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Signature Bank of Georgia Reports Q220 Results

Sandy Springs, GA., August 30, 2020 – Signature Bank of Georgia (“SBGA”) (OTCPK: SGBG) is pleased to report earnings results for the quarter and YTD ending June 30, 2020. Unaudited net income for the second quarter ending June 30, 2020 was $355M compared to a profit of $17M for the second quarter of the prior year. At quarter-end the bank sold its Payment Protection portfolio to an experienced SBA loan servicer which resulted the bank posting an additional $502K in fee income.

Unaudited net income YTD as of June 30, 2020 is $457M compared to a profit of $25M as of June 30, 2019. The bank like the industry as a whole continued to face margin compression resulting from the aggressive interest rate cuts implemented by the Federal Reserve earlier in the year. In response along with the continued economic uncertainty, the bank will be looking to implement additional cost containment initiatives during the 2nd half of 2020 and into 2021.

Total assets as of June 30, 2020 were $180.7 million, compared to total assets of $102.8 million as of December 31, 2019 and $134.8 million as of June 30, 2019. Total loans, net of reserves, were $102.1 million and deposits were $157.7 million as of June 30, 2020, compared to net loan balances of $88.8 million, and deposits of $112.2 million, as of June 30, 2019. During the quarter, the bank added $150K to its Allowance for Loan and Lease Losses resulting from the changing economic environment resulting from COVID-19.

Freddie Deutsch, President and Chief Executive Officer of Signature Bank of Georgia stated, “We are very pleased with our second quarter financial performance, particularly in light of the impact from COVID-19 Pandemic on our clients, employees and the communities we serve. The investments we have made over the past couple years, in our people and in technology really paid off as the bank easily transitioned to serving our clients virtually.” I am also very proud of our employees as they worked long hours to help small businesses obtain funding through the Payment Protection Program. The bank originated over $18.3 million in loans to 150 small businesses which enabled over 2,080 jobs to be preserved.”

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.

Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019
Net Interest Margin 3.22% 3.53% 3.96% 4.04% 4.10%
Net Operating Income to Assets 0.44% 0.07% 0.22% -0.01% -0.02%
Efficiency Ratio 84.89% 96.99% 92.45% 95.82% 94.00%
Assets per Employee $6,952 $5,882 $6,028 $5,569 $5,394
Revenue per Employee $306 $267 $286 $266 $277
Leverage Ratio (Core Capital) 10.65% 12.15% 12.66% 13.03% 13.94%
Tier 1 Risk-Based Capital Ratio 17.30% 17.48% 18.47% 19.03% 19.21%
Texas Ratio 30.44% 33.08% 30.54% 30.85% 32.56%
Loss Allowance to Gross Loans 1.03% 0.90% 0.93% 1.01% 0.98%
Net Income $457 $102 $346 $29 $25
Total Assets $180,752 $158,807 $156,722 $144,790 $134,845
Net Loans and Leases $102,176 $100,086 $94,423 $86,803 $88,803
OREO $2,450 $2,450 $2,450 $2,450 $2,703
Total Deposits $157,772 $136,168 $134,522 $122,915 $112,252
Total Loans & Leases $103,236 $100,994 $95,310 $87,688 $89,685
Total – Past Due 30-89 Days $0 $0 $0 $0 $0
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