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Signature Bank Reports 2013 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, 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.

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