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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Signature Bank Reports 2013 Second Quarter Results

Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, today announced results for its second quarter ended June 30, 2013.

Net income for the 2013 second quarter reached a record $53.6 million, or $1.12 diluted earnings per share, versus $45.3 million, or $0.96 diluted earnings per share, for the 2012 second quarter. The record net income for the 2013 second quarter, versus the comparable quarter last year, is primarily due to an increase in net interest income, fueled by strong deposit and loan growth. These factors were partially offset by an increase in non-interest expenses.

Net interest income for the 2013 second quarter reached $154.5 million, up $20.3 million, or 15.2 percent, when compared with the 2012 second quarter. This increase is primarily due to growth in average interest-earning assets and an increase of $3.1 million in loan prepayment penalty income. Total assets reached $19.72 billion at June 30, 2013, an increase of $3.85 billion, or 24.2 percent, from $15.87 billion at June 30, 2012. The increase was due in part to the pre-investment of future cash flows in our securities portfolio given the advantageous interest rate environment at the end of the 2013 second quarter. Average assets for the 2013 second quarter reached $18.80 billion, an increase of $3.26 billion, or 21.0 percent, compared with the 2012 second quarter.

Deposits for the 2013 second quarter rose $471.9 million, or 3.2 percent, to $15.27 billion at June 30, 2013. When compared with deposits at December 31, 2012, overall deposit growth for the first half of 2013 was 8.4 percent, or $1.19 billion. Excluding short-term escrow deposits and brokered deposits of $842.4 million and $148.2 million at June 30, 2013, and $978.2 million and $152.3 million at March 31, 2013, respectively, core deposits increased $611.8 million for the quarter. Average deposits for the 2013 second quarter reached $15.11 billion, an increase of $525.8 million, or 3.6 percent.

1 of 7

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.
Submit an article to us!
DOW 16,945.80 -14.77 -0.09%
S&P 500 1,978.34 -9.64 -0.48%
NASDAQ 4,449.5640 -22.5440 -0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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