J.P. Morgan Positive on Signature Bank (SBNY)
J.P.Morgan Chase & Co is out with a report this morning on Signature Bank (NASDAQ: SBNY) and has positive comments on the earnings report from Signature Bank.
In the report, J.P. Morgan writes, "SBNY reported 2Q10 EPS of $0.54. Adjusting for $1.9 million in OTTI charges, core EPS appeared to be in the $0.56 range, which was above our $0.52 estimate as well as consensus at $0.50. The source of the beat versus our estimate was revenue coming in above expectations, primarily on the
securities gains line, along with provision expense coming in modestly below forecast. Overall, we thought 2Q10 was relatively strong for SBNY, with deposit
inflows remaining very strong (similar to most banks this quarter), although loan growth also remained strong (not similar to most banks this quarter). Fee revenues
compressed a bit sequentially as did the NIM, tied to even greater liquidity being held by the bank. Credit quality and capital levels remain excellent."
Shares of Signature Bank are currently trading at $39.19, down 31 cents.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.