Fly News Breaks for November 20, 2019
Nov 20, 2019 | 08:24 EDT
Hovde Group analyst Joseph Fenech upgraded Signature Bank to Outperform from Market Perform with a $140 price target.
News For SBNY From the Last 2 Days
Jan 21, 2021 | 05:07 EST
Reports Q4 book value per share $95.56. Reports Q4 CET1 capital ratio 9.87%. Reports Q4 net charge-offs .10%. Total Deposits in Q4 Increased a record $8.98B to $63.32B, while average deposits Increased a record $10.36B, or 20.1%. "2020 was a year where many worldwide suffered immensely due to the effects of the COVID-19 pandemic. With the distribution of the vaccines, we hope the world will be a safer place soon and look forward to 2021 being a year where we return to normal and all whose lives have been horribly affected can heal. During these difficult times, Signature Bank focused on providing assistance for colleagues and clients alike through several beneficial programs, including PPP, to help them through their struggles. 2020 also marked the time where recent initiatives put forth by the Bank developed into full-fledged businesses as the pandemic did not slow their progress. These new businesses, coupled with efforts emanating from our existing franchise, flourished throughout the year. The Bank saw remarkable record deposit growth and significant record loan growth leading to nearly $1 billion in pretax, pre-provision earnings, which increased 16.1 percent for the year. Furthermore, we strengthened our West Coast presence meaningfully utilizing our core banking model in California. To this end, 17 teams were appointed in Los Angeles and San Francisco in 2020 alone," explained Signature Bank president and CEO Joseph DePaolo.