Signature Bank
Jan 24, 2012

Signature Bank Reports 2011 Fourth Quarter and Year-End Results

NEW YORK--(BUSINESS WIRE)-- Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, today announced results for its fourth quarter and year ended December 31, 2011. Net income for the 2011 fourth quarter reached a record $40.0 million, or $0.85 diluted earnings per share, compared with $30.3 million, or $0.72 diluted earnings per share, for the 2010 fourth quarter. The record net income for the 2011 fourth quarter, when compared with the same period last year, is primarily the result of an increase in net interest income, fueled by core deposit growth and continued loan growth. These factors were partially offset by a decrease in non-interest income and an increase in non-interest expenses.

Net interest income for the 2011 fourth quarter rose $29.4 million, or 30.6 percent, to $125.3 million, compared with the fourth quarter of 2010. This increase is primarily due to growth in average interest-earning assets. Total assets reached $14.67 billion at December 31, 2011, expanding $2.99 billion, or 25.6 percent, from $11.67 billion at December 31, 2010. Average assets for the 2011 fourth quarter reached $14.28 billion, an increase of $3.11 billion, or 27.9 percent, versus the comparable period a year ago.

Deposits for the 2011 fourth quarter rose $566.2 million, or 5.1 percent, to $11.75 billion at December 31, 2011. Overall deposit growth in 2011 was 24.5 percent, or a record $2.31 billion, when compared with deposits at the end of 2010. Excluding short-term escrow and brokered deposits of $646.1 million at year-end 2010 and $831.8 million at year-end 2011, core deposits increased a record $2.13 billion, or 24.2 percent, in 2011. Average total deposits for 2011 were $10.86 billion, growing $2.4 billion, or 28.5 percent, versus average total deposits of $8.45 billion for 2010.

"Here we are on the heels of another successful year for Signature Bank where we again reported record results across all key metrics. Our prudent and methodical approach delivered record deposit and loan growth resulting in the 4th consecutive year of record net income," said Joseph J. DePaolo, President and Chief Executive Officer.

"Throughout the year, Signature Bank was recognized for its ability to deliver record financial performance and provide stellar service through our single-point-of-contact model, where we attract veteran bankers and afford them a workplace to build solid, lasting client relationships. This is evidenced by the Bank's numerous acknowledgments received during 2011, including, among others: Forbes, ranked the 5th Best Bank in America; our inaugural appearance on both Fortune's 100 fastest growing companies list and Crain's New York Business 2011 Best Places to Work in NYC list; and, Crain's New York Business Fastest Growing Public Companies listing, where the Bank ranked 7th. These achievements are indicative of our ongoing commitment to cater to privately owned businesses and their owners through our distinctive, proven relationship-based model," DePaolo added.

Scott A. Shay, Chairman of the Board, added: "Time and again, we have demonstrated to the marketplace the strength and integrity of our growing institution. 2011 marked another year of record performance, where we maintained solid credit quality and net interest margin, proved again our strong capital position and successfully cared for our clients through exceptional service. Our persistence in focusing on, first and foremost, the needs of privately owned businesses and depositor safety, has allowed Signature Bank to stand out in the economic landscape. While our accomplishments were reflected in the many high rankings we achieved this past year from several prestigious third parties, it is the high marks we consistently receive from our dedicated clients that enable the Bank to continually deliver on our mission and commitment."

Capital

The Bank's tier 1 leverage, tier 1 risk-based, and total risk-based capital ratios were approximately 9.67 percent, 17.08 percent and 18.17 percent, respectively, as of December 31, 2011. Each of these ratios is well in excess of regulatory requirements. The Bank's strong risk-based capital ratios reflect the relatively low risk profile of the Bank's balance sheet. The Bank's tangible common equity ratio remains strong at 9.60 percent. The Bank defines the tangible common equity ratio as the ratio of tangible common equity to adjusted tangible assets and calculates this ratio by dividing total consolidated common shareholders' equity by consolidated total assets.

Net Interest Income

Net interest income for the 2011 fourth quarter was $125.3 million, up $29.4 million, or 30.6 percent, when compared with the same period last year, primarily due to growth in average interest-earning assets. Average interest-earning assets of $14.02 billion for the 2011 fourth quarter represent an increase of $3.13 billion, or 28.8 percent, from the 2010 fourth quarter. Yield on interest-earning assets for the 2011 fourth quarter decreased 18 basis points, to 4.38 percent, versus the fourth quarter of last year. This decrease was primarily attributable to lower prevailing interest rates.

Average cost of deposits and average cost of funds for the 2011 fourth quarter decreased by 18 and 23 basis points to 0.76 percent and 0.91 percent, respectively, versus the comparable period a year ago. These decreases were predominantly due to lower prevailing interest rates.

Net interest margin for the 2011 fourth quarter was 3.55 percent versus 3.50 percent reported in the 2010 fourth quarter. On a linked quarter basis, net interest margin increased four basis points. The linked quarter increase was primarily due to higher prepayment penalty income, lower deposit costs, continued loan growth and the investment of excess cash balances.

Excluding loan prepayment penalty income in both quarters and the effect of the increase in average cash balances due to the capital raise in the 2011 third quarter, linked quarter core margin declined four basis points to 3.46 percent.

Provision for Loan Losses

The Bank's provision for loan losses for the fourth quarter of 2011 was $14.6 million, an increase of $1.0 million, or 7.4 percent, versus the 2010 fourth quarter. The increase was driven largely by an increase in loan growth and provisions to recognize the potential effect of the economic environment. This was partially offset by a decrease in charge-offs of $2.7 million.

Net charge-offs for the fourth quarter of 2011 were $11.9 million, or 0.71 percent of average loans on an annualized basis, versus $7.0 million, or 0.44 percent, for the 2011 third quarter and $14.6 million, or 1.16 percent, for the 2010 fourth quarter.

Non-Interest Income and Non-Interest Expense

Non-interest income for the 2011 fourth quarter was $7.9 million, down $2.1 million from $10.0 million reported in the fourth quarter of last year. The decline was predominantly due to a decrease of $2.0 million in net gains on sales of securities and loans.

Non-interest expense for the 2011 fourth quarter was $47.1 million, an increase of $6.1 million, or 15.0 percent, versus $41.0 million reported in the 2010 fourth quarter. The increase was primarily a result of the addition of new private client banking teams.

The Bank's efficiency ratio improved to 35.4 percent for the fourth quarter of 2011 compared with 38.7 percent for the same period a year ago. The improvement was primarily due to growth in net interest income coupled with expense containment.

Loans

Loans, excluding loans held for sale, expanded $407.2 million, or 6.3 percent, during the 2011 fourth quarter to $6.85 billion, versus $6.44 billion at September 30, 2011. At December 31, 2011, loans accounted for 46.7 percent of total assets, compared with 46.5 percent at the end of the 2011 third quarter and 44.9 percent at the end of 2010. Average loans, excluding loans held for sale, reached $6.65 billion in the 2011 fourth quarter, growing $386.6 million, or 6.2 percent, from the 2011 third quarter and $1.65 billion, or 32.9 percent, from the fourth quarter of 2010. The increase in loans for the quarter and the year was primarily driven by growth in commercial real estate and multi-family loans underwritten within the Bank's stringent standards.

At December 31, 2011, non-accrual loans were $42.2 million, representing 0.62 percent of total loans and 0.29 percent of total assets, versus non-accrual loans of $51.1 million, or 0.79 percent of total loans, at September 30, 2011 and $34.1 million, or 0.65 percent of total loans, at December 31, 2010. At the end of the 2011 fourth quarter, the ratio of allowance for loan losses to total loans was 1.26 percent, versus 1.30 percent at September 30, 2011 and 1.29 percent at December 31, 2010. Additionally, the ratio of allowance for loan losses to non-accrual loans, or the coverage ratio, was 204 percent for the 2011 fourth quarter versus 163 percent for the 2011 third quarter and 197 percent for the 2010 fourth quarter.

Conference Call

Signature Bank's management will host a conference call to review results of the 2011 fourth quarter and year-end on Tuesday, January 24, 2012, at 10:00 AM ET. All participants should dial 480-629-9645 at least ten minutes prior to the start of the call.

To hear a live web simulcast or to listen to the archived web cast following completion of the call, please visit the Bank's web site at www.signatureny.com, click on the "Investor Relations" tab, then select "Company News," followed by "Conference Calls," to access the link to the call. To listen to a telephone replay of the conference call, please dial 303-590-3030 and enter reservation identification number 4503216. The replay will be available from approximately 12:00 PM ET on Tuesday, January 24, 2012 through 11:59 PM ET on Friday, January 27, 2012.

About Signature Bank

Signature Bank, member FDIC, is a New York-based full-service commercial bank with 25 private client offices throughout the New York metropolitan area. The Bank's growing network of private client banking teams serves the needs of privately owned businesses, their owners and senior managers. Signature Bank offers a wide variety of business and personal banking products and services as well as investment, brokerage, asset management and insurance products and services through its subsidiary, Signature Securities Group Corporation, a licensed broker-dealer, investment adviser and member FINRA/SIPC.

Signature Bank's 25 offices are located: In Manhattan (9) - 261 Madison Avenue; 300 Park Avenue; 71 Broadway; 565 Fifth Avenue; 950 Third Avenue; 200 Park Avenue South; 1020 Madison Avenue; 50 West 57th Street and 2 Penn Plaza. Brooklyn (3) - 26 Court Street; 84 Broadway and 6321 New Utrecht Avenue. Westchester (2) - 1C Quaker Ridge Road, New Rochelle and 360 Hamilton Avenue, White Plains. Long Island (6) - 1225 Franklin Avenue, Garden City; 279 Sunrise Highway, Rockville Centre; 68 South Service Road, Melville; 923 Broadway, Woodmere; 40 Cuttermill Road, Great Neck and 100 Jericho Quadrangle, Jericho. Queens (3) - 36-36 33rd Street, Long Island City; 78-27 37th Avenue, Jackson Heights and 8936 Sutphin Blvd., Jamaica. Bronx (1) - 421 Hunts Point Avenue, Bronx. Staten Island (1) - 2066 Hylan Blvd.

For more information, please visit www.signatureny.com.

This press release and oral statements made from time to time by our representatives contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Forward-looking statements include information concerning our future results, interest rates and the interest rate environment, loan and deposit growth, loan performance, operations, new private client team hires, new office openings and business strategy. These statements often include words such as "may," "believe," "expect," "anticipate," "intend," "plan," "estimate" or other similar expressions. As you consider forward-looking statements, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties and assumptions that could cause actual results to differ materially from those in the forward-looking statements. These factors include but are not limited to: (i) prevailing economic conditions; (ii) changes in interest rates, loan demand, real estate values and competition, any of which can materially affect origination levels and gain on sale results in our business, as well as other aspects of our financial performance, including earnings on interest-bearing assets; (iii) the level of defaults, losses and prepayments on loans made by us, whether held in portfolio or sold in the whole loan secondary markets, which can materially affect charge-off levels and required credit loss reserve levels; (iv) changes in the banking and other financial services regulatory environment and (v) competition for qualified personnel and desirable office locations. Additional risks are described in our quarterly and annual reports filed with the FDIC. You should keep in mind that any forward-looking statements made by Signature Bank speak only as of the date on which they were made. New risks and uncertainties come up from time to time, and we cannot predict these events or how they may affect the Bank. Signature Bank has no duty to, and does not intend to, update or revise the forward-looking statements after the date on which they are made. In light of these risks and uncertainties, you should keep in mind that any forward-looking statement made in this release or elsewhere might not reflect actual results.

FINANCIAL TABLES ATTACHED

             
SIGNATURE BANK
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
 
 

Three months ended
December 31,

Twelve months ended
December 31,

(dollars in thousands, except per share amounts)     2011       2010         2011       2010  
INTEREST AND DIVIDEND INCOME
Loans held for sale $ 962 1,309 3,772 4,020
Loans, net 90,908 70,992 333,395 264,898
Securities available-for-sale 57,849 48,196 223,129 180,543
Securities held-to-maturity 4,690 4,146 18,403 15,254
Other short-term investments     386       498         1,817       1,815  
  Total interest income     154,795       125,141         580,516       466,530  
INTEREST EXPENSE
Deposits 22,438 21,931 91,100 87,963
Federal funds purchased and securities sold under
agreements to repurchase 5,722 5,200 22,324 24,010
Federal Home Loan Bank advances 1,368 2,104 7,305 9,698
Other short-term borrowings     -       -         -       1  
  Total interest expense     29,528       29,235         120,729       121,672  
Net interest income before provision for loan losses 125,267 95,906 459,787 344,858
Provision for loan losses     14,581       13,578         51,876       46,372  
Net interest income after provision for loan losses     110,686       82,328         407,911       298,486  
NON-INTEREST INCOME
Commissions 2,186 2,503 9,058 9,063
Fees and service charges 3,571 3,716 15,022 14,119
Net gains on sales of securities 1,229 2,616 14,387 25,367
Net gains on sales of loans 807 1,445 4,054 6,054
Other-than-temporary impairment losses on securities:
Total impairment losses on securities (621 ) (5,279 ) (12,272 ) (38,613 )
Portion of loss recognized in other comprehensive income (before taxes)   280       4,620         10,183       24,437  
Net impairment losses on securities recognized in earnings (341 ) (659 ) (2,089 ) (14,176 )
Net trading income 109 59 319 124
Other income     341       327         1,287       2,097  
  Total non-interest income     7,902       10,007         42,038       42,648  
NON-INTEREST EXPENSE
Salaries and benefits 30,107 24,644 114,537 99,728
Occupancy and equipment 4,282 3,861 16,303 14,861
Other general and administrative     12,742       12,472         51,884       50,307  
  Total non-interest expense     47,131       40,977         182,724       164,896  
Income before income taxes 71,457 51,358 267,225 176,238
Income tax expense     31,482       21,032         117,699       74,187  
Net income   $ 39,975       30,326         149,526       102,051  
PER COMMON SHARE DATA
Earnings per share — basic $ 0.87 0.74 3.43 2.49
Earnings per share — diluted $ 0.85 0.72 3.37 2.46
 
       
SIGNATURE BANK
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 
December 31, December 31,
2011 2010
(dollars in thousands, except per share amounts)     (unaudited)      
ASSETS
Cash and due from banks $ 34,083 31,558
Short-term investments       6,071     14,741  
  Total cash and cash equivalents       40,154     46,299  
Securities available-for-sale (pledged $2,672,093 and $1,553,412 at
December 31, 2011 and 2010) 6,512,855 5,249,286
Securities held-to-maturity (fair value $571,980 and $450,315 at
December 31, 2011 and 2010; pledged $352,865 and $337,453 at
December 31, 2011 and 2010) 556,044 447,896
Federal Home Loan Bank stock 48,152 38,439
Loans held for sale 392,025 382,463
Loans, net 6,764,564 5,177,268
Premises and equipment, net 30,574 29,385
Accrued interest and dividends receivable 60,533 53,211
Other assets       261,219     248,842  
  Total assets     $ 14,666,120     11,673,089  
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non-interest-bearing 3,148,436 2,449,968
Interest-bearing       8,605,702     6,991,259  
  Total deposits       11,754,138     9,441,227  
Federal funds purchased and securities sold under agreements
to repurchase 750,800 658,000
Federal Home Loan Bank advances 675,000 558,000
Other short-term borrowings - 6,200
Accrued expenses and other liabilities       78,066     65,115  
  Total liabilities       13,258,004     10,728,542  
Shareholders' equity
Preferred stock, par value $.01 per share; 61,000,000 shares authorized; none
issued at December 31, 2011 and 2010 - -
Common stock, par value $.01 per share; 64,000,000 shares authorized;
46,181,890 and 41,347,540 shares issued and outstanding
at December 31, 2011 and 2010 462 413
Additional paid-in capital 954,833 689,035
Retained earnings 423,032 273,511
Net unrealized gains (losses) on securities available-for-sale, net of tax       29,789     (18,412 )
  Total shareholders' equity       1,408,116     944,547  
  Total liabilities and shareholders' equity     $ 14,666,120     11,673,089  
 
             
SIGNATURE BANK
FINANCIAL SUMMARY, CAPITAL RATIOS, ASSET QUALITY
(unaudited)
 
 
Three months ended

December 31,

Twelve months ended

December 31,

(dollars in thousands, except ratios and per share amounts)   2011     2010       2011     2010
PER COMMON SHARE
Net income - basic $ 0.87 $ 0.74 $ 3.43 $ 2.49
Net income - diluted $ 0.85 $ 0.72 $ 3.37 $ 2.46
Average shares outstanding - basic 46,179 41,129 43,622 40,923
Average shares outstanding - diluted 47,025 41,830 44,418 41,558
Book value $ 30.49 $ 22.84 $ 30.49 $ 22.84
 
SELECTED FINANCIAL DATA
Return on average total assets 1.11% 1.08% 1.14% 0.99%
Return on average shareholders' equity 11.44% 12.91% 12.71% 11.67%
Efficiency ratio (1) 35.39% 38.69% 36.41% 42.55%

Efficiency ratio excluding net gains on sales of securities

  and net impairment losses on securities recognized

  in earnings (1)

35.63% 39.42% 37.33% 43.82%
Yield on interest-earning assets 4.38% 4.56% 4.50% 4.67%
Cost of deposits and borrowings 0.91% 1.14% 1.01% 1.30%
Net interest margin 3.55% 3.50% 3.57% 3.45%
 
(1)   The efficiency ratio is calculated by dividing non-interest expense by the sum of net interest income before provision for loan losses and non-interest income.
 
           
      December 31,

2011

    September 30,

2011

    December 31,

2010

CAPITAL RATIOS
Tangible common equity (2) 9.60% 9.85% 8.09%
Tier 1 leverage 9.67% 9.84% 8.62%
Tier 1 risk-based 17.08% 17.28% 14.21%
Total risk-based 18.17% 18.37% 15.21%
 
ASSET QUALITY
Non-accrual loans $ 42,218 $ 51,134 $ 34,134
Allowance for loan losses $ 86,162 $ 83,526 $ 67,396
Allowance for loan losses to non-accrual loans 204.09% 163.35% 197.45%
Allowance for loan losses to total loans 1.26% 1.30% 1.29%
Non-accrual loans to total loans 0.62% 0.79% 0.65%
Quarterly net charge-offs to average loans (annualized) 0.71% 0.44% 1.16%
 
(2)   We define tangible common equity as the ratio of tangible common equity to adjusted tangible assets (the "TCE ratio") and calculate this ratio by dividing total consolidated common shareholders' equity by consolidated total assets (we had no intangible assets at any of the dates presented above). Tangible common equity is considered to be a non-GAAP financial measure and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP. The TCE ratio is a metric used by management to evaluate the adequacy of our capital levels. In addition to tangible common equity, management uses other metrics, such as Tier 1 capital related ratios, to evaluate capital levels.
 
                       
SIGNATURE BANK
NET INTEREST MARGIN ANALYSIS
(unaudited)
 
 
Three months ended Three months ended
December 31, 2011 December 30, 2010
(dollars in thousands)  

Average
Balance

   

Interest
Income/
Expense

   

Average
Yield/
Rate

     

Average
Balance

   

Interest
Income/
Expense

   

Average
Yield/
Rate

INTEREST-EARNING ASSETS
Short-term investments $ 72,716 63 0.34% 81,962 56 0.27%
Investment securities 6,967,068 62,862 3.61% 5,479,677 52,784 3.85%

Commercial loans and commercial

  mortgages

6,274,598 84,851 5.37% 4,617,878 65,181 5.60%
Residential mortgages 176,885 1,637 3.70% 187,613 2,368 5.05%
Consumer loans 201,735 4,420 8.69% 201,410 3,443 6.78%
Loans held for sale     324,304     962     1.18%       315,413     1,309     1.65%
Total interest-earning assets     14,017,306     154,795     4.38%       10,883,953     125,141     4.56%
Non-interest-earning assets     263,009                   283,706            
Total assets   $ 14,280,315                   11,167,659            
INTEREST-BEARING LIABILITIES
Interest-bearing deposits
NOW and interest-bearing demand 627,638 789 0.50% 764,539 880 0.46%
Money market 7,165,845 17,743 0.98% 5,284,461 16,576 1.24%
Time deposits 906,100 3,906 1.71% 931,355 4,475 1.91%
Non-interest-bearing demand deposits     2,968,970     -     -       2,250,911     -     -
Total deposits     11,668,553     22,438     0.76%       9,231,266     21,931     0.94%
Borrowings     1,166,630     7,090     2.41%       935,307     7,304     3.10%
Total deposits and borrowings     12,835,183     29,528     0.91%       10,166,573     29,235     1.14%
Other non-interest-bearing liabilities

and shareholders' equity

    1,445,132                   1,001,086            
Total liabilities and shareholders' equity   $ 14,280,315                   11,167,659            
OTHER DATA                                    
Net interest income / interest rate spread         125,267     3.47%             95,906     3.42%
Net interest margin               3.55%                   3.50%
Ratio of average interest-earning assets
to average interest-bearing liabilities               109.21%                   107.06%
 
                       
SIGNATURE BANK
NET INTEREST MARGIN ANALYSIS
(unaudited)
 
 
Twelve months ended Twelve months ended
December 31, 2011 December 31, 2010
(dollars in thousands)  

Average
Balance

   

Interest
Income/
Expense

   

Average
Yield/
Rate

     

Average
Balance

   

Interest
Income/
Expense

   

Average
Yield/
Rate

INTEREST-EARNING ASSETS
Short-term investments $ 119,393 355 0.30% 194,864 519 0.27%
Investment securities 6,455,877 242,994 3.76% 4,875,482 197,093 4.04%

Commercial loans and commercial

  mortgages

5,674,616 310,044 5.46% 4,319,014 241,885 5.60%
Residential mortgages 179,987 8,326 4.63% 182,995 9,336 5.10%
Consumer loans 198,264 15,025 7.58% 194,407 13,677 7.04%
Loans held for sale     261,647     3,772     1.44%       233,508     4,020     1.72%
Total interest-earning assets     12,889,784     580,516     4.50%       10,000,270     466,530     4.67%
Non-interest-earning assets     273,106                   315,051            
Total assets   $ 13,162,890                   10,315,321            
INTEREST-BEARING LIABILITIES
Interest-bearing deposits
NOW and interest-bearing demand 632,804 3,269 0.52% 724,458 4,014 0.55%
Money market 6,611,992 71,557 1.08% 4,816,609 65,279 1.36%
Time deposits 916,992 16,274 1.77% 892,186 18,670 2.09%
Non-interest-bearing demand deposits     2,702,236     -     -       2,020,265     -     -
Total deposits     10,864,024     91,100     0.84%       8,453,518     87,963     1.04%
Borrowings     1,073,430     29,629     2.76%       913,199     33,709     3.69%
Total deposits and borrowings     11,937,454     120,729     1.01%       9,366,717     121,672     1.30%
Other non-interest-bearing liabilities
and shareholders' equity     1,225,436                   948,604            
Total liabilities and shareholders' equity   $ 13,162,890                   10,315,321            
OTHER DATA
Net interest income / interest rate spread         459,787     3.49%             344,858     3.37%
Net interest margin               3.57%                   3.45%

Ratio of average interest-earning assets

to average interest-bearing liabilities

              107.98%                   106.76%
 
           
SIGNATURE BANK
NON-GAAP FINANCIAL MEASURES
(unaudited)
 
 
Management believes that the presentation of the Bank's (i) tangible common equity ratio and (ii) core net interest margin excluding loan prepayment penalty income, which are non-GAAP financial measures, assists investors when comparing results period-to-period in a more consistent manner and provides a better measure of Signature Bank's results. These non-GAAP measures should not be considered a substitute for GAAP-basis measures and results. We strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.
 
The following table reconciles net interest margin (as reported) to core net interest margin, excluding loan prepayment penalty income:
 
Three months ended

December 31,

Twelve months ended

December 31,

        2011   2010       2011   2010
Net interest margin (as reported) 3.55% 3.50% 3.57% 3.45%
Margin contribution from loan prepayment penalty income     (0.09)%   (0.02)%       (0.08)%   (0.02)%
Core net interest margin, excluding loan prepayment penalty income     3.46%   3.48%       3.49%   3.43%

Signature Bank
Investor Contact:
Eric R. Howell, 646-822-1402
Chief Financial Officer
ehowell@signatureny.com
or
Media Contact:
Susan J. Lewis, 646-822-1825
slewis@signatureny.com

Source: Signature Bank

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