SBNY
#Thank you, <UNK>.
Bear with me a second.
$7.3 million in pre-payment penalties in the quarter.
It's really just overall growth in clients and client activity, <UNK>.
I can't really point to any one particular item that's driving that.
I think it's just an overall growth in our client base, and they're doing more business with us.
Thanks, <UNK>.
Hi, <UNK>, good morning.
Well, the pipelines is strong.
It's strong where it needs to be in the beginning of the quarter, because there will be some softness toward the end of August.
We have one thing going against us this here that we didn't have last year.
I know this will make some people smile, but last year we had an advantage because Labor Day was September 1.
That meant clients were coming back sooner.
This year Labor Day is September 7, which means clients come back a week later, and some loans may be pushed into the fourth quarter.
Having said that, the pipeline in the beginning and what we're booking in the beginning of the quarter is very strong, which is where it needs to be.
Yes, I'd say most of the expense is baked into the second-quarter numbers.
I wouldn't see too much of a bump for the third quarter.
We are ---+ typically, when we get this late into the year, we're setting the stage for hiring for next year.
There may be a team or two before the end of the year, but we are really setting the stage for next year.
I'd go with 41%.
There were changes in the New York state and city tax laws that were beneficial for us, so we should see our effective rate come down to approximately 41% for the back half.
Well I feel very good, because we've hired five teams that will ---+ that have started to contribute, but will contribute greatly as time goes on.
The commercial real estate team continues to add, and they have now over 40 in their group, which is a wonderful group that's developing and continues to develop commercial real estate for us.
The ADL team has now been around couple years, and is starting to contribute.
Signature Financial is adding on line to business.
Everything bodes well, and we been able to keep our expenses low.
The only thing that clouds all of this is the continued expense and brain damage that we have to go through as it relates to regulation, and some of the things that we hire consultants for that are utterly ridiculous, but are necessary to do.
That's the only thing the clouds the growth of an institution, the time that has to be spent where I believe is unnecessary in some instances.
I don't think there's another ramp.
As <UNK>'s been saying about expenses, the regulatory expense ---+ when I say regulatory expense, I mean the expense that we're adding people, personnel.
We're adding consultants to help us and systems, and writing procedures and policies.
Our expense rate would probably be 10% or below, if we didn't have all of that additional expense.
It's embedded in there.
I don't think we'll have any major jumps quarter to quarter.
It will just continue to be going up, probably at about a mid-teen rate.
But you've got to understand, it's going up let's say mid-teens every quarter.
It's a higher base, so there's more actual dollars.
But that's not any different than any other institution that's going through the compliance aspects, the risk aspects that you have to do.
It's just getting ---+ there are a lot of dollars being put into it.
One of the things we're doing, <UNK>, that I think is very important is that everything we do today ---+ we always have to deal with what we call the closest fire to the house, but we have one that's further away, and we're constantly thinking about it, and we're working toward it, and that's the $50-billion mark.
If that doesn't change by the time we reach $50 billion in assets, we should be ready, and there should be no excuse.
Thanks, <UNK>.
Yes, we're using $250,000 in Chicago and $800,000 in New York for corporate owned, and $700,000 for an individual.
About 85%.
No, they weren't TDR.
We were just ---+ they weren't trouble.
It was just timing of getting the loans re-documented with the borrower.
We haven't made new loans, but we wouldn't ---+ if we saw something that made sense, we would certainly make it.
One of the things we saw, we expect it to be whatever the industry is.
One of the things that in terms of the industry, many of them were IOs.
They weren't all with amortization.
They were three-year IOs.
We changed to two amortization as part of the refinance.
No.
Thanks.
The 1.28 was about the same as the first quarter on the debt service part.
Our corporate balance is $116 million, and individuals are $511 million.
Yes, we used $900,000 for the corporates and $800,000 for the individuals.
Yes.
Thank you.
Thank you for joining us today.
We appreciate your interest in Signature Bank.
As always, we look forward to keeping you apprised of our developments.
Now I will turn it back to you, Lori.
