Shareholder Letter - November 2015
November 2, 2015
We are pleased to report the Bank continues to generate growth in earnings, loans, and deposits throughout 2015. Additionally, our Board of Directors recently approved the payment of our semi-annual cash dividend. Shareholders of record on November 1st will receive a dividend of $0.55 per share, payable on November 13, 2015.
Our financial results are attached and include the following highlights:
- Year-to-date net income of $5.1 million is 15% above the same period last year. We continue to exceed plan for net interest income, non-interest income and operating expenses.
- Loans have grown by $41.3 million over the past twelve months, and total $577.9 million.
- Year-to-date, loan recoveries total $352,000, and we have had no loan charge-offs.
- Deposits have grown $48.4 million over the past year including $40.4 million of growth in non-interest bearing deposits.
We are hopeful of continuing this pace through the remainder of 2015. Thank you for your loyal support of Signature Bank!
Richard J. Brunner David A. Reed
Chairmain & CEO President
September 30 2015, Financial Results