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Investor Relations

Press Release

Signature Bank Reports 2008 Second Quarter Results

-- Net Income Rose 6 Percent to $10.9 Million, or $0.36 Diluted Earnings Per Share, Versus $10.2 Million or $0.34 Diluted Earnings Per Share for the Second Quarter of 2007

-- Deposits Increased $278.4 Million in the Second Quarter, Totaling $4.87 Billion; Includes Core Deposit Growth of $169.8 Million and an Increase of $108.5 Million in Short-term Escrow Deposits

-- Loans Grew a Record $488.1 Million, or 22.0 Percent, to $2.71 Billion for the Quarter; Increase Attributed to Commercial Real Estate Loans, of which More Than Half were from Multi-Family Loans

-- Non-Performing Loans Decreased $10.9 Million in the Second Quarter to $29.1 Million or 1.1 Percent of Total Loans and 0.5 Percent of Total Assets

-- Net Interest Margin on a Tax-Equivalent Basis Expanded 10 Basis Points Compared with the 2008 First Quarter Reaching an All-Time High of 3.14 Percent

-- Two Top Deposit-Generating Private Client Banking Teams Joined During Quarter; Four Teams in Total added in First Half of 2008

Company Release - 7/31/2008 5:00 AM ET

NEW YORK--(BUSINESS WIRE)--

Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, today announced results for its 2008 second quarter ended June 30, 2008.

Net income for the quarter reached $10.9 million or $0.36 diluted earnings per share, an increase of 5.9 percent when compared with net income of $10.2 million or $0.34 diluted earnings per share, reported in the 2007 second quarter. The growth in net income is attributable to several factors, including an increase in loans as a percentage of assets, deposit growth, net interest margin expansion and increased non-interest income. The growth in net income was partially offset by a 230 percent increase in the provision for loan losses.

Net interest income for the second quarter of 2008 reached $45.1 million, up $8.3 million, or 22.6 percent, versus the same period a year ago. Total assets were $6.37 billion at June 30, 2008, a $658.0 million, or 11.5 percent increase, when compared with $5.71 billion at the end of the 2007 second quarter.

Deposits rose $278.4 million in the current quarter to $4.87 billion at June 30, 2008. This includes core deposit growth of $169.8 million and an increase of $108.5 million in short-term escrow deposits. Excluding short-term escrow deposits of $145.5 million at December 31, 2007 and $205.1 million at June 30, 2008, core deposits increased $294.6 million during the first six months of 2008.

"Together, Vice Chairman John Tamberlane and I spent more than 30 years at Edmond Safra's Republic National Bank learning, firsthand, that a depositor-driven institution must maintain a strong balance sheet because from time-to-time the financial seas can become turbulent. Signature Bank's solid balance sheet and unwavering commitment to its fundamentals are allowing us to weather the industry's current storm and preserve our clients' trust. However, we remain cognizant of the current, overall economic environment and the potential for further impact in our market place. As a result, we have increased our provision for loan losses," said Joseph J. DePaolo, Signature Bank's President and Chief Executive Officer.

"Yet again, Signature Bank has proven its ability to successfully execute on its business plan during the current capital and credit markets turmoil. Our financial results continue to benefit from the Bank's dedication to its core banking model. This quarter's performance was successful across several key areas, including significant deposit and loan growth and solid increases in net interest margin and earnings. We distinguish ourselves from our peers by demonstrating an ongoing ability to generate deposits and attract quality loans while providing clients the service they require to succeed in their businesses. This is clearly a fortuitous time for a balance sheet lender like Signature Bank to capture additional market share. We are acquiring New York's top banking professionals, expanding our private client banking network and growing our client base. This quarter, we added two high-level, top-producing teams, each of whom has strong relationships within the areas they serve," DePaolo explained.

Scott A. Shay, Chairman of the Board, also commented on the Bank's strong second quarter results, stating: "Signature Bank's steadfast commitment to our core banking business has helped insulate us from the current instabilities facing the financial services arena today. We are pleased with the extraordinary loan and deposit growth realized during the first half of this year. It is our strong performance that is helping separate us from the pack in this uncertain banking arena. We are well-positioned for future growth: our platform is solid, our balance sheet is strong, our network is growing, and our performance is indicative of our commitment to successfully delivering time and again. I share the commitment of Joe, John and the Bank's senior management to always keep the safety of depositors our first and foremost mission as a financial institution. This commitment means that we do not follow any of the latest banking fads but rather keep our focus centered on prudent growth."

Net Interest Income

Net interest income on a tax-equivalent basis for the second quarter of 2008 was $45.2 million, an increase of $8.4 million, or 22.9 percent, from the same period last year. Average interest-earning assets for the 2008 second quarter increased $782.8 million, up 15.7 percent from the same period last year. Asset yields for the second quarter of 2008 decreased 70 basis points to 5.21 percent, versus the second quarter of last year.

Average costs of deposits and average costs of funds for the 2008 second quarter decreased by 100 and 93 basis points to 1.73 and 2.12 percent, respectively, when compared with the second quarter of last year. All of these decreases are predominantly due to lower prevailing interest rates.

The net interest margin on a tax-equivalent basis for the second quarter of 2008 increased 19 basis points to 3.14 percent versus the 2007 second quarter. On a linked quarter basis, net interest margin on a tax-equivalent basis grew 10 basis points, based on lower prevailing interest rates as well as an increase in loans as a percentage of assets. The decrease in the cost of deposits is reflective of the natural lag effect of the Bank's deposit repricing that occurs in a declining interest rate environment.

Non-Interest Income and Non-Interest Expense

Non-interest income for the second quarter of 2008 was $9.8 million, up $2.4 million, or 32.2 percent, versus $7.4 million reported in the second quarter of last year. This increase is primarily a result of commissions associated with off-balance sheet deposits and increased brokerage activities, as well as an increase in fees and service charges related to client expansion. Included in non-interest income is $1.8 million in net gains on sales of securities and loans, consisting of $1.4 million of gains on sales of securities and approximately $418 thousand in gains on sales of SBA securities and loans. Additionally, non-interest income for the 2008 second quarter was reduced by a $937 thousand write-down for other than temporary impairment on one security. The net unrealized depreciation on securities available-for-sale, net of tax, increased $22.2 million to $40.3 million at June 30, 2008 compared to December 31, 2007. This increase was driven by the overall widening of credit spreads and general illiquid market conditions. The Bank believes the recent declines in market value are temporary and the Bank has the positive intent and ability to hold securities to maturity and thus realize their full carrying value.

Non-interest expense for the 2008 second quarter was $30.7 million compared with $25.1 million reported in the 2007 second quarter. The increase of $5.6 million or 22.4 percent was mostly a result of the addition of new private client banking teams and offices.

The Bank's efficiency ratio was 56.0 percent for the second quarter of 2008 versus 56.8 percent for the comparable period a year ago. This improvement was primarily due to growth in net interest income and non-interest income.

Loans

Loans, excluding loans held for sale, rose $488.1 million, or 22.0 percent, in the 2008 second quarter to $2.71 billion at June 30, 2008, versus $2.22 billion at March 31, 2008. At June 30, 2008, loans were 42.5 percent of total assets, compared with 38.1 percent at the end of the 2008 first quarter. Average loans, excluding loans held for sale, reached $2.42 billion, up $331.6 million, or 15.8 percent, from March 31, 2008. The significant increase in loans for the quarter was driven by growth in commercial real estate loans, of which more than half were comprised of multi-family loans.

Loans held for sale were $180.7 million at June 30, 2008, representing an increase of $22.6 million, or 14.3 percent, from March 31, 2008. Periodic fluctuations of loans held for sale are predominantly due to the timing of SBA loan purchases and subsequent pool sales.

At June 30, 2008, non-performing loans were $29.1 million, representing 1.1 percent of total loans and 0.5 percent of total assets, compared to non-performing loans of $40.0 million, or 1.80 percent of total loans, at March 31, 2008. At the end of the 2008 second quarter, the ratio of allowance for loan losses to total loans was at 1.03 percent, compared with 1.04 percent at March 31, 2008 and 0.68 percent at June 30, 2007. The non-performing loan balance at June 30, 2008 is predominantly comprised of three loans.

The decrease in non-performing loans was primarily due to the positive resolution of two loans. One loan with an aggregate principal amount outstanding of $16.5 million was restructured, resulting in a significant paydown and a charge-off of approximately $500 thousand, and the second loan with an aggregate principal amount outstanding of $5.9 million was restructured.

Capital

Signature Bank's capital ratios remain strong. The Bank's tier 1 risk-based, total risk-based and leverage capital ratios were approximately 12.63 percent, 13.39 percent and 7.64 percent, respectively, as of June 30, 2008, well in excess of regulatory requirements. The ratios reflect the relatively low risk profile of the balance sheet.

Conference Call

Signature Bank's management will host a conference call to review results of the 2008 second quarter on Thursday, July 31, 2008, at 10:00 AM ET. All participants should dial 303-262-2193 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 303-590-3000 and enter reservation identification number 11117953. The replay will be available from approximately 12:00 PM ET on Thursday, July 31, 2008, through 11:59 PM ET on Tuesday, August 5, 2008.

About Signature Bank

Signature Bank, member FDIC, is a New York-based full-service commercial bank with 21 private client offices located in the New York metropolitan area, serving the needs of privately owned businesses, their owners and senior managers through dozens of private client groups. The 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 NASD/SIPC.

Signature Bank's 21 offices are located throughout the metropolitan New York area. In Manhattan - 261 Madison Avenue; 300 Park Avenue; 71 Broadway; 565 Fifth Avenue; 950 Third Avenue; 200 Park Avenue South and 1020 Madison Avenue. Brooklyn - 26 Court Street; 84 Broadway and 6321 New Utrecht Avenue. Westchester - 1C Quaker Ridge Road, New Rochelle and 360 Hamilton Avenue, White Plains. Long Island - 1225 Franklin Avenue, Garden City; 279 Sunrise Highway, Rockville Centre; 58 South Service Road, Melville; 923 Broadway, Woodmere; 40 Cuttermill Road, Great Neck and 100 Jericho Quadrangle, Jericho. Queens - 36-36 33rd Street, Long Island City and 78-27 37th Avenue, Jackson Heights. Bronx - 421 Hunts Point Avenue, Bronx.

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, which can materially affect origination levels and gain on sale results in our business, as well as other aspects of our financial performance; (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; and (iv) 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.

SIGNATURE BANK
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)


                                        Three months     Six months
                                             ended          ended
                                           June 30,       June 30,
                                        -------------- ---------------
(dollars in thousands, except per share
 amounts)                                2008    2007   2008    2007
----------------------------------------------------------------------
INTEREST AND DIVIDEND INCOME
Loans held for sale                      $1,223  1,429   2,544   2,732
Loans, net                               35,260 33,101  69,378  63,098
Securities available-for-sale            34,013 34,380  68,378  68,551
Securities held-to-maturity               3,231  3,786   7,112   7,622
Other short-term investments              1,101  1,005   2,553   1,474
----------------------------------------------------------------------
 Total interest income                   74,828 73,701 149,965 143,477
----------------------------------------------------------------------
INTEREST EXPENSE
Deposits                                 20,320 27,494  45,580  51,661
Federal funds purchased and securities
 sold under agreements to repurchase      6,930  6,396  13,381  14,258
Federal Home Loan Bank advances           2,495  2,838   4,673   6,088
Other short-term borrowings                  30    211      61     993
----------------------------------------------------------------------
 Total interest expense                  29,775 36,939  63,695  73,000
----------------------------------------------------------------------
Net interest income before provision for
 loan losses                             45,053 36,762  86,270  70,477
Provision for loan losses                 6,035  1,828  12,437   3,147
----------------------------------------------------------------------
Net interest income after provision for
 loan losses                             39,018 34,934  73,833  67,330
----------------------------------------------------------------------
NON-INTEREST INCOME
Commissions                               4,993  3,009   9,331   5,964
Fees and service charges                  3,395  3,095   6,992   5,812
Net gains on sales of securities and
 loans                                    1,772    702   3,768   1,274
Write-down for other than temporary
 impairment of securities                  (937)     -  (1,640)      -
Other income                                545    585   1,174   1,184
----------------------------------------------------------------------
 Total non-interest income                9,768  7,391  19,625  14,234
----------------------------------------------------------------------
NON-INTEREST EXPENSE
Salaries and benefits                    18,722 14,941  35,879  29,008
Occupancy and equipment                   3,116  2,547   6,384   4,938
Other general and administrative          8,877  7,612  17,014  14,491
----------------------------------------------------------------------
 Total non-interest expense              30,715 25,100  59,277  48,437
----------------------------------------------------------------------
Income before income taxes               18,071 17,225  34,181  33,127
Income tax expense                        7,219  6,980  13,479  13,563
----------------------------------------------------------------------
Net income                              $10,852 10,245  20,702  19,564
----------------------------------------------------------------------
PER COMMON SHARE DATA
Earnings per share - basic                $0.36   0.35    0.70    0.66
Earnings per share - diluted              $0.36   0.34    0.69    0.65
SIGNATURE BANK
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION


                                               June 30,   December 31,
                                                 2008         2007
(dollars in thousands, except per share       (unaudited)
 amounts)
----------------------------------------------------------------------
ASSETS
Cash and due from banks                         $141,795      107,788
Short-term investments                            31,282      131,241
----------------------------------------------------------------------
  Total cash and cash equivalents                173,077      239,029
----------------------------------------------------------------------
Securities available-for-sale (pledged
 $1,434,122 at June 30, 2008 and $1,109,980
 at December 31, 2007)                         2,804,417    2,805,711
Securities held-to-maturity (fair market
 value $264,949 at June 30, 2008 and $335,905
 at December 31, 2007; pledged $189,330 at
 June 30, 2008 and $136,443 at December 31,
 2007)                                           273,485      339,441
Federal Home Loan Bank stock                      18,186       14,687
Loans held for sale                              180,679      172,367
Loans, net                                     2,679,792    2,007,342
Premises and equipment, net                       30,747       27,107
Accrued interest and dividends receivable         31,625       32,796
Other assets                                     177,079      206,692
----------------------------------------------------------------------
  Total assets                                $6,369,087    5,845,172
----------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
 Non-interest-bearing                          1,427,551    1,298,568
 Interest-bearing                              3,438,602    3,213,322
----------------------------------------------------------------------
  Total deposits                               4,866,153    4,511,890
----------------------------------------------------------------------
Federal funds purchased and securities sold
 under agreements to repurchase                  692,000      612,000
Federal Home Loan Bank advances                  255,000      195,000
Other short-term borrowings                       18,771        9,932
Accrued expenses and other liabilities           110,913       90,594
----------------------------------------------------------------------
  Total liabilities                            5,942,837    5,419,416
----------------------------------------------------------------------
Shareholders' equity
Preferred stock, par value $.01; 61,000,000
 shares authorized and unissued at June 30,
 2008 and December 31, 2007                            -            -
Common stock, par value $.01; 64,000,000
 shares authorized; 29,778,663 and 29,696,212
 shares issued and outstanding at June 30,
 2008 and December 31, 2007                          298          297
Additional paid-in capital                       372,084      370,139
Retained earnings                                 94,145       73,442
Net unrealized depreciation on securities
 available-for-sale, net of tax                  (40,277)     (18,122)
----------------------------------------------------------------------
  Total shareholders' equity                     426,250      425,756
----------------------------------------------------------------------
  Total liabilities and shareholders' equity  $6,369,087    5,845,172
----------------------------------------------------------------------
SIGNATURE BANK
FINANCIAL SUMMARY, CAPITAL RATIOS, ASSET
 QUALITY
(unaudited)


                                     Three months    Six months ended
                                         ended
                                   -----------------------------------
(dollars in thousands, except      June 30, June 30, June 30, June 30,
 ratios and per share amounts)       2008     2007     2008     2007
----------------------------------------------------------------------
PER SHARE
Net income - basic                   $0.36    $0.35    $0.70    $0.66
Net income - diluted                 $0.36    $0.34    $0.69    $0.65
Average shares outstanding - basic  29,776   29,679   29,740   29,652
Average shares outstanding -
 diluted                            30,062   30,024   30,076   30,004
Book value                          $14.31   $13.73   $14.31   $13.73

SELECTED FINANCIAL DATA
Return on average total assets        0.71%    0.78%    0.70%    0.76%
Return on average shareholders'
 equity                              10.16%   10.08%    9.77%    9.86%
Efficiency ratio (1)                 56.03%   56.85%   55.98%   57.18%
Efficiency ratio excluding write-
 down for other than temporary
 impairment of securities (1)        55.09%   56.85%   55.12%   57.18%
Yield on interest-earning assets      5.20%    5.91%    5.36%    5.89%
Yield on interest-earning assets,
 tax-equivalent basis (2)             5.21%    5.91%    5.37%    5.89%
Cost of deposits and borrowings       2.12%    3.05%    2.34%    3.09%
Net interest margin                   3.13%    2.95%    3.08%    2.89%
Net interest margin, tax-equivalent
 basis (2)                            3.14%    2.95%    3.09%    2.89%

(1) The efficiency ratio is calculated by dividing non-interest
 expense by the sum of net interest income before
provision for loan losses and other non-interest income.
(2) Presented using a 35 percent federal tax rate.

                                   June 30,  March   December June 30,
                                     2008      31,     31,      2007
                                              2008     2007
----------------------------------------------------------------------
CAPITAL RATIOS
Tier one leverage                     7.64%    7.92%    7.75%    8.21%
Tier one risk-based                  12.63%   14.49%   14.82%   15.43%
Total risk-based                     13.39%   15.23%   15.43%   15.86%

ASSET QUALITY
Non-performing loans               $29,097  $40,011  $18,559   $2,556
Allowance for loan losses          $27,820  $23,148  $18,236  $12,238
Allowance for loan losses to non-
 performing loans                    95.61%   57.85%   98.26%  478.79%
Allowance for loan losses to total
 loans                                1.03%    1.04%    0.90%    0.68%
Non-performing loans to total loans   1.07%    1.80%    0.92%    0.14%
Quarterly net charge-offs to
 average loans (annualized)           0.23%    0.29%    0.47%    0.89%
SIGNATURE BANK
NET INTEREST MARGIN ANALYSIS
(unaudited)

                                              Three months ended
                                                June 30, 2008
                                         -----------------------------
                                                    Interest Average
                                          Average    Income/  Yield/
(dollars in thousands)                     Balance   Expense   Rate
----------------------------------------------------------------------
INTEREST-EARNING ASSETS
Short-term investments                     $125,459     781    2.50%
Investment securities                     3,116,903  37,564    4.82%
Commercial loans and commercial
mortgages (1)                             2,127,621  30,167    5.70%
Residential mortgages                       176,011   2,518    5.72%
Consumer loans                              120,014   2,686    9.00%
Loans held for sale                         116,596   1,223    4.22%
----------------------------------------------------------------------
 Total interest-earning assets            5,782,604  74,939    5.21%
----------------------------------------------------------------------
 Non-interest-earning assets                328,856
----------------------------------------------------------------------
  Total assets                           $6,111,460
----------------------------------------------------------------------
INTEREST-BEARING LIABILITIES
Interest-bearing deposits
 NOW and interest-bearing checking          333,683   1,755    2.12%
 Money market accounts                    2,659,604  15,502    2.34%
 Time deposits                              361,326   3,063    3.41%
Non-interest-bearing deposits             1,371,396       -       -
----------------------------------------------------------------------
  Total deposits                          4,726,009  20,320    1.73%
----------------------------------------------------------------------
Borrowings                                  924,285   9,455    4.11%
----------------------------------------------------------------------
  Total deposits and borrowings           5,650,294  29,775    2.12%
----------------------------------------------------------------------
  Other non-interest-bearing liabilities
   and shareholders' equity                 461,166
----------------------------------------------------------------------
  Total liabilities and shareholders'
   equity                                $6,111,460
----------------------------------------------------------------------
OTHER DATA
Tax-equivalent basis
 Net interest income / interest rate
  spread                                             45,164    3.09%
 Net interest margin                                           3.14%
----------------------------------------------------------------------
Tax-equivalent adjustment / effect
 Net interest income / interest rate
  spread                                               (111)  (0.01)%
 Net interest margin                                          (0.01)%
----------------------------------------------------------------------
As reported
 Net interest income / interest rate
  spread                                             45,053    3.08%
 Net interest margin                                           3.13%
----------------------------------------------------------------------
Ratio of average interest-earning assets
 to average interest-bearing liabilities                     102.34%
----------------------------------------------------------------------
(1) Includes interest income on certain tax-exempt assets presented on
 a tax-equivalent basis using a 35 percent federal tax rate.

SIGNATURE BANK
NET INTEREST MARGIN ANALYSIS
(unaudited)

                                               Three months ended
                                                  June 30, 2007
                                           ---------------------------
                                                      Interest Average
                                            Average    Income/  Yield/
(dollars in thousands)                       Balance   Expense   Rate
----------------------------------------------------------------------
INTEREST-EARNING ASSETS
Short-term investments                        $46,577      680   5.86%
Investment securities                       3,124,679   38,491   4.93%
Commercial loans and commercial
mortgages (1)                               1,449,036   27,241   7.54%
Residential mortgages                         170,781    2,412   5.65%
Consumer loans                                120,410    3,448  11.49%
Loans held for sale                            88,323    1,429   6.49%
----------------------------------------------------------------------
 Total interest-earning assets              4,999,806   73,701   5.91%
----------------------------------------------------------------------
 Non-interest-earning assets                  284,149
----------------------------------------------------------------------
  Total assets                             $5,283,955
----------------------------------------------------------------------
INTEREST-BEARING LIABILITIES
Interest-bearing deposits
 NOW and interest-bearing checking            296,918    1,462   1.97%
 Money market accounts                      2,126,069   21,753   4.10%
 Time deposits                                348,623    4,279   4.92%
Non-interest-bearing deposits               1,270,353        -      -
----------------------------------------------------------------------
  Total deposits                            4,041,963   27,494   2.73%
----------------------------------------------------------------------
Borrowings                                    813,381    9,445   4.66%
----------------------------------------------------------------------
  Total deposits and borrowings             4,855,344   36,939   3.05%
----------------------------------------------------------------------
  Other non-interest-bearing liabilities
   and shareholders' equity                   428,611
----------------------------------------------------------------------
  Total liabilities and shareholders'
   equity                                  $5,283,955
----------------------------------------------------------------------
OTHER DATA
Tax-equivalent basis
 Net interest income / interest rate
  spread                                                36,762   2.86%
 Net interest margin                                             2.95%
----------------------------------------------------------------------
Tax-equivalent adjustment / effect
 Net interest income / interest rate
  spread                                                     -      -
 Net interest margin                                                -
----------------------------------------------------------------------
As reported
 Net interest income / interest rate
  spread                                                36,762   2.86%
 Net interest margin                                             2.95%
----------------------------------------------------------------------
Ratio of average interest-earning assets
 to average interest-bearing liabilities                       102.98%
----------------------------------------------------------------------
(1) Includes interest income on certain tax-exempt assets presented on
 a tax-equivalent basis using a 35 percent federal tax rate.
SIGNATURE BANK
NET INTEREST MARGIN ANALYSIS
(unaudited)

                                               Six months ended
                                                June 30, 2008
                                         -----------------------------
                                                    Interest Average
                                          Average    Income/  Yield/
(dollars in thousands)                     Balance   Expense   Rate
---------------------------------------- -----------------------------
INTEREST-EARNING ASSETS
Short-term investments                     $130,877   1,921    2.95%
Investment securities                     3,139,153  76,122    4.85%
Commercial loans and commercial
mortgages (1)                             1,965,281  58,877    6.02%
Residential mortgages                       174,835   5,001    5.72%
Consumer loans                              117,739   5,750    9.82%
Loans held for sale                         102,637   2,544    4.98%
---------------------------------------- -----------------------------
 Total interest-earning assets            5,630,522 150,215    5.37%
---------------------------------------- -----------------------------
 Non-interest-earning assets                309,382
---------------------------------------- -----------------------------
  Total assets                           $5,939,904
---------------------------------------- -----------------------------
INTEREST-BEARING LIABILITIES
Interest-bearing deposits
 NOW and interest-bearing checking          309,562   3,535    2.30%
 Money market accounts                    2,617,994  35,446    2.72%
 Time deposits                              352,742   6,599    3.76%
Non-interest-bearing deposits             1,350,552       -       -
---------------------------------------- -----------------------------
  Total deposits                          4,630,850  45,580    1.98%
---------------------------------------- -----------------------------
Borrowings                                  846,268  18,115    4.30%
---------------------------------------- -----------------------------
  Total deposits and borrowings           5,477,118  63,695    2.34%
---------------------------------------- -----------------------------
  Other non-interest-bearing liabilities
   and shareholders' equity                 462,786
---------------------------------------- -----------------------------
  Total liabilities and shareholders'
   equity                                $5,939,904
---------------------------------------- -----------------------------
OTHER DATA
Tax-equivalent basis
 Net interest income / interest rate
  spread                                             86,520    3.03%
 Net interest margin                                           3.09%
---------------------------------------- -----------------------------
Tax-equivalent adjustment / effect
 Net interest income / interest rate
  spread                                               (250)  (0.01)%
 Net interest margin                                          (0.01)%
---------------------------------------- -----------------------------
As reported
 Net interest income / interest rate
  spread                                             86,270    3.02%
 Net interest margin                                           3.08%
---------------------------------------- -----------------------------

Ratio of average interest-earning assets
 to average interest-bearing liabilities                     102.80%
---------------------------------------- -----------------------------
(1) Includes interest income on certain tax-exempt assets presented on
 a tax-equivalent basis using a 35 percent federal tax rate.

SIGNATURE BANK
NET INTEREST MARGIN ANALYSIS
(unaudited)

                                                Six months ended
                                                  June 30, 2007
                                           ---------------------------
                                                      Interest Average
                                            Average    Income/  Yield/
(dollars in thousands)                       Balance   Expense   Rate
----------------------------------------------------------------------
INTEREST-EARNING ASSETS
Short-term investments                        $29,275      829   5.71%
Investment securities                       3,130,110   76,818   4.91%
Commercial loans and commercial
mortgages (1)                               1,379,631   51,603   7.54%
Residential mortgages                         170,011    4,795   5.64%
Consumer loans                                122,129    6,700  11.06%
Loans held for sale                            84,655    2,732   6.51%
----------------------------------------------------------------------
 Total interest-earning assets              4,915,811  143,477   5.89%
----------------------------------------------------------------------
 Non-interest-earning assets                  302,252
----------------------------------------------------------------------
  Total assets                             $5,218,063
----------------------------------------------------------------------
INTEREST-BEARING LIABILITIES
Interest-bearing deposits
 NOW and interest-bearing checking            283,902    2,741   1.95%
 Money market accounts                      1,999,790   40,329   4.07%
 Time deposits                                353,713    8,591   4.90%
Non-interest-bearing deposits               1,223,099        -      -
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  Total deposits                            3,860,504   51,661   2.70%
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Borrowings                                    903,873   21,339   4.76%
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  Total deposits and borrowings             4,764,377   73,000   3.09%
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  Other non-interest-bearing liabilities
   and shareholders' equity                   453,686
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  Total liabilities and shareholders'
   equity                                  $5,218,063
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OTHER DATA
Tax-equivalent basis
 Net interest income / interest rate
  spread                                                70,477   2.80%
 Net interest margin                                             2.89%
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Tax-equivalent adjustment / effect
 Net interest income / interest rate
  spread                                                     -      -
 Net interest margin                                                -
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As reported
 Net interest income / interest rate
  spread                                                70,477   2.80%
 Net interest margin                                             2.89%
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Ratio of average interest-earning assets
 to average interest-bearing liabilities                       103.18%
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(1) Includes interest income on certain tax-exempt assets presented on
 a tax-equivalent basis using a 35 percent federal tax rate.

Source: Signature Bank

Contact: 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