to US$23.92, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Banks industry in the United Kingdom. Total loss to shareholders of 88% over the past year. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment deteriorated over the past week After last week's 27% share price decline to US$40.94, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 6x in the Banks industry in the United Kingdom. Total loss to shareholders of 80% over the past year. Reported Earnings • Oct 20
Third quarter 2022 earnings released: EPS: US$1.28 (vs US$0.89 in 3Q 2021) Third quarter 2022 results: EPS: US$1.28 (up from US$0.89 in 3Q 2021). Revenue: US$89.9m (up 74% from 3Q 2021). Net income: US$40.6m (up 73% from 3Q 2021). Profit margin: 45% (in line with 3Q 2021). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Banks industry in the United Kingdom. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment deteriorated over the past week After last week's 22% share price decline to US$64.22, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 5x in the Banks industry in the United Kingdom. Total loss to shareholders of 59% over the past year. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment deteriorated over the past week After last week's 18% share price decline to US$79.71, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 6x in the Banks industry in the United Kingdom. Total loss to shareholders of 22% over the past year. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment deteriorated over the past week After last week's 17% share price decline to US$83.97, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 6x in the Banks industry in the United Kingdom. Total loss to shareholders of 30% over the past year. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improved over the past week After last week's 16% share price gain to US$98.35, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 7x in the Banks industry in the United Kingdom. Total loss to shareholders of 4.9% over the past year. Reported Earnings • Jul 19
Second quarter 2022 earnings released: EPS: US$1.14 (vs US$0.81 in 2Q 2021) Second quarter 2022 results: EPS: US$1.14 (up from US$0.81 in 2Q 2021). Revenue: US$79.8m (up 88% from 2Q 2021). Net income: US$35.9m (up 72% from 2Q 2021). Profit margin: 45% (down from 49% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 70%, compared to a 6.4% growth forecast for the industry in the United Kingdom. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment deteriorated over the past week After last week's 20% share price decline to US$51.70, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 6x in the Banks industry in the United Kingdom. Total loss to shareholders of 52% over the past year. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 23% share price decline to US$62.00, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 7x in the Banks industry in the United Kingdom. Total loss to shareholders of 37% over the past year. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 18% share price gain to US$79.72, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 6x in the Banks industry in the United Kingdom. Total loss to shareholders of 31% over the past year. Reported Earnings • May 11
First quarter 2022 earnings released: EPS: US$0.79 (vs US$0.56 in 1Q 2021) First quarter 2022 results: EPS: US$0.79 (up from US$0.56 in 1Q 2021). Revenue: US$62.4m (up 101% from 1Q 2021). Net income: US$24.7m (up 94% from 1Q 2021). Profit margin: 40% (down from 41% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 83%, compared to a 5.8% growth forecast for the industry in the United Kingdom. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorated over the past week After last week's 18% share price decline to US$97.26, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 6x in the Banks industry in the United Kingdom. Total returns to shareholders of 6.5% over the past year. Simply Wall St's valuation model estimates the intrinsic value at US$171 per share. Recent Insider Transactions • Apr 27
Executive VP & COO recently sold US$199k worth of stock On the 22nd of April, Kathleen Fraher sold around 2k shares on-market at roughly US$133 per share. In the last 3 months, there was an even bigger sale from another insider worth US$340k. Kathleen has been a seller over the last 12 months, reducing personal holdings by US$1.1m. Reported Earnings • Apr 20
First quarter 2022 earnings released: EPS: US$0.79 (vs US$0.56 in 1Q 2021) First quarter 2022 results: EPS: US$0.79 (up from US$0.56 in 1Q 2021). Revenue: US$62.4m (up 101% from 1Q 2021). Net income: US$24.7m (up 94% from 1Q 2021). Profit margin: 40% (down from 41% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 85%, compared to a 1.5% growth forecast for the industry in the United Kingdom. Buying Opportunity • Apr 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 1.3%. The fair value is estimated to be US$161, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 25%. For the next 3 years, revenue is forecast to grow by 36% per annum. Earnings is also forecast to grow by 37% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improved over the past week After last week's 23% share price gain to US$140, the stock trades at a forward P/E ratio of 45x. Average forward P/E is 8x in the Banks industry in the United Kingdom. Simply Wall St's valuation model estimates the intrinsic value at US$134 per share. Reported Earnings • Mar 02
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$2.95 (up from US$1.39 in FY 2020). Revenue: US$174.5m (up 94% from FY 2020). Net income: US$75.5m (up 190% from FY 2020). Profit margin: 43% (up from 29% in FY 2020). The increase in margin was driven by higher revenue. Net interest margin (NIM): 1.20% (down from 3.00% in FY 2020). Cost-to-income ratio: 51.1% (down from 65.1% in FY 2020). Non-performing loans: 0.45% (down from 0.66% in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 59%, compared to a 2.6% growth forecast for the banks industry in the United Kingdom. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 18% share price decline to US$102, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 9x in the Banks industry in the United Kingdom. Simply Wall St's valuation model estimates the intrinsic value at US$129 per share. Buying Opportunity • Feb 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 50%. The fair value is estimated to be US$129, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% per annum over the last 3 years. Earnings per share has grown by 25% per annum over the last 3 years. Recent Insider Transactions • Feb 06
Independent Chairman recently bought US$56k worth of stock On the 4th of February, Michael Lempres bought around 500 shares on-market at roughly US$112 per share. This was the largest purchase by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Recent Insider Transactions • Feb 06
Independent Chairman recently bought US$56k worth of stock On the 4th of February, Michael Lempres bought around 500 shares on-market at roughly US$112 per share. This was the largest purchase by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improved over the past week After last week's 20% share price gain to US$112, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 9x in the Banks industry in the United Kingdom. Simply Wall St's valuation model estimates the intrinsic value at US$126 per share. Buying Opportunity • Jan 22
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 28%. The fair value is estimated to be US$133, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% per annum over the last 3 years. Earnings per share has grown by 25% per annum over the last 3 years. Reported Earnings • Jan 20
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$2.95 (up from US$1.39 in FY 2020). Revenue: US$174.5m (up 94% from FY 2020). Net income: US$75.5m (up 190% from FY 2020). Profit margin: 43% (up from 29% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 52%, compared to a 3.3% growth forecast for the banks industry in the United Kingdom. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$127, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 8x in the Banks industry in the United Kingdom. Simply Wall St's valuation model estimates the intrinsic value at US$129 per share. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 23% share price gain to US$164, the stock trades at a forward P/E ratio of 45x. Average forward P/E is 8x in the Banks industry in the United Kingdom. Simply Wall St's valuation model estimates the intrinsic value at US$128 per share. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$169, the stock trades at a forward P/E ratio of 57x. Average forward P/E is 8x in the Banks industry in the United Kingdom. Simply Wall St's valuation model estimates the intrinsic value at US$101 per share. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improved over the past week After last week's 25% share price gain to US$188, the stock trades at a forward P/E ratio of 46x. Average forward P/E is 8x in the Banks industry in the United Kingdom. Simply Wall St's valuation model estimates the intrinsic value at US$137 per share. Recent Insider Transactions • Oct 23
Independent Director recently sold US$3.8m worth of stock On the 21st of October, Thomas Dircks sold around 25k shares on-market at roughly US$151 per share. In the last 3 months, there was an even bigger sale from another insider worth US$4.8m. Insiders have been net sellers, collectively disposing of US$33m more than they bought in the last 12 months. Reported Earnings • Oct 20
Third quarter 2021 earnings released: EPS US$0.89 (vs US$0.38 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$51.7m (up 126% from 3Q 2020). Net income: US$23.5m (up 233% from 3Q 2020). Profit margin: 45% (up from 31% in 3Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improved over the past week After last week's 15% share price gain to US$116, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 7x in the Banks industry in the United Kingdom. Simply Wall St's valuation model estimates the intrinsic value at US$124 per share. Recent Insider Transactions • Sep 11
Insider recently sold US$1.1m worth of stock On the 9th of September, Dennis Frank sold around 10k shares on-market at roughly US$115 per share. In the last 3 months, they made an even bigger sale worth US$4.8m. Insiders have been net sellers, collectively disposing of US$24m more than they bought in the last 12 months. Recent Insider Transactions • Aug 31
Executive VP & COO recently sold US$252k worth of stock On the 27th of August, Kathleen Fraher sold around 2k shares on-market at roughly US$115 per share. In the last 3 months, there was an even bigger sale from another insider worth US$4.8m. Kathleen has been a seller over the last 12 months, reducing personal holdings by US$916k. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improved over the past week After last week's 19% share price gain to US$118, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 8x in the Banks industry in the United Kingdom. Simply Wall St's valuation model estimates the intrinsic value at US$119 per share. Recent Insider Transactions • Aug 05
Insider recently sold US$4.8m worth of stock On the 2nd of August, Dennis Frank sold around 46k shares on-market at roughly US$104 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$17m more than they bought in the last 12 months. Reported Earnings • Jul 22
Second quarter 2021 earnings released: EPS US$0.81 (vs US$0.29 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$42.5m (up 100% from 2Q 2020). Net income: US$20.9m (up 283% from 2Q 2020). Profit margin: 49% (up from 26% in 2Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment deteriorated over the past week After last week's 18% share price decline to US$85.75, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 8x in the Banks industry in the United Kingdom. Simply Wall St's valuation model estimates the intrinsic value at US$92.65 per share. Recent Insider Transactions • Jun 13
President recently sold US$1.1m worth of stock On the 10th of June, Alan Lane sold around 11k shares on-market at roughly US$101 per share. In the last 3 months, there was an even bigger sale from another insider worth US$1.2m. This was Alan's only on-market trade for the last 12 months. Recent Insider Transactions • May 30
Independent Director recently sold US$1.2m worth of stock On the 27th of May, Scott Reed sold around 10k shares on-market at roughly US$115 per share. In the last 3 months, there was an even bigger sale from another insider worth US$3.5m. Insiders have been net sellers, collectively disposing of US$10.0m more than they bought in the last 12 months. Recent Insider Transactions • May 20
Independent Director recently sold US$885k worth of stock On the 17th of May, Karen Brassfield sold around 10k shares on-market at roughly US$88.53 per share. In the last 3 months, there was an even bigger sale from another insider worth US$3.5m. Insiders have been net sellers, collectively disposing of US$8.9m more than they bought in the last 12 months. Reported Earnings • May 13
First quarter 2021 earnings released: EPS US$0.56 (vs US$0.23 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$31.1m (up 63% from 1Q 2020). Net income: US$12.7m (up 189% from 1Q 2020). Profit margin: 41% (up from 23% in 1Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorated over the past week After last week's 21% share price decline to US$84.78, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 9x in the Banks industry in the United Kingdom. Simply Wall St's valuation model estimates the intrinsic value at US$97.07 per share.