Silvergate Capital (NYSE:SI) shares slumped 9.6% in Tuesday premarket trading after the digital asset-focused bank's Q3 earnings disappointed as the use of its real-time payments network declined during the quarter and its cost of deposits increased.Q3 GAAP EPS of $1.28, trailing the average analyst estimate of $1.41, increased from $1.13 in Q2 and from $0.68 in the year-ago quarter.Silvergate Exchange Network, which enables U.S. dollar transfers between participating Silvergate account holders, handled $112.6B of USD transfers in Q3, down from $191.3B in Q2.Q3 digital asset customer-related fee income slipped to $7.9M from $8.8M in Q2 and from $8.1M in Q3 2021.SEN Leverage commitments of $1.5B at Sept. 30 rose from $1.4B at June 30.Net interest margin improved to 2.31% from 1.96% in Q2 and 1.26% in Q3 2021.Digital currency customers rose to 1,677 at Sept. 30 from 1,585 at June 30.Q3 deposits slipped to $13.2B from $13.5B at the end of Q2 2022. Loans of $1.39B dropped from $1.47B in Q2.Cost of deposits, annualized, was 0.16% in Q3, up from 0.0% in both Q2 and Q3 2021; cost of funds, at 0.28%, jumped from 0.03% in Q2 and from 0.01% in Q3 2021.Return on average common equity was 12.99% in Q3 vs. 10.99% in Q2.Book value per share of $35.94 at Sept. 30, 2022 fell from $38.86 at June 30.Conference call at 11:00 AM ET.Earlier, Silvergate Capital (SI) GAAP EPS of $1.28 misses by $0.09, revenue of $89.34M misses by $11M
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