Shareholder Letter - May 2013
May 1, 2013
We are pleased to report continued growth and success at Signature Bancorp, Inc. Additionally, we are excited to announce we will begin paying a semi-annual cash dividend. The first dividend payment of 40 cents per share will be paid on May 15 to shareholders of record as of May 1.
We expect 2013 to present some challenges due to the combination of low interest rates and a slow growing economy. However, we are optimistic that we can continue to grow and build the value of our company.
Our financial results are attached and include the following highlights:
- Our net income totaled $1,386,000, which is a 2.1% increase over the first quarter last year.
- Our loan balances grew $13.8 million during the first quarter and now total $480.2 million.
- Net loan charge-offs were $27,226 for the first quarter.
- Our net interest margin was 3.62% this quarter compared to 3.69% for the first quarter last year.
We thank you for your loyal support in building our Bank. If you have any questions about our dividend program or banking needs, please call us.
Richard J. Brunner David A. Reed
Chairmain & CEO President
May 2013 Financial Results