Signature Bank Reports 2009 Third Quarter Results
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-- Net Income for the 2009 Third Quarter Was $15.2 Million, or $0.37
Diluted Earnings Per Share, Versus $9.2 Million, or $0.29 Diluted
Earnings Per Share, for the 2008 Third Quarter, an Increase of $6.0
Million, or 65.0 Percent
-- Deposits Grew a Record $701.2 Million During the Quarter, to $6.8
Billion. Overall Deposit Growth at $1.42 Billion, or 26.3 Percent, from
Year End 2008. Average Deposits in the Quarter Were $6.6 Billion, Up
$733.6 Million, or 12.5 Percent When Compared with the 2009 Second
Quarter
-- Core Deposit Growth for the 2009 Third Quarter Reached Record Levels of
$534.9 Million, or 9.2 Percent
-- Loans Increased $361.4 Million, or 9.6 Percent, to $4.13 Billion for the
Quarter
-- Total Non-Performing Loans Remained Relatively Stable at $51.2 Million,
or 1.24 Percent of Total Loans, Compared with $47.9 Million, or 1.27
Percent of Total Loans at June 30, 2009
-- Tier One Leverage, Tier One Risk-Based and Total Risk-Based Capital
Ratios of 9.80 Percent, 14.46 Percent and 15.34 Percent, Respectively.
Bank Remains Significantly Above Thresholds Required to Meet FDIC "Well
Capitalized" Standards. Tangible Common Equity Ratio at a High 9.00
Percent
-- Net Interest Margin on a Tax-equivalent Basis Remained Unchanged at 3.39
Percent Versus the 2009 Second Quarter
-- Two Private Client Banking Teams Joined the Bank During the Third
Quarter and One New Office Opened; Another Team Hired in the Fourth
Quarter for a Total of 13 Teams Added Year-to-Date
NEW YORK--(BUSINESS WIRE)-- Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, today announced its results for the 2009 third quarter ended September 30, 2009.
Net income for the 2009 third quarter increased 65.0 percent to $15.2 million, or $0.37 diluted earnings per share, compared with $9.2 million, or $0.29 diluted earnings per share, for the 2008 third quarter. The 2008 third quarter results include an $8.0 million other than temporary impairment write-down on a single Lehman Brothers senior debenture. Excluding the after-tax effect of the impairment write-down on this debenture, net income for the 2008 third quarter would have been $13.6 million, or $0.44 diluted earnings per share.
The increase in net income during the third quarter is a result of several factors, including record core deposit growth, solid loan growth and net interest margin expansion. These factors were partially offset by an increase in the provision for loan losses, a decrease in commissions and an increase in non-interest expenses.
Net interest income for the third quarter of 2009 was $68.6 million, an increase of $18.5 million, or 37.0 percent, when compared with the same period last year. Total assets reached $8.6 billion at September 30, 2009, expanding $1.41 billion, or 19.6 percent, when compared with $7.19 billion at December 31, 2008. Average assets for the 2009 third quarter were $8.35 billion, an increase of $1.87 billion, or 28.9 percent, from the comparable period last year.
Deposits during the third quarter of 2009 grew $701.2 million, or 11.5 percent, to $6.8 billion at September 30, 2009. Core deposits increased $534.9 million, or 9.2 percent, along with an increase of $192.9 million in short-term escrow deposits and a decrease of $26.5 million in brokered deposits. When compared with deposits at December 31, 2008, the overall deposit growth during the past nine months represents an increase of $1.42 billion, or 26.3 percent. Core deposit growth for the nine months ended September 30, 2009, was $1.32 billion, or 26.3 percent.
"The third quarter of 2009 represents yet another quarter where the Bank achieved record core deposit growth and demonstrated strong financial performance across all key metrics, including core earnings, margins and loans as well as deposits. Signature Bank continues to perform while the industry remains challenged," stated Joseph J. DePaolo, Signature Bank President and Chief Executive Officer.
"We are able to sustain our solid growth and continue to build our reputation because we remain true to our depositor-focused business model. We are capitalizing on the instabilities amid our competitive landscape and, toward this end, we added 13 private client banking teams to date this year. Our successful strategy is evidenced by our record core deposit growth again this quarter. The success of our teams, both new and established, stems from the fact clients simply want to bank at an institution where they know their deposits are safe and where our team-based single point of contact model meets all their needs," DePaolo commented.
Scott A. Shay, Chairman of the Board, discussed the Bank's results and market position: "While the banking industry continues to struggle, Signature Bank stands out in stability, success and strength. Our strong balance sheet allows us to take full advantage of opportunities to hire talented banking professionals, organically grow core client deposit relationships and provide secure lending. Our core principles and philosophies have been our compass since our founding and, frankly, they are not only guiding us through these treacherous times but, rather, they have enabled us to flourish. We always place depositor interests as the first and foremost priority in our minds."
Capital
The Bank's tier one leverage, tier one risk-based, and total risk-based capital ratios were approximately 9.80 percent, 14.46 percent and 15.34 percent, respectively, as of September 30, 2009, well in excess of regulatory requirements. The Bank's strong risk-based ratios reflect the relatively low risk profile of the Bank's balance sheet. The Bank's tangible common equity ratio remains strong at 9.00 percent.
Net Interest Income
Net interest income on a tax-equivalent basis for the 2009 third quarter was $68.6 million, an increase of $18.5 million, or 36.9 percent, when compared with the 2008 third quarter. Average interest-earning assets for the 2009 third quarter rose $1.90 billion, or 31.0 percent, from the comparable prior year period. Yield on interest-earning assets for the third quarter of 2009 decreased 36 basis points, to 4.96 percent, versus the 2008 third quarter. The decrease was primarily attributable to lower prevailing interest rates.
Average costs of deposits and average costs of funds for the 2009 third quarter decreased by 38 and 45 basis points to 1.33 percent and 1.67 percent, respectively, when compared with the 2008 third quarter. These decreases were predominantly the result of lower prevailing interest rates.
Net interest margin on a tax-equivalent basis for the 2009 third quarter increased 13 basis points to 3.39 percent compared with the same period last year. On a linked-quarter basis, net interest margin remained unchanged at 3.39 percent as cash balances were excessive given the Bank's cautious deployment of deposit inflows.
Provision for Loan Losses
The Bank's provision for loan losses for the third quarter of 2009 was $11.9 million, up $6.1 million compared with the same period a year ago and up $2.5 million from $9.4 million for the second quarter of 2009. The increase was primarily driven by the growth in the loan portfolio, combined with an increase in charge-offs, non-performing loans and provisions to recognize the effect of the current economic environment on the Bank's loan portfolio.
Net charge-offs for the 2009 third quarter of 2009 were $6.6 million, or 0.66 percent on an annualized basis, compared with $4.4 million, or 0.48 percent, for the 2009 second quarter and $2.6 million, or 0.36 percent, for the 2008 third quarter.
Non-Interest Income and Non-Interest Expense
Non-interest income for the 2009 third quarter was $7.3 million, an increase of $3.6 million when compared with the $3.7 million reported in the third quarter of 2008. Third quarter 2008 non-interest income was negatively affected by an $8.0 million other than temporary impairment write-down on a single Lehman Brothers senior debenture. Non-interest income for the 2009 third quarter was impacted by a decrease of $2.7 million in commissions primarily due to a reduction in commissions earned on off-balance sheet money market funds caused by the current low interest rate environment.
Non-interest expense for the third quarter of 2009 was $38.6 million, up $5.8 million, or 17.7 percent, versus $32.8 million reported in the 2008 third quarter. The increase for the quarter was primarily a result of the addition of new private client banking teams and offices, growth in client activity, and additional costs of $1.4 million related to FDIC deposit assessment fees and the FDIC deposit guarantee program.
The Bank's efficiency ratio improved to 50.8 percent for the 2009 third quarter versus 60.9 percent for the 2008 third quarter and 53.0 percent after excluding the impairment write-down on the debenture described above.
Loans
Loans, excluding loans held for sale, increased $361.4 million, or 9.6 percent, to $4.13 billion at September 30, 2009, versus $3.77 billion at June 30, 2009. At September 30, 2009, loans accounted for 48.0 percent of total assets, compared with 47.8 percent at June 30, 2009. Average loans, excluding loans held for sale, reached $3.96 billion in the 2009 third quarter, growing $287.1 million, or 7.8 percent, since June 30, 2009.
At September 30, 2009, non-performing loans were $51.2 million, representing 1.24 percent of total loans and 0.60 percent of total assets, compared with non-performing loans of $47.9 million, or 1.27 percent of total loans, at June 30, 2009, and $30.8 million, or 1.0 percent of total loans, at September 30, 2008. At the end of the 2009 third quarter, the ratio of allowance for loan losses to total loans was at 1.20 percent, versus 1.18 percent at June 30, 2009, and 1.00 percent at September 30, 2008.
Conference Call
Signature Bank's management will host a conference call to review results of the 2009 third quarter on Tuesday, October 27, 2009, at 10:00 a.m. ET. All participants should dial 480-629-9819 at least ten minutes prior to the start of the call.
To hear a live Web simulcast or to listen to the archived webcast following completion of the call, please visit the Bank's Web site at www.signatureny.com, click on the "Investor Relations" tab, then select "Company News," followed by "Conference Calls," to access the link to the call. To listen to a telephone replay of the conference call, please dial 303-590-3030 and enter reservation identification number 4173144. The replay will be available from approximately 12:00 p.m. ET on Tuesday, October 27, 2009, through 11:59 p.m. ET on Friday, October 30, 2009.
About Signature Bank
Signature Bank, member FDIC, a New York-based full-service commercial bank with 23 private client offices in the New York metropolitan area, serves the needs of privately owned businesses, their owners and senior managers through dozens of private client groups. The Bank offers a wide variety of business and personal banking products and services as well as investment, brokerage, asset management and insurance products and services through its subsidiary, Signature Securities Group Corporation, a licensed broker-dealer, investment adviser and member FINRA/SIPC.
Signature Bank's 23 offices are located throughout the metropolitan New York area. In Manhattan - 261 Madison Avenue; 300 Park Avenue; 71 Broadway; 565 Fifth Avenue; 950 Third Avenue; 200 Park Avenue South, 1020 Madison Avenue and 50 West 57th Street. Brooklyn - 26 Court Street; 84 Broadway and 6321 New Utrecht Avenue. Westchester - 1C Quaker Ridge Road, New Rochelle and 360 Hamilton Avenue, White Plains. Long Island - 1225 Franklin Avenue, Garden City; 279 Sunrise Highway, Rockville Centre; 68 South Service Road, Melville; 923 Broadway, Woodmere; 40 Cuttermill Road, Great Neck and 100 Jericho Quadrangle, Jericho. Queens - 36-36 33rd Street, Long Island City and 78-27 37th Avenue, Jackson Heights. Bronx - 421 Hunts Point Avenue, Bronx. Staten Island - 2066 Hylan Blvd.
For more information, please visit www.signatureny.com.
This press release and oral statements made from time to time by our representatives contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Forward-looking statements include information concerning our future results, interest rates and the interest rate environment, loan and deposit growth, loan performance, operations, capitalization, new private client team hires, new office openings, the regulatory environment and business strategy. These statements often include words such as "may," "believe," "expect," "anticipate," "intend," "plan," "estimate" or other similar expressions. As you consider forward-looking statements, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties and assumptions that could cause actual results to differ materially from those in the forward-looking statements. These factors include but are not limited to: (i) prevailing economic and regulatory conditions, including the establishment of special assessments by the FDIC; (ii) changes in interest rates, loan demand, real estate values and competition, which can materially affect origination levels and gain on sale results in our business, as well as other aspects of our financial performance; (iii) the level of defaults, losses and prepayments on loans made by us, whether held in portfolio or sold in the whole loan secondary markets, which can materially affect charge-off levels and required credit loss reserve levels; and (iv) competition for qualified personnel and desirable office locations. Additional risks are described in our quarterly and annual reports filed with the FDIC. You should keep in mind that any forward-looking statements made by Signature Bank speak only as of the date on which they were made. New risks and uncertainties come up from time to time, and we cannot predict these events or how they may affect the Bank. Signature Bank has no duty to, and does not intend to, update or revise the forward-looking statements after the date on which they are made. In light of these risks and uncertainties, you should keep in mind that any forward-looking statement made in this release or elsewhere might not reflect actual results.
SIGNATURE BANK
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three months ended Nine months ended
September 30, September 30,
(dollars in thousands, except per 2009 2008 2009 2008
share amounts)
INTEREST AND DIVIDEND INCOME
Loans held for sale $ 765 1,220 1,916 3,764
Loans, net 55,445 42,648 153,995 112,026
Securities available-for-sale 40,717 34,666 114,166 103,044
Securities held-to-maturity 2,926 2,878 8,297 9,989
Other short-term investments 385 441 986 2,994
Total interest income 100,238 81,853 279,360 231,817
INTEREST EXPENSE
Deposits 22,130 20,620 63,572 66,200
Federal funds purchased and
securities sold under agreements to 6,868 7,701 21,334 21,082
repurchase
Federal Home Loan Bank advances 2,626 3,369 7,792 8,041
Other short-term borrowings - 65 - 125
Total interest expense 31,624 31,755 92,698 95,448
Net interest income before 68,614 50,098 186,662 136,369
provision for loan losses
Provision for loan losses 11,881 5,781 30,878 18,218
Net interest income after provision 56,733 44,317 155,784 118,151
for loan losses
NON-INTEREST INCOME
Commissions 2,033 4,716 7,505 14,048
Fees and service charges 3,167 3,276 9,780 10,268
Net gains on sales of securities 1,377 2,451 6,086 5,308
Net gains on sales of loans 1,168 422 2,036 1,332
Other-than-temporary impairment (14,717 ) (7,973 ) (14,893 ) (9,614 )
losses on securities
Portion of loss recognized in other 14,094 - 14,094 -
comprehensive income (before taxes)
Net impairment losses on securities (623 ) (7,973 ) (799 ) (9,614 )
recognized in earnings
Trading (loss) income (270 ) 130 (961 ) 136
Other income 452 686 1,370 1,854
Total non-interest income 7,304 3,708 25,017 23,332
NON-INTEREST EXPENSE
Salaries and benefits 22,734 19,695 64,617 55,575
Occupancy and equipment 3,713 3,502 10,401 9,886
Other general and administrative 12,116 9,563 36,456 26,576
Total non-interest expense 38,563 32,760 111,474 92,037
Income before income taxes 25,474 15,265 69,327 49,446
Income tax expense 10,307 6,070 27,571 19,549
Net income 15,167 9,195 41,756 29,897
Dividends on preferred stock and - - 12,203 -
related discount accretion
Net income available to common $ 15,167 9,195 29,553 29,897
shareholders
PER COMMON SHARE DATA
Earnings per share - basic (1) $ 0.37 0.30 0.79 0.99
Earnings per share - diluted (1) $ 0.37 0.29 0.78 0.98
(1) For the nine months ended September 30, 2009, includes the negative effect
of the $10.2 million deemed dividend associated with the difference between the
redemption payment and the carrying value of the preferred stock repurchased
from the United States Department of the Treasury.
SIGNATURE BANK
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
September 30, December 31,
2009 2008
(dollars in thousands, except per share amounts) (unaudited)
ASSETS
Cash and due from banks $ 149,479 111,927
Short-term investments 3,281 4,330
Total cash and cash equivalents 152,760 116,257
Securities available-for-sale (pledged $1,851,154
at September 30, 2009 and $1,812,790 at December 3,556,152 2,906,059
31, 2008)
Securities held-to-maturity (fair value $269,775 at
September 30, 2009 and $230,539 at December 31, 280,621 236,531
2008; pledged $180,181 at September 30, 2009 and
$148,239 at December 31, 2008)
Federal Home Loan Bank stock 21,881 18,411
Loans held for sale 267,530 217,680
Loans, net 4,078,918 3,433,555
Premises and equipment, net 32,133 33,221
Accrued interest and dividends receivable 41,461 36,326
Other assets 169,795 194,159
Total assets $ 8,601,251 7,192,199
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non-interest-bearing 1,637,392 1,563,407
Interest-bearing 5,166,851 3,824,479
Total deposits 6,804,243 5,387,886
Federal funds purchased and securities sold under 647,000 785,000
agreements to repurchase
Federal Home Loan Bank advances 260,000 260,000
Other short-term borrowings 6,521 4,900
Accrued expenses and other liabilities 109,731 56,278
Total liabilities 7,827,495 6,494,064
Shareholders' equity
Preferred stock, par value $.01; 61,000,000 shares
authorized; none issued at September 30, 2009;
120,000 shares with $1,000 liquidation value issued - 109,314
and outstanding at December 31, 2008, net of
discount
Common stock, par value $.01; 64,000,000 shares
authorized; 40,617,307 and 35,244,946 shares issued 406 352
and outstanding at September 30, 2009 and December
31, 2008
Additional paid-in capital 666,720 534,458
Retained earnings 152,015 116,707
Net unrealized depreciation on securities, net of (45,385 ) (62,696 )
tax
Total shareholders' equity 773,756 698,135
Total liabilities and shareholders' equity $ 8,601,251 7,192,199
SIGNATURE BANK
FINANCIAL SUMMARY, CAPITAL RATIOS, ASSET QUALITY
(unaudited)
Three months ended Nine months ended
September 30, September 30, September 30, September 30,
(dollars in
thousands, except 2009 2008 2009 2008
ratios and per share
amounts)
PER COMMON SHARE
Net income - basic $ 0.37 $ 0.30 $ 0.79 $ 0.99
(1)
Net income - diluted $ 0.37 $ 0.29 $ 0.78 $ 0.98
(1)
Average shares 40,604 30,837 37,527 30,109
outstanding - basic
Average shares
outstanding - 41,013 31,249 37,906 30,475
diluted
Book value $ 19.05 $ 16.14 $ 19.05 $ 16.14
SELECTED FINANCIAL
DATA
Return on average 0.72 % 0.56 % 0.72 % 0.65 %
total assets
Return on average 7.97 % 7.36 % 7.59 % 8.04 %
shareholders' equity
Return on average
common shareholders' 7.97 % 7.36 % 5.80 % 8.04 %
equity
Efficiency ratio (2) 50.80 % 60.89 % 52.66 % 57.63 %
Efficiency ratio
excluding write-down
for other than 50.38 % 53.03 % 52.46 % 54.36 %
temporary impairment
of securities (2)
Yield on
interest-earning 4.96 % 5.32 % 5.06 % 5.34 %
assets
Yield on
interest-earning
assets, 4.96 % 5.32 % 5.06 % 5.35 %
tax-equivalent basis
(3)
Cost of deposits and 1.67 % 2.12 % 1.78 % 2.26 %
borrowings
Net interest margin 3.39 % 3.25 % 3.38 % 3.14 %
Net interest margin,
tax-equivalent basis 3.39 % 3.26 % 3.38 % 3.15 %
(3)
(1) For the nine months ended September 30, 2009, includes the negative effect
of the $10.2 million deemed dividend associated with the difference between the
redemption payment and the carrying value of the preferred stock repurchased
from the U.S. Treasury.
(2) The efficiency ratio is calculated by dividing non-interest expense by the
sum of net interest income before provision for loan losses and other
non-interest income.
(3) Presented using a 35 percent federal tax rate.
September 30, June 30, December 31, September 30,
2009 2009 2008 2008
CAPITAL RATIOS
Tangible common 9.00 % 9.34 % 8.19 % 8.48 %
equity (4)
Tier one leverage 9.80 % 10.65 % 10.61 % 9.64 %
Tier one risk-based 14.46 % 15.26 % 17.00 % 15.35 %
Total risk-based 15.34 % 16.11 % 17.83 % 16.11 %
ASSET QUALITY
Non-performing loans $ 51,246 $ 47,884 $ 31,885 $ 30,824
Allowance for loan $ 49,701 $ 44,430 $ 36,987 $ 30,973
losses
Allowance for loan
losses to 96.99 % 92.79 % 116.00 % 100.48 %
non-performing loans
Allowance for loan
losses to total 1.20 % 1.18 % 1.07 % 1.00 %
loans
Non-performing loans 1.24 % 1.27 % 0.92 % 1.00 %
to total loans
Quarterly net
charge-offs to 0.66 % 0.48 % 0.32 % 0.36 %
average loans
(annualized)
(4) We define tangible common equity as the ratio of tangible common equity to
adjusted tangible assets (the "TCE ratio") and calculate this ratio by dividing
total consolidated common shareholders' equity by consolidated total assets.
Tangible common equity is considered to be a non-GAAP financial measure and
should be considered in addition to, not as a substitute for or superior to,
financial measures determined in accordance with GAAP. The TCE ratio is a metric
used by management to evaluate the adequacy of our capital levels.
SIGNATURE BANK
NET INTEREST MARGIN ANALYSIS
(unaudited)
Three months ended Three months ended
September 30, 2009 September 30, 2008
(dollars in Average Interest Average Average Interest Average
thousands) Balance Income/ Yield/ Balance Income/ Yield/
Expense Rate Expense Rate
INTEREST-EARNING
ASSETS
Short-term $ 181,840 86 0.19 % 16,823 100 2.36 %
investments
Investment 3,726,228 43,942 4.72 % 3,092,908 37,885 4.90 %
securities
Commercial loans and
commercial 3,608,823 50,198 5.52 % 2,576,421 37,440 5.78 %
mortgages (1)
Residential 180,204 2,432 5.40 % 179,112 2,537 5.67 %
mortgages
Consumer loans 168,515 2,847 6.70 % 126,662 2,701 8.48 %
Loans held for sale 156,837 765 1.94 % 133,502 1,220 3.64 %
Total
interest-earning 8,022,447 100,270 4.96 % 6,125,428 81,883 5.32 %
assets
Non-interest-earning 322,890 349,180
assets
Total assets $ 8,345,337 6,474,608
INTEREST-BEARING
LIABILITIES
Interest-bearing
deposits
NOW accounts 673,079 1,261 0.74 % 294,899 1,562 2.11 %
Money market 3,324,355 15,465 1.85 % 2,622,601 15,272 2.32 %
accounts
Time deposits 912,074 5,404 2.35 % 475,652 3,786 3.17 %
Non-interest-bearing 1,699,671 - - 1,401,115 - -
deposits
Total deposits 6,609,179 22,130 1.33 % 4,794,267 20,620 1.71 %
Borrowings 908,685 9,494 4.15 % 1,178,201 11,135 3.76 %
Total deposits and 7,517,864 31,624 1.67 % 5,972,468 31,755 2.12 %
borrowings
Other
non-interest-bearing 827,473 502,140
liabilities and
shareholders' equity
Total liabilities
and shareholders' $ 8,345,337 6,474,608
equity
OTHER DATA
Tax-equivalent basis
Net interest income
/ interest rate 68,646 3.29 % 50,128 3.20 %
spread
Net interest margin 3.39 % 3.26 %
Tax-equivalent
adjustment / effect
Net interest income
/ interest rate (32 ) - (30 ) (0.00 )%
spread
Net interest margin - (0.01 )%
As reported
Net interest income
/ interest rate 68,614 3.29 % 50,098 3.20 %
spread
Net interest margin 3.39 % 3.25 %
Ratio of average
interest-earning
assets to average 106.71 % 102.56 %
interest-bearing
liabilities
(1) Includes interest income on certain tax-exempt assets presented on a
tax-equivalent basis using a 35 percent federal tax rate.
SIGNATURE BANK
NET INTEREST MARGIN ANALYSIS
(unaudited)
Nine months ended Nine months ended
September 30, 2009 September 30, 2008
(dollars in Average Interest Average Average Interest Average
thousands) Balance Income/ Yield/ Balance Income/ Yield/
Expense Rate Expense Rate
INTEREST-EARNING
ASSETS
Short-term $ 129,260 200 0.21 % 92,581 2,021 2.92 %
investments
Investment 3,398,531 123,249 4.84 % 3,123,626 114,006 4.87 %
securities
Commercial loans and
commercial 3,379,712 138,671 5.49 % 2,170,481 96,318 5.93 %
mortgages (1)
Residential 179,512 7,414 5.51 % 176,271 7,538 5.70 %
mortgages
Consumer loans 158,409 8,009 6.76 % 120,735 8,451 9.35 %
Loans held for sale 133,334 1,916 1.92 % 113,001 3,764 4.45 %
Total
interest-earning 7,378,758 279,459 5.06 % 5,796,695 232,098 5.35 %
assets
Non-interest-earning 327,622 322,745
assets
Total assets $ 7,706,380 6,119,440
INTEREST-BEARING
LIABILITIES
Interest-bearing
deposits
NOW accounts 572,353 3,748 0.88 % 304,639 5,097 2.23 %
Money market 2,988,316 43,725 1.96 % 2,619,541 50,718 2.59 %
accounts
Time deposits 830,757 16,099 2.59 % 394,011 10,385 3.52 %
Non-interest-bearing 1,599,520 - - 1,367,529 - -
deposits
Total deposits 5,990,946 63,572 1.42 % 4,685,720 66,200 1.89 %
Borrowings 958,726 29,126 4.06 % 957,720 29,248 4.08 %
Total deposits and 6,949,672 92,698 1.78 % 5,643,440 95,448 2.26 %
borrowings
Other
non-interest-bearing 756,708 476,000
liabilities and
shareholders' equity
Total liabilities
and shareholders' $ 7,706,380 6,119,440
equity
OTHER DATA
Tax-equivalent basis
Net interest income
/ interest rate 186,761 3.28 % 136,650 3.09 %
spread
Net interest margin 3.38 % 3.15 %
Tax-equivalent
adjustment / effect
Net interest income
/ interest rate (99 ) - (281 ) (0.01 )%
spread
Net interest margin - (0.01 )%
As reported
Net interest income
/ interest rate 186,662 3.28 % 136,369 3.08 %
spread
Net interest margin 3.38 % 3.14 %
Ratio of average
interest-earning
assets to average 106.17 % 102.72 %
interest-bearing
liabilities
(1) Includes interest income on certain tax-exempt assets presented on a tax-equivalent
basis using a 35 percent federal tax rate.
Source: Signature Bank
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