Signature Bank of Georgia Reports 3rd Quarter Results

Oct 30 2019

Q3 - 2019 Operating Performance

Sandy Springs, GA., October 30, 2019 – Signature Bank of Georgia (“SBGA”) (OTCPK: SGBG ) is pleased to report earnings results for the quarter and YTD ending September 30, 2019. Unaudited net income for the three months ending September 30, 2019 was $4M compared to a loss of $304M for the third quarter of the prior year.

Unaudited net income YTD as of September 30, 2019 is $29M compared to a loss of $508M as of September 30, 2018.

Total assets as of September 30, 2019 were $144.8 million, compared to total assets of $102.8 million as of December 31, 2018 and $103.6 million as of September 30 2018. Total loans, net of reserves, were $86.8 million and deposits were $122.9 million as of September 30, 2019, compared to net loan balances of $60.6 million and deposits of $99.5 million at December 31, 2018 and net loan balances of $61.8 million, and deposits of $81.9 million, as of September 30, 2018.

Freddie Deutsch, President and Chief Executive Officer of Signature Bank of Georgia stated, “We are very pleased with our third quarter financial performance, particularly as it compares to 2018. It is exciting to see the continued positive performance trends. The investments we have made in our strategy of growth, in our people and in technology are really beginning to produce long term sustainable results. We anticipate these positive trends to continue, and we are excited about what the future has in store for us.”

Established in 2005, Signature Bank of Georgia is the only locally owned and operated community bank headquartered within Sandy Springs, Georgia, one of the most affluent communities in the country. The bank offers a full range of business and consumer deposit and treasury management products, and loans in the metropolitan Atlanta area and is a preferred lender with the Small Business Administration.  For the SBA’s fiscal year ending 2019, Signature Bank of Georgia was among the Top 20 – 7(a) SBA Lenders out of approximately 159 in Georgia in terms of gross loan volume. Giving back to the community is an integral part of the bank’s mission. Signature Bank of Georgia is located at 6065 Roswell Road, between Hammond and Hilderbrand Drives. For more information, visit the bank’s websites at signaturebankga.com or sbaloansatlanta.com. Signature Bank of Georgia is not affiliated with Signature Bank of New York.

Performance Measurements – current ytd. vs prior ytd.   Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018
Net Interest Margin  4.04% 4.10% 3.98% 3.68% 3.70%
Net Operating Income to Assets  -0.01% -0.02% 0.03% -1.15% -0.61%
Efficiency Ratio  95.82% 94.00% 97.19% 128.77% 115.14%
Assets per Employee $5,569 $5,394 $4,811 $5,203 $4,504
Revenue per Employee $266 $277 $248 $190 $199
Leverage Ratio (Core Capital) 13.03% 13.94% 14.98% 15.88% 17.50%
Tier 1 Risk-Based Capital Ratio  19.03% 19.21% 21.84% 26.98% 27.70%
Texas Ratio 30.85% 32.56% 34.57% 36.06% 43.36%
Loss Allowance to Gross Loans 1.01% 0.98% 0.93% 1.11% 0.92%
Interest Rate Spread 3.47% 3.60% 3.49% 3.39% 3.45%
Core Deposits Growth Rate 47.14% 40.05% 16.07% 5.68% -8.82%
Net Income $29 $25 $8 -$1,269 -$508
Total Assets $144,790 $134,845 $120,276 $119,660 $103,586
Net Loans and Leases $86,803 $88,803 $76,232 $60,613 $61,801
OREO $2,450 $2,703 $2,881 $2,971 $4,347
Total Deposits $122,915 $112,252 $99,888 $99,486 $81,979
Total Loans & Leases $87,688 $89,685 $76,944 $61,291 $62,377
Total – Past Due 30-89 Days $0 $0 $0 $0 $0
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