First-quarter net income at Signature Bank surged 117%, to $5.7 million, the New York company said Thursday.
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It said its strategy of hiring seasoned lenders away from larger banks resulted in a significant expansion of its loan portfolio. Since last May the $3.5 billion-asset company has added 13 lending teams; it now has 33 teams operating out of 13 branches.
Loans rose 66% from a year earlier and nearly 16% from yearend, to a total of $659.3 million. The increase resulted in a 77% jump in net interest income, to $21.4 million.
Deposits grew 58% from a year earlier, to $2.76 billion, the company said.
