Signature Bank: 2021 Audited Financial Statements

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SIGNATURE BANK OF GEORGIA

FINANCIAL REPORT

DECEMBER 31, 2021

SIGNATURE BANK OF GEORGIA

FINANCIAL REPORT AS OF DECEMBER 31, 2021

TABLE OF CONTENTS

Page

THE INDEPENDENT AUDITOR’S REPORT ……………………………………….. ………………………………………….. ……………………………. 1-2

FINANCIAL STATE

Balance sheets ………………………………………… . …………………………………………. . …………………………………………. . ………………. 3

Income statement ………………………………………… ………………. …………………………. ………………. …………………………. ………………. …….. 4

Statements of comprehensive income ……………………………. ……… …………………………………. ………………………………….. 5

Statements of equity ………………………………………….. ……………….. ………………………… ……………….. ………………………… ……… 6

Statements of cash flows ……………………………………….. …………………………………………….. …………………………………………….. … 7 and 8

Notes to the financial statements ………………………………………… ……………………………………………. ………………………………… 9-34

THE INDEPENDENT AUDITOR’S REPORT

To the Board of Directors and shareholders of

Signature Bank of Georgia

Sandy Springs, Georgia

Opinion

We have audited the accompanying financial statements of Signature Bank of Georgiawhich include the balance sheets as at December 31, 2021 and 2020, and the corresponding statements of income, comprehensive income, equity and cash flows for the years ended on those dates, as well as the notes to the financial statements.

In our opinion, the above financial statements present fairly, in all material respects, the financial position of Signature Bank of Georgia as at December 31, 2021 and 2020, and the results of its operations and its cash flows for the years then ended. on these dates. in accordance with generally accepted accounting principles in the United States of America.

Basis of opinion

We conducted our audits in accordance with generally accepted auditing standards in the United States of America. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Signature Bank of Georgia and to fulfill our other ethical responsibilities in accordance with relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Management’s Responsibilities for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with generally accepted accounting principles in the United States of America, and for designing, implementing and maintaining internal control relating to the preparation and the fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

When preparing the financial statements, management is required to assess whether there are any conditions or events, taken as a whole, that raise substantial doubt about Signature Bank of Georgiait is ability to continue as a going concern within one year of the date the financial statements are available for publication.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance that the financial statements taken as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report containing our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore does not guarantee that an audit performed in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, because fraud may involve collusion, falsification, intentional omissions, misstatements or override of control internal. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they will influence a reasonable user’s judgment of the financial statements.

200 GALLERIA PARKWAY SE, SUITE 1700 • ATLANTA, GA 30339-5946 • 770-955-8600 • 800-277-0080 • FAX 770-980-4489 •www.mjcpa.com

Members of the American Institute of Certified Public Accountants

In conducting an audit in accordance with generally accepted auditing standards, we:

  • Exercise professional judgment and maintain professional skepticism throughout the audit.

  • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and implement audit procedures appropriate to those risks. These procedures include the examination, on a test basis, of the evidence concerning the amounts and the information appearing in the financial statements.

  • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Signature Bank of Georgia’s internal control. Accordingly, no such opinion is expressed.

  • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

  • Conclude whether, in our opinion, there are any conditions or events, taken together, that raise substantial doubt about Signature Bank of Georgia’s ability to continue in business for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other things, the planned scope and timing of the audit, significant audit findings, and certain internal control matters that we have identified during auditing.

Atlanta, Georgia

April 12, 2022

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SIGNATURE BANK OF GEORGIA

BALANCE SHEET

DECEMBER 31, 2021 AND 2020

Assets

2021

2020

Cash and bank receivables Interest-bearing deposits with banks Available-for-sale securities Restricted equity securities, at cost

$

2,798,569 $1,707,153

62,001,523 63 918 149

23,914,992 17,062,167

96,900

268,700

Loans, net of deferred charges

Less provision for loan losses

112 085 261 103,066,697

952 663 1,104,332

Loans, net

111 132 598

101 962 365

Premises and equipment, net Other real estate owned

1,307,984

839 137

4,623,040 5,434,442

other assets

5,284,358 2,270,271

Total assetsLiabilities and equity

Passives:

Deposits: non-interest bearing

Total deposits Other borrowings Other liabilities

Total responsibilities

Commitments and contingencies

Equity:

Common shares, par value $1; 35,000,000 shares authorized, 28,073,200 issued and outstanding

Discount on common shares

Surplus

Accumulated deficit

Accumulated other comprehensive income

Full shareholder equity

$193,462,384

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Signature Bank published this content on April 25, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on Apr 25, 2022 1:28:03 PM UTC.

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SIGNATURE BANK Analyst Recommendations

2022 sales 2,893 million

2022 net income 1,408 million

Net debt 2022

PER 2022 ratio 11.6x
2022 return 0.86%
Capitalization 16,176M
16,176M
capi. / Sales 2022 5.59x
capi. / Sales 2023 4.41x
# of employees 1,854
Floating 98.1%


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Number of analysts 17
Last closing price $259.49
Average target price $394.94
Average Spread / Target 52.2%


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