Signature Bank reported Q2/17 net income was $14 million versus $102.2 million in Q2/16. Signature attributed the decrease to an increase of $154.3 million in the provision for loan losses, nearly all attributable to the New York City taxi medallion portfolio.

“We did not, nor did any others, foresee the dramatic decline in taxi medallion values caused by a combination of rapid radical disruption by app-based hailing systems and inaction by governmental authorities,” said Scott A. Shay, chairman of the board.