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The first-quarter earnings per share of $0.79 was also an increase of over 40% compared to the $0.55 figure of a year ago.
Crypto-focused Silvergate Bank recorded net income available to common shareholders of $24.7 million in Q1 2022, almost doubling the figure from $12.7 million for the corresponding quarter last year.
The first-quarter earnings per share of $0.79 was also an increase of over 40% compared to the $0.55 figure of a year ago, the firm announced on Tuesday.
The bank’s digital currency customers also saw growth, increasing to 1,503 in the quarter, compared to 1,104 in Q1 2021.
Silvergate handled $142.3 billion worth of U.S. dollar transfers in Q1, a 14.5% decrease compared to $166.5 billion in Q1 2021.
Shares in Silvergate Capital Corp (SI), the bank’s NYSE-listed parent company, were up by 1.26% in pre-market trading.