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The $22.4 billion-asset company reported a profit of $64.3 million, or $1.34 per share, a 28% increase from the same quarter in 2012.
January 21 -
Signature Bank (SBNY) in New York recorded its 16th consecutive quarter of record earnings, driven by a 28% increase in its asset base.
October 22 -
Signature Bank (SBNY) in New York has added to its national sales staff for specialty finance.
August 20 -
Signature Bank in New York City has lured a group from HSBC as it continues its private-banking push.
July 11 -
Signature Bank (SBNY) in New York has drawn a team of four bankers away from Amalgamated Capital to form a new asset-based lending group.
September 19
Buoyed by strong loan and deposit growth, Signature Bank (SBNY) in New York said Tuesday that its first-quarter profits climbed 30% from the same period last year, to $66 million.
The bank's earnings per share increased 29%, to $1.37, or 3 cents higher than the estimates of analysts polled by Bloomberg.
Signature's net interest income climbed 26%, to $186.5 million, propelled by growth in loans and deposits. The company's average loans reached $13.8 billion, up 37% from the prior-year period, as Signature expanded commercial real estate and multi-family lending.
Noninterest income fell 18%, to $7.2 million. The decrease was driven by a $1.8 million decline in net gains on loan sales.
Noninterest expenses totaled $70 million, up 19% from the same period a year ago. Signature attributed the bulk of the increase to its new hires in its
Improved credit quality allowed Signature to chop its loan-loss provision by 18%, to $8.2 million. The company recovered $244,000 of previously charged-off loans, compared to $4.5 million in net charge-offs during the same period a year ago.
