The company reported $21.4 million in net income in the fourth quarter of 2021, which was way more than the $9.1 million it recorded in the same quarter of the previous year. However, it was less than the $23.5 million it recorded in the third quarter of 2021. The net income that common shareholders had access to in Q4 2021 was $18.4 million
The Silvergate Exchange Networks handled dollar transfers amounting to around $219.2 billion in Q4 2021, which was a 270% increase compared to the $59.2 it handled in the same quarter of the previous fiscal year. It was also more than the $162 billion it recorded in the previous quarter of 2021.
Total Silvergate Exchange Network leverage commitments came to about $570 million in the fourth quarter of 2021. This was way more than the $82.5 million it recorded in the same quarter of the previous fiscal year.
Net income for the whole financial year of 2021 came to around $78.5 million, a lot more than the $26 million the company recorded in the previous financial year. As a result, the net income common shareholders had access to in the 2021 financial year was $25.5 million, or a diluted per common share of $2.91.
The Rivergate Exchange Network handled dollar transfers of about $787.4 billion in the 2021 fiscal year, which was also way more than the $135.7 billion it handled in the previous fiscal year.
Silvergate’s Chief Executive Officer and President, Alan Lane, confirmed how 2021 was a year of significant growth for them, which was driven by solid demand for their digital currency options powered by the Silvergate Exchange Network. Mr. Lane said:
Total deposits grew to $14.3 billion at the end of 2021 and our full year net income more than tripled compared to last year, reflecting growth in both fee income and net interest income.
The CEO continued on:
In the fourth quarter, we grew SEN utilization and transaction revenue, significantly grew SEN Leverage lines of credit and increased average deposits from digital currency customers to a record $13.3 billion.
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