Signature Bank (SBNY) Tops Q3 EPS by 10c, Beats on Revenues

Signature Bank (NASDAQ: SBNY) reported Q3 EPS of $2.29, $0.10 better than the analyst estimate of $2.19. Revenue for the quarter came in at $370.67 million versus the consensus estimate of $322.37 million.

• Net Income for the 2017 Third Quarter Was $124.5 Million, or $2.29 Diluted Earnings Per Share Versus $76.1 Million, or $1.41 Diluted Earnings Per Share, Reported in the 2016 Third Quarter. The 2016 Third Quarter Included $61.7 Million of Provision Expense for the Chicago Taxi Medallion Portfolio. Excluding This Provision Expense, Net Income Would Have been $113.7 Million, or $2.11 Diluted Earnings Per Share
• Total Deposits in the Third Quarter Grew $508.9 Million to $33.68 Billion. Total Deposits Have Grown $2.28 Billion, or 7.3 Percent, Since the End of the 2016 Third Quarter. Average Deposits Increased $417.3 Million, or 1.3 Percent, in the 2017 Third Quarter
• For the 2017 Third Quarter, Loans Increased $799.4 Million, or 2.6 Percent, to $31.19 Billion. Since the End of the 2016 Third Quarter, Loans Have Increased 12.3 Percent, or $3.41 Billion
• Non-Accrual Loans were $376.9 Million, or 1.21 Percent of Total Loans, at September 30, 2017, Versus $392.9 Million, or 1.29 Percent, at the End of the 2017 Second Quarter and $162.8 Million, or 0.59 Percent, at the End of the 2016 Third Quarter. Excluding Taxi Medallion Loans, Which Were All Placed on Non-Accrual in the 2017 Second Quarter, Non-Accrual Loans Were $24.0 Million, or Eight Basis Points of Total Loans
• Net Interest Margin on a Tax-Equivalent Basis Was 3.05 Percent, Compared with 3.11 Percent for the 2017 Second Quarter and 3.14 Percent for the 2016 Third Quarter
• Core Net Interest Margin Excluding Loan Prepayment Penalty Income Decreased Five Basis Points to 2.99 Percent for the 2017 Third Quarter when Compared with the Previous Quarter
• Tier 1 Leverage, Common Equity Tier 1 Risk-Based, Tier 1 Risk-Based and Total Risk-Based Capital Ratios were 9.72 Percent, 11.92 Percent, 11.92 Percent and 13.28 Percent, Respectively, at September 30, 2017. Signature Bank Remains Significantly Above FDIC “Well Capitalized” Standards. Tangible Common Equity Ratio Was 9.44 Percent
• Two Private Client Banking Teams Joined During the 2017 Third Quarter Bringing the Total Teams Hired to Four in 2017

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

You May Also Be Interested In

• Nomura/Instinet Upgrades Genting Singapore (GENS:SP) (GIGNY) to Neutral
• Eikon Therapeutics, Inc. (EIKN) Misses Q2 EPS by 163c
• Marpai, Inc. (MRAI) Misses Q2 EPS by 18c