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Seeking Alpha 2022-05-16 22:30:12

Signature Bank Tumbles With Crypto Mayhem: Time To Buy

We spoke to Signature Bank Thursday to clarify our understanding of their Signet/Crypto deposit business.The company pointed out that they have deposits only, and SBNY has virtually zero credit risk from any cryptocurrency counterparties.We assume in a worst case scenario that ALL Signature Banks crypto deposits flee, and they reduce their agency portfolio by $13.5 billion and use cash to fund outflows.That would impact EPS by $3.45 next year compared to estimates of $27.27.At under 8x earnings and overall a solid balance sheet, SBNY merits adding shares.

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