Signature Bank Reports 2009 Third Quarter Results

http://www.businesswire.com/news/home/20091027005325/en

* Net Income for the 2009 Third Quarter Was $15.2 Million, or $0.37 Diluted
Earnings Per Share, Versus $9.2 Million, or $0.29 Diluted Earnings Per Share,
for the 2008 Third Quarter, an Increase of $6.0 Million, or 65.0 Percent
* Deposits Grew a Record $701.2 Million During the Quarter, to $6.8 Billion.
Overall Deposit Growth at $1.42 Billion, or 26.3 Percent, from Year End 2008.
Average Deposits in the Quarter Were $6.6 Billion, Up $733.6 Million, or 12.5
Percent When Compared with the 2009 Second Quarter
* Core Deposit Growth for the 2009 Third Quarter Reached Record Levels of $534.9
Million, or 9.2 Percent
* Loans Increased $361.4 Million, or 9.6 Percent, to $4.13 Billion for the
Quarter
* Total Non-Performing Loans Remained Relatively Stable at $51.2 Million, or
1.24 Percent of Total Loans, Compared with $47.9 Million, or 1.27 Percent of
Total Loans at June 30, 2009
* Tier One Leverage, Tier One Risk-Based and Total Risk-Based Capital Ratios of
9.80 Percent, 14.46 Percent and 15.34 Percent, Respectively. Bank Remains
Significantly Above Thresholds Required to Meet FDIC "Well Capitalized"
Standards. Tangible Common Equity Ratio at a High 9.00 Percent
* Net Interest Margin on a Tax-equivalent Basis Remained Unchanged at 3.39
Percent Versus the 2009 Second Quarter
* Two Private Client Banking Teams Joined the Bank During the Third Quarter and
One New Office Opened; Another Team Hired in the Fourth Quarter for a Total of
13 Teams Added Year-to-Date

NEW YORK--(Business Wire)--
Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank,
today announced its results for the 2009 third quarter ended September 30, 2009.

Net income for the 2009 third quarter increased 65.0 percent to $15.2 million,
or $0.37 diluted earnings per share, compared with $9.2 million, or $0.29
diluted earnings per share, for the 2008 third quarter. The 2008 third quarter
results include an $8.0 million other than temporary impairment write-down on a
single Lehman Brothers senior debenture. Excluding the after-tax effect of the
impairment write-down on this debenture, net income for the 2008 third quarter
would have been $13.6 million, or $0.44 diluted earnings per share.

The increase in net income during the third quarter is a result of several
factors, including record core deposit growth, solid loan growth and net
interest margin expansion. These factors were partially offset by an increase in
the provision for loan losses, a decrease in commissions and an increase in
non-interest expenses.

Net interest income for the third quarter of 2009 was $68.6 million, an increase
of $18.5 million, or 37.0 percent, when compared with the same period last year.
Total assets reached $8.6 billion at September 30, 2009, expanding $1.41
billion, or 19.6 percent, when compared with $7.19 billion at December 31, 2008.
Average assets for the 2009 third quarter were $8.35 billion, an increase of
$1.87 billion, or 28.9 percent, from the comparable period last year.

Deposits during the third quarter of 2009 grew $701.2 million, or 11.5 percent,
to $6.8 billion at September 30, 2009. Core deposits increased $534.9 million,
or 9.2 percent, along with an increase of $192.9 million in short-term escrow
deposits and a decrease of $26.5 million in brokered deposits. When compared
with deposits at December 31, 2008, the overall deposit growth during the past
nine months represents an increase of $1.42 billion, or 26.3 percent. Core
deposit growth for the nine months ended September 30, 2009, was $1.32 billion,
or 26.3 percent.

"The third quarter of 2009 represents yet another quarter where the Bank
achieved record core deposit growth and demonstrated strong financial
performance across all key metrics, including core earnings, margins and loans
as well as deposits. Signature Bank continues to perform while the industry
remains challenged," stated Joseph J. DePaolo, Signature Bank President and
Chief Executive Officer.

"We are able to sustain our solid growth and continue to build our reputation
because we remain true to our depositor-focused business model. We are
capitalizing on the instabilities amid our competitive landscape and, toward
this end, we added 13 private client banking teams to date this year. Our
successful strategy is evidenced by our record core deposit growth again this
quarter. The success of our teams, both new and established, stems from the fact
clients simply want to bank at an institution where they know their deposits are
safe and where our team-based single point of contact model meets all their
needs," DePaolo commented.

Scott A. Shay, Chairman of the Board, discussed the Bank`s results and market
position: "While the banking industry continues to struggle, Signature Bank
stands out in stability, success and strength. Our strong balance sheet allows
us to take full advantage of opportunities to hire talented banking
professionals, organically grow core client deposit relationships and provide
secure lending. Our core principles and philosophies have been our compass since
our founding and, frankly, they are not only guiding us through these
treacherous times but, rather, they have enabled us to flourish. We always place
depositor interests as the first and foremost priority in our minds."

Capital

The Bank`s tier one leverage, tier one risk-based, and total risk-based capital
ratios were approximately 9.80 percent, 14.46 percent and 15.34 percent,
respectively, as of September 30, 2009, well in excess of regulatory
requirements. The Bank`s strong risk-based ratios reflect the relatively low
risk profile of the Bank`s balance sheet. The Bank`s tangible common equity
ratio remains strong at 9.00 percent.

Net Interest Income

Net interest income on a tax-equivalent basis for the 2009 third quarter was
$68.6 million, an increase of $18.5 million, or 36.9 percent, when compared with
the 2008 third quarter. Average interest-earning assets for the 2009 third
quarter rose $1.90 billion, or 31.0 percent, from the comparable prior year
period. Yield on interest-earning assets for the third quarter of 2009 decreased
36 basis points, to 4.96 percent, versus the 2008 third quarter. The decrease
was primarily attributable to lower prevailing interest rates.

Average costs of deposits and average costs of funds for the 2009 third quarter
decreased by 38 and 45 basis points to 1.33 percent and 1.67 percent,
respectively, when compared with the 2008 third quarter. These decreases were
predominantly the result of lower prevailing interest rates.

Net interest margin on a tax-equivalent basis for the 2009 third quarter
increased 13 basis points to 3.39 percent compared with the same period last
year. On a linked-quarter basis, net interest margin remained unchanged at 3.39
percent as cash balances were excessive given the Bank`s cautious deployment of
deposit inflows.

Provision for Loan Losses

The Bank`s provision for loan losses for the third quarter of 2009 was $11.9
million, up $6.1 million compared with the same period a year ago and up $2.5
million from $9.4 million for the second quarter of 2009. The increase was
primarily driven by the growth in the loan portfolio, combined with an increase
in charge-offs, non-performing loans and provisions to recognize the effect of
the current economic environment on the Bank`s loan portfolio.

Net charge-offs for the 2009 third quarter of 2009 were $6.6 million, or 0.66
percent on an annualized basis, compared with $4.4 million, or 0.48 percent, for
the 2009 second quarter and $2.6 million, or 0.36 percent, for the 2008 third
quarter.

Non-Interest Income and Non-Interest Expense

Non-interest income for the 2009 third quarter was $7.3 million, an increase of
$3.6 million when compared with the $3.7 million reported in the third quarter
of 2008. Third quarter 2008 non-interest income was negatively affected by an
$8.0 million other than temporary impairment write-down on a single Lehman
Brothers senior debenture. Non-interest income for the 2009 third quarter was
impacted by a decrease of $2.7 million in commissions primarily due to a
reduction in commissions earned on off-balance sheet money market funds caused
by the current low interest rate environment.

Non-interest expense for the third quarter of 2009 was $38.6 million, up $5.8
million, or 17.7 percent, versus $32.8 million reported in the 2008 third
quarter. The increase for the quarter was primarily a result of the addition of
new private client banking teams and offices, growth in client activity, and
additional costs of $1.4 million related to FDIC deposit assessment fees and the
FDIC deposit guarantee program.

The Bank`s efficiency ratio improved to 50.8 percent for the 2009 third quarter
versus 60.9 percent for the 2008 third quarter and 53.0 percent after excluding
the impairment write-down on the debenture described above.

Loans

Loans, excluding loans held for sale, increased $361.4 million, or 9.6 percent,
to $4.13 billion at September 30, 2009, versus $3.77 billion at June 30, 2009.
At September 30, 2009, loans accounted for 48.0 percent of total assets,
compared with 47.8 percent at June 30, 2009. Average loans, excluding loans held
for sale, reached $3.96 billion in the 2009 third quarter, growing $287.1
million, or 7.8 percent, since June 30, 2009.

At September 30, 2009, non-performing loans were $51.2 million, representing
1.24 percent of total loans and 0.60 percent of total assets, compared with
non-performing loans of $47.9 million, or 1.27 percent of total loans, at June
30, 2009, and $30.8 million, or 1.0 percent of total loans, at September 30,
2008. At the end of the 2009 third quarter, the ratio of allowance for loan
losses to total loans was at 1.20 percent, versus 1.18 percent at June 30, 2009,
and 1.00 percent at September 30, 2008.

Conference Call

Signature Bank`s management will host a conference call to review results of the
2009 third quarter on Tuesday, October 27, 2009, at 10:00 a.m. ET. All
participants should dial 480-629-9819 at least ten minutes prior to the start of
the call.

To hear a live Web simulcast or to listen to the archived webcast following
completion of the call, please visit the Bank`s Web site at www.signatureny.com,
click on the "Investor Relations" tab, then select "Company News," followed by
"Conference Calls," to access the link to the call. To listen to a telephone
replay of the conference call, please dial 303-590-3030 and enter reservation
identification number 4173144. The replay will be available from approximately
12:00 p.m. ET on Tuesday, October 27, 2009, through 11:59 p.m. ET on Friday,
October 30, 2009.

About Signature Bank

Signature Bank, member FDIC, a New York-based full-service commercial bank with
23 private client offices in the New York metropolitan area, serves the needs of
privately owned businesses, their owners and senior managers through dozens of
private client groups. The Bank offers a wide variety of business and personal
banking products and services as well as investment, brokerage, asset management
and insurance products and services through its subsidiary, Signature Securities
Group Corporation, a licensed broker-dealer, investment adviser and member
FINRA/SIPC.

Signature Bank's 23 offices are located throughout the metropolitan New York
area. In Manhattan - 261 Madison Avenue; 300 Park Avenue; 71 Broadway; 565 Fifth
Avenue; 950 Third Avenue; 200 Park Avenue South, 1020 Madison Avenue and 50 West
57th Street. Brooklyn - 26 Court Street; 84 Broadway and 6321 New Utrecht
Avenue. Westchester - 1C Quaker Ridge Road, New Rochelle and 360 Hamilton
Avenue, White Plains. Long Island - 1225 Franklin Avenue, Garden City; 279
Sunrise Highway, Rockville Centre; 68 South Service Road, Melville; 923
Broadway, Woodmere; 40 Cuttermill Road, Great Neck and 100 Jericho Quadrangle,
Jericho. Queens - 36-36 33rd Street, Long Island City and 78-27 37th Avenue,
Jackson Heights. Bronx - 421 Hunts Point Avenue, Bronx. Staten Island - 2066
Hylan Blvd.

For more information, please visit www.signatureny.com.

This press release and oral statements made from time to time by our
representatives contain "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 that are subject to risks and
uncertainties. Forward-looking statements include information concerning our
future results, interest rates and the interest rate environment, loan and
deposit growth, loan performance, operations, capitalization, new private client
team hires, new office openings, the regulatory environment and business
strategy. These statements often include words such as "may," "believe,"
"expect," "anticipate," "intend," "plan," "estimate" or other similar
expressions. As you consider forward-looking statements, you should understand
that these statements are not guarantees of performance or results. They involve
risks, uncertainties and assumptions that could cause actual results to differ
materially from those in the forward-looking statements.These factors include
but are not limited to: (i) prevailing economic and regulatory conditions,
including the establishment of special assessments by the FDIC; (ii) changes in
interest rates, loan demand, real estate values and competition, which can
materially affect origination levels and gain on sale results in our business,
as well as other aspects of our financial performance; (iii) the level of
defaults, losses and prepayments on loans made by us, whether held in portfolio
or sold in the whole loan secondary markets, which can materially affect
charge-off levels and required credit loss reserve levels; and (iv) competition
for qualified personnel and desirable office locations. Additional risks are
described in our quarterly and annual reports filed with the FDIC.You should
keep in mind that any forward-looking statements made by Signature Bank speak
only as of the date on which they were made. New risks and uncertainties come up
from time to time, and we cannot predict these events or how they may affect the
Bank. Signature Bank has no duty to, and does not intend to, update or revise
the forward-looking statements after the date on which they are made. In light
of these risks and uncertainties, you should keep in mind that any
forward-looking statement made in this release or elsewhere might not reflect
actual results.

SIGNATURE BANK
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

Three months ended Nine months ended
September 30, September 30,
(dollars in thousands, except per share amounts) 2009 2008 2009 2008
INTEREST AND DIVIDEND INCOME
Loans held for sale $ 765 1,220 1,916 3,764
Loans, net 55,445 42,648 153,995 112,026
Securities available-for-sale 40,717 34,666 114,166 103,044
Securities held-to-maturity 2,926 2,878 8,297 9,989
Other short-term investments 385 441 986 2,994
Total interest income 100,238 81,853 279,360 231,817
INTEREST EXPENSE
Deposits 22,130 20,620 63,572 66,200
Federal funds purchased and securities sold under agreements to repurchase 6,868 7,701 21,334 21,082
Federal Home Loan Bank advances 2,626 3,369 7,792 8,041
Other short-term borrowings - 65 - 125
Total interest expense 31,624 31,755 92,698 95,448
Net interest income before provision for loan losses 68,614 50,098 186,662 136,369
Provision for loan losses 11,881 5,781 30,878 18,218
Net interest income after provision for loan losses 56,733 44,317 155,784 118,151
NON-INTEREST INCOME
Commissions 2,033 4,716 7,505 14,048
Fees and service charges 3,167 3,276 9,780 10,268
Net gains on sales of securities 1,377 2,451 6,086 5,308
Net gains on sales of loans 1,168 422 2,036 1,332
Other-than-temporary impairment losses on securities (14,717 ) (7,973 ) (14,893 ) (9,614 )
Portion of loss recognized in other comprehensive income (before taxes) 14,094 - 14,094 -
Net impairment losses on securities recognized in earnings (623 ) (7,973 ) (799 ) (9,614 )
Trading (loss) income (270 ) 130 (961 ) 136
Other income 452 686 1,370 1,854
Total non-interest income 7,304 3,708 25,017 23,332
NON-INTEREST EXPENSE
Salaries and benefits 22,734 19,695 64,617 55,575
Occupancy and equipment 3,713 3,502 10,401 9,886
Other general and administrative 12,116 9,563 36,456 26,576
Total non-interest expense 38,563 32,760 111,474 92,037
Income before income taxes 25,474 15,265 69,327 49,446
Income tax expense 10,307 6,070 27,571 19,549
Net income 15,167 9,195 41,756 29,897
Dividends on preferred stock and related discount accretion - - 12,203 -
Net income available to common shareholders $ 15,167 9,195 29,553 29,897
PER COMMON SHARE DATA
Earnings per share - basic (1) $ 0.37 0.30 0.79 0.99
Earnings per share - diluted (1) $ 0.37 0.29 0.78 0.98

(1) For the nine months ended September 30, 2009, includes the negative effect of the $10.2 million deemed dividend associated with the difference between the redemption payment and the carrying value of the preferred stock repurchased from the United States Department of the Treasury.

SIGNATURE BANK
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

September 30, December 31,
2009 2008
(dollars in thousands, except per share amounts) (unaudited)
ASSETS
Cash and due from banks $ 149,479 111,927
Short-term investments 3,281 4,330
Total cash and cash equivalents 152,760 116,257
Securities available-for-sale (pledged $1,851,154 at September 30, 2009 and $1,812,790 at December 31, 2008) 3,556,152 2,906,059
Securities held-to-maturity (fair value $269,775 at September 30, 2009 and $230,539 at December 31, 2008; pledged $180,181 at September 30, 2009 and $148,239 at December 31, 2008) 280,621 236,531
Federal Home Loan Bank stock 21,881 18,411
Loans held for sale 267,530 217,680
Loans, net 4,078,918 3,433,555
Premises and equipment, net 32,133 33,221
Accrued interest and dividends receivable 41,461 36,326
Other assets 169,795 194,159
Total assets $ 8,601,251 7,192,199
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non-interest-bearing 1,637,392 1,563,407
Interest-bearing 5,166,851 3,824,479
Total deposits 6,804,243 5,387,886
Federal funds purchased and securities sold under agreements to repurchase 647,000 785,000
Federal Home Loan Bank advances 260,000 260,000
Other short-term borrowings 6,521 4,900
Accrued expenses and other liabilities 109,731 56,278
Total liabilities 7,827,495 6,494,064
Shareholders` equity
Preferred stock, par value $.01; 61,000,000 shares authorized; none issued at September 30, 2009; 120,000 shares with $1,000 liquidation value issued and outstanding at December 31, 2008, net of discount - 109,314
Common stock, par value $.01; 64,000,000 shares authorized; 40,617,307 and 35,244,946 shares issued and outstanding at September 30, 2009 and December 31, 2008 406 352
Additional paid-in capital 666,720 534,458
Retained earnings 152,015 116,707
Net unrealized depreciation on securities, net of tax (45,385 ) (62,696 )
Total shareholders' equity 773,756 698,135
Total liabilities and shareholders' equity $ 8,601,251 7,192,199

SIGNATURE BANK
FINANCIAL SUMMARY, CAPITAL RATIOS, ASSET QUALITY
(unaudited)

Three months ended Nine months ended
September 30, September 30, September 30, September 30,
(dollars in thousands, except ratios and per share amounts) 2009 2008 2009 2008
PER COMMON SHARE
Net income - basic (1) $ 0.37 $ 0.30 $ 0.79 $ 0.99
Net income - diluted (1) $ 0.37 $ 0.29 $ 0.78 $ 0.98
Average shares outstanding - basic 40,604 30,837 37,527 30,109
Average shares outstanding - diluted 41,013 31,249 37,906 30,475
Book value $ 19.05 $ 16.14 $ 19.05 $ 16.14

SELECTED FINANCIAL DATA
Return on average total assets 0.72 % 0.56 % 0.72 % 0.65 %
Return on average shareholders' equity 7.97 % 7.36 % 7.59 % 8.04 %
Return on average common shareholders' equity 7.97 % 7.36 % 5.80 % 8.04 %
Efficiency ratio (2) 50.80 % 60.89 % 52.66 % 57.63 %
Efficiency ratio excluding write-down for other than 50.38 % 53.03 % 52.46 % 54.36 %
temporary impairment of securities (2)
Yield on interest-earning assets 4.96 % 5.32 % 5.06 % 5.34 %
Yield on interest-earning assets, tax-equivalent basis (3) 4.96 % 5.32 % 5.06 % 5.35 %
Cost of deposits and borrowings 1.67 % 2.12 % 1.78 % 2.26 %
Net interest margin 3.39 % 3.25 % 3.38 % 3.14 %
Net interest margin, tax-equivalent basis (3) 3.39 % 3.26 % 3.38 % 3.15 %

(1) For the nine months ended September 30, 2009, includes the negative effect of the $10.2 million deemed dividend associated with the difference between the redemption payment and the carrying value of the preferred stock repurchased from the U.S. Treasury.
(2) The efficiency ratio is calculated by dividing non-interest expense by the sum of net interest income before provision for loan losses and other non-interest income.
(3) Presented using a 35 percent federal tax rate.

September 30, June 30, December 31, September 30,
2009 2009 2008 2008
CAPITAL RATIOS
Tangible common equity (4) 9.00 % 9.34 % 8.19 % 8.48 %
Tier one leverage 9.80 % 10.65 % 10.61 % 9.64 %
Tier one risk-based 14.46 % 15.26 % 17.00 % 15.35 %
Total risk-based 15.34 % 16.11 % 17.83 % 16.11 %

ASSET QUALITY
Non-performing loans $ 51,246 $ 47,884 $ 31,885 $ 30,824
Allowance for loan losses $ 49,701 $ 44,430 $ 36,987 $ 30,973
Allowance for loan losses to non-performing loans 96.99 % 92.79 % 116.00 % 100.48 %
Allowance for loan losses to total loans 1.20 % 1.18 % 1.07 % 1.00 %
Non-performing loans to total loans 1.24 % 1.27 % 0.92 % 1.00 %
Quarterly net charge-offs to average loans (annualized) 0.66 % 0.48 % 0.32 % 0.36 %

(4) We define tangible common equity as the ratio of tangible common equity to adjusted tangible assets (the "TCE ratio") and calculate this ratio by dividing total consolidated common shareholders' equity by consolidated total assets. Tangible common equity is considered to be a non-GAAP financial measure and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP. The TCE ratio is a metric used by management to evaluate the
adequacy of our capital levels.

SIGNATURE BANK
NET INTEREST MARGIN ANALYSIS
(unaudited)

Three months ended Three months ended
September 30, 2009 September 30, 2008
(dollars in thousands) Average Interest Average Average Interest Average
Balance Income/ Yield/ Balance Income/ Yield/
Expense Rate Expense Rate
INTEREST-EARNING ASSETS
Short-term investments $ 181,840 86 0.19 % 16,823 100 2.36 %
Investment securities 3,726,228 43,942 4.72 % 3,092,908 37,885 4.90 %
Commercial loans and commercial 3,608,823 50,198 5.52 % 2,576,421 37,440 5.78 %
mortgages (1)
Residential mortgages 180,204 2,432 5.40 % 179,112 2,537 5.67 %
Consumer loans 168,515 2,847 6.70 % 126,662 2,701 8.48 %
Loans held for sale 156,837 765 1.94 % 133,502 1,220 3.64 %
Total interest-earning assets 8,022,447 100,270 4.96 % 6,125,428 81,883 5.32 %
Non-interest-earning assets 322,890 349,180
Total assets $ 8,345,337 6,474,608
INTEREST-BEARING LIABILITIES
Interest-bearing deposits
NOW accounts 673,079 1,261 0.74 % 294,899 1,562 2.11 %
Money market accounts 3,324,355 15,465 1.85 % 2,622,601 15,272 2.32 %
Time deposits 912,074 5,404 2.35 % 475,652 3,786 3.17 %
Non-interest-bearing deposits 1,699,671 - - 1,401,115 - -
Total deposits 6,609,179 22,130 1.33 % 4,794,267 20,620 1.71 %
Borrowings 908,685 9,494 4.15 % 1,178,201 11,135 3.76 %
Total deposits and borrowings 7,517,864 31,624 1.67 % 5,972,468 31,755 2.12 %
Other non-interest-bearing liabilities and shareholders' equity 827,473 502,140
Total liabilities and shareholders' equity $ 8,345,337 6,474,608
OTHER DATA
Tax-equivalent basis
Net interest income / interest rate spread 68,646 3.29 % 50,128 3.20 %
Net interest margin 3.39 % 3.26 %
Tax-equivalent adjustment / effect
Net interest income / interest rate spread (32 ) - (30 ) (0.00 )%
Net interest margin - (0.01 )%
As reported
Net interest income / interest rate spread 68,614 3.29 % 50,098 3.20 %
Net interest margin 3.39 % 3.25 %
Ratio of average interest-earning assets to average interest-bearing liabilities 106.71 % 102.56 %

(1) Includes interest income on certain tax-exempt assets presented on a tax-equivalent basis using a 35 percent federal tax rate.

SIGNATURE BANK
NET INTEREST MARGIN ANALYSIS
(unaudited)

Nine months ended Nine months ended
September 30, 2009 September 30, 2008
(dollars in thousands) Average Interest Average Average Interest Average
Balance Income/ Yield/ Balance Income/ Yield/
Expense Rate Expense Rate
INTEREST-EARNING ASSETS
Short-term investments $ 129,260 200 0.21 % 92,581 2,021 2.92 %
Investment securities 3,398,531 123,249 4.84 % 3,123,626 114,006 4.87 %
Commercial loans and commercial 3,379,712 138,671 5.49 % 2,170,481 96,318 5.93 %
mortgages (1)
Residential mortgages 179,512 7,414 5.51 % 176,271 7,538 5.70 %
Consumer loans 158,409 8,009 6.76 % 120,735 8,451 9.35 %
Loans held for sale 133,334 1,916 1.92 % 113,001 3,764 4.45 %
Total interest-earning assets 7,378,758 279,459 5.06 % 5,796,695 232,098 5.35 %
Non-interest-earning assets 327,622 322,745
Total assets $ 7,706,380 6,119,440
INTEREST-BEARING LIABILITIES
Interest-bearing deposits
NOW accounts 572,353 3,748 0.88 % 304,639 5,097 2.23 %
Money market accounts 2,988,316 43,725 1.96 % 2,619,541 50,718 2.59 %
Time deposits 830,757 16,099 2.59 % 394,011 10,385 3.52 %
Non-interest-bearing deposits 1,599,520 - - 1,367,529 - -
Total deposits 5,990,946 63,572 1.42 % 4,685,720 66,200 1.89 %
Borrowings 958,726 29,126 4.06 % 957,720 29,248 4.08 %
Total deposits and borrowings 6,949,672 92,698 1.78 % 5,643,440 95,448 2.26 %
Other non-interest-bearing liabilities and shareholders' equity 756,708 476,000
Total liabilities and shareholders' equity $ 7,706,380 6,119,440
OTHER DATA
Tax-equivalent basis
Net interest income / interest rate spread 186,761 3.28 % 136,650 3.09 %
Net interest margin 3.38 % 3.15 %
Tax-equivalent adjustment / effect
Net interest income / interest rate spread (99 ) - (281 ) (0.01 )%
Net interest margin - (0.01 )%
As reported
Net interest income / interest rate spread 186,662 3.28 % 136,369 3.08 %
Net interest margin 3.38 % 3.14 %
Ratio of average interest-earning assets to average interest-bearing liabilities 106.17 % 102.72 %

(1) Includes interest income on certain tax-exempt assets presented on a tax-equivalent basis using a 35 percent federal tax rate.

Signature Bank
Investor Contact:
Eric R. Howell, 646-822-1402
Chief Financial Officer
ehowell@signatureny.com
or
Media Contact:
Susan J. Lewis, 646-822-1825
slewis@signatureny.com

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