Signature Banks Earns $1.77 per Share

Nice earnings beat from Signature Bank (SBNY) this morning. The bank earned $1.77 per share. That’s eight cents more than estimates.

From briefing.com:

Net interest margin for the 2015 second quarter was 3.27 percent versus 3.31 percent reported in the same period a year ago.

On a linked quarter basis, net interest margin increased one basis point. Excluding loan prepayment penalties in both quarters, linked quarter core margin remained unchanged at 3.17 percent for both periods.

Provision for Loan Losses – The Bank’s provision for loan losses for the second quarter of 2015 was $9.0 million, compared with $7.9 million for the 2015 first quarter and $7.6 million for the 2014 second quarter. The increase was largely due to an increase in net charge-offs.

Net charge-offs for the 2015 second quarter were $2.6 million, or 0.05 percent of average loans on an annualized basis, versus $1.5 million, or 0.03 percent, for the 2015 first quarter and $718,000, or 0.02 percent, for the 2014 second quarter.

Posted by on July 21st, 2015 at 7:27 am


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