Signature Bank (SBNY) Tops Q1 EPS by 39c

Signature Bank (NASDAQ: SBNY) reported Q1 EPS of $3.24, $0.39 better than the analyst estimate of $2.85. Revenue for the quarter came in at $491.54 million versus the consensus estimate of $430.65 million.

• Net Income for the 2021 First Quarter Was a Record $190.5 Million, or $3.24 Diluted Earnings Per Share, Versus $99.6 Million, or $1.88 Diluted Earnings Per Share, Reported in the 2020 First Quarter

"We kicked off 2021 in an astonishing manner delivering another quarter of record deposit growth of $10.66 billion. This came on the heels of our record deposit growth of nearly $23 billion in 2020. It’s clear that the Bank is firing on all cylinders, including our newest business lines where, once again, each contributed to this quarter’s phenomenal growth. When looking at earnings, we reported another quarter of record net interest income growth, driven by record deposit growth, strong loan growth and record securities purchases. Additionally, we saw record fee income and contained expense growth, which culminated in another quarter of record net income delivering strong results for our shareholders,” explained Signature Bank President and Chief Executive Officer Joseph J. DePaolo.

“In retrospect, it’s really not all that surprising to see we delivered another quarter of record earnings and growth as we have done this for the past 20 years. In fact, May 1 marks our 20-year anniversary. Over the years, we have remained true to our founding principles of a team-based, single point-of-contact model that caters to privately owned businesses, their owners and managers. This focused model has distinguished the Bank in the marketplace, and delivered outstanding performance consistently throughout the Bank’s existence. It’s hard to believe that the Bank started with nearly $50 million in assets and grew organically - without any acquisitions - to $85 billion. I would be remiss if I didn’t mention how proud we are of our recently issued 2020 Annual Report, where we highlighted essential frontline healthcare heroes closely associated with our colleagues. We wanted to showcase their unrelenting dedication and sacrifices and personally thank them for their service,” DePaolo concluded.

Scott A. Shay, Chairman of the Board, added: “What a difference a year makes. At this time last year, New York was enduring the first brutal wave of COVID-19, which sadly sickened and caused the death of far too many. The economic shutdown also resulted in widespread devastation to many businesses and their employees. Yet New Yorkers continue to show great spirit and drive as things begin to turn around. Thankfully, with the innovation of vaccine makers, we can see the coming reopening of New York without squinting. Many of our clients are getting ready to reopen and do so by being better than ever.”

“Throughout this year-long pandemic, Signature Bank kept its focus and remained committed to our sleep-at-night safety for depositors and single point of contact service model. It is no mystery why the Bank has grown so rapidly during this past year. We always scrutinize the financial service horizon to attempt to stay one step ahead of the pack. Our commitment to the still-nascent emerging digital asset space is just one example, as evidenced by the ongoing embracing of our payments platform, Signet™. Change is a constant in banking, and we will remain nimble while never straying from our twin pillars of providing depositor safety and a single point of contact approach to our loyal clients.”

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

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