Shareholder Letter - November 2013
November 1, 2013
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 second cash dividend. Shareholders of record on November 1st will be receiving a dividend of 40 cents per share, payable on November 15th.
Our financial results are attached and include the following highlights:
- Our assets surpassed the $600 million level for the first time, reaching $607.6 million.
- Loan balances have grown $35.3 million year-to-date and now total $502.1 million.
- Loan charge-offs (net of recoveries) are $193,000 year-to-date as compared to $1 million in net charge-offs for the first nine months of 2012.
- Net income totaled $4.3 million through nine months – a 4.7% increase over the same period last year.
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
November 2013 Financial Results