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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, 2021
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
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A SI PRA 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 2, 2021, the registrant had 26,578,499 shares of Class A voting common stock outstanding.


SILVERGATE CAPITAL CORPORATION
FORM 10-Q
TABLE OF CONTENTS
Page
2
2
3
4
5
7
8
33
58
61
62
62
62
62
62
62
63
64

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

SILVERGATE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, Except Par Value and Per Share Amounts)
(Unaudited) 
  September 30,
2021 		December 31,
2020
ASSETS
Cash and due from banks $ 168,628  $ 16,405 
Interest earning deposits in other banks 3,615,860  2,945,682 
Cash and cash equivalents 3,784,488  2,962,087 
Securities available-for-sale, at fair value 7,234,216  939,015 
Loans held-for-sale, at lower of cost or fair value 818,447  865,961 
Loans held-for-investment, net of allowance for loan losses of $6,916 at September 30, 2021 and December 31, 2020
809,745  746,751 
Federal home loan and federal reserve bank stock, at cost 34,010  14,851 
Accrued interest receivable 32,154  8,698 
Premises and equipment, net 1,483  2,072 
Derivative assets 37,210  31,104 
Other assets 24,868  15,696 
Total assets $ 12,776,621  $ 5,586,235 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest bearing demand accounts $ 11,586,318  $ 5,133,579 
Interest bearing accounts 76,202  114,447 
Total deposits 11,662,520  5,248,026 
Subordinated debentures, net 15,841  15,831 
Accrued expenses and other liabilities 26,179  28,079 
Total liabilities 11,704,540  5,291,936 
Commitments and contingencies
Preferred stock, $0.01 par value—authorized 10,000 shares; $1,000 per share liquidation preference, 200 and 0 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
2  — 
Class A common stock, $0.01 par value—authorized 125,000 shares; 26,536 and 18,770 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
265  188 
Class B non-voting common stock, $0.01 par value—authorized 25,000 shares; 0 and 64 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
—  1 
Additional paid-in capital 891,611  129,726 
Retained earnings 175,485  118,348 
Accumulated other comprehensive income 4,718  46,036 
Total shareholders’ equity 1,072,081  294,299 
Total liabilities and shareholders’ equity $ 12,776,621  $ 5,586,235 
See accompanying notes to unaudited consolidated financial statements
2
Table of Contents
SILVERGATE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
(Unaudited) 
Three Months Ended
September 30, 		Nine Months Ended
September 30,
  2021 2020 2021 2020
Interest income
Loans, including fees $ 16,972  $ 13,527  $ 50,727  $ 38,358 
Taxable securities 14,000  3,746  25,916  13,917 
Tax-exempt securities 5,014  1,720  9,832  3,345 
Other interest earning assets 1,755  196  4,633  1,325 
Dividends and other 195  116  804  437 
Total interest income 37,936  19,305  91,912  57,382 
Interest expense
Deposits 26  57  107  5,760 
Federal home loan bank advances —  65  —  336 
Subordinated debentures and other 247  257  744  830 
Total interest expense 273  379  851  6,926 
Net interest income before provision for loan losses 37,663  18,926  91,061  50,456 
Provision for loan losses —  —  —  589 
Net interest income after provision for loan losses 37,663  18,926  91,061  49,867 
Noninterest income
Mortgage warehouse fee income 665  758  2,372  1,590 
Service fees related to off-balance sheet deposits —  1  —  78 
Deposit related fees 8,171  3,293  26,603  7,497 
Gain on sale of securities, net 5,182  —  5,182  3,753 
(Loss) gain on sale of loans, net —  (96) —  354 
Gain on extinguishment of debt —  —  —  925 
Other income 24  8  44  132 
Total noninterest income 14,042  3,964  34,201  14,329 
Noninterest expense
Salaries and employee benefits 10,729  8,899  31,979  26,856 
Occupancy and equipment 523  845  1,736  2,646 
Communications and data processing 1,793  1,389  5,210  3,963 
Professional services 2,471  1,207  6,782  3,297 
Federal deposit insurance 4,297  209  10,437  514 
Correspondent bank charges 572  403  1,881  1,123 
Other loan expense 299  60  753  281 
Other general and administrative 1,655  1,121  4,686  3,300 
Total noninterest expense 22,339  14,133  63,464  41,980 
Income before income taxes 29,366  8,757  61,798  22,216 
Income tax expense 5,874  1,697  4,661  5,297 
Net income 23,492  7,060  57,137  16,919 
Dividends on preferred stock —  —  —  — 
Net income available to common shareholders $ 23,492  $ 7,060  $ 57,137  $ 16,919 
Basic earnings per common share $ 0.89  $ 0.38  $ 2.29  $ 0.91 
Diluted earnings per common share $ 0.88  $ 0.37  $ 2.26  $ 0.88 
Weighted average common shares outstanding:
Basic 26,525  18,682  24,927  18,674 
Diluted 26,766  19,134  25,308  19,119 
See accompanying notes to unaudited consolidated financial statements
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SILVERGATE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands)
(Unaudited)
Three Months Ended
September 30, 		Nine Months Ended
September 30,
  2021 2020 2021 2020
Net income $ 23,492  $ 7,060  $ 57,137  $ 16,919 
Other comprehensive income (loss):
Change in net unrealized (loss) gain on available-for-sale securities (16,019) 13,557  (33,891) 29,434 
Less: Reclassification adjustment for net gain included in net income (5,182) —  (5,182) (3,753)
Income tax effect 6,019  (3,898) 10,960  (7,366)
Unrealized (loss) gain on available-for-sale securities, net of tax (15,182) 9,659  (28,113) 18,315 
Change in net unrealized (loss) gain on derivative assets (1,234) (1,187) (16,768) 25,010 
Less: Reclassification adjustment for net gain included in net income (516) (516) (1,530) (1,197)
Income tax effect 471  472  5,093  (6,831)
Unrealized (loss) gain on derivative instruments, net of tax (1,279) (1,231) (13,205) 16,982 
Other comprehensive (loss) income (16,461) 8,428  (41,318) 35,297 
Total comprehensive income $ 7,031  $ 15,488  $ 15,819  $ 52,216 
See accompanying notes to unaudited consolidated financial statements
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Table of Contents
SILVERGATE CAPITAL CORPORATION
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, 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 


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Table of Contents
SILVERGATE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Continued)
(In Thousands, Except Share Data)
(Unaudited) 
Preferred Stock 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 Shares Amount
Balance at January 1, 2021 —  $ —  18,769,771  $ 188  64,197  $ 1  $ 129,726  $ 118,348  $ 46,036  $ 294,299 
Total comprehensive income (loss), net of tax —  —  —  —  —  —  —  12,710  (15,519) (2,809)
Net proceeds from stock issuance —  —  5,860,858  58  —  —  423,482  —  —  423,540 
Conversion of Class B common stock to Class A common stock —  —  64,197  1  (64,197) (1) —  —  —  — 
Stock-based compensation —  —  —  —  —  —  290  —  —  290 
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes —  —  125,142  1  —  —  (1,700) —  —  (1,699)
Balance at March 31, 2021 —  —  24,819,968  248  —  —  551,798  131,058  30,517  713,621 
Total comprehensive income, net of tax —  —  —  —  —  —  —  20,935  (9,338) 11,597 
Net proceeds from stock issuance —  —  1,496,461  15  —  —  143,990  —  —  144,005 
Stock-based compensation —  —  —  —  —  —  496  —  —  496 
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes —  —  191,226  2  —  —  786  —  —  788 
Balance at June 30, 2021 —  —  26,507,655  265  —  —  697,070  151,993  21,179  870,507 
Total comprehensive income, net of tax —  —  —  —  —  —  —  23,492  (16,461) 7,031 
Net proceeds from stock issuance 200,000  2  —  —  —  —  193,627  —  —  193,629 
Stock-based compensation —  —  —  —  —  —  587  —  —  587 
Exercise of stock options and issuance of share-based awards, net of shares withheld for employee taxes —  —  27,956  —  —  —  327  —  —  327 
Balance at September 30, 2021 200,000  $ 2  26,535,611  $ 265  —  $ —  $ 891,611  $ 175,485  $ 4,718  $ 1,072,081 
See accompanying notes to unaudited consolidated financial statements
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Table of Contents
SILVERGATE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Nine Months Ended September 30,
  2021 2020
Cash flows from operating activities
Net income $ 57,137  $ 16,919 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization 1,900  2,535 
Amortization of securities premiums and discounts, net 28,069  2,941 
Amortization of loan premiums and discounts and deferred loan origination fees and costs, net 422  689 
Stock-based compensation 1,373  659 
Provision for loan losses —  589 
Originations of loans held-for-sale (9,440,843) (4,516,366)
Proceeds from sales of loans held-for-sale 9,488,357  4,216,094 
Other gains, net (7,650) (7,432)
Other, net (655) 428 
Changes in operating assets and liabilities:
Accrued interest receivable and other assets (24,216) (7,242)
Accrued expenses and other liabilities 15,238  2,634 
Net cash provided by (used in) operating activities 119,132  (287,552)
Cash flows from investing activities
Purchases of securities available-for-sale (6,921,562) (278,641)
Proceeds from sale of securities available-for-sale 338,851  216,355 
Proceeds from paydowns and maturities of securities available-for-sale 215,278  40,915 
Loan originations/purchases and payments, net (63,415) (98,259)
Proceeds from sale of loans held-for-sale previously classified as held-for-investment —  36,400 
Purchase of federal home loan and federal reserve bank stock, net (19,160) (4,575)
Purchase of premises and equipment (267) (788)
(Payments for) proceeds from derivative contracts, net (21,540) 15,311 
Other, net —  109 
Net cash used in investing activities (6,471,815) (73,173)
Cash flows from financing activities
Net change in noninterest bearing deposits 6,452,739  820,659 
Net change in interest bearing deposits (38,245) (354,206)
Net change in federal home loan bank advances —  (38,075)
Payments made on notes payable —  (3,714)
Proceeds from common stock issuance, net 567,521  — 
Proceeds from preferred stock issuance, net 193,653  — 
Proceeds from stock option exercise 1,559  — 
Taxes paid related to net share settlement of equity awards (2,143) (150)
Other, net —  89 
Net cash provided by financing activities 7,175,084  424,603 
Net increase in cash and cash equivalents 822,401  63,878 
Cash and cash equivalents, beginning of period 2,962,087  133,604 
Cash and cash equivalents, end of period $ 3,784,488  $ 197,482 
Supplemental cash flow information:
Cash paid for interest $ 1,004  $ 7,366 
Income taxes paid, net 3,702  3,945 
Supplemental noncash disclosures:
Loans held-for-investment transferred to loans held-for-sale $ —  $ 30,792 
Loans held-for-sale transferred to loans held-for-investment —  5,098 
Loans transferred to other real estate owned —  51 
Right-of-use assets obtained in exchange for new operating lease liabilities 77  — 
See accompanying notes to unaudited consolidated financial statements
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Table of Contents
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 Company’s assets consist primarily of its investment in the Bank and its primary activities are conducted through the Bank. 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. The Company is a registered bank holding company that is subject to supervision by the Board of Governors of the Federal Reserve (“Federal Reserve”). The Bank is subject to regulation by the California Department of Financial Protection and Innovation, Division of Financial Institutions (“DFPI”), and, as a Federal Reserve member bank since 2012, the Federal Reserve Bank of San Francisco (“FRB”). The Bank’s deposits are insured up to legal limits by the Federal Deposit Insurance Corporation (“FDIC”).
On January 26, 2021, the Company completed its underwritten public offering of 4,563,493 shares of Class A common stock at a price of $63.00 per share, including 595,238 shares of Class A common stock upon the exercise in full by the underwriters of their option to purchase additional shares. The aggregate gross proceeds of the offering were $287.5 million and net proceeds to the Company were $272.4 million after deducting underwriting discounts and offering expenses.
On March 9, 2021, the Company entered into an equity distribution agreement pursuant to which the Company could issue and sell, from time to time, up to an aggregate gross sales price of $300.0 million of the Company’s shares of Class A common stock through an “at-the-market” equity offering program, or ATM Offering. As of June 30, 2021, the Company had completed the ATM Offering with a total of 2,793,826 shares of Class A common stock sold at an average price of $107.38. The transactions resulted in net proceeds to the Company of $295.1 million after deducting commissions and expenses.
On August 4, 2021, the Company issued and sold 8,000,000 depositary shares (the “Depositary Shares”), each representing a 1/40th interest in a share of 5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share (the “Series A Preferred Stock”), with a liquidation preference of $1,000 per share of Series A Preferred Stock, equivalent to $25 per Depositary Share. The aggregate gross proceeds of the offering were $200.0 million and net proceeds to the Company were approximately $193.7 million after deducting underwriting discounts and offering expenses. When, as and if declared by the board of directors of the Company, or a duly authorized board committee, dividends will be payable from the date of issuance, quarterly in arrears, beginning on November 15, 2021. The Company may redeem the Series A Preferred Stock at its option, subject to regulatory approval, on or after August 15, 2026. See “Note 13—Subsequent Event”, for more information.
Financial Statement Preparation and Presentation
The accompanying interim consolidated financial statements have been prepared by the Company, without an 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 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, 2020, included in the Company’s Annual Report on Form 10-K dated March 8, 2021. 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.
8
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 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 expected adoption date on January 1, 2023. The Company continues to evaluate the effects of ASU 2016-13 on its financial statements and disclosures.
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. On March 5, 2021, the U.K. Financial Conduct Authority, the regulatory supervisor for ICE Benchmark Administration, the administrator of LIBOR, announced that the overnight and one, three, six and twelve month USD LIBOR will be discontinued on June 30, 2023. It was originally expected that LIBOR would 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. In January 2020, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), which clarifies the scope of Topic 848 to include derivative instruments impacted by discounting transition. The Company has created a subcommittee of the Asset Liability Management Committee to address the LIBOR transition and phase-out issues. The Company has identified its LIBOR-based contracts that will be impacted by the transition away from of LIBOR, and is incorporating fallback language in negotiated contracts and incorporating non-LIBOR reference rate and/or fallback language in new contracts to prepare for these changes. 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.
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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, 2021
U.S. agency securities - excluding mortgage-backed securities $ 1,077,672  $ 5,920  $ (4,772) $ 1,078,820 
Residential mortgage-backed securities:
Government agency mortgage-backed securities 1,371,347  247  (4,764) 1,366,830 
Government agency collateralized mortgage obligation 1,992,224  1,941  (14,877) 1,979,288 
Private-label collateralized mortgage obligation 1,583  26  (16) 1,593 
Commercial mortgage-backed securities:
Government agency mortgage-backed securities 396,500  995  (1,613) 395,882 
Government agency collateralized mortgage obligation 218,078  232  (614) 217,696 
Private-label collateralized mortgage obligation 253,293  12,373  (344) 265,322 
Municipal bonds:
Tax-exempt 1,289,545  21,562  (14,095) 1,297,012 
Taxable 395,246  1,885  (2,546) 394,585 
Asset backed securities:
Government sponsored student loan pools 237,537  334  (683) 237,188 
$ 7,233,025  $ 45,515  $ (44,324) $ 7,234,216 
  Available-for-sale securities
  Amortized Cost Gross
Unrealized
Gains 		Gross
Unrealized
Losses 		Fair Value
  (Dollars in thousands)
December 31, 2020
Residential mortgage-backed securities:
Government agency mortgage-backed securities $ 5,701  $ 18  $ (55) $ 5,664 
Government agency collateralized mortgage obligation 197,978  371  (298) 198,051 
Private-label collateralized mortgage obligation 20,544  399  (256) 20,687 
Commercial mortgage-backed securities:
Private-label collateralized mortgage obligation 164,214  18,322  —  182,536 
Municipal bonds:
Tax-exempt 246,159  24,200  —  270,359 
Taxable 15,307  695  —  16,002 
Asset backed securities:
Government sponsored student loan pools 248,848  17  (3,149) 245,716 
$ 898,751  $ 44,022  $ (3,758) $ 939,015 
There were no investment securities pledged for borrowings or for other purposes as required or permitted by law as of September 30, 2021 and December 31, 2020.
10
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, 2021
U.S. agency securities - excluding mortgage-backed securities $ 536,910  $ (4,772) $ —  $ —  $ 536,910  $ (4,772)
Residential mortgage-backed securities:
Government agency mortgage-backed securities 1,246,443  (4,764) 71  —  1,246,514  (4,764)
Government agency collateralized mortgage obligation 1,738,718  (14,869) 728  (8) 1,739,446  (14,877)
Private-label collateralized mortgage obligation —  —  445  (16) 445  (16)
Commercial mortgage-backed securities:
Government agency mortgage-backed securities 201,713  (1,613) —  —  201,713  (1,613)
Government agency collateralized mortgage obligation 55,101  (614) —  —  55,101  (614)
Private-label collateralized mortgage obligation 35,582  (227) 7,256  (117) 42,838  (344)
Municipal bonds:
Tax-exempt 915,726  (14,095) —  —  915,726  (14,095)
Taxable 300,313  (2,546) —  —  300,313  (2,546)
Asset backed securities:
Government sponsored student loan pools 110,746  (452) 41,725  (231) 152,471  (683)
$ 5,141,252  $ (43,952) $ 50,225  $ (372) $ 5,191,477  $ (44,324)
  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, 2020
Residential mortgage-backed securities:
Government agency mortgage-backed securities $ 5,165  $ (55) $ —  $ —  $ 5,165  $ (55)
Government agency collateralized mortgage obligation 120,912  (172) 56,976  (126) 177,888  (298)
Private-label collateralized mortgage obligation 290  (7) 9,950  (249) 10,240  (256)
Asset backed securities:
Government sponsored student loan pools —  —  240,825  (3,149) 240,825  (3,149)
$ 126,367  $ (234) $ 307,751  $ (3,524) $ 434,118  $ (3,758)
As indicated in the tables above, as of September 30, 2021, the Company’s investment securities had gross unrealized losses totaling approximately $44.3 million, compared to approximately $3.8 million at December 31, 2020. The Company analyzes 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
11
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. 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, 2021. Management continues to expect to recover the adjusted amortized cost basis of these bonds.
As of September 30, 2021, the Company had 255 securities whose estimated fair value declined 0.85% from the Company’s amortized cost; at December 31, 2020, the Company had 30 securities whose estimated fair value declined 0.86% from the Company’s amortized cost. These unrealized losses on securities are primarily due to widening of credit spreads and changes in market interest rates since their purchase dates. Current unrealized losses 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.
For the three and nine months ended September 30, 2021, the Company received $338.9 million in proceeds and recognized $5.2 million of gains and no losses on sales of available-for-sale securities. There were no sales or calls of 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 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, 2021 and 2020.
The amortized cost and estimated fair value of investment securities as of the periods presented by contractual maturity are shown below. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the following table, the entire outstanding balance of residential and commercial mortgage-backed securities is categorized based on the final maturity date.
September 30,
2021 		December 31,
2020
Amortized
Cost 		Fair
Value 		Amortized
Cost 		Fair
Value
(Dollars in thousands)
Available-for-sale securities
Within one year $ —  $ —  $ —  $ — 
After one year through five years 2,710  2,641  —  — 
After five years through ten years 1,022,607  1,023,876  14,021  15,694 
After ten years 6,207,708  6,207,699  884,730  923,321 
Total $ 7,233,025  $ 7,234,216  $ 898,751  $ 939,015 
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. Real estate loans include 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 primarily focused on 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 businesses that 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. Risks 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. Currently, commercial and industrial loans consist primarily of digital currency asset based loans. In January 2020, the Company began offering a new lending product called SEN Leverage, which allows Silvergate customers to obtain U.S. dollar loans collateralized by bitcoin held at select digital currency exchanges and other custodians. The outstanding balance of SEN Leverage loans was $254.5 million and $77.2 million at September 30, 2021 and December 31, 2020, respectively.
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Reverse mortgage and other. 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 and allows the borrower to receive payments from the lender. 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 when the outstanding loan balance exceeds collateral value at the time the loan is required to be repaid. Other loans consist of consumer loans and loans secured by personal property.
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. The Company holds legal title to such loans from the date they are funded by the Company until the loans are sold to secondary market investors pursuant to pre-existing take out commitments, generally within a few weeks of origination, with loan sale proceeds applied to pay down Company funding. The Company’s mortgage warehouse loans may either be held-for-investment or held-for-sale depending on the underlying contract. At September 30, 2021 and December 31, 2020, gross mortgage warehouse loans were approximately $947.4 million and $963.9 million, respectively.
A summary of loans as of the periods presented are as follows:
September 30,
2021 		December 31,
2020
  (Dollars in thousands)
Real estate loans:
One-to-four family $ 119,817  $ 187,855 
Multi-family 54,636  77,126 
Commercial 250,295  301,901 
Construction 6,046  6,272 
Commercial and industrial 254,624  78,909 
Reverse mortgage and other 1,385  1,495 
Mortgage warehouse 128,975  97,903 
Total gross loans held-for-investment 815,778  751,461 
Deferred fees, net 883  2,206 
Total loans held-for-investment 816,661  753,667 
Allowance for loan losses (6,916) (6,916)
Total loans held-for-investment, net $ 809,745  $ 746,751 
Total loans held-for-sale(1)
$ 818,447  $ 865,961 
________________________
(1)Loans held-for-sale are comprised entirely of mortgage warehouse loans for all periods presented.
At September 30, 2021 and December 31, 2020, approximately $432.2 million and $574.5 million, respectively, of the Company’s gross loans held-for-investment was collateralized by various forms of real estate, primarily located in California. Real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The Company monitors and manages 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.
Recorded investment in loans excludes accrued interest receivable, loan origination fees, net and unamortized premium or discount, and net due to immateriality. Accrued interest on loans held-for-investment totaled approximately $3.2 million and $2.7 million and deferred fees totaled approximately $0.9 million and $2.2 million at September 30, 2021 and December 31, 2020, respectively.
Allowance for Loan Losses
During the three months ended March 31, 2021, the Company updated the allowance for loan loss model to remove historical loss data which is no longer relevant for the commercial and industrial loan segment, reflecting the growth of digital currency asset collateralized loans that are now the majority of the loan segment balance. In addition, the Company added a COVID-19 loan modification qualitative factor adjustment to the commercial and one-to-four family real estate loan segments to recognize the modifications granted over the previous twelve months and additional risks of default in these loan segments.
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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, 2021
One-to
-Four
Family 		Multi-
Family 		Commercial
Real Estate 		Construction Commercial
and
Industrial 		Reverse
Mortgage
and Other 		Mortgage
Warehouse 		Total
(Dollars in thousands)
Balance, June 30, 2021 $ 1,259  $ 743  $ 2,938  $ 512  $ 1,245  $ 11  $ 208  $ 6,916 
Charge-offs —  —  —  —  —  —  —  — 
Recoveries —  —  —  —  —  —  —  — 
Provision for loan losses (131) (103) (440) 91  211  1  371  — 
Balance, September 30, 2021 $ 1,128  $ 640  $ 2,498  $ 603  $ 1,456  $ 12  $ 579  $ 6,916 
Three Months Ended September 30, 2020
One-to
-Four
Family 		Multi-
Family 		Commercial
Real Estate 		Construction Commercial
and
Industrial 		Reverse
Mortgage
and Other 		Mortgage
Warehouse 		Total
(Dollars in thousands)
Balance, June 30, 2020 $ 1,514  $ 822  $ 1,947  $ 1,018  $ 763  $ 40  $ 659  $ 6,763 
Charge-offs —  —  —  —  —  —  —  — 
Recoveries —  —  —  —  —  —  —  — 
Provision for loan losses (83) 23  (18) 309  14  1  (246) — 
Balance, September 30, 2020 $ 1,431  $ 845  $ 1,929  $ 1,327  $ 777  $ 41  $ 413  $ 6,763 
  Nine Months Ended September 30, 2021
  One-to
-Four
Family 		Multi-
Family 		Commercial
Real Estate 		Construction Commercial
and
Industrial 		Reverse
Mortgage
and Other 		Mortgage
Warehouse 		Total
  (Dollars in thousands)
Balance, December 31, 2020 $ 1,245  $ 878  $ 1,810  $ 590  $ 1,931  $ 39  $ 423  $ 6,916 
Charge-offs —  —  —  —  —  —  —  — 
Recoveries —  —  —  —  —  —  —  — 
Provision for loan losses (117) (238) 688  13  (475) (27) 156  — 
Balance, September 30, 2021 $ 1,128  $ 640  $ 2,498  $ 603  $ 1,456  $ 12  $ 579  $ 6,916 
  Nine Months Ended September 30, 2020
  One-to
-Four
Family 		Multi-
Family 		Commercial
Real Estate 		Construction Commercial and 
Industrial 		Reverse
Mortgage
and Other 		Mortgage
Warehouse 		Total
  (Dollars in thousands)
Balance, December 31, 2019 $ 2,051  $ 653  $ 2,791  $ 96  $ 312  $ 38  $ 250  $ 6,191 
Charge-offs (17) —  —  —  —  —  —  (17)
Recoveries —  —  —  —  —  —  —  — 
Provision for loan losses (603) 192  (862) 1,231  465  3  163  589 
Balance, September 30, 2020 $ 1,431  $ 845  $ 1,929  $ 1,327  $ 777  $ 41  $ 413  $ 6,763 
  September 30, 2021
  One-to
-Four
Family 		Multi-
Family 		Commercial
Real Estate 		Construction Commercial
and
Industrial 		Reverse
Mortgage
and Other 		Mortgage
Warehouse 		Total
  (Dollars in thousands)
Amount of allowance attributed to:
Specifically evaluated impaired loans $ 31  $ —  $ —  $ —  $ —  $ —  $ —  $ 31 
General portfolio allocation 1,097  640  2,498  603  1,456  12  579  6,885 
Total allowance for loan losses $ 1,128  $ 640  $ 2,498  $ 603  $ 1,456  $ 12  $ 579  $ 6,916 
Loans evaluated for impairment:
Specifically evaluated $ 5,855  $ —  $ 10,005  $ —  $ 162  $ 902  $ —  $ 16,924 
Collectively evaluated 113,962  54,636  240,290  6,046  254,462  483  128,975  798,854 
Total gross loans held-for-investment $ 119,817  $ 54,636  $ 250,295  $ 6,046  $ 254,624  $ 1,385  $ 128,975  $ 815,778 
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  December 31, 2020
  One-to
-Four
Family 		Multi-
Family 		Commercial
Real Estate 		Construction Commercial
and
Industrial 		Reverse
Mortgage
and Other 		Mortgage
Warehouse 		Total
  (Dollars in thousands)
Amount of allowance attributed to:
Specifically evaluated impaired loans $ 11  $ —  $ —  $ —  $ —  $ 29  $ —  $ 40 
General portfolio allocation 1,234  878  1,810  590  1,931  10  423  6,876 
Total allowance for loan losses $ 1,245  $ 878  $ 1,810  $ 590  $ 1,931  $ 39  $ 423  $ 6,916 
Loans evaluated for impairment:
Specifically evaluated $ 5,780  $ —  $ 9,722  $ —  $ 274  $ 869  $ —  $ 16,645 
Collectively evaluated 182,075  77,126  292,179  6,272  78,635  626  97,903  734,816 
Total gross loans held-for-investment $ 187,855  $ 77,126  $ 301,901  $ 6,272  $ 78,909  $ 1,495  $ 97,903  $ 751,461 
Impaired Loans
The following tables provide a summary of the Company’s investment in impaired loans as of and for the periods presented:
  September 30, 2021
  Unpaid
Principal
Balance 		Recorded
Investment 		Related
Allowance
  (Dollars in thousands)
With no related allowance recorded:
Real estate loans:
One-to-four family $ 6,291  $ 5,555  $ — 
Commercial 10,005  10,005  — 
Commercial and industrial 162  162  — 
Reverse mortgage and other 902  902  — 
17,360  16,624  — 
With an allowance recorded:
Real estate loans:
One-to-four family 325  300  31 
325  300  31 
Total impaired loans $ 17,685  $ 16,924  $ 31 
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December 31, 2020
  Unpaid
Principal
Balance 		Recorded
Investment 		Related
Allowance
  (Dollars in thousands)
With no related allowance recorded:
Real estate loans:
One-to-four family $ 6,432  $ 5,716  $ — 
Commercial 9,723  9,722  — 
Commercial and industrial 274  274  — 
Reverse mortgage and other 523  523  — 
16,952  16,235  — 
With an allowance recorded:
Real estate loans:
One-to-four family 64  64  11 
Reverse mortgage and other 346  346  29 
410  410  40 
Total impaired loans $ 17,362  $ 16,645  $ 40 
Three Months Ended September 30,
  2021 2020
  Average
Recorded
Investment 		Interest
Income
Recognized 		Average
Recorded
Investment 		Interest
Income
Recognized
  (Dollars in thousands)
With no related allowance recorded:
Real estate loans:
One-to-four family $ 6,873  $ 50  $ 3,312  $ 34 
Commercial 9,970  135  4,710  377 
Commercial and industrial 174  3  1,474  29 
Reverse mortgage and other 893  —  518  — 
17,910  188  10,014  440 
With an allowance recorded:
Real estate loans:
One-to-four family 301  6  65  1 
Reverse mortgage and other —  —  345  — 
301  6  410  1 
Total impaired loans $ 18,211  $ 194  $ 10,424  $ 441 
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Nine Months Ended September 30,
  2021 2020
  Average
Recorded
Investment 		Interest
Income
Recognized 		Average
Recorded
Investment 		Interest
Income
Recognized
  (Dollars in thousands)
With no related allowance recorded:
Real estate loans:
One-to-four family $ 6,261  $ 190  $ 3,477  $ 131 
Commercial 9,890  396