This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Signature Bank Reports 2011 Fourth Quarter And Year-End Results

Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, today announced results for its fourth quarter and year ended December 31, 2011. Net income for the 2011 fourth quarter reached a record $40.0 million, or $0.85 diluted earnings per share, compared with $30.3 million, or $0.72 diluted earnings per share, for the 2010 fourth quarter. The record net income for the 2011 fourth quarter, when compared with the same period last year, is primarily the result of an increase in net interest income, fueled by core deposit growth and continued loan growth. These factors were partially offset by a decrease in non-interest income and an increase in non-interest expenses.

Net interest income for the 2011 fourth quarter rose $29.4 million, or 30.6 percent, to $125.3 million, compared with the fourth quarter of 2010. This increase is primarily due to growth in average interest-earning assets. Total assets reached $14.67 billion at December 31, 2011, expanding $2.99 billion, or 25.6 percent, from $11.67 billion at December 31, 2010. Average assets for the 2011 fourth quarter reached $14.28 billion, an increase of $3.11 billion, or 27.9 percent, versus the comparable period a year ago.

Deposits for the 2011 fourth quarter rose $566.2 million, or 5.1 percent, to $11.75 billion at December 31, 2011. Overall deposit growth in 2011 was 24.5 percent, or a record $2.31 billion, when compared with deposits at the end of 2010. Excluding short-term escrow and brokered deposits of $646.1 million at year-end 2010 and $831.8 million at year-end 2011, core deposits increased a record $2.13 billion, or 24.2 percent, in 2011. Average total deposits for 2011 were $10.86 billion, growing $2.4 billion, or 28.5 percent, versus average total deposits of $8.45 billion for 2010.

“Here we are on the heels of another successful year for Signature Bank where we again reported record results across all key metrics. Our prudent and methodical approach delivered record deposit and loan growth resulting in the 4 th consecutive year of record net income,” said Joseph J. DePaolo, President and Chief Executive Officer.

“Throughout the year, Signature Bank was recognized for its ability to deliver record financial performance and provide stellar service through our single-point-of-contact model, where we attract veteran bankers and afford them a workplace to build solid, lasting client relationships. This is evidenced by the Bank’s numerous acknowledgments received during 2011, including, among others: Forbes, ranked the 5 th Best Bank in America; our inaugural appearance on both Fortune’s 100 fastest growing companies list and Crain’s New York Business 2011 Best Places to Work in NYC list; and, Crain’s New York Business Fastest Growing Public Companies listing, where the Bank ranked 7 th. These achievements are indicative of our ongoing commitment to cater to privately owned businesses and their owners through our distinctive, proven relationship-based model,” DePaolo added.

Scott A. Shay, Chairman of the Board, added: "Time and again, we have demonstrated to the marketplace the strength and integrity of our growing institution. 2011 marked another year of record performance, where we maintained solid credit quality and net interest margin, proved again our strong capital position and successfully cared for our clients through exceptional service. Our persistence in focusing on, first and foremost, the needs of privately owned businesses and depositor safety, has allowed Signature Bank to stand out in the economic landscape. While our accomplishments were reflected in the many high rankings we achieved this past year from several prestigious third parties, it is the high marks we consistently receive from our dedicated clients that enable the Bank to continually deliver on our mission and commitment.”

Stock quotes in this article: SBNY 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs