Signature Bank (SBNY) Tops Q4 EPS by 20c

Signature Bank (NASDAQ: SBNY) reported Q4 EPS of $2.43, $0.20 better than the analyst estimate of $2.23.

• Net Income for the 2017 Fourth Quarter Was $114.9 Million, or $2.11 Diluted Earnings Per Share, Versus $113.9 Million, or $2.11 Diluted Earnings Per Share Reported in the 2016 Fourth Quarter
• 2017 Fourth Quarter Net Income Included Net Write-Downs for the Taxi Medallion Portfolio of $36.8 Million and a Net Tax Benefit of $2.0 Million for Recently Enacted Federal Corporate Tax Reform. Excluding These Items, Net Income Would Have Been $132.3 Million, or $2.43 Diluted Earnings Per Share
• Net Income for 2017 Was $387.2 Million, or $7.12 Diluted Earnings Per Share, Compared with $396.3 Million or $7.37 Diluted Earnings Per Share in 2016, Down $9.1 Million, or 2.3 Percent. Excluding Provision Expense and Write-Downs for the Taxi Medallion Portfolio and Several Tax Adjustments During the Year, 2017 Net Income Would Have Been $484.9 Million, or $8.91 Diluted Earnings Per Share
• Total Deposits Declined $238.0 Million to $33.44 Billion, While Non-Interest Bearing Deposits Increased $688.5 Million in the 2017 Fourth Quarter. Average Deposits Increased $646.7 Million, or 1.9 Percent, in the 2017 Fourth Quarter
• Total Deposits Grew $1.58 Billion, or 5.0 Percent, in 2017. Average Deposits for 2017 at $33.16 Billion, Representing an Increase of $3.41 Billion, or 11.5 Percent, Versus $29.75 Billion in 2016
• Loans Increased $1.43 Billion, or 4.6 Percent, to $32.61 Billion in the 2017 Fourth Quarter. Since Year-end 2016, Loans Increased $3.57 Billion, or 12.3 Percent
• Non-Accrual Loans Were $326.9 Million, or 1.0 Percent of Total Loans, at December 31, 2017, Versus $376.9 Million, or 1.21 Percent of Total Loans, at the End of the 2017 Third Quarter. Non-Accrual Loans at Year-end 2016 were $157.6 Million, or 0.54 Percent of Total Loans. Excluding Taxi Medallion Loans, Which Were All Placed on Non-Accrual in the 2017 Second Quarter, Non-Accrual Loans Were $17.0 Million, or Five Basis Points of Total Loans
• Net Interest Margin on a Tax-Equivalent Basis Was 3.07 Percent for the 2017 Fourth Quarter, Compared with 3.05 Percent for the 2017 Third Quarter and 3.14 Percent for the 2016 Fourth Quarter
• Core Net Interest Margin on a Tax-Equivalent Basis, Which Excludes Loan Prepayment Penalty Income, Decreased One Basis Point to 2.98 Percent for the 2017 Fourth Quarter, Compared with 2.99 Percent for the 2017 Third Quarter
• Tier 1 Leverage, Common Equity Tier 1 Risk-Based, Tier 1 Risk-Based and Total Risk-Based Capital Ratios were 9.72 Percent, 11.97 Percent, 11.97 Percent and 13.30 Percent, Respectively, at December 31, 2017. Signature Bank Remains Significantly Above FDIC “Well-Capitalized” Standards. Tangible Common Equity Ratio was 9.29 Percent
• For 2017, Four Private Client Banking Teams Joined. Additionally, the Bank Appointed Several New Private Client Banking Professionals to Existing Teams

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

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