Shareholder Letter - May 2012
Recently, we held our Annual Meeting and Tenth Anniversary Celebration at the Toledo Museum of Art where we shared the following 2012 highlights:
- Our first quarter earnings totaled $1,377,000, which is a 23% increase in net income over the first quarter last year.
- Our loan balances of $429.6MM were 1.9% lower than December 31, 2011. We are cautiously optimistic that we will grow the loan portfolio during the remainder of the year.
- The recently enacted JOBS act allows private companies to increase their shareholder count from 500 to 2,000. We will be able to widen our shareholder base and improve the liquidity of our stock.
- Our Board of Directors has authorized the periodic repurchasing of stock made available for sale. We will use stock repurchases to efficiently and safely manage our capital position.
As we begin our second decade, we are pleased to announce that John S. Szuch has joined the Signature Bank team to help us continue growing our company. John will be an Executive Officer and a member of the Board of Directors. John has had a distinguished banking career in our community, most notably as a founder and CEO of Capital Bank. Please join us in welcoming John to our organization.
We thank all of you for your loyal support in building our bank. We are excited about the future of Signature Bank, and we look forward to assisting you with your banking needs.
Richard J. Brunner David A. Reed
Chairmain & CEO President
March 2012 Financial Results