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Investor Relations

Press Release

Signature Bank Reports 2009 Third Quarter Results

Company Release - 10/27/2009 5:00 AM ET
    --  Net Income for the 2009 Third Quarter Was $15.2 Million, or $0.37
        Diluted Earnings Per Share, Versus $9.2 Million, or $0.29 Diluted
        Earnings Per Share, for the 2008 Third Quarter, an Increase of $6.0
        Million, or 65.0 Percent
    --  Deposits Grew a Record $701.2 Million During the Quarter, to $6.8
        Billion. Overall Deposit Growth at $1.42 Billion, or 26.3 Percent, from
        Year End 2008. Average Deposits in the Quarter Were $6.6 Billion, Up
        $733.6 Million, or 12.5 Percent When Compared with the 2009 Second
        Quarter
    --  Core Deposit Growth for the 2009 Third Quarter Reached Record Levels of
        $534.9 Million, or 9.2 Percent
    --  Loans Increased $361.4 Million, or 9.6 Percent, to $4.13 Billion for the
        Quarter
    --  Total Non-Performing Loans Remained Relatively Stable at $51.2 Million,
        or 1.24 Percent of Total Loans, Compared with $47.9 Million, or 1.27
        Percent of Total Loans at June 30, 2009
    --  Tier One Leverage, Tier One Risk-Based and Total Risk-Based Capital
        Ratios of 9.80 Percent, 14.46 Percent and 15.34 Percent, Respectively.
        Bank Remains Significantly Above Thresholds Required to Meet FDIC "Well
        Capitalized" Standards. Tangible Common Equity Ratio at a High 9.00
        Percent
    --  Net Interest Margin on a Tax-equivalent Basis Remained Unchanged at 3.39
        Percent Versus the 2009 Second Quarter
    --  Two Private Client Banking Teams Joined the Bank During the Third
        Quarter and One New Office Opened; Another Team Hired in the Fourth
        Quarter for a Total of 13 Teams Added Year-to-Date

NEW YORK--(BUSINESS WIRE)-- Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, today announced its results for the 2009 third quarter ended September 30, 2009.

Net income for the 2009 third quarter increased 65.0 percent to $15.2 million, or $0.37 diluted earnings per share, compared with $9.2 million, or $0.29 diluted earnings per share, for the 2008 third quarter. The 2008 third quarter results include an $8.0 million other than temporary impairment write-down on a single Lehman Brothers senior debenture. Excluding the after-tax effect of the impairment write-down on this debenture, net income for the 2008 third quarter would have been $13.6 million, or $0.44 diluted earnings per share.

The increase in net income during the third quarter is a result of several factors, including record core deposit growth, solid loan growth and net interest margin expansion. These factors were partially offset by an increase in the provision for loan losses, a decrease in commissions and an increase in non-interest expenses.

Net interest income for the third quarter of 2009 was $68.6 million, an increase of $18.5 million, or 37.0 percent, when compared with the same period last year. Total assets reached $8.6 billion at September 30, 2009, expanding $1.41 billion, or 19.6 percent, when compared with $7.19 billion at December 31, 2008. Average assets for the 2009 third quarter were $8.35 billion, an increase of $1.87 billion, or 28.9 percent, from the comparable period last year.

Deposits during the third quarter of 2009 grew $701.2 million, or 11.5 percent, to $6.8 billion at September 30, 2009. Core deposits increased $534.9 million, or 9.2 percent, along with an increase of $192.9 million in short-term escrow deposits and a decrease of $26.5 million in brokered deposits. When compared with deposits at December 31, 2008, the overall deposit growth during the past nine months represents an increase of $1.42 billion, or 26.3 percent. Core deposit growth for the nine months ended September 30, 2009, was $1.32 billion, or 26.3 percent.

"The third quarter of 2009 represents yet another quarter where the Bank achieved record core deposit growth and demonstrated strong financial performance across all key metrics, including core earnings, margins and loans as well as deposits. Signature Bank continues to perform while the industry remains challenged," stated Joseph J. DePaolo, Signature Bank President and Chief Executive Officer.

"We are able to sustain our solid growth and continue to build our reputation because we remain true to our depositor-focused business model. We are capitalizing on the instabilities amid our competitive landscape and, toward this end, we added 13 private client banking teams to date this year. Our successful strategy is evidenced by our record core deposit growth again this quarter. The success of our teams, both new and established, stems from the fact clients simply want to bank at an institution where they know their deposits are safe and where our team-based single point of contact model meets all their needs," DePaolo commented.

Scott A. Shay, Chairman of the Board, discussed the Bank's results and market position: "While the banking industry continues to struggle, Signature Bank stands out in stability, success and strength. Our strong balance sheet allows us to take full advantage of opportunities to hire talented banking professionals, organically grow core client deposit relationships and provide secure lending. Our core principles and philosophies have been our compass since our founding and, frankly, they are not only guiding us through these treacherous times but, rather, they have enabled us to flourish. We always place depositor interests as the first and foremost priority in our minds."

Capital

The Bank's tier one leverage, tier one risk-based, and total risk-based capital ratios were approximately 9.80 percent, 14.46 percent and 15.34 percent, respectively, as of September 30, 2009, well in excess of regulatory requirements. The Bank's strong risk-based ratios reflect the relatively low risk profile of the Bank's balance sheet. The Bank's tangible common equity ratio remains strong at 9.00 percent.

Net Interest Income

Net interest income on a tax-equivalent basis for the 2009 third quarter was $68.6 million, an increase of $18.5 million, or 36.9 percent, when compared with the 2008 third quarter. Average interest-earning assets for the 2009 third quarter rose $1.90 billion, or 31.0 percent, from the comparable prior year period. Yield on interest-earning assets for the third quarter of 2009 decreased 36 basis points, to 4.96 percent, versus the 2008 third quarter. The decrease was primarily attributable to lower prevailing interest rates.

Average costs of deposits and average costs of funds for the 2009 third quarter decreased by 38 and 45 basis points to 1.33 percent and 1.67 percent, respectively, when compared with the 2008 third quarter. These decreases were predominantly the result of lower prevailing interest rates.

Net interest margin on a tax-equivalent basis for the 2009 third quarter increased 13 basis points to 3.39 percent compared with the same period last year. On a linked-quarter basis, net interest margin remained unchanged at 3.39 percent as cash balances were excessive given the Bank's cautious deployment of deposit inflows.

Provision for Loan Losses

The Bank's provision for loan losses for the third quarter of 2009 was $11.9 million, up $6.1 million compared with the same period a year ago and up $2.5 million from $9.4 million for the second quarter of 2009. The increase was primarily driven by the growth in the loan portfolio, combined with an increase in charge-offs, non-performing loans and provisions to recognize the effect of the current economic environment on the Bank's loan portfolio.

Net charge-offs for the 2009 third quarter of 2009 were $6.6 million, or 0.66 percent on an annualized basis, compared with $4.4 million, or 0.48 percent, for the 2009 second quarter and $2.6 million, or 0.36 percent, for the 2008 third quarter.

Non-Interest Income and Non-Interest Expense

Non-interest income for the 2009 third quarter was $7.3 million, an increase of $3.6 million when compared with the $3.7 million reported in the third quarter of 2008. Third quarter 2008 non-interest income was negatively affected by an $8.0 million other than temporary impairment write-down on a single Lehman Brothers senior debenture. Non-interest income for the 2009 third quarter was impacted by a decrease of $2.7 million in commissions primarily due to a reduction in commissions earned on off-balance sheet money market funds caused by the current low interest rate environment.

Non-interest expense for the third quarter of 2009 was $38.6 million, up $5.8 million, or 17.7 percent, versus $32.8 million reported in the 2008 third quarter. The increase for the quarter was primarily a result of the addition of new private client banking teams and offices, growth in client activity, and additional costs of $1.4 million related to FDIC deposit assessment fees and the FDIC deposit guarantee program.

The Bank's efficiency ratio improved to 50.8 percent for the 2009 third quarter versus 60.9 percent for the 2008 third quarter and 53.0 percent after excluding the impairment write-down on the debenture described above.

Loans

Loans, excluding loans held for sale, increased $361.4 million, or 9.6 percent, to $4.13 billion at September 30, 2009, versus $3.77 billion at June 30, 2009. At September 30, 2009, loans accounted for 48.0 percent of total assets, compared with 47.8 percent at June 30, 2009. Average loans, excluding loans held for sale, reached $3.96 billion in the 2009 third quarter, growing $287.1 million, or 7.8 percent, since June 30, 2009.

At September 30, 2009, non-performing loans were $51.2 million, representing 1.24 percent of total loans and 0.60 percent of total assets, compared with non-performing loans of $47.9 million, or 1.27 percent of total loans, at June 30, 2009, and $30.8 million, or 1.0 percent of total loans, at September 30, 2008. At the end of the 2009 third quarter, the ratio of allowance for loan losses to total loans was at 1.20 percent, versus 1.18 percent at June 30, 2009, and 1.00 percent at September 30, 2008.

Conference Call

Signature Bank's management will host a conference call to review results of the 2009 third quarter on Tuesday, October 27, 2009, at 10:00 a.m. ET. All participants should dial 480-629-9819 at least ten minutes prior to the start of the call.

To hear a live Web simulcast or to listen to the archived webcast 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 4173144. The replay will be available from approximately 12:00 p.m. ET on Tuesday, October 27, 2009, through 11:59 p.m. ET on Friday, October 30, 2009.

About Signature Bank

Signature Bank, member FDIC, a New York-based full-service commercial bank with 23 private client offices in the New York metropolitan area, serves 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 FINRA/SIPC.

Signature Bank's 23 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, 1020 Madison Avenue and 50 West 57th Street. 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; 68 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. Staten Island - 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, capitalization, new private client team hires, new office openings, the regulatory environment 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 and regulatory conditions, including the establishment of special assessments by the FDIC; (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 ended     Nine months ended
                                     September 30,          September 30,

(dollars in thousands, except per    2009         2008      2009       2008
share amounts)

INTEREST AND DIVIDEND INCOME

Loans held for sale                  $ 765        1,220     1,916      3,764

Loans, net                             55,445     42,648    153,995    112,026

Securities available-for-sale          40,717     34,666    114,166    103,044

Securities held-to-maturity            2,926      2,878     8,297      9,989

Other short-term investments           385        441       986        2,994

Total interest income                  100,238    81,853    279,360    231,817

INTEREST EXPENSE

Deposits                               22,130     20,620    63,572     66,200

Federal funds purchased and
securities sold under agreements to    6,868      7,701     21,334     21,082
repurchase

Federal Home Loan Bank advances        2,626      3,369     7,792      8,041

Other short-term borrowings            -          65        -          125

Total interest expense                 31,624     31,755    92,698     95,448

Net interest income before             68,614     50,098    186,662    136,369
provision for loan losses

Provision for loan losses              11,881     5,781     30,878     18,218

Net interest income after provision    56,733     44,317    155,784    118,151
for loan losses

NON-INTEREST INCOME

Commissions                            2,033      4,716     7,505      14,048

Fees and service charges               3,167      3,276     9,780      10,268

Net gains on sales of securities       1,377      2,451     6,086      5,308

Net gains on sales of loans            1,168      422       2,036      1,332

Other-than-temporary impairment        (14,717 )  (7,973 )  (14,893 )  (9,614  )
losses on securities

Portion of loss recognized in other    14,094     -         14,094     -
comprehensive income (before taxes)

Net impairment losses on securities    (623    )  (7,973 )  (799    )  (9,614  )
recognized in earnings

Trading (loss) income                  (270    )  130       (961    )  136

Other income                           452        686       1,370      1,854

Total non-interest income              7,304      3,708     25,017     23,332

NON-INTEREST EXPENSE

Salaries and benefits                  22,734     19,695    64,617     55,575

Occupancy and equipment                3,713      3,502     10,401     9,886

Other general and administrative       12,116     9,563     36,456     26,576

Total non-interest expense             38,563     32,760    111,474    92,037

Income before income taxes             25,474     15,265    69,327     49,446

Income tax expense                     10,307     6,070     27,571     19,549

Net income                             15,167     9,195     41,756     29,897

Dividends on preferred stock and       -          -         12,203     -
related discount accretion

Net income available to common       $ 15,167     9,195     29,553     29,897
shareholders

PER COMMON SHARE DATA

Earnings per share - basic (1)       $ 0.37       0.30      0.79       0.99

Earnings per share - diluted (1)     $ 0.37       0.29      0.78       0.98

(1) For the nine months ended September 30, 2009, includes the negative effect
of the $10.2 million deemed dividend associated with the difference between the
redemption payment and the carrying value of the preferred stock repurchased
from the United States Department of the Treasury.




SIGNATURE BANK
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                                                     September 30,  December 31,

                                                     2009           2008

(dollars in thousands, except per share amounts)     (unaudited)

ASSETS

Cash and due from banks                              $ 149,479      111,927

Short-term investments                                 3,281        4,330

Total cash and cash equivalents                        152,760      116,257

Securities available-for-sale (pledged $1,851,154
at September 30, 2009 and $1,812,790 at December       3,556,152    2,906,059
31, 2008)

Securities held-to-maturity (fair value $269,775 at
September 30, 2009 and $230,539 at December 31,        280,621      236,531
2008; pledged $180,181 at September 30, 2009 and
$148,239 at December 31, 2008)

Federal Home Loan Bank stock                           21,881       18,411

Loans held for sale                                    267,530      217,680

Loans, net                                             4,078,918    3,433,555

Premises and equipment, net                            32,133       33,221

Accrued interest and dividends receivable              41,461       36,326

Other assets                                           169,795      194,159

Total assets                                         $ 8,601,251    7,192,199

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits

Non-interest-bearing                                   1,637,392    1,563,407

Interest-bearing                                       5,166,851    3,824,479

Total deposits                                         6,804,243    5,387,886

Federal funds purchased and securities sold under      647,000      785,000
agreements to repurchase

Federal Home Loan Bank advances                        260,000      260,000

Other short-term borrowings                            6,521        4,900

Accrued expenses and other liabilities                 109,731      56,278

Total liabilities                                      7,827,495    6,494,064

Shareholders' equity

Preferred stock, par value $.01; 61,000,000 shares
authorized; none issued at September 30, 2009;
120,000 shares with $1,000 liquidation value issued    -            109,314
and outstanding at December 31, 2008, net of
discount

Common stock, par value $.01; 64,000,000 shares
authorized; 40,617,307 and 35,244,946 shares issued    406          352
and outstanding at September 30, 2009 and December
31, 2008

Additional paid-in capital                             666,720      534,458

Retained earnings                                      152,015      116,707

Net unrealized depreciation on securities, net of      (45,385   )  (62,696   )
tax

Total shareholders' equity                             773,756      698,135

Total liabilities and shareholders' equity           $ 8,601,251    7,192,199




SIGNATURE BANK
FINANCIAL SUMMARY, CAPITAL RATIOS, ASSET QUALITY
(unaudited)

                      Three months ended            Nine months ended

                      September 30,  September 30,  September 30,  September 30,

(dollars in
thousands, except     2009           2008           2009           2008
ratios and per share
amounts)

PER COMMON SHARE

Net income - basic    $ 0.37         $ 0.30         $ 0.79         $ 0.99
(1)

Net income - diluted  $ 0.37         $ 0.29         $ 0.78         $ 0.98
(1)

Average shares          40,604         30,837         37,527         30,109
outstanding - basic

Average shares
outstanding -           41,013         31,249         37,906         30,475
diluted

Book value            $ 19.05        $ 16.14        $ 19.05        $ 16.14

SELECTED FINANCIAL
DATA

Return on average       0.72   %       0.56   %       0.72   %       0.65   %
total assets

Return on average       7.97   %       7.36   %       7.59   %       8.04   %
shareholders' equity

Return on average
common shareholders'    7.97   %       7.36   %       5.80   %       8.04   %
equity

Efficiency ratio (2)    50.80  %       60.89  %       52.66  %       57.63  %

Efficiency ratio
excluding write-down
for other than          50.38  %       53.03  %       52.46  %       54.36  %

temporary impairment
of securities (2)

Yield on
interest-earning        4.96   %       5.32   %       5.06   %       5.34   %
assets

Yield on
interest-earning
assets,                 4.96   %       5.32   %       5.06   %       5.35   %
tax-equivalent basis
(3)

Cost of deposits and    1.67   %       2.12   %       1.78   %       2.26   %
borrowings

Net interest margin     3.39   %       3.25   %       3.38   %       3.14   %

Net interest margin,
tax-equivalent basis    3.39   %       3.26   %       3.38   %       3.15   %
(3)

(1) For the nine months ended September 30, 2009, includes the negative effect
of the $10.2 million deemed dividend associated with the difference between the
redemption payment and the carrying value of the preferred stock repurchased
from the U.S. Treasury.

(2) 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.

(3) Presented using a 35 percent federal tax rate.

                      September 30,  June 30,       December 31,   September 30,

                      2009           2009           2008           2008

CAPITAL RATIOS

Tangible common         9.00   %       9.34   %       8.19   %       8.48   %
equity (4)

Tier one leverage       9.80   %       10.65  %       10.61  %       9.64   %

Tier one risk-based     14.46  %       15.26  %       17.00  %       15.35  %

Total risk-based        15.34  %       16.11  %       17.83  %       16.11  %

ASSET QUALITY

Non-performing loans  $ 51,246       $ 47,884       $ 31,885       $ 30,824

Allowance for loan    $ 49,701       $ 44,430       $ 36,987       $ 30,973
losses

Allowance for loan
losses to               96.99  %       92.79  %       116.00 %       100.48 %
non-performing loans

Allowance for loan
losses to total         1.20   %       1.18   %       1.07   %       1.00   %
loans

Non-performing loans    1.24   %       1.27   %       0.92   %       1.00   %
to total loans

Quarterly net
charge-offs to          0.66   %       0.48   %       0.32   %       0.36   %
average loans
(annualized)

(4) 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.
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.




SIGNATURE BANK
NET INTEREST MARGIN ANALYSIS
(unaudited)

                      Three months ended                Three months ended

                      September 30, 2009                September 30, 2008

(dollars in           Average      Interest   Average   Average    Interest  Average
thousands)            Balance      Income/    Yield/    Balance    Income/   Yield/
                                   Expense    Rate                 Expense   Rate

INTEREST-EARNING
ASSETS

Short-term            $ 181,840    86         0.19   %  16,823     100       2.36   %
investments

Investment              3,726,228  43,942     4.72   %  3,092,908  37,885    4.90   %
securities

Commercial loans and
commercial              3,608,823  50,198     5.52   %  2,576,421  37,440    5.78   %

mortgages (1)

Residential             180,204    2,432      5.40   %  179,112    2,537     5.67   %
mortgages

Consumer loans          168,515    2,847      6.70   %  126,662    2,701     8.48   %

Loans held for sale     156,837    765        1.94   %  133,502    1,220     3.64   %

Total
interest-earning        8,022,447  100,270    4.96   %  6,125,428  81,883    5.32   %
assets

Non-interest-earning    322,890                         349,180
assets

Total assets          $ 8,345,337                       6,474,608

INTEREST-BEARING
LIABILITIES

Interest-bearing
deposits

NOW accounts            673,079    1,261      0.74   %  294,899    1,562     2.11   %

Money market            3,324,355  15,465     1.85   %  2,622,601  15,272    2.32   %
accounts

Time deposits           912,074    5,404      2.35   %  475,652    3,786     3.17   %

Non-interest-bearing    1,699,671  -          -         1,401,115  -         -
deposits

Total deposits          6,609,179  22,130     1.33   %  4,794,267  20,620    1.71   %

Borrowings              908,685    9,494      4.15   %  1,178,201  11,135    3.76   %

Total deposits and      7,517,864  31,624     1.67   %  5,972,468  31,755    2.12   %
borrowings

Other
non-interest-bearing    827,473                         502,140
liabilities and
shareholders' equity

Total liabilities
and shareholders'     $ 8,345,337                       6,474,608
equity

OTHER DATA

Tax-equivalent basis

Net interest income
/ interest rate                    68,646     3.29   %             50,128    3.20   %
spread

Net interest margin                           3.39   %                       3.26   %

Tax-equivalent
adjustment / effect

Net interest income
/ interest rate                    (32     )  -                    (30    )  (0.00  )%
spread

Net interest margin                           -                              (0.01  )%

As reported

Net interest income
/ interest rate                    68,614     3.29   %             50,098    3.20   %
spread

Net interest margin                           3.39   %                       3.25   %

Ratio of average
interest-earning
assets to average                             106.71 %                       102.56 %
interest-bearing
liabilities

(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)

                      Nine months ended                 Nine months ended

                      September 30, 2009                September 30, 2008

(dollars in           Average      Interest   Average   Average    Interest   Average
thousands)            Balance      Income/    Yield/    Balance    Income/    Yield/
                                   Expense    Rate                 Expense    Rate

INTEREST-EARNING
ASSETS

Short-term            $ 129,260    200        0.21   %  92,581     2,021      2.92   %
investments

Investment              3,398,531  123,249    4.84   %  3,123,626  114,006    4.87   %
securities

Commercial loans and
commercial              3,379,712  138,671    5.49   %  2,170,481  96,318     5.93   %

mortgages (1)

Residential             179,512    7,414      5.51   %  176,271    7,538      5.70   %
mortgages

Consumer loans          158,409    8,009      6.76   %  120,735    8,451      9.35   %

Loans held for sale     133,334    1,916      1.92   %  113,001    3,764      4.45   %

Total
interest-earning        7,378,758  279,459    5.06   %  5,796,695  232,098    5.35   %
assets

Non-interest-earning    327,622                         322,745
assets

Total assets          $ 7,706,380                       6,119,440

INTEREST-BEARING
LIABILITIES

Interest-bearing
deposits

NOW accounts            572,353    3,748      0.88   %  304,639    5,097      2.23   %

Money market            2,988,316  43,725     1.96   %  2,619,541  50,718     2.59   %
accounts

Time deposits           830,757    16,099     2.59   %  394,011    10,385     3.52   %

Non-interest-bearing    1,599,520  -          -         1,367,529  -          -
deposits

Total deposits          5,990,946  63,572     1.42   %  4,685,720  66,200     1.89   %

Borrowings              958,726    29,126     4.06   %  957,720    29,248     4.08   %

Total deposits and      6,949,672  92,698     1.78   %  5,643,440  95,448     2.26   %
borrowings

Other
non-interest-bearing    756,708                         476,000
liabilities and
shareholders' equity

Total liabilities
and shareholders'     $ 7,706,380                       6,119,440
equity

OTHER DATA

Tax-equivalent basis

Net interest income
/ interest rate                    186,761    3.28   %             136,650    3.09   %
spread

Net interest margin                           3.38   %                        3.15   %

Tax-equivalent
adjustment / effect

Net interest income
/ interest rate                    (99     )  -                    (281    )  (0.01  )%
spread

Net interest margin                           -                               (0.01  )%

As reported

Net interest income
/ interest rate                    186,662    3.28   %             136,369    3.08   %
spread

Net interest margin                           3.38   %                        3.14   %

Ratio of average
interest-earning
assets to average                             106.17 %                        102.72 %
interest-bearing
liabilities

(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