- Net Income for the 2019 Fourth Quarter Was $148.2 Million, or $2.78 Diluted Earnings Per Share, Versus $160.8 Million, or $2.94 Diluted Earnings Per Share Reported in the 2018 Fourth Quarter
- Net Income for 2019 Was $588.9 Million, or $10.87 Diluted Earnings Per Share, Compared with $505.3 Million or $9.23 Diluted Earnings Per Share in 2018, an Increase of $83.6 Million, or 16.5 Percent
- The Bank Declared a Cash Dividend of $0.56 Per Share, Payable on or After February 14, 2020 to Common Stockholders of Record at the Close of Business on January 31, 2020
- During the 2019 Fourth Quarter, the Bank Repurchased 722,420 Shares of Common Stock For a Total of $89.4 Million. Thus Far, the Bank Repurchased 2,296,585 Shares of Common Stock For a Total of $279.1 Million From Its $500 Million Authorization
- Total Deposits in the 2019 Fourth Quarter Increased $1.33 Billion to $40.38 Billion, While Average Deposits Increased $1.41 Billion, or 3.6 Percent
- Total Deposits Grew $4.0 Billion, or 11.0 Percent, in 2019. Average Deposits for 2019 at $38.06 Billion, Representing an Increase of $2.91 Billion, or 8.3 Percent, Versus $35.14 Billion in 2018
- For the 2019 Fourth Quarter, Loans Increased $1.17 Billion to $39.11 Billion. Since Year-end 2018, Loans Increased $2.69 Billion, or 7.4 Percent. In Line with the Bank’s Strategy to Increase Floating Rate Assets and Reduce Its Commercial Real Estate Concentration, the Bank Decreased Commercial Real Estate Loans by $428.3 Million. Conversely, Commercial & Industrial Loans Grew by $1.66 Billion During the Quarter
- Non-Accrual Loans Were $57.4 Million, or 0.15 Percent of Total Loans, at December 31, 2019, Versus $32.5 Million, or 0.09 Percent of Total Loans, at the End of the 2019 Third Quarter. Non-Accrual Loans at Year-end 2018 were $108.6 Million, or 0.30 Percent of Total Loans
- Net Interest Margin on a Tax-Equivalent Basis Was 2.72 Percent for the 2019 Fourth Quarter, Compared with 2.68 Percent for the 2019 Third Quarter and 2.90 Percent for the 2018 Fourth Quarter. Core Net Interest Margin on a Tax-Equivalent Basis, Which Excludes Loan Prepayment Penalty Income, Increased One Basis Point to 2.67 Percent for the 2019 Fourth Quarter, Compared with 2.66 Percent for the 2019 Third Quarter
- Tier 1 Leverage, Common Equity Tier 1 Risk-Based, Tier 1 Risk-Based and Total Risk-Based Capital Ratios were 9.60 Percent, 11.62 Percent, 11.62 Percent and 13.32 Percent, Respectively, at December 31, 2019. Signature Bank Remains Significantly Above FDIC “Well-Capitalized” Standards. Tangible Common Equity Ratio was 9.34 Percent
- On November 1, 2019, the Bank Completed a Public Offering of $200.0 Million in Subordinated Debt
- For 2019, Four Private Client Banking Teams Joined Including the 28-person Venture Banking Group and the 15-member Specialized Mortgage Servicing Banking Team
NEW YORK--(BUSINESS WIRE)--Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, today announced results for its fourth quarter and year ended December 31, 2019.
Net income for the 2019 fourth quarter was $148.2 million, or $2.78 diluted earnings per share, compared with $160.8 million, or $2.94 diluted earnings per share, for the 2018 fourth quarter. The decrease in net income is mainly the result of a decrease in loan prepayment penalty income, as well as a rise in non-interest expense from the significant investment in new private client banking teams, including over 50 professionals across the Fund Banking Division, the Venture Banking Group and the Specialized Mortgage Servicing Banking Team.
Net interest income for the 2019 fourth quarter rose $3.3 million, or 1.0 percent, to $338.3 million, compared with the fourth quarter of 2018. This increase is primarily due to growth in average interest-earning assets and the stabilization of our net interest margin. Total assets reached $50.62 billion at December 31, 2019, expanding $3.26 billion, or 6.9 percent, from $47.36 billion at December 31, 2018. Average assets for the 2019 fourth quarter reached $50.39 billion, an increase of $3.79 billion, or 8.1 percent, versus the comparable period a year ago.
Deposits for the 2019 fourth quarter increased $1.33 billion, or 3.4 percent, to $40.38 billion at December 31, 2019, while non-interest bearing deposits increased $1.0 billion and represent 32.2 percent of total deposits. Overall deposit growth in 2019 was 11.0 percent, or $4.0 billion, when compared with deposits at the end of 2018. Average total deposits for 2019 were $38.06 billion, growing $2.92 billion, or 8.3 percent, versus average total deposits of $35.14 billion for 2018.
“At Signature Bank, we have never been concerned about reaching and emphasizing milestones because each time we reach one, we are well aware there is always another waiting. Unlike sports, there’s never an offseason in banking. However, this quarter, the Bank reached a milestone worth recognizing – surpassing $50 billion in total assets. In less than 19 years, Signature Bank has grown from $50 million to $50 billion in total assets, purely organically; a feat we believe no other bank has accomplished. We appreciate the efforts put forth by all our colleagues and the loyalty of our clients to reach this important milestone,” noted Joseph J. DePaolo, President and Chief Executive Officer.
“2019 was a strong year for Signature Bank -- one where deposits increased $4.0 billion, loans rose $2.7 billion and earnings increased 17 percent. Additionally, we have laid the necessary groundwork for future growth with the launch of several new businesses and execution of certain key initiatives, including Signet™, our blockchain-based payments platform; the official opening of our full-service private client banking office in the heart of downtown San Francisco; the hiring of our Venture Banking Group; the on-boarding of the Specialized Mortgage Servicing Banking Team; and, further advancement of both our Digital Asset Banking Team and Fund Banking Division. We look forward to the positive impact these businesses will have on the Bank’s future operations as well as the ongoing contributions of our existing teams and colleagues,” DePaolo said.
Scott A. Shay, Chairman of the Board, said: “We take this opportunity to thank all of Signature Bank colleagues for their contributions to our reaching the $50 billion threshold in assets. We are gratified on several levels. First, since the Bank has grown without any acquisitions, every depositor made a conscious decision to bank with Signature Bank, based on our service levels and focus on their safety. We continue our depositor-centric focus, which will become even more critical at this later stage of the credit cycle.
“We are also very mindful of the transition away from LIBOR which will impact virtually every financial institution and large parts of other industries. We are preparing for the administrative tasks related to the demise of LIBOR and transition to another index such as SOFR or AMERIBORTM (AMBOR). We plan to recommend AMERIBOR to our clients and utilize AMERIBOR whenever our clients agree. As we enter 2020, we look forward to continuing to serve our clients to make their banking easier, their payments faster and their companies more profitable. As for Signature Bank, I believe the best is yet to come,” Shay concluded.
Capital
In the 2019 fourth quarter, the Bank issued $200.0 million of subordinated debt in a public offering. Proceeds from the offering will be used for general corporate purposes, including to repurchase common stock. The Bank’s Tier 1 leverage, common equity Tier 1 risk-based, Tier 1 risk-based and total risk-based capital ratios were approximately 9.60 percent, 11.62 percent, 11.62 percent and 13.32 percent, respectively, as of December 31, 2019. 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 9.34 percent. The Bank defines tangible common equity ratio as the ratio of total tangible common shareholders’ equity to total tangible assets.
The Bank declared a cash dividend of $0.56 per share, payable on or after February 14, 2020 to common stockholders of record at the close of business on January 31, 2020. In the fourth quarter of 2019, the Bank paid a cash dividend of $0.56 per share to common stockholders of record at the close of business on November 1, 2019. Additionally, during the 2019 fourth quarter, the Bank repurchased 722,420 shares of common stock for a total of $89.4 million.
Net Interest Income
Net interest income for the 2019 fourth quarter was $338.3 million, up $3.3 million, or 1.0 percent, when compared with the same period last year, primarily due to growth in average interest-earning assets. Average interest-earning assets of $49.56 billion for the 2019 fourth quarter represent an increase of $3.62 billion, or 7.9 percent, from the 2018 fourth quarter. The yield on interest-earning assets for the 2019 fourth quarter fell 12 basis points to 3.87 percent, compared to the fourth quarter of last year.
Average cost of deposits and average cost of funds for the 2019 fourth quarter increased by ten and 7 basis points, to 1.08 percent and 1.26 percent, respectively, versus the comparable period a year ago.
Net interest margin on a tax-equivalent basis for the 2019 fourth quarter was 2.72 percent versus 2.90 percent reported in the 2018 fourth quarter and 2.68 percent in the 2019 third quarter. Excluding loan prepayment penalty income in both quarters, linked quarter core net interest margin on a tax-equivalent basis increased one basis point to 2.67 percent.
Provision for Loan Losses
The Bank’s provision for loan losses for the fourth quarter of 2019 was $9.8 million, an increase of $3.3 million, or 51.5 percent, versus the 2018 fourth quarter.
Net charge-offs for the 2019 fourth quarter were $2.5 million, or 0.03 percent of average loans on an annualized basis, versus $2.9 million, or 0.03 percent of average loans on an annualized basis, for the 2019 third quarter and net recoveries of $2.9 million, or 0.03 percent, for the 2018 fourth quarter.
Non-Interest Income and Non-Interest Expense
Non-interest income for the 2019 fourth quarter was $7.3 million, up $1.4 million from $5.9 million reported in the fourth quarter of last year. The increase was driven by a $1.3 million increase in fees and service charges.
Non-interest expense for the 2019 fourth quarter was $138.0 million, an increase of $18.9 million, or 15.8 percent, versus $119.1 million reported in the 2018 fourth quarter. The increase was predominantly due to an increase of $7.2 million in salaries and benefits from the significant hiring of private client banking teams, including 50 plus professionals added for the Fund Banking Division, the Venture Banking Group and the Specialized Mortgage Servicing Banking Team.
The Bank’s efficiency ratio was 39.94 percent for the fourth quarter of 2019 compared with 34.94 percent for the same period a year ago, and 40.2 percent for the third quarter of 2019.
Loans
Loans, excluding loans held for sale, expanded $1.17 billion, or 3.1 percent, during the 2019 fourth quarter to $39.11 billion, versus $37.94 billion at September 30, 2019. Average loans, excluding loans held for sale, reached $38.11 billion in the 2019 fourth quarter, growing $271.2 million, or 0.7 percent, from the 2019 third quarter and $2.46 billion, or 6.9 percent, from the fourth quarter of 2018. For the fifth consecutive quarter, the increase in loans for the quarter was primarily driven by growth in commercial and industrial loans.
At December 31, 2019, non-accrual loans were $57.4 million, representing 0.15 percent of total loans and 0.11 percent of total assets, versus non-accrual loans of $32.5 million, or 0.09 percent of total loans, at September 30, 2019 and $108.6 million, or 0.30 percent of total loans, at December 31, 2018. At December 31, 2019, the ratio of allowance for loan and lease losses to total loans was 0.64 percent, versus 0.64 percent at September 30, 2019 and 0.63 percent at December 31, 2018. Additionally, the ratio of allowance for loan and lease losses to non-accrual loans, or the coverage ratio, was 436 percent for the 2019 fourth quarter versus 746 percent for the 2019 third quarter and 212 percent for the 2018 fourth quarter.
Conference Call
Signature Bank’s management will host a conference call to review results of the 2019 fourth quarter and year-end on Tuesday, January 21, 2020, at 10:00 AM ET. All participants should dial 866-359-8135 at least ten minutes prior to the start of the call and reference conference ID #3648128. International callers should dial 901-300-3484.
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", then under "Company News," select "Conference Calls," to access the link to the call. To listen to a telephone replay of the conference call, please dial 800-585-8367 or 404-537-3406 and enter conference ID #3648128. The replay will be available from approximately 1:00 PM ET on Tuesday, January 21, 2020 through 11:59 PM ET on Friday, January 24, 2020.
About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service commercial bank with 31 private client offices throughout the New York metropolitan area and Connecticut as well as San Francisco. The Bank's growing network of private client banking teams serves the needs of privately owned businesses, their owners and senior managers.
Signature Bank’s 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.
Signature Bank recently introduced its revolutionary, blockchain-based digital payments platform, Signet™, enabling real-time payments for its commercial clients. The Signet Platform allows the Bank’s commercial clients to make payments in U.S. dollars, 24/7/365, safely and securely, without transaction fees. Signature Bank is the first FDIC-insured bank to launch a blockchain-based digital payments platform, and Signet is the first such platform to be approved for use by the NYS Department of Financial Services.
Signature Bank is one of the top 40 largest bank in the U.S., based on deposits (S&P Global Market Intelligence). The Bank recently earned several third-party recognitions, including: appeared on Forbes' Best Banks in America list for the ninth consecutive year in 2019; and, named number one in the Business Bank, Private Bank and Attorney Escrow Services categories by the New York Law Journal in the publication’s annual “Best of” survey for 2019, earning it a place in the New York Law Journal’s Hall of Fame (awarded to companies that have ranked in the “Best of” Survey for at least three of the past four years). The Bank also ranked second nationally in the Business Bank, Private Banking Services and Attorney Escrow Service categories of the National Law Journal’s 2019 “Best of” survey.
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 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, and new products, future dividends and share repurchases. 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.
| SIGNATURE BANK | |||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||||
| (unaudited) | |||||||||||
| Three months ended December 31, |
Twelve months ended December 31, |
||||||||||
| (dollars in thousands, except per share amounts) |
|
2019 |
|
2018 |
|
|
2019 |
|
2018 |
|
|
| INTEREST AND DIVIDEND INCOME | |||||||||||
| Loans held for sale | $ |
1,325 |
|
2,658 |
|
4,978 |
|
10,863 |
|
||
| Loans and leases, net |
|
399,609 |
|
377,670 |
|
1,579,268 |
|
1,389,435 |
|
||
| Securities available-for-sale |
|
54,003 |
|
58,939 |
|
227,535 |
|
224,012 |
|
||
| Securities held-to-maturity |
|
14,551 |
|
14,492 |
|
60,843 |
|
57,930 |
|
||
| Other investments |
|
11,908 |
|
7,058 |
|
39,052 |
|
26,680 |
|
||
| Total interest income |
|
481,396 |
|
460,817 |
|
1,911,676 |
|
1,708,920 |
|
||
| INTEREST EXPENSE | |||||||||||
| Deposits |
|
108,928 |
|
89,985 |
|
440,730 |
|
289,248 |
|
||
| Federal funds purchased and securities sold under | |||||||||||
| agreements to repurchase |
|
733 |
|
5,575 |
|
14,170 |
|
13,484 |
|
||
| Federal Home Loan Bank borrowings |
|
28,323 |
|
26,580 |
|
129,138 |
|
92,628 |
|
||
| Subordinated debt |
|
5,117 |
|
3,645 |
|
16,045 |
|
14,573 |
|
||
| Total interest expense |
|
143,101 |
|
125,785 |
|
600,083 |
|
409,933 |
|
||
| Net interest income before provision for loan and lease losses |
|
338,295 |
|
335,032 |
|
1,311,593 |
|
1,298,987 |
|
||
| Provision for loan and lease losses |
|
9,755 |
|
6,441 |
|
22,636 |
|
162,524 |
|
||
| Net interest income after provision for loan and lease losses |
|
328,540 |
|
328,591 |
|
1,288,957 |
|
1,136,463 |
|
||
| NON-INTEREST INCOME | |||||||||||
| Commissions |
|
3,673 |
|
3,416 |
|
14,504 |
|
13,120 |
|
||
| Fees and service charges |
|
9,174 |
|
7,845 |
|
32,926 |
|
28,553 |
|
||
| Net gains on sales of securities |
|
- |
|
179 |
|
1,034 |
|
989 |
|
||
| Net gains on sales of loans |
|
1,957 |
|
1,605 |
|
10,836 |
|
6,738 |
|
||
| Other-than-temporary impairment losses on securities: | |||||||||||
| Total impairment losses on securities |
|
- |
|
- |
|
- |
|
(2 |
) |
||
| Portion recognized in other comprehensive income (before taxes) |
|
- |
|
- |
|
- |
|
(14 |
) |
||
| Net impairment losses on securities recognized in earnings |
|
- |
|
- |
|
- |
|
(16 |
) |
||
| Tax credit investment amortization |
|
(10,084 |
) |
(8,540 |
) |
(38,424 |
) |
(30,195 |
) |
||
| Other Income |
|
2,569 |
|
1,414 |
|
7,072 |
|
4,089 |
|
||
| Total non-interest income |
|
7,289 |
|
5,919 |
|
27,948 |
|
23,278 |
|
||
| NON-INTEREST EXPENSE | |||||||||||
| Salaries and benefits |
|
84,301 |
|
77,071 |
|
335,054 |
|
302,095 |
|
||
| Occupancy and equipment |
|
10,357 |
|
9,139 |
|
42,833 |
|
34,311 |
|
||
| Information technology |
|
9,410 |
|
7,071 |
|
36,961 |
|
25,732 |
|
||
| FDIC assessment fees |
|
2,894 |
|
3,751 |
|
12,432 |
|
25,256 |
|
||
| Professional fees |
|
3,996 |
|
3,613 |
|
14,689 |
|
13,698 |
|
||
| Other general and administrative |
|
27,065 |
|
18,498 |
|
87,300 |
|
85,186 |
|
||
| Total non-interest expense |
|
138,023 |
|
119,143 |
|
529,269 |
|
486,278 |
|
||
| Income before income taxes |
|
197,806 |
|
215,367 |
|
787,636 |
|
673,463 |
|
||
| Income tax expense |
|
49,583 |
|
54,527 |
|
198,710 |
|
168,121 |
|
||
| Net income | $ |
148,223 |
|
160,840 |
|
588,926 |
|
505,342 |
|
||
| PER COMMON SHARE DATA | |||||||||||
| Earnings per share – basic | $ |
2.79 |
|
2.94 |
|
10.92 |
|
9.27 |
|
||
| Earnings per share – diluted | $ |
2.78 |
|
2.94 |
|
10.87 |
|
9.23 |
|
||
| Dividends per common share | $ |
0.56 |
|
0.56 |
|
2.24 |
|
1.12 |
|
||
| SIGNATURE BANK | ||||||
| CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||||||
December 31, |
December 31, |
|||||
|
2019 |
|
2018 |
|
||
| (dollars in thousands, except shares and per share amounts) | (unaudited) | |||||
| ASSETS | ||||||
| Cash and due from banks | $ |
702,277 |
|
269,204 |
|
|
| Short-term investments |
|
87,555 |
|
48,051 |
|
|
| Total cash and cash equivalents |
|
789,832 |
|
317,255 |
|
|
| Securities available-for-sale |
|
7,143,864 |
|
7,301,604 |
|
|
| Securities held-to-maturity (fair value $2,115,541 at December 31, 2019 | ||||||
| and $1,845,198 at December 31, 2018) |
|
2,101,970 |
|
1,883,533 |
|
|
| Federal Home Loan Bank stock |
|
231,339 |
|
264,877 |
|
|
| Loans held for sale |
|
290,593 |
|
485,305 |
|
|
| Loans and leases, net |
|
38,859,634 |
|
36,193,122 |
|
|
| Premises and equipment, net |
|
66,419 |
|
59,051 |
|
|
| Operating lease right-of-use assets (1) |
|
217,578 |
|
- |
|
|
| Accrued interest and dividends receivable |
|
147,527 |
|
141,829 |
|
|
| Other assets |
|
767,678 |
|
718,240 |
|
|
| Total assets | $ |
50,616,434 |
|
47,364,816 |
|
|
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
| Deposits | ||||||
| Non-interest-bearing | $ |
13,016,931 |
|
12,016,197 |
|
|
| Interest-bearing |
|
27,366,276 |
|
24,362,576 |
|
|
| Total deposits |
|
40,383,207 |
|
36,378,773 |
|
|
| Federal funds purchased and securities sold under agreements | ||||||
| to repurchase |
|
150,000 |
|
820,000 |
|
|
| Federal Home Loan Bank borrowings |
|
4,142,144 |
|
4,970,000 |
|
|
| Subordinated debt |
|
456,119 |
|
258,174 |
|
|
| Operating lease liabilities (1) |
|
242,587 |
|
- |
|
|
| Accrued expenses and other liabilities |
|
472,554 |
|
530,729 |
|
|
| Total liabilities |
|
45,846,611 |
|
42,957,676 |
|
|
| Shareholders’ equity | ||||||
| Preferred stock, par value $.01 per share; 61,000,000 shares authorized; | ||||||
| none issued at December 31, 2019 and December 31, 2018 |
|
- |
|
- |
|
|
| Common stock, par value $.01 per share; 64,000,000 shares authorized; | ||||||
| 55,427,631 shares issued and 53,519,644 outstanding at December 31, 2019; | ||||||
| 55,405,531 shares issued and 55,039,433 outstanding at December 31, 2018; |
|
554 |
|
554 |
|
|
| Additional paid-in capital |
|
1,871,571 |
|
1,862,896 |
|
|
| Retained earnings |
|
3,196,898 |
|
2,730,899 |
|
|
| Treasury stock, 1,907,987 shares at December 31, 2019 and 366,098 shares | ||||||
| at December 31, 2018 |
|
(233,570 |
) |
(42,680 |
) |
|
| Accumulated other comprehensive loss |
|
(65,630 |
) |
(144,529 |
) |
|
| Total shareholders' equity |
|
4,769,823 |
|
4,407,140 |
|
|
| Total liabilities and shareholders' equity | $ |
50,616,434 |
|
47,364,816 |
|
|
| (1) Effective January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842) and elected not to restate comparative prior periods, a transition option provided by ASU 2018-11, Leases- Targeted Improvements (Topic 842). |
Contacts
Investor Contact:
Eric R. Howell, Executive Vice President – Corporate & Business Development
646-822-1402
ehowell@signatureny.com
Media Contact:
Susan J. Lewis, 646-822-1825
slewis@signatureny.com
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