Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, today announced results for its third quarter ended September 30, 2012. Net income for the 2012 third quarter reached a record $47.7 million, or $1.00 diluted earnings per share, versus $38.4 million, or $0.83 diluted earnings per share, for the 2011 third quarter. The record net income for the 2012 third quarter, when compared with the third quarter of 2011, 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 third quarter reached $141.7 million, an increase of $23.8 million, or 20.2 percent, versus the 2011 third quarter. This increase is primarily due to growth in average interest-earning assets. Total assets reached $16.46 billion at September 30, 2012, up $2.6 billion, or 18.8 percent, from $13.86 billion at September 30, 2011. Average assets for the 2012 third quarter reached $16.1 billion, an increase of $2.51 billion, or 18.5 percent, compared with the third quarter of last year. Deposits for the 2012 third quarter increased $670.0 million, or 5.2 percent, to $13.62 billion at September 30, 2012. When compared with deposits at December 31, 2011, overall deposit growth during the first nine months of 2012 was 15.9 percent, or $1.87 billion. Excluding short-term escrow deposits of $981.7 million and brokered deposits of $93.0 million at the end of the 2012 third quarter and $867.8 million and $87.9 million, respectively, at the end of the 2012 second quarter, core deposits grew $550.9 million for the quarter. Average deposits for the 2012 third quarter reached $13.37 billion, an increase of $672.3 million, or 5.3 percent. “We delivered another quarter of stellar deposit, loan and top-line revenue growth, marking our 12 th consecutive quarter of record earnings. We continued the transformation of our well-capitalized balance sheet with another quarter of record loan growth stemming from all of our major lending areas, including commercial and industrial, commercial real estate and specialty finance. At September 30, 2011, loans were 46.5 percent of the balance sheet and now, they are in excess of 53 percent at September 30, 2012. This transformation has helped mitigate the effect from the prolonged low-interest rate environment on our net interest margin,” explained Signature Bank President and Chief Executive Officer Joseph J. DePaolo. “Additionally, the successful introduction and subsequent implementation of our recently established specialty finance business, Signature Financial, headed by experienced professionals, has allowed us to again focus on the hiring of our traditional banking teams. Hence, we are pleased to have added two additional teams and a group director to the Signature Bank network,” DePaolo noted.