Silvergate ‘adamant’ about strength of liquidity, says Keefe Bruyette

Keefe Bruyette analyst Michael Perito says that while Silvergate Capital management was "clearly cautious" on the operating environment for crypto and many of its clients during this morning’s conference call, they were also "adamant" about the strength and appropriateness of the company’s regulatory and compliance procedures, in addition to its capital and liquidity. While not explicitly guided to, the bank does intend to operate the business in a profitable stature, Perito tells investors in a research note. The analyst, who notes his estimates are review, has an Outperform rating on Silvergate with a $38 price target. The stock in late morning trading is down 47% to $11.73.