Silvergate Capital Corp 2025年度报告

2025 Consolidated Financial StatementsUnaudited Index To Consolidated Financial Statements PageConsolidated Balance Sheets (unaudited)2Consolidated Statements of Income (unaudited)3Consolidated Statements of Shareholders’ Equity (unaudited)4Consolidated Statements of Cash Flows (unaudited)5Notes to the Financial Statements (unaudited)6 - 15 Consolidated Balance Sheets (unaudited)(Debtor In Possession) Total assets Total liabilities Preferred stock, $0.01 par value; 10,000 shares authorized; 200 shares issuedand outstanding at December31, 2024 and 2025 respectively Notes to the Financial Statements (unaudited) Note 1.Basis of Preparation The accompanying consolidated financial statements include the accounts of Silvergate CapitalCorporation, a Maryland corporation, and its wholly owned subsidiary, Silvergate Group(formerly known as Silvergate Bank), collectively referred to as (the “Company” or“Silvergate”). On September 17, 2024, the Company filed a petition seeking relief under the provisions ofChapter 11 of Title 11 of the United States Code (“Chapter 11”) in the Bankruptcy Court for theDistrict of Delaware (“Bankruptcy Court”). The Company continues to operate its business andmanages its properties as “debtor- in- possession” under the jurisdiction of the Bankruptcy Courtand in accordance with the applicable provisions of the Bankruptcy Code and orders of theBankruptcy Court. On November 13, 2025, the Bankruptcy Court issued its Findings of Fact, Conclusions of Law,and Order Confirming First Amended Joint Chapter 11 Plan of Silvergate Capital Corporationand Its Affiliated Debtors (the “Chapter 11 Plan”). Accounting Standards Codification ("ASC") 852,Reorganizations, which is applicable tocompanies in Chapter 11, generally does not change the manner in which financial statements areprepared. However, it does require that the financial statements for periods subsequent to thefiling of the Chapter 11 case distinguish transactions and events that are directly associated withthe reorganization from the ongoing operations of the business. Amounts that can be directlyassociated with the reorganization and restructuring of the business are reported separately asreorganization items in the consolidated statements of income beginning September 17, 2024.The consolidated balance sheet distinguishes prepetition liabilities subject to compromise fromboth those prepetition liabilities that are not subject to compromise and from post-petitionliabilities. Liabilities that may be affected by a Chapter 11 plan of reorganization are reported atthe amounts expected to be allowed, even if they may be settled for lesser amounts. SilvergateCapital Corporation applied ASC 852 effective September 17, 2024, and has segregated thoseitems as outlined above for all reporting periods subsequent to such date and will continue to doso until emergence from Chapter 11. The Company has prepared these consolidated financial statements on a going concern basis.Significant accounting policies followed by the Company are detailed below. Note 2.Accounting Policies Use of Estimates The preparation of financial statements requires management to make estimates and assumptionsthat affect the reported amounts of assets and liabilities and the disclosure of contingent assetsand liabilities at the date of the financial statements and the accompanying notes, as well as the reported amounts of revenue and expense during the reporting period. Management basesestimates on historical experience and on various other assumptions that are believed to bereasonable under current circumstances, results of which form the basis for making judgmentsabout the carrying value of certain assets and liabilities that are not readily available from othersources. Management evaluates estimates on an ongoing basis. Actual results could materiallydiffer from those estimates under different assumptions or conditions. Cash and Cash Equivalents Cash and cash equivalents include cash held at banks and interest earning bank deposits. Intangible Assets—Internal Use Software The Company capitalizes certain costs incurred in connection with the development andimplementation of software for internal use. If software is developed for internal use, theassessment of whether costs should be capitalized or expensed depends on the nature of the costsand the project stage during which the costs are incurred. Costs incurred during the applicationdevelopment stage are capitalized while costs incurred during the preliminary project and post-implementation stages are expensed as incurred. Capitalized internal-use software costs areamortized over their estimated useful lives beginning when the software is ready for its intendeduse. The Company reviews capitalized software costs for impairment whenever events orchanges in circumstances indicate that the carrying value may not be recoverable, includingwhen the software is no longer expected to be completed, placed in service,