- Net Income for the 2022 Second Quarter Increased $124.7
Million, or 58.1 Percent, to a Record $339.2 Million, or $5.26
Diluted Earnings Per Share, Versus $214.5 Million, or $3.57 Diluted
Earnings Per Share, Reported in the 2021 Second Quarter. Pre-Tax,
Pre-Provision Earnings for the 2022 Second Quarter Were a Record
$476.7 Million, an Increase of $168.2 Million, or 54.5 Percent,
Compared with $308.6 Million for the 2021 Second Quarter
- Total Deposits in the Second Quarter Declined $5.04 Billion
to $104.12 Billion, While Average Deposits Increased $816.8
Million. The Decline Was Primarily Driven by Client Balances of the
New York Banking Teams, Which Decreased $2.4 Billion and the
Digital Asset Banking Team, Which Declined $2.4 Billion.
Conversely, Off-Balance Sheet Treasuries Increased $1.5 Billion Due
to Purchasing Activity in the Digital Asset Banking Space. Total
Deposits for the Prior Twelve Months Have Grown $18.56 Billion, or
21.7 Percent
- For the 2022 Second Quarter, Loans Increased $5.60 Billion,
or 8.4 Percent, to $72 Billion. Since the End of the 2021 Second
Quarter, Loans Have Increased 32.1 Percent, or $17.49
Billion
- For the 2022 Second Quarter, Non-Accrual Loans Decreased
$9.9 Million to $167.9 Million, or 0.23 Percent of Total Loans, at
June 30, 2022, Versus $177.8 Million, or 0.27 Percent, at the End
of the 2022 First Quarter
- Net Interest Margin on a Tax-Equivalent Basis Increased to
2.23 Percent, Compared With 1.99 Percent for the 2022 First Quarter
and 2.02 Percent for the 2021 Second Quarter
- Tier 1 Leverage, Common Equity Tier 1 Risk-Based, Tier 1
Risk-Based, and Total Risk-Based Capital Ratios were 7.92 Percent,
9.96 Percent, 10.76 Percent, and 11.85 Percent, Respectively, at
June 30, 2022. Signature Bank Remains Significantly Above FDIC
“Well Capitalized” Standards. Tangible Common Equity Ratio was 6.31
percent
- The Bank Declared a Cash Dividend of $0.56 Per Share,
Payable on or After August 12, 2022 to Common Shareholders of
Record at the Close of Business on July 29, 2022. The Bank Also
Declared a Cash Dividend of $12.50 Per Share Payable on or After
September 30, 2022 to Preferred Shareholders of Record at the Close
of Business on September 16, 2022
- In the 2022 Second Quarter, the Bank Launched a New National
Banking Practice, the Healthcare Banking and Finance Team, to
Provide Lending Services and Garner Deposits in this Space.
Additionally, the Bank On-boarded Eleven Private Client Banking
Teams; Six on the West Coast and Five in New York
Signature Bank (Nasdaq: SBNY), a New York-based full-service
commercial bank, today announced results for its second quarter
ended June 30, 2022.
Net income for the 2022 second quarter was a record $339.2
million, or $5.26 diluted earnings per share, versus $214.5
million, or $3.57 diluted earnings per share, for the 2021 second
quarter. The increase in net income for the 2022 second quarter,
versus the comparable quarter last year, is primarily the result of
an increase in net interest income, fueled by strong average
deposit, loan and securities growth, as well as higher interest
rates. Pre-tax, pre-provision earnings were a record $476.7
million, representing an increase of $168.2 million, or 54.5
percent, compared with $308.6 million for the 2021 second
quarter.
Net interest income for the 2022 second quarter reached $649.1
million, up $191.9 million, or 42.0 percent, when compared with the
2021 second quarter. This increase is primarily due to growth in
average interest-earning assets and higher prevailing market
interest rates. Total assets reached $115.97 billion at June 30,
2022, an increase of $19.08 billion, or 19.7 percent, from $96.89
billion at June 30, 2021. Average assets for the 2022 second
quarter reached $118.85 billion, an increase of $26.99 billion, or
29.4 percent, compared with the 2021 second quarter.
Deposits for the 2022 second quarter decreased $5.04 billion to
$104.12 billion, including a non-interest bearing deposit reduction
of $5.31 billion, which brings our non-interest bearing mix to 39.8
percent of deposits at June 30, 2022. Overall deposit growth for
the last twelve months was 21.7 percent, or $18.56 billion. Average
deposits for the 2022 second quarter reached $106.68 billion, an
increase of $816.8 million when compared with the prior
quarter.
“Very few banks achieve strong shareholder returns while
delivering long-term growth at a pace like that of Signature Bank.
Year after year, we consistently do both because we remain focused
on what we do best: attracting experienced, banking teams and
developing new national businesses. While we cannot control the ebb
and flow of macro-economic cycles, our ability to overcome
obstacles and continuously build our franchise value is based on
the deep experience of our colleagues. These veteran bankers are
experts and the expansion of their books of business directly
results in diversification of our balance sheet. We have employed
this same organic growth strategy since our inception when the Bank
commenced with just 12 New York area-based teams. Our commitment to
this strategy is highlighted by the recent onboarding of our Health
Care Banking and Finance Team. The 137 teams and business lines
added to our banking network throughout our 21-year history are
responsible for transforming Signature Bank into an institution
spanning numerous deposit and lending businesses across a national
footprint,” noted Joseph J. DePaolo, Signature Bank President and
Chief Executive Officer.
“This quarter we once again delivered record earnings of $339.2
million, realizing our strongest growth in pre-provision net
revenue of 54 percent, compared with same period last year. We
credit this meaningful growth in earnings to all of our business
lines, collectively, as there is no single one which has brought us
to this point. As we look ahead, we will continue to take advantage
of the abundant team onboarding opportunities which exist across
our entire footprint and rely upon our proven approach to organic
growth to continue to drive earnings, despite some unsettling
times,” DePaolo concluded.
Scott A. Shay, Chairman of the Board, added: “We built Signature
Bank for times of volatility and uncertainty like those of today.
Accordingly, our clients have come to continually appreciate our
strong balance sheet, which emphasizes depositor safety more than
anything else. Our investment portfolio is built around low-risk
highly liquid securities, and our lending efforts are also centered
around lower risk arenas. This depositor safety-first philosophy
led to us being the only bank in the U.S. with more than $4 billion
in assets to escape the Great Financial Crisis without a down year
in earnings. In times like these, we are able to seize
opportunities that build our business as we endeavor to onboard new
clients and attract new teams. We have always stayed firm on
serving our clients through our relationship-based,
single-point-of-contact team approach, which has become the
hallmark of our enterprise. These are among the reasons we believe
Signature Bank will continue to grow and prosper.”
Net Interest Income
Net interest income for the 2022 second quarter was $649.1
million, an increase of $191.9 million, or 42.0 percent, when
compared with the same period last year, primarily due to growth in
average interest-earning assets and higher prevailing market
interest rates. Average interest-earning assets of $116.99 billion
for the 2022 second quarter represent an increase of $26.01
billion, or 28.6 percent, from the 2021 second quarter. Due to
higher interest rates across all of our asset classes, the yield on
interest-earning assets for the 2022 second quarter increased 29
basis points to 2.66 percent, compared to the second quarter of
last year.
Average cost of deposits and average cost of funds for the
second quarter of 2022 increased by 13 and 8 basis points, to 0.40
percent and 0.46 percent, respectively, versus the comparable
period a year ago.
Net interest margin on a tax-equivalent basis for the 2022
second quarter was 2.23 percent versus 2.02 percent reported in the
2021 second quarter and 1.99 percent in the 2022 first quarter.
Provision for Credit Losses
The Bank’s provision for credit losses for the second quarter of
2022 was $4.2 million, compared with $2.7 million for the 2022
first quarter and $8.3 million for the 2021 second quarter. The
decrease in the provision for credit losses for the 2022 second
quarter, compared to the same quarter last year, was predominantly
attributable to improved macroeconomic conditions in our
multi-family commercial real estate portfolio compared with the
same period last year.
Net charge offs for the 2022 second quarter were $19.7 million,
or 0.11 percent of average loans, on an annualized basis, versus
$17.8 million, or 0.11 percent, for the 2022 first quarter and net
charge offs of $15.3 million, or 0.12 percent, for the 2021 second
quarter.
Non-Interest Income and Non-Interest Expense
Non-interest income for the 2022 second quarter was $37.7
million, up $14.3 million when compared with $23.4 million reported
in the 2021 second quarter. The increase was primarily driven by a
$8.2 million increase in fees and service charges and a $6.7
million increase in other income, including foreign currency
activity, as well as mark-to-market gains related to our
non-hedging derivatives.
Non-interest expense for the second quarter of 2022 was $210.0
million, an increase of $38.0 million, or 22.1 percent, versus
$172.0 million reported in the 2021 second quarter. The increase
was predominantly due to an increase of $20.0 million in salaries
and benefits from the hiring of private client banking teams,
national banking practices, and operational personnel, as well as
consulting and professional fees related to various new projects
initiated to support the growing needs of our clients.
Despite the significant team hiring and operational investment,
the Bank’s efficiency ratio improved to 30.6 percent for the 2022
second quarter compared with 35.8 percent for the same period a
year ago, and 31.8 percent for the first quarter of 2022.
Loans
Loans, excluding loans held for sale, grew $5.60 billion, or 8.4
percent, during the second quarter of 2022 to $72 billion, compared
with $66.40 billion at March 31, 2022. Average loans, excluding
loans held for sale, reached $68.67 billion in the 2022 second
quarter, growing $3.57 billion, or 5.5 percent, from the 2022 first
quarter and $16.19 billion, or 30.9 percent, from the 2021 second
quarter.
At June 30, 2022, non-accrual loans were $167.9 million,
representing 0.23 percent of total loans and 0.14 percent of total
assets, compared with non-accrual loans of $177.8 million, or 0.27
percent of total loans, at March 31, 2022 and $136.1 million, or
0.25 percent of total loans, at June 30, 2021. The ratio of
allowance for credit losses for loans and leases to total loans at
June 30, 2022 was 0.62 percent, versus 0.69 percent at March 31,
2022 and 0.94 percent at June 30, 2021. Additionally, the ratio of
allowance for credit losses for loans and leases to non-accrual
loans, or the coverage ratio, was 266 percent for the 2022 second
quarter versus 259 percent for the first quarter of 2022 and 378
percent for the 2021 second 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 7.92 percent, 9.96 percent, 10.76 percent, and 11.85
percent, respectively, as of June 30, 2022. Each of these ratios is
well in excess of regulatory requirements. The Bank’s strong
risk-based capital ratios reflect the relatively low risk profile
of the Bank’s balance sheet.
The Bank declared a cash dividend of $0.56 per share, payable on
or after August 12, 2022 to common stockholders of record at the
close of business on July 29, 2022. The Bank also declared a cash
dividend of $12.50 per share payable on September 30, 2022 to
preferred shareholders of record at the close of business on
September 16, 2022. In the second quarter of 2022, the Bank paid a
cash dividend of $0.56 per share to common stockholders of record
at the close of business on April 29, 2022. The Bank also paid a
cash dividend of $12.50 per share to preferred shareholders of
record at the close of business on June 17, 2022.
Conference Call
Signature Bank’s management will host a conference call to
review results of its 2022 second quarter on Tuesday, July 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
SBNYQ222.
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 “Investor Information,”
"Quarterly Results/Conference Calls" to access the link to the
call.
An earnings slide presentation accompanying the call will be
accessible through the live web cast and available on the Signature
Bank’s website here.
To listen to a telephone replay of the conference call, please
dial 800-839-5128 or 402-220-1504. The replay will be available
from approximately 12:00 PM ET on Tuesday, July 19, 2022 through
11:59 PM ET on Friday, July 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; and,
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 June 30,
Six months ended June 30,
(dollars in thousands, except per share
amounts)
2022
2021
2022
2021
INTEREST INCOME
Loans and leases
$
601,726
466,748
1,133,720
895,729
Loans held for sale
2,743
998
4,177
1,577
Securities available-for-sale
98,715
46,722
172,960
88,597
Securities held-to-maturity
26,295
13,240
45,110
26,202
Other investments
45,100
9,102
60,777
16,246
Total interest income
774,579
536,810
1,416,744
1,028,351
INTEREST EXPENSE
Deposits
106,304
54,948
152,344
112,452
Federal funds purchased and securities
sold under agreements to repurchase
588
595
1,178
1,197
Federal Home Loan Bank borrowings
12,459
17,114
28,275
34,242
Subordinated debt
6,122
6,932
12,281
16,733
Total interest expense
125,473
79,589
194,078
164,624
Net interest income before provision for
credit losses
649,106
457,221
1,222,666
863,727
Provision for credit losses
4,249
8,308
6,944
39,180
Net interest income after provision for
credit losses
644,857
448,913
1,215,722
824,547
NON-INTEREST INCOME
Fees and service charges
24,790
16,605
47,480
33,535
Commissions
4,267
3,899
8,508
7,902
Net losses on sales of securities
—
—
(816
)
—
Net gains on sales of loans
2,454
3,393
6,296
10,454
Other (loss) income
6,151
(529
)
10,598
4,178
Total non-interest income
37,662
23,368
72,066
56,069
NON-INTEREST EXPENSE
Salaries and benefits
132,820
112,806
259,841
218,857
Occupancy and equipment
12,582
10,779
24,612
22,552
Information technology
14,927
10,722
29,483
22,203
FDIC assessment fees
7,853
4,486
15,942
10,211
Professional fees
12,080
7,278
21,518
12,420
Other general and administrative
29,783
25,948
52,030
52,167
Total non-interest expense
210,045
172,019
403,426
338,410
Income before income taxes
472,474
300,262
884,362
542,206
Income tax expense
133,272
85,769
206,626
137,181
Net income
$
339,202
214,493
677,736
405,025
Preferred stock dividends
9,125
9,125
18,250
19,637
Net income available to common
shareholders
$
330,077
205,368
659,486
385,388
PER COMMON SHARE DATA
Earnings per common share - basic
$
5.28
3.59
10.62
6.87
Earnings per common share - diluted
$
5.26
3.57
10.54
6.80
Dividends per common share
$
0.56
0.56
1.12
1.12
SIGNATURE BANK
CONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION
June 30,
December 31,
2022
2021
(dollars in thousands, except shares and
per share amounts)
(unaudited)
ASSETS
Cash and due from banks
$
14,497,512
29,547,574
Short-term investments
80,849
73,097
Total cash and cash equivalents
14,578,361
29,620,671
Securities available-for-sale (amortized
cost $21,268,894 at June 30, 2022 and $17,398,906 at December 31,
2021); (zero allowance for credit losses at June 30, 2022 and at
December 31, 2021)
19,587,707
17,152,863
Securities held-to-maturity (fair value
$6,238,826 at June 30, 2022 and $4,944,777 at December 31, 2021);
(allowance for credit losses $25 at June 30, 2022 and $56 at
December 31, 2021)
6,728,016
4,998,281
Federal Home Loan Bank stock
131,220
166,697
Loans held for sale
815,386
386,765
Loans and leases
72,001,189
64,862,798
Allowance for credit losses for loans and
leases
(445,965
)
(474,389
)
Loans and leases, net
71,555,224
64,388,409
Premises and equipment, net
104,218
92,232
Operating lease right-of-use assets
260,236
225,988
Accrued interest and dividends
receivable
349,190
306,827
Other assets
1,857,245
1,106,694
Total assets
$
115,966,803
118,445,427
LIABILITIES AND SHAREHOLDERS'
EQUITY
Deposits
Non-interest-bearing
$
41,408,804
44,363,215
Interest-bearing
62,710,242
61,769,579
Total deposits
104,119,046
106,132,794
Federal funds purchased and securities
sold under agreements to repurchase
150,000
150,000
Federal Home Loan Bank borrowings
1,574,517
2,639,245
Subordinated debt
570,926
570,228
Operating lease liabilities
289,278
254,660
Accrued expenses and other liabilities
1,231,230
857,882
Total liabilities
107,934,997
110,604,809
Shareholders’ equity
Preferred stock, par value $.01 per share;
61,000,000 shares authorized; 730,000 shares issued and outstanding
at June 30, 2022 and December 31, 2021
7
7
Common stock, par value $.01 per share;
125,000,000 shares authorized; 63,064,475 shares issued and
62,928,651 outstanding at June 30, 2022; 60,729,674 shares issued
and 60,631,944 outstanding at December 31, 2021
629
606
Additional paid-in capital
4,524,343
3,763,810
Retained earnings
4,887,453
4,298,527
Accumulated other comprehensive loss
(1,380,626
)
(222,332
)
Total shareholders' equity
8,031,806
7,840,618
Total liabilities and shareholders'
equity
$
115,966,803
118,445,427
SIGNATURE BANK
FINANCIAL SUMMARY, CAPITAL RATIOS,
ASSET QUALITY
(unaudited)
Three months ended June 30,
Six months ended June 30,
(in thousands, except ratios and per share
amounts)
2022
2021
2022
2021
PER COMMON SHARE
Earnings per common share - basic
$
5.28
$
3.59
$
10.62
$
6.87
Earnings per common share - diluted
$
5.26
$
3.57
$
10.54
$
6.80
Weighted average common shares outstanding
- basic
62,440
57,128
62,057
56,069
Weighted average common shares outstanding
- diluted
62,692
57,527
62,502
56,614
Book value per common share
$
116.38
$
106.24
$
116.38
$
106.24
SELECTED FINANCIAL DATA
Return on average total assets
1.14
%
0.94
%
1.15
%
0.95
%
Return on average common shareholders'
equity
17.94
%
13.61
%
17.69
%
13.33
%
Efficiency ratio (1)
30.58
%
35.79
%
31.16
%
36.79
%
Yield on interest-earning assets
2.66
%
2.37
%
2.43
%
2.44
%
Yield on interest-earning assets,
tax-equivalent basis (1)(2)
2.66
%
2.37
%
2.44
%
2.45
%
Cost of deposits and borrowings
0.46
%
0.38
%
0.36
%
0.42
%
Net interest margin
2.23
%
2.02
%
2.10
%
2.05
%
Net interest margin, tax-equivalent basis
(2)(3)
2.23
%
2.02
%
2.11
%
2.06
%
(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.
June 30, 2022
March 31, 2022
December 31,
2021
June 30, 2021
CAPITAL RATIOS
Tangible common equity (4)
6.31
%
6.12
%
6.02
%
6.31
%
Tier 1 leverage (5)
7.92
%
7.74
%
7.27
%
7.86
%
Common equity Tier 1 risk-based (5)
9.96
%
10.49
%
9.60
%
10.07
%
Tier 1 risk-based (5)
10.76
%
11.37
%
10.51
%
11.20
%
Total risk-based (5)
11.85
%
12.58
%
11.76
%
12.77
%
ASSET QUALITY
Non-accrual loans
$
167,889
$
177,761
$
218,295
$
136,099
Allowance for credit losses for loans and
leases (ACLLL)
$
445,965
$
461,275
$
474,389
$
514,794
ACLLL to non-accrual loans
265.63
%
259.49
%
217.32
%
378.25
%
ACLLL to total loans
0.62
%
0.69
%
0.73
%
0.94
%
Non-accrual loans to total loans
0.23
%
0.27
%
0.34
%
0.25
%
Quarterly net charge-offs to average
loans, annualized
0.11
%
0.11
%
0.22
%
0.12
%
(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) June 30, 2022 ratios are
preliminary.
SIGNATURE BANK
NET INTEREST MARGIN ANALYSIS
(unaudited)
Three months ended June 30,
2022
Three months ended June 30,
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
$
20,863,980
42,867
0.82
%
23,729,151
6,763
0.11
%
Investment securities
26,838,274
127,243
1.90
%
14,511,607
62,301
1.72
%
Commercial loans, mortgages and leases
68,542,338
602,531
3.53
%
52,324,060
467,188
3.58
%
Residential mortgages and consumer
loans
126,409
1,005
3.19
%
151,401
1,286
3.41
%
Loans held for sale
622,114
2,743
1.77
%
271,611
998
1.47
%
Total interest-earning assets (1)
116,993,115
776,389
2.66
%
90,987,830
538,536
2.37
%
Non-interest-earning assets
1,854,512
868,338
Total assets
$
118,847,627
91,856,168
INTEREST-BEARING LIABILITIES
Interest-bearing deposits
NOW and interest-bearing demand
$
22,117,228
51,429
0.93
%
18,488,233
19,551
0.42
%
Money market
40,943,635
52,938
0.52
%
34,895,844
31,288
0.36
%
Time deposits
1,309,546
1,937
0.59
%
1,842,956
4,109
0.89
%
Non-interest-bearing demand deposits
42,313,080
—
—
%
25,511,558
—
—
%
Total deposits
106,683,489
106,304
0.40
%
80,738,591
54,948
0.27
%
Subordinated debt
570,697
6,122
4.29
%
620,709
6,932
4.47
%
Other borrowings
2,161,605
13,047
2.42
%
2,914,245
17,709
2.44
%
Total deposits and borrowings
109,415,791
125,473
0.46
%
84,273,545
79,589
0.38
%
Other non-interest-bearing liabilities
1,343,525
819,989
Preferred equity
708,173
708,071
Common equity
7,380,138
6,054,563
Total liabilities and shareholders'
equity
$
118,847,627
91,856,168
OTHER DATA
Net interest income / interest rate spread
(1)
$
650,916
2.20
%
458,947
1.99
%
Tax-equivalent adjustment
(1,810
)
(1,726
)
Net interest income, as reported
$
649,106
457,221
Net interest margin
2.23
%
2.02
%
Tax-equivalent effect
—
%
—
%
Net interest margin on a tax-equivalent
basis (1)
2.23
%
2.02
%
Ratio of average interest-earning
assets
to average interest-bearing
liabilities
106.93
%
107.97
%
(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
NET INTEREST MARGIN ANALYSIS
(unaudited)
Six months ended June 30,
2022
Six months ended June 30,
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
$
24,720,614
56,487
0.46
%
20,437,320
11,779
0.12
%
Investment securities
25,228,371
222,360
1.76
%
13,336,026
119,266
1.79
%
Commercial loans, mortgages and leases
66,681,061
1,135,194
3.43
%
50,772,133
896,523
3.56
%
Residential mortgages and consumer
loans
129,406
2,061
3.21
%
154,335
2,620
3.42
%
Loans held for sale
462,797
4,177
1.82
%
202,237
1,577
1.57
%
Total interest-earning assets (1)
117,222,249
1,420,279
2.44
%
84,902,051
1,031,765
2.45
%
Non-interest-earning assets
1,494,219
919,686
Total assets
$
118,716,468
85,821,737
INTEREST-BEARING LIABILITIES
Interest-bearing deposits
NOW and interest-bearing demand
$
19,780,632
67,167
0.68
%
17,286,749
39,499
0.46
%
Money market
41,536,660
81,117
0.39
%
32,608,177
63,974
0.40
%
Time deposits
1,361,190
4,060
0.60
%
1,815,886
8,979
1.00
%
Non-interest-bearing demand deposits
43,598,843
—
—
%
23,095,758
—
—
%
Total deposits
106,277,325
152,344
0.29
%
74,806,570
112,452
0.30
%
Subordinated debt
570,523
12,281
4.31
%
724,167
16,733
4.62
%
Other borrowings
2,437,363
29,453
2.44
%
2,948,223
35,439
2.42
%
Total deposits and borrowings
109,285,211
194,078
0.36
%
78,478,960
164,624
0.42
%
Other non-interest-bearing liabilities
1,203,293
802,551
Preferred equity
708,173
708,045
Common equity
7,519,791
5,832,181
Total liabilities and shareholders'
equity
$
118,716,468
85,821,737
OTHER DATA
Net interest income / interest rate spread
(1)
$
1,226,201
2.08
%
867,141
2.03
%
Tax-equivalent adjustment
(3,535
)
(3,414
)
Net interest income, as reported
$
1,222,666
863,727
Net interest margin
2.10
%
2.05
%
Tax-equivalent effect
0.01
%
0.01
%
Net interest margin on a tax-equivalent
basis (1)
2.11
%
2.06
%
Ratio of average interest-earning
assets
to average interest-bearing
liabilities
107.26
%
108.18
%
(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, and (v) pre-tax, pre-provision
earnings. 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:
(dollars in thousands)
June 30, 2022
March 31, 2022
December 31,
2021
June 30, 2021
Consolidated total shareholders'
equity
$
8,031,806
8,173,161
7,840,618
6,844,563
Less: Preferred equity
708,173
708,173
708,173
708,173
Common shareholders' equity
$
7,323,633
7,464,988
7,132,445
6,136,390
Less: Intangible assets
3,801
3,788
3,977
19,886
Tangible common shareholders' equity
(TCE)
$
7,319,832
7,461,200
7,128,468
6,116,504
Consolidated total assets
$
115,966,803
121,847,302
118,445,427
96,887,801
Less: Intangible assets
3,801
3,788
3,977
19,886
Consolidated tangible total assets
(TTA)
$
115,963,002
121,843,514
118,441,450
96,867,915
Tangible common equity ratio (TCE/TTA)
6.31%
6.12%
6.02%
6.31%
The following table presents the efficiency ratio
calculation:
Three months ended June 30,
Six months ended June 30,
(dollars in thousands)
2022
2021
2022
2021
Non-interest expense (NIE)
$
210,045
172,019
403,426
338,410
Net interest income before provision for
credit losses
649,106
457,221
1,222,666
863,727
Other non-interest income
37,662
23,368
72,066
56,069
Total income (TI)
$
686,768
480,589
1,294,732
919,796
Efficiency ratio (NIE/TI)
30.58%
35.79%
31.16%
36.79%
The following table reconciles yield on interest-earning assets
to the yield on interest-earning assets on a tax-equivalent
basis:
Three months ended June 30,
Six months ended June 30,
(dollars in thousands)
2022
2021
2022
2021
Interest income (as reported)
$
774,579
536,810
1,416,744
1,028,351
Tax-equivalent adjustment
1,810
1,726
3,535
3,414
Interest income, tax-equivalent basis
$
776,389
538,536
1,420,279
1,031,765
Interest-earnings assets
$
116,993,115
90,987,830
117,222,249
84,902,051
Yield on interest-earning assets
2.66%
2.37%
2.43%
2.44%
Tax-equivalent effect
—%
—%
0.01%
0.01%
Yield on interest-earning assets,
tax-equivalent basis
2.66%
2.37%
2.44%
2.45%
The following table reconciles net interest margin (as reported)
to net interest margin on a tax-equivalent basis:
Three months ended June 30,
Six months ended June 30,
2022
2021
2022
2021
Net interest margin (as reported)
2.23
%
2.02
%
2.10
%
2.05
%
Tax-equivalent adjustment
—
%
—
%
0.01
%
0.01
%
Net interest margin, tax-equivalent
basis
2.23
%
2.02
%
2.11
%
2.06
%
The following table reconciles net income (as reported) to
pre-tax, pre-provision earnings:
Three months ended June 30,
Six months ended June 30,
(dollars in thousands)
2022
2021
2022
2021
Net income (as reported)
$
339,202
214,493
677,736
405,025
Income tax expense
133,272
85,769
206,626
137,181
Provision for credit losses
4,249
8,308
6,944
39,180
Pre-tax, pre-provision earnings
$
476,723
308,570
891,306
581,386
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220719005252/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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