Signature Bank (NASDAQ:SBNY) Q1 2019 Earnings Conference Call - Final Transcript
Apr 17, 2019 • 10:00 am ET
Welcome to Signature Bank's 2019 First Quarter Results Conference Call. Hosting the call today from Signature Bank are Joseph J. DePaolo, President and Chief Executive Officer and Eric R. Howell, Executive Vice President, Corporate and Business Development. Today's call is being recorded.
At this time all participants have been placed in a listen-only mode and the floor will be opened for your questions following the presentation. (Operator Instructions)
It is my pleasure to turn the floor over to Joseph J. DePaolo, President and Chief Executive Officer. You may begin.
Joseph J. DePaolo
Thank you, Samantha. Good morning and thank you for joining us today for the Signature Bank 2019 first quarter results conference call. Before I begin my formal remarks, Susan Lewis will read the forward-looking disclaimer. Please go ahead, Susan.
Susan J. Lewis
Thank you, Joe. This conference call 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 that are subject to risks and uncertainties. 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 future results, interest rates and the interest rate environment, loan and deposit growth, loan performance, operations, new private client team hires, new office openings and business strategy. 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. These factors include those described in our quarterly and annual reports filed with the FDIC which you should review carefully for further information. 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.
Now I'd like to turn the call back to Joe.
Joseph J. DePaolo
Thank you, Susan. I will provide some overview into the quarterly results and then Eric Howell, our EVP of Corporate & Business Development will review the Bank's financial performance in greater detail. Eric and I will address your questions at the end of our remarks.
The past several quarters have been extremely productive for Signature Bank as we build for the future. We've been quite busy. During this time, we started two best-in-class businesses the Fund Banking Division and the Venture Banking Group while also commencing our West Coast operations with the opening of our San Francisco private client office. Additionally, we launched Signet, our proprietary, blockchain-based real time payments platform, while also adding qualified colleagues to our team across the board to support all of these new businesses. We embarked arguably on these timely growth initiatives simultaneously as we believe they will all contribute to strengthening our franchise and help position the Bank for continued success.
Signature Bank delivered another quarter of growth and performance led by