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Shareholder Letter - August 2014

August 22, 2014

Dear Shareholder:

We are pleased to report our year to date financial results and our updated stock valuation as of June 30, 2014. We continue to grow the Bank’s balance sheet and stock value as highlighted below:

  • Net Income totaled $2,848,000 for the first six months – which was similar to our earnings through the same period last year. Our net interest margin has seen some compression this year as we navigate the challenging interest rate environment.
  • Our loan portfolio has grown to $530.3 million at June 30, 2014 – an increase of $39.7 million or 8.1% over the past twelve months.
  • Loan quality continues to improve as non-performing assets (.17% of total loans) and net charge-offs (.01%) are at the lowest levels since 2007.
  • Austin Associates has valued our stock at $63.00 per share as of June 30, 2014. This is a $2.00 per share increase from the December 31, 2013 value.

Despite the net interest margin challenges, we are optimistic about finishing the year strong due to our current loan pipeline and liquidity position to fund the loan demand. We appreciate your loyal support and we look forward to serving your banking needs.

Best Regards,

Richard J. Brunner          David A. Reed
Chairmain & CEO            President

June 30 2014, Financial Results

Shareholder Letter - October 2014

October 28, 2014

Dear Shareholder:

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.

Best Regards,

Richard J. Brunner          David A. Reed
Chairmain & CEO            President

September 30 2014, Financial Results

 
 
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4607 W. Sylvania Ave. | Toledo, Ohio 43623 | (419) 841-7773
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