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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 City has hired a private-client team from Citigroup (NYSE: C) and added two more bankers to head its existing groups.
June 26
Signature Bank (SBNY) in New York reported its 15th consecutive quarter of record profits as its loan revenue rose substantially.
The $19.7 billion-asset company on Tuesday announced second-quarter profit of $53.6 million, up 18% from the second quarter of 2012. Earnings per share of $1.12 were 4 cents above the average estimate of analysts polled by Bloomberg.
Net interest income rose 15%, to $154.5 million, as total assets climbed 24%, or $3.9 billion. Its net interest margin decreased by 18 basis points, to 3.36%.
Noninterest income fell 6%, to $9.3 million, as lower gains from sales of securities and loans offset higher fee and commission income.
Noninterest expense rose 12%, to $61.4 million, as compensation costs rose. The bank hired four new private-client banking teams and two group directors in the second quarter, it said.
Provision for loan losses fell 6%, to $634,000, and net chargeoffs fell 26%, to $3.5 million.
