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Signature Bank of Georgia Reports Q320 Results

Sandy Springs, GA., November 30, 2020 – Signature Bank of Georgia (“SBGA”) (OTCPK: SGBG) is pleased to report financial results for the quarter and YTD ending September 30, 2020. Unaudited net income for the third quarter ending September 30, 2020 was $202M compared to a profit of $4M for the third quarter of the prior year.

Unaudited YTD net income as of September 30, 2020 is $659M compared to a profit of $29M as of September 30, 2019.  In proactive response to the current economic uncertainty, Signature Bank Management and Board of Directors implement additional cost containment initiatives during the third quarter.  Freddie Deutsch, President and Chief Executive Officer of Signature Bank of Georgia stated, “We are pleased with our third quarter financial performance, as our cost containment initiatives helped to cushion continued margin pressures. The bank’s efficiency ratio improved along with other key metrics, including assets per employee and revenue per employee.”

Total assets as of September 30, 2020 were $184.6 million, compared to total assets of $156.7 million as of December 31, 2019 and $144.8 million as of September 30, 2019. Total loans, net of reserves, were $105.2 million and deposits were $161.6 million as of September 30, 2020, compared to net loan balances of $86.8 million, and deposits of $122.9 million, as of September 30, 2019. During the third quarter, the bank increased its Allowance for Loan and Lease Losses by $40K. Deutsch noted, “many of our business clients that sought payment relief due to the impact COVID-19 have begun to make payments again. The number of clients that received payment assistance decreased by 82% during the third quarter, while the corresponding outstanding loan balances declined by 54%. We are hopeful that better times are ahead as the country continues to fight the effects of the Pandemic.”

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.

Metric / Year to Date Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019
Net Interest Margin 3.05% 3.22% 3.53% 3.96% 4.04%
Net Operating Income to Assets 0.44% 0.44% 0.07% 0.22% -0.01%
Efficiency Ratio 85.23% 84.89% 96.99% 92.45% 95.82%
Assets per Employee $8,029 $6,952 $5,882 $6,028 $5,569
Revenue per Employee $342 $306 $267 $286 $266
Leverage Ratio (Core Capital) 10.52% 10.65% 12.15% 12.66% 13.03%
Tier 1 Risk-Based Capital Ratio 16.60% 17.30% 17.48% 18.47% 19.03%
Texas Ratio 30.84% 30.44% 33.08% 30.54% 30.85%
Loss Allowance to Gross Loans 1.04% 1.03% 0.90% 0.93% 1.01%
Net Income $659 $457 $102 $346 $29
Total Assets $184,659 $180,752 $158,807 $156,722 $144,790
Net Loans and Leases $105,168 $102,176 $100,086 $94,423 $86,803
OREO $2,450 $2,450 $2,450 $2,450 $2,450
Total Deposits $161,588 $157,772 $136,168 $134,522 $122,915
Total Loans & Leases $106,270 $103,236 $100,994 $95,310 $87,688
Total – Past Due 30-89 Days $0 $0 $0 $0 $0
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