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Investor Relations

Press Release

Signature Bank Reports 2010 First Quarter Results

Company Release - 4/27/2010 5:00 AM ET
    --  Net Income for the 2010 First Quarter Reached a Record $22.1 Million, or
        $0.54 Diluted Earnings Per Share, Up $7.5 Million, or 51.2 Percent, from
        $14.6 Million, or $0.41 Diluted Earnings Per Share, Reported in the 2009
        First Quarter
    --  Net Income Excluding Net Gains on Sales of Securities and Net Impairment
        Losses on Securities Recognized in Earnings for the 2010 First Quarter
        Was $20.3 Million, or $0.49 Diluted Earnings Per Share, Compared with
        $13.2 Million, or $0.37 Diluted Earnings Per Share, for the 2009 First
        Quarter
    --  Net Income Available to Common Shareholders for the Quarter Was $22.1
        Million, or $0.54 Diluted Earnings Per Share, Compared with $2.4
        Million, or $0.07 Diluted Earnings Per Share, for the 2009 First Quarter
    --  Deposits in the First Quarter Grew $675.2 Million to $7.9 Billion;
        Includes Record Quarterly Core Deposit Growth of $586.4 Million, or 8.6
        Percent; Deposits Grew $2.06 Billion, or 35.3 Percent, Compared with the
        First Quarter 2009
    --  Loans Increased $115.7 Million, or 2.6 Percent, to $4.49 Billion at the
        End of the First Quarter of 2010
    --  Non-Performing Loans Decreased to $44.4 Million, or 0.99 Percent of
        Total Loans, at March 31, 2010, Versus $46.6 Million, or 1.07 Percent at
        the End of the 2009 Fourth Quarter and $45.1 Million, or 1.26 Percent,
        for the 2009 First Quarter
    --  Tier One Leverage, Tier One Risk-Based and Total Risk-Based Capital
        Ratios Were 9.10 Percent, 13.66 Percent and 14.62 Percent, Respectively,
        at March 31, 2010; Bank Remains Significantly Above FDIC "Well
        Capitalized" Standards. Tangible Common Equity Ratio Was 8.56 Percent
    --  Net Interest Margin on a Tax-Equivalent Basis Was 3.51 Percent Versus
        3.48 Percent for the 2009 Fourth Quarter and 3.37 Percent for the 2009
        First Quarter
    --  One Private Client Banking Team Joined During the First Quarter; Two
        Teams Added Thus Far in the Second Quarter of 2010

NEW YORK--(BUSINESS WIRE)-- Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, today announced results for its first quarter ended March 31, 2010.

Net income available to common shareholders for the 2010 first quarter reached a record $22.1 million, or $0.54 diluted earnings per share, compared with $2.4 million, or $0.07 diluted earnings per share, for the 2009 first quarter. The 2009 first quarter results included the effect of a dividend and an accelerated deemed dividend totaling $12.2 million related to the redemption of preferred shares of the Bank originally issued in connection with the Bank's participation in the Capital Purchase Program. Excluding these dividends, net income available to common shareholders was $14.6 million, or $0.41 diluted earnings per share, in the first quarter of 2009.

The increase in net income for the 2010 first quarter, when compared with the same period last year, is predominantly attributable to net interest income growth, fueled by record core deposit growth and continued loan growth. These factors were partially offset by increases in the provision for loan losses and non-interest expenses.

Net interest income for the 2010 first quarter reached $78.8 million, an increase of $21.3 million, or 37.0 percent, versus the 2009 first quarter. Total assets were $9.74 billion at March 31, 2010, up $2.3 billion, or 31.1 percent, from the $7.43 billion reported for the first quarter of 2009. Average assets for the 2010 first quarter reached $9.48 billion, an increase of $2.25 billion, or 31.1 percent, from the comparable period last year.

Deposits for the first quarter of 2010 increased $675.2 million, or 9.3 percent, to $7.90 billion at March 31, 2010. This includes record core deposit growth of $586.4 million, coupled with an increase of $80.2 million in short-term escrow deposits and an increase of $8.6 million in brokered deposits. When compared with deposits at March 31, 2009, the overall deposit growth over the past 12 months resulted in an increase of $2.06 billion, or 35.3 percent.

"Ten years ago this month, we set out with a business plan and clear goal to create a new kind of bank within the metropolitan New York area - one focused on filling a void in the marketplace by catering to privately owned businesses offering unparalleled service from a single-point-of-contact. At that time, it was difficult to predict the level of success we would achieve; however, our ability to recruit the best bankers in this market has resulted in continuous growth and recognition as a market leader. Now, the results speak for themselves. Today, we've grown to nearly a $10 billion financial institution that consistently delivers solid financial performance and continues to successfully execute on its core business model," explained Joseph J. DePaolo, President and Chief Executive Officer.

"2010 is off to another positive start for Signature Bank as evidenced by a record quarter of net income, which was driven by substantial deposit growth and our ability to manage credit quality. We look forward to this year as we serve our clients as promised, recruit additional veteran banking professionals to our network and maintain our careful attention to prudently managing the balance sheet," DePaolo concluded.

Scott A. Shay, Chairman of the Board, further commented: "Our clients recognize that Signature Bank has become a leader in the metropolitan New York marketplace for expertly meeting the needs of privately owned businesses and their owners. We have continually improved our capabilities since opening our doors in 2001. All of us at Signature Bank remain focused on actually delivering high levels of client service -- not just talking about it."

Shay emphasized: "Depositor safety is our guiding principle. Our clients appreciate that we believe in being 'too cautious to fail' rather than a bank that hopes its sheer size will protect it. This is the core reason for our remarkable deposit growth."

Capital

The Bank's tier one leverage, tier one risk-based, and total risk-based capital ratios were approximately 9.10 percent, 13.66 percent and 14.62 percent, respectively, as of March 31, 2010, each of which 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 8.56 percent.

Net Interest Income

Net interest income on a tax-equivalent basis for the 2010 first quarter was $78.8 million, up $21.2 million, or 36.9 percent, from the comparable period last year. Average interest-earning assets for the 2010 first quarter rose $2.16 billion, or 31.2 percent from the first quarter of 2009. Yield on interest earning assets for the 2010 first quarter decreased 32 basis points, to 4.85 percent, compared with the first quarter of 2009. The decrease was primarily attributable to lower prevailing interest rates.

Average cost of deposits and average cost of funds for the 2010 first quarter decreased by 43 and 50 basis points to 1.12 percent and 1.42 percent, respectively, versus the 2009 first quarter. These decreases are predominantly due to lower prevailing interest rates.

Net interest margin on a tax-equivalent basis for the 2010 first quarter increased 14 basis points to 3.51 percent compared with the same period last year. On a linked quarter basis, net interest margin on a tax-equivalent basis grew three basis points. The linked quarter expansion was primarily driven by a nine basis point decrease in the cost of deposits.

Provision for Loan Losses

The Bank's provision for loan losses for the 2010 first quarter was $11.2 million, an increase of $1.6 million, or 17.1 percent, over the 2009 first quarter. The increase was primarily driven by growth in the loan portfolio, combined with an increase in provisions stemming from the challenging economic environment.

Net charge-offs for the 2010 first quarter were $6.4 million, or 0.59 percent of average loans on an annualized basis, compared with $7.2 million, or 0.82 percent, for the 2009 first quarter and $6.4 million, or 0.61 percent, for the 2009 fourth quarter.

Non-Interest Income and Non-Interest Expense

Non-interest income for the 2010 first quarter was $11.1 million, an increase of $730,000 versus the $10.4 million reported in the 2009 first quarter. The increase was predominantly due to an increase in net gains on sales of securities and loans. This was partially offset by decreases in commissions and trading income, as well as an increase in other-than-temporary impairment losses on securities.

Net gains on sales of securities increased $10.1 million to $12.7 million for the 2010 first quarter when compared with the 2009 first quarter. With the Federal Reserve's announcement that they would end their quantitative easing program on March 31, 2010, and overall tight mortgage spreads, the Bank set out to capitalize on gains in the securities portfolio together with the expectation of more advantageous reinvestment opportunities in the next quarters. Additionally, the Bank recognized through earnings net other-than-temporary impairment losses on securities of $9.5 million. These impairment losses were predominantly on collateralized debt obligations and bank-collateralized pooled trust preferred securities.

Non-interest expense for the 2010 first quarter was $39.7 million, an increase of $5.8 million, or 16.9 percent, versus $34.0 million reported in the 2009 first quarter. The increase was primarily a result of the addition of new private client banking teams and offices, growth in client activity, and additional costs related to FDIC deposit assessment fees and the FDIC deposit guarantee program.

The Bank's efficiency ratio improved to 44.2 percent for the 2010 first quarter versus 50.1 percent for the 2009 first quarter. The improvements were primarily due to growth in net interest income coupled with expense containment.

Loans

Loans, excluding loans held for sale, increased $115.7 million, or 2.6 percent, in the first quarter of 2010 to $4.49 billion at March 31, 2010, compared with $4.38 billion at December 31, 2009. At March 31, 2010, loans were 46.1 percent of total assets, compared with 47.8 percent at December 31, 2009. Average loans, excluding loans held for sale, reached $4.42 billion in the 2010 first quarter, growing $214.7 million, or 5.1 percent, since the quarter ended December 31, 2009. The increase in loans for the quarter was primarily driven by growth in commercial real estate and multi-family loans underwritten within the Bank's stringent standards.

At March 31, 2010, non-performing loans decreased slightly to $44.4 million, representing 0.99 percent of total loans and 0.46 percent of total assets, versus non-performing loans of $46.6 million, or 1.07 percent of total loans, at December 31, 2009 and $45.1 million, or 1.26 percent of total loans, at March 31, 2009. At the end of the first quarter of 2010, the ratio of allowance for loan losses to total loans was at 1.33 percent, compared with 1.26 percent at December 31, 2009 and 1.11 percent at March 31, 2009.

Conference Call

Signature Bank's management will host a conference call to review results of the 2010 first quarter on Tuesday, April 27, 2010, at 10:00 AM ET. All participants should dial 480-629-9818 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 4284828. The replay will be available from approximately 12:00 PM ET on Tuesday, April 27, 2010, through 11:59 PM ET on Friday, April 30, 2010.

About Signature Bank

Signature Bank, member FDIC, is a New York-based full-service commercial bank with 23 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 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, 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; (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 the offering circular relating to the offering and 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 March 31,

(dollars in thousands, except per share amounts)    2010       2009

INTEREST AND DIVIDEND INCOME

Loans held for sale                                 $ 1,005    705

Loans, net                                          60,991     47,655

Securities available-for-sale                       43,162     37,068

Securities held-to-maturity                         3,172      2,665

Other short-term investments                        450        122

Total interest income                               108,780    88,215

INTEREST EXPENSE

Deposits                                            21,058     20,931

Federal funds purchased and securities sold under

agreements to repurchase                            6,395      7,213

Federal Home Loan Bank advances                     2,570      2,569

Total interest expense                              30,023     30,713

Net interest income before provision for loan       78,757     57,502
losses

Provision for loan losses                           11,233     9,595

Net interest income after provision for loan losses 67,524     47,907

NON-INTEREST INCOME

Commissions                                         2,242      2,818

Fees and service charges                            3,522      3,319

Net gains on sales of securities                    12,668     2,609

Net gains on sales of loans                         1,473      485

Other-than-temporary impairment losses on
securities:

Total impairment losses on securities               (22,552  ) -

Portion of loss recognized in other comprehensive   13,047     -
income (before taxes)

Net impairment losses on securities recognized in   (9,505   ) -
earnings

Net trading income                                  5          791

Other income                                        722        373

Total non-interest income                           11,127     10,395

NON-INTEREST EXPENSE

Salaries and benefits                               24,311     20,473

Occupancy and equipment                             3,686      3,362

Other general and administrative                    11,747     10,156

Total non-interest expense                          39,744     33,991

Income before income taxes                          38,907     24,311

Income tax expense                                  16,813     9,699

Net income                                          22,094     14,612

Dividends on preferred stock and related discount   -          12,202
accretion

Net income available to common shareholders         $ 22,094   2,410

PER COMMON SHARE DATA

Earnings per share - basic (1)                      $ 0.54     0.07

Earnings per share - diluted (1)                    $ 0.54     0.07

(1) For the three months ended March 31, 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

                                                      March 31,     December 31,

                                                      2010          2009

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

ASSETS

Cash and due from banks                               $ 250,327     95,746

Short-term investments                                106,184       12,603

Total cash and cash equivalents                       356,511       108,349

Securities available-for-sale (pledged $1,715,949 at
March 31, 2010

and $1,584,371 at December 31, 2009)                  3,900,578     3,837,583

Securities held-to-maturity (fair value $346,173 at
March 31,

2010 and $290,608 at December 31, 2009; pledged
$199,460 at

March 31, 2010 and $194,336 at December 31, 2009)     350,657       295,984

Federal Home Loan Bank stock                          21,881        23,906

Loans held for sale                                   209,411       293,207

Loans, net                                            4,431,856     4,320,978

Premises and equipment, net                           30,786        31,802

Accrued interest and dividends receivable             45,685        43,193

Other assets                                          390,542       191,110

Total assets                                          $ 9,737,907   9,146,112

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits

Non-interest-bearing                                  1,875,314     1,969,734

Interest-bearing                                      6,022,407     5,252,812

Total deposits                                        7,897,721     7,222,546

Federal funds purchased and securities sold under
agreements

to repurchase                                         627,000       697,000

Federal Home Loan Bank advances                       260,000       305,000

Other short-term borrowings                           5,958         6,900

Accrued expenses and other liabilities                113,276       111,007

Total liabilities                                     8,903,955     8,342,453

Shareholders' equity

Preferred stock, par value $.01 per share;
61,000,000 shares authorized; none

issued at March 31, 2010 and December 31, 2009        -             -

Common stock, par value $.01 per share; 64,000,000
shares authorized;

40,785,590 and 40,619,557 shares issued and
outstanding

at March 31, 2010 and December 31, 2009               408           406

Additional paid-in capital                            670,784       668,441

Retained earnings                                     193,558       171,464

Net unrealized depreciation on securities, net of     (30,798     ) (36,652   )
tax

Total shareholders' equity                            833,952       803,659

Total liabilities and shareholders' equity            $ 9,737,907   9,146,112




SIGNATURE BANK

FINANCIAL SUMMARY, CAPITAL RATIOS, ASSET QUALITY

(unaudited)

                                               Three months ended

(dollars in thousands, except ratios and per   March 31, December 31, March 31,
share amounts)                                 2010      2009         2009

PER COMMON SHARE

Net income - basic (1)                         $ 0.54    $ 0.52       $ 0.07

Net income - diluted (1)                       $ 0.54    $ 0.51       $ 0.07

Average shares outstanding - basic             40,638    40,618       35,265

Average shares outstanding - diluted           41,235    41,114       35,547

Book value                                     $ 20.45   $ 19.79      $ 16.44

SELECTED FINANCIAL DATA

Return on average total assets                 0.95%     0.93%        0.82%

Return on average shareholders' equity         10.94%    10.55%       9.26%

Return on average common shareholders' equity  10.94%    10.55%       1.69%
(1)

Efficiency ratio (2)                           44.22%    45.00%       50.06%

Efficiency ratio excluding net impairment
losses                                         39.99%    44.73%       50.06%
on securities recognized in earnings (2)

Efficiency ratio excluding net gains on sales
of securities
and net impairment losses on securities        45.83%    46.13%       52.06%
recognized
in earnings (2)

Yield on interest-earning assets               4.85%     4.90%        5.16%

Yield on interest-earning assets,              4.85%     4.90%        5.17%
tax-equivalent basis (3)

Cost of deposits and borrowings                1.42%     1.52%        1.92%

Net interest margin                            3.51%     3.48%        3.37%

Net interest margin, tax-equivalent basis (3)  3.51%     3.48%        3.37%

(1) For the three months ended March 31, 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.

                                               March 31, December 31, March 31,
                                               2010      2009         2009

CAPITAL RATIOS

Tangible common equity (4)                     8.56%     8.79%        7.83%

Tier one leverage                              9.10%     9.39%        9.00%

Tier one risk-based                            13.66%    13.57%       13.44%

Total risk-based                               14.62%    14.47%       14.25%

ASSET QUALITY

Non-performing loans                           $ 44,427  $ 46,606     $ 45,092

Allowance for loan losses                      $ 59,954  $ 55,120     $ 39,432

Allowance for loan losses to non-performing    134.95%   118.27%      87.45%
loans

Allowance for loan losses to total loans       1.33%     1.26%        1.11%

Non-performing loans to total loans            0.99%     1.07%        1.26%

Quarterly net charge-offs to average loans     0.59%     0.61%        0.82%
(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

                     March 31, 2010              March 31, 2009

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

INTEREST-EARNING
ASSETS

Short-term           $ 177,013 80       0.18%    64,330    44       0.28%
investments

Investment           4,292,101 46,704   4.35%    3,197,386 39,811   4.98%
securities

Commercial loans and
commercial           4,062,781 55,737   5.56%    3,191,549 42,642   5.42%

mortgages (1)

Residential          177,033   2,188    4.94%    180,179   2,545    5.65%
mortgages

Consumer loans       184,515   3,066    6.74%    148,394   2,502    6.84%

Loans held for sale  197,153   1,005    2.07%    145,698   705      1.96%

Total
interest-earning     9,090,596 108,780  4.85%    6,927,536 88,249   5.17%
assets

Non-interest-earning 384,993                     299,976
assets

Total assets         $                           7,227,512
                     9,475,589

INTEREST-BEARING
LIABILITIES

Interest-bearing
deposits

NOW accounts         692,948   1,121    0.66%    457,626   1,279    1.13%

Money market         4,222,752 15,271   1.47%    2,705,844 14,221   2.13%
accounts

Time deposits        821,712   4,666    2.30%    773,081   5,431    2.85%

Non-interest-bearing 1,900,217 -        -        1,539,120 -        -
deposits

Total deposits       7,637,629 21,058   1.12%    5,475,671 20,931   1.55%

Borrowings           908,748   8,965    4.00%    1,017,228 9,782    3.90%

Total deposits and   8,546,377 30,023   1.42%    6,492,899 30,713   1.92%
borrowings

Other
non-interest-bearing
liabilities

and shareholders'    929,212                     734,613
equity

Total liabilities    $
and shareholders'    9,475,589                   7,227,512
equity

OTHER DATA

Tax-equivalent basis

Net interest income
/ interest rate                78,757   3.43%              57,536   3.25%
spread

Net interest margin                     3.51%                       3.37%

Tax-equivalent
adjustment / effect

Net interest income
/ interest rate                -        (0.00)%            (34)     (0.01)%
spread

Net interest margin                     (0.00)%                     (0.00)%

As reported

Net interest income
/ interest rate                78,757   3.43%              57,502   3.24%
spread

Net interest margin                     3.51%                       3.37%

Ratio of average
interest-earning
assets

to average
interest-bearing                        106.37%                     106.69%
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

NON-GAAP DISCLOSURE RECONCILIATION

(unaudited)

Management believes that the presentation of net income and diluted earnings
per share excluding the after tax
effect of net gains on sales of securities and net impairment losses on
securities recognized in earnings, 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. The following
table presents a reconciliation of
net income (as reported) to net income excluding the after tax effect of net
gains on sales of securities and net
impairment losses on securities recognized in earnings along with the resulting
diluted earnings per share.

                                                   Three months ended March 31,

(dollars in thousands, except per share amounts)   2010       2009

Net income (as reported)                           $ 22,094   14,612

Net gains on sales of securities                   (12,668  ) (2,609 )

Net impairment losses on securities recognized in  9,505      -
earnings

Tax effect                                         1,402      1,154

Net income - excluding after tax effect of net
gains on sales of securities

and net impairment losses on securities recognized $ 20,333   13,157
in earnings

Diluted earnings per share - excluding after tax
effect of net gains on sales of

securities and net impairment losses on securities $ 0.49     0.37
recognized in earnings




    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