Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, today announced results for its first quarter ended March 31, 2012.
Net income for the 2012 first quarter reached a record $42.4 million, or $0.90 diluted earnings per share, versus $34.6 million, or $0.82 diluted earnings per share, for the 2011 first quarter. The record net income for the 2012 first quarter, versus the comparable quarter last year, is primarily due to an increase in net interest income, fueled by record deposit growth and record loan growth. These factors were partially offset by a decrease in non-interest income primarily from the 2011 gain on sale of an SBA interest-only strip security and an increase in non-interest expense.
Net interest income for the 2012 first quarter reached $126.8 million, up $23.1 million, or 22.3 percent, when compared with the 2011 first quarter. This increase is primarily due to growth in average interest-earning assets. Total assets reached $15.28 billion at March 31, 2012, an increase of $2.9 billion, or 23.4 percent, from $12.38 billion at March 31, 2011. Average assets for the 2012 first quarter reached $14.85 billion, an increase of $2.82 billion, or 23.5 percent, compared with the 2011 first quarter.
Deposits for the 2012 first quarter rose a record $749.8 million, or 6.4 percent, to $12.5 billion at March 31, 2012. When compared with deposits at March 31, 2011, overall deposit growth for the last twelve months was 22.7 percent, or $2.31 billion. Excluding short-term escrow deposits of $921.6 million and brokered deposits of $47.7 million at the end of the 2012 first quarter and $774.0 million and $57.8 million, respectively, at year-end 2011, core deposits increased a record $612.3 million for the quarter. Average deposits for the 2012 first quarter reached $12.25 billion, an increase of $578.4 million, or 5.0 percent.
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