Signature Bank (SBNY) Tops Q3 EPS by 1c

Signature Bank (NASDAQ: SBNY) reported Q3 EPS of $2.84, $0.01 better than the analyst estimate of $2.83. Revenue for the quarter came in at $324.8 million versus the consensus estimate of $331.18 million.

“During the past few quarters, Signature Bank has executed several growth initiatives paving the way for the future direction of this institution. These strategies include taking our successful single-point-of-contact model outside of the metro-New York area -- where we spent 17 years building the foundation of our business -- and bringing it to San Francisco after we identified a glaring need. In the 2018 first quarter, we appointed a digital asset banking team because we want to be nimble and ready to change as the market evolves. Just recently, we hired a nine-person team focusing on capital call and subscription finance for private equity firms. And lastly, we have been heavily investing in our infrastructure with the implementation of new systems for loan operations (now in place), credit approvals and foreign exchange as well as an enhanced payments platform,” explained Joseph J. DePaolo, President and Chief Executive Officer.

“Our success since our founding in 2001 is predicated on our ability to attract seasoned bankers who serve as client contacts for all banking needs. This client-centric philosophy is at the crux of all we do. The advancements we are making are all accomplished with client satisfaction at their core. At the same time, we are expanding our reach in new business activities, geography and capabilities. We must take measured risks to fuel future growth, but they are far less than the long-range risks of comfortable inaction. We believe the initiatives upon which we are embarking today will set the stage for the Signature Bank of tomorrow,” DePaolo concluded.

Scott A. Shay, Chairman of the Board, said: “Signature Bank has grown into the 40th largest bank in the U.S., without performing any mergers or acquisitions. Instead, we built our business methodically and organically -- banker by banker -- partnering with those individuals who attract, build and nurture an expansive portfolio of loyal banking clients. We are proud that even after 17+ years in operation, we are still the bank of choice amongst veteran bankers who are passionate about delivering best-in-class service to clients. Every team we attract brings along an unwavering commitment to catering to clients.”

“While we recognize the maxim that ‘what got you here, won\'t get you there,’ we are constantly on the lookout for new ideas adjacent to our business strategy, including those we can thoughtfully expand upon and which allow us to continue to execute on our service hallmark. This is evidenced by our recent San Francisco expansion. We also recognize that banking and payment technologies are rapidly advancing, and are focused on incorporating evolving technologies relevant to our clients’ needs. While the banking landscape always seems to be increasingly more competitive and challenging, Signature Bank remains stable and at the forefront of both thought- and action-based leadership that positively influences the success of clients,” Shay stated.

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

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