- Net Income for the 2022 Fourth Quarter Was $300.8 Million, or $4.65 Diluted Earnings Per Share, Versus $272.0 Million, or $4.34 Diluted Earnings Per Share, Reported in the 2021 Fourth Quarter. Pre-Tax, Pre-Provision Earnings for the 2022 Fourth Quarter Were $450.6 Million, an Increase of $65.2 Million, or 16.9 Percent, Compared with $385.4 Million for the 2021 Fourth Quarter
- Net Income for 2022 Was a Record $1.34 Billion, or $20.76 Diluted Earnings Per Share, Compared with $918.4 Million or $15.03 Diluted Earnings Per Share in 2021. Pre-Tax, Pre-Provision Earnings for 2022 Were a Record $1.83 Billion, an Increase of $536.4 Million, or 41.3 Percent, Compared with $1.30 Billion for 2021
- Return on Common Equity Reaches a Record 16.35 Percent for the Year 2022
- The Bank Declared a Cash Dividend of $0.70 Per Share, an Increase of $0.14 Per Share, Payable on or After February 10, 2023 to Common Shareholders of Record at the Close of Business on January 27, 2023. The Bank Also Declared a Cash Dividend of $12.50 Per Share Payable on or After March 30, 2023 to Preferred Shareholders of Record at the Close of Business on March 17, 2023
- Total Deposits in the Fourth Quarter Declined $14.19 Billion to $88.59 Billion. The Decline Was Primarily Driven by Our Planned Reduction in Digital Asset Banking Deposits, Which Declined $7.35 Billion. In Conjunction with the Seventh Fed Funds Rate Increase, We Decided Not to Match the December Increase in many of our High-Cost, Traditional Deposits Which Led to a Decline. A Decrease in 1031 Exchange Activity and Seasonal Outflows in the Mortgage Servicing Industry, Which are Also High-Cost, Contributed to Traditional Deposit Outflows
- Total Deposits for the Prior Twelve Months Declined $17.54 Billion, or 16.5 Percent. Excluding the Digital Asset Banking Deposits, Which Were Down $12.39 Billion Due to Our Planned Reduction in This Space and a Challenging Cryptocurrency Environment, Total Deposits Declined $5.15 Billion
- As of January 13, 2023, Deposits Have Increased By $1.84 Billion Since Year End. This Includes an Increase in Traditional Deposits of $2.53 Billion, Offset by a Decline in Digital Deposits of $691 million
- For the 2022 Fourth Quarter, Loans Increased $452.3 Million. Since Year-end 2021, Loans Increased $9.43 Billion, or 14.5 Percent
- Non-Accrual Loans Were $184.0 Million, or 0.25 Percent of Total Loans, at December 31, 2022, Versus $185.3 Million, or 0.25 Percent, at the End of the 2022 Third Quarter and $218.3 Million, or 0.34 Percent, at the End of the 2021 Fourth Quarter
- Net Interest Margin on a Tax-Equivalent Basis was 2.31 Percent, Compared With 2.38 Percent for the 2022 Third Quarter and 1.91 Percent for the 2021 Fourth Quarter
- Tier 1 Leverage, Common Equity Tier 1 Risk-Based, Tier 1 Risk-Based, and Total Risk-Based Capital Ratios were 8.79 Percent, 10.42 Percent, 11.21 Percent, and 12.33 Percent, Respectively, at December 31, 2022. Signature Bank Remains Significantly Above FDIC “Well Capitalized” Standards. Tangible Common Equity Ratio was 6.62 Percent
- During 2022, the Bank Hired 12 Private Client Banking Teams; 5 in New York and 7 on the West Coast. Additionally, Our Newest National Banking Practice, the Health Care Banking and Finance Team, Launched in the Second Quarter of 2022
NEW YORK–(BUSINESS WIRE)–Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, today announced results for its fourth quarter ended December 31, 2022.
Net income for the 2022 fourth quarter was $300.8 million, or $4.65 diluted earnings per share, versus $272.0 million, or $4.34 diluted earnings per share, for the 2021 fourth quarter. The increase in net income for the 2022 fourth quarter, versus the comparable quarter last year, is primarily the result of an increase in net interest income, fueled by strong loan and securities growth, as well as higher interest rates. Pre-tax, pre-provision earnings were $450.6 million for the 2022 fourth quarter, representing an increase of $65.2 million, or 16.9 percent, compared with $385.4 million for the 2021 fourth quarter.
Net interest income for the 2022 fourth quarter reached $638.7 million up $102.8 million, or 19.2 percent, when compared with the fourth quarter of 2021. This increase is primarily due to strong loan and securities growth along with higher prevailing market interest rates. Total assets were $110.36 billion at December 31, 2022, decreasing $8.08 billion, or 6.8 percent, from $118.45 billion at December 31, 2021. Average assets for the 2022 fourth quarter remained relatively flat at $112.71 billion versus the comparable period a year ago.
Deposits for the 2022 fourth quarter decreased $14.19 billion, to $88.59 billion, or 13.8 percent, including a non-interest bearing deposit reduction of $5.86 billion, which brings our non-interest bearing mix to 35.6 percent of total deposits at December 31, 2022. Deposits over the last twelve months declined 16.5 percent, or $17.54 billion, when compared with deposits at the end of 2021. The decline was driven by a challenging cryptocurrency environment and our planned reduction in Digital Asset Banking deposits, which were down $12.39 billion, along with our decision not to match the December Fed Funds rate increase. Average total deposits for 2022 were $103.43 billion, growing $18.12 billion, or 21.2 percent, versus average total deposits of $85.31 billion for 2021.
“At the onset of 2022, we set several goals, including the hiring of numerous private client banking teams and hundreds of colleagues to support our geographic expansion; increasing annual earnings to a record level; and, growing both our loan and deposit portfolios substantially. Most of these were met. During the 2022 second quarter, our newest national business line, the Healthcare Banking and Finance team, was launched. Throughout the year, 12 private client banking teams were onboarded, 3 of which in Nevada, marking the Bank’s entry into the state. To support this team growth, we added hundreds of colleagues across various operational and support areas. Although we grew loans by a strong $9.43 billion, 2022 presented deposit challenges. While we expected to see continued deposit growth, albeit not at 2020 or 2021 levels, seven Fed rate hikes during 2022 totaling 425 basis points, coupled with quantitative tightening and the proliferation of off balance sheet alternatives, resulted in the most difficult deposit environment we have seen in our 22-year history. The arduous rate environment, along with challenges in the digital asset space, led to deposit declines, which we overcame with little difficulty, given our robust liquidity position. Despite these deposit headwinds, we still earned record net income of $1.34 billion and a record return on common equity of 16.35 percent for the year,” said Joseph J. DePaolo, Signature Bank President and Chief Executive Officer.
“Looking ahead, we have plans to further grow our established franchise in 2023 by continuing our effort to hire new banking teams and expanding geographically while remaining mindful of the volatile economic environment. We see growth on the horizon because when Signature Bank lifts out banking teams, it is with top performers who should thrive through our private client banking approach. We look forward to future successes as we stay with our founding and distinguishing single-point-of-contact, team-based banking model, which is the hallmark of our institution,” DePaolo concluded.
Scott A. Shay, Chairman of the Board, added: “Over the years, we have continued to reiterate that Signature Bank was built to be well positioned to navigate tough times, and we continue to prove this to be the case. Throughout our 22 years in operation, this institution has faced many economic challenges, including NYC job losses in 2001-2002 as a result of the 9-11 tragedy, which happened only four short months after our founding. This was followed by the Great Financial Crisis of 2008-2010, the COVID-19 shutdown and the list goes on. On the heels of every challenge, Signature Bank emerged stronger, which will be the case this time as well.
With more than half a trillion dollars of deposits leaving the banking system in the second and third quarters of 2022 alone, the market for deposits has turned quite competitive. In that context, Signature Bank consciously decided to exit deposit relationships in certain traditional banking sectors that sought the highest marginal pricing from banks willing to pay maximum interest rates. We believe our service is invaluable, and the overwhelming majority of our clients appreciate that.
We remain very optimistic about the future prospects of Signature Bank. Our increasing the quarterly dividend is a sheer reflection of that confidence as well as our ability to continue to deliver consistent earnings to our shareholders.”
Net Interest Income
Net interest income for the 2022 fourth quarter was $638.7 million, an increase of $102.8 million, or 19.2 percent, when compared with the same period last year, primarily due to loans and securities growth along with higher prevailing market interest rates. Average interest-earning assets of $110.13 billion for the 2022 fourth quarter represent a decrease of $1.50 billion, or 1.3 percent, from the 2021 fourth quarter. Due to higher interest rates across all of our asset classes, the yield on interest-earning assets for the 2022 fourth quarter increased 202 basis points to 4.18 percent, compared to the fourth quarter of last year.
Average cost of deposits and average cost of funds for the fourth quarter of 2022 each increased by 172 basis points, to 1.91 percent and 1.99 percent, respectively, versus the comparable period a year ago.
Net interest margin on a tax-equivalent basis for the 2022 fourth quarter was 2.31 percent versus 2.38 percent in the 2022 third quarter, and 1.91 percent reported in the 2021 fourth quarter.
Provision for Credit Losses
The Bank’s provision for credit losses for the fourth quarter of 2022 was $42.8 million, an increase of $35.9 million, or over 100 percent, versus the 2021 fourth quarter. The increase in the provision for credit losses for the fourth quarter, compared to the same quarter last year, was predominantly attributable to a deteriorating macroeconomic forecast, particularly related to interest rate, GDP and unemployment forecasts, compared with the same period last year.
Net charge-offs for the 2022 fourth quarter were $18.2 million, or 0.10 percent of average loans, on an annualized basis, versus $10.2 million, or 0.06 percent, for the 2022 third quarter and net charge-offs of $33.7 million, or 0.22 percent, for the 2021 fourth quarter.
Non-Interest Income and Non-Interest Expense
Non-interest income for the 2022 fourth quarter was $45.2 million, up $11.8 million when compared with $33.5 million reported in the 2021 fourth quarter. The increase was primarily due to a $9.2 million increase in fees and service charges and a $4.2 million increase in other income, primarily foreign currency activity. This was partially offset by a decrease of $2.2 million in net gains on sales of loans.
Non-interest expense for the fourth quarter of 2022 was $233.3 million, an increase of $49.4 million, or 26.8 percent, versus $183.9 million reported in the 2021 fourth quarter. The increase was predominantly due to the addition of new private client banking teams, national banking practices, and operational personnel, as well as client activity related expenses that have increased with the growth in our clients and businesses.
The Bank’s efficiency ratio was 34.11 percent for the 2022 fourth quarter compared with 32.31 percent for the same period a year ago, and 31.41 percent for the third quarter of 2022.
Loans
Loans, excluding loans held for sale, increased $452.3 million to $74.29 billion in the 2022 fourth quarter, versus $73.84 billion at September 30, 2022. Average loans, excluding loans held for sale, reached $74.46 billion in the 2022 fourth quarter, growing $0.99 billion, or 1.3 percent, from the 2022 third quarter and $13.96 billion, or 23.1 percent, from the fourth quarter of 2021.
At December 31, 2022, non-accrual loans were $184.0 million, representing 0.25 percent of total loans and 0.17 percent of total assets, compared with non-accrual loans of $185.3 million, or 0.25 percent of total loans, at September 30, 2022 and $218.3 million, or 0.34 percent of total loans, at December 31, 2021. At December 31, 2022, the ratio of allowance for credit losses for loans and leases to total loans, was 0.66 percent, versus 0.63 percent at September 30, 2022 and 0.73 percent at December 31, 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 fourth quarter versus 251 percent for the third quarter of 2022 and 217 percent for the 2021 fourth 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 8.79 percent, 10.42 percent, 11.21 percent, and 12.33 percent, respectively, as of December 31, 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’s tangible common equity ratio remains strong at 6.62 percent.
The Bank declared a cash dividend of $0.70 per share, a $0.14 per share increase, payable on or after February 10, 2023 to common stockholders of record at the close of business on January 27, 2023. The Bank also declared a cash dividend of $12.50 per share payable on or after March 30, 2023 to preferred shareholders of record at the close of business on March 17, 2023. In the fourth 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 October 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 December 17, 2021.
Conference Call
Signature Bank’s management will host a conference call to review results of its 2022 fourth quarter and year ended December 31, 2022 on Tuesday, January 17, 2023 at 8:00 AM ET. All U.S. participants should dial 800-274-8461 and international callers should dial 203-518-9814 at least ten minutes prior to the start of the call and reference conference ID SBNYQ422.
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 Signature Bank’s website here.
To listen to a telephone replay of the conference call, please dial 800-934-4245 or 402-220-1173. The replay will be available from approximately 12:00 PM ET on Tuesday, January 17, 2023 through 11:59 PM ET on Friday, January 20, 2023.
About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service commercial bank with 40 private client offices throughout the metropolitan New York area, as well as those in Connecticut, California, Nevada 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 blockchain-based 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. Forward-looking statements may also address our sustainability progress, plans, and goals (including climate change and environmental-related matters and disclosures), which may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. 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 |
Twelve months ended |
|||||
|
(dollars in thousands, except per share amounts) |
2022 |
2021 |
2022 |
2021 |
|||
|
INTEREST INCOME |
|
|
|
|
|||
|
Loans and leases |
$ |
902,026 |
|
516,287 |
2,798,945 |
|
1,892,787 |
|
Loans held for sale |
|
4,586 |
|
955 |
12,983 |
|
4,157 |
|
Securities available-for-sale |
|
122,051 |
|
58,902 |
401,783 |
|
194,825 |
|
Securities held-to-maturity |
|
41,359 |
|
16,199 |
115,994 |
|
54,949 |
|
Other investments |
|
87,217 |
|
13,966 |
220,632 |
|
43,663 |
|
Total interest income |
|
1,157,239 |
|
606,309 |
3,550,337 |
|
2,190,381 |
|
INTEREST EXPENSE |
|
|
|
|
|||
|
Deposits |
|
475,183 |
|
46,920 |
913,563 |
|
210,644 |
|
Federal funds purchased and securities sold under agreements to repurchase |
|
602 |
|
602 |
2,381 |
|
2,401 |
|
Federal Home Loan Bank borrowings |
|
36,610 |
|
16,699 |
74,444 |
|
67,745 |
|
Subordinated debt |
|
6,167 |
|
6,167 |
24,615 |
|
29,067 |
|
Total interest expense |
|
518,562 |
|
70,388 |
1,015,003 |
|
309,857 |
|
Net interest income before provision for credit losses |
|
638,677 |
|
535,921 |
2,535,334 |
|
1,880,524 |
|
Provision for credit losses |
|
42,761 |
|
6,877 |
78,770 |
|
50,042 |
|
Net interest income after provision for credit losses |
|
595,916 |
|
529,044 |
2,456,564 |
|
1,830,482 |
|
NON-INTEREST INCOME |
|
|
|
|
|||
|
Fees and service charges |
|
30,721 |
|
21,501 |
107,206 |
|
75,068 |
|
Commissions |
|
4,696 |
|
4,020 |
17,694 |
|
16,253 |
|
Net losses on sales of securities |
|
(84 |
) |
— |
(900 |
) |
— |
|
Net gains on sale of loans |
|
2,855 |
|
5,065 |
11,282 |
|
19,170 |
|
Other income |
|
7,034 |
|
2,869 |
25,755 |
|
10,401 |
|
Total non-interest income |
|
45,222 |
|
33,455 |
161,037 |
|
120,892 |
|
NON-INTEREST EXPENSE |
|
|
|
|
|||
|
Salaries and benefits |
|
131,435 |
|
123,104 |
524,766 |
|
458,885 |
|
Occupancy and equipment |
|
12,771 |
|
12,160 |
51,265 |
|
46,473 |
|
Information technology |
|
15,906 |
|
13,103 |
60,791 |
|
48,536 |
|
FDIC assessment fees |
|
6,742 |
|
7,437 |
30,344 |
|
24,543 |
|
Professional fees |
|
10,621 |
|
8,589 |
44,077 |
|
30,989 |
|
Other general and administrative |
|
55,835 |
|
19,555 |
150,954 |
|
94,174 |
|
Total non-interest expense |
|
233,310 |
|
183,948 |
862,197 |
|
703,600 |
|
Income before income taxes |
|
407,828 |
|
378,551 |
1,755,404 |
|
1,247,774 |
|
Income tax expense |
|
106,982 |
|
106,560 |
418,355 |
|
329,333 |
|
Net income |
$ |
300,846 |
|
271,991 |
1,337,049 |
|
918,441 |
|
Preferred stock dividends |
|
9,125 |
|
9,125 |
36,500 |
|
37,887 |
|
Net income available to common shareholders |
$ |
291,721 |
|
262,866 |
1,300,549 |
|
880,554 |
|
PER COMMON SHARE DATA |
|
|
|
|
|||
|
Earnings per common share – basic |
$ |
4.67 |
|
4.38 |
20.88 |
|
15.20 |
|
Earnings per common share – diluted |
$ |
4.65 |
|
4.34 |
20.76 |
|
15.03 |
|
Dividends per common share |
$ |
0.56 |
|
0.56 |
2.24 |
|
2.24 |
|
SIGNATURE BANK |
|
|
|||
|
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION |
|
|
|||
|
|
December 31, |
||||
|
|
|
2022 |
|
2021 |
|
|
(dollars in thousands, except shares and per share amounts) |
(unaudited) |
|
|||
|
ASSETS |
|
|
|||
|
Cash and due from banks |
$ |
5,874,527 |
|
29,547,574 |
|
|
Short-term investments |
|
80,116 |
|
73,097 |
|
|
Total cash and cash equivalents |
|
5,954,643 |
|
29,620,671 |
|
|
Securities available-for-sale (amortized cost $21,071,366 at December 31, 2022 and $17,398,906 at December 31, 2021); (zero allowance for credit losses at December 31, 2022 and at December 31, 2021) |
|
18,594,056 |
|
17,152,863 |
|
|
Securities held-to-maturity (fair value $7,018,200 at December 31, 2022 and $4,944,777 December 31, 2021); (allowance for credit losses $25 at December 31, 2022 and $56 at December 31, 2021) |
|
7,780,374 |
|
4,998,281 |
|
|
Federal Home Loan Bank stock |
|
560,343 |
|
166,697 |
|
|
Loans held for sale |
|
586,452 |
|
386,765 |
|
|
Loans and leases |
|
74,292,404 |
|
64,862,798 |
|
|
Allowance for credit losses for loans and leases |
|
(489,862 |
) |
(474,389 |
) |
|
Loans and leases, net |
|
73,802,542 |
|
64,388,409 |
|
|
Premises and equipment, net |
|
117,229 |
|
92,232 |
|
|
Operating lease right-of-use assets |
|
249,269 |
|
225,988 |
|
|
Accrued interest and dividends receivable |
|
449,815 |
|
306,827 |
|
|
Other assets |
|
2,268,928 |
|
1,106,694 |
|
|
Total assets |
$ |
110,363,651 |
|
118,445,427 |
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|||
|
Deposits |
|
|
|||
|
Non-interest-bearing |
$ |
31,512,400 |
|
44,363,215 |
|
|
Interest-bearing |
|
57,077,327 |
|
61,769,579 |
|
|
Total deposits |
|
88,589,727 |
|
106,132,794 |
|
|
Federal funds purchased and securities sold under agreements to repurchase |
|
150,000 |
|
150,000 |
|
|
Federal Home Loan Bank borrowings |
|
11,283,738 |
|
2,639,245 |
|
|
Subordinated debt |
|
571,635 |
|
570,228 |
|
|
Operating lease liabilities |
|
281,570 |
|
254,660 |
|
|
Accrued expenses and other liabilities |
|
1,473,880 |
|
857,882 |
|
|
Total liabilities |
|
102,350,550 |
|
110,604,809 |
|
|
Shareholders’ equity |
|
|
|||
|
Preferred stock, par value $.01 per share; 61,000,000 shares authorized; 730,000 shares issued and outstanding at December 31, 2022 and December 31, 2021 |
|
7 |
|
7 |
|
|
Common stock, par value $.01 per share; 125,000,000 and 64,000.000 shares authorized at December 31, 2022 and December 31, 2021, respectively; 63,064,643 shares issued and 62,928,819 outstanding at December 31, 2022;60,729,674 shares issued and 60,631,944 outstanding at December 31, 2021 |
|
629 |
|
606 |
|
|
Additional paid-in capital |
|
4,551,819 |
|
3,763,810 |
|
|
Retained earnings |
|
5,457,886 |
|
4,298,527 |
|
|
Accumulated other comprehensive loss |
|
(1,997,240 |
) |
(222,332 |
) |
|
Total shareholders’ equity |
|
8,013,101 |
|
7,840,618 |
|
|
Total liabilities and shareholders’ equity |
$ |
110,363,651 |
|
118,445,427 |
|
Contacts
Investor Contact:
Brian Wyremski, Senior Vice President and Director of Investor Relations & Corporate Development
646-822-1479, bwyremski@signatureny.com
Media Contact:
Susan Turkell Lewis, 646-822-1825,
slewis@signatureny.com
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