Signature
Bank (Nasdaq: SBNY), a New York-based full-service commercial bank,
announced today that it ranked sixth in Forbes’ annual list of America’s
Best and Worst Banks 2016. Signature Bank is one of only three banks
in the nation to rank in the top 10 in each of the past six years. The
annual ranking of Forbes’ America’s Best and Worst Banks 2016 was
released on January 7, 2016 on www.forbes.com.
“The changing face of America’s banking and financial landscape prompted Forbes
to adjust the metrics they routinely used over the past several years
when evaluating America’s best and worst banks this year. Based on the
overall statistics, Forbes noted that while credit quality seemed
to improve on the whole, growth and profitability exhibited mixed
results. However, Signature Bank’s growth and profitability has
continued to set records since our founding in 2001, and we maintain
strong credit quality. The Bank’s inclusion in the Forbes list
yet again is evidence of the broader acceptance of our
relationship-based, depositor-focused model,” Joseph J. DePaolo,
President and Chief Executive Officer at Signature Bank said.
“All our colleagues continue to put forth efforts that consistently
contribute to the accolades we earned through this Forbes
ranking, and we appreciate their dedication along with the unwavering
loyalty demonstrated by our clients. This third-party recognition by Forbes
is demonstrative of the strength and success of our proven
client-centric model coupled with the single-point-of-contact founding
philosophy upon which Signature Bank was built,” DePaolo added.
The data used by Forbes to create the list was supplied by
Charlottesville, Va.-based SNL
Financial while the rankings were compiled by Forbes. Ten
metrics were evaluated this year including, among others, asset quality,
capital adequacy, growth and profitability. A new methodology was
applied to this year’s listing to better reflect the current state of
America’s banking environment. Three new metrics were added, including
return on average tangible common equity; net charge-offs as a percent
of total loans and efficiency ratio. Other metrics were removed from
this year’s formula, such as return on average equity and nonperforming
loans (NPLs) as a percentage of loans. Other metrics used include net
interest margin; nonperforming assets as a percent of assets; reserves
as a percent of NPLs, two capital ratios (Tier 1 and risk-based); and,
revenue growth over the past 12 months. All data was based on regulatory
filings for the period ending September 30, 2015. Each of the 10 metrics
used were weighted equally in Forbes’ final rankings.
About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service commercial
bank with 29
private client offices throughout the New York metropolitan area,
including those in Manhattan, Brooklyn, Westchester, Long Island,
Queens, the Bronx, Staten Island and Connecticut. The Bank’s growing
network of private client banking teams serves the needs of privately
owned businesses, their owners and senior managers.
Signature Bank offers a wide variety of business and personal banking
products and services. Its specialty finance subsidiary, Signature
Financial, LLC, provides equipment finance and leasing. Signature
Securities Group Corporation, a wholly owned Bank subsidiary, is a
licensed broker-dealer, investment adviser and member FINRA/SIPC,
offering investment, brokerage, asset management and insurance products
and services.
Since commencing operations in May 2001, the Bank has grown to $31.92
billion in assets, $26.61 billion in deposits, $2.82 billion in equity
capital and $3.52 billion in other assets under management as of
September 30, 2015. Signature Bank's Tier 1 and risk-based capital
ratios are significantly above the levels required to be considered well
capitalized.
Signature Bank ranked sixth on Forbes’
Best and Worst Banks in America 2016 list and ranked third on
leading trade journal Bank Director’s 2015
Bank Performance Scorecard for banks with assets between $5 and $50
billion.
For more information, please visit www.signatureny.com.
This press release and oral statements made from time to time by our
representatives contain "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995 that are subject
to risks and uncertainties. You should not place undue reliance on those
statements because they are subject to numerous risks and uncertainties
relating to our operations and business environment, all of which are
difficult to predict and may be beyond our control. Forward-looking
statements include information concerning our future results, interest
rates and the interest rate environment, loan and deposit growth, loan
performance, operations, new private client teams and other hires, new
office openings and business strategy. These statements often include
words such as "may," "believe," "expect," "anticipate," "intend,"
“potential,” “opportunity,” “could,” “project,” “seek,” “should,”
“will,” would,” "plan," "estimate" or other similar expressions. As you
consider forward-looking statements, you should understand that these
statements are not guarantees of performance or results. They involve
risks, uncertainties and assumptions that could cause actual results to
differ materially from those in the forward-looking statements and can
change as a result of many possible events or factors, not all of which
are known to us or in our control. These factors include but are not
limited to: (i) prevailing economic conditions; (ii) changes in interest
rates, loan demand, real estate values and competition, any of which can
materially affect origination levels and gain on sale results in our
business, as well as other aspects of our financial performance,
including earnings on interest-bearing assets; (iii) the level of
defaults, losses and prepayments on loans made by us, whether held in
portfolio or sold in the whole loan secondary markets, which can
materially affect charge-off levels and required credit loss reserve
levels; (iv) changes in monetary and fiscal policies of the U.S.
Government, including policies of the U.S. Treasury and the Board of
Governors of the Federal Reserve System; (v) changes in the banking and
other financial services regulatory environment and (vi) competition for
qualified personnel and desirable office locations. Although we believe
that these forward-looking statements are based on reasonable
assumptions, beliefs and expectations, if a change occurs or our
beliefs, assumptions and expectations were incorrect, our business,
financial condition, liquidity or results of operations may vary
materially from those expressed in our forward-looking statements.
Additional risks are described in our quarterly and annual reports filed
with the FDIC. You should keep in mind that any forward-looking
statements made by Signature Bank speak only as of the date on which
they were made. New risks and uncertainties come up from time to time,
and we cannot predict these events or how they may affect the Bank. Signature
Bank has no duty to, and does not intend to, update or revise the
forward-looking statements after the date on which they are made. In
light of these risks and uncertainties, you should keep in mind that any
forward-looking statement made in this release or elsewhere might not
reflect actual results.
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