Q122 Financial Results

Sandy Springs, GA., May 10, 2022 – Signature Bank of Georgia (“SBGA”) (OTCPK: SGBG) report its financial results for the quarter and YTD ending March 31, 2022. Unaudited net income for the first quarter ending March 31, 2022, was $228M compared to a profit of $562M for the first quarter of the prior year. The first quarter of the prior year included a one-time gain from the sale of the Bank’s PPP loan portfolio of $440M. Factoring out the gain, net income for the quarter was up $122M or 53.5% over period.

Freddie Deutsch, President and Chief Executive Officer of Signature Bank of Georgia stated, “We were satisfied with our first quarter financial performance as quarterly income over the same period a year-ago was up 53%. The various initiatives put in place in early 2020 continued to payoff. The Bank’s net interest margin improved 49 bps compared to the first quarter of 2021. The Bank’s net interest margin should continue to improve as result of the Fed’s current stance on interest rates.”

Total assets as of March 31, 2022, were $200 million, compared to total assets of $211.1 million as of December 31, 2021, and $198.8 million as of March 31, 2021. Total loans, net of reserves, were $108.5 million and deposits were $176.4 million as of March 31, 2022, compared to net loan balances of $113.1 million, and deposits of $174.5 million, as of March 31, 2021. The Bank’s loan pipeline remains strong coupled with certain strategic investments (e.g., people) made during the first quarter 2022 in growing the Government Guaranteed Lending team creates optimism for the remainder of 2022. The Bank’s asset quality remains solid as indicated by no past due loans at quarter-end, Deutsch noted. Additionally, Deutsch noted the Bank has under contract and is hopeful the largest remaining OREO property will be sold during the second quarter.”

Looking ahead, a great deal of volatility in the economy and the on-going international hostilities remain, thus uncertainty and risk. The Fed’s ability to balance interest rate increases while preventing runaway inflation is critical. The current crisis between Russia and Ukraine remains uncertain as well. Deutsch noted, “I believe the Bank is poised to successfully navigate the challenges which lie ahead.”

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. 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.

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