Shareholder Letter - October 2014
October 28, 2014
We are pleased to report another quarter of solid growth for Signature Bancorp, Inc. Additionally, our Board of Directors recently approved the payment of our semi-annual cash dividend. Shareholders of record on November 1st will be receiving a dividend of 50 cents per share, payable on November 15th.
Our financial results are attached and include the following highlights:
- Year-to-date, our net income totaled $4,448,000 which is a 3.6% increase over our year-to-date net income last year.
- Loan balances have grown $34 million year-to-date and now total $536.6 million.
- Loan charge-offs have declined in 2014 and we have continued to experience recoveries. We are now in a net recovery position, and expect this to hold for the year.
- Total deposits now total $584 million compared to $570 million at the end of 2013.
You should expect to receive your dividend payment on or shortly after November 15th. As always, we appreciate your loyal support.
Richard J. Brunner David A. Reed
Chairmain & CEO President
September 30 2014, Financial Results