Signature Bank (SBNY) Tops Q1 EPS by 2c

Signature Bank (NASDAQ: SBNY) reported Q1 EPS of $2.69, $0.02 better than the analyst estimate of $2.67.

First Quarter Results

• Net Income for the 2018 First Quarter Was $34.5 Million, or $0.63 Diluted Earnings Per Share, Versus $133.9 Million, or $2.48 Diluted Earnings Per Share, Reported in the 2017 First Quarter. Excluding Write-Downs and Fair Value Adjustments for the Taxi Medallion Portfolio, Net Income Would Have Been a Record $146.8 Million, or $2.69 Diluted Earnings Per Share
• The Bank Took Significant Measures to Address the New York City Taxi Medallion Portfolio By Reserving For or Writing Down Each New York City Medallion Loan or Asset To a Value of Approximately $160,000 Leaving the Bank With a Total Net Exposure of $156.5 Million, or 35 Basis Points of Assets
• Total Deposits in the First Quarter Grew $1.38 Billion to $34.82 Billion; Total Deposits Have Grown $1.88 Billion, or 5.7 Percent, Since the End of the 2017 First Quarter. Average Deposits Increased $197.6 Million, or 0.6 Percent, in the 2018 First Quarter
• For the 2018 First Quarter, Loans Increased $634.7 Million, or 1.9 Percent, to $33.25 Billion. Excluding Payoffs and Charge-Offs on Taxi Medallion Loans, Total Loans Would Have Grown $795.4 Million. Since the End of the 2017 First Quarter, Loans Have Increased 10.7 Percent, or $3.22 Billion
• Non-Accrual Loans Were $168.7 Million, or 0.51 Percent of Total Loans, at March 31, 2018, Versus $326.9 Million, or 1.00 Percent, at the End of the 2017 Fourth Quarter and $225.9 Million, or 0.75 Percent, at the End of the 2017 First Quarter. Excluding Taxi Medallion Loans, Which Were All Placed on Non-Accrual in the 2017 Second Quarter, Non-Accrual Loans Were $19.5 Million, or Six Basis Points of Total Loans
• Net Interest Margin on a Tax-Equivalent Basis was 3.01 Percent, Compared with 3.07 Percent for the 2017 Fourth Quarter and 3.14 Percent for the 2017 First Quarter. Core Net Interest Margin on a Tax-Equivalent Basis Excluding Loan Prepayment Penalty Income Decreased Three Basis Points to 2.95 Percent, Compared with 2.98 Percent for the 2017 Fourth Quarter
• Tier 1 Leverage, Common Equity Tier 1 Risk-Based, Tier 1 Risk-Based, and Total Risk-Based Capital Ratios were 9.47 Percent, 12.08 Percent, 12.08 Percent, and 13.44 Percent, Respectively, at March 31, 2018. Signature Bank Remains Significantly Above FDIC “Well Capitalized” Standards. Tangible Common Equity Ratio was 8.95 Percent
• In the 2018 First Quarter, the Bank Appointed Two Private Client Banking Teams and Appointed Two Veteran Bankers to Head the Bank’s West Coast Operations

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

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