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Signature Bank Reports 2012 Second Quarter Results

Stocks in this article: SBNY

Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, today announced results for its second quarter ended June 30, 2012.

Net income for the 2012 second quarter reached a record $45.3 million, or $0.96 diluted earnings per share, versus $36.6 million, or $0.87 diluted earnings per share, for the 2011 second quarter. The record net income for the 2012 second quarter, versus the 2011 second quarter, is primarily due to an increase in net interest income, fueled by strong deposit growth and record loan growth. These factors were partially offset by an increase in non-interest expense.

Net interest income for the 2012 second quarter reached $134.2 million, an increase of $21.2 million, or 18.8 percent, versus the 2011 second quarter. This increase is primarily due to growth in average interest-earning assets. Total assets reached $15.87 billion at June 30, 2012, up $2.79 billion, or 21.3 percent, from $13.08 billion at June 30, 2011. Average assets for the 2012 second quarter reached $15.54 billion, an increase of $2.81 billion, or 22.0 percent, compared with the 2011 second quarter.

Deposits for the 2012 second quarter increased $449.7 million, or 3.6 percent, to $12.95 billion at June 30, 2012. When compared with deposits at December 31, 2011, overall deposit growth during the first half of 2012 was 10.2 percent, or $1.2 billion. Excluding short-term escrow deposits of $867.8 million and brokered deposits of $87.9 million at the end of the 2012 second quarter and $921.6 million and $47.7 million, respectively, at the end of the 2012 first quarter, core deposits grew $463.3 million for the quarter. Average deposits for the 2012 second quarter reached $12.7 billion, an increase of $448.7 million, or 3.7 percent.

“We continued to demonstrate strength in our financial performance this quarter as evidenced by record earnings and record loan growth as well as significant growth in deposits. Furthermore, one of the highlights of the 2012 second quarter was the introduction of Signature Financial, our new specialty finance subsidiary. Signature Financial is an excellent growth opportunity for the Bank that further diversifies our revenue streams and is a natural fit for our progress,” explained Signature Bank President and Chief Executive Officer Joseph J. DePaolo.

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