Net Income for the 2021 Fourth Quarter Was A Record $272.0 Million, or $4.34 Diluted Earnings Per Share, Versus $173.0 Million, or $3.26 Diluted Earnings Per Share, Reported in the 2020 Fourth Quarter. Pre-Tax, Pre-Provision Earnings for the 2021 Fourth Quarter Were $385.4 Million, an Increase of $123.9 Million, or 47.4 Percent, Compared with $261.5 Million for the 2020 Fourth Quarter

Net Income for 2021 Was A Record $918.4 Million, or $15.03 Diluted Earnings Per Share, Compared with $528.4 Million or $9.96 Diluted Earnings Per Share in 2020. Pre-Tax, Pre-Provision Earnings for 2021 Were $1.30 Billion, an Increase of $317.5 Million, or 32.4 Percent, Compared with $980.3 Million for 2020

Total Deposits in the Fourth Quarter Increased $10.57 Billion to $106.13 Billion, While Average Deposits Increased $9.88 Billion, or 10.9 Percent

Total Deposits Grew a Record $42.82 Billion, or 67.6 Percent, in 2021. Average Deposits for 2021 Grew to $85.31 Billion, Representing a Record Increase of $34.75 Billion, or 68.7 Percent, Versus $50.56 Billion in 2020

For the 2021 Fourth Quarter, Loans Increased a Record $6.28 Billion. Since Year-end 2020, Loans Increased a Record $16.03 Billion, or 32.8 Percent

Non-Accrual Loans Were $218.3 Million, or 0.34 Percent of Total Loans, at December 31, 2021, Versus $165.4 Million, or 0.28 Percent, at the End of the 2021 Third Quarter and $120.2 Million, or 0.25 Percent, at the End of the 2020 Fourth Quarter

COVID-19 Related Non-Payment Deferrals Reduced by $1.30 Billion to $8.3 Million, or 99.4 Percent as of December 31, 2021 Compared to $1.31 Billion at December 31, 2020

Net Interest Margin on a Tax-Equivalent Basis was 1.91 Percent, Compared With 1.88 Percent for the 2021 Third Quarter and 2.23 Percent for the 2020 Fourth Quarter. Significant Excess Cash Balances From Continued Strong Deposit Flows Negatively Impacted Core Net Interest Margin by 52 Basis Points

Tier 1 Leverage, Common Equity Tier 1 Risk-Based, Tier 1 Risk-Based, and Total Risk-Based Capital Ratios were 7.27 Percent, 9.58 Percent, 10.49 Percent, and 11.73 Percent, Respectively, at December 31, 2021. Signature Bank Remains Significantly Above FDIC "Well Capitalized" Standards. Tangible Common Equity Ratio was 6.02 Percent

The Bank Declared a Cash Dividend of $0.56 Per Share, Payable on or After February 11, 2022 to Common Shareholders of Record at the Close of Business on January 28, 2022. The Bank Also Declared a Cash Dividend of $12.50 Per Share Payable on or After March 30, 2022 to Preferred Shareholders of Record at the Close of Business on March 18, 2022

During 2021, the Bank On-boarded Eight Private Client Banking Teams in Total: Two Teams in New York, Four Teams on the West Coast, as well as the Corporate Mortgage Finance and the SBA Origination Teams. Additionally, the Bank Added Numerous Group Directors to Existing Teams and Signature Financial Added Several Executive Sales Officers Across Their National Footprint

Signature Bank (NASDAQ:SBNY), a New York-based full-service commercial bank, today announced results for its fourth quarter ended December 31, 2021.

Net income for the 2021 fourth quarter was $272.0 million, or $4.34 diluted earnings per share, versus $173.0 million, or $3.26 diluted earnings per share, for the 2020 fourth quarter. The increase in net income for the 2021 fourth quarter, versus the comparable quarter last year, is primarily the result of an increase in net interest income, fueled by strong average deposit and loan growth, as well as a higher provision for credit losses booked in the fourth quarter of 2020 predominantly due to the effects of COVID-19 on the U.S. economy. Pre-tax, pre-provision earnings were $385.4 million for the 2021 fourth quarter, representing an increase of $123.9 million, or 47.4 percent, compared with $261.5 million for the 2020 fourth quarter.

Net interest income for the 2021 fourth quarter rose $140.9 million, or 35.7 percent, to $535.9 million, when compared with the fourth quarter of 2020. This increase is primarily due to growth in average interest-earning assets. Total assets reached $118.45 billion at December 31, 2021, expanding $44.56 billion, or 60.3 percent, from $73.89 billion at December 31, 2020. Average assets for the 2021 fourth quarter reached $112.73 billion, an increase of $40.92 billion, or 57.0 percent, versus the comparable period a year ago.

Deposits for the 2021 fourth quarter increased $10.57 billion, or 11.1 percent to $106.13 billion, including non-interest bearing deposit growth of $9.98 billion. Non-interest bearing deposits now represent 41.8 percent of total deposits. Overall deposit growth for the last twelve months was 67.6 percent, or $42.82 billion, when compared with deposits at the end of 2020. Average total deposits for 2021 were $85.31 billion, growing $34.75 billion, or 68.7 percent, versus average total deposits of $50.56 billion for 2020.

"2021, which marks Signature Bank's 20th anniversary, was a sensational year in terms of growth and achievements. All our businesses contributed to the Bank's stellar performance -- whether it be from our established New York banking franchise and emerging West Coast presence to our newer, nationwide businesses. The performance includes a multitude of accomplishments, such as record growth in deposits of $42.8 billion, which comes on the heels of our 2020 record deposit growth of $22.9 billion. Additionally, growth in non-interest bearing deposits, core loans and investment securities, all reached record levels. It is our founding, client-centric model that drives this robust organic growth, and, when combined with the inherent, best-in-class operating efficiencies of Signature Bank, it results in record revenue growth and record net income. In 2021, we did in fact execute on all we said we would -- and then some. Throughout the 20 years we have been in business, we seldom take time to acknowledge our achievements, such as our recent inclusion in the S&P 500 Index, for which we are very honored. Instead, we remain focused on our bright future and commitment to staying at the forefront of innovation as the financial services industry continues to undergo digital transformation," explained Signature Bank President and Chief Executive Officer Joseph J. DePaolo.

"Signature Bank's theme for our 20th year anniversary is ‘Looking Forward. Giving Back.' We plan to make this our permanent purpose and it will be embedded within our distinguished logo. We're proud of the many strides made this year and value the meaningful ways our 1,800+ colleagues gave back. As we enter another year, we are saddened by the continued effects the pandemic has had on many of our colleagues and their families. We have not yet regained the normalcy we all can recall but look ahead positively by concentrating our efforts on doing more for one other and the world at large. To quote the legendary Winston Churchill, ‘We make a living by what we get, we make a life by what we give'. And, we will continue to give," DePaolo concluded.

Scott A. Shay, Chairman of the Board, added: "It is humbling, amazing and gratifying to all of us who were present at the opening of our doors to have gone from perhaps the smallest bank in the country to a $100 billion enterprise, purely organically. No colleague or client is at Signature Bank because they were acquired from a legacy bank. Rather, they all are here because they want to be. We started the Bank with a set of values centered around a single point of contact, depositor safety and top-notch service. Twenty years later, those same tenets remain at our core."

"We have been innovators since we opened our doors. This pertains to all we have achieved, including both our Metro New York and West Coast expansion, formation of our Specialized Mortgage Services, Fund Banking Division, Venture Banking Group, Digital Assets and more. Lastly, our recent admittance to the S&P 500 is acknowledgment of all the hard work of our colleagues put forth each and every day."

"Financial technologies are rapidly transforming, and remain at the forefront of the new types of industries this disruption is creating. We understood then – and recognize even more now – the importance of this novel arena because of our abilities to adapt to market disruption. We are committed to evolving to better serve our institutional clients as we continue to adapt within the fast-developing world of digital assets," Shay concluded.

Capital

The Bank's Tier 1 leverage, common equity Tier 1 risk-based, Tier 1 risk-based, and total risk-based capital ratios were approximately 7.27 percent, 9.58 percent, 10.49 percent, and 11.73 percent, respectively, as of December 31, 2021. 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 6.02 percent. The Bank defines tangible common equity ratio as the ratio of tangible common equity to adjusted tangible assets and calculates this ratio by dividing total consolidated common shareholders' equity by consolidated total assets.

The Bank declared a cash dividend of $0.56 per share, payable on or after February 11, 2022 to common stockholders of record at the close of business on January 28, 2022. The Bank also declared a cash dividend of $12.50 per share payable on or after March 30, 2022 to preferred shareholders of record at the close of business on March 18, 2022. In the fourth quarter of 2021, the Bank paid a cash dividend of $0.56 per share to common stockholders of record at the close of business on October 29, 2021. The Bank also paid a cash dividend of $12.50 per share to preferred shareholders of record at the close of business on December 17, 2021.

Net Interest Income

Net interest income for the 2021 fourth quarter was $535.9 million, up $140.9 million, or 35.7 percent, when compared with the same period last year, primarily due to growth in average interest-earning assets. Average interest-earning assets of $111.63 billion for the 2021 fourth quarter represent an increase of $40.79 billion, or 57.6 percent, from the 2020 fourth quarter. Due to the current low interest rate environment, the yield on interest-earning assets for the 2021 fourth quarter fell 59 basis points to 2.16 percent, compared to the fourth quarter of last year.

Average cost of deposits and average cost of funds for the fourth quarter of 2021 decreased 23 and 30 basis points, to 0.19 percent and 0.27 percent, respectively, versus the comparable period a year ago.

Net interest margin on a tax-equivalent basis for the 2021 fourth quarter was 1.91 percent versus 2.23 percent reported in the 2020 fourth quarter and 1.88 percent in the 2021 third quarter. Excluding loan prepayment penalties in both quarters, linked quarter core net interest margin on a tax-equivalent basis increased 2 basis points to 1.89 percent. The 2021 fourth quarter core net interest margin was negatively affected by 52 basis points due to significant excess cash balances driven by record deposit growth.

Provision for Credit Losses

The Bank's provision for credit losses for the fourth quarter of 2021 was $6.9 million, a decrease of $28.72 million, or 80.7 percent, versus the 2020 fourth quarter. The decrease in the provision for credit losses for the fourth quarter was predominantly attributable to improved macroeconomic conditions compared with the same period last year.

Net charge-offs for the 2021 fourth quarter were $33.7 million, or 0.22 percent of average loans, on an annualized basis, versus $17.3 million, or 0.12 percent, for the 2021 third quarter and net charge-offs of $11.4 million, or 0.10 percent, for the 2020 fourth quarter.

Non-Interest Income and Non-Interest Expense

Non-interest income for the 2021 fourth quarter was $33.5 million, up $9.3 million when compared with $24.2 million reported in the 2020 fourth quarter. The increase was driven by growth of $6.9 million in fees and service charges.

Non-interest expense for the fourth quarter of 2021 was $183.9 million, an increase of $26.3 million, or 16.7 percent, versus $157.7 million reported in the 2020 fourth quarter. The increase was predominantly due to a rise of $27.4 million in salaries and benefits from the significant hiring of private client banking teams, and operational support to meet the Bank's growing needs.

The Bank's efficiency ratio improved to 32.3 percent for the 2021 fourth quarter compared with 37.6 percent for the same period a year ago, and 35.4 percent for the third quarter of 2021.

Loans

Loans, excluding loans held for sale, grew $6.28 billion, or 10.7 percent, during the 2021 fourth quarter to $64.86 billion, versus $58.59 billion at September 30, 2021. Core loans (excluding Paycheck Protection Program loans) grew a record $6.82 billion, or 11.9 percent, during the fourth quarter of 2021 to $64.03 billion, compared with $57.21 billion at September 30, 2021. Average loans, excluding loans held for sale, reached $60.50 billion in the 2021 fourth quarter, growing $5.04 billion, or 9.1 percent, from the 2021 third quarter and $13.11 billion, or 27.7 percent, from the fourth quarter of 2020.

At December 31, 2021, non-accrual loans were $218.3 million, representing 0.34 percent of total loans and 0.18 percent of total assets, compared with non-accrual loans of $165.4 million, or 0.28 percent of total loans, at September 30, 2021 and $120.2 million, or 0.25 percent of total loans, at December 31, 2020. At December 31, 2021, the ratio of allowance for credit losses for loans and leases to total loans, was 0.73 percent, versus 0.85 percent at September 30, 2021 and 1.04 percent at December 31, 2020. Additionally, the ratio of allowance for credit losses for loans and leases to non-accrual loans, or the coverage ratio, was 217 percent for the 2021 fourth quarter versus 303 percent for the third quarter of 2021 and 423 percent for the 2020 fourth quarter.

COVID-19 Related Loan Modifications

As of December 31, 2021, total non-payment deferrals were $8.3 million, or 0.01 percent of the Bank's total loan portfolio and primarily related to our multi-family commercial real estate portfolio, compared with non-payment deferrals of $1.31 billion, or 2.7 percent of total loans, at December 31, 2020. The positive trend is the result of the continued economic recovery coming out of the lows of the COVID-19 pandemic.

Additionally, the Bank has made other COVID-19 related modifications that have resulted in the receipt of modified principal and interest payments totaling 2.9 percent of the loan book.

Conference Call

Signature Bank's management will host a conference call to review results of the 2021 fourth quarter and year ended December 31, 2021 on Tuesday, January 18, 2022 at 9:00 AM ET. All U.S. participants should dial 866-518-6930 and international callers should dial 203-518-9797 at least ten minutes prior to the start of the call and reference conference ID SBNYQ421.

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," "Quarterly Results/Conference Calls" to access the link to the call. To listen to a telephone replay of the conference call, please dial 800-938-1598 or 402-220-1545 and enter conference ID SBNYQ421. The replay will be available from approximately 12:00 PM ET on Tuesday, January 18, 2022 through 11:59 PM ET on Friday, January 21, 2022.

About Signature Bank

Signature Bank (NASDAQ:SBNY), member FDIC, is a New York-based full-service commercial bank with 37 private client offices throughout the metropolitan New York area, as well as those in Connecticut, California and North Carolina. Through its single-point-of-contact approach, the Bank's private client banking teams primarily serve the needs of privately owned businesses, their owners and senior managers. The Bank has two wholly owned subsidiaries: Signature Financial, LLC, provides equipment finance and leasing: Signature Securities Group Corporation, a licensed broker-dealer, investment adviser and member FINRA/SIPC, offers investment, brokerage, asset management and insurance products and services. Signature Bank was the first FDIC-insured bank to launch a blockchain-based digital payments platform. Signet™ allows commercial clients to make real-time payments in U.S. dollars, 24/7/365 and was also the first solution to be approved for use by the NYS Department of Financial Services.

Signature Bank placed 22nd on S&P Global's list of the largest banks in the U.S., based on deposits.

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 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 expectations regarding future results, interest rates and the interest rate environment, loan and deposit growth, loan performance, operations, new private client team hires, new office openings, business strategy and the impact of the COVID-19 pandemic on each of the foregoing and on our business overall. Forward looking statements often include words such as "may," "believe," "expect," "anticipate," "intend," "potential," "opportunity," "could," "project," "seek," "target," "goal," "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, (vi) our ability to maintain the continuity, integrity, security and safety of our operations and (vii) competition for qualified personnel and desirable office locations. All of these factors are subject to additional uncertainty in the context of the COVID-19 pandemic, which is having an unprecedented impact on all aspects of our operations, the financial services industry and the economy as a whole. Additional risks are described in our quarterly and annual reports filed with the FDIC. 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. 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.

FINANCIAL TABLES ATTACHED

SIGNATURE BANK
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)

	Three months ended December 31,				Twelve months ended December 31,
(dollars in thousands, except per share amounts)		2021	2020		2021	2020
INTEREST INCOME
Loans held for sale	$	955	1,321		4,157	3,655
Loans and leases		516,287	427,018		1,892,787	1,661,912
Securities available-for-sale		58,902	41,886		194,825	186,569
Securities held-to-maturity		16,199	12,675		54,949	55,335
Other investments		13,966	5,658		43,663	24,175
Total interest income		606,309	488,558		2,190,381	1,931,646
INTEREST EXPENSE
Deposits		46,920	65,990		210,644	297,349
Federal funds purchased and securities sold under agreements to repurchase		602	595		2,401	2,742
Federal Home Loan Bank borrowings		16,699	17,420		67,745	85,333
Subordinated debt		6,167	9,570		29,067	27,130
Total interest expense		70,388	93,575		309,857	412,554
Net interest income before provision for credit losses		535,921	394,983		1,880,524	1,519,092
Provision for credit losses		6,877	35,599		50,042	248,094
Net interest income after provision for credit losses		529,044	359,384		1,830,482	1,270,998
NON-INTEREST INCOME
Commissions		4,020	3,731		16,253	13,441
Fees and service charges		21,501	14,625		75,068	46,397
Net (losses) gains on sales of securities		—	(17	)	—	3,606
Net gains on sale of loans		5,065	3,099		19,170	12,651
Other income (loss)		2,869	2,753		10,401	(847	)
Total non-interest income		33,455	24,191		120,892	75,248
NON-INTEREST EXPENSE
Salaries and benefits		123,104	95,703		458,885	389,125
Occupancy and equipment		12,160	10,934		46,473	44,371
Information technology		13,103	11,420		48,536	43,217
FDIC assessment fees		7,437	3,955		24,543	13,742
Professional fees		8,589	5,355		30,989	18,286
Other general and administrative		19,555	30,284		94,174	105,313
Total non-interest expense		183,948	157,651		703,600	614,054
Income before income taxes		378,551	225,924		1,247,774	732,192
Income tax expense		106,560	52,915		329,333	203,833
Net income	$	271,991	173,009		918,441	528,359
Preferred stock dividends		9,125	—		37,887	—
Net income available to common shareholders	$	262,866	173,009		880,554	528,359
PER COMMON SHARE DATA
Earnings per common share - basic	$	4.38	3.28		15.20	10.00
Earnings per common share - diluted	$	4.34	3.26		15.03	9.96
Dividends per common share	$	0.56	0.56		2.24	2.24

SIGNATURE BANK
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
	December 31,
		2021		2020
(dollars in thousands, except shares and per share amounts)	(unaudited)
ASSETS
Cash and due from banks	$	29,547,574		12,208,997
Short-term investments		73,097		139,334
Total cash and cash equivalents		29,620,671		12,348,331
Securities available-for-sale (amortized cost $17,398,906 at December 31, 2021 and $8,894,719 at December 31, 2020); (zero allowance for credit losses at December 31, 2021 and $4 at December 31, 2020)		17,152,863		8,890,417
Securities held-to-maturity (fair value $4,944,777 at December 31, 2021 and $2,329,378 December 31, 2020); (allowance for credit losses $56 at December 31, 2021 and $51 at December 31, 2020)		4,998,281		2,282,830
Federal Home Loan Bank stock		166,697		171,678
Loans held for sale		386,765		407,363
Loans and leases		64,862,798		48,833,098
Allowance for credit losses for loans and leases		(474,389	)	(508,299	)
Loans and leases, net		64,388,409		48,324,799
Premises and equipment, net		92,232		80,274
Operating lease right-of-use assets		225,988		237,407
Accrued interest and dividends receivable		306,827		277,801
Other assets		1,106,694		867,444
Total assets	$	118,445,427		73,888,344
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non-interest-bearing	$	44,363,215		18,757,771
Interest-bearing		61,769,579		44,557,552
Total deposits		106,132,794		63,315,323
Federal funds purchased and securities sold under agreements to repurchase		150,000		150,000
Federal Home Loan Bank borrowings		2,639,245		2,839,245
Subordinated debt		570,228		828,588
Operating lease liabilities		254,660		265,354
Accrued expenses and other liabilities		857,882		662,925
Total liabilities		110,604,809		68,061,435
Shareholders' equity
Preferred stock, par value $.01 per share; 61,000,000 shares authorized; 730,000 shares issued and outstanding at December 31, 2021 and December 31, 2020		7		7
Common stock, par value $.01 per share; 125,000,000 and 64,000.000 shares authorized at December 31, 2021 and December 31, 2020, respectively; 60,729,674 shares issued and 60,631,944 outstanding at December 31, 2021; 55,520,417 shares issued and 53,564,573 outstanding at December 31, 2020		606		555
Additional paid-in capital		3,763,810		2,583,514
Retained earnings		4,298,527		3,548,260
Treasury stock, zero shares at December 31, 2021 and 1,899,336 shares at December 31, 2020		—		(232,531	)
Accumulated other comprehensive loss		(222,332	)	(72,896	)
Total shareholders' equity		7,840,618		5,826,909
Total liabilities and shareholders' equity	$	118,445,427		73,888,344

SIGNATURE BANK
FINANCIAL SUMMARY, CAPITAL RATIOS, ASSET QUALITY
(unaudited)

	Three months ended December 31,						Twelve months ended December 31,
(in thousands, except ratios and per share amounts)		2021			2020			2021			2020
PER COMMON SHARE
Earnings per common share - basic	$	4.38		$	3.28		$	15.20		$	10.00
Earnings per common share - diluted	$	4.34		$	3.26		$	15.03		$	9.96
Weighted average common shares outstanding - basic		60,003			52,673			57,871			52,641
Weighted average common shares outstanding - diluted		60,563			52,970			58,508			52,889
Book value per common share	$	117.63		$	95.56		$	117.63		$	95.56

SELECTED FINANCIAL DATA
Return on average total assets		0.96	%		0.96	%		0.95	%		0.87	%
Return on average common shareholders' equity		14.76	%		13.59	%		13.81	%		10.75	%
Efficiency ratio (1)		32.31	%		37.61	%		35.16	%		38.51	%
Yield on interest-earning assets		2.15	%		2.74	%		2.28	%		3.24	%
Yield on interest-earning assets, tax-equivalent basis (1)(2)		2.16	%		2.75	%		2.29	%		3.25	%
Cost of deposits and borrowings		0.27	%		0.57	%		0.35	%		0.75	%
Net interest margin		1.90	%		2.22	%		1.96	%		2.55	%
Net interest margin, tax-equivalent basis (2)(3)		1.91	%		2.23	%		1.97	%		2.56	%

(1) See "Non-GAAP Financial Measures" for related calculation.

(2) Based on the 21 percent U.S. federal statutory tax rate for the periods presented. The tax-equivalent basis is considered a non-GAAP financial measure and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP. This ratio is a metric used by management to evaluate the impact of tax-exempt assets on the Bank's yield on interest-earning assets and net interest margin.

(3) See "Net Interest Income" for related calculation.


	December 31, 2021			September 30, 2021			December 31, 2020
CAPITAL RATIOS
Tangible common equity (4)		6.02	%		6.45	%		6.89	%
Tier 1 leverage (5)		7.27	%		7.83	%		8.55	%
Common equity Tier 1 risk-based (5)		9.58	%		10.49	%		9.87	%
Tier 1 risk-based (5)		10.49	%		11.53	%		11.20	%
Total risk-based (5)		11.73	%		12.96	%		13.54	%

ASSET QUALITY
Non-accrual loans	$	218,295		$	165,384		$	120,171
Allowance for credit losses for loans and leases (ACLLL)	$	474,389		$	500,862		$	508,299
ACLLL to non-accrual loans		217.32	%		302.85	%		422.98	%
ACLLL to total loans		0.73	%		0.85	%		1.04	%
Non-accrual loans to total loans		0.34	%		0.28	%		0.25	%
Quarterly net charge-offs to average loans, annualized		0.22	%		0.12	%		0.10	%

(4) We define tangible common equity as the ratio of total tangible common equity to total tangible assets (the "TCE ratio"). Tangible common equity is considered to be a non-GAAP financial measure and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP. The TCE ratio is a metric used by management to evaluate the adequacy of our capital levels. In addition to tangible common equity, management uses other metrics, such as Tier 1 capital related ratios, to evaluate capital levels.

(5) December 31, 2021 ratios are preliminary.


SIGNATURE BANK
NET INTEREST MARGIN ANALYSIS
(unaudited)

	Three Months Ended December 31, 2021							Three Months Ended December 31, 2020
(dollars in thousands)	Average Balance		Interest Income/ Expense			Average Yield/ Rate		Average Balance	Interest Income/ Expense		Average Yield/ Rate
INTEREST-EARNING ASSETS
Short-term investments	$	30,474,298		11,831		0.15	%	12,511,429	3,569		0.11	%
Investment securities		20,297,693		77,236		1.52	%	10,631,245	56,650		2.13	%
Commercial loans, mortgages and leases		60,358,789		516,861		3.40	%	47,223,197	427,210		3.60	%
Residential mortgages and consumer loans		139,935		1,126		3.19	%	162,349	1,444		3.54	%
Loans held for sale		356,256		955		1.06	%	305,885	1,321		1.72	%
Total interest-earning assets (1)		111,626,971		608,009		2.16	%	70,834,105	490,194		2.75	%
Non-interest-earning assets		1,101,262						972,433
Total assets	$	112,728,233						71,806,538
INTEREST-BEARING LIABILITIES
Interest-bearing deposits
NOW and interest-bearing demand	$	18,694,556		15,862		0.34	%	12,362,930	19,334		0.62	%
Money market		41,433,741		28,030		0.27	%	28,511,134	39,934		0.56	%
Time deposits		1,583,242		3,028		0.76	%	1,898,286	6,722		1.41	%
Non-interest-bearing demand deposits		38,876,207		—		—	%	19,203,186	—		—	%
Total deposits		100,587,746		46,920		0.19	%	61,975,536	65,990		0.42	%
Subordinated debt		569,998		6,167		4.33	%	808,454	9,570		4.73	%
Other borrowings		2,805,278		17,301		2.45	%	2,989,245	18,015		2.40	%
Total deposits and borrowings		103,963,022		70,388		0.27	%	65,773,235	93,575		0.57	%
Other non-interest-bearing liabilities		989,002						854,144
Preferred equity		708,173						115,818
Common equity		7,068,036						5,063,341
Total liabilities and shareholders' equity	$	112,728,233						71,806,538
OTHER DATA
Net interest income / interest rate spread (1)			$	537,621		1.89	%		396,619		2.18	%
Tax-equivalent adjustment				(1,700	)				(1,636	)
Net interest income, as reported			$	535,921					394,983
Net interest margin						1.90	%				2.22	%
Tax-equivalent effect						0.01	%				0.01	%
Net interest margin on a tax-equivalent basis (1)						1.91	%				2.23	%
Ratio of average interest-earning assets
to average interest-bearing liabilities						107.37	%				107.69	%

(1) Presented on a tax-equivalent, non-GAAP, basis for municipal leasing and financing transactions recorded in Commercial loans, mortgages and leases using the U.S. federal statutory tax rate of 21 percent for the periods presented.


SIGNATURE BANK
NET INTEREST MARGIN ANALYSIS
(unaudited)

	Twelve Months Ended December 31, 2021							Twelve Months Ended December 31, 2020
(dollars in thousands)	Average Balance		Interest Income/ Expense			Average Yield/ Rate		Average Balance	Interest Income/ Expense		Average Yield/ Rate
INTEREST-EARNING ASSETS
Short-term investments	$	25,167,623		35,009		0.14	%	5,887,909	11,748		0.20	%
Investment securities		15,908,371		258,428		1.62	%	9,812,898	254,331		2.59	%
Commercial loans, mortgages and leases		54,332,257		1,894,745		3.49	%	43,612,057	1,661,455		3.81	%
Residential mortgages and consumer loans		148,137		4,933		3.33	%	175,560	6,742		3.84	%
Loans held for sale		306,202		4,157		1.36	%	196,948	3,655		1.86	%
Total interest-earning assets (1)		95,862,590		2,197,272		2.29	%	59,685,372	1,937,931		3.25	%
Non-interest-earning assets		941,161						920,531
Total assets	$	96,803,751						60,605,903
INTEREST-BEARING LIABILITIES
Interest-bearing deposits
NOW and interest-bearing demand	$	18,296,459		73,622		0.40	%	8,783,053	67,948		0.77	%
Money market		36,492,490		121,416		0.33	%	23,924,076	191,353		0.80	%
Time deposits		1,759,229		15,606		0.89	%	2,132,466	38,048		1.78	%
Non-interest-bearing demand deposits		28,764,155		—		—	%	15,722,196	—		—	%
Total deposits		85,312,333		210,644		0.25	%	50,561,791	297,349		0.59	%
Subordinated debt		646,359		29,067		4.50	%	545,031	27,130		4.98	%
Other borrowings		2,879,793		70,146		2.44	%	3,804,585	88,075		2.31	%
Total deposits and borrowings		88,838,485		309,857		0.35	%	54,911,407	412,554		0.75	%
Other non-interest-bearing liabilities		878,876						750,691
Preferred equity		708,109						29,112
Common equity		6,378,281						4,914,693
Total liabilities and shareholders' equity	$	96,803,751						60,605,903
OTHER DATA
Net interest income / interest rate spread (1)			$	1,887,415		1.94	%		1,525,377		2.50	%
Tax-equivalent adjustment				(6,891	)				(6,285	)
Net interest income, as reported			$	1,880,524					1,519,092
Net interest margin						1.96	%				2.55	%
Tax-equivalent effect						0.01	%				0.01	%
Net interest margin on a tax-equivalent basis (1)						1.97	%				2.56	%
Ratio of average interest-earning assets
to average interest-bearing liabilities						107.91	%				108.69	%

SIGNATURE BANK

NON-GAAP FINANCIAL MEASURES

(unaudited)

This press release contains both financial measures based on GAAP and non-GAAP financial measures where management believes that the presentation of certain non-GAAP financial measures assists investors when comparing results period-to-period in a more consistent manner and provides a better measure of Signature Bank's results. These non-GAAP measures include the Bank's (i) tangible common equity ratio, (ii) efficiency ratio, (iii) yield on interest-earning assets, tax-equivalent basis, (iv) core net interest margin, tax-equivalent basis excluding loan prepayment penalty income, (v) pre-tax, pre-provision earnings, and (vi) loans and leases to core loans (excluding Paycheck Protection Program loans). These non-GAAP measures should not be considered a substitute for GAAP-basis measures and results. We strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.

The following table presents the tangible common equity ratio calculation:

(dollars in thousands)	December 31, 2021			September 30, 2021		December 31, 2020
Consolidated total shareholders' equity	$	7,840,618		7,679,139		5,826,909
Less: Preferred equity		708,173		708,173		708,019
Common shareholders' equity	$	7,132,445		6,970,966		5,118,890
Less: Intangible assets		3,977		15,858		32,301
Tangible common shareholders' equity (TCE)	$	7,128,468		6,955,108		5,086,589

Consolidated total assets	$	118,445,427		107,850,739		73,888,344
Less: Intangible assets		3,977		15,858		32,301
Consolidated tangible total assets (TTA)	$	118,441,450		107,834,881		73,856,043
Tangible common equity ratio (TCE/TTA)		6.02	%	6.45	%	6.89	%

The following table presents the efficiency ratio calculation:

	Three months ended December 31,					Twelve months ended December 31,
(dollars in thousands)		2021		2020		2021		2020
Non-interest expense (NIE)	$	183,948		157,651		703,600		614,054
Net interest income before provision for credit losses		535,921		394,983		1,880,524		1,519,092
Other non-interest income		33,455		24,191		120,892		75,248
Total income (TI)	$	569,376		419,174		2,001,416		1,594,340
Efficiency ratio (NIE/TI)		32.31	%	37.61	%	35.16	%	38.51	%

The following table reconciles yield on interest-earning assets to the yield on interest-earning assets on a tax-equivalent basis:

	Three months ended December 31,					Twelve months ended December 31,
(dollars in thousands)		2021		2020		2021		2020
Interest income (as reported)	$	606,309		488,558		2,190,381		1,931,646
Tax-equivalent adjustment		1,700		1,636		6,891		6,285
Interest income, tax-equivalent basis	$	608,009		490,194		2,197,272		1,937,931
Interest-earnings assets	$	111,626,971		70,834,105		95,862,590		59,685,372

Yield on interest-earning assets		2.15	%	2.74	%	2.28	%	3.24	%
Tax-equivalent effect		0.01	%	0.01	%	0.01	%	0.01	%
Yield on interest-earning assets, tax-equivalent basis		2.16	%	2.75	%	2.29	%	3.25	%

The following table reconciles net interest margin (as reported) to core net interest margin on a tax-equivalent basis excluding loan prepayment penalty income:

	Three months ended December 31,				Three months ended September 30,				Twelve months ended December 31,
(dollars in thousands)	2021		2020		2021		2020		2021		2020
Net interest margin (as reported)	1.90	%	2.22	%	1.88	%	2.54	%	1.96	%	2.55	%
Tax-equivalent adjustment	0.01	%	0.01	%	0.00	%	0.01	%	0.01	%	0.01	%
Margin contribution from loan prepayment penalty income	(0.02	) %	(0.02	) %	(0.01	) %	(0.03	) %	(0.02	) %	(0.07	) %
Core net interest margin, tax-equivalent basis excluding loan prepayment penalty income	1.89	%	2.21	%	1.87	%	2.52	%	1.95	%	2.49	%

The following table reconciles net income (as reported) to pre-tax, pre-provision earnings:

	Three months ended December 31,			Twelve months ended December 31,
(dollars in thousands)		2021	2020	2021	2020
Net income (as reported)	$	271,991	173,009	918,441	528,359
Income tax expense		106,560	52,915	329,333	203,833
Provision for credit losses		6,877	35,599	50,042	248,094
Pre-tax, pre-provision earnings	$	385,428	261,523	1,297,816	980,286

The following table reconciles loans and leases (as reported) to core loans (excluding Paycheck Protection Program ("PPP") loans):


(dollars in thousands)	December 31, 2021		September 30, 2021	December 31, 2020
Loans and leases (as reported)	$	64,862,798	58,585,996	48,833,098
Less: PPP loans		835,743	1,374,040	1,874,447
Core loans excluding PPP loans	$	64,027,055	57,211,956	46,958,651

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Signature Bank Reports 2021 Fourth Quarter and Year-End Results