SIGNATURE BANK (NY) - SBNY STOCK NEWS

Signature Bank (Nasdaq: SBNY) has announced an underwritten offering of 3,500,000 shares of common stock, with an option for underwriters to purchase an additional 525,000 shares. Proceeds from this offering will be used for general corporate purposes. Goldman Sachs, Morgan Stanley, and Jefferies are the bookrunners for this offering, which is subject to market conditions. Signature Bank, a full-service commercial bank based in New York, has total assets of $73.9 billion and focuses on serving privately owned businesses.

Signature Bank (SBNY) reported a strong Q4 2020 with net income rising to $173 million, or $3.26 per share, up from $147.6 million, or $2.76 per share in Q4 2019. This growth is attributed to a $56.7 million increase in net interest income, totaling $395 million, and significant deposit growth of $8.98 billion, or 16.5%. Despite a provision for credit losses rising by $25.84 million due to COVID-19, the bank's pre-tax, pre-provision earnings reached $261.5 million, a 20.9% increase year-over-year. Total assets grew by 46% to nearly $74 billion.

Signature Bank (Nasdaq: SBNY) will host a conference call on January 21, 2021, at 10:00 AM ET to discuss its 2020 fourth-quarter and annual results. Financial results will be available before market opening on the same day. CEO Joseph J. DePaolo and EVP Eric R. Howell will lead the call. Participants are encouraged to call 866-359-8135 (or 901-300-3484 for international) and use conference ID #4079502. A replay will be accessible from 1:00 PM ET on January 21 through 11:59 PM ET on January 24. Visit www.signatureny.com for more details.

Signature Bank (Nasdaq: SBNY) has completed a public offering of 29.2 million depositary shares, each representing 1/40th interest in its 5.000% Noncumulative Perpetual Series A Preferred Stock. The shares were offered at $25.00 each, generating net proceeds of approximately $708 million for general corporate purposes. Morgan Stanley, BofA Securities, and others served as underwriters for this offering. Signature Bank, with $63.7 billion in assets, continues to grow its private client banking services across the U.S. and is notable for its blockchain-based payment platform.

Signature Bank (Nasdaq: SBNY) announced the expansion of its executive management team with the appointments of Lisa Bond as Senior Vice President and Chief Corporate Social Impact Officer and Ana Harris as Senior Vice President and Chief Human Resources Officer. These roles focus on enhancing Diversity & Inclusion (D&I) and Environmental, Social and Governance (ESG) initiatives, which the bank sees as critical to its success. The Board also formed a Corporate Social Responsibility Committee to bolster these efforts as part of Signature Bank's commitment to a diverse workforce and community engagement.

Signature Bank (Nasdaq: SBNY) has announced the pricing of its public offering of 28 million depositary shares, each representing a 1/40th interest in a share of 5.000% Noncumulative Perpetual Series A Preferred Stock, priced at $25.00 per share. The offering includes a 30-day option for underwriters to purchase an additional 2 million shares. The proceeds will be utilized for general corporate purposes. The closing of the offering is expected around December 17, 2020, pending customary conditions. Notably, the securities are not FDIC insured.

Signature Bank (Nasdaq: SBNY) announced the launch of an underwritten public offering of depositary shares, each representing a 1/40th interest in its Noncumulative Perpetual Series A Preferred Stock. The underwriting team includes Morgan Stanley, BofA Securities, Keefe, Bruyette & Woods, and UBS Securities. Proceeds will be used for general corporate purposes. Market conditions may affect the offering, which is not an offer to sell securities in any jurisdiction where such an offer would be unlawful. The preferred stock is offered pursuant to an exemption from registration under the Securities Act of 1933.

Signature Bank (Nasdaq: SBNY) announced its participation in the Goldman Sachs US Financial Services Virtual Conference on December 8-9, 2020. The CEO Joseph J. DePaolo and EVP Eric R. Howell will present on December 9 at 1:20 p.m. ET in an analyst-led fireside chat format. The session will last 35 minutes and include a Q&A segment. Investors can access a live audio webcast of the presentation here, with replay available for 180 days.

Signature Bank (Nasdaq: SBNY) reported a net income of $138.6 million, or $2.62 per share, for Q3 2020, a decline from $148.1 million, or $2.74 per share, in Q3 2019. The decrease was primarily due to a $51.5 million increase in provisions for credit losses linked to COVID-19 impacts. However, pre-tax, pre-provision earnings rose by 21.1% to $252.4 million. Net interest income reached $388.7 million, an increase of 18.5%, with total assets at $63.76 billion, up 29.1% year-over-year. Deposit growth was substantial, with a rise of $15.28 billion, or 39.1%, from the previous year.