Silvergate Capital stock rises after Q1 earnings beat as deposits increase

Silvergate Capital (NYSE:SI) shares are climbing 4.8% in Tuesday premarket trading after the bank posted better-than-expected Q1 results as the number of its digital currency customers continues to increase and deposits grew. Q1 EPS of $0.79, easily beating the $0.47 consensus, increased from $0.66 in Q4 2021 and from $0.55 in Q1 2021. The current quarter's results include a $2.47M reversal of provision for loan losses, due to changes in the loan product and segment mix in the portfolio. The Silvergate (SI) Exchange Network (SEN) processed $142.3B of U.S. dollar transfers in Q1 2022, down 35% from $219.2B in Q4 2021 and down 15% from $166.5B in Q1 2021. "While volume on the Silvergate (SI) Exchange Network was impacted by broader industry trends, I remain encouraged by the continued growth we saw in customers, SEN Leverage commitments, and average deposits, which reached a record $14.7B, said President and CEO Alan Lane. Return