Signature Bank Issues Mid-Quarter Financial Update for Its 2023 First Quarter

Rhea-AI Summary

Signature Bank (NASDAQ: SBNY), a full-service commercial bank headquartered in New York, released a mid-quarter financial update for Q1 2023. The update is available on the Bank's investor relations website. As of December 31, 2022, Signature Bank reported $110.36 billion in assets and $88.59 billion in deposits. The Bank ranks 19th on S&P Global's list of the largest U.S. banks based on deposits. Signature Bank is also known for its innovative blockchain-based digital payments platform, Signet™, enabling real-time transactions in U.S. dollars.

Positive

• Reported $110.36 billion in assets and $88.59 billion in deposits as of December 31, 2022.
• Ranked 19th among largest U.S. banks based on deposits.
• Innovative offerings such as the Signet™ platform for real-time payments.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Signature Bank (Nasdaq: SBNY), a New York-based, full-service commercial bank, announced today that it issued a mid-quarter financial update for its fiscal year 2023 first quarter.

The mid-quarter financial update can be found in the investor relations section of the Bank’s web site here.

About Signature Bank

Signature Bank, member FDIC, is a New York-based full-service commercial bank with 40 private client offices throughout the metropolitan New York area, as well as those in Connecticut, California, Nevada, and North Carolina. Through its single-point-of-contact approach, the Bank’s private client banking teams primarily serve the needs of privately owned businesses, their owners, and senior managers.

The Bank has two wholly owned subsidiaries: Signature Financial, LLC, provides equipment finance and leasing; and, Signature Securities Group Corporation, a licensed broker-dealer, investment adviser and member FINRA/SIPC, offers investment, brokerage, asset management, and insurance products and services. Signature Bank was the first FDIC-insured bank to launch a blockchain-based digital payments platform. Signet™ allows commercial clients to make real-time payments in U.S. dollars, 24/7/365 and was also the first blockchain-based solution to be approved for use by the NYS Department of Financial Services.

Since commencing operations in May 2001, Signature Bank reported $110.36 billion in assets and $88.59 billion in deposits as of December 31, 2022. Signature Bank placed 19^th on S&P Global’s list of the largest banks in the U.S., based on deposits as of year-end 2021.

For more information, please visit https://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. You should not place undue reliance on those statements because they are subject to numerous risks and uncertainties relating to our operations and business environment, all of which are difficult to predict and may be beyond our control. Forward-looking statements include information concerning our expectations regarding future results, interest rates and the interest rate environment, loan and deposit growth, loan performance, operations, new private client teams' hires, new office openings, business strategy and the impact of the COVID-19 pandemic on each of the foregoing and on our business overall. Forward - looking statements often include words such as "may," "believe," "expect," "anticipate," "intend," “potential,” “opportunity,” “could,” “project,” “seek,” “target,” “goal,” “should,” “will,” “would,” "plan," "estimate" or other similar expressions. Forward-looking statements may also address our sustainability progress, plans, and goals (including climate change and environmental-related matters and disclosures), which may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. 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 and can change as a result of many possible events or factors, not all of which are known to us or in our control. These factors include but are not limited to: (i) prevailing economic conditions; (ii) changes in interest rates, loan demand, real estate values and competition, any of which can materially affect origination levels and gain on sale results in our business, as well as other aspects of our financial performance, including earnings on interest-bearing assets; (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; (iv) changes in monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System; (v) changes in the banking and other financial services regulatory environment; (vi) our ability to maintain the continuity, integrity, security and safety of our operations and (vii) competition for qualified personnel and desirable office locations. All of these factors are subject to additional uncertainty in the context of the COVID-19 pandemic and the conflict in Ukraine, which are having impacts on all aspects of our operations, the financial services industry and the economy as a whole. Additional risks are described in our quarterly and annual reports filed with the FDIC. Although we believe that these forward-looking statements are based on reasonable assumptions, beliefs and expectations, if a change occurs or our beliefs, assumptions and expectations were incorrect, our business, financial condition, liquidity or results of operations may vary materially from those expressed in our forward-looking statements. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230302005895/en/

Investor Contact:

Brian Wyremski, Senior Vice President and Director of Investor Relations and Corporate Development

646-822-1479, bwyremski@signatureny.com

Media Contact:

Susan Turkell Lewis, 646-822-1825,

slewis@signatureny.com

Source: Signature Bank

FAQ

What is the recent financial update from Signature Bank (SBNY) for Q1 2023?

Signature Bank issued a mid-quarter financial update for its first quarter of fiscal year 2023, detailing its financial standing as of December 31, 2022.

What were Signature Bank's total assets and deposits as of December 31, 2022?

As of December 31, 2022, Signature Bank reported total assets of $110.36 billion and deposits of $88.59 billion.

How does Signature Bank rank among U.S. banks?

Signature Bank ranks 19th on S&P Global’s list of the largest banks in the U.S. based on deposits.

What is the Signet™ platform offered by Signature Bank?

Signet™ is Signature Bank's blockchain-based digital payments platform that allows clients to make real-time payments in U.S. dollars 24/7.