Signature Bank reports Q3 EPS $2.75, consensus $2.70
Reports Q3 book value per share $87.42. Reports Q3 CET1 capital ratio 11.91%. Reports Q3 net charge-offs 0.03%. "In order to thrive, one must consistently think about transforming. The key element to success is when to act upon said transformation. Well, we've begun the process and energized our colleagues and we're pleased with the initial outcome. The results we are seeing include reduced borrowings, an increase in floating rate commercial and industrial loans led by the Fund Banking Division, a decrease in fixed rate commercial real estate loan concentration and funding with record average deposit growth," explained Joseph DePaolo, President and CEO. "We've added three transformational groups to our institution in the past year and also introduced an innovative new commercial payments platform (Signet). The Fund Banking Division made significant contributions to our results this quarter, as did our Venture Banking Group, which just officially opened for business. We look forward to the continued efforts of these teams as well as those of our new Specialized Mortgage Servicing Banking Team, which has now built out the necessary infrastructure to support their clients' needs. As always, our traditional banking teams also fueled our ongoing growth. We continue to adapt and transform to benefit the success of our clients," DePaolo concluded.