The first quarter was another banner one for Signature Bank in New York.

Loans and deposits grew at a brisk pace, credit quality remained superb and the $28.6 billion-asset company finished the period with $123.7 million more in capital than it started — a total of $2.6 billion.

Best of all, on the bottom line, New York-based Signature reported record net income of $83.4 million, topping its 2014 first-quarter result by 26%. Its earnings per share of $1.64 came in 5 cents higher than the estimates of analysts polled by Bloomberg.

The results were fueled largely by record loan growth. Average loans increased 8% from the three months earlier and 36% year over year, to $19.3 billion, as the bank continued to recruit teams of bankers from rival institutions. In turn, net interest income climbed more than 19% year over year, to $222.5 million. The bank's net interest margin fell 13 basis points from the year prior, to 3.26%, but increased slightly from three months earlier.

As for credit quality, nonaccrual loans declined 23% year over year, to $27.8 million, or 0.14% of total loans and the bank's loan-loss provision decreased nearly 4%, to $7.9 million. However, the bank reported chargeoffs of $1.5 million in the quarter, compared to net recoveries of $244,000 in the same quarter last year.

Signature's shares were up 4.3% in early trading Tuesday, to $134.43.

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