Signature Bank (SBNY) Tops Q1 EPS by 38c

Signature Bank (NASDAQ: SBNY) reported Q1 EPS of $2.48, $0.38 better than the analyst estimate of $2.10.

• Net Income for the 2017 First Quarter Reached a Record $133.9 Million, or $2.48 Diluted Earnings Per Share, An Increase of $29.9 Million, or 28.7 Percent, from $104.0 Million, or $1.97 Diluted Earnings Per Share, Reported in the 2016 First Quarter
• 2017 First Quarter Net Income Included a Net Tax Benefit for $14.4 Million Related to a Change in the 2015 New York City Tax Code. Additionally, Tax Expense Included a $2.9 Million Benefit Related to the Adoption of New Stock Based Compensation Guidance. Excluding These Items, Net Income for the 2017 First Quarter Would Have Been a Record $116.6 Million, or $2.15 Diluted Earnings Per Share
• Total Deposits in the First Quarter Grew $1.07 Billion to $32.94 Billion; Total Deposits Have Grown $4.83 Billion, or 17.2 Percent, Since the End of the 2016 First Quarter. Average Deposits Increased $581.4 Million, or 1.8 Percent, in the 2017 First Quarter
• For the 2017 First Quarter, Loans Increased $980.4 Million, or 3.4 Percent, to $30.02 Billion. Since the End of the 2016 First Quarter, Loans Have Increased 19.9 Percent, or $4.98 Billion
• Non-Accrual Loans Were $225.9 Million, or 0.75 Percent of Total Loans, at March 31, 2017, Versus $157.6 Million, or 0.54 Percent, at the End of the 2016 Fourth Quarter and $105.0 Million, or 0.42 Percent, at the End of the 2016 First Quarter. The Increase in Non-Accrual Loans for the Quarter Was Predominantly Due to Taxi Medallion Loans
• Net Interest Margin on a Tax-Equivalent Basis was 3.14 Percent, Compared with 3.14 Percent for the 2016 Fourth Quarter and 3.32 Percent for the 2016 First Quarter. Core Net Interest Margin on a Tax-Equivalent Basis Excluding Loan Prepayment Penalty Income Increased Three Basis Points to 3.09 Percent, Compared with 3.06 Percent for the 2016 Fourth Quarter
• Tier 1 Leverage, Common Equity Tier 1 Risk-Based, Tier 1 Risk-Based, and Total Risk-Based Capital Ratios were 9.61 Percent, 12.05 Percent, 12.05 Percent, and 13.57 Percent, Respectively, at March 31, 2017. Signature Bank Remains Significantly Above FDIC “Well Capitalized” Standards. Tangible Common Equity Ratio was 9.27 Percent
• In the 2017 First Quarter the Bank Appointed One Private Client Banking Group Director to an Existing Team. Thus far, One Private Client Banking Team Joined in April

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

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