PANews reported on January 17 that Silvergate Capital (SI), a cryptocurrency-focused bank, reported a net loss attributable to shareholders of $1 billion in the three months ended December 31, 2022. In comparison, net income was $18 million in the same period of 2021 and $40.6 million in the previous quarter. The loss in the fourth quarter ultimately led to a full-year loss of approximately $949 million, compared to a net income of $75.5 million in 2021.
Silvergate's performance this quarter was foreshadowed in early January, when the company said it had $8.1 billion in outflows in the fourth quarter and cut 40% of its workforce. In connection with the layoffs, the company expects to incur $8.1 million in restructuring charges, most of which will be paid this quarter. In addition, Silvergate recorded $134.5 million in impairment charges related to approximately $1.7 billion in securities it expects to sell this quarter as it tries to deal with the huge outflows it saw at the end of last year.