Signature Bank in New York said Friday that its first-quarter earnings rose 39% from the same quarter last year, to $8 million.
Processing Content
The $4.5 billion-asset bank, founded in 2001, attributed the gain primarily to a 32% increase in net interest income, to $29.1 million. The loan book increased 10%, to $1.1 billion, and total deposits declined 4.7%, to $3.2 billion.
Signature has aggressively recruited teams of bankers from rival banks. Last week it said it had hired five private bankers and commercial lenders from Sterling National Bank in New York. Edward J. Sirlin, a senior vice president at Sterling for seven years, will head the team, which will work out of Signature's Fifth Avenue headquarters in Manhattan.
