Signature Bank: Still Deserving Of A Premium Multiple
Wed, Jul. 20, 3:37 PM
- Signature Bank (SBNY -4.7%) missed Q2 estimates after boosting provisions by $24.3M for loan losses on it Chicago taxi medallion loans. The bank's total provision in Q2 was $33.3M vs. $19.8M in Q1 and $9M a year ago.
- Signature now has an allowance for loan losses of 30% on its Chicago medallion loans.
- FBR takes note of stabilization in NYC taxi medallions, noting SBNY was able to get improved pricing on sales of 18 of them in Q2. The bank's taxi net exposure was 2% of loans and 16% of tangible common equity at the end of Q2 vs. 3% of loans and 30% of tangible common equity in Q1.
Tue, Jun. 21, 9:49 AM
- The former highflier has had a rough few months, falling about 20% from a late 2015 peak - this after a major run higher in the preceding years.
- Raymond James upgrades to Strong Buy from Outperform.
- SBNY +1%
Thu, Jan. 21, 4:22 PM
- The lender is selling 2.2M shares in a secondary offering. The underwriter greenshoe is for another 330K shares.
- Signature (NASDAQ:SBNY) has fared better than most, down 9% YTD, but up 19% Y/Y. The stock's lower by 1.4% after hours.
Jul. 22, 2015, 8:18 AM
- Investors used the occasion of yesterday's sizable earnings beat to ring the register on Signature Bank (NASDAQ:SBNY) after a strong run by the shares - sending the stock down 4% on the session.
- The decline looks like it makes for a good entry point to Raymond James, which upgrades SBNY to Strong Buy from Outperform.
- Previously: Signature Bank beats by $0.08, beats on revenue (July 21)
Oct. 21, 2014, 10:08 AM
- Net interest income of $205.3M grew 22.6% Y/Y thanks to a 25% surge in interest-earnings assets to $25.02B. Deposit growth or the year's first nine months is 25%.
- Core net interest margin slipped eight basis points to 3.14%, with nearly all of that thanks to more cash on hand following the late-Q2 capital raise.
- Chairman Scott Shay: "As Signature Bank's (SBNY +6.7%) reputation grows, we are continuously gaining traction throughout the New York banking marketplace."
- The conference call is just getting underway.
- Boenning & Scattergood wastes little time, upgrading the stock to a Buy.
- Previously: Signature Bank beats by $0.06, beats on revenue
Jun. 10, 2014, 10:58 AM
Dec. 4, 2013, 9:05 AM
Jul. 6, 2011, 9:00 AM
Jun. 17, 2011, 3:12 PM
Signature Bank operates as a state chartered commercial bank. The bank operates Signature Financial LLC, a finance subsidiary focused on equipment finance and leasing, transportation, taxi medallion, commercial marine, national franchise financing and leasing. Its subsidiary Signature Public... More
Industry: Regional - Northeast Banks
Country: United States