Signature Bank (SBNY) Tops Q4 EPS by 2c

Signature Bank (NASDAQ: SBNY) reported Q4 EPS of $2.11, $0.02 better than the analyst estimate of $2.09.

"2016 was again a year during which Signature Bank delivered record earnings – in fact, our 9th consecutive year – and also another where we reported strong performance across all key metrics. The expansion of our franchise continues, driven by substantial growth in deposits of $5.09 billion and in loans of $5.25 billion. This was all achieved despite challenges in our taxi medallion portfolio. Moreover, we bolstered our capital position with two successful offerings; a common stock offering of nearly $320 million and our first subordinated debt offering of $260 million. These capital raises, along with solid earnings retention, well positions Signature Bank for future expansion," explained Joseph J. DePaolo, President and Chief Executive Officer.

"We continue to execute our highly successful single-point-of-contact business model, which allows Signature Bank to differentiate itself in an extremely competitive marketplace. The care, attention and advocacy for the Bank’s clients -- delivered by our committed colleagues -- furthers our business development activities and allows us to better attract and retain clients. Our persistence, commitment and overall strong performance culminated in the Bank achieving deposit and loan growth each in excess of $5 billion, as well as record annual earnings," DePaolo said.

For earnings history and earnings-related data on Signature Bank (SBNY) click here.

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