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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 June 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 SIPrA 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 August 3, 2021, the registrant had 26,520,621 shares of Class A voting common stock outstanding.

Table of Contents
SILVERGATE CAPITAL CORPORATION
FORM 10-Q
TABLE OF CONTENTS
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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 Amounts)
(Unaudited) 
  June 30,
2021 		December 31,
2020
ASSETS
Cash and due from banks $ 52,859  $ 16,405 
Interest earning deposits in other banks 4,415,458  2,945,682 
Cash and cash equivalents 4,468,317  2,962,087 
Trading securities, at fair value 26,998  — 
Securities available-for-sale, at fair value 6,176,778  939,015 
Loans held-for-sale, at lower of cost or fair value 748,577  865,961 
Loans held-for-investment, net of allowance for loan losses of $6,916 at June 30, 2021 and December 31, 2020
740,155  746,751 
Federal home loan and federal reserve bank stock, at cost 29,460  14,851 
Accrued interest receivable 24,505  8,698 
Premises and equipment, net 1,604  2,072 
Derivative assets 39,454  31,104 
Other assets 33,628  15,696 
Total assets $ 12,289,476  $ 5,586,235 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest bearing demand accounts $ 11,290,638  $ 5,133,579 
Interest bearing accounts 80,918  114,447 
Total deposits 11,371,556  5,248,026 
Subordinated debentures, net 15,838  15,831 
Accrued expenses and other liabilities 31,575  28,079 
Total liabilities 11,418,969  5,291,936 
Commitments and contingencies
Preferred stock, $0.01 par value—authorized 10,000 shares; no shares issued or outstanding at June 30, 2021 and December 31, 2020
—  — 
Class A common stock, $0.01 par value—authorized 125,000 shares; 26,508 and 18,770 shares issued and outstanding at June 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 June 30, 2021 and December 31, 2020, respectively
—  1 
Additional paid-in capital 697,070  129,726 
Retained earnings 151,993  118,348 
Accumulated other comprehensive income 21,179  46,036 
Total shareholders’ equity 870,507  294,299 
Total liabilities and shareholders’ equity $ 12,289,476  $ 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
June 30, 		Six Months Ended
June 30,
  2021 2020 2021 2020
Interest income
Loans, including fees $ 17,158  $ 11,710  $ 33,755  $ 24,831 
Taxable securities 8,324  4,123  11,916  10,171 
Tax-exempt securities 3,123  1,577  4,818  1,625 
Other interest earning assets 1,599  405  2,878  1,129 
Dividends and other 466  200  609  321 
Total interest income 30,670  18,015  53,976  38,077 
Interest expense
Deposits 35  1,652  81  5,703 
Federal home loan bank advances —  44  —  271 
Subordinated debentures and other 252  267  497  573 
Total interest expense 287  1,963  578  6,547 
Net interest income before provision for loan losses 30,383  16,052  53,398  31,530 
Provision for loan losses —  222  —  589 
Net interest income after provision for loan losses 30,383  15,830  53,398  30,941 
Noninterest income
Mortgage warehouse fee income 753  450  1,707  832 
Service fees related to off-balance sheet deposits —  7  —  77 
Deposit related fees 11,308  2,438  18,432  4,204 
Gain on sale of securities, net —  2,556  —  3,753 
(Loss) gain on sale of loans, net —  (56) —  450 
Gain on extinguishment of debt —  —  —  925 
Other income 8  39  20  124 
Total noninterest income 12,069  5,434  20,159  10,365 
Noninterest expense
Salaries and employee benefits 10,260  9,002  21,250  17,957 
Occupancy and equipment 599  894  1,213  1,801 
Communications and data processing 1,796  1,313  3,417  2,574 
Professional services 2,594  1,105  4,311  2,090 
Federal deposit insurance 3,844  182  6,140  305 
Correspondent bank charges 812  347  1,309  720 
Other loan expense 280  99  454  221 
Other general and administrative 1,334  1,030  3,031  2,179 
Total noninterest expense 21,519  13,972  41,125  27,847 
Income before income taxes 20,933  7,292  32,432  13,459 
Income tax (benefit) expense (2) 1,826  (1,213) 3,600 
Net income $ 20,935  $ 5,466  $ 33,645  $ 9,859 
Basic earnings per share $ 0.81  $ 0.29  $ 1.40  $ 0.53 
Diluted earnings per share $ 0.80  $ 0.29  $ 1.37  $ 0.52 
Weighted average shares outstanding:
Basic 25,707  18,672  24,114  18,670 
Diluted 26,102  19,106  24,565  19,112 
See accompanying notes to unaudited consolidated financial statements
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Table of Contents
SILVERGATE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands)
(Unaudited)
Three Months Ended
June 30, 		Six Months Ended
June 30,
  2021 2020 2021 2020
Net income $ 20,935  $ 5,466  $ 33,645  $ 9,859 
Other comprehensive income (loss):
Change in net unrealized (loss) gain on available-for-sale securities (4,438) 25,190  (17,872) 15,877 
Less: Reclassification adjustment for net gain included in net income —  (2,556) —  (3,753)
Income tax effect 1,251  (6,475) 4,941  (3,468)
Unrealized (loss) gain on available-for-sale securities, net of tax (3,187) 16,159  (12,931) 8,656 
Change in net unrealized (loss) gain on derivative assets (8,074) 2,731  (15,534) 26,197 
Less: Reclassification adjustment for net gain included in net income (510) (510) (1,014) (681)
Income tax effect 2,433  (636) 4,622  (7,303)
Unrealized (loss) gain on derivative instruments, net of tax (6,151) 1,585  (11,926) 18,213 
Other comprehensive (loss) income (9,338) 17,744  (24,857) 26,869 
Total comprehensive income $ 11,597  $ 23,210  $ 8,788  $ 36,728 
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 


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Table of Contents
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, 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 
See accompanying notes to unaudited consolidated financial statements
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SILVERGATE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Six Months Ended June 30,
  2021 2020
Cash flows from operating activities
Net income $ 33,645  $ 9,859 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 1,277  1,570 
Amortization of securities premiums and discounts, net 9,668  1,969 
Amortization of loan premiums and discounts and deferred loan origination fees and costs, net 310  517 
Stock-based compensation 786  400 
Provision for loan losses —  589 
Originations/purchases of loans held-for-sale (6,424,745) (2,265,109)
Proceeds from sales of loans held-for-sale 6,542,129  2,308,940 
Other gains, net (1,892) (6,383)
Other, net 882  734 
Changes in operating assets and liabilities:
Accrued interest receivable and other assets (45,838) (2,402)
Accrued expenses and other liabilities 7,179  384 
Net cash provided by operating activities 123,401  51,068 
Cash flows from investing activities
Purchases of securities available-for-sale (5,363,805) (278,641)
Proceeds from sale of securities available-for-sale —  216,355 
Proceeds from paydowns and maturities of securities available-for-sale 87,583  21,482 
Loan originations/purchases and payments, net 6,286  (155,778)
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 (14,610) (3,235)
Purchase of premises and equipment (176) (665)
(Payments for) proceeds from derivative contracts, net (22,613) 14,260 
Other, net —  109 
Net cash used in investing activities (5,307,335) (149,713)
Cash flows from financing activities
Net change in noninterest bearing deposits 6,157,059  219,469 
Net change in interest bearing deposits (33,529) (363,215)
Net change in federal home loan bank advances —  311,925 
Payments made on notes payable —  (3,714)
Proceeds from common stock issuance, net 567,545  — 
Proceeds from stock option exercise 1,232  — 
Taxes paid related to net share settlement of equity awards (2,143) (59)
Other, net —  79 
Net cash provided by financing activities 6,690,164  164,485 
Net increase in cash and cash equivalents 1,506,230  65,840 
Cash and cash equivalents, beginning of period 2,962,087  133,604 
Cash and cash equivalents, end of period $ 4,468,317  $ 199,444 
Supplemental cash flow information:
Cash paid for interest $ 593  $ 6,785 
Income taxes paid, net 3,347  3,076 
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.
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.
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
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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. In the fourth quarter of 2020 the Office of the Comptroller of the Currency, amongst others, 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.
Note 2—Securities
Trading
The Company engages in trading activities for its own account. Securities that are held principally for resale in the near term are recorded at fair value with changes in fair value included in earnings. Trading securities consists of U.S. Treasury Bills which had a fair value of $27.0 million at June 30, 2021. The carrying values of trading securities included an immaterial amount of net unrealized losses at June 30, 2021.
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Available-for-sale
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)
June 30, 2021
U.S. Treasuries $ 331,154  $ 59  $ (118) $ 331,095 
U.S. agency securities - excluding mortgage-backed securities 578,524  4,210  (3,448) 579,286 
Residential mortgage-backed securities:
Government agency mortgage-backed securities 1,327,557  180  (7,921) 1,319,816 
Government agency collateralized mortgage obligation 1,620,012  875  (7,225) 1,613,662 
Private-label collateralized mortgage obligation 1,721  23  (22) 1,722 
Commercial mortgage-backed securities:
Government agency mortgage-backed securities 291,814  430  (1,306) 290,938 
Government agency collateralized mortgage obligation 192,930  159  (168) 192,921 
Private-label collateralized mortgage obligation 233,145  12,997  (423) 245,719 
Municipal bonds:
Tax-exempt 979,706  26,097  (2,064) 1,003,739 
Taxable 356,291  1,901  (1,703) 356,489 
Asset backed securities:
Government sponsored student loan pools 241,532  402  (543) 241,391 
$ 6,154,386  $ 47,333  $ (24,941) $ 6,176,778 
  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 June 30, 2021 and December 31, 2020.
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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)
June 30, 2021
U.S. Treasuries $ 109,685  $ (118) $ —  $ —  $ 109,685  $ (118)
U.S. agency securities - excluding mortgage-backed securities 150,827  (3,448) —  —  150,827  (3,448)
Residential mortgage-backed securities:
Government agency mortgage-backed securities 1,140,512  (7,921) 72  —  1,140,584  (7,921)
Government agency collateralized mortgage obligation 834,135  (6,920) 149,922  (305) 984,057  (7,225)
Private-label collateralized mortgage obligation —  —  699  (22) 699  (22)
Commercial mortgage-backed securities:
Government agency mortgage-backed securities 159,881  (1,306) —  —  159,881  (1,306)
Government agency collateralized mortgage obligation 124,052  (168) —  —  124,052  (168)
Private-label collateralized mortgage obligation 35,539  (295) 7,839  (128) 43,378  (423)
Municipal bonds:
Tax-exempt 325,553  (2,064) —  —  325,553  (2,064)
Taxable 222,587  (1,703) —  —  222,587  (1,703)
Asset backed securities:
Government sponsored student loan pools 63,415  (85) 58,513  (458) 121,928  (543)
$ 3,166,186  $ (24,028) $ 217,045  $ (913) $ 3,383,231  $ (24,941)
  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 June 30, 2021, the Company’s investment securities had gross unrealized losses totaling approximately $24.9 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
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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. 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 June 30, 2021. Management continues to expect to recover the adjusted amortized cost basis of these bonds.
As of June 30, 2021, the Company had 160 securities whose estimated fair value declined 0.73% 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. The Company’s securities that have unrealized losses are due to widened 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.
There were no sales or calls of available-for-sale securities for the three and six months ended June 30, 2021. For the three months ended June 30, 2020 the Company received $202.3 million in proceeds and recognized a $3.5 million gain and $0.9 million loss on sales of available-for-sale securities. For the six months ended June 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 six months ended June 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.
June 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 3,032  2,951  —  — 
After five years through ten years 832,483  833,641  14,021  15,694 
After ten years 5,318,871  5,340,186  884,730  923,321 
Total $ 6,154,386  $ 6,176,778  $ 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 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 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 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 $203.4 million and $77.2 million at June 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 June 30, 2021 and December 31, 2020, gross mortgage warehouse loans were approximately $798.5 million and $963.9 million, respectively.
A summary of loans as of the periods presented are as follows:
June 30,
2021 		December 31,
2020
  (Dollars in thousands)
Real estate loans:
One-to-four family $ 144,247  $ 187,855 
Multi-family 67,704  77,126 
Commercial 272,948  301,901 
Construction 5,481  6,272 
Commercial and industrial 204,279  78,909 
Reverse mortgage and other 1,364  1,495 
Mortgage warehouse 49,897  97,903 
Total gross loans held-for-investment 745,920  751,461 
Deferred fees, net 1,151  2,206 
Total loans held-for-investment 747,071  753,667 
Allowance for loan losses (6,916) (6,916)
Total loans held-for-investment, net $ 740,155  $ 746,751 
Total loans held-for-sale(1)
$ 748,577  $ 865,961 
________________________
(1)Loans held-for-sale are comprised entirely of mortgage warehouse loans for all periods presented.
At June 30, 2021 and December 31, 2020, approximately $491.7 million and $574.5 million, respectively, of the Company’s gross loans held-for-investment was collateralized by various forms of real estate. A significant percentage of such loans are collateralized by properties 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, net due to immateriality. Accrued interest on loans held-for-investment totaled approximately $3.1 million and $2.7 million and deferred fees totaled approximately $1.2 million and $2.2 million at June 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 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 June 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, March 31, 2021 $ 1,634  $ 828  $ 3,251  $ 493  $ 360  $ 18  $ 332  $ 6,916 
Charge-offs —  —  —  —  —  —  —  — 
Recoveries —  —  —  —  —  —  —  — 
Provision for loan losses (375) (85) (313) 19  885  (7) (124) — 
Balance, June 30, 2021 $ 1,259  $ 743  $ 2,938  $ 512  $ 1,245  $ 11  $ 208  $ 6,916 
Three Months Ended June 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, March 31, 2020 $ 1,971  $ 689  $ 2,957  $ 258  $ 426  $ 39  $ 218  $ 6,558 
Charge-offs (17) —  —  —  —  —  —  (17)
Recoveries —  —  —  —  —  —  —  — 
Provision for loan losses (440) 133  (1,010) 760  337  1  441  222 
Balance, June 30, 2020 $ 1,514  $ 822  $ 1,947  $ 1,018  $ 763  $ 40  $ 659  $ 6,763 
  Six Months Ended June 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 14  (135) 1,128  (78) (686) (28) (215) — 
Balance, June 30, 2021 $ 1,259  $ 743  $ 2,938  $ 512  $ 1,245  $ 11  $ 208  $ 6,916 
  Six Months Ended June 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 (520) 169  (844) 922  451  2  409  589 
Balance, June 30, 2020 $ 1,514  $ 822  $ 1,947  $ 1,018  $ 763  $ 40  $ 659  $ 6,763 
  June 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 $ 11  $ —  $ —  $ —  $ —  $ —  $ —  $ 11 
General portfolio allocation 1,248  743  2,938  512  1,245  11  208  6,905 
Total allowance for loan losses $ 1,259  $ 743  $ 2,938  $ 512  $ 1,245  $ 11  $ 208  $ 6,916 
Loans evaluated for impairment:
Specifically evaluated $ 7,302  $ —  $ 9,941  $ —  $ 199  $ 884  $ —  $ 18,326 
Collectively evaluated 136,945  67,704  263,007  5,481  204,080  480  49,897  727,594 
Total gross loans held-for-investment $ 144,247  $ 67,704  $ 272,948  $ 5,481  $ 204,279  $ 1,364  $ 49,897  $ 745,920 
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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:
  June 30, 2021
  Unpaid
Principal
Balance 		Recorded
Investment 		Related
Allowance
  (Dollars in thousands)
With no related allowance recorded:
Real estate loans:
One-to-four family $ 7,958  $ 7,239  $ — 
Commercial 9,941  9,941  — 
Commercial and industrial 199  199  — 
Reverse mortgage and other 884  884  — 
18,982  18,263  — 
With an allowance recorded:
Real estate loans:
One-to-four family 63  63  11 
63  63  11 
Total impaired loans $ 19,045  $ 18,326  $ 11 
15
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 June 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 $ 6,931  $ 63  $ 3,390  $ 71 
Commercial 9,904  133  1,941  22 
Commercial and industrial 212  4  2,043  31 
Reverse mortgage and other 880  —  515  — 
17,927  200  7,889  124 
With an allowance recorded:
Real estate loans:
One-to-four family 365  2  65  2 
Reverse mortgage and other —  —  340  — 
365  2  405  2 
Total impaired loans $ 18,292  $ 202  $ 8,294  $ 126 
16
Six Months Ended June 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 $ 5,955  $ 140  $ 3,560  $ 97 
Commercial 9,849  261  1,941  43 
Commercial and industrial 230  9  2,186  72 
Reverse mortgage and other 748  —  513  — 
16,782  410  8,200  212 
With an allowance recorded:
Real estate loans:
One-to-four family 215  3  65  3 
Reverse mortgage and other 129  —  340  — 
344  3  405  3 
Total impaired loans $ 17,126  $ 413  $ 8,605  $ 215 
For purposes of this disclosure, the unpaid principal balance is not reduced for partial charge-offs. Cash basis interest income is not materially different than interest income recognized.
Nonaccrual and Past Due Loans
Nonperforming loans include individually evaluated impaired loans, loans for which the accrual of interest has been discontinued and loans 90 days or more past due and still accruing interest.
The following tables present by loan class the aging analysis based on contractual terms, nonaccrual loans, and the Company’s recorded investment in loans held-for-investment as of the periods presented:
  June 30, 2021
30-59
Days
Past Due 		60-89
Days
Past Due 		Greater
than 89
Days
Past Due 		Total
Past Due 		Current Total Nonaccruing Loans
Receivable > 89
Days and
Accruing
  (Dollars in thousands)
Real estate loans:
One-to-four family $ 2,202  $ 360  $ 5,047  $ 7,609  $ 136,638  $ 144,247  $ 6,624  $ — 
Multi-family 1,984  —  —  1,984  65,720  67,704  —  — 
Commercial —  —  —  —  272,948  272,948  —  — 
Construction —