Crypto-friendly Silvergate Bank's Q4 net income fell 55% year-over-year but it beat street estimates

Quick Take

  • The bank added 48 digital currency-related clients during Q4
  • That figure hit 804 industry clients at the end of 2019, an increase from 542 a year prior.
  • Silvergate Bank reported a 55% decline in its Q4 net income
  • Street estimates for Silvergate’s earnings per share (EPS) for Q4 were at $0.08, while the bank’s actual number came in at $0.19.

Silvergate Bank – which counts major crypto exchanges Coinbase, Gemini and Kraken as clients – reported that it had 804 crypto-related clients at the end of 2019, adding 48 during the final quarter alone.

On the net income side, the bank earned $3.6 million in Q4 2019 compared to $6.7 million in Q3. On a year-over-year basis, net income fell 55 percent (Q4 2018 net income was $8 million), according to financial results published Wednesday.

“Our fourth quarter r