secwatch.observer — SEC 8-K summary
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Issuer:     Silvergate Capital Corp (—)
CIK:        0001312109
Form:       8-K
Filed at:   2023-01-05T23:59:59+00:00
Accession:  0001312109-23-000011
Event type: other_material
Sentiment:  negative
Materiality: 0.90
Item codes: 2.05, 2.06, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Silvergate cuts 40% workforce, takes $196M impairment, deposits plunge to $3.8B
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- Reducing headcount by ~200 employees (40%) with $8M estimated severance and benefit costs.
- Q4 impairment charge of $196M on developed technology assets from Diem Group purchase.
- Digital asset deposits fell from $11.9B (Sep 30) to $3.8B (Dec 31); average Q4 deposits $7.3B.
- Sold $5.2B debt securities for $718M loss; held $4.6B cash at year-end, exceeding deposits.
- Exited mortgage warehouse lending product, incurring $4M Q4 restructuring charge.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1312109/000131210923000011/0001312109-23-000011-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1312109/000131210923000011/si-20230105.htm
  HTML page:      https://secwatch.observer/filing/0001312109-23-000011

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