Signature achievement: Bank’s loan deferrals down to 9%

first_imgEmail Address* Signature Bank president Joseph DePaolo (Getty Images; iStock)Signature Bank, one of the city’s most active multifamily lenders, saw an increase in income and a decrease in loan deferrals in the fourth quarter.The lender’s net income totalled $173 million, up from $148 million during the same period in 2019. Net income for the year was down, at $528 million, versus $586 million in 2019.Though an improvement, nearly 9 percent of the bank’s $49 billion loan portfolio remains in some sort of deferral. That’s a decrease from $9.4 billion in the third quarter and the peak of $11 billion in July 2020. But $1.3 billion in loans — 2.7 percent of its overall portfolio — have paused both principal and interest payments. Another 6.6 percent of the bank’s loans have been “modified,” primarily by allowing borrowers to pay interest-only for between six and 12 months.Read moreSignature Bank reports collections down 50 percent in rent-stabilized apartmentsSignature Bank pleasantly surprised by multifamily rent collectionsBanks and business partners cut Trump Org ties after capitol attacks Full Name* At $15 billion, the bank’s multifamily holdings account for 30 percent of its loan book. Nearly $615 million of those loans are in deferral, the bank reported.The bank also holds $6 billion and $4 billion in retail and office loans, of which 6.5 percent and 3.8 percent are in deferral, respectively.Despite those figures, Joseph DePaolo, president and CEO, emphasized the bank’s confidence in those loans’ long-term outlook.The bank’s multifamily borrowers aren’t looking to give up their buildings, he said, because most of those assets are still performing — although industry groups have reported that rental arrears are soaring in some New York City apartments. A trade association which represents landlords said that as of January, 185,000 households are now two months’ behind on rent. Signature says its clients, however, have been more fortunate, and are prepared to endure what it considers a temporary decline in rent collections.“The type of clients we have are not those who have one building and rely on that one building for their livelihood,” said DePaolo. “We have large clients that have multiple buildings, and while some may be hurting, most are not.”Borrowers who are getting a break on principal and interest payments are still paying operating expenses, insurance and taxes, he added. Property tax payments have so far remained steady in New York City, although the city has taken a hit from the sharp decline in transaction taxes.In addition to its regular operations, Signature has had to contend with its connection to President Donald Trump amid the turbulent end to his term. The bank’s share prices have risen steadily since Nov. 6, surpassing its pre-pandemic levels for the first time since the onset of the coronavirus.The bank has made a concerted effort to distance itself from the twice-impeached former president, who faces ongoing investigations into his company’s business practices.After the Jan. 6 capitol riot, Signature said it would close Trump’s personal bank accounts, which held about $5.3 million. In a statement, the bank also called for Trump’s resignation.Contact Georgia Kromrei Message*center_img Share via Shortlink Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink TagsDonald TrumpMultifamilyrent regulationRental Marketsignature banklast_img read more

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D’AMATO’S IRISH-BRED HUNT COULD BE ‘NOW’ HORSE IN SUNDAY’S $75,000 JOE HERNANDEZ STAKES AT 6 ½ FURLONGS DOWN HILLSIDE TURF

first_imgARCADIA, Calif. (Feb. 25, 2016)–Trainer Phil D’Amato’s Irish-bred Hunt, a sharp first condition allowance winner on Feb. 4, will hope to parlay his recent good form over the course into victory in Sunday’s $75,000 Joe Hernandez Stakes for older horses at 6 ½ furlongs down Santa Anita’s hillside turf course. Named in honor of the original Voice of Santa Anita, the Hernandez attracted a wide-open field of seven.Ridden for the first time by Flavien Prat, Hunt was attentive to the pace as the 5-2 favorite on Feb. 4, opened up by two lengths crossing the dirt at the top of the lane and prevailed by three quarters of a length in his hillside debut. A 4-year-old gelding, Hunt is owned by Michael House and is 12-2-5-1 overall with earnings of $91,109.A close second going a mile on turf in his U.S. debut at Del Mar Aug. 30, Hunt will be making his sixth stateside start on Sunday and will be ridden back by Prat.A winner of the Grade III Eddie D. Stakes over the course in September, 2014, Tarabilla Farms’ Home Run Kitten never threatened here in the downhill Clockers’ Corner Stakes Jan. 24, but had been idle since May 9 and was likely in need of the race. Trained by David Hofmans, Home Run Kitten has two wins from five tries down the hill and he has an abundance of back class to draw upon.A 5-year-old horse by Kitten’s Joy, Home Run Kitten is 16-4-2-5 overall with earnings of $342,300.D’Amato will also send out Papacoolpapacool, who has been idle since well beaten in the Grade II Del Mar Derby Sept. 6. The Hernandez will be his first start down the hillside turf course.Devoid of early speed, trainer John Sadler’s Bench Warrant has two wins from five tries down the hill and has been finishing well in his last two hillside starts, the Clockers’ Corner Stakes on Jan. 24 and the Grade III Daytona Stakes on Dec. 26. Owned by Doubledown Stables, Inc., the 4-year-old colt by Street Boss is 12-3-0-1 overall with earnings of $191,470.The speed of the field is trainer Vann Belvoir’s Rocket Heat, who opened up early and was tagged late in both the Daytona and Clockers’ Corner Stakes and was most recently fourth, beaten 5 ¾ lengths, in the Grade II Palos Verdes Stakes at six furlongs on dirt Feb. 7. A 4-year-old Kentucky-bred gelding by Latent Heat, Rocket Heat is owned by Mike Sanchez. With an overall mark of 14-5-4-1, he has earnings of $214,680.Trainer Doug O’Neill’s Guns Loaded comes off a sharp second condition allowance win here going 6 ½ furlongs on the main track Feb. 20 and has a win and a second from four tries over the course. Owned by Westside Rentals.com, Haymes, Rodriguez and Rothblum, the 5-year-old Florida-bred gelding by the D’wildcat is 24-6-3-4 overall with earnings of $299,470.Class Racing Stable’s Holy Lute was attentive to the pace in the Clockers’ Corner Stakes here Jan. 24 and has a win and four seconds from seven hillside tries. Trained by Jim Cassidy, the 6-year-old horse by Midnight Lute figures to get a stalking trip under Victor Espinoza. With an overall mark of 24-4-6-3, he has earnings of $402,042.The complete field for the Joe Hernandez Stakes, to be run as the fourth race on a nine-race card Sunday, with jockeys and weights in post position order: Home Run Kitten, Joe Talamo, 120; Hunt, Flavien Prat, 122; Papacoolpapacool, Brice Blanc, 120; Rocket Heat, Rafael Bejarano, 120; Holy Lute, Victor Espinoza, 120; Guns Loaded, Santiago Gonzalez, 120, and Bench Warrant, Tyler Baze, 120.                First post time on Sunday is at 12:30 p.m. Admission gates open at 10:30 a.m.last_img read more

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Trek4Mandela returns to Kilimanjaro to remember Gugu Zulu and honour Mandela

first_imgThe 2017 Trek4Mandela expedition to the summit of Africa’s highest mountain in honour of Nelson Mandela will be a doubly emotional occasion, as climbers remember professional racing car driver Gugu Zulu, who died during last year’s summit.South African climbers, including Letshego Zulu, return to Mount Kilimanjaro, Tanzania on 18 July 2017. For Zulu, it will be an emotional remembrance of her late husband, former racing car champion Gugu Zulu, who died during the Trek4Mandela climb last year. The climb is an annual tribute to Nelson Mandela and raises funds for and awareness of young girls’ health. (Image: Trek4Mandela website)CD AndersonZulu’s wife, Letshego Zulu, is part of this year’s Trek4Mandela climb to the top of Mount Kilimanjaro in Tanzania, and believes it is fitting that she finishes what her late husband started. Former champion racing car drive Gugu Zulu died from respiratory failure while attempting the same climb last year.She joins other well-known South Africans, including Hlubi Mboya Arnold, Penny Lebyane and Cecile Raubenheimer, in the final ascent on 18 July, Mandela Day. The summit is done to raise funds for the Caring4Girls initiative, which focuses on young women’s health.The team, which began the journey on 14 July, is being led by the country’s top climbing expert, Sibusiso Vilane, the first black African to summit Mount Everest, which he did twice. Other team leaders include international mountaineering pioneers Kirk Bouffard and Werner Gruner.Speaking to TimesLive before leaving for Tanzania, Zulu said she decided last year that she would be a part of this year’s Trek 4 Mandela climb up Kilimanjaro.Trek4Mandela climb leader Werner Gurner, Letshego Zulu (with daughter Lelethu) and eNCA sport presenter OG Molefe prepare to ascend Mount Kilimanjaro on 18 July 2017, in honour of Nelson Mandela and Gugu Zulu. (Image: OG Molefe Twitter)“Even as I was descending last year [following the death of Gugu]‚ I knew that I had to return. I had to do it for him. I had to do it for me. I had to do it for the people this initiative helps support. I want to honour my husband and I’m going back in memory of him. I know it is what he would have wanted.”In the months following her husband’s death, Zulu admitted she struggled to come to terms with life without him. “I was on autopilot but I am fully aware now of what is happening. I have had to prepare for this climb emotionally and it has been difficult. I still haven’t completely processed everything that has happened but I am taking it one step at a time,” she said.The support of her husband’s family and friends made the decision to return easier, said Zulu. “They have always supported our adventures and they were fully behind me on this decision. They simply asked if I was sure and if I would be strong‚ and then wished me luck. They know that the cause of helping girls is a special one for me and Gugu because we have a daughter.”The Trek4Mandela campaign raises awareness of the challenge for girls and young women of lack of access to sanitary pads. Funds raised from public donations during the climb are used to supply pads and other female hygiene products to schools and underprivileged areas in South Africa.Zulu is carrying a South African flag with her up the mountain and is planning to raise it at the summit in honour of her husband, who, she said, was proud of his country and of the life and work of Mandela. “[Kilimanjaro] is a world heritage site and so I won’t be able to erect a monument to him but I will carry a flag. Most importantly, I will carry his spirit with me and we will conquer‚” she told TimesLIVE.Trek4Mandela team leader Vilane said the organisation of this year’s summit was done to the strictest climbing regulations to avoid a repeat of last year’s tragedy: “This year I am not going to split the group. We are going to stay together each step of the way, which will give me enough time to assess everyone and make the right call.”Trek4Mandela team leader Sibusiso Vilane speaks before the team leave for Tanzania and climb Mount Kilimanjaro on 18 July 2017. (Image: Trek4Mandela website)Vilane is notable as the first black African to climb Mount Everest; he summited the world’s highest mountain in 2003 and again in 2005. He is one of only a handful of Africans who have completed the Seven Summits – climbs to the highest points on every continent. Vilane has a strong connection to the Kilimanjaro climb, and calls the Trek4Mandela expedition his most fulfilling event.“There is a need for the provision of sanitary pads for girls in school. This shouldn’t be an issue in the 21st century so I decided to take the lead on this climb as I fully support the cause,” Vilane told IOL News in the run-up to the 2017 climb.In 2012, the first Trek4Mandela, the team comprised two climbers – Vilane and Richard Mabaso, CEO of the Imbumba Foundation non-profit organisation that started the Caring4Girls initiative. The 2017 climb includes more than 110 climbers and team support members.“The climbers are sending the word out,” says Mambaso, who is again climbing this year. “[It is] generating support on their platforms as well as through media. There is a need not only for sanitary pads but also education and awareness.” The initiative hopes to support more than two million girls by 2020.Follow the climb on Twitter as the #Trek4Mandela expedition unfolds with news, images and video from the top of Africa: For more information on how you can contribute to the Caring4Girls cause, visit the Trek4Mandela websiteSource: Trek4Mandela, Caring4Girls, IOL, TimeLIVE, Twitter. Would you like to use this article in your publication or on your website? See Using Brand South Africa material.last_img read more

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iPhone 4 Gyroscope Brings Silky Smooth Augmented Reality

first_imgWhen the iPhone 4 was unveiled in early June of this year, many were surprised by things like the antennae design or the high-resolution Retina Display. Augmented reality fans, however, were excited to see the inclusion of a gyroscope, but until today no iPhone AR apps had included the technology. Acrossair, makers of a popular iPhone AR browser of the same name, are the first to add gyroscopic functionality making for an incredibly smooth mobile AR experience. Mobile AR apps previously relied on merely the accelerometer and compass to determine the device’s postion in 3D space. With the gyroscopic readings coming from the phone, AR apps can now more accurately determine a user’s motion and direction change while holding the device. Icons, which previously jittered and skipped as the user moved – a problem that plagues all mobile AR browsers – can now move in smooth fluid motion.Acrossair produced a video (embedded below) showing a side-by-side comparison of the app running on an iPhone 4 and a previous model without the gyroscope. The gyro on the iPhone does a much better job of picking up subtle motion than the early model does. The difference is a small one, but the increased realism produced by the gyroscope is just another step toward making the overall AR experience more immersive. chris cameron 5 Outdoor Activities for Beating Office Burnout 9 Books That Make Perfect Gifts for Industry Ex… Related Posts Tags:#Augmented Reality#web 4 Keys to a Kid-Safe App The company also has swapped business models for its previously paid U.S. “Nearest” line of apps that help people find public transit stations. People in New York, Chicago, San Francisco and Washington D.C. can now make use of these apps for free as Acrossair has incorporated Apple’s iAd platform into the apps – another first for a major augmented reality app maker. 12 Unique Gifts for the Hard-to-Shop-for People…last_img read more

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Records from 1975 World Cup

first_imgRecords from 1975 World CupGary Gilmour of Australia was the highest wicket-taker in 1975, taking 11 wickets in two games.Vivian Richards, who started his ODI career during this World Cup accounted for two run outs in the final. They were Greg Chappell and his brother Ian Chappell.England’s Dennis Amiss scored the first century of the World Cup when he hit 137 against India in 1975. He has the distinction of scoring the first ever ODI century (103 in the second ever ODI in 1972).last_img

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4 days ago​Arsenal boss Emery: I speak every day with Raul & Edu

first_img​Arsenal boss Emery: I speak every day with Raul & Eduby Freddie Taylor4 days agoSend to a friendShare the loveArsenal manager Unai Emery says he is constant contact with the club’s directors.The Gunners boss knows that fans are expecting a Champions League place at minimum.And Emery says he speaks daily with head of football Raul Sanllehi and sporting director Edu about bringing success to the club.”I am speaking every day with Raul, Edu and with the players,” Emery told reporters ahead of their next Premier League game against Sheffield United on Monday.”Our work is more important than our words and really now I am very happy at the club. I am really happy with the players. The last two, three, four weeks, every player – and Mesut Ozil – is working very well.”This is why we can be positive and we can think we are going to do something important this year. I was speaking with Raul and this is the same idea when he is speaking with me.” About the authorFreddie TaylorShare the loveHave your saylast_img read more

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3 days agoLiverpool youngster Jack Bearne signs first pro contract

first_imgLiverpool youngster Jack Bearne signs first pro contractby Paul Vegas3 days agoSend to a friendShare the loveLiverpool youngster Jack Bearne has signed his first professional contract.The versatile forward, who turned 18 last month, is a member of Barry Lewtas’ U18s squad.Born in Nottingham, Bearne originally signed for the Reds in December 2016 from his hometown club Notts County and moved to the city in April 2017.He played a significant role in the success of the U18 team last season, converting a penalty in the decisive shootout which secured victory in the FA Youth Cup and scoring the winner in both meetings with Everton. TagsTransfersAbout the authorPaul VegasShare the loveHave your saylast_img read more

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Ponzi scam ED attaches assets worth Rs 278 cr of Telanganabased firm

first_imgNew Delhi: The ED on Tuesday said it has attached assets worth Rs 278 crore in connection with its money laundering probe in an alleged ponzi scam involving a Telangana-based multi-level marketing group. In a statement, the agency said residential plots, apartments, farm houses and commercial buildings located in Delhi and Noida and bank deposits in the accounts of Pawan Malhan and Anita Malhan, the main promoters of the firm EBIZ.COM Pvt Ltd, their family members and associates have been attached as part of a provisional order issued under the Prevention of Money Laundering Act (PMLA). Also Read – Uddhav bats for ‘Sena CM’ At present, Pawan Malhan and his son Hitik are under custody of the Telangana Police in the case, it said. The total value of the attachment is Rs 277.97 crore and the assets include 29 immovable properties purchased at a cost of Rs 34.60 crore and bank deposits amounting to Rs 242.25 crore lying in 124 accounts maintained in the name of the accused directors and the firm, according to the statement. The ED said the company and its promoters “fraudulently collected about Rs 1,064 crore from around 12 lakh subscribers”. Also Read – Farooq demands unconditional release of all detainees in J&K Directors of the company “cheated the common public by propagating false promises of earning quick and easy money and inviting gullible public to become members of their pyramid scheme in the guise of direct selling multi-level marketing network by introducing worthless products like free computer education packages, suit lengths among others”, the agency said. The purpose of introducing sub-standard and over-priced products was only to masquerade their pyramid fraud as a direct-selling product company, it added. To lure more gullible investors, they extensively advertised their commission model in which very high commissions were paid to existing members for enrolment of new members in the down links of the pyramid structure, the ED said while describing the modus operandi of the alleged ponzi scam. Investigation revealed that funds were fraudulently collected from the gullible investors as deposits towards membership in the scheme through a chain of agents spread across the country, it said. “The funds collected were illegally diverted into the personal accounts of the directors, their family members and other associates under various heads including dividends, high salaries and incentives,” the agency alleged. It said the funds collected from the subscribers were “layered” into the personal accounts of family and close associates and then invested in movable and immovable properties in order to conceal them. The central agency filed a case under the PMLA based on an FIR filed by the Telangana Police.last_img read more

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CRTC awards Indigenous radio licenses across the country

first_imgAPTN National NewsThe Canadian Radio-television and Telecommunications Commission (CRTC) has awarded radio licenses in Vancouver, Calgary, Edmonton, Ottawa and Toronto to three Indigenous communications companies.Northern Native Broadcasting in British Columbia was awarded radio rights in Vancouver, Aboriginal Multi-Media Society of Alberta received licenses in Edmonton and Calgary, and First Peoples Radio Inc. was awarded a license in Ottawa and Toronto.First Peoples Radio is owned by Aboriginal Peoples Television Network (APTN).The announcement was made Wednesday in Ottawa.“This decision comes at a crucial time, not only because it comes in the wake of the Truth and Reconciliation Commission’s report,” said Jean-Pierre Blais, chair of the CRTC. “But also because of the many major issues that affect these communities, such as the disappearance and murder of Indigenous women, water quality on some reserves and Indigenous youth suicides.“We will closely monitor the licensees to ensure that they act in keeping with their mandate of serving and promoting Indigenous communities by dealing with the issues that affect them directly, speaking their languages and promoting their cultures.”[email protected]last_img read more

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