Illinois-Based Signature Bank Reports Record Results
ROSEMONT, Ill.–(BUSINESS WIRE)–Privately held Signature Bank headquartered in Rosemont, Illinois announced record returns and earnings in 2022. Return on Average Equity was 25.7% and net income increased 22.5% from 2021 to over $26 million.
As a commercial bank, 51% of deposits are non-interest bearing and nearly 50% of its loans are tied to floating rate indexes. As a result of the recent rise in short-term interest rates, the Net Interest Margin increased over 10% to 3.71%. Signature Bank’s performance was driven by a 17.2% increase in loans as the bank stayed true to its roots and expanded on existing, and generated new, relationships primarily with family owned, privately held businesses and real estate investors located in the Chicagoland area.
After nearly 17 years, this relationship-based approach to commercial banking continues to serve Signature Bank well. Bryan Duncan, Co-Founder, commented, «My partners, Mick O’Rourke and Kevin Bastuga, and I are proud of Signature Bank’s 2022 results. We are also aware of the liquidity and resulting capital issues that are plaguing some commercial banks. Here at Signature Bank, our deposit relationships are strong, and our liquidity and capital ratios are well above industry standards. While we are always mindful of potential economic uncertainties, Signature Bank is on solid financial footing and ready to expand, and build new, relationships with our clients.»
About Signature Bank
Signature Bank is an award-winning, relationship-based commercial bank wholly owned by Signature Bancorporation, Inc., a privately funded, locally owned bank holding company founded in 2006. Headquartered in Rosemont, IL, Signature Bank provides accessible, strategic, and highly individualized commercial banking services to closely held companies, as well as full-service retail banking capabilities. Technology driven and well-capitalized, Signature Bank is currently the fastest growing, independently owned business bank in the Chicagoland area. Visit Signature Bank online at http://www.signaturebank.bank.
Contacts
Elena Angelos312-386-6908eangelos@signaturebank.bank
