-
Net Income for the 2022 Second Quarter Increased $124.7 Million, or 58.1 Percent, to a Record $339.2 Million, or $5.26 Diluted Earnings Per Share, Versus $214.5 Million, or $3.57 Diluted Earnings Per Share, Reported in the 2021 Second Quarter. Pre-Tax, Pre-Provision Earnings for the 2022 Second Quarter Were a Record $476.7 Million, an Increase of $168.2 Million, or 54.5 Percent, Compared with $308.6 Million for the 2021 Second Quarter
-
Total Deposits in the Second Quarter Declined $5.04 Billion to $104.12 Billion, While Average Deposits Increased $816.8 Million. The Decline Was Primarily Driven by Client Balances of the New York Banking Teams, Which Decreased $2.4 Billion and the Digital Asset Banking Team, Which Declined $2.4 Billion. Conversely, Off-Balance Sheet Treasuries Increased $1.5 Billion Due to Purchasing Activity in the Digital Asset Banking Space. Total Deposits for the Prior Twelve Months Have Grown $18.56 Billion, or 21.7 Percent
-
For the 2022 Second Quarter, Loans Increased $5.60 Billion, or 8.4 Percent, to $72 Billion. Since the End of the 2021 Second Quarter, Loans Have Increased 32.1 Percent, or $17.49 Billion
-
For the 2022 Second Quarter, Non-Accrual Loans Decreased $9.9 Million to $167.9 Million, or 0.23 Percent of Total Loans, at June 30, 2022, Versus $177.8 Million, or 0.27 Percent, at the End of the 2022 First Quarter
-
Net Interest Margin on a Tax-Equivalent Basis Increased to 2.23 Percent, Compared With 1.99 Percent for the 2022 First Quarter and 2.02 Percent for the 2021 Second Quarter
-
Tier 1 Leverage, Common Equity Tier 1 Risk-Based, Tier 1 Risk-Based, and Total Risk-Based Capital Ratios were 7.92 Percent, 9.96 Percent, 10.76 Percent, and 11.85 Percent, Respectively, at June 30, 2022. Signature Bank Remains Significantly Above FDIC “Well Capitalized” Standards. Tangible Common Equity Ratio was 6.31 percent
-
The Bank Declared a Cash Dividend of $0.56 Per Share, Payable on or After August 12, 2022 to Common Shareholders of Record at the Close of Business on July 29, 2022. The Bank Also Declared a Cash Dividend of $12.50 Per Share Payable on or After September 30, 2022 to Preferred Shareholders of Record at the Close of Business on September 16, 2022
- In the 2022 Second Quarter, the Bank Launched a New National Banking Practice, the Healthcare Banking and Finance Team, to Provide Lending Services and Garner Deposits in this Space. Additionally, the Bank On-boarded Eleven Private Client Banking Teams; Six on the West Coast and Five in New York
NEW YORK--(BUSINESS WIRE)--Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, today announced results for its second quarter ended June 30, 2022.
Net income for the 2022 second quarter was a record $339.2 million, or $5.26 diluted earnings per share, versus $214.5 million, or $3.57 diluted earnings per share, for the 2021 second quarter. The increase in net income for the 2022 second quarter, versus the comparable quarter last year, is primarily the result of an increase in net interest income, fueled by strong average deposit, loan and securities growth, as well as higher interest rates. Pre-tax, pre-provision earnings were a record $476.7 million, representing an increase of $168.2 million, or 54.5 percent, compared with $308.6 million for the 2021 second quarter.
Net interest income for the 2022 second quarter reached $649.1 million, up $191.9 million, or 42.0 percent, when compared with the 2021 second quarter. This increase is primarily due to growth in average interest-earning assets and higher prevailing market interest rates. Total assets reached $115.97 billion at June 30, 2022, an increase of $19.08 billion, or 19.7 percent, from $96.89 billion at June 30, 2021. Average assets for the 2022 second quarter reached $118.85 billion, an increase of $26.99 billion, or 29.4 percent, compared with the 2021 second quarter.
Deposits for the 2022 second quarter decreased $5.04 billion to $104.12 billion, including a non-interest bearing deposit reduction of $5.31 billion, which brings our non-interest bearing mix to 39.8 percent of deposits at June 30, 2022. Overall deposit growth for the last twelve months was 21.7 percent, or $18.56 billion. Average deposits for the 2022 second quarter reached $106.68 billion, an increase of $816.8 million when compared with the prior quarter.
“Very few banks achieve strong shareholder returns while delivering long-term growth at a pace like that of Signature Bank. Year after year, we consistently do both because we remain focused on what we do best: attracting experienced, banking teams and developing new national businesses. While we cannot control the ebb and flow of macro-economic cycles, our ability to overcome obstacles and continuously build our franchise value is based on the deep experience of our colleagues. These veteran bankers are experts and the expansion of their books of business directly results in diversification of our balance sheet. We have employed this same organic growth strategy since our inception when the Bank commenced with just 12 New York area-based teams. Our commitment to this strategy is highlighted by the recent onboarding of our Health Care Banking and Finance Team. The 137 teams and business lines added to our banking network throughout our 21-year history are responsible for transforming Signature Bank into an institution spanning numerous deposit and lending businesses across a national footprint,” noted Joseph J. DePaolo, Signature Bank President and Chief Executive Officer.
“This quarter we once again delivered record earnings of $339.2 million, realizing our strongest growth in pre-provision net revenue of 54 percent, compared with same period last year. We credit this meaningful growth in earnings to all of our business lines, collectively, as there is no single one which has brought us to this point. As we look ahead, we will continue to take advantage of the abundant team onboarding opportunities which exist across our entire footprint and rely upon our proven approach to organic growth to continue to drive earnings, despite some unsettling times,” DePaolo concluded.
Scott A. Shay, Chairman of the Board, added: “We built Signature Bank for times of volatility and uncertainty like those of today. Accordingly, our clients have come to continually appreciate our strong balance sheet, which emphasizes depositor safety more than anything else. Our investment portfolio is built around low-risk highly liquid securities, and our lending efforts are also centered around lower risk arenas. This depositor safety-first philosophy led to us being the only bank in the U.S. with more than $4 billion in assets to escape the Great Financial Crisis without a down year in earnings. In times like these, we are able to seize opportunities that build our business as we endeavor to onboard new clients and attract new teams. We have always stayed firm on serving our clients through our relationship-based, single-point-of-contact team approach, which has become the hallmark of our enterprise. These are among the reasons we believe Signature Bank will continue to grow and prosper.”
Net Interest Income
Net interest income for the 2022 second quarter was $649.1 million, an increase of $191.9 million, or 42.0 percent, when compared with the same period last year, primarily due to growth in average interest-earning assets and higher prevailing market interest rates. Average interest-earning assets of $116.99 billion for the 2022 second quarter represent an increase of $26.01 billion, or 28.6 percent, from the 2021 second quarter. Due to higher interest rates across all of our asset classes, the yield on interest-earning assets for the 2022 second quarter increased 29 basis points to 2.66 percent, compared to the second quarter of last year.
Average cost of deposits and average cost of funds for the second quarter of 2022 increased by 13 and 8 basis points, to 0.40 percent and 0.46 percent, respectively, versus the comparable period a year ago.
Net interest margin on a tax-equivalent basis for the 2022 second quarter was 2.23 percent versus 2.02 percent reported in the 2021 second quarter and 1.99 percent in the 2022 first quarter.
Provision for Credit Losses
The Bank’s provision for credit losses for the second quarter of 2022 was $4.2 million, compared with $2.7 million for the 2022 first quarter and $8.3 million for the 2021 second quarter. The decrease in the provision for credit losses for the 2022 second quarter, compared to the same quarter last year, was predominantly attributable to improved macroeconomic conditions in our multi-family commercial real estate portfolio compared with the same period last year.
Net charge offs for the 2022 second quarter were $19.7 million, or 0.11 percent of average loans, on an annualized basis, versus $17.8 million, or 0.11 percent, for the 2022 first quarter and net charge offs of $15.3 million, or 0.12 percent, for the 2021 second quarter.
Non-Interest Income and Non-Interest Expense
Non-interest income for the 2022 second quarter was $37.7 million, up $14.3 million when compared with $23.4 million reported in the 2021 second quarter. The increase was primarily driven by a $8.2 million increase in fees and service charges and a $6.7 million increase in other income, including foreign currency activity, as well as mark-to-market gains related to our non-hedging derivatives.
Non-interest expense for the second quarter of 2022 was $210.0 million, an increase of $38.0 million, or 22.1 percent, versus $172.0 million reported in the 2021 second quarter. The increase was predominantly due to an increase of $20.0 million in salaries and benefits from the hiring of private client banking teams, national banking practices, and operational personnel, as well as consulting and professional fees related to various new projects initiated to support the growing needs of our clients.
Despite the significant team hiring and operational investment, the Bank’s efficiency ratio improved to 30.6 percent for the 2022 second quarter compared with 35.8 percent for the same period a year ago, and 31.8 percent for the first quarter of 2022.
Loans
Loans, excluding loans held for sale, grew $5.60 billion, or 8.4 percent, during the second quarter of 2022 to $72 billion, compared with $66.40 billion at March 31, 2022. Average loans, excluding loans held for sale, reached $68.67 billion in the 2022 second quarter, growing $3.57 billion, or 5.5 percent, from the 2022 first quarter and $16.19 billion, or 30.9 percent, from the 2021 second quarter.
At June 30, 2022, non-accrual loans were $167.9 million, representing 0.23 percent of total loans and 0.14 percent of total assets, compared with non-accrual loans of $177.8 million, or 0.27 percent of total loans, at March 31, 2022 and $136.1 million, or 0.25 percent of total loans, at June 30, 2021. The ratio of allowance for credit losses for loans and leases to total loans at June 30, 2022 was 0.62 percent, versus 0.69 percent at March 31, 2022 and 0.94 percent at June 30, 2021. Additionally, the ratio of allowance for credit losses for loans and leases to non-accrual loans, or the coverage ratio, was 266 percent for the 2022 second quarter versus 259 percent for the first quarter of 2022 and 378 percent for the 2021 second quarter.
Capital
The Bank’s Tier 1 leverage, common equity Tier 1 risk-based, Tier 1 risk-based, and total risk-based capital ratios were approximately 7.92 percent, 9.96 percent, 10.76 percent, and 11.85 percent, respectively, as of June 30, 2022. Each of these ratios is well in excess of regulatory requirements. The Bank’s strong risk-based capital ratios reflect the relatively low risk profile of the Bank’s balance sheet.
The Bank declared a cash dividend of $0.56 per share, payable on or after August 12, 2022 to common stockholders of record at the close of business on July 29, 2022. The Bank also declared a cash dividend of $12.50 per share payable on September 30, 2022 to preferred shareholders of record at the close of business on September 16, 2022. In the second quarter of 2022, the Bank paid a cash dividend of $0.56 per share to common stockholders of record at the close of business on April 29, 2022. The Bank also paid a cash dividend of $12.50 per share to preferred shareholders of record at the close of business on June 17, 2022.
Conference Call
Signature Bank’s management will host a conference call to review results of its 2022 second quarter on Tuesday, July 19, 2022, at 9:00 AM ET. All participants should dial 866-342-8591 and international callers should dial 203-518-9713, at least ten minutes prior to the start of the call and reference conference ID SBNYQ222.
To hear a live web simulcast or to listen to the archived web cast following completion of the call, please visit the Bank’s web site at www.signatureny.com, click on “Investor Information,” "Quarterly Results/Conference Calls" to access the link to the call.
An earnings slide presentation accompanying the call will be accessible through the live web cast and available on the Signature Bank’s website here.
To listen to a telephone replay of the conference call, please dial 800-839-5128 or 402-220-1504. The replay will be available from approximately 12:00 PM ET on Tuesday, July 19, 2022 through 11:59 PM ET on Friday, July 22, 2022.
About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service commercial bank with 38 private client offices throughout the metropolitan New York area, as well as those in Connecticut, California and North Carolina. Through its single-point-of-contact approach, the Bank’s private client banking teams primarily serve the needs of privately owned businesses, their owners and senior managers. The Bank has two wholly owned subsidiaries: Signature Financial, LLC, provides equipment finance and leasing; and, Signature Securities Group Corporation, a licensed broker-dealer, investment adviser and member FINRA/SIPC, offers investment, brokerage, asset management and insurance products and services. Signature Bank was the first FDIC-insured bank to launch a blockchain-based digital payments platform. Signet™ allows commercial clients to make real-time payments in U.S. dollars, 24/7/365 and was also the first solution to be approved for use by the NYS Department of Financial Services.
Signature Bank placed 19th on S&P Global’s list of the largest banks in the U.S., based on deposits.
For more information, please visit https://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. 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 expectations regarding future results, interest rates and the interest rate environment, loan and deposit growth, loan performance, operations, new private client teams' hires, new office openings, business strategy and the impact of the COVID-19 pandemic on each of the foregoing and on our business overall. Forward-looking statements often include words such as "may," "believe," "expect," "anticipate," "intend," “potential,” “opportunity,” “could,” “project,” “seek,” “target,” “goal,” “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; (vi) our ability to maintain the continuity, integrity, security and safety of our operations and (vii) competition for qualified personnel and desirable office locations. All of these factors are subject to additional uncertainty in the context of the COVID-19 pandemic and the conflict in Ukraine, which are having impacts on all aspects of our operations, the financial services industry and the economy as a whole. Additional risks are described in our quarterly and annual reports filed with the FDIC. 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. 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.
FINANCIAL TABLES ATTACHED
SIGNATURE BANK |
|||||||
CONSOLIDATED STATEMENTS OF INCOME |
|||||||
(unaudited) |
|||||||
|
|
|
|
|
|||
|
Three months ended
|
Six months ended
|
|||||
(dollars in thousands, except per share amounts) |
2022 |
2021 |
2022 |
2021 |
|||
INTEREST INCOME |
|
|
|
|
|||
Loans and leases |
$ |
601,726 |
466,748 |
1,133,720 |
895,729 |
||
Loans held for sale |
|
2,743 |
998 |
|
4,177 |
|
1,577 |
Securities available-for-sale |
|
98,715 |
46,722 |
|
172,960 |
|
88,597 |
Securities held-to-maturity |
|
26,295 |
13,240 |
|
45,110 |
|
26,202 |
Other investments |
|
45,100 |
9,102 |
|
60,777 |
|
16,246 |
Total interest income |
|
774,579 |
536,810 |
|
1,416,744 |
|
1,028,351 |
INTEREST EXPENSE |
|
|
|
|
|||
Deposits |
|
106,304 |
54,948 |
|
152,344 |
|
112,452 |
Federal funds purchased and securities sold under agreements to repurchase |
|
588 |
595 |
|
1,178 |
|
1,197 |
Federal Home Loan Bank borrowings |
|
12,459 |
17,114 |
|
28,275 |
|
34,242 |
Subordinated debt |
|
6,122 |
6,932 |
|
12,281 |
|
16,733 |
Total interest expense |
|
125,473 |
79,589 |
|
194,078 |
|
164,624 |
Net interest income before provision for credit losses |
|
649,106 |
457,221 |
|
1,222,666 |
|
863,727 |
Provision for credit losses |
|
4,249 |
8,308 |
|
6,944 |
|
39,180 |
Net interest income after provision for credit losses |
|
644,857 |
448,913 |
|
1,215,722 |
|
824,547 |
NON-INTEREST INCOME |
|
|
|
|
|||
Fees and service charges |
|
24,790 |
16,605 |
|
47,480 |
|
33,535 |
Commissions |
|
4,267 |
3,899 |
|
8,508 |
|
7,902 |
Net losses on sales of securities |
|
— |
— |
|
(816 |
) |
— |
Net gains on sales of loans |
|
2,454 |
3,393 |
|
6,296 |
|
10,454 |
Other (loss) income |
|
6,151 |
(529 |
) |
10,598 |
|
4,178 |
Total non-interest income |
|
37,662 |
23,368 |
|
72,066 |
|
56,069 |
NON-INTEREST EXPENSE |
|
|
|
|
|||
Salaries and benefits |
|
132,820 |
112,806 |
|
259,841 |
|
218,857 |
Occupancy and equipment |
|
12,582 |
10,779 |
|
24,612 |
|
22,552 |
Information technology |
|
14,927 |
10,722 |
|
29,483 |
|
22,203 |
FDIC assessment fees |
|
7,853 |
4,486 |
|
15,942 |
|
10,211 |
Professional fees |
|
12,080 |
7,278 |
|
21,518 |
|
12,420 |
Other general and administrative |
|
29,783 |
25,948 |
|
52,030 |
|
52,167 |
Total non-interest expense |
|
210,045 |
172,019 |
|
403,426 |
|
338,410 |
Income before income taxes |
|
472,474 |
300,262 |
|
884,362 |
|
542,206 |
Income tax expense |
|
133,272 |
85,769 |
|
206,626 |
|
137,181 |
Net income |
$ |
339,202 |
214,493 |
|
677,736 |
|
405,025 |
Preferred stock dividends |
|
9,125 |
9,125 |
|
18,250 |
|
19,637 |
Net income available to common shareholders |
$ |
330,077 |
205,368 |
|
659,486 |
|
385,388 |
PER COMMON SHARE DATA |
|
|
|
|
|||
Earnings per common share - basic |
$ |
5.28 |
3.59 |
|
10.62 |
|
6.87 |
Earnings per common share - diluted |
$ |
5.26 |
3.57 |
|
10.54 |
|
6.80 |
Dividends per common share |
$ |
0.56 |
0.56 |
|
1.12 |
|
1.12 |
SIGNATURE BANK |
|
|
|||
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION |
|
|
|||
|
June 30, |
December 31, |
|||
|
2022 |
2021 |
|||
(dollars in thousands, except shares and per share amounts) |
(unaudited) |
|
|||
ASSETS |
|
|
|||
Cash and due from banks |
$ |
14,497,512 |
|
29,547,574 |
|
Short-term investments |
|
80,849 |
|
73,097 |
|
Total cash and cash equivalents |
|
14,578,361 |
|
29,620,671 |
|
Securities available-for-sale (amortized cost $21,268,894 at
|
|
19,587,707 |
|
17,152,863 |
|
Securities held-to-maturity (fair value $6,238,826 at June 30, 2022
|
|
6,728,016 |
|
4,998,281 |
|
Federal Home Loan Bank stock |
|
131,220 |
|
166,697 |
|
Loans held for sale |
|
815,386 |
|
386,765 |
|
Loans and leases |
|
72,001,189 |
|
64,862,798 |
|
Allowance for credit losses for loans and leases |
|
(445,965 |
) |
(474,389 |
) |
Loans and leases, net |
|
71,555,224 |
|
64,388,409 |
|
Premises and equipment, net |
|
104,218 |
|
92,232 |
|
Operating lease right-of-use assets |
|
260,236 |
|
225,988 |
|
Accrued interest and dividends receivable |
|
349,190 |
|
306,827 |
|
Other assets |
|
1,857,245 |
|
1,106,694 |
|
Total assets |
$ |
115,966,803 |
|
118,445,427 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|||
Deposits |
|
|
|||
Non-interest-bearing |
$ |
41,408,804 |
|
44,363,215 |
|
Interest-bearing |
|
62,710,242 |
|
61,769,579 |
|
Total deposits |
|
104,119,046 |
|
106,132,794 |
|
Federal funds purchased and securities sold under agreements to repurchase |
|
150,000 |
|
150,000 |
|
Federal Home Loan Bank borrowings |
|
1,574,517 |
|
2,639,245 |
|
Subordinated debt |
|
570,926 |
|
570,228 |
|
Operating lease liabilities |
|
289,278 |
|
254,660 |
|
Accrued expenses and other liabilities |
|
1,231,230 |
|
857,882 |
|
Total liabilities |
|
107,934,997 |
|
110,604,809 |
|
Shareholders’ equity |
|
|
|||
Preferred stock, par value $.01 per share; 61,000,000 shares authorized;
|
|
7 |
|
7 |
|
Common stock, par value $.01 per share; 125,000,000 shares authorized;
|
|
629 |
|
606 |
|
Additional paid-in capital |
|
4,524,343 |
|
3,763,810 |
|
Retained earnings |
|
4,887,453 |
|
4,298,527 |
|
Accumulated other comprehensive loss |
|
(1,380,626 |
) |
(222,332 |
) |
Total shareholders' equity |
|
8,031,806 |
|
7,840,618 |
|
Total liabilities and shareholders' equity |
$ |
115,966,803 |
|
118,445,427 |
|
SIGNATURE BANK |
||||||||||||
FINANCIAL SUMMARY, CAPITAL RATIOS, ASSET QUALITY |
||||||||||||
(unaudited) |
|
|
|
|
||||||||
|
|
|
|
|
||||||||
|
Three months ended |
Six months ended |
||||||||||
(in thousands, except ratios and per share amounts) |
2022 |
2021 |
2022 |
2021 |
||||||||
PER COMMON SHARE |
|
|
|
|
||||||||
Earnings per common share - basic |
$ |
5.28 |
|
$ |
3.59 |
|
$ |
10.62 |
|
$ |
6.87 |
|
Earnings per common share - diluted |
$ |
5.26 |
|
$ |
3.57 |
|
$ |
10.54 |
|
$ |
6.80 |
|
Weighted average common shares outstanding - basic |
|
62,440 |
|
|
57,128 |
|
|
62,057 |
|
|
56,069 |
|
Weighted average common shares outstanding - diluted |
|
62,692 |
|
|
57,527 |
|
|
62,502 |
|
|
56,614 |
|
Book value per common share |
$ |
116.38 |
|
$ |
106.24 |
|
$ |
116.38 |
|
$ |
106.24 |
|
|
|
|
|
|
||||||||
SELECTED FINANCIAL DATA |
|
|
|
|
||||||||
Return on average total assets |
|
1.14 |
% |
|
0.94 |
% |
|
1.15 |
% |
|
0.95 |
% |
Return on average common shareholders' equity |
|
17.94 |
% |
|
13.61 |
% |
|
17.69 |
% |
|
13.33 |
% |
Efficiency ratio (1) |
|
30.58 |
% |
|
35.79 |
% |
|
31.16 |
% |
|
36.79 |
% |
Yield on interest-earning assets |
|
2.66 |
% |
|
2.37 |
% |
|
2.43 |
% |
|
2.44 |
% |
Yield on interest-earning assets, tax-equivalent basis (1)(2) |
|
2.66 |
% |
|
2.37 |
% |
|
2.44 |
% |
|
2.45 |
% |
Cost of deposits and borrowings |
|
0.46 |
% |
|
0.38 |
% |
|
0.36 |
% |
|
0.42 |
% |
Net interest margin |
|
2.23 |
% |
|
2.02 |
% |
|
2.10 |
% |
|
2.05 |
% |
Net interest margin, tax-equivalent basis (2)(3) |
|
2.23 |
% |
|
2.02 |
% |
|
2.11 |
% |
|
2.06 |
% |
Contacts
Investor Contact:
Brian Wyremski, Senior Vice President and
Director of Investor Relations & Corporate Development
646-822-1479, bwyremski@signatureny.com
Media Contact:
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