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Shareholder Letter - May 2011
May 9, 2011
Dear Shareholder:
Last week, we hosted our ninth Annual Shareholder Meeting at the Toledo Club. We shared several exciting announcements and our financial results with over 200 guests. The highlights from the meeting included:
Announcements:
- We welcomed two new Board Members – Carol Savage, Senior Vice President of Signature Bank and Matthew Kripke, Vice President of Kripke Enterprises.
- We are finalizing plans to convert a property we currently own to a new Service Technology and Resource (STAR) Center. Occupying the STAR Center will be operations, information technology and financial personnel.
- We were recently ranked in the Top 100 Community Banks by SNL Financial. The rankings evaluated approximately 800 banks with assets of $500 Million to $5 Billion.
2011 First Quarter Financial Highlights
- Our Net Income continued to grow totaling $1.1 Million for the first quarter - a 41% increase over the first quarter last year.
- Total Assets grew to $524.8 Million at March 31, 2011, an increase of $16.8 million from year-end 2010.
- Total Deposits grew $14.7 Million or 3.3% during the quarter.
- Total loan balances were similar to year-end levels at $390 Million, and our loan quality measures remained stable.
Thank you to all who attended our Annual Meeting this year. We hope many of you will consider joining us next April for a celebration of our 10th year in business.
Best Regards,
Richard J. Brunner David A. Reed
Chairmain & CEO President
Signature Bancorp, Inc.
Financial Highlights
(Dollars in Thousands - Except per Share Data)
| |
3/31/2011 |
3/31/2010 |
|
12/31/2010 |
12/31/2009 |
|
(3 Months) |
(3 Months) |
|
(12 Months) |
(12 Months) |
| OPERATING RESULTS |
| Net Interest Income |
$4,340 |
$3,918 |
|
$16,387 |
$14,252 |
| Provision for Loan Losses |
225 |
550 |
|
1,450 |
1,500 |
| Non-Interest Income |
191 |
176 |
|
753 |
688 |
| Non-Interest Expense |
2,669 |
2,381 |
|
9,739 |
9,072 |
| Pre-Tax Income |
1,637 |
1,163 |
|
5,951 |
4,368 |
| Securities gains (losses) |
- |
- |
|
(35) |
- |
| Income Tax Expense |
528 |
375 |
|
1,902 |
1,443 |
| Net Income |
$1,109 |
$788 |
|
$4,014 |
$2,925 |
| BALANCE SHEET HIGHLIGHTS |
| Total Assets |
$524,816 |
$448,809 |
|
$508,119 |
$452,300 |
| Total Loans |
380,052 |
370,272 |
|
391,125 |
371,661 |
| Allowance for Loan Losses |
5,676 |
5,354 |
|
5,443 |
5,029 |
| Non-Interest Bearing Deposits |
100,234 |
74,240 |
|
94,404 |
72,099 |
| MMDA & Savings Deposits |
189,190 |
146,516 |
|
181,087 |
150,160 |
| Total Certificates of Deposit |
165,368 |
163,519 |
|
164,474 |
162,907 |
| Total Deposits |
454,792 |
384,275 |
|
439,965 |
385,166 |
| Stockholders' Equity |
$45,484 |
$39,372 |
|
$43,379 |
$38,501 |
| PERFORMANCE RATIOS |
| Return on Average Assets |
0.87% |
0.71% |
|
0.85% |
0.66% |
| Return on Average Equity |
10.12% |
8.21% |
|
9.72% |
7.88% |
| Net Interest Margin |
3.58% |
3.68% |
|
3.59% |
3.34% |
| Efficiency Ratio |
61.98% |
58.16% |
|
56.93% |
60.73% |
| ASSET QUALITY RATIOS |
| Non-Performing Assets/OREO to Loans |
0.75% |
1.14% |
|
0.65% |
1.11% |
| Net Charge-Offs to Average Loans |
0.00% |
0.24% |
|
0.28% |
0.28% |
| Allowance for Loan Losses to Loans |
1.49% |
1.45% |
|
1.39% |
1.35% |
| CAPITAL RATIOS |
| Total Risk-Based Capital |
12.7% |
12.3% |
|
11.9% |
11.0% |
| Tier 1 Risk-Based Capital |
11.5% |
11.1% |
|
10.9% |
10.3% |
| Tier 1 Leverage Capital |
9.0% |
9.3% |
|
8.6% |
8.5% |
| PER SHARE DATA |
| Basic Earnings |
$3.44 |
$2.56 |
(1) |
$3.22 |
$2.39 |
| Book Value |
$35.03 |
$31.86 |
|
$34.26 |
$31.23 |
| Market Value |
$48.00 |
$43.50 |
(2) |
$48.00 |
$43.50 |
(1) Annualized Earnings
(2) Market Value is determined semi-annually by Austin Associates, LLC., an independent consulting firm experienced in stock valuations of commercial banks and bank holding companies.
Shareholder Letter - August 2011
August 26, 2011
Dear Shareholder:
We are pleased to report another quarter of positive performance for Signature Bank as we continue to navigate through an improving, but fragile economy. The financial highlights for the first half of the year include:
- Total Assets reached $518 million, which is an increase of $10 million for the first six months of 2011 and $49 million of growth over the past twelve months.
- Loan Growth has been a modest $14.5 million or 3.7% in 2011 with $33 million (8.9%) of growth over the past twelve months. The credit quality of our loan portfolio remains stable, and we remain diligent in identifying and addressing loan weaknesses.
- Our net income totaled $2,318,000, which is 28% higher than the first half of 2010. Our Return on Assets and Return on Equity reached the highest level in our history at .90% and 10.11% respectively for the first half of 2011.
- Austin Associates, LLC has completed its semi-annual valuation of our stock determining a value of $49.00 per share. This is a 2% increase over our year-end value and an 8.9% increase over the value twelve months ago.
For the remainder of 2011, we are cautiously optimistic, and we expect continued growth in our balance sheet, profitability and share value. Finally, thus far in 2011, there has been a total of 42,234 shares of stock traded at the valuation price. We anticipate additional shares being offered for sale by existing shareholders. Please let us know if you would be interested in acquiring shares that may be available.
Thank you for your loyal support of our Bank. Your business and referrals are sincerely appreciated.
Best Regards,
Richard J. Brunner David A. Reed
Chairmain & CEO President
Signature Bancorp, Inc.
Financial Highlights
(Dollars in Thousands - Except per Share Data)
| |
6/30/2011 |
6/30/2010 |
|
12/31/2010 |
12/31/2009 |
|
(6 Months) |
(6 Months) |
|
(12 Months) |
(12 Months) |
| OPERATING RESULTS |
| Net Interest Income |
$8,837 |
$7,912 |
|
$16,387 |
$14,252 |
| Provision for Loan Losses |
450 |
850 |
|
1,450 |
1,500 |
| Non-Interest Income |
1407 |
367 |
|
753 |
688 |
| Non-Interest Expense |
5,380 |
4,772 |
|
9,739 |
9,072 |
| Pre-Tax Income |
3,414 |
2,657 |
|
5,951 |
4,368 |
| Securities gains (losses) |
2 |
- |
|
(35) |
- |
| Income Tax Expense |
1,098 |
848 |
|
1,902 |
1,443 |
| Net Income |
$2,318 |
$1,809 |
|
$4,014 |
$2,925 |
| BALANCE SHEET HIGHLIGHTS |
| Total Assets |
$518,414 |
$469,146 |
|
$508,119 |
$452,300 |
| Total Loans |
405,495 |
372,494 |
|
391,125 |
371,661 |
| Allowance for Loan Losses |
5,916 |
5,598 |
|
5,443 |
5,029 |
| Non-Interest Bearing Deposits |
104,159 |
86,120 |
|
94,404 |
72,099 |
| MMDA & Savings Deposits |
177,803 |
153,093 |
|
181,087 |
150,160 |
| Total Certificates of Deposit |
166,033 |
161,965 |
|
164,474 |
162,907 |
| Total Deposits |
447,995 |
439,965 |
|
439,965 |
385,166 |
| Stockholders' Equity |
$46,973 |
$40,543 |
|
$43,379 |
$38,501 |
| PERFORMANCE RATIOS |
| Return on Average Assets |
0.90% |
0.79% |
|
0.85% |
0.66% |
| Return on Average Equity |
10.11% |
9.13% |
|
9.72% |
7.88% |
| Net Interest Margin |
3.59% |
3.64% |
|
3.59% |
3.34% |
| Efficiency Ratio |
58.20% |
57.64% |
|
56.93% |
60.73% |
| ASSET QUALITY RATIOS |
| Non-Performing Assets/OREO to Loans |
1.03% |
1.11% |
|
0.65% |
1.11% |
| Net Charge-Offs (Recoveries) to Average Loans |
(0.01)% |
0.15% |
|
0.28% |
0.28% |
| Allowance for Loan Losses to Loans |
1.46% |
1.50% |
|
1.39% |
1.35% |
| CAPITAL RATIOS |
| Total Risk-Based Capital |
12.6% |
12.0% |
|
11.9% |
11.0% |
| Tier 1 Risk-Based Capital |
11.4% |
10.7% |
|
10.9% |
10.3% |
| Tier 1 Leverage Capital |
9.2% |
8.8% |
|
8.6% |
8.5% |
| PER SHARE DATA |
| Basic Earnings |
$3.60 |
$2.95 |
(1) |
$3.22 |
$2.39 |
| Book Value |
$35.38 |
$32.43 |
|
$34.26 |
$31.23 |
| Market Value |
$49.00 |
$45.00 |
(2) |
$48.00 |
$43.50 |
(1) Annualized Earnings
(2) Market Value is determined semi-annually by Austin Associates, LLC., an independent consulting firm experienced in stock valuations of commercial banks and bank holding companies.
Shareholder Letter - November 2011
November 7, 2011
Dear Shareholder:
We are pleased to report continued growth and profitability at Signature Bank during the past quarter. Financial highlights for 2011 include:
- Total Assets have reached $542 million representing growth of $34 million so far this year.
- Deposits now total $470.6 million, a 14% increase over September 30, 2010. We have successfully attracted many businesses and organizations to Signature Bank.
- Loan Growth strengthened this past quarter with $15.2 million of new loans generated. The loan portfolio totals $420.7 million representing growth of $29.6 million year-to-date.
- Loan charge-offs net of recoveries total $830,000 this year. We have added $800,000 to our Loan Loss Reserve to cover these losses and maintain a healthy $5.5 million reserve.
- Net income has grown to $3.6 million year-to-date, a 25% increase over 2010.
STAR Center Update: We have finalized our plans to establish a new Service Technology and Resource Center which will be occupied by our Operations and Financial personnel.
We have signed a long term lease for office space in Arrowhead Park and plan to begin moving by year end. Clients will continue to be served by our main office on Sylvania Avenue.
Best Regards,
Richard J. Brunner David A. Reed
Chairmain & CEO President
Signature Bancorp, Inc.
Financial Highlights
(Dollars in Thousands - Except per Share Data)
| |
9/30/2011 |
9/30/2010 |
|
12/31/2010 |
12/31/2009 |
|
(6 Months) |
(6 Months) |
|
(12 Months) |
(12 Months) |
| OPERATING RESULTS |
| Net Interest Income |
$13,536 |
$12,062 |
|
$16,387 |
$14,252 |
| Provision for Loan Losses |
800 |
1,150 |
|
1,450 |
1,500 |
| Non-Interest Income |
626 |
559 |
|
753 |
688 |
| Non-Interest Expense |
8,037 |
7,209 |
|
9,739 |
9,072 |
| Pre-Tax Income |
5,325 |
4,262 |
|
5,951 |
4,368 |
| Securities gains (losses) |
2 |
(35) |
|
(35) |
- |
| Income Tax Expense |
1,724 |
1,358 |
|
1,902 |
1,443 |
| Net Income |
$3,603 |
$2,869 |
|
$4,014 |
$2,925 |
| BALANCE SHEET HIGHLIGHTS |
| Total Assets |
$542,039 |
$479,239 |
|
$508,119 |
$452,300 |
| Total Loans |
420,724 |
382,502 |
|
391,125 |
371,661 |
| Allowance for Loan Losses |
5,413 |
5,567 |
|
5,443 |
5,029 |
| Non-Interest Bearing Deposits |
114,464 |
91,386 |
|
94,404 |
72,099 |
| MMDA & Savings Deposits |
193,483 |
158,308 |
|
181,087 |
150,160 |
| Total Certificates of Deposit |
162,628 |
162,559 |
|
164,474 |
162,907 |
| Total Deposits |
470,575 |
412,253 |
|
439,965 |
385,166 |
| Stockholders' Equity |
$48,692 |
$41,707 |
|
$43,379 |
$38,501 |
| PERFORMANCE RATIOS |
| Return on Average Assets |
0.91% |
0.82% |
|
0.85% |
0.66% |
| Return on Average Equity |
10.23% |
9.46% |
|
9.72% |
7.88% |
| Net Interest Margin |
3.60% |
3.62% |
|
3.59% |
3.34% |
| Efficiency Ratio |
56.36% |
56.79% |
|
56.93% |
60.73% |
| ASSET QUALITY RATIOS |
| Non-Performing Assets/OREO to Loans |
1.68% |
1.00% |
|
0.65% |
1.11% |
| Net Charge-Offs (Recoveries) to Average Loans |
0.21% |
0.22% |
|
0.28% |
0.28% |
| Allowance for Loan Losses to Loans |
1.28% |
1.45% |
|
1.39% |
1.35% |
| CAPITAL RATIOS |
| Total Risk-Based Capital |
12.5% |
12.5% |
|
11.9% |
11.0% |
| Tier 1 Risk-Based Capital |
11.2% |
11.2% |
|
10.9% |
10.3% |
| Tier 1 Leverage Capital |
9.2% |
9.2% |
|
8.6% |
8.5% |
| PER SHARE DATA |
| Basic Earnings |
$3.63 |
$3.09 |
(1) |
$3.22 |
$2.39 |
| Book Value |
$36.73 |
$33.35 |
|
$34.26 |
$31.23 |
| Market Value |
$49.00 |
$45.00 |
(2) |
$48.00 |
$43.50 |
(1) Annualized Earnings
(2) Market Value is determined semi-annually by Austin Associates, LLC., an independent consulting firm experienced in stock valuations of commercial banks and bank holding companies.
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