Signature Bank Reports 2021 Second Quarter Results

  • Net Income for the 2021 Second Quarter Was a Record $214.5 Million, or $3.57 Diluted Earnings Per Share, Versus $117.2 Million, or $2.21 Diluted Earnings Per Share, Reported in the 2020 Second Quarter
  • Pre-Tax, Pre-Provision Earnings for the 2021 Second Quarter Was a Record $308.6 Million, an Increase of $60.6 Million, or 24.5 Percent, Compared with $247.9 Million for the 2020 Second Quarter
  • Total Deposits in the Second Quarter Grew a Record $11.59 Billion to $85.56 Billion, While Average Deposits Increased a Record $11.93 Billion. Total Deposits for the Prior Twelve Months Have Grown $35.33 Billion, or 70.3 Percent
  • For the 2021 Second Quarter, Loans Increased $3.56 Billion, or 7.0 Percent, to $54.51 Billion. Core Loans (Excluding Paycheck Protection Program Loans) for the Quarter Increased a Record $3.92 Billion. Since the End of the 2020 Second Quarter, Core Loans Have Increased 20.7 Percent, or $8.96 Billion
  • Non-Accrual Loans Were $136.1 Million, or 0.25 Percent of Total Loans, at June 30, 2021, Versus $133.7 Million, or 0.26 Percent, at the End of the 2021 First Quarter and $46.9 Million, or 0.10 Percent, at the End of the 2020 Second Quarter
  • COVID-19 Related Non-Payment Deferrals Reduced by $1.0 Billion to $308.7 Million, or 76.5 Percent as of July 15, 2021 Compared to $1.31 Billion at December 31, 2020
  • Significant Excess Cash Balances From Continued Strong Deposit Flows Negatively Impacted Net Interest Margin by 55 Basis Points. Net Interest Margin on a Tax-Equivalent Basis was 2.02 Percent, Compared With 2.10 Percent for the 2021 First Quarter and 2.77 Percent for the 2020 Second Quarter
  • Tier 1 Leverage, Common Equity Tier 1 Risk-Based, Tier 1 Risk-Based, and Total Risk-Based Capital Ratios were 7.86 Percent, 10.03 Percent, 11.15 Percent, and 12.72 Percent, Respectively, at June 30, 2021. 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 13, 2021 to Common Shareholders of Record at the Close of Business on July 30, 2021. The Bank Also Declared a Cash Dividend of $12.50 Per Share Payable on or After September 30, 2021 to Preferred Shareholders of Record at the Close of Business on September 17, 2021
  • In the 2021 Second Quarter, the Bank On-boarded Two Private Client Banking Teams on the West Coast as well as the SBA Lending Team

 

NEW YORK–(BUSINESS WIRE)–Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, today announced results for its second quarter ended June 30, 2021.

Net income for the 2021 second quarter was $214.5 million, or $3.57 diluted earnings per share, versus $117.2 million, or $2.21 diluted earnings per share, for the 2020 second quarter. The increase in net income for the 2021 second quarter, versus the comparable quarter last year, is primarily the result of an increase in net interest income, fueled by strong average deposit and loan growth, as well as the absence of a higher provision for credit losses booked in the second quarter of 2020, which was predominantly due to the effects of COVID-19 on the U.S. economy. Pre-tax, pre-provision earnings were $308.6 million, representing an increase of $60.6 million, or 24.5 percent, compared with $247.9 million for the 2020 second quarter.

Net interest income for the 2021 second quarter reached $457.2 million, up $70.1 million, or 18.1 percent, when compared with the 2020 second quarter. This increase is primarily due to growth in average interest-earning assets. Total assets reached $96.89 billion at June 30, 2021, an increase of $36.54 billion, or 60.5 percent, from $60.35 billion at June 30, 2020. Average assets for the 2021 second quarter reached $91.86 billion, an increase of $34.19 billion, or 59.3 percent, compared with the 2020 second quarter.

Deposits for the 2021 second quarter increased $11.59 billion to $85.56 billion at June 30, 2021. When compared with deposits at June 30, 2020, overall deposit growth for the last twelve months was 70.3 percent, or $35.33 billion. Average deposits for the 2021 second quarter reached $80.74 billion, a record increase of $11.93 billion.

“The success of Signature Bank’s single-point-of-contact service model has resulted in yet another quarter of significant organic growth. Since our founding more than 20 years ago, the Bank has grown dramatically and transformed organically, particularly during the past three years. During this time, we set and achieved specific goals of becoming asset sensitive, increasing both credit and geographic diversification and continuing to grow core deposits. As a result, we shifted to asset sensitive from liability sensitive, with 38 percent of our loan portfolio now variable rate. We reduced our CRE concentration from nearly 600 percent to 345 percent of capital. Our loan to deposit ratio — which peaked at 104 percent — has moved to a low 64 percent. Additionally, we entered new markets through the hiring of veteran bankers for our West Coast private client offices while continuing to increase deposits across our New York operations. The speed at which this institution achieved all of these objectives organically is extraordinary within the banking industry. It clearly demonstrates the power of our founding single-point-of-contact entrepreneurial model,” explained Signature Bank President and Chief Executive Officer Joseph J. DePaolo.

“Throughout the second quarter of 2021, we saw the same strong growth trends we witnessed during the past several quarters. Our record deposit growth of $11.6 billion emanates from all our business units and teams within the institution, demonstrating the broad-based strength of our franchise. Record loan growth of $3.6 billion was driven by our well-established Fund Banking Division, and we put more cash to use than ever before through a record $2.7 billion in securities purchased in our investment portfolio. Our strong growth profile, coupled with the expansion of fee income and contained expenses, led to the third consecutive quarter of both record net income as well as a return on common equity ratio of more than 13 percent. We continue to focus on the pure organic growth that has made this institution successful,” DePaolo concluded.

Scott A. Shay, Chairman of the Board, added: “Signature Bank continues to fire on all cylinders as we stay true to our core principles of providing relationship-based, client-centric service and sleep-at-night safety. While our deposit growth has been truly extraordinary, we remain prudent in the deployment of new funds. We believe the value of building long-term client relationships is most important to sustaining our growth, which is what we encourage our long-term investors to remember. It is always a distinct pleasure to hear so many clients compliment the service of individual colleagues or banking groups for providing positive, prompt and diligent service. This has been our core differentiator, since inception and all along the way, as we built this enterprise organically.

It is also prudent for Signature Bank to maintain its focus on leading and experimenting with the newest technologies in a disciplined yet vigorous manner. In an era of rapid technological change in the financial and payments world, we are on the cutting-edge of adoption and expansion of our digital assets business, especially since the launch of Signet™, our blockchain-based payments platform.

We have always been – and continue to be – willing to do things differently and embrace change, which has not gone unnoticed by our clients, colleagues or investors.”

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 7.86 percent, 10.03 percent, 11.15 percent, and 12.72 percent, respectively, as of June 30, 2021. 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. Given our robust total risk-based ratio, we redeemed $260.0 million of subordinated debt at a rate of 5.3 percent on April 19, 2021. The Bank’s tangible common equity ratio remains strong at 6.31 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.

The Bank declared a cash dividend of $0.56 per share, payable on or after August 13, 2021 to common stockholders of record at the close of business on July 30, 2021. The Bank also declared a cash dividend of $12.50 per share payable on September 30, 2021 to preferred shareholders of record at the close of business on September 17, 2021. In the second quarter of 2021, the Bank paid a cash dividend of $0.56 per share to common stockholders of record at the close of business on May 3, 2021. The Bank also paid a cash dividend of $12.50 per share to preferred shareholders of record at the close of business on June 18, 2021.

Net Interest Income

Net interest income for the 2021 second quarter was $457.2 million, an increase of $70.1 million, or 18.1 percent, versus the same period last year, primarily due to growth in average interest-earning assets. Average interest-earning assets of $90.99 billion for the 2021 second quarter represent an increase of $34.53 billion, or 61.2 percent, from the 2020 second quarter. Yield on interest-earning assets for the 2021 second quarter decreased 107 basis points to 2.37 percent, compared to the second quarter of last year.

Average cost of deposits and average cost of funds for the second quarter of 2021 decreased by 29 and 35 basis points, to 0.27 percent and 0.38 percent, respectively, versus the comparable period a year ago.

Net interest margin on a tax-equivalent basis for the 2021 second quarter was 2.02 percent versus 2.77 percent reported in the 2020 second quarter and 2.10 percent in the 2021 first quarter. Excluding loan prepayment penalties in both quarters, linked quarter core net interest margin on a tax-equivalent basis decreased eight basis points to 1.99 percent. The 2021 second quarter net interest margin was negatively affected by 55 basis points due to significant excess cash balances driven by record deposit growth.

Provision for Credit Losses

The Bank’s provision for credit losses for the second quarter of 2021 was $8.3 million, compared with $30.9 million for the 2021 first quarter and $93.0 million for the 2020 second quarter. The decrease in the provision for credit losses for the second quarter was predominantly attributable to improved macroeconomic conditions compared with the same period last year.

Net charge offs for the 2021 second quarter were $15.3 million, or 0.12 percent of average loans, on an annualized basis, versus $17.9 million, or 0.15 percent, for the 2021 first quarter and net charge offs of $4.6 million, or 0.04 percent, for the 2020 second quarter.

Non-Interest Income and Non-Interest Expense

Non-interest income for the 2021 second quarter was $23.4 million, up $10.7 million when compared with $12.7 million reported in the 2020 second quarter. The increase was driven by growth of $6.3 million in fees and service charges.

Non-interest expense for the second quarter of 2021 was $172.0 million, an increase of $20.1 million, or 13.3 percent, versus $151.9 million reported in the 2020 second quarter. The increase was predominantly due to a rise of $13.7 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 35.8 percent for the 2021 second quarter compared with 38.0 percent for the same period a year ago, and 37.9 percent for the first quarter of 2021.

Loans

Loans, excluding loans held for sale, grew $3.56 billion, or 7.0 percent, during the second quarter of 2021 to $54.51 billion, compared with $50.95 billion at March 31, 2021. Core loans (excluding Paycheck Protection Program loans) grew a record $3.92 billion, or 8.1 percent, during the second quarter of 2021 to $52.20 billion, compared with $48.28 billion at March 31, 2021. Average loans, excluding loans held for sale, reached $52.48 billion in the 2021 second quarter, growing $3.12 billion, or 6.3 percent, from the 2021 first quarter and $9.74 billion, or 22.8 percent, from the 2020 second quarter.

At June 30, 2021, non-accrual loans were $136.1 million, representing 0.25 percent of total loans and 0.14 percent of total assets, compared with non-accrual loans of $133.7 million, or 0.26 percent of total loans, at March 31, 2021 and $46.9 million, or 0.10 percent of total loans, at June 30, 2020. The ratio of allowance for credit losses for loans and leases to total loans at June 30, 2021 was 0.94 percent, versus 1.02 percent at March 31, 2021 and 0.98 percent at June 30, 2020. Additionally, the ratio of allowance for credit losses for loans and leases to non-accrual loans, or the coverage ratio, was 378 percent for the 2021 second quarter versus 390 percent for the first quarter of 2021 and 947 percent for the 2020 second quarter.

COVID-19 Related Loan Modifications

As of July 15, 2021, total non-payment deferrals were $308.7 million, or 0.57 percent of the Bank’s total loan portfolio, compared with non-payment deferrals of $982.8 million, or 1.9 percent of total loans, at April 15, 2021, and $11.08 billion, or 24.5 percent of total loans at their peak level as of June 30, 2020. The positive trend is the result of the Bank’s ability to work closely with its clients toward reasonable resolutions.

 

 

 

Non-Payment Modifications

(dollars in millions)

Portfolio Balance

June 30, 2021

 

Deferral Balance

July 15, 2021

 

%

of Loan Category

Multi-family

$

15,468

 

85

 

0.5

%

Retail

5,585

 

138

 

2.5

%

Office

4,044

 

6

 

0.1

%

Acquisition, Development, and Construction (ADC)

1,427

 

8

 

0.6

%

Industrial

635

 

 

%

Hotel

76

 

 

%

Land

42

 

 

%

Other

333

 

 

%

Total Commercial Real Estate

27,610

 

237

 

0.9

%

Fund Banking and Venture Banking

16,177

 

 

%

Asset Based Lending

348

 

 

%

Signature Financial

5,051

 

2

 

%

Traditional Commercial & Industrial

2,540

 

59

 

2.3

%

Total Commercial & Industrial

24,116

 

61

 

0.3

%

PPP Loans

2,307

 

 

%

Consumer and Residential

556

 

11

 

2.0

%

Premium, deferred fees, and costs

(80

)

 

%

Total Loans

$

54,509

 

309

 

0.6

%

Additionally, the Bank has made other COVID-19 related modifications that have resulted in the receipt of modified principal and interest payments totaling 7.0 percent of the loan book.

Conference Call

Signature Bank’s management will host a conference call to review results of the 2021 second quarter on Tuesday, July 20, 2021, at 10:00 AM ET. All participants should dial 866-359-8135 at least ten minutes prior to the start of the call and reference conference ID #6246928. International callers should dial 901-300-3484.

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. To listen to a telephone replay of the conference call, please dial 800-585-8367 or 404-537-3406 and enter conference ID #6246928. The replay will be available from approximately 1:00 PM ET on Tuesday, July 20, 2021 through 11:59 PM ET on Friday, July 23, 2021.

About Signature Bank

Signature Bank, member FDIC, is a New York-based full-service commercial bank with 37 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 22nd 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 that are subject to risks and uncertainties. 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 future results, interest rates and the interest rate environment, loan and deposit growth, loan performance, operations, new private client teams and other hires, new office openings, our business strategy and the impact of the COVID-19 pandemic on each of the foregoing and on our business overall. These 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, which is having an unprecedented impact on all aspects of our operations, the financial services industry and the economy as a whole. 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. Additional risks are described in our quarterly and annual reports filed with the FDIC. You should keep in mind that any forward-looking statements made by Signature Bank speak only as of the date on which they were made. New risks and uncertainties come up from time to time, and we cannot predict these events or how they may affect the Bank. Signature Bank has no duty to, and does not intend to, update or revise the forward-looking statements after the date on which they are made. In light of these risks and uncertainties, you should keep in mind that any forward-looking statement made in this release or elsewhere might not reflect actual results.

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)

 

2021

2020

 

2021

2020

INTEREST INCOME

 

 

 

 

 

 

Loans held for sale

 

$

998

 

937

 

 

1,577

 

1,642

 

Loans and leases

 

466,748

 

413,767

 

 

895,729

 

818,277

 

Securities available-for-sale

 

46,722

 

47,684

 

 

88,597

 

99,432

 

Securities held-to-maturity

 

13,240

 

14,030

 

 

26,202

 

28,624

 

Other investments

 

9,102

 

5,364

 

 

16,246

 

13,621

 

Total interest income

536,810

 

481,782

 

 

1,028,351

 

961,596

 

INTEREST EXPENSE

 

 

 

 

 

 

Deposits

 

54,948

 

65,550

 

 

112,452

 

165,290

 

Federal funds purchased and securities sold under

 

 

 

 

 

 

agreements to repurchase

 

595

 

719

 

 

1,197

 

1,467

 

Federal Home Loan Bank borrowings

 

17,114

 

22,528

 

 

34,242

 

47,739

 

Subordinated debt

 

6,932

 

5,852

 

 

16,733

 

11,704

 

Total interest expense

79,589

 

94,649

 

 

164,624

 

226,200

 

Net interest income before provision for credit losses

 

457,221

 

387,133

 

 

863,727

 

735,396

 

Provision for credit losses

 

8,308

 

93,008

 

 

39,180

 

159,831

 

Net interest income after provision for credit losses

 

448,913

 

294,125

 

 

824,547

 

575,565

 

NON-INTEREST INCOME

 

 

 

 

 

 

Commissions

 

3,899

 

2,877

 

 

7,902

 

6,527

 

Fees and service charges

 

16,605

 

10,307

 

 

33,535

 

20,901

 

Net gains on sales of loans

 

3,393

 

1,821

 

 

10,454

 

4,556

 

Other (loss) income

 

(529

)

(2,341

)

 

4,178

 

(5,140

)

Total non-interest income

23,368

 

12,664

 

 

56,069

 

26,844

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

Salaries and benefits

 

112,806

 

99,084

 

 

218,857

 

192,116

 

Occupancy and equipment

 

10,779

 

11,282

 

 

22,552

 

21,819

 

Information technology

 

10,722

 

10,254

 

 

22,203

 

20,473

 

FDIC assessment fees

 

4,486

 

3,699

 

 

10,211

 

6,597

 

Professional fees

 

7,278

 

4,789

 

 

12,420

 

9,532

 

Other general and administrative

 

25,948

 

22,765

 

 

52,167

 

45,302

 

Total non-interest expense

172,019

 

151,873

 

 

338,410

 

295,839

 

Income before income taxes

 

300,262

 

154,916

 

 

542,206

 

306,570

 

Income tax expense

 

85,769

 

37,702

 

 

137,181

 

89,769

 

Net income

 

$

214,493

 

117,214

 

 

405,025

 

216,801

 

Preferred stock dividends

 

9,125

 

 

 

19,637

 

 

Net income available to common shareholders

 

$

205,368

 

117,214

 

 

385,388

 

216,801

 

PER COMMON SHARE DATA

 

 

 

 

 

 

Earnings per common share – basic

 

$

3.59

 

2.22

 

 

6.87

 

4.10

 

Earnings per common share – diluted

 

$

3.57

 

2.21

 

 

6.80

 

4.09

Dividends per common share

$

0.56

0.56

1.12

 

1.12

SIGNATURE BANK

 

 

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

 

 

 

June 30,

December 31,

 

2021

2020

(dollars in thousands, except shares and per share amounts)

(unaudited)

 

ASSETS

 

 

Cash and due from banks

$

24,811,551

 

 

12,208,997

 

Short-term investments

 

168,419

 

 

139,334

 

Total cash and cash equivalents

 

24,979,970

 

 

12,348,331

 

Securities available-for-sale (amortized cost $12,660,722 at June 30, 2021 and $8,891,709 at December 31, 2020); (zero allowance for credit losses at June 30, 2021 and $4 at December 31, 2020)

 

12,577,448

 

 

8,890,417

 

Securities held-to-maturity (fair value $3,373,059 at June 30, 2021 and $2,329,378 at December 31, 2020); (allowance for credit losses $78 at June 30, 2021 and $51 at December 31, 2020)

 

3,361,011

 

 

2,282,830

 

Federal Home Loan Bank stock

 

171,759

 

 

171,678

 

Loans held for sale

 

548,701

 

 

407,363

 

Loans and leases

 

54,509,167

 

 

48,833,098

 

Allowance for credit losses for loans and leases

 

(514,794

)

 

(508,299

)

Loans and leases, net

 

53,994,373

 

 

48,324,799

 

Premises and equipment, net

 

84,097

 

 

80,274

 

Operating lease right-of-use assets

 

229,432

 

 

237,407

 

Accrued interest and dividends receivable

 

307,704

 

 

277,801

 

Other assets

 

633,306

 

 

867,444

 

Total assets

$

96,887,801

 

 

73,888,344

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

Deposits

 

 

Non-interest-bearing

$

28,674,539

 

 

18,757,771

 

Interest-bearing

 

56,887,937

 

 

44,557,552

 

Total deposits

 

85,562,476

 

 

63,315,323

 

Federal funds purchased and securities sold under agreements

 

 

to repurchase

 

150,000

 

 

150,000

 

Federal Home Loan Bank borrowings

 

2,764,245

 

 

2,839,245

 

Subordinated debt

 

569,519

 

 

828,588

 

Operating lease liabilities

 

257,934

 

 

265,354

 

Accrued expenses and other liabilities

 

739,064

 

 

662,925

 

Total liabilities

 

90,043,238

 

 

68,061,435

 

Shareholders’ equity

 

 

Preferred stock, par value $.01 per share; 61,000,000 shares authorized; 730,000 shares issued and outstanding at June 30, 2021 and December 31, 2020

 

7

 

 

7

 

Common stock, par value $.01 per share; 125,000,000 and 64,000,000 shares authorized at June 30, 2021 and December 31, 2020, respectively; 57,859,394 shares issued and 57,761,664 outstanding at June 30, 2021; 55,520,417 shares issued and 53,564,573 outstanding at December 31, 2020

 

577

 

 

555

 

Additional paid-in capital

 

3,084,743

 

 

2,583,514

 

Retained earnings

 

3,871,125

 

 

3,548,260

 

Treasury stock, zero shares at June 30, 2021 and 1,899,336 shares at December 31, 2020

 

 

 

(232,531

)

Accumulated other comprehensive loss

 

(111,889

)

 

(72,896

)

Total shareholders’ equity

 

6,844,563

 

 

5,826,909

 

Total liabilities and shareholders’ equity

$

96,887,801

 

 

73,888,344

Contacts

Investor Contact:

Eric R. Howell, Senior Executive Vice President –

Chief Operating Officer

646-822-1402, ehowell@signatureny.com

Media Contact:

Susan Turkell Lewis, 646-822-1825,

slewis@signatureny.com

Read full story here