Silvergate Capital shares rallied despite the firm's $1 billion fourth-quarter loss as business is intact, KBW analysts said.

Share's in the La Jolla-based bank were trading at $14.10 by 9 a.m. EST, up 6.8% from the previous close, according to Nasdaq data. 

The bank shared preliminary metrics on Jan. 5, and there weren't many surprises in the full earnings release relative to information disclosed then, KBW analysts wrote in a note following the release. 

"SI's full Q4 release didn't include many surprises, with the one (positive) exception being TBV/TCE, which were higher than most expected based on our conversations since SI's pre-release. The business is intact and has battled through a historic shock to its system, with still plenty of capital and liquidity at hand," KBW analysts wrote.

Silvergate's tangible book value (TBV) was $12.93, versus KBW estimates of $11.27. The improved TBV was "likely due to either lower held-to-maturity (HTM) securities losses and/or a higher tax benefit," said Michael Perito, Tim Switzer, and Andrew DeFrance.

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