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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ending September 30, 2020
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________________  to  __________________
Commission file number 001-39123
SILVERGATE CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)
 
Maryland
 
33-0227337
 
 
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
4250 Executive Square, Suite 300, La Jolla, CA 92037
(Address of principal executive offices, including zip code)
(858) 362-6300
(Registrant’s telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Stock, par value $0.01 per share
SI
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐
Emerging growth company
☒
Non-accelerated Filer
☒
Smaller reporting company
☒
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
As of November 3, 2020, the registrant had 18,628,984 shares of Class A voting common stock and 64,197 shares of Class B non-voting common stock outstanding.

Table of Contents

SILVERGATE CAPITAL CORPORATION
FORM 10-Q
TABLE OF CONTENTS
 
 
Page
 
 
 
 
 
 
 
 
 
  
  
  
  
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2
Table of Contents

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)

SILVERGATE CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, Except Par Value Amounts)
(Unaudited) 
 
 
September 30,
2020
 
December 31,
2019
ASSETS
 
 
 
 
Cash and due from banks
 
$
15,152

 
$
1,579

Interest earning deposits in other banks
 
182,330

 
132,025

Cash and cash equivalents
 
197,482

 
133,604

Securities available-for-sale, at fair value
 
944,161

 
897,766

Loans held-for-sale, at lower of cost or fair value
 
665,842

 
375,922

Loans held-for-investment, net of allowance for loan losses of $6,763 and $6,191 at September 30, 2020 and December 31, 2019, respectively
 
735,857

 
664,622

Federal home loan and federal reserve bank stock, at cost
 
14,839

 
10,264

Accrued interest receivable
 
7,385

 
5,950

Other real estate owned, net
 
27

 
128

Premises and equipment, net
 
3,122

 
3,259

Operating lease right-of-use assets
 
3,478

 
4,571

Derivative assets
 
34,138

 
23,440

Low income housing tax credit investment
 
890

 
954

Other assets
 
13,352

 
7,647

Total assets
 
$
2,620,573

 
$
2,128,127

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
Deposits:
 
 
 
 
Noninterest bearing demand accounts
 
$
2,164,326

 
$
1,343,667

Interest bearing accounts
 
116,782

 
470,987

Total deposits
 
2,281,108

 
1,814,654

Federal home loan bank advances
 
10,000

 
49,000

Notes payable
 
—

 
3,714

Subordinated debentures, net
 
15,827

 
15,816

Operating lease liabilities
 
3,770

 
4,881

Accrued expenses and other liabilities
 
26,107

 
9,026

Total liabilities
 
2,336,812

 
1,897,091

Commitments and contingencies
 

 

Preferred stock, $0.01 par value—authorized 10,000 shares; no shares issued or outstanding at September 30, 2020 and December 31, 2019
 
—

 
—

Class A common stock, $0.01 par value—authorized 125,000 shares; 18,627 and 17,775 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively
 
186

 
178

Class B non-voting common stock, $0.01 par value—authorized 25,000 shares; 64 and 893 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively
 
1

 
9

Additional paid-in capital
 
132,647

 
132,138

Retained earnings
 
109,229

 
92,310

Accumulated other comprehensive income
 
41,698

 
6,401

Total shareholders’ equity
 
283,761

 
231,036

Total liabilities and shareholders’ equity
 
$
2,620,573

 
$
2,128,127

See accompanying notes to unaudited consolidated financial statements

3

SILVERGATE CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
(Unaudited) 
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2020
 
2019
 
2020
 
2019
Interest income
 
 
 
 
 
 
 
 
Loans, including fees
 
$
13,527

 
$
13,574

 
$
38,358

 
$
38,369

Taxable securities
 
3,746

 
6,510

 
13,917

 
14,044

Tax-exempt securities
 
1,720

 
—

 
3,345

 
—

Other interest earning assets
 
196

 
1,183

 
1,325

 
8,038

Dividends and other
 
116

 
121

 
437

 
472

Total interest income
 
19,305

 
21,388

 
57,382

 
60,923

Interest expense
 
 
 
 
 
 
 
 
Deposits
 
57

 
2,385

 
5,760

 
3,920

Federal home loan bank advances
 
65

 
172

 
336

 
172

Notes payable and other
 
—

 
117

 
36

 
702

Subordinated debentures
 
257

 
271

 
794

 
802

Total interest expense
 
379

 
2,945

 
6,926

 
5,596

Net interest income before provision for loan losses
 
18,926

 
18,443

 
50,456

 
55,327

(Reversal of) provision for loan losses
 
—

 
(858
)
 
589

 
(439
)
Net interest income after provision for loan losses
 
18,926

 
19,301

 
49,867

 
55,766

Noninterest income
 
 
 
 
 
 
 
 
Mortgage warehouse fee income
 
758

 
373

 
1,590

 
1,085

Service fees related to off-balance sheet deposits
 
1

 
283

 
78

 
1,454

Deposit related fees
 
3,293

 
1,657

 
7,497

 
3,815

(Loss) gain on sale of securities, net
 
—

 
(16
)
 
3,753

 
(16
)
(Loss) gain on sale of loans, net
 
(96
)
 
248

 
354

 
593

Gain on sale of branch, net
 
—

 
—

 
—

 
5,509

Gain on extinguishment of debt
 
—

 
—

 
925

 
—

Other income
 
8

 
54

 
132

 
184

Total noninterest income
 
3,964

 
2,599

 
14,329

 
12,624

Noninterest expense
 
 
 
 
 
 
 
 
Salaries and employee benefits
 
8,899

 
8,277

 
26,856

 
25,124

Occupancy and equipment
 
845

 
892

 
2,646

 
2,777

Communications and data processing
 
1,389

 
1,298

 
3,963

 
3,458

Professional services
 
1,207

 
889

 
3,297

 
3,407

Federal deposit insurance
 
209

 
39

 
514

 
382

Correspondent bank charges
 
403

 
288

 
1,123

 
868

Other loan expense
 
60

 
47

 
281

 
290

Other real estate owned expense
 
23

 
75

 
23

 
80

Other general and administrative
 
1,098

 
806

 
3,277

 
2,432

Total noninterest expense
 
14,133

 
12,611

 
41,980

 
38,818

Income before income taxes
 
8,757

 
9,289

 
22,216

 
29,572

Income tax expense
 
1,697

 
2,633

 
5,297

 
8,324

Net income
 
$
7,060

 
$
6,656

 
$
16,919

 
$
21,248

Basic earnings per share
 
$
0.38

 
$
0.37

 
$
0.91

 
$
1.19

Diluted earnings per share
 
$
0.37

 
$
0.36

 
$
0.88

 
$
1.16

Weighted average shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
18,682

 
17,840

 
18,674

 
17,830

Diluted
 
19,134

 
18,246

 
19,119

 
18,252

See accompanying notes to unaudited consolidated financial statements

4

SILVERGATE CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands)
(Unaudited)
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2020
 
2019
 
2020
 
2019
Net income
 
$
7,060

 
$
6,656

 
$
16,919

 
$
21,248

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
Change in net unrealized gain on available-for-sale securities
 
13,557

 
6,967

 
29,434

 
15,136

Less: Reclassification adjustment for net loss (gain) included in net income
 
—

 
16

 
(3,753
)
 
16

Income tax effect
 
(3,898
)
 
(1,997
)
 
(7,366
)
 
(4,332
)
Unrealized gain on available-for-sale securities, net of tax
 
9,659

 
4,986

 
18,315

 
10,820

Change in net unrealized (loss) gain on derivative assets
 
(1,187
)
 
5,950

 
25,010

 
10,348

Less: Reclassification adjustment for net gain included in net income
 
(516
)
 
—

 
(1,197
)
 
—

Income tax effect
 
472

 
(1,701
)
 
(6,831
)
 
(2,957
)
Unrealized (loss) gain on derivative instruments, net of tax
 
(1,231
)
 
4,249

 
16,982

 
7,391

Other comprehensive income
 
8,428

 
9,235

 
35,297

 
18,211

Total comprehensive income
 
$
15,488

 
$
15,891

 
$
52,216

 
$
39,459

See accompanying notes to unaudited consolidated financial statements


5

SILVERGATE CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In Thousands, Except Share Data)
(Unaudited) 
 
 
Class A Common Stock
 
Class B Common Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Shareholders’
Equity
 
 
Shares    
 
Amount    
 
Shares    
 
Amount    
 
Balance at January 1, 2019
 
16,628,941

 
$
166

 
1,189,548

 
$
12

 
$
125,665

 
$
67,464

 
$
(2,061
)
 
$
191,246

Total comprehensive income, net of tax
 
—

 
—

 
—

 
—

 
—

 
9,436

 
436

 
9,872

Stock-based compensation
 
—

 
—

 
—

 
—

 
19

 
—

 
—

 
19

Balance at March 31, 2019
 
16,628,941

 
166

 
1,189,548

 
12

 
125,684

 
76,900

 
(1,625
)
 
201,137

Total comprehensive income, net of tax
 
—

 
—

 
—

 
—

 
—

 
5,156

 
8,540

 
13,696

Stock-based compensation
 
—

 
—

 
—

 
—

 
30

 
—

 
—

 
30

Exercise of stock options, net of shares withheld for employee taxes
 
18,099

 
—

 
—

 
—

 
(115
)
 
—

 
—

 
(115
)
Balance at June 30, 2019
 
16,647,040

 
166

 
1,189,548

 
12

 
125,599

 
82,056

 
6,915

 
214,748

Total comprehensive income, net of tax
 
—

 
—

 
—

 
—

 
—

 
6,656

 
9,235

 
15,891

Stock-based compensation
 
—

 
—

 
—

 
—

 
17

 
—

 
—

 
17

Exercise of stock options, net of shares withheld for employee taxes
 
6,803

 
1

 
—

 
—

 
(43
)
 
—

 
—

 
(42
)
Balance at September 30, 2019
 
16,653,843

 
$
167

 
1,189,548

 
$
12

 
$
125,573

 
$
88,712

 
$
16,150

 
$
230,614


6

SILVERGATE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Continued)
(In Thousands, Except Share Data)
(Unaudited)
 
 
Class A Common Stock
 
Class B Common Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Shareholders’
Equity
 
 
Shares    
 
Amount    
 
Shares    
 
Amount    
 
Balance at January 1, 2020
 
17,775,160

 
$
178

 
892,836

 
$
9

 
$
132,138

 
$
92,310

 
$
6,401

 
$
231,036

Total comprehensive income, net of tax
 
—

 
—

 
—

 
—

 
—

 
4,393

 
9,125

 
13,518

Conversion of Class B common stock to Class A common stock
 
596,000

 
6

 
(596,000
)
 
(6
)
 
—

 
—

 
—

 
—

Stock-based compensation
 
—

 
—

 
—

 
—

 
199

 
—

 
—

 
199

Exercise of stock options, net of shares withheld for employee taxes
 
134

 
—

 
—

 
—

 
(1
)
 
—

 
—

 
(1
)
Balance at March 31, 2020
 
18,371,294

 
184

 
296,836

 
3

 
132,336

 
96,703

 
15,526

 
244,752

Total comprehensive income, net of tax
 
—

 
—

 
—

 
—

 
—

 
5,466

 
17,744

 
23,210

Stock-based compensation
 
—

 
—

 
—

 
—

 
201

 
—

 
—

 
201

Exercise of stock options, net of shares withheld for employee taxes
 
7,569

 
—

 
—

 
—

 
(58
)
 
—

 
—

 
(58
)
Balance at June 30, 2020
 
18,378,863

 
184

 
296,836

 
3

 
132,479

 
102,169

 
33,270

 
268,105

Total comprehensive income, net of tax
 
—

 
—

 
—

 
—

 
—

 
7,060

 
8,428

 
15,488

Conversion of Class B common stock to Class A common stock
 
232,639

 
2

 
(232,639
)
 
(2
)
 
—

 
—

 
—

 
—

Stock-based compensation
 
—

 
—

 
—

 
—

 
259

 
—

 
—

 
259

Exercise of stock options, net of shares withheld for employee taxes
 
15,290

 
—

 
—

 
—

 
(91
)
 
—

 
—

 
(91
)
Balance at September 30, 2020
 
18,626,792

 
$
186

 
64,197

 
$
1

 
$
132,647

 
$
109,229

 
$
41,698

 
$
283,761

See accompanying notes to unaudited consolidated financial statements

7

SILVERGATE CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
 
 
Nine Months Ended September 30,
 
 
2020
 
2019
Cash flows from operating activities
 
 
 
 
Net income
 
$
16,919

 
$
21,248

 Adjustments to reconcile net income to net cash used in operating activities:
 
 
 
 
Depreciation and amortization
 
2,535

 
771

Amortization of securities premiums and discounts, net
 
2,941

 
1,261

Amortization of loan premiums and discounts and deferred loan origination fees and costs, net
 
689

 
666

Stock-based compensation
 
659

 
66

Deferred income tax expense (benefit)
 
191

 
(190
)
Provision for (reversal of) loan losses
 
589

 
(439
)
Gain on sale of loans, net
 
(354
)
 
(593
)
(Gain) loss on sale of securities, net
 
(3,753
)
 
16

Originations/purchases of loans held-for-sale
 
(4,516,366
)
 
(2,323,891
)
Proceeds from sales of loans held-for-sale
 
4,216,094

 
2,235,558

Gain on sale of branch, net
 
—

 
(5,509
)
Gain on extinguishment of debt
 
(925
)
 
—

Other, net
 
(2,163
)
 
2,092

Changes in operating assets and liabilities:
 
 
 
 
Accrued interest receivable and other assets
 
(7,242
)
 
(1,776
)
Accrued expenses and other liabilities
 
2,634

 
(617
)
Net cash used in operating activities
 
(287,552
)
 
(71,337
)
Cash flows from investing activities
 
 
 
 
Purchases of securities available-for-sale
 
(278,641
)
 
(589,031
)
Proceeds from paydowns and maturities of securities available-for-sale
 
40,915

 
18,351

Proceeds from sale of securities available-for-sale
 
216,355

 
31,088

Loan originations/purchases and payments, net
 
(98,259
)
 
(128,832
)
Proceeds from sale of loans held-for-sale previously classified as held-for-investment
 
36,400

 
41,963

Purchase of federal home loan and federal reserve bank stock, net
 
(4,575
)
 
(603
)
Proceeds from sale of other real estate owned
 
109

 
77

Purchase of premises and equipment
 
(788
)
 
(942
)
Proceeds from sale of branch, net of cash
 
—

 
47,390

Proceeds from (purchases of) derivative contracts, net
 
15,311

 
(20,663
)
Other, net
 
—

 
10

Net cash used in investing activities
 
(73,173
)
 
(601,192
)
Cash flows from financing activities
 
 
 
 
Net change in noninterest bearing deposits
 
820,659

 
(144,737
)
Net change in interest bearing deposits
 
(354,206
)
 
284,277

Net change in federal home loan bank advances
 
(38,075
)
 
20,000

Payments made on notes payable
 
(3,714
)
 
(857
)
Taxes paid related to net share settlement of equity awards
 
(150
)
 
(158
)
Other, net
 
89

 
(158
)
Net cash provided by financing activities
 
424,603

 
158,367

Net increase (decrease) in cash and cash equivalents
 
63,878

 
(514,162
)
Cash and cash equivalents, beginning of period
 
133,604

 
674,420

Cash and cash equivalents, end of period
 
$
197,482

 
$
160,258

See accompanying notes to unaudited consolidated financial statements

8

SILVERGATE CAPITAL CORPORATION
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Note 1—Nature of Business and Summary of Significant Accounting Policies
Nature of Business
The accompanying consolidated financial statements include the accounts of Silvergate Capital Corporation, a Maryland corporation and its wholly-owned subsidiary, Silvergate Bank (the “Bank”), collectively referred to as (the “Company” or “Silvergate”).
The Bank was incorporated in 1987 and commenced business in 1988 under the California Financial Code as an industrial bank. In February 2009 the Bank converted its charter to a California commercial bank, which gave it the added authority to accept demand deposits. At the same time, the Company also became a registered bank holding company under the federal Bank Holding Company Act. The Bank became a member of the Federal Reserve System in December 2012. The Bank is subject to regulation by the California Department of Financial Protection and Innovation, Division of Financial Institutions (“DFPI”), and the Federal Reserve Bank of San Francisco (“FRB”), and its deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to applicable legal limits.
On November 15, 2018, the Company and the Bank entered into a purchase and assumption agreement to sell the Bank’s retail branch located in San Marcos, California and business loan portfolio to HomeStreet Bank. The Company completed the sale in March 2019, which included the reduction of $115.4 million in loans and $74.5 million in deposits and resulted in a pre-tax gain on sale of $5.5 million.
Financial Statement Preparation and Presentation
The accompanying interim condensed consolidated financial statements have been prepared by the Company, without audit, in accordance with the instructions to the Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X promulgated by the United States Securities and Exchange Commission (the “SEC”) and, therefore, do not include all information and footnotes necessary for a fair presentation of its consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”).
In the opinion of management, the unaudited financial information for the interim periods presented reflects all adjustments, consisting of only normal and recurring adjustments, necessary for a fair statement of the Company’s condensed consolidated financial statements. These consolidated statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2019, included in the Company’s Annual Report on Form 10-K dated March 10, 2020. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year.
The consolidated financial statements include the accounts of the Company and all other entities in which it has a controlling financial interest. All significant intercompany accounts and transactions have been eliminated in consolidation. Unless the context requires otherwise, all references to the Company include its wholly owned subsidiaries. The accounting and reporting policies of the Company are based upon GAAP and conform to predominant practices within the financial services industry.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the Company’s financial statements and the accompanying notes. We evaluate estimates on an ongoing basis including the economic impact of Coronavirus Disease 2019 (or “COVID-19”). Actual results could materially differ from those estimates.
Recently issued accounting pronouncements not yet effective
In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (or “ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326) to replace the incurred loss model with an expected loss model, which is referred to as the current expected credit loss (or “CECL”) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables, held to maturity debt securities, and reinsurance receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor. These amendments were initially effective for fiscal years beginning after December 15, 2019 for SEC registrants and after December 15, 2020, for Public Business Entities, or PBEs. In November 2019, the FASB issued ASU 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, which finalized the delay of the effective date for smaller reporting companies, such as the Company, to apply the standards related to CECL, until fiscal years beginning after December 15, 2022. For debt securities with other than temporary impairment (OTTI), the guidance will be applied prospectively and for existing purchased credit impaired (PCI) assets will be grandfathered and

9

classified as purchased credit deteriorated (PCD) assets at the date of adoption. The asset will be grossed up for the allowance for expected credit losses for all PCD assets at the date of adoption and will continue to recognize the noncredit discount in interest income based on the yield such assets as of the adoption date. Subsequent changes in expected credit losses will be recorded through the allowance. For all other assets with the scope of CECL, the cumulative effect adjustment will be recognized in retained earnings as of the beginning of the first reporting period in which the guidance is effective. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. The Company formed a CECL implementation committee in 2018 which prepared a project plan to migrate towards the adoption date. As part of the project plan, the Company contracted a third-party vendor to assist in the application and analysis of ASU 2016-13 as well as a third-party vendor to perform an independent model validation. As part of this process, the Company has determined preliminary loan pool segmentation under CECL, as well as evaluated the key economic loss drivers for each segment. The Company operationalized an initial CECL model during the second quarter of 2019 and is running this preliminary CECL model alongside the existing incurred loss methodology. The Company intends to continue to refine and run the model until the date of adoption. The Company continues to evaluate the effects of ASU 2016-13 on its financial statements and disclosures and whether to early adopt the guidance.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (or “ASU 2020-04”), which provides temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the transition away from the London Interbank Offered Rate (or “LIBOR”) or other interbank offered rate (reference rates) on financial reporting, which currently is expected to be discontinued by the end of 2021. To help with the transition to new reference rates, the ASU provides optional expedients and exceptions for applying GAAP to affected contract modifications and hedge accounting relationships. The guidance is applicable only to contracts or hedge accounting relationships that reference LIBOR or another reference rate expected to be discontinued. The expedients and exceptions in this update are available to all entities starting March 12, 2020 through December 31, 2022. The Company is evaluating the impact that ASU 2020-04 will have on those financial assets where LIBOR is used as an index rate.
Except for the updated standards discussed above, there have been no new accounting pronouncements not yet effective that have significance, or potential significance, to the Company’s consolidated financial statements.
Note 2—Securities
The fair value of available-for-sale securities and their related gross unrealized gains and losses at the dates indicated are as follows:
 
 
Available-for-sale securities
 
 
Amortized Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
September 30, 2020
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Government agency mortgage-backed securities
 
$
665

 
$
17

 
$
(1
)
 
$
681

Government agency collateralized mortgage obligation
 
212,053

 
472

 
(278
)
 
212,247

Private-label collateralized mortgage obligation
 
21,160

 
440

 
(395
)
 
21,205

Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
Private-label collateralized mortgage obligation
 
164,435

 
18,317

 
—

 
182,752

Municipal bonds:
 


 


 


 


Tax-exempt
 
246,848

 
19,159

 
—

 
266,007

Taxable
 
15,613

 
865

 
—

 
16,478

Asset backed securities:
 
 
 
 
 
 
 
 
Government sponsored student loan pools
 
251,999

 
—

 
(7,208
)
 
244,791

 
 
$
912,773

 
$
39,270

 
$
(7,882
)
 
$
944,161


10

 
 
Available-for-sale securities
 
 
Amortized Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
December 31, 2019
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Government agency mortgage-backed securities
 
$
769

 
$
32

 
$
—

 
$
801

Government agency collateralized mortgage obligation
 
242,203

 
552

 
(837
)
 
241,918

Private-label collateralized mortgage obligation
 
26,346

 
352

 
(198
)
 
26,500

Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
Private-label collateralized mortgage obligation
 
364,719

 
12,474

 
(177
)
 
377,016

Asset backed securities:
 
 
 
 
 
 
 
 
Government sponsored student loan pools
 
258,022

 
—

 
(6,491
)
 
251,531

 
 
$
892,059

 
$
13,410

 
$
(7,703
)
 
$
897,766

There were no investment securities pledged for borrowings or for other purposes as required or permitted by law as of September 30, 2020 and December 31, 2019.
At September 30, 2020, the total fair value of securities issued by four individual issuers, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders’ equity was $143.8 million.
Securities with unrealized losses as of the dates indicated, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows:
 
 
Available-for-sale securities
 
 
Less than 12 Months
 
12 Months or More
 
Total
 
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
September 30, 2020
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Government agency mortgage-backed securities
 
$
177

 
$
(1
)
 
$
—

 
$
—

 
$
177

 
$
(1
)
Government agency collateralized mortgage obligation
 
129,737

 
(156
)
 
59,042

 
(122
)
 
188,779

 
(278
)
Private-label collateralized mortgage obligation
 
752

 
(14
)
 
10,306

 
(381
)
 
11,058

 
(395
)
Asset backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Government sponsored student loan pools
 
—

 
—

 
244,792

 
(7,208
)
 
244,792

 
(7,208
)
 
 
$
130,666

 
$
(171
)
 
$
314,140

 
$
(7,711
)
 
$
444,806

 
$
(7,882
)

11

 
 
Available-for-sale securities
 
 
Less than 12 Months
 
12 Months or More
 
Total
 
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Government agency collateralized mortgage obligation
 
$
143,633

 
$
(785
)
 
$
15,794

 
$
(52
)
 
$
159,427

 
$
(837
)
Private-label collateralized mortgage obligation
 
59

 
(1
)
 
15,168

 
(197
)
 
15,227

 
(198
)
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Private-label collateralized mortgage obligation
 
13,142

 
(177
)
 
—

 
—

 
13,142

 
(177
)
Asset backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Government sponsored student loan pools
 
62,938

 
(1,317
)
 
188,593

 
(5,174
)
 
251,531

 
(6,491
)
 
 
$
219,772

 
$
(2,280
)
 
$
219,555

 
$
(5,423
)
 
$
439,327

 
$
(7,703
)

As indicated in the tables above, as of September 30, 2020, the Company’s investment securities had gross unrealized losses totaling approximately $7.9 million, compared to approximately $7.7 million at December 31, 2019. The Company analyzed all of its securities with an unrealized loss position. For each security, the Company analyzed the credit quality and performed a projected cash flow analysis. In analyzing the credit quality, management may consider whether the securities are issued by the federal government, its agencies or its sponsored entities, or non-governmental entities, whether downgrades by bond rating agencies have occurred, and if credit quality has deteriorated. When performing a cash flow analysis, the Company uses models that project prepayments, default rates, and loss severities on the collateral supporting the security, based on underlying loan level borrower and loan characteristics and interest rate assumptions. In addition, the Company has contracted with third party companies to perform independent cash flow analyses of its securities portfolio as needed. The unrealized losses on government sponsored student loan pools are due primarily to increased credit spreads as of September 30, 2020. The Company has an adequate amount of credit enhancement and government assurance to cover any expected losses at this time. Based on these analyses and reviews conducted by the Company, and assisted by independent third parties, the Company determined that none of its securities required an other-than-temporary impairment charge at September 30, 2020 or December 31, 2019. Management continues to expect to recover the adjusted amortized cost basis of these bonds.
As of September 30, 2020, the Company had 31 securities whose estimated fair value declined 1.74% from the Company’s amortized cost; at December 31, 2019, the Company had 33 securities whose estimated fair value declined 1.72% from the Company’s amortized cost. Market liquidity concerns associated with COVID-19 improved in the third quarter of 2020. Unrecognized losses associated with market liquidity concerns as a result of COVID-19 are not expected to remain constant in the future, however, unrecognized losses will continue to vary with general market interest rate fluctuations. The Company’s securities that have a decline in fair value is due to widened credit spreads and changes in market interest rates since the purchase dates. Current declines in fair values are expected to recover as the securities approach their respective maturity dates. Management believes it will more than likely not be required to sell before recovery of the amortized cost basis.
There were no sales or calls of available-for-sale securities for the three months ended September 30, 2020. For the nine months ended September 30, 2020 the Company received $216.4 million in proceeds and recognized a $4.7 million gain and $0.9 million loss on sales of available-for-sale securities. For the three and nine months ended September 30, 2019 the Company received $31.1 million in proceeds and recognized a $178,000 gain and a $194,000 loss on sales and calls of securities.
There were no credit losses associated with our securities portfolio recognized in earnings for the three and nine months ended September 30, 2020 and 2019.

12

Note 3—Loans
The following disclosure reports the Company’s loan portfolio segments and classes. Segments are groupings of similar loans at a level in which the Company has adopted systematic methods of documentation for determining its allowance for loan and credit losses. Classes are a disaggregation of the portfolio segments. The Company’s loan portfolio segments are:
Real estate loans. Real estate includes loans for which the Company holds one-to-four family, multi-family, commercial and construction real property as collateral. Commercial real estate lending activity is typically restricted to owner-occupied properties or to investor properties that are owned by customers with a current banking relationship. The primary risks of real estate mortgage loans include the borrower’s inability to pay, material decreases in the value of the real estate that is being held as collateral and significant increases in interest rates, which may make the real estate mortgage loan unprofitable. Real estate loans also may be adversely affected by conditions in the real estate markets or in the general economy.
Commercial and industrial. Commercial and industrial loans consist of loans and lines of credit to small and medium-sized businesses in a wide variety of industries, including distributors, manufacturers, software developers, business services companies and independent finance companies. Commercial and industrial loans are generally collateralized by accounts receivable, inventory, equipment, loan and lease receivables, digital currency assets such as bitcoin and other commercial assets, and may be supported by other credit enhancements such as personal guarantees. Risk may arise from differences between expected and actual cash flows and/or liquidity levels of the borrowers, as well as the type of collateral securing these loans and the reliability of the conversion thereof to cash. Since the March 2019 sale of the business loan portfolio, commercial and industrial loans consist primarily of asset based loans. In the first quarter of 2020, the Company began offering a new pilot product called SEN Leverage, which allows Silvergate customers to obtain U.S. dollar loans collateralized by bitcoin held at select digital currency exchanges or custodians that are also Silvergate customers. The Company completed the pilot period as of September 30, 2020. The outstanding balance of SEN Leverage loans was $22.4 million as of September 30, 2020.
Consumer and other. Consumer loans consist of consumer loans and other loans secured by personal property.
Reverse mortgage. From 2012 to 2014, the Company purchased home equity conversion mortgage (“HECM”) loans (also known as reverse mortgage loans) which are a special type of home loan, for homeowners aged 62 years or older, that requires no monthly mortgage payments. Reverse mortgage loan insurance is provided by the U.S. Federal Housing Administration through the HECM program which protects lenders from losses due to non-repayment of the loans.
Mortgage warehouse. The Company’s mortgage warehouse lending division provides short-term interim funding for single-family residential mortgage loans originated by mortgage bankers or other lenders pending the sale of such loans in the secondary market. The Company’s risk is mitigated by comprehensive policies, procedures, and controls governing this activity, partial loan funding by the originating lender, guaranties or additional monies pledged to the Company as security, and the short holding period of funded loans on the Company’s balance sheet. In addition, the loss rates of this portfolio have historically been minimal, and these loans are all subject to written purchase commitments from takeout investors or are hedged. The Company’s mortgage warehouse loans may either be held-for-investment or held-for-sale depending on the underlying contract. The Company sold approximately $117.0 million and $23.7 million of loans to participants during the three months ended September 30, 2020 and 2019, respectively. The Company sold approximately $158.9 million and $124.3 million of loans to participants during the nine months ended September 30, 2020 and 2019, respectively. At September 30, 2020 and December 31, 2019, gross mortgage warehouse loans were approximately $760.5 million and $405.0 million, respectively.

13

A summary of loans as of the periods presented are as follows:
 
 
September 30,
2020
 
December 31,
2019
 
 
 
 
 
 
 
(Dollars in thousands)
Real estate loans:
 
 
 
 
One-to-four family
 
$
209,040

 
$
193,367

Multi-family
 
72,714

 
81,233

Commercial
 
316,653

 
331,052

Construction
 
13,854

 
7,213

Commercial and industrial
 
25,951

 
14,440

Consumer and other
 
5,559

 
122

Reverse mortgage
 
1,322

 
1,415

Mortgage warehouse
 
94,684

 
39,247

Total gross loans held-for-investment
 
739,777

 
668,089

Deferred fees, net
 
2,843

 
2,724

Total loans held-for-investment
 
742,620

 
670,813

Allowance for loan losses
 
(6,763
)
 
(6,191
)
Total loans held-for-investment, net
 
$
735,857

 
$
664,622

Total loans held-for-sale(1)
 
$
665,842

 
$
375,922

________________________
(1)
Loans held-for-sale included $665.8 million and $365.8 million of mortgage warehouse loans at September 30, 2020 and December 31, 2019, respectively.
At September 30, 2020 and December 31, 2019, approximately $613.6 million and $614.3 million, respectively, of the Company’s loan portfolio was collateralized by various forms of real estate. A significant percentage of such loans are collateralized by properties located in California (76.8% and 64.8% as of September 30, 2020 and December 31, 2019, respectively) and Arizona (6.7% and 10.2% as of September 30, 2020 and December 31, 2019, respectively) with no other state greater than 5%. The Company attempts to address and mitigate concentrations of credit risk by making loans that are diversified by collateral type, placing limits on the amounts of various categories of loans relative to total Company capital, and conducting quarterly reviews of its portfolio by collateral type, geography, and other characteristics. While management believes that the collateral presently securing its portfolio and the recorded allowance for loan losses are adequate to absorb potential losses, there can be no assurances that significant deterioration in the California and Arizona real estate markets would not expose the Company to significantly greater credit risk.
Recorded investment in loans excludes accrued interest receivable, loan origination fees, net and unamortized premium or discount, net due to immateriality. Accrued interest on loans held-for-investment totaled approximately $2.7 million and $2.2 million and deferred fees totaled approximately $2.8 million and $2.7 million at September 30, 2020 and December 31, 2019, respectively.
Allowance for Loan Losses
At September 30, 2020, the Company had a total allowance for loan losses of $6.8 million and the ratio of the allowance for loan losses to gross loans held-for-investment was 0.91%. The level of the allowance was based on modest increases in loan portfolio balances from prior year end, Silvergate’s historically strong credit quality and minimal loan charge-offs, and the loan-to-value ratios in the low- to mid-50% range, based on last required appraisal value, in the Company's commercial, multi-family and one-to-four family real estate loans as of September 30, 2020. Although there is significant uncertainty in the current economic environment due to the impact of the COVID-19 pandemic, the Company believes the relatively low to moderate loan-to-value ratios provides a lower probability of loss in the event of defaults in the Company’s loan portfolio. The Company will continue to monitor trends in its portfolio segments for any known or probable adverse conditions with an emphasis on retail and hospitality loans within the commercial real estate loan portfolio.
On June 30, 2020, the Company enhanced its qualitative adjustment framework within the calculation of the allowance for loan losses to ensure consistency in the calculation. The change provided a structured framework using Company and peer historical data covering a full credit cycle to determine the range of potential loss for each qualitative adjustment. The overall change was not material to the overall allowance, however within loan segments the allowance was reallocated based on the weighted qualitative adjustment specific for each loan segment.

14

The following tables present the allocation of the allowance for loan losses, as well as the activity in the allowance by loan class, and recorded investment in loans held-for-investment as of and for the periods presented:
 
 
Three Months Ended September 30, 2020
 
 
One-to
-Four
Family
 
Multi-
Family
 
Commercial
Real Estate
 
Construction
 
Commercial
and Industrial
 
Consumer
and Other
 
Reverse
Mortgage
 
Mortgage
Warehouse
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
Balance, June 30, 2020
 
$
1,514

 
$
822

 
$
1,947

 
$
1,018

 
$
763

 
$
1

 
$
39

 
$
659

 
$
6,763

Charge-offs
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Recoveries
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Provision for loan losses
 
(83
)
 
23

 
(18
)
 
309

 
14

 
(1
)
 
2

 
(246
)
 
—

Balance, September 30, 2020
 
$
1,431

 
$
845

 
$
1,929

 
$
1,327

 
$
777

 
$
—

 
$
41

 
$
413

 
$
6,763

 
 
Three Months Ended September 30, 2019
 
 
One-to
-Four
Family
 
Multi-
Family
 
Commercial
Real Estate
 
Construction
 
Commercial
and Industrial
 
Consumer
and Other
 
Reverse
Mortgage
 
Mortgage
Warehouse
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
Balance, June 30, 2019
 
$
1,769

 
$
879

 
$
3,761

 
$
79

 
$
237

 
$
1

 
$
36

 
$
287

 
$
7,049

Charge-offs
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Recoveries
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Provision for loan losses
 
282

 
(226
)
 
(970
)
 
17

 
75

 
—

 
1

 
(37
)
 
(858
)
Balance, September 30, 2019
 
$
2,051

 
$
653

 
$
2,791

 
$
96

 
$
312

 
$
1

 
$
37

 
$
250

 
$
6,191

 
 
Nine Months Ended September 30, 2020
 
 
One-to
-Four
Family
 
Multi-
Family
 
Commercial
Real Estate
 
Construction
 
Commercial
and Industrial
 
Consumer
and Other
 
Reverse
Mortgage
 
Mortgage
Warehouse
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
Balance, December 31, 2019
 
$
2,051

 
$
653

 
$
2,791

 
$
96

 
$
312

 
$
1

 
$
37

 
$
250

 
$
6,191

Charge-offs
 
(17
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(17
)
Recoveries
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Provision for loan losses
 
(603
)
 
192

 
(862
)
 
1,231

 
465

 
(1
)
 
4

 
163

 
589

Balance, September 30, 2020
 
$
1,431

 
$
845

 
$
1,929

 
$
1,327

 
$
777

 
$
—

 
$
41

 
$
413

 
$
6,763

 
 
Nine Months Ended September 30, 2019
 
 
One-to
-Four
Family
 
Multi-
Family
 
Commercial
Real Estate
 
Construction
 
Commercial
and Industrial
 
Consumer
and Other
 
Reverse
Mortgage
 
Mortgage
Warehouse
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
Balance, December 31, 2018
 
$
1,848

 
$
483

 
$
3,854

 
$
98

 
$
156

 
$
1

 
$
54

 
$
229

 
$
6,723

Charge-offs
 
(93
)
 
—