NEW YORK … January 12, 2016 … Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, announced today that it ranked sixth in Forbes’ annual list of America’s Best and Worst Banks 2016. Signature Bank is one of only three banks in the nation to rank in the top 10 in each of the past six years. The annual ranking of Forbes’ America’s Best and Worst Banks 2016 was released on January 7, 2016 on www.forbes.com.
“The changing face of America’s banking and financial landscape prompted Forbes to adjust the metrics they routinely used over the past several years when evaluating America’s best and worst banks this year. Based on the overall statistics, Forbes noted that while credit quality seemed to improve on the whole, growth and profitability exhibited mixed results. However, Signature Bank’s growth and profitability has continued to set records since our founding in 2001, and we maintain strong credit quality. The Bank’s inclusion in the Forbes list yet again is evidence of the broader acceptance of our relationship-based, depositor-focused model,” Joseph J. DePaolo, President and Chief Executive Officer at Signature Bank said.
“All our colleagues continue to put forth efforts that consistently contribute to the accolades we earned through this Forbes ranking, and we appreciate their dedication along with the unwavering loyalty demonstrated by our clients. This third-party recognition by Forbes is demonstrative of the strength and success of our proven client-centric model coupled with the single-point-of-contact founding philosophy upon which Signature Bank was built,” DePaolo added.
The data used by Forbes to create the list was supplied by Charlottesville, Va.-based SNL Financial while the rankings were compiled by Forbes. Ten metrics were evaluated this year including, among others, asset quality, capital adequacy, growth and profitability. A new methodology was applied to this year’s listing to better reflect the current state of America’s banking environment. Three new metrics were added, including return on average tangible common equity; net charge-offs as a percent of total loans and efficiency ratio. Other metrics were removed from this year’s formula, such as return on average equity and nonperforming loans (NPLs) as a percentage of loans. Other metrics used include net interest margin; nonperforming assets as a percent of assets; reserves as a percent of NPLs, two capital ratios (Tier 1 and risk-based); and, revenue growth over the past 12 months. All data was based on regulatory filings for the period ending September 30, 2015. Each of the 10 metrics used were weighted equally in Forbes’ final rankings.
About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service commercial bank with 29 private client offices throughout the New York metropolitan area, including those in Manhattan, Brooklyn, Westchester, Long Island, Queens, the Bronx, Staten Island and Connecticut. The Bank’s growing network of private client banking teams serves the needs of privately owned businesses, their owners and senior managers.
Signature Bank offers a wide variety of business and personal banking products and services. Its specialty finance subsidiary, Signature Financial, LLC, provides equipment finance and leasing. Signature Securities Group Corporation, a wholly owned Bank subsidiary, is a licensed broker-dealer, investment adviser and member FINRA/SIPC, offering investment, brokerage, asset management and insurance products and services.
Since commencing operations in May 2001, the Bank has grown to $31.92 billion in assets, $26.61 billion in deposits, $2.82 billion in equity capital and $3.52 billion in other assets under management as of September 30, 2015. Signature Bank’s Tier 1 and risk-based capital ratios are significantly above the levels required to be considered well capitalized.
Signature Bank ranked sixth on Forbes’ Best and Worst Banks in America 2016 list and ranked third on leading trade journal Bank Director’s 2015 Bank Performance Scorecard for banks with assets between $5 and $50 billion.
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. 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 future results, interest rates and the interest rate environment, loan and deposit growth, loan performance, operations, new private client teams and other hires, new office openings and business strategy. These statements often include words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “opportunity,” “could,” “project,” “seek,” “should,” “will,” would,” “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 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 and (vi) competition for qualified personnel and desirable office locations. 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. 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.
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