- Net Income for the 2022 First Quarter Increased $148.0
Million to a Record $338.5 Million, or $5.30 Diluted Earnings Per
Share, Versus $190.5 Million, or $3.24 Diluted Earnings Per Share,
Reported in the 2021 First Quarter. Pre-Tax, Pre-Provision Earnings
for the 2022 First Quarter Were a Record $414.6 Million, an
Increase of $141.8 Million, or 52.0 Percent, Compared with $272.8
Million for the 2021 First Quarter
- Total Deposits in the First Quarter Grew $3.02 Billion, to
$109.16 Billion, While Average Deposits Increased $5.28 Billion.
Total Deposits for the Prior Twelve Months Have Grown $35.18
Billion, or 47.6 Percent
- For the 2022 First Quarter, Loans Increased $1.54 Billion,
or 2.4 Percent, to $66.40 Billion. Core Loans (Excluding Paycheck
Protection Program Loans) for the Quarter Increased $1.90 Billion.
Since the End of the 2021 First Quarter, Core Loans Have Increased
36.6 Percent, or $17.65 Billion
- Total Securities in the First Quarter Grew a Record $4.09
Billion, to $26.24 Billion. Total Securities for the Prior Twelve
Months Have Grown $13.01 Billion, or 98.3 Percent
- For the 2022 First Quarter, Non-Accrual Loans Decreased
$40.5 Million to $177.8 Million, or 0.27 Percent of Total Loans, at
March 31, 2022, Versus $218.3 Million, or 0.34 Percent, at the End
of the 2021 Fourth Quarter and $133.7 Million, or 0.26 Percent, at
the End of the 2021 First Quarter
- Net Interest Margin on a Tax-Equivalent Basis was 1.99
Percent, Compared With 1.91 Percent for the 2021 Fourth Quarter and
2.10 Percent for the 2021 First Quarter. Significant Excess Cash
Balances From Continued Strong Deposit Flows Negatively Impacted
Net Interest Margin by 36 Basis Points
- Tier 1 Leverage, Common Equity Tier 1 Risk-Based, Tier 1
Risk-Based, and Total Risk-Based Capital Ratios were 7.74 Percent,
10.49 Percent, 11.37 Percent, and 12.58 Percent, Respectively, at
March 31, 2022. Signature Bank Remains Significantly Above FDIC
“Well Capitalized” Standards. Tangible Common Equity Ratio was 6.12
Percent
- During the 2022 First Quarter, the Bank Raised $731.7
Million in a Public Offering of Common Stock
- The Bank Declared a Cash Dividend of $0.56 Per Share,
Payable on or After May 13, 2022 to Common Shareholders of Record
at the Close of Business on April 29, 2022. The Bank Also Declared
a Cash Dividend of $12.50 Per Share Payable on or After June 30,
2022 to Preferred Shareholders of Record at the Close of Business
on June 17, 2022
- Since the End of the 2022 First Quarter, the Bank On-boarded
One Private Client Banking Team in New York, Three Teams in Central
California, and Two Teams in Reno, Nevada, Which Marks the Bank's
Entry into the State
Signature Bank (Nasdaq: SBNY), a New York-based full-service
commercial bank, today announced results for its first quarter
ended March 31, 2022.
Net income for the 2022 first quarter was $338.5 million, or
$5.30 diluted earnings per share, versus $190.5 million, or $3.24
diluted earnings per share, for the 2021 first quarter. The
increase in net income of $148.0 million for the 2022 first
quarter, versus the comparable quarter last year, is primarily the
result of an increase in net interest income, fueled by strong
average deposit, securities and loan growth, as well as a higher
provision for credit losses booked in the first quarter of 2021,
which was predominantly due to the effects of COVID-19 on the U.S.
economy. Pre-tax, pre-provision earnings were $414.6 million,
representing an increase of $141.8 million, or 52.0 percent,
compared with $272.8 million for the 2021 first quarter.
Net interest income for the 2022 first quarter rose $167.1
million, or 41.1 percent to $573.6 million, when compared with the
first quarter of 2021. This increase is primarily due to growth in
average interest-earning assets. Total assets reached $121.85
billion at March 31, 2022, expanding $36.47 billion, or 42.7
percent, from $85.38 billion at March 31, 2021. Average assets for
the 2022 first quarter reached $118.58 billion, an increase of
$38.86 billion, or 48.7 percent, versus the comparable period a
year ago.
Deposits for the 2022 first quarter increased $3.02 billion, or
2.8 percent, to $109.16 billion, including non-interest bearing
deposit growth of $2.36 billion. Non-interest bearing deposits now
represent 42.8 percent of total deposits. Overall deposit growth
for the last twelve months was 47.6 percent, or $35.18 billion,
when compared with deposits at March 31, 2021. Average deposits for
the 2022 first quarter reached $105.87 billion, an increase of
$5.28 billion when compared with the prior quarter.
"Signature Bank continues to prove its earnings power as we
drive both profitability and efficiency at a rapid pace, while
expanding the balance sheet and maintaining a robust risk
management discipline. This is exhibited by the increase in net
income of 77.7 percent year-over-year along with continued
improvement in our efficiency ratio, both of which were propelled
by a 38.4 percent revenue increase. We are just beginning to
realize the benefits of our transformed, asset sensitive balance
sheet. We expect this will further accelerate our revenue growth
amid a higher rate environment. Additionally, we have remained
patient and purposeful in the prudent deployment of excess cash by
not chasing rate, which is proving to be advantageous,” explained
Signature Bank President and Chief Executive Officer Joseph J.
DePaolo.
“Our successes to date stem from the business plan we created
more than 20 years ago, which continues to thrive. The most
critical component of our strategy has been selecting the right
colleagues when attracting teams and cultivating new businesses.
Since our founding, we consistently applied precision and exercised
discipline in our approach and cherry-picked the very best bankers
available in our marketplace. To this end, we already successfully
on-boarded six teams since the end of the first quarter, and are
seeing a robust pipeline for additional teams. Furthermore, we
significantly enhanced our Signet offering with the introduction of
wire API and look forward to the launching of a new commercial
lending vertical that will soon follow,” DePaolo concluded.
Scott A. Shay, Chairman of the Board, added: “During this time
of many rapid inflection points throughout our economy, from supply
chain disruptions, labor shortages, interest rates and dramatic
changes in regulatory policies to the Ukraine war, clients
appreciate more than ever the trusted banker they have in Signature
Bank. Signature Bank differentiates itself by allowing bankers to
spend the time helping our clients better navigate these uncertain
times. While no one welcomes such tumultuous times, when they do
occur, our single-point-of-contact model truly shines for our
clients."
“Concurrently, we remain focused on helping clients with their
pressing short-term matters and highly attentive to long-term
changes in the financial service landscape. To this end, our
expanded Signet™ capabilities permitting seamless wire transfer
access demonstrates our nimbleness. The payment transfer market is
constantly evolving, and we intend to continue to lead the way,
just as we did when we were the first Bank to introduce a real-time
blockchain-based payments platform,” Shay concluded.
Net Interest Income
Net interest income for the 2022 first quarter was $573.6
million, up $167.1 million, or 41.1 percent, when compared with the
same period last year, primarily due to growth in average
interest-earning assets. Average interest-earning assets of $117.45
billion for the 2022 first quarter represent an increase of $38.71
billion, or 49.2 percent, from the 2021 first quarter. Due to the
current low interest rate environment, the yield on
interest-earning assets for the 2022 first quarter fell 32 basis
points to 2.22 percent, compared with the first quarter of last
year.
Average cost of deposits and average cost of funds for the first
quarter of 2022 decreased by 16 and 22 basis points, to 0.18
percent and 0.25 percent, respectively, versus the comparable
period a year ago.
Net interest margin on a tax-equivalent basis for the 2022 first
quarter was 1.99 percent versus 2.10 percent reported in the 2021
first quarter and 1.91 percent in the 2021 fourth quarter. The 2022
first quarter net interest margin was negatively affected by 36
basis points due to significant excess cash balances driven by
continued strong deposit growth.
Provision for Credit Losses
The Bank’s provision for credit losses for the first quarter of
2022 was $2.7 million, a decrease of $28.2 million, or 91.3
percent, versus the 2021 first quarter. The decrease in the Bank’s
provision for credit losses for the 2022 first quarter was
predominantly attributable to improved macroeconomic conditions
compared with the same period last year.
Net charge-offs for the 2022 first quarter were $17.8 million,
or 0.11 percent of average loans, on an annualized basis, versus
$33.7 million, or 0.22 percent, for the 2021 fourth quarter and net
charge-offs of $17.9 million, or 0.15 percent, for the 2021 first
quarter.
Non-Interest Income and Non-Interest Expense
Non-interest income for the 2022 first quarter was $34.4
million, up $1.7 million from $32.7 million reported in the first
quarter of last year. The increase was primarily driven by a $5.8
million increase in fees and service charges, partially offset by a
$4.0 million decrease in net gains on sales of securities and
loans.
Non-interest expense for the first quarter of 2022 was $193.4
million, an increase of $27.0 million, or 16.2 percent, versus
$166.4 million reported in the 2021 first quarter. The increase was
predominantly due to an increase of $21.0 million in salaries and
benefits from the significant hiring of private client banking
teams and operational support to meet the Bank's growing needs.
The Bank’s efficiency ratio improved to 31.8 percent for the
2022 first quarter compared with 37.9 percent for the same period a
year ago, and 32.3 percent for the fourth quarter of 2021.
Income Taxes
Income tax expense for the first quarter of 2022 included
one-time tax benefits totaling $41.6 million, mostly related to the
vesting of employee stock based compensation awards at a price
significantly higher than the fair market value at the time of
grant. These tax benefits lowered the Bank's effective tax rate for
the first quarter of 2022 to 17.8 percent compared with 21.2
percent for the same period a year ago, and 28.1 percent for the
fourth quarter of 2021.
Loans
Loans, excluding loans held for sale, expanded $1.54 billion, or
2.4 percent, during the 2022 first quarter to $66.40 billion,
versus $64.86 billion at December 31, 2021. Core loans (excluding
Paycheck Protection Program loans) increased $1.90 billion, or 3.0
percent, during the 2022 first quarter to $65.93 billion, versus
$64.03 billion at December 31, 2021. Average loans, excluding loans
held for sale, reached $65.10 billion in the 2022 first quarter,
growing $4.60 billion, or 7.6 percent, from the 2021 fourth quarter
and $15.74 billion, or 31.9 percent, from the first quarter of
2021.
At March 31, 2022, non-accrual loans were $177.8 million,
representing 0.27 percent of total loans and 0.15 percent of total
assets, compared with non-accrual loans of $218.3 million, or 0.34
percent of total loans, at December 31, 2021 and $133.7 million, or
0.26 percent of total loans, at March 31, 2021. At March 31, 2022,
the ratio of allowance for credit losses for loans and leases to
total loans was 0.69 percent, versus 0.73 percent at December 31,
2021 and 1.02 percent at March 31, 2021. Additionally, the ratio of
allowance for credit losses for loans and leases to non-accrual
loans, or the coverage ratio, was 259 percent for the 2022 first
quarter versus 217 percent for the fourth quarter of 2021 and 390
percent for the 2021 first quarter.
Capital
The Bank’s Tier 1 leverage, common equity Tier 1 risk-based,
Tier 1 risk-based, and total risk-based capital ratios were
approximately 7.74 percent, 10.49 percent, 11.37 percent, and 12.58
percent, respectively, as of March 31, 2022. 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 6.12 percent. The Bank defines tangible
common equity ratio as the ratio of tangible common equity to
adjusted tangible assets and calculates this ratio by dividing
total consolidated common shareholders’ equity by consolidated
total assets. During the quarter, the Bank raised $731.7 million in
a public offering of common equity.
The Bank declared a cash dividend of $0.56 per share, payable on
or after May 13, 2022 to common stockholders of record at the close
of business on April 29, 2022. The Bank also declared a cash
dividend of $12.50 per share payable on or after June 30, 2022 to
preferred stockholders of record at the close of business on June
17, 2022. In the first quarter of 2022, the Bank paid a cash
dividend of $0.56 per share to common shareholders of record at the
close of business on January 28, 2022. The Bank also paid a cash
dividend of $12.50 per share to preferred shareholders of record at
the close of business on March 18, 2022.
Conference Call
Signature Bank’s management will host a conference call to
review results of the 2022 first quarter on Tuesday, April 19, 2022
at 9:00 AM ET. All participants should dial 866-342-8591 and
international callers should dial 203-518-9713 at least ten minutes
prior to the start of the call and reference conference ID
SBNYQ122.
To hear a live web simulcast or to listen to the archived web
cast following completion of the call, please visit the Bank’s
website at www.signatureny.com, click on “Investor Information,”
"Quarterly Results/Conference Calls" to access the link to the
call.
An earnings slide presentation will be accessible through the
web cast and available following the call on the Signature Bank’s
website here.
To listen to a telephone replay of the conference call, please
dial 800-723-1517 or 402-220-2659 and enter conference ID SBNYQ122.
The replay will be available from approximately 12:00 PM ET on
Tuesday, April 19, 2022 through 11:59 PM ET on Friday, April 22,
2022.
About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service
commercial bank with 38 private client
offices throughout the metropolitan New York area, as well
as those in Connecticut, California and North Carolina. Through its
single-point-of-contact approach, the Bank’s private client banking
teams primarily serve the needs of privately owned businesses,
their owners and senior managers. The Bank has two wholly owned
subsidiaries: Signature Financial, LLC, provides equipment finance
and leasing: Signature Securities Group Corporation, a licensed
broker-dealer, investment adviser and member FINRA/SIPC, offers
investment, brokerage, asset management and insurance products and
services. Signature Bank was the first FDIC-insured bank to launch
a blockchain-based digital payments platform. Signet™ allows
commercial clients to make real-time payments in U.S. dollars,
24/7/365 and was also the first solution to be approved for use by
the NYS Department of Financial Services.
Signature Bank placed 19th on S&P Global’s list of the
largest banks in the U.S., based on deposits.
For more information, please visit
https://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 You
should not place undue reliance on those statements because they
are subject to numerous risks and uncertainties relating to our
operations and business environment, all of which are difficult to
predict and may be beyond our control. Forward-looking statements
include information concerning our expectations regarding future
results, interest rates and the interest rate environment, loan and
deposit growth, loan performance, operations, new private client
teams hires, new office openings, business strategy and the impact
of the COVID-19 pandemic on each of the foregoing and on our
business overall. Forward looking statements often include words
such as "may," "believe," "expect," "anticipate," "intend,"
“potential,” “opportunity,” “could,” “project,” “seek,” “target,”
“goal,” “should,” “will,” “would,” "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 and can change as a
result of many possible events or factors, not all of which are
known to us or in our control. These factors include but are not
limited to: (i) prevailing economic conditions; (ii) changes in
interest rates, loan demand, real estate values and competition,
any of which can materially affect origination levels and gain on
sale results in our business, as well as other aspects of our
financial performance, including earnings on interest-bearing
assets; (iii) the level of defaults, losses and prepayments on
loans made by us, whether held in portfolio or sold in the whole
loan secondary markets, which can materially affect charge-off
levels and required credit loss reserve levels; (iv) changes in
monetary and fiscal policies of the U.S. Government, including
policies of the U.S. Treasury and the Board of Governors of the
Federal Reserve System; (v) changes in the banking and other
financial services regulatory environment, (vi) our ability to
maintain the continuity, integrity, security and safety of our
operations and (vii) competition for qualified personnel and
desirable office locations. All of these factors are subject to
additional uncertainty in the context of the COVID-19 pandemic and
the conflict in Ukraine, which are having impacts on all aspects of
our operations, the financial services industry and the economy as
a whole. Additional risks are described in our quarterly and annual
reports filed with the FDIC. Although we believe that these
forward-looking statements are based on reasonable assumptions,
beliefs and expectations, if a change occurs or our beliefs,
assumptions and expectations were incorrect, our business,
financial condition, liquidity or results of operations may vary
materially from those expressed in our forward-looking statements.
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.
FINANCIAL TABLES ATTACHED
SIGNATURE BANK
CONSOLIDATED STATEMENTS OF
INCOME
(unaudited)
Three months ended March 31,
(dollars in thousands, except per share
amounts)
2022
2021
INTEREST INCOME
Loans and leases
$
531,994
428,981
Loans held for sale
1,434
580
Securities available-for-sale
74,245
41,875
Securities held-to-maturity
18,815
12,962
Other investments
15,677
7,144
Total interest income
642,165
491,542
INTEREST EXPENSE
Deposits
46,040
57,504
Federal funds purchased and securities
sold under agreements to repurchase
589
602
Federal Home Loan Bank borrowings
15,818
17,128
Subordinated debt
6,159
9,801
Total interest expense
68,606
85,035
Net interest income before provision for
credit losses
573,559
406,507
Provision for credit losses
2,695
30,872
Net interest income after provision for
credit losses
570,864
375,635
NON-INTEREST INCOME
Fees and service charges
22,690
16,930
Commissions
4,241
4,003
Net losses on sales of securities
(816)
—
Net gains on sale of loans
3,842
7,061
Other income
4,447
4,707
Total non-interest income
34,404
32,701
NON-INTEREST EXPENSE
Salaries and benefits
127,021
106,051
Occupancy and equipment
12,030
11,773
Information technology
14,556
11,481
FDIC assessment fees
8,088
5,725
Professional fees
9,438
5,142
Other general and administrative
22,247
26,219
Total non-interest expense
193,380
166,391
Income before income taxes
411,888
241,945
Income tax expense
73,354
51,412
Net income
$
338,534
190,533
Preferred stock dividends
9,125
10,512
Net income available to common
shareholders
$
329,409
180,021
PER COMMON SHARE DATA
Earnings per common share - basic
$
5.34
3.27
Earnings per common share - diluted
$
5.30
3.24
Dividends per common share
$
0.56
0.56
SIGNATURE BANK
CONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION
March 31, 2022
December 31, 2021
(dollars in thousands, except shares and
per share amounts)
(unaudited)
ASSETS
Cash and due from banks
$
26,220,547
29,547,574
Short-term investments
103,740
73,097
Total cash and cash equivalents
26,324,287
29,620,671
Securities available-for-sale (amortized
cost $20,781,803 at March 31, 2022
and $17,398,906 at December 31, 2021);
(zero allowance for credit losses
at March 31, 2022 and December 31,
2021)
19,693,035
17,152,863
Securities held-to-maturity (fair value
$6,227,551 at March 31, 2022
and $4,944,777 at December 31, 2021);
(allowance for credit losses $46 at
March 31, 2022 and $56 at December 31,
2021)
6,550,691
4,998,281
Federal Home Loan Bank stock
158,916
166,697
Loans held for sale
703,008
386,765
Loans and leases
66,403,705
64,862,798
Allowance for credit losses for loans and
leases
(461,275
)
(474,389
)
Loans and leases, net
65,942,430
64,388,409
Premises and equipment, net
98,937
92,232
Operating lease right-of-use assets
232,195
225,988
Accrued interest and dividends
receivable
337,611
306,827
Other assets
1,806,192
1,106,694
Total assets
$
121,847,302
118,445,427
LIABILITIES AND SHAREHOLDERS'
EQUITY
Deposits
Non-interest-bearing
$
46,723,546
44,363,215
Interest-bearing
62,431,559
61,769,579
Total deposits
109,155,105
106,132,794
Federal funds purchased and securities
sold under agreements to repurchase
150,000
150,000
Federal Home Loan Bank borrowings
2,449,517
2,639,245
Subordinated debt
570,575
570,228
Operating lease liabilities
260,818
254,660
Accrued expenses and other liabilities
1,088,126
857,882
Total liabilities
113,674,141
110,604,809
Shareholders' equity
Preferred stock, par value $.01 per share;
61,000,000 shares authorized;
730,000 shares issued and outstanding at
March 31, 2022 and December 31, 2021
7
7
Common stock, par value $.01 per share;
125,000,000 shares authorized;
63,200,942 shares issued and 63,065,118
outstanding at March 31, 2022;
60,729,674 shares issued and 60,631,944
outstanding at December 31, 2021
629
606
Additional paid-in capital
4,509,080
3,763,810
Retained earnings
4,592,691
4,298,527
Accumulated other comprehensive loss
(929,246
)
(222,332
)
Total shareholders' equity
8,173,161
7,840,618
Total liabilities and shareholders'
equity
$
121,847,302
118,445,427
SIGNATURE BANK
FINANCIAL SUMMARY, CAPITAL RATIOS,
ASSET QUALITY
(unaudited)
Three months ended
(in thousands, except ratios and per share
amounts)
March 31, 2022
December 31,
2021
March 31, 2021
PER COMMON SHARE
Earnings per common share - basic
$
5.34
$
4.38
$
3.27
Earnings per common share - diluted
$
5.30
$
4.34
$
3.24
Weighted average common shares outstanding
- basic
61,670
60,003
54,998
Weighted average common shares outstanding
- diluted
62,125
60,563
55,531
Book value per common share
$
118.37
$
117.63
$
102.69
SELECTED FINANCIAL DATA
Return on average total assets
1.16 %
0.96 %
0.97 %
Return on average common shareholders'
equity
17.44 %
14.76 %
13.02 %
Efficiency ratio (1)
31.81 %
32.31 %
37.88 %
Yield on interest-earning assets
2.21 %
2.15 %
2.53 %
Yield on interest-earning assets,
tax-equivalent basis (1)(2)
2.22 %
2.16 %
2.54 %
Cost of deposits and borrowings
0.25 %
0.27 %
0.47 %
Net interest margin
1.98 %
1.90 %
2.09 %
Net interest margin, tax-equivalent basis
(2)(3)
1.99 %
1.91 %
2.10 %
(1) See "Non-GAAP Financial Measures" for
related calculation.
(2) Based on the 21 percent U.S. federal
statutory tax rate for the periods presented. The tax-equivalent
basis is considered 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. This ratio
is a metric used by management to evaluate the impact of tax-exempt
assets on the Bank's yield on interest-earning assets and net
interest margin.
(3) See "Net Interest Margin Analysis" for
related calculation.
March 31, 2022
December 31,
2021
March 31, 2021
CAPITAL RATIOS
Tangible common equity (4)
6.12 %
6.02 %
6.92 %
Tier 1 leverage (5)
7.74 %
7.27 %
8.82 %
Common equity Tier 1 risk-based (5)
10.49 %
9.60 %
10.92 %
Tier 1 risk-based (5)
11.37 %
10.51 %
12.18 %
Total risk-based (5)
12.58 %
11.76 %
14.41 %
ASSET QUALITY
Non-accrual loans
$
177,761
$
218,295
$
133,713
Allowance for credit losses for loans and
leases (ACLLL)
$
461,275
$
474,389
$
521,761
ACLLL to non-accrual loans
259.49 %
217.32 %
390.21 %
ACLLL to total loans
0.69 %
0.73 %
1.02 %
Non-accrual loans to total loans
0.27 %
0.34 %
0.26 %
Quarterly net charge-offs to average
loans, annualized
0.11 %
0.22 %
0.15 %
(4) We define tangible common equity as
the ratio of total tangible common equity to total tangible assets
(the "TCE ratio"). Tangible common equity is considered to be a
non-GAAP financial measure and should be considered in addition to,
not as a substitute for or superior to, financial measures
determined in accordance with GAAP. The TCE ratio is a metric used
by management to evaluate the adequacy of our capital levels. In
addition to tangible common equity, management uses other metrics,
such as Tier 1 capital related ratios, to evaluate capital
levels.
(5) March 31, 2022 ratios are
preliminary.
SIGNATURE BANK
NET INTEREST MARGIN ANALYSIS
(unaudited)
Three months ended
Three months ended
March 31, 2022
March 31, 2021
(dollars in thousands)
Average Balance
Interest Income/
Expense
Average Yield/ Rate
Average Balance
Interest Income/
Expense
Average Yield/ Rate
INTEREST-EARNING ASSETS
Short-term investments
$
28,450,419
13,621
0.19 %
17,108,914
5,016
0.12 %
Investment securities
23,600,581
95,116
1.61 %
12,147,383
56,965
1.88 %
Commercial loans, mortgages and leases
64,968,784
532,663
3.33 %
49,202,964
429,337
3.54 %
Residential mortgages and consumer
loans
132,437
1,056
3.23 %
157,302
1,334
3.44 %
Loans held for sale
301,710
1,434
1.93 %
132,092
580
1.78 %
Total interest-earning assets (1)
117,453,931
643,890
2.22 %
78,748,655
493,232
2.54 %
Non-interest-earning assets
1,129,922
971,604
Total assets
$
118,583,853
79,720,259
INTEREST-BEARING LIABILITIES
Interest-bearing deposits
NOW and interest-bearing demand
$
17,418,073
15,737
0.37 %
16,071,916
19,947
0.50 %
Money market
42,136,274
28,180
0.27 %
30,295,092
32,687
0.44 %
Time deposits
1,413,408
2,123
0.61 %
1,788,516
4,870
1.10 %
Non-interest-bearing demand deposits
44,898,892
—
— %
20,653,116
—
— %
Total deposits
105,866,647
46,040
0.18 %
68,808,640
57,504
0.34 %
Subordinated debt
570,347
6,159
4.32 %
828,775
9,801
4.73 %
Other borrowings
2,716,186
16,407
2.45 %
2,982,579
17,730
2.41 %
Total deposits and borrowings
109,153,180
68,606
0.25 %
72,619,994
85,035
0.47 %
Other non-interest-bearing liabilities
1,061,504
784,921
Preferred equity
708,173
708,019
Common equity
7,660,996
5,607,325
Total liabilities and shareholders'
equity
$
118,583,853
79,720,259
OTHER DATA
Net interest income / interest rate spread
(1)
$
575,284
1.97 %
408,197
2.07 %
Tax equivalent adjustment
(1,725
)
(1,690
)
Net interest income, as reported
$
573,559
406,507
Net interest margin
1.98 %
2.09 %
Tax-equivalent effect
0.01 %
0.01 %
Net interest margin on a tax-equivalent
basis (1)
1.99 %
2.10 %
Ratio of average interest-earnings assets
to average interest-bearing liabilities
107.60 %
108.44 %
(1) Presented on a tax-equivalent,
non-GAAP, basis for municipal leasing and financing transactions
recorded in Commercial loans, mortgages and leases using the U.S.
federal statutory tax rate of 21 percent for the periods
presented.
SIGNATURE BANK NON-GAAP FINANCIAL MEASURES
(unaudited)
This press release contains both financial measures based on
GAAP and non-GAAP financial measures where management believes that
the presentation of certain non-GAAP financial measures assists
investors when comparing results period-to-period in a more
consistent manner and provides a better measure of Signature Bank's
results. These non-GAAP measures include the Bank's (i) tangible
common equity ratio, (ii) efficiency ratio, (iii) yield on
interest-earning assets, tax-equivalent basis, (iv) net interest
margin, tax-equivalent basis, (v) pre-tax, pre-provision earnings,
and (vi) loans and leases to core loans (excluding Paycheck
Protection Program loans). These non-GAAP measures should not be
considered a substitute for GAAP-basis measures and results. We
strongly encourage investors to review our consolidated financial
statements in their entirety and not to rely on any single
financial measure. Because non-GAAP financial measures are not
standardized, it may not be possible to compare these financial
measures with other companies' non-GAAP financial measures having
the same or similar names.
The following table presents the tangible common equity ratio
calculation:
Three months ended March 31,
(dollars in thousands)
2022
2021
Consolidated total shareholders'
equity
$
8,173,161
6,642,403
Less: Preferred equity
708,173
708,019
Common shareholders' equity
7,464,988
5,934,384
Less: Intangible assets
3,788
28,630
Tangible common shareholders' equity
(TCE)
$
7,461,200
5,905,754
Consolidated total assets
$
121,847,302
85,382,194
Less: Intangible assets
3,788
28,630
Consolidated tangible total assets
(TTA)
$
121,843,514
85,353,564
Tangible common equity ratio (TCE/TTA)
6.12%
6.92%
The following table presents the efficiency ratio
calculation:
Three months ended March 31,
(dollars in thousands)
2022
2021
Non-interest expense (NIE)
$
193,380
166,391
Net interest income before provision for
credit losses
573,559
406,507
Other non-interest income
34,404
32,701
Total income (TI)
$
607,963
439,208
Efficiency ratio (NIE/TI)
31.81 %
37.88 %
SIGNATURE BANK NON-GAAP FINANCIAL MEASURES
(unaudited)
The following table reconciles yield on interest-earning assets
to the yield on interest-earning assets on a tax-equivalent
basis:
Three months ended March 31,
(dollars in thousands)
2022
2021
Interest income (as reported)
$
642,165
491,542
Tax-equivalent adjustment
1,725
1,690
Interest income, tax-equivalent basis
$
643,890
493,232
Interest-earnings assets
$
117,453,931
78,748,655
Yield on interest-earning assets
2.21 %
2.53 %
Tax-equivalent effect
0.01 %
0.01 %
Yield on interest-earning assets,
tax-equivalent basis
2.22 %
2.54 %
The following table reconciles net interest margin (as reported)
to net interest margin on a tax-equivalent basis:
Three months ended March 31,
(dollars in thousands)
2022
2021
Net interest margin (as reported)
1.98 %
2.09%
Tax-equivalent adjustment
0.01 %
0.01%
Net interest margin, tax-equivalent
basis
1.99 %
2.10 %
The following table reconciles net income (as reported) to
pre-tax, pre-provision earnings:
Three months ended March 31,
(dollars in thousands)
2022
2021
Net income (as reported)
$ 338,534
190,533
Income tax expense
73,354
51,412
Provision for credit losses
2,695
30,872
Pre-tax, pre-provision earnings
$ 414,583
272,817
The following table reconciles loans and leases (as reported) to
core loans (excluding Paycheck Protection Program ("PPP")
loans):
(dollars in thousands)
March 31, 2022
December 31, 2021
March 31, 2021
Loans and leases (as reported)
$
66,403,705
64,862,798
50,952,998
Less: PPP loans
473,135
835,743
2,672,816
Core loans excluding PPP loans
$
65,930,570
64,027,055
48,280,182
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220419005234/en/
Investor Contact: Brian Wyremski
Senior Vice President and Director of Investor Relations &
Corporate Development 646-822-1479, bwyremski@signatureny.com
Media Contact: Susan Turkell Lewis,
646-822-1825, slewis@signatureny.com
Signature Bank (NASDAQ:SBNY)
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Signature Bank (NASDAQ:SBNY)
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